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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.

Regional and district level lawmakers have used the opportunity to grant tax exemptions as a tool to attract investment to their localities. Since 1991, when the fundamentals of the Russian tax system were first established, a wide range of local tax incentive legislation has been put in place. While the basic principle of these various pieces of legislation is similar, namely to provide investment incentives for certain types of taxpayers, the mechanisms employed are often very different in character and have grown in sophistication with practice and experience.

For true regional coverage to be more than a slogan, advisers in Asia have some hard work to do. There are still many gaps in even the most extensive networks. But, as Oliver Ralph and Rosie Murray-West discover, clients want coverage that mirrors their own plans

Towards the end of 1998, Congress approved Law 25.063 which included substantial modifications to the value-added tax (VAT) law, including within its scope "services provided abroad which are used or effectively exploited within Argentina". Until then only imported goods were subject to tax, and only services provided within Argentina were taxable.

The February 16 Budget did not contain any major rate or structural changes. The most significant technical measures and announcements are discussed below.

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

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.

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.

New York firm Skadden Arps Slate Meagher & Flom is advising Chicago-based telecoms group Ameritech, on the disposal of its cellular business to GTE. The deal is worth $3.2 billion and is a direct result of Ameritech’s planned merger with SBC communications. The deal is contingent on that merger (worth $56 billion) being completed. The merger has yet to be approved by the Federal Communications Commission, but will not be affected by GTE’s merger with Bell Atlantic.

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.