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Dividends received by an operating Swedish company from a foreign company are exempt from Swedish corporate tax if the receiving company holds at least 25% of the voting rights in the distributing company at the end of the tax year, or it is made probable that the shares are held as a trade investment. The foreign company must also be subject to a tax comparable to Swedish tax (that is, a tax levied at a rate of at least 15%).

KPMG has appointed Robert Aland as the midwest leader of the firm's Tax Controversy Services practice and a member of the firm's International Corporate Tax Services practice. Aland will be headquartered in KPMG's Chicago office. At KPMG, Aland will focus specifically on helping large multinational clients address the tax challenges inherent in today's increasingly complex tax environment. His areas of concentration at the firm will include tax controversy services and international tax matters.

Deloitte & Touche has made five prominent new hires across several practice groups in the US. Maurice Emmer joins Deloitte & Touche from Baker & McKenzie in Palo Alto as leader of the Global Earnings Management Initiative. This involves the discipline of cost sharing and the division of functions and risks among taxpayers to achieve an optimum tax result.

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The Portuguese government has released a revision to securitization laws that will encourage many more deals in the country

In a decision dated January 31 2001, the French Administrative Supreme Court ruled that the France-Poland tax treaty prevented the French tax authorities from levying the branch withholding tax provided by section 115 quinquies of the French Tax Code.

The new US rules for withholding tax aim to substantially change the way that withholding tax is accounted for and administered. Will positive first impressions pan out? By Michael A Cashman, Morgan Lewis, London

In a comprehensive strategy paper examining the EU's future taxation policy, the European Commission (EC) has claimed that increased tax coordination within the EU would help member states to meet the objectives of making Europe the most competitive economy in the world by 2010. However, while it believes that a large measure of harmonization is necessary in the fields of value-added tax (VAT) and excise, the EC stresses that in other tax fields, coordination does not imply tax harmonization. The statement states: ?A reasonable degree of tax competition within the EU is healthy and should be permitted.?

Kriss Bush has resigned from his role as financial director of Lehman Brothers in London and will this month be heading to Toronto to assume the role of senior vice-president of tax for Nortel Networks. The move sees Bush returning to the more familiar territory of hi-tech tax: prior to his appointment at Lehman Brothers last summer, he was group tax director with Cable & Wireless in London.

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