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Ireland became the first member of the EU to be formally told to correct its budget on February 12 2001. At an ECOFIN meeting in Brussels, the EU recommended that Ireland take action to correct its budget, on the grounds that it goes against the Broad Economic Policy Guidelines agreed to by EU members, and threatens to increase inflation. The warning is a response to Irish Finance Minister Charlie McCreevy's 2001 budget that announced tax cuts and increased public spending.

As President Bush's proposed 10-year $1.6 trillion tax cut comes before the US Congress, the business community is considering how it can best ensure its share of the spoils. At present, the only element of the proposed cuts that has a direct effect on business is the proposal to extend permanently the US research and experimentation (R&E) tax credit. However, the timing could be perfect for business to lobby for more.

Landwell & Associés, the legal arm of PricewaterhouseCoopers, has won an appeal at the Paris high court to overturn a decision by the French National Bar Council to ban some of the structures applying to multidisciplinary practices (MDPs). The Bar Council's decision, made last year, had three main proposals: lawyers cannot practise in a law firm that has the same name as an audit firm. This affected Andersen Legal but was not an issue for Landwell; lawyers cannot belong to an organization or firm that is part of a network where there are non-regulated professions. While lawyers and accountants are regulated, consultants are not. This would harm Landwell because it is networked with PwC; and a law firm associated with an accounting or audit firm cannot work for any shared clients, even if the clients have authorized it. The court of appeal held that the bars did not have the authority to set the regulations in place, as it would require a legal process to modify or replace existing laws that permit MDPs. The verdict is good news for the big five firms functioning as multidisciplinary practices and should lead to further discussion about establishing full regulations applying to MDPs.

The Swedish Ministry of Finance has proposed that capital gains taxation on shares qualifying for the participation exemption be abolished. In general, the participation exemption will apply to shareholdings in Swedish or foreign companies, which are quoted on a stock exchange if the holding is at least 10% and the shares are held for a minimum period of 12 months.

In tax terms, cyberspace is relatively unchartered territory for Latin America. Jorge A Gross, Nicasio del Castillo, Manuel Solano, Eduardo Pupo and German Jimenez of PricewaterhouseCoopers’ Latin American Business Center take a look at regional developments

Structuring a demerger to attain maximum tax benefits and to minimize exposure to stamp duty is imperative. Mike Hardwick, John Lindsay and Claire Hopes, Linklaters & Alliance, London, give an insider's guide to the National Power/Innogy deal

Tighter documentation requirements are the essence of Germany's new draft transfer pricing regulations. There are major risks, but also double rewards for taxpayers who respond in timely fashion. By Alexander Vögele and William Bader for KPMG, Frankfurt

The Australian government is planning to simplify the country's tax reporting system following pressure from business and accounting groups. The Treasury is proposing changes to the Business Activity Statement, which requires businesses to report their turnover and tax collected monthly or quarterly to the tax office. Reforms include allowing organizations with annual sales below A$1 million to file the Statement every 12 months.

3-5 years pqe Opportunity to join one of the prestigious tax teams in the London office of this well established US firm. Broad variety of tax matters (both corporate and finance related) to handle and will be part of a highly regarded practice both sides of the Atlantic. Strong academics and solid experience in corporate tax is essential. (£US rates)

Government tax specialist Ken Henry will take up his new role as Australian secretary to the Treasury on April 27. Henry is being promoted from his position as executive director of the Treasury's Economic Group, where he had responsibility for domestic macroeconomic policy advice, economic forecasting, and advice on international economic issues, which includes Australia's relationship with multilateral financial institutions.