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  • The US Securities and Exchange Commission (SEC) is to adopt milder than expected rule amendments regarding auditor independence. The announcement follows months of debate between the organization and the big five accounting firms.
  • Arnold & Porter has poached Jones Day Reavis & Pogue's head of international tax, Richard Andersen, for its New York office.
  • According to OECD data, tax revenues from personal and corporate income taxes have risen markedly in most OECD countries in the late 1990s. The strongest growth was in 1997-1998 when the OECD average increased from 13.2% in 1997 to 13.5% in 1998.
  • Osborne Clarke has continued its expansion with the recruitment of two corporate tax partners. Michael Bell joins the Bristol office from Ernst and Young, while Stuart Long, previously at Barnett Alexander Chart, becomes the firm's first London tax partner.
  • The Ernst & Young Kenneth Leventhal real estate group has recruited two tax professionals. The group provides tax, audit and related advice to the real estate investment industry.
  • The EU has asked the WTO to approve trade sanctions, worth approximately $4 billion a year, against the US. The sanctions are retaliation for the US foreign sales corporation (FSC) export legislation which grants US exporters a subsidy that the EU believes gives US companies an unfair advantage.
  • The EU Commission has proposed a series of rules to harmonize and modernize value-added tax (VAT) invoicing in the EU. The proposals take on board the findings of a study carried out last year by PricewaterhouseCoopers.
  • Payments for shrink-wrap software made to non-residents will be exempt from Singapore withholding tax from January 1 2001, Singapore's Commissioner of the Inland Revenue has announced.
  • Malta's Finance Minister John Dalli has announced a budget aimed at increasing government revenue and bringing Malta closer to the EU.