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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).

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.

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.

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.

Interest expenses are, as a rule, fully deductible for Norwegian corporations. However, the right to deductions for Norwegian resident taxpayers owning real property abroad is subject to limitations, in the way that interest expenses equivalent to the pro rata share of the taxpayer's gross real property situated abroad are disallowed. This treatment may now change. The Ministry of Finance is considering new rules under which all interest expenses are deductible to the extent the expenses does not relate to income exempt from Norwegian taxation under a double tax treaty.

Ask a tax professional about the major tax advice developments of the last 12 months and the answers will highlight the firm’s success. Ask a client and a different story emerges. Rosie Murray-West asks corporate tax directors about their loves and hates

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