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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).

National Westminster Bank and the UK government are celebrating a victory over the US Internal Revenue Service (IRS) , following a US ruling on National Westminster’s tax payments.

On July 9 1999, the Treasury formally withdrew the proposed and temporary regulations issued on March 23 1998, relating to the use of hybrid branch entities to avoid subpart F income. At the same time, the Treasury issued new proposed regulations on the treatment of hybrid branch transactions. The Treasury also officially withdrew the proposed regulations relating to the treatment of foreign partnerships for purposes of subpart F (Brown Group regulations) but did not issue any new regulations in their place. New regulations regarding the treatment of a controlled foreign corporation's (CFC) distributive share of partnership income will be proposed at a later date.

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).

The Tax Reform enacted in December, 1998 introduced significant amendments to the value added tax, specifically with regards to the creation of new taxable events.

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:

Russia considers tax on money transfers, United Parcel Service may appeal on tax judgement, Brazil scraps banking tax

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.

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).