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New Japanese tax rules permit business reorganizations to be achieved tax-free, provided certain detailed requirements are met. By Gary Peterson and Al Zencak, PricewaterhouseCoopers, Tokyo

In the first in a new quarterly series looking at global transfer pricing developments, the following article tracks recent changes in Europe, Asia-Pacific, Latin America, North America and Africa. By Bill Dodge and Giovanni DiCenso, Deloitte & Touche, Washington, DC

New transfer pricing and APA rules have been introduced in the Netherlands as a precursor to codification of the arm’s-length principle later in 2001. By Eduard Sporken, KPMG Meijburg & Co, Amstelveen

The growth in global e-commerce is giving tax authorities and taxpayers the world over some major issues to contend with. This article looks at the Indian response to the challenge. By Ajay Mehra and Rakesh Jariwal, Arthur Andersen, India

The Malaysian government has lifted controls on foreign investment in the country. On May 2, Prime Minister Mahathir Mohamad announced the abolition of a 10% levy on repatriated capital gains for foreign investors in the equity market. The exit levy was initially introduced at a rate of 30% in 1999 in an attempt to stabilize the economy following the Asian financial crisis of 1997-1998. It was reduced to 10% in February 2000 and was payable on profits sent out of Malaysia after less than a year.

KPMG has set up a new team in New York to advise clients on Chinese tax law

China may revise the rate of tax imposed on advertising following a sharp slowdown in the growth of company spending on the area

Ashurst Morris Crisp has boosted its European tax practice with a lateral hire in Italy and a new office in Germany. Richard Engl has folded his tax consultancy firm RLE to join Ashursts as a partner-level steuerberater (tax adviser) in Munich. The office opened on May 2 and Engl brought three assistants from his previous firm with him. Litigation partner Karl Wach, previously at Linklaters, also joined the office.

New York firm Debevoise & Plimpton is to open an office in Frankfurt. The office will open this summer with three Debevoise corporate partners, Thomas Schurrle, a corporate partner from Norr Stiefenhofer Lutz, and Dr Friedrich Hey, a tax partner who left the New York office of Linklaters Oppenhoff & Rädler at the end of last year. He will be joining the firm in August after finishing his gardening leave, and will spend several months in New York getting to know the people so that he is better able to provide international advice before moving to Frankfurt later in the year.

Having already backed out of the Kyoto agreement, the US has now thrown the OECD's initiative against harmful tax practices into question. US Treasury Secretary Paul O'Neill issued a statement on May 10, stating that the US will not be backing the OECD initiative as it stands and calling for amendments to the proposal.