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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

The Turkish government's emergency tax initiative is facing a difficult passage through parliament.

The IRS has asked the tax court for a delay in the planned disclosure of APAs. But the plaintiffs in the case have objected. Oliver Ralph reports

What's happening at Bennett Jones?The Calgary firm has decided to discontinue merger talks with Tory Tory Deslauriers & Binnington in Toronto. At the same time, the firm is losing tax partners to Ernst & Young

Heinrich Rodewig is joining the German firm Haarmann, Hemmelrath & Partner, having moved from Daimler-Benz. He will be working as tax partner in the international mergers and acquisitions group.

Sun Life and Provincial Holdings has been consulting Slaughter and May over the disposal of its Guardian Royal Exchange UK life, pensions and trust businesses.

Rolls Royce will pay £576 million ($939.6 million) in a cash deal for the British engineering group Vickers. They will acquire the Vickers-owned Norwegian company Ulstein, signalling Rolls' intention to move into the marine engineering industry.