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  • The Thai government has responded to the economic crisis by removing tax obstacles to encourage mergers. Paul Stitt and Doug Allan of PricewaterhouseCoopers in Bangkok examine the relative merits of amalgamations and asset transfers under the new regime
  • The IRS’ active summer included final regulations on the treatment of distributions to foreign shareholders. This is good news for shareholders but taxpayers should beware the anti-abuse provisions. Mike Swanick and Aldrich Boss of PricewaterhouseCoopers in London report
  • The German government has lost a landmark case concerning the taxation of branches that will have an impact throughout the EU.
  • Britain has succeeded in temporarily blocking the EU's latest move towards tax harmonization.
  • The Japanese ministry of international trade and industry is to introduce tax reforms designed to encourage angel investment in Japan.
  • The Brazilian internal revenue has drafted a bill forcing the introduction of a minimum corporate income tax. A further bill reducing company tax exemption to one year is also under consideration in the senate.
  • Two new arrivals
  • LTV, America's third largest steelmaker, has bought the tubular steel manufacturers Copperweld Corporation and Copperweld Canada for $650 million.
  • Carrefour and Promodes have merged to form Europe's largest retailer. The Ffr111 billion ($17.7 billion) deal will produce a combined chain of 9000 stores, and anticipated net sales of Ffr355 billion ($56.5 billion) this year.
  • KPMG is advising National Westminster Bank (NatWest) on the £10.8 billion ($17.4 billion) takeover of life assurer Legal & General. NatWest's plunge into the pension and insurance market reflects a growing trend among British banks.