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European Commission plans to modernize company taxation in the EU have received a mixed response. The Commission and other proponents of the plans claim that they will cut compliance costs for companies operating in more than one European country and boost cross-border investment. Critics argue that the plans are another step towards tax harmonization and are unrealistic.

The Federal Tax Court has handed down its most important decision yet on German transfer pricing law. Dated October 17 2001 and released in electronic form in mid-November 2001, the new judgment decides an appeal of a December 1998 decision by the Düsseldorf Tax Court that attracted attention primarily because of the lower court's rejection of the use of so-called secret comparables in transfer pricing litigation (see articles in International Tax Review by Alexander Vögele, July/August 1999, p9, and by Thomas Borstell and Michael Prick, April 1999, p9). In May 2001, an interlocutory ruling by the Federal Tax Court in the same matter signalled the high court's unwillingness to uphold the transfer pricing documentation requirements that had been proposed by the German tax authorities (see article by Alexander Vögele and William Bader in International Tax Review, September 2001, p45).

Russia lacks both the experience and the relevant information to put in place a truly effective transfer pricing regime, but the will is there. By Victor Matchekhin of Linklaters, Moscow

Tax planning can be a decisive element in the success or failure of acquisition in Latin America. Certain strategies increase the chances of maximizing a bid. By Nicasio del Castillo, New York; Jorge Gross, Miami; Ramon Mullerat, Spain; and Alberto Lopez and Manuel Solano, Mexico City, of PricewaterhouseCoopers

The US senate has demonstrated its faith in e-business and extended a ban on internet taxes (the Internet Tax Freedom Act) until November 2003.

At KPMG, we understand the value of having a strong local presence in the countries where our clients do business. With offices in virtually every country in Latin America, KPMG's professional roots are deep and our local tax knowledge is preeminent.

Freshfields Bruckhaus Deringer has poached Renato Paternollo for its Milan office from Chiomenti Studio Legale. The Italian firm formed an alliance with US firm Skadden, Arps, Slate, Meagher & Flom in June this year.

Spain is becoming an increasingly attractive jurisdiction for outbound investments. This has been due to tax measures, chiefly tax exemptions on qualifying dividends and capital gains obtained from foreign subsidiaries and on dividends distributed by Spanish holding companies to non-resident shareholders (unless they reside in a tax haven).

Although a simple activity, foreign residents may encounter several difficulties when leasing property in Mexico. Rules are not always clear and may not integrate all direct and indirect taxes in a comprehensible manner. This article summarizes some of the main considerations.