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Hans-Peter Niedrig and Axel Schiller of KPMG Düsseldorf use practical examples to illustrate the real affects of changes to German tax law, including the taxation of reorganization profits, accruals for anticipated losses, and loss deductions for shell purchases

China offers foreign investors a host of tax incentives, many of which can run simultaneously. Kenneth Leung of Clifford Chance, Hong Kong looks at the opportunities, the criteria for qualification and the interaction of the available incentives

McDermott, Will & Emery recruits en masse

ICI has taken its case for consortium relief to the European Court of Justice. The Advocate-General’s opinion may not satisfy ICI, but it does imply the liberalization of consortium relief for EU businesses. By Murray Clayson of Freshfields, London

Octav Botner, founder of Nissan UK, has issued a writ against the Inland Revenue for malicious prosecution. The writ also names two former Inland Revenue inspectors; Robert Brown, now with Ernst & Young and John Cawdron, now with Price Waterhouse.

EC Tax Law

For the first time, Deloitte Touche Tohmatsu has released its worldwide tax fee income results.

An international group of investigators is said to be examining the tax affairs of global media group News Corporation. The rumoured investigation is thought to involve senior tax investigators from tax authorities in the UK, US, Australia and Canada. A spokesman for the UK's Inland Revenue would neither confirm nor deny the story, adding that the affairs of individual companies are never discussed. However a prominent international tax lawyer has told International Tax Review that even if there is as yet no investigation, the adverse publicity will probably ensure one.

Homestake Mining is to form the third-largest gold producer based in North America with the takeover of Australian company Plutonic Resources. The deal is worth £384 million ($640 million). Plutonic is Australia's third-largest gold producer, and the deal is the latest example of consolidation among the country's mining companies.

On January 29 1998, the under-secretary of finance submitted a letter to the Dutch parliament in which he described the fiscal aspects of the introduction of the Euro. This letter will form the basis for the preparation of relevant legislation. The main conclusions are described below.