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BOC turns to Shearman & Sterling

The UK's BOC Group, a leading producer of anaesthetic gases and medical equipment, has sold its Ohmeda healthcare division for £640 million ($1.05 billion).

March 01 1998

SmithKline Beecham turns to Linklaters and Shearman & Sterling

Glaxo Wellcome and SmithKline Beecham have proposed a merger that would create the world's largest pharmaceutical group and the world's third-largest company after General Electric and Royal Dutch/Shell. The deal is worth £100 billion ($160 billion).

March 01 1998

UK INHIBITS FREEDOM OF ESTABLISHMENT

The Advocate-General has issued his opinion in the ICI v Colmer case before the European Court. The issue was whether a consortium company with EU trading subsidiaries (as opposed to wholly or mainly UK subsidiaries) would qualify under provisions allowing surrender of losses. The House of Lords in the UK had ruled that EU companies did not qualify under the UK legislation.

March 01 1998

Tax edges down super highway

Tax advice providers are starting to register sites on the Internet, but have they stopped to consider what clients really want? If they haven’t, then they should. Adrian Preston and Phillippa Cannon report on the most popular tax web sites

March 01 1998

Ernst & Young and KPMG merger crumbles

Friday the thirteenth of February was a memorable day for Colin Sharman. The global head of KPMG received a telephone call that ended plans to build the world's biggest accounting firm.

March 01 1998

PROPOSED MORATORIUM ON STATE TAXATION OF INTERNET COMMERCE

The Internet Tax Freedom Act – legislation seeking to impose a national moratorium on US state and local taxation of the Internet and electronic commerce conducted over the Internet – was introduced in March 1997 in the US Congress by representative Christopher Cox, a Republican member of the House from California, and senator Ron Wyden, a Democratic senator from Oregon.

March 01 1998

Russia

Russia's tax treaty programme continues to evolve rapidly. Russian treaty negotiators have been extremely successful in modernizing Russia's treaties, and as a result 17 new double taxation conventions came into force during 1997.

March 01 1998

Spain

The entry into force in the US, on January 1 1997, of the IRS's final regulations under Section 301.7701 of the Internal Revenue Code (the so-called check-the-box regulations) requires a new analysis of the classification of Spanish legal entities.

March 01 1998

Germany

A recent tax court decision raises the possibility that an important new exception may be emerging in the complex statutory thin-capitalization rules which have been in force in Germany since 1994.

March 01 1998

Norway

In the May 1997 edition of International Tax Review we briefly commented on proposed changes to regulations regarding a Norwegian parent company's right to credit for underlying foreign corporate taxes relating to dividends received from foreign subsidiaries. The bill passed parliament and is effective for dividends received from the fiscal year 1997.

March 01 1998

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