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  • Jones, Day, Reavis & Pogue is set to launch a German structured finance practice as part of wider plans to bulk up its local presence
  • The shareholders of Banca Popolare di Novara are set to sue PricewaterhouseCoopers, alleging that the Italian bank's advisers failed to detect a L100 billion ($48.6 million) accounting error in its bond portfolio in 1999, according to Reuters. The bank's lawyers have been authorized to file the suit by around 1,200 of its shareholders. PwC has rejected the board's accusations, claiming it is being blamed for the bank's error, and has stated that shareholders suffered no damage.
  • The Chinese government is speeding up plans to adjust its tax structure, equalizing tax rules for local and foreign companies to keep the country in line with World Trade Organization rules. Finance minister Xiang Huaicheng said China will adopt uniform rates of corporate income tax, tax on using cultivated land and tax on transport vehicles.
  • Baker & McKenzie is merging with Spanish tax and securities specialist Briones Alonso y Martín, helping the US firm plug the gaps in its practice to win more local work
  • A special report prepared by Paul Burns, KPMG Costa Mesa, California
  • A special report prepared by Yunfang Wendy Guo KPMG, Beijing
  • A special report prepared by Michele Crisci and Aldo Castoldi Professionisti Associati, Deloitte Touche Tohmatsu, Milan
  • A special report prepared by Setsuko Fukushima, KPMG, Tokyo
  • A special report prepared by Eduardo Goldszal, KPMG, Miami
  • The mutual agreement procedures and the increasing risk of double taxation By John Lyons, Deloitte & Touche, Washington DC