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Yahoo! and Geocities look to the specialists

Leading US internet company Yahoo! is acquiring GeoCities for $4.7 billion in a pooling of interests transaction. The deal will give Yahoo! the widest reach on the internet, recovering ground recently lost to America Online and Microsoft.

March 01 1999

Wachtell, Lipton in Internet sale

New York law firm Wachtell, Lipton, Rosen & Katz is advising USA Networks Inc, the cable shopping channel, on its acquisition of the internet search engine Lycos.

March 01 1999

Corporation Tax Self Assessment installment payment regulations

The UK Inland Revenue has published its revised regulations governing the payment on account regime that is introduced under corporation tax self assessment (CTSA). The revised regulations make few changes to the draft that was published in April 1998. The main changes are outlined below.

March 01 1999

Offsetting tax loss carryforwards

The period for offsetting tax loss carryforwards, which was increased in 1996 from five to seven years, has been further increased to 10 years with effect from January 1 1999.

March 01 1999

Incentives for film industry investment

With retroactive effect as from January 1 1998, a special tax incentive for investment in movies entered into force. The incentive consists of a system of discretionary depreciation for investments in movies (other than advertising or publicity films). The facility is intended to provide an incentive for private investment in the Netherlands film industry. Individuals may also benefit from this incentive through the formation of closed limited partnerships which produce films.

March 01 1999

Launch of the EURO in Germany

The launch of the euro and, with it, European Monetary Union in Germany and the 10 other participating EU countries, effective January 1 1999, is the most significant European economic and political act since the founding of the European Economic Community in 1957.

March 01 1999

Australia aims to allay APA fears

Australian APAs are becoming an increasingly popular tool. But, as John Donaldson of KPMG in Melbourne explains, the Australian Tax Office still has some work to do to convince taxpayers that the process is secret and speedy enough to merit serious consideration

March 01 1999

Switzerland fights back with benefits

In the global race to attract multinationals through tax incentives, Switzerland has been losing out. Markus Neuhaus of PricewaterhouseCoopers, Zurich reports on a series of laws and regulations designed to win back old investors and attract new ones

March 01 1999

Thommessen, Krefting hammers out metal buy

French state-owned company Eramet SA has bought 25% of the Norwegian metals company Elkem. The transaction is worth $204 million. Eramet will control two of Elkem’s magnesium smelting plants. The transaction was conducted under English law, and so involved law firms across four jurisdictions.

March 01 1999

UK moves to close M&A tax loophole

The UK Inland Revenue has acted to close what it sees as a loophole in tax law that allows companies involved in international mergers and acquisitions to avoid a 1.5% tax. A number of recent transactions, including the BP/Amoco merger, the Astra/Zeneca merger and the Vodafone/Airtouch deal, were structured to benefit from an exemption which allowed the companies to avoid the 1.5% stamp duty reserve tax.

March 01 1999

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