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Competition for holding company business will intensify with the proposal for a new Danish structure. The regime offers multinationals significant benefits and, as Ned Shelton of Sheltons, Copenhagen, explains could win Denmark business from more established jurisdictions

Mexico has fared better than some of its Latin-American neighbours in the economic crisis. But the outlook is not good and high tax rates are viewed as a potential safety net

The Shanghai Finance Bureau and the Shanghai Local Tax Bureau have created a tax refund programme for residential property buyers in Shanghai.

New York law firm Wachtell, Lipton, Rosen & Katz is advising Vulcan Materials, a construction company based in Alabama, on its acquisition of CalMat, a Los Angeles construction company. The deal is valued at $890 million.

US-based bookseller Barnes & Noble is to purchase Ingram Book Group in a deal valued at $600 million. This comprises $200 million in cash and $400 million in stock.

Enron Corporation is to purchase Wessex Water of the UK for £1.34 billion. The purchase is a key step in Enron’s formation of a new global water company.

Under the 1997 Mexican income tax reforms, all Mexican companies with international related-party transactions are obliged to document that their transfer prices were determined in accordance with the arm's-length standard. In particular, they must document that one of the transfer pricing methods specified by law has been employed.

New government measures have just been announced in Brazil, as a result of the turmoil which engulfed the Brazilian economy last month.

A Netherlands individual moved from the Netherlands to the UK in April 1984. In the UK he had the status of a non-domiciled resident. He had a so-called substantial interest in a BV resident in the Netherlands. Under Netherlands domestic law, a capital gain on the sale of substantial interest is subject to individual income tax. As of January 1 1997 the substantial interest tax amounts to 25%. Prior to that date, the tax rate was 20%. It is to be expected that as of January 1 2001, the rate will be increased to 30%.

To increase the attraction of Switzerland as a holding location and a business headquarters site, various favourable tax reform measures were adopted by the Swiss parliament in October 1997. Except in the unlikely case of a referendum, the reform will probably enter into force as of January 1 1998. The most significant measures are discussed below.