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KPMG has relaunched the initial public offering of its consultancy business. The professional services firm delayed its original offering last year because of turbulent market conditions, but now aims to raise $2.5 billion from its offer. The offering follows recent announcements by the US Securities and Exchange Commission indicating its disquiet about accountancy firms offering consultancy services to audit clients.

PricewaterhouseCoopers has revealed plans to cut 10% of the firm's 1,100 UK partners, but has refuted claims that it is reacting to economic uncertainty

Directive 69/335/EEC – Indirect taxes on the raising of capital – Minimum tax on capital companies.

3-5 years pqe Top ranking US practice seeks an UK tax lawyer for their established London office. You will work with a highly rated partner on a variety of M&A, capital markets and finance matters. If your have top city experience and good academics and want a virtual "green field" role, speak to us now. (£Mid-Atlantic rates)

Raising of capital – Council Directive 69/335/EEC – Capital duty – Interest-free loan voluntarily granted by a member – Profit and loss transfer agreement.

The Brazilian government has unveiled widespread tax reforms, offering tax advantages to manufacturers of technology products. The new laws are aimed at encouraging growth in the country's tech production, and should benefit multinational companies – such as Hewlett-Packard – that are keen to make further investments in Brazil. One challenge to the tax reforms has come from the city of Manaus, formerly Brazil's sole beneficiary of tax breaks, which claims the new rules will undermine its attractiveness to outside investors.

The French government has moved to protect music artists' earnings with the introduction of taxes on recordable compact discs and digital video discs. The tax could be extended to a range of products including computers, electronic game machines and digital recording devices. The money raised from the tax, to be levied from January 22, will be distributed among established artists and new talent. But manufacturers, fearing a loss in sales, have expressed their opposition by filing a complaint with France's highest administrative court.

An international tax team from Baker & McKenzie has quit the US firm for professional services rival Ernst & Young. Four Baker partners, all focusing on M&A and capital markets transactions, are joining Ernst's Chicago and San Jose offices. Steven Surdell, David Waimon and Russell Carr will be based in Chicago, with Michael Bumbaca based in San Jose.

Slaughter and May is advising UK cellphone operator Orange on its initial public offering. France Telecom, Orange's parent company, is making a simultaneous bond offering convertible into Orange shares. Corporate partners Nigel Boardman and Tim Boxell are leading the team at the UK firm, which includes partners Howard Jacobs (pensions/employment) and Fiona Ferguson (tax). Freshfields Bruckhaus Deringer is advising underwriters Dresdner Kleinwort Benson, Morgan Stanley Dean Witter and Société Générale. Corporate partner Tim Emmerson is leading the Freshfields team, working with securities partner Patrick Bonvarlet, and corporate partners Simon Witty and Carlo Kostka, who are advising on the covertible bonds.

Davis Polk & Wardwell has advised US cable television operator Comcast Corporation on its offering of $1.5 billion principal amount at maturity of zero coupon convertible debentures. The debentures can be converted into Comcast shares at the holder's option. Corporate partner Bruce Dallas led the team at the US firm, working with tax partner Po Sit. Cahill Gordon & Reindel advised lead manager Credit Suisse First Boston.