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Notice 98-35 has offered taxpayers respite from an IRS attack on hybrid transactions. Michael J Cooper & Stan Torgersen of Deloitte & Touche LLP, Washington DC look at the dimensions of transitional relief and the likely form of future regulations

Australia’s government wants to introduce a goods and services tax, as the first step on the road to a radical tax policy rethink. Ian Dinnison, of KPMG, Melbourne looks at the emerging contours and practical implications of the reform programme

Multinationals generally have not put Lao People’s Democratic Republic on their agenda of investment locations. To redress this, the Lao PDR government is actively promoting investment. By John Fisher and Van Mumby, PricewaterhouseCoopers Sydney and Hanoi

US banks Firstar and Star Banc have agreed a merger worth $6.8 billion. The deal will create a bank with assets of $38 billion.

Right of establishment — Corporation tax — Surrender by one company to another company in the same group of tax relief on trading losses — Residence requirement imposed on group companies — Discrimination according to the place of the corporate seat— Obligations of the national court.

Pearson, the UK-based media group, has agreed to acquire publishing company Simon & Schuster from US group Viacom. The deal is valued at £2.75 billion ($4.6 billion). Following the purchase, Pearson will sell certain parts of Simon & Schuster to US leveraged buy-out company Hicks, Muse, Tate & Furst.

TI Group, a UK fluid technology and aerospace group, has made a £267 million ($427 million) bid for EIS Group, a UK marine engineering company.

In the case of qualifying pension plans, the contribution of the employer under the scheme is not taxable, whereas the contribution of the employee is tax deductible. Benefits received from a qualifying plan are in general fully subject to Netherlands income tax. Special rules provide for taxation over the economic value of an employee's pension rights in case of certain "forbidden" transactions.

Artemis of France is to buy UK auction house Christies for £721 million ($1.1 billion).

In March of this year, the German Parliament and Federal Council ratified two major pieces of legislation which have since taken effect. The Law on Corporate Control and Transparency makes extensive changes to the provisions of the Stock Corporation Act (Aktiengesetz) to improve corporate accountability. This bill also liberalizes the provisions relating to the issuance of stock options to senior executives and other employees. Some of the new provisions may be applicable by analogy to limited liability companies. Most provisions either take immediate effect or apply to fiscal years beginning 1999 onwards.