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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

China has introduced tighter controls on processing trade activities to preserve tax revenue.

US firm Cleary Gottlieb Steen & Hamilton is advising HSBC on its acquisition of Republic New York and Safra Republic. Safra Republic is the Luxembourg holding company for Republic's European operations. The acquisition is valued at $10.3 billion and will give HSBC the third-largest branch network in New York as well as a large base of private clients.

Norwegian firm Thomessen Krefting Greve Lund is advising Norsk Hydro, Norway's largest industrial conglomerate, on their offer to acquire Saga Petroleum, the third-largest oil company in Norway. Norsk Hydro have offered NKr 17.5 billion ($2.3 billion) for Saga. If the deal is completed Norsk will be the largest oil company in Norway after the state-owned Statoil.

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

Until recently, Ireland would not have been considered a favourable location for a holding company. This was because relatively high rates of tax were imposed on dividend income and capital gains, and because credit relief for foreign taxes suffered was quite limited. Since the enactment of its new corporate tax regime, a reduction in the rate of capital gains tax and amendments to the rules concerning credit relief for foreign taxes, however, the opportunities for using Ireland as a holding company location merits serious reconsideration by corporate treasurers when planning their international group structures.

Over the next two months, International Tax Review will publish a series of features examining CFC regimes around the world. Recent years have seen a rapid expansion of the scope of such regimes. Oliver Ralph reports on how multinationals are beginning to fight back

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

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