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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).

International Tax Review’s annual survey finds the big five continuing to dominate. But our results also find that corporate tax work is growing rapidly, and that there is plenty of room for all to prosper. Rosie Murray-West and Oliver Ralph ask why demand is expanding so quickly

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

The Tax Relief Act for the Years 1999, 2000, and 2002 introduced a new income tax withholding provision for payments made to foreign contractors. The new rules came into effect on April 1 1999 and require domestic and foreign persons to withhold 25% of the gross amount of payments made from this date to foreign contractors for a wide range of work performed in Germany or perhaps simply used there. While the problem which provoked the new withholding rules involved non-compliance by foreign construction firms with their German tax obligations, the withholding provision actually enacted applies to all sectors of the economy and can include purely intellectual work such as that of architects, engineers, or attorneys as well.

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.

The American Bar Association has rejected plans to allow lawyers to practise in multidisciplinary partnerships. A meeting of the policymaking body, the House of Delegates, voted by 304-98 to replace a report that would have eased restrictions on MDPs.

The Chicago and Los Angeles offices of Mayer Brown & Platt are advising Abbott laboratories on the acquisition of ALZA corporation. The transaction values ALZA, a research-based pharmaceuticals company, at approximately $7.3 billion. The deal follows ALZA’s earlier acquisition of SEQUUS Pharmaceuticals earlier this year.

Internal taxation — Tax deduction — Expenditure on research — Proprietary medicinal products.

Alexander Vögele of KPMG in Frankfurt challenges the conclusions reached by Thomas Borstell and Michael Prick (ITR April 1999) regarding the court decision banning the use of secret comparables, a decision that has provoked considerable controversy in Germany

Growing controversies such as the Notice 98-11 debate, have forced the IRS to reconsider its attitude towards CFCs. Andrew Immerman of Alston & Bird in Atlanta considers the debate and offers advice on how multinationals can plan amid the growing uncertainty