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Edgemead, a company backed by the venture capital group Candover Partners, has placed a Euro385 million ($403 million) cash offer for Clondalkin group, an international producer of packaging and print materials.

The IRS released Rev. Proc. 99-32, the long-awaited revision of the revenue procedure authorizing the tax-free repatriation of cash following a §482 adjustment, on August 2 1999. Revenue Procedure 99-32 finalizes earlier proposals to update the previous rules that were first issued in Rev. Proc. 65-17.

Hilton Hotels has announced a $4 billion takeover of the Promus Hotels Corporation.

From the discussions that have preceded the budget, it is safe to conclude that there will be no significant changes to the Swedish tax system. The political parties, on which the government is forced to rely, did not approve of the proposed reduction of the corporate tax rate from 28% to 25%.

This year's UK Finance Act introduced the concept of Advance Pricing Agreements (APAs) in the field of transfer pricing. The legislation is supplemented by a Statement of Practice (Statement) which was published at the beginning of September.

Ireland enjoys evasion spectacle

During the second half of 1998, a special committee under the auspices of the Department of the Taoiseach was formed to review and recommend amendments to the legislation dealing with securitizations in Ireland. Legislation is already in place for securitization special purpose vehicles (SPVs) certified in the International Financial Services Centre (IFSC) in Dublin and the Finance Act 1999 introduced a new regime for SPVs outside the IFSC. It was felt that the review was necessary due to the increasing complexity of securitization transactions and the difficulty of applying the existing legislation to them.

Australia’s Ralph Committee has delivered its long-awaited report. Delight over tax cuts has been tempered by other measures. Rosie Murray-West reports

The June 1997 and June 1998 issues of International Tax Review, reported on the position of the German tax authorities regarding the amortization of purchased trademarks and purchased licences for the sale of medications (Arzneimittelzulassungen).

The Chinese authorities have announced a crackdown on perceived transfer pricing abuses. Cassie Wong and Spencer Chong of PricewaterhouseCoopers in Hong Kong examine the new policy and advise multinationals on how to avoid a damaging audit