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Spanish value-added tax (VAT) law makes the exercise of the right to deduct VAT borne before starting up activities conditional on the fulfillment of certain requirements (a formal pre-commencement of activities declaration must be filed: in practice, those activities charging VAT must be commenced within one year, or an application must be filed to extend such term). Failure to meet those requirements means a deferral of the VAT deduction until activities are actually started, and a consequent financial cost.

Eugen Bogenschütz and Kelly Wright of Haarmann, Hemmelrath & Partner, Frankfurt-am-Main analyze the structure and outcome of the 1998 Daimler-Chrysler merger

Under two recent advance rulings, foreign investors in India may be subject to amendments to the Finance Act, designed to prevent Indian companies taking undue advantage of certain concessions. Keyur Shah, Arthur Andersen, Mumbai reports

The IRS has issued new regulations that further limit the use of check-the-box tax planning techniques used by US companies for their foreign subsidiaries. Keith Martin of Chadbourne & Parke assesses the extent of the new restrictions

Nabisco and Hicks Muse, who are acting under the joint venture title Burlington Biscuits, are offering $3.97 for each United Biscuits share. If the offer is successful, Nabisco will also acquire United Biscuits' operations in China, Hong Kong and Taiwan. Although it is reported that the UK company has accepted the US offer, the French consortium Finalrealm has launched a £1.25 billion rival bid.

Effective January 1 2000, a new Norwegian Tax Act came into force. The new act replaces both the old General Tax Act and Company Tax Act as well as several other special acts and provisions, including parts of the parliament's annual tax resolution. The new Tax Act is a technical revision of the old legislation and involves, in principle, no material changes. Budget amendments for 2000 have also been announced, and are described below.

The parliament has accepted that Sweden is subject to the arbitration convention in force between the member states of the European Union. Under the convention, transfer pricing disputes between EU member states should be settled by an arbitration board if the member states concerned cannot reach an agreement.

The new group, to be known as AOL Time Warner, will have combined revenues of $30 billion. AOL shareholders will receive 1.5 shares of the new company for every AOL share. This will give the internet company a 55% slice of AOL Time Warner. Ted Turner will be vice chairman of AOL Time Warner, with AOL's Steve Case chairman. The group will hold a series of brands including Sports Illustrated, Fortune, Entertainment Weekly and Looney Tunes.

The OECD’s work on harmful tax competition has might be a Trojan horse for the implementation of hamonization across the world

Slovakia has reduced its corporate tax rate from 40% to 29% as part of the 2000 budget, in a bid to attract increased foreign investment. The cabinet passed a draft version of the budget which was accepted by parliament on November 24. The new law comes into effect January 1.