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  • Australia's capital gains tax law once suffered from the accusation of protecting inefficient companies. Following the Ralph Committee recommendations, scrip-for-scrip rollover relief has been introduced to counter this. By Ian Dinnison of KPMG, Melbourne
  • The Argentine Congress has recently passed a law establishing a new legal framework for leasing contracts. Law No 25.248 was enacted by the Executive Power and published in the Official Gazette on June 14 2000. One of its main goals is to broaden the existing framework (Law No 24.441), which imposed many restrictions on a contract for it to qualify as a leasing agreement.
  • Craig Bell has resigned from his position as chairman and managing partner with Eure, Kineer & Bell of Richmond, Virginia to join McGuire, Woods, Battle & Boothe LLP as a partner in the business tax group. Bell will head the firm's state and local tax and tax litigation groups.
  • McDermott, Will & Emery has increased its London tax team by a third with the announcement that Justin Hamer, from the Inland Revenue Solicitor's Office and Howard Murray, an associate with Herbert Smith, will be joining the firm in August and September respectively.
  • Under article 115 quinquies of the French Tax Code, the profits of a French branch of a foreign company are deemed to be distributed to non-residents, and are therefore liable to a 25% withholding tax, known as the branch tax. However, the branch may make a claim for a refund of the branch tax computed on the French branch's profits exceeding the actual amount of dividends distributed by the foreign entity to non-French residents.
  • Hamburg's comdirect bank AG, the online banking subsidiary of Commerzbank AG, is to issue an initial public offering of euro790 million ($753 million) in bearer shares. Comdirect is the largest online broker in Europe. The shares were listed on the Neuer Markt segment of the Frankfurt Stock Exchange.