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European Monetary Union (EMU) will affect the European group on two levels - structural and technical. Ernst & Young's international tax group London examines some of the most striking of the structural business effects, and highlights technical pitfalls.

In part one of International Tax Review’s GAAR survey, Bill Orow of KPMG in Melbourne examines the Australian rules. Recent changes have done little to reassure worried tax directors and the introduction of a smell test has left a bitter aftertaste

Tax planners ignore inflationary adjustments at their peril. Mario Andrade and Mario A de Castro, Deloitte & Touche Consultants, Bogota consider the accounting requirements for companies created by Colombia’s high rate of inflation

The second of two articles on the US check-the-box regulations examines the opportunities for investing from the US and the impact of recent changes. By Shawn Carson (BDO Seidman, New York), Allan Cinnamon and Zigurds Kronbergs (BDO Stoy Hayward, London)

US pharmaceuticals company Bayer Group is to buy Chiron Diagnostics from the Chiron Corporation. The deal is worth $1.1 billion. The acquisition will be completed by the end of the year subject to regulatory approval. Chiron Diagnostics provides blood gas analysis and clinical laboratory systems. Bayer's diagnostics business group provides a range of products and services to hospitals and commercial laboratories. Bayer Group was advised by the New York office of law firm Cravath, Swaine & Moore. Partner Herbert Camp advised on the tax aspects of the deal.

At long last, after months of promises and delays from the government, and considerable nail biting from the tax community, the UK Inland Revenue has produced a consultative document on a general anti-avoidance rule (GAAR). The possibility of a UK GAAR was first suggested by chancellor Gordon Brown in 1997, but the new document is the first concrete proof that the government intends to act on the idea.

A recent ruling means that non-resident companies with a permanent establishment in India must now comply with the country’s minimum alternative tax policy. Jignesh R Shah, Price Waterhouse & Co, Mumbai analyzes the case and its implications

Self-assessment for transfer pricing exposes taxpayers to several potential risks. In this context an effective APA system is vital. Robert Cole, Alston & Bird, Washington DC and Michael McGowan of Allen & Overy, London outline their recommendations.

An OECD conference has laid the foundations for the taxation of electronic commerce. The conference, entitled: ?A Borderless World; Realizing the Potential of Global Electronic Commerce? was held in Ottawa, Canada. It was attended by nearly one thousand representatives from government, business and consumer groups. The meeting aimed to promote greater international policy compatibility on electronic commerce. The conference reaffirmed five major principles for the taxation of electronic commerce: neutrality, efficiency, certainty, fairness and flexibility.

First Active, the Irish building society, is to be floated on the London and Dublin stock exchanges. The market capitalization is expected to reach IR£510 million ($710 million). First Active is raising IR£104 million new capital to fund expansion. The building society has operations in Ireland, Northern Ireland, the UK and Guernsey. Arthur Andersen in Dublin provided tax advice on the Irish aspects of the flotation. The tax partner involved was Sharon Burke. Tax managers were Maireod Foley and Frank O'Neill. Advice in Dublin also came from PricewaterhouseCoopers and law firm Arthur Cox.