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  • VAT case puts pressure on UK customs
    UK Customs & Excise have lost a landmark case on VAT to credit company FDR. The decision, by a VAT tribunal, places pressure on the government to scrap the measure it introduced in the March Budget, stating that outsourced financial services are subject to VAT.
    April 30 1999
  • KPMG Canada leaders resign
    The Chairman and Deputy Chairman of KPMG in Canada have resigned following weeks of controversy involving the firm. J Spencer Lanthier and D Hugh Bessell were closely involved in negotiations that would have led to the merger of the Canadian branch of KPMG with big five rival Arthur Andersen. When the merger broke down, the two felt that they had no option but to resign.
    April 30 1999
  • Hale & Dorr in real-estate merger
    Hale & Dorr in Boston is representing real-estate firm Berkshire Realty in its merger with management group Brekshire Realty Holdings. The transaction is valued at $1.3 billion. Realty Holdings is a partnership formed by chairman Douglas Krupp, affiliates of Blackstone Real Estate Advisors and Whitehall Street Real Estate Limited Partnership XI (an affiliate of Goldman Sachs & Co.)
    April 30 1999
  • Accounting Act and Joint Stock Companies Acts
    A new Accounting Act and two Joint Stock Companies Acts were introduced with effect from January 1 1999. These may have some effect for the companies tax position, and distribution capacity.
    April 30 1999
  • Austrian Government agrees tax reform 2000
    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.
    April 30 1999
  • German reforms force mutual fund rethink
    Germany’s 1999 tax reform act, enacted by the legislature on March 19 1999, contains numerous changes to the taxation of domestic and registered foreign mutual funds. These amendments affect both investors and the mutual funds themselves. This article highlights the tax implications of the new law for foreign investment funds held by German investors.
    April 30 1999
  • Derouin leaves Gide for international attractions
    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.
    April 30 1999
  • Sullivan and Cromwell in Arco/Amoco deal
    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.
    April 30 1999
  • Clifford Chance advises on transatlantic acquisition
    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.
    April 30 1999
  • Industrial appointment signals shift in German tax direction
    The German Finance Minister, Hans Eichel, has indicated that he will appoint Heribert Zitzelsberger, Head of Tax at Bayer Chemicals, as his deputy on tax policy. The move may promote better relations between industry and government on tax policy, following the unpopular policies of former finance minister Oskar Lafontaine.
    April 30 1999
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