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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.

McDermott Will & Emery is advising RAG International Mining on its acquisition of Cyprus Amax coal company. The deal is valued at $1.1 billion in cash and debt. Cyprus Amax Coal is one of the biggest coal mining companies in the US and has properties in Pennsylvania, Wyoming, Utah, Colorado and Illinois. RAG is a subsidiary of the German energy and technology company RAG Aktiengesellschaft.

The original issue in the Parthenon case was the deductibility of interest on a promissory note distributed as a dividend. The Tax Court of Canada found it was not deductible, because the Canadian statutory interest deduction is limited to interest borrowed money and balance of sale of property, and this indebtedness fits neither category.

The UK’s CFC regime is now 15 years old but ambiguities remain over which companies are affected. James Savory of Allen & Overy in London explains the system and comments on the consequences of the introduction of self assessment

French finance minister Dominique Strauss-Kahn, and labour minister Martine Aubry have put forward a plan to introduce a surcharge on corporation tax and raise environmental taxes.

KPMG has announced its intention to move into the UK legal market by poaching six partners from London law firm Arnheim Tite & Lewis.

New York law firm Davis Polk & Wardwell is advising RJR Nabisco and RJR Nabisco Holdings on the cash tender offers and consent solicitations for approximately $4.4 billion of RJR Nabisco's outstanding debt. RJR Nabisco Holdings' Capital Trust is also offering $373.8 million of 9.5% trust originated securities.

Simpson Thacher & Bartlett is advising Bermuda telecoms company Global Crossing on it's acquisition of Global Marine.

US firm Davis Polk & Wardwell is advising Morgan Stanley Dean Witter on its formation of an investment banking sales and trading joint venture in India, with the JM financial group.

The Internal Revenue Service (IRS) has announced its intention in Notice 99-25 to postpone the effective date of the withholding regulations under IRC § 1441 and related provisions. Those rules will now apply to payments made after December 31 2000. Although the extension is primarily in response to the difficulties faced by financial institutions, the extension delays the reporting requirement for treaty-based related party transactions. Unfortunately, it also means that distributing corporations may not elect to reduce the amount subject to withholding if the company has inadequate earnings and profits before January 1 2001.