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  • On March 23 1999 the Austrian coalition. government reached political agreement on the essence of the tax reform for 2000. The following text introduces the subject and takes into account the opinion of the Federal Ministry of Finance on how to implement the political agreement.
  • The energy tax increases contained in the new tax legislation (see International Tax Review April 1999) potentially represent more than just a rise in existing excise taxes and, in the case of electricity, the introduction of a new one. In the eyes of their proponents, they are the start of an ambitious programme of ecological tax reform.
  • The US Congress has found that foreign multinationals may have an unfair advantage in the international tax market. Hal Hicks, David Benson and Marjorie Rollinson of Ernst & Young, Washington examine the prospects for change and possible amendments to tax shelter rules
  • The announcement that Tony Rumble, a Finance and Treasury taxation specialist, has joined PricewaterhouseCoopers as a partner, has provoked strong reactions from Arthur Andersen, where Rumble had been working on a six month contract.
  • US firm Sullivan and Cromwell are advising BP Amoco on the takeover of the Atlantic Richfield Company (Arco). The acquisition will be made through a stock swap and is valued at $26.8 billion. The combined company will have a market capitilization of arounds $190 billion. Tax partner Willard Taylor, from Sullivan and Cromwell’s New York office, worked on the deal for BP Amoco.
  • Clifford Chance is advising the Bank of New York on its acquisition of Royal Bank of Scotland Trust Bank, which is the largest provider of pension fund services in the UK.
  • Comcast, the Philadelphia-based cable-television company, is continuing its aggressive acquisitions policy by buying MediaOne Group.
  • The February 16 Budget did not contain any major rate or structural changes. The most significant technical measures and announcements are discussed below.
  • The Lawmoney.com website, the daily news service that is a sister to International Tax Review, has been redesigned and improved. The quality information and news that you expect from ITR is now easily available daily on the website.
  • Beleaguered French law firm Gide Loyrette Nouel has asked its management team to step down, following the exodus of six more partners, including tax partner Philippe Derouin.