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Harmonisation of fiscal legislation – Council Directive 69/335/EEC – Indirect taxes on the raising of capital – Notarial charges for drawing up a document recording an increase in the capital of a capital company and an amendment of its statutes.

A new Accounting Act entered into force in Sweden on January 1 2000, which changes the rules concerning the maintenance of accounting records abroad. The principal rule states that accounting must be carried on in Sweden. According to the new regulations, under certain circumstances vouchers may be kept abroad temporarily. If the accounting records are computer-based, the machinery may be placed abroad, but a permit must be obtained. A condition is that the business has access to the accounting system and can present information about the accounts in ordinary readable form in Sweden.

The Walt Disney Company is to build its third international theme park on an island off Hong Kong. A joint venture company set up by the Hong Kong government and Walt Disney, to be named Hong Kong International Theme Parks, will have a combined equity of $5.7 billion.

In recent years, Canada has introduced several initiatives that increase the reporting requirements facing foreign taxpayers. Generally, the objective is to facilitate Canada's monitoring of foreign transactions and ensure income is properly reported and taxed. One such requirement is for all non-resident corporations carrying on business in Canada to file income tax returns when they are relying on a treaty provision to exempt them from Canadian tax.

If others follow where Argentina has led, Latin American tax authorities may soon be scrutinizing heavy debt-financing. Multinationals should take note. By Mario de Castro, Manuel Diskenstein, John Mascaro and Romero Tavares, Deloitte & Touche LLP

New German regulations narrow the scope and broaden the formal requirements of cost-sharing arrangements. Multinationals have until the end of the year to make the necessary changes. By Alexander Vögele of KPMG, Frankfurt am Main

Non-residents are set to benefit from changes to legislation which grant them exemption from tax on financial income. However, these new rules must be considered in conjunction with a close reading of existing laws. By Stefano Serbini of Freshfields, Milan

Information technology associations in India are hoping that the Ministry of Finance agrees to their demands for tax breaks in the forthcoming budget.

The media group has announced a further agreement with the UK music company EMI, in a deal worth $20 billion.

Based on the France-Netherlands tax treaty, a French company was found not to have withheld tax from its royalty payments to a Dutch CV (Commanditaire Vennootschap, a type of silent partnership) whose partners were two Dutch BVs. The French tax administration argued that the treaty was not applicable because the Dutch CV is not subject to income tax, and therefore is not a resident of the Netherlands within the meaning of the tax treaty.