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Bowater, the US paper products group, has offered $3.5 billion to buy Avenor, the Canadian forest products manufacturer.

In late 1997, the tax authorities released a new directive clarifying their views on the value-added tax (VAT) treatment of telecommunications and tele-services. As expected, the directive provides that tele-services are not identical to telecoms services, and hence are potentially subject to different VAT treatment.

The US Internal Revenue Code section 6031(e) exempts foreign partnerships that have no income from US sources, or are effectively connected with a US trade or business, from filing a partnership tax return even if they have US partners. This little-noticed provision of the Taxpayer Relief Act 1997 (TRA 1997) was intended to bring to an end years of uncertainty about the US filing obligations of foreign partnerships. Proposed regulations issued on January 23 1998 expand the filing exemption and provide other filing reliefs to foreign partnerships.

Directive 69/335/EEC — Duty charged on documents recording the contribution of a part of the share capital.

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.

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.

A special report prepared by Michael Knee, Washington and Robert Misey, Nashville Deloitte & Touche LLP

Italy, Spain, Sweden and Switzerland are not celebrated expatriate tax locations, but as the third and final part of this survey shows, they offer some hidden attractions, some planning opportunities, and present some pitfalls to watch out for

A new provision and temporary regulations should simplify the complex issues relating to passive foreign investment companies. Unfortunately, the rules inadequately address key issues. By Dale Collinson and Patrick Carmody of Willkie, Farr & Gallagher in New York

China offers foreign investors a host of tax incentives, many of which can run simultaneously. Kenneth Leung of Clifford Chance, Hong Kong looks at the opportunities, the criteria for qualification and the interaction of the available incentives