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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.

Japan’s new domestic special company will ease liquidation and securitization for domestic and foreign corporations. But as Dean Yoost and Sachihiko Fujimoto of PricewaterhouseCoopers in Tokyo argue, its stringent requirements mean other vehicles retain an appeal

New directives and a number of recent cases have brought the conclusions of the 1992 Bachmann case into question. Hans van den Hurk of PricewaterhouseCoopers, Eindhoven examines the consequences for insurance taxation in the Netherlands

The Austrian government has put forward draft legislation setting out a Sch32.5 billion ($2.5 billion) package of tax cuts.

The Canadian Department of Finance has proposed transitional tax rules for foreign banks that wish to convert from a subsidiary to a full-service branch.

Australia’s CFC regime has not escaped the recent review of business taxation. Alastair Macphee of Mallesons Stephen Jaques, Melbourne looks at the proposals and examines how group consolidation could cause problems for companies with CFCs