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The internet has dramatically changed the way in which banking institutions conduct their global business. But what exactly are the tax implications of e-banking? By Steven D Felgran, Ian E Novos and Marcus Collardin, Economic Consulting Services, KPMG LLP, New York

Stockholm office

The Lovells tax practice comprises 11 tax partners and 16 associates. Lovells provides a comprehensive range of international and domestic business and corporate tax planning services. The firm has its own tax capability in the offices listed below.

Talstrasse 80

Our tax and legal specialists help you to gain business advantage by providing multidisciplinary and innovative solutions to your business challenges.

Foreign-funded banks and financial institutions established and operating in special economic zones (SEZs) including Shanghai Pudong and the Shuzhou Industrial Park have enjoyed a special exemption from business tax on their revenue from foreign exchange lending since 1997, under the Notice on Issues Concerning Adjustment of Taxation Policies for the Financial and Insurance Industries, Guo Fa [1997] No 5, issued by the State Council in the same year. Guo Fa [1997] No 5 provided that foreign-funded banks and financial institutions established and operating in SEZs would be exempted from business tax for five years from the date of registration of the relevant bank institution in respect of their turnover sourced from inside SEZs (the five-year exemption).

Lovells is to merge with French firm Siméon & Associés. Siméon's offices ? in France and Belgium ? will merge into the respective Lovells' offices on November 1 this year. The firm will be known worldwide as Lovells. The merger will give Lovells five full-time tax lawyers in Paris. Siméon tax lawyers Claire Guionnet-Moalic and Florian Delisle will join existing partner Hervé Israel and his two assistants. Jean-Pierre Langlais, a corporate partner responsible for overseeing the tax practice at Siméon, will also assist the team.

In the 25 years since the current UK-US tax treaty was signed, significant changes have taken place in the world of international taxation. The long-awaited overhaul is now complete, creating short-term uncertainty, but bringing a promise of less than a quarter of a century until the next update. By Chris Harrison and Dave Lewis, Allen & Overy, London