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  • Tax reform
    As discussed in the previous update, the Australian government has set up a committee to report on the reform of Australia's business tax system. The reforms considered in relation to interest deductibility from an international perspective are summarized below.
    April 30 1999
  • The EU Arbitration Convention comes into force
    The convention on the elimination of double taxation in connection with the adjustment of profits of associated enterprises (the Arbitration Convention) comes into force in Finland on May 1 1999. This relates to Denmark, Italy, Luxembourg, the Netherlands, Portugal and the UK.
    April 30 1999
  • Swiss make aliens welcome
    From April 1 1999 foreign banks and securities dealers with no presence in Switzerland will be able to trade on the Swiss stock exchange. This change has triggered amendments to Swiss stamp tax legislation. Charles Hermann of KPMG, Banking Tax Group, Zurich reports
    April 30 1999
  • Firms expand to conquer Asia
    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
    April 30 1999
  • Mayer, Brown and Platt
    Mayer Brown and Platt is advising UK-based GEC on the takeover of Reltec, a US telecoms products producer. GEC are paying $2.1 billion for Reltec, and also assuming $361 million of debt.
    April 30 1999
  • Launch of Ecological Taxation in Germany
    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.
    April 30 1999
  • Three firms in Birmingham development deal
    Herbert Smith, Nicholson Graham & Jones and Nabarro Nathanson are advising the Birmingham Alliance on the redevelopment of Birmingham in the UK. The Birmingham Alliance is the title given to three limited partnerships who will invest £800 million (1.3 billion) redeveloping the Bullring and other buildings in the city. The companies involved; Hammerson PlC, Henderson Investors, and Land Securities, aim to pool their existing investments and coordinate redevelopment of the area.
    April 30 1999
  • O Bondo Svane in Nordic merger
    Danish law firm O Bondo Svane is advising financial services group Unidanmark on its merger with insurance company Tryg-Baltica. The deal will create one of the largest asset management groups in the Nordic region. The new company will be known as Unidanmark A/S, managing Dkr250 billion ($36.8 billion) worth of assets. The transaction will integrate Tryg Baltica’s central insurance organization and Unibank’s (a subsidiary of Unidanmark) insurance companies.
    April 30 1999
  • Davis Polk advises as Comcast acquires again
    Comcast, the Philadelphia-based cable-television company, is continuing its aggressive acquisitions policy by buying MediaOne Group.
    April 30 1999
  • Royal Bank of Scotland plc and Elliniko Dimosio (Greek State)
    Freedom of establishment — Tax legislation — Tax on company profits.
    April 28 1999
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