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On June 25 1999, a working committee in the Netherlands published a report entitled Business Taxation in the 21st Century. The committee was composed of representatives of the Ministries of Economic Affairs, Agriculture and Finance, and employer unions and trade associations. They made a number of recommendations concerning the tax laws, some of which expanded upon legislation and others which proposed stricter limitations. The most significant of these recommendations are those that affect entities such as NVs (public limited companies) and BVs (private limited companies).

Indian Companies exporting software enjoy several tax incentives / deductions. Foreign companies investing in India should be aware that there are several provisions relating to software exports in the Indian Income Tax Act (ITA) that are inconsistent with each other. This article attempts to highlight these provisions so that an investor can better plan his Indian operations. There are three major tax provisions in the ITA relating to software exports:

Pity Hungarian tax debtors this summer. Whatever summer holidays they might have planned, they may find themselves unable to leave the country.

UK companies will be able to take account of certain future losses when calculating taxable profits, following an unexpected climbdown by the Inland Revenue on two landmark cases.

Australia signed a Double Tax Agreement (DTA) with South Africa on July 1 1999 and a Protocol amending the Malaysian DTA on August 2 1999. The DTAs are not yet in force.

The OECD has produced a report criticizing Switzerland for its bank secrecy rules. The annual report on the Swiss economy warned that the country would come under increasing foreign pressure to reveal banking information, because of the potential for tax evasion.

Freshfields in the UK is advising US publishing group Gannett, on its intended acquisition of Newsquest in the UK for £922 million ($1.5 billion).

KPMG and Linklaters & Alliance together are providing tax advice to Tarmac plc on the proposed demerger of their construction operations to Carillion plc, from their Heavy Building Materials division which is being retained by Tarmac.

Slaughter and May is advising UK household products company Reckitt & Coleman on its merger with Benckiser in the Netherlands. The move will create the world’s largest household cleaning products company, valued at £4.86 billion ($7.84 billion).

Linklaters & Alliance advised Centrica plc on its acquisition of the Automobile Association. The value of the transaction was £1.1 billion ($18 billion).