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McDermott, Will & Emery has made another raid on US rival Thelen Reid & Priest, hiring an energy tax specialist as the government looks to reform the utilities industry

Brands are increasingly recognized as lucrative assets and as their importance grows, so do the tax implications. To realize their full potential, a structured approach to brand valuation is required. David Haigh of Brand Finance sets out the tax planning options

Following much discussion, the OECD has issued the final changes to the commentary to article 5 of the Model Tax Convention. Machiel Lambooij, of Freshfields Bruckhaus Deringer, Amsterdam, assesses the balance that has been struck between the new economy and the old

Government proposals to crack down on tax avoidance in Hong Kong have been fiercely crticized. The Inland Revenue (Amendment) Bill will, in its existing form, remove tax deductions on debt interest payments. The Bill is intended to stop companies avoiding tax by lending money to subsidiaries, but critics say it will kill the country's debt market. Meanwhile, separate proposals to allow the government to tax royalties attributable to goods manufactured outside Hong Kong have also been attacked. Such a change would violate the principle of territorial-based taxation, they say.

Critics of draft capital gains tax rules in South Africa say the proposals will lead to double taxation when companies pursue corporate restructuring. But US Treasury official Keith Engel, who is advising the South African government on its tax reforms, assures critics the impact of taxes on restructurings will not be disregarded. He proposes special company restructuring rules that "would facilitate company formations, reorganizations and unbundlings among listed companies, as well as internal group realignments". He said: "Special rules would also apply to ensure this relief could not be used as a tax-free mechanism to expatriate internally-generated profits from South African soil."

Vinson & Elkins is forming a municipal finance tax controversy practice led by a former US Securities and Exchange Commission director, responding to tougher government reviews of tax-exempt municipal bonds

Foreign-funded companies in China will no longer be exempt from the country's city maintenance and construction tax from later this year. The tax, levied on domestic businesses only, varies between 7% in large cities and 1% in the countryside. China is harmonizing its taxation system in preparation for entry to the World Trade Organization. Other benefits that foreign-funded companies may lose include exemptions from transportation equipment utilization tax, licence tax for vehicles and vessels, property tax and urban land tax.

3-5 years pqe Tax is a core practice area at this leading mid-west US firm, offering a varied and high profile workload. Extras include a significant international dimension and the opportunity to earn full New York rates. You will need UK tax experience, preferably from a big London firm. Superb client base and excellent prospects. (to £New York rates)

CMS Cameron McKenna has set up an alliance in Paris with local practice Bureau Francis Lefebvre, allowing the UK firm to tap a booming M&A market before moving into Italy and Spain

South Korea will launch an investigation into corporate tax practices in the second half of 2001, delaying the action to encourage businesses to expand domestic activity and avoid an economic slowdown. The National Tax Administration will investigate taxes on the transfer of stock ownership. The tax office will also monitor stores that try to hide their true sales figures by dissuading customers from paying with credit cards. The authorities will track the assets of company owners and other wealthy citizens through a database, to uncover attempts to conceal wealth.