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The Granada merger with Compass in the UK involves an IPO, a public bid for a competitor, a demerger and a consolidation of public listings. The result is a huge tax challenge. Sandy Frew of Granada, and Daniel Friel and Karen Hughes of Lovells in London, review the tax issues

Certain Swedish regulations governing the taxation of income favour Swedish companies compared with foreign companies in the same situation. However, several changes have recently been proposed in a memorandum from the Ministry of Finance. The reason behind the proposal is Sweden's progression from a country where most groups of companies consisted of Swedish entities to one where more groups comprise foreign companies. Sweden must also comply with international undertakings prohibiting discrimination. The proposal concerns, amongst others, the areas listed below.

The Norwegian Ministry of Finance has recently issued a press release stating that the state budget for 2001 will propose the introduction of a tax on dividends. The details of the proposed new legislation are yet to be presented, and it is still unclear if any new legislation will be passed by the Norwegian Parliament. The state budget will be presented on October 4 2000.

Since Thailand introduced VAT in 1992, the Revenue Department has issued numerous individual rulings on tricky areas. Self-assessment has been a particular sticking point. By Kitipong Urapeepatanapong and Chaiyong Ngampravatdee, Baker & McKenzie, Bangkok

Qualification of simplified stock companies for the dividend withholding tax exemption

The financial services group Citigroup is purchasing Associates First Capital for $31.1 billion.

The OPEC decision to reduce the world's oil supply for the year has pushed up petrol prices and caused protests throughout Europe.

Taxpayers are still testing the waters in the matter of how the UK Inland Revenue manages its advance pricing agreement process. Peter Nias of McDermott, Will & Emery, London describes the ins and outs of a recent case in which he was involved

Chase Manhattan is to acquire JP Morgan for more than $30 billion. JP Morgan is the fifth-largest bank in the US, specializing in equities and investment banking, debt and foreign exchange-based trading, and asset management. Chase Manhattan is the second-largest bank in the US providing commercial and consumer banking, lending and investment banking services. The merged company will be called JP Morgan Chase & Co.

Brazilian oil giant Petrobras opted for representation from Jones, Day, Reavis & Pogue in its partial privatization. Petrobras, which earlier this month made a successful global share offer, plans a big board listing for American Depository Receipts convertible into its preferential stock. Richard Anderson of the New York office advised on tax matters.