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The extent to which, in the absence of harmonised Community rules, member state competence in respect of direct corporate taxation is limited by the overriding requirements flowing from the fundamental Treaty principles of free movement. Fiscal cohesion – difference in the tax treatment of certain corporate taxpayers based on the place of residence of their parent companies – Community law – restitutionary or compensatory damages in national law notwithstanding that the differential treatment resulted merely in the early payment of tax.

The German government plans to extend an existing “copyright” tax on recording equipment such as videos, to include computers, modems, scanners and CD burners

Avnet, a US-based distributor of semiconductors, components and computer products is to acquire the European distribution division of VEBA Electronics from E.ON AG, as part of a £2.35 billion ($3.5 billion) consortium bid for VEBA electronics distribution group by Avnet, Arrow Electronics and Schroder Ventures.

Allen & Overy has advised Schroder Saloman Smith Barney on the £2.25 billion ($3.34 billion) securitization of part of Abbey National's mortgage portfolio. In a structure more usually seen in credit card transactions, Holmes Financing (No.1) plc, the issuing vehicle, issued 13 classes of notes, in dollars, sterling and euro.

The primary motivation behind the recent changes to the Irish corporate tax regime, whereby the standard corporate tax rate is to be reduced to 12.5% by the year 2003, was to preserve the attraction of Ireland as a low-tax platform for the many multinational companies which have invested substantially in Irish operations. However, the new regime also presents significantly more opportunities for the international business community to do business in and/or through Ireland.

Business and governments alike are simultaneously rubbing their hands in delight and shaking their heads with worry as e-commerce advances ever forward. Christine Sanderson of PricewaterhouseCoopers, London overviews the challenges ahead

Mannheimer Swartling Advokatbyrå

Lovells

Hannes Snellman Attorneys at Law

A & L Goodbody Solicitors