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The Norwegian foreign tax credit rules have been widened in recent years to allow Norwegian parent companies to claim more credits than were previously available. Unni Bjelland of Ernst & Young in Norway explains how to make the most of the new regime

Many specialists believe that direct tax harmonization is years away. But, as Peter Nias and Nicola Purcell of McDermott, Will & Emery in London argue, recent EU initiatives and court decisions have quietly brought a unified tax system a step closer

Canadian foreign affiliate rules have been compared to the US regime for their complexity. Ian Crosbie of Davies, Ward & Beck in Toronto explains the legislation and clarifies how new anti-abuse proposals could catch many taxpayers unawares

The Indian government has passed the Companies (Amendment) Act, 1999 that makes some important amendments to the Companies Act, 1956, with effect from October 31 1998. Some of the most important changes are as follows.

Tax officials are concerned that the expansion of e-commerce may lead to large-scale tax evasion in China, according to the official Wenhui Daily.

PricewaterhouseCoopers is advising British Steel on its merger with Netherlands rival Koninkijke Hoogovens. The merged company will be the world's third-largest steel producer and will be called BSKH. It will seek listings in London, Amsterdam and New York. British Steel shareholders will hold a 61.7% stake in the company. BSKH will have a market capitalization of £2.65 billion ($4.3 billion).

Herbert Smith is advising the UK's largest transport group, Stagecoach, on its purchase of Houston-based Coach USA. The purchase is valued at $1.8 billion, which includes the assumption of $571million of debt. This is Stagecoach's first US acquisition and gives the company a foothold in the North American transport sector. The deal is being financed through a $2.25 billion loan from Credit Suisse First Boston, JP Morgan and the Royal Bank of Scotland. Stagecoach will also later issue up to $1 billion in bonds and equity-related securities for refinancing.

Belgium’s advance rulings procedure has existed since 1993. But recent legislation has expanded the range of rulings available. Marc de Munter of Freshfields Deringer in Brussels explains how multinationals can make the most of the new system

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