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  • Accounting firms have cautiously welcomed a report that could ease their transformation into multidisciplinary practices (MDPs). The report, by a commission of the American Bar Association (ABA), has recommended that lawyers should be allowed to practise law in organisations other than law firms. The ABAs' refusal to permit lawyers to practise in MDPs has been a stumbling block to the aspirations of the big five accounting firms.
  • US law firm Paul Weiss Rifkind Wharton & Garrison is advising Trinet Corporate Realty Trust in its merger with Starwood Financial Trust in a $1.5 billion stock-for-stock transaction.
  • Wachtell Lipton Rosen & Katz, in New York, is advising Connecticut chemical maker Crompton & Knowles in its merger with chemical company Witco. The deal is valued at $1 billion, plus the assumption of $1 billion worth of debt.
  • Shearman & Sterling is advising US holding company Georgia Pacific on its acquisition of North America's largest paper distributing and marketing company, Unisource.
  • With effect from January 1 1999, Spain introduced new legislation (Law 41/1998) on the taxation of non-residents. This new law marked a milestone in the history of Spain's tax legislation, since for the first time non-residents obtaining taxable income in Spain are governed by a law separate from that regulating the taxation of resident taxpayers under corporate income tax and personal income tax.
  • A recent ruling has clarified the scope and objective of Double Taxation Avoidance Agreements between India and the UAE (DTAA). According to this ruling, if a taxpayer is liable to pay tax under the laws in force in one country alone, he cannot claim any relief under the DTAA.
  • Charge of Deloitte brigade Clowning around at the CIOT Tax Litigator shifts to private firm Liu seduced by Sidley's charms KPMG recruits Brockway Smart moves for Arthur Andersen Sutherland Asbill expands in Washington
  • Draft legislation has been published intended to catch contracts signed outside Austria and having one non-Austrian party.
  • The State of Michigan has dropped its proposed taxation of foreign corporations, following intensive lobbying by Canadian trade associations.
  • UK Companies and law firms have pledged to fight on after an amendment concerning the Inland Revenue's power to force companies to disclose legal correspondence fell in Parliament.