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  • One of Denmark’s leading tax advisers Robert Koch-Neilsen of law firm Plesner & Grønborg, has resigned his position at the firm following a financial scandal involving one of his clients. Kurt Torsen, a development entrepreneur, is under investigation by the Danish police after a signature on guarantees used by him to raise money for his projects was found to be false.
  • Chemical company Rohm & Haas is acquiring rival firm Morton International for $4.6 billion. The purchase will be paid two-thirds in cash and one-third in stock.
  • 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.
  • Bond market fails to win exemption, Manx Treasury reveals 15% company tax, Indonesia gives tax breaks to revive economy, Loss of revenue reveals Japanese troubles
  • If you’re already frightened by the year 2000 problem, here’s more gloomy news for you. The New Zealand Inland Revenue has issued a greatly sympathetic leaflet, reminding us all that computer failure is no excuse for not paying taxes.
  • After years of debate, delay and controversy, the US has signed its double tax treaty with Venezuela. It is the first between the US and a Latin American country outside of NAFTA members. The treaty breaks new ground as Venezuela, like many other Latin American jurisdictions, has a territorial tax system. The hope is that the precedent set will be followed throughout the region.
  • UK law firm Allen & Overy advised the Tokyo and London offices of Banca Commerciale Italiana (BCI) and Banca Commerciale Italiana (Ireland) plc in the acquisition of $900 million of Sanwa’s air financing business.
  • In the second of his articles on the advantages available to multinationals from supply chain management, Les Secular of Ernst & Young in London reveals how organizations can create effective structures while minimizing the potential tax risks
  • The Dutch Bar Association has made an agreement with Moret Ernst & Young over the ties between the accounting firm and it’s legal services arm. The agreement, which is similar to one recently signed between the bar association and KPMG, ends 12 months of negotiations between the two organizations.
  • German law firm Pünder Volhard Weber & Axter has paid a high price for the breakdown of its international network, losing four tax lawyers and three other tax professionals to US firm Shearman & Sterling.