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VAT – Sixth Directive – Exemptions – ‘The leasing or letting of immovable property’ – Meaning.

McDermott, Will & Emery has appointed Michael Fayhee as the new chair of the US firm's tax practice. Previous tax head Alan Olson becomes firm-wide vice-chair and head of the Chicago office. The tax group includes practice areas focusing on M&A, corporate restructuring, structured finance and tax appeals.

Corporate partners in Germany are readying themselves for an increase in private equity and M&A work as changes in tax law and the country's new takeover rules promise deals in abundance

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

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.

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 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.

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.