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  • Legislation to implement provisions to counter franking credit trading and dividend streaming was introduced into parliament on December 4 1997. There has been considerable discussion about the proposed rules, which will be debated in parliament during March/April 1998. The rules apply to dividends and other distributions paid on or after 7.30pm, May 13 1997.
  • Argentina's Executive has announced a package of fiscal measures, which will be submitted to Congress for approval.
  • In the first part of International Tax Review’s survey of oil and gas tax regimes, Vibe Amundsen and Ian Sutherland of Ernst & Young, Oslo and Calgary highlight essential information for investors in Norway and Canada
  • China dismayed foreign investors by withdrawing import tax exemptions in 1996. New exemptions have now been introduced, but as Guanxi Zheng of Stikeman, Elliott, Hong Kong explains, restrictions apply
  • The government of the Philippines, and the Ford Motor Company, are being challenged over the tax incentives awarded to the US company for building an operating a plant in the country's special economic zone.
  • When Sweden's telecoms group Ericsson confirmed that it was considering moving its headquarters from Sweden in protest at what it saw as penal rates of corporate tax, alarm bells clearly rang for the government presently seeking re-election. The government has now hinted that it may address the burden of taxation on business and in doing so take a less hostile line.
  • A survey carried out by the KPMG International Tax Centre and published this month shows that corporate tax rates are almost universally down across the world.
  • On March 11 1998, the Dutch Supreme Court handed down a decision on the reclassification as equity of (convertible) debt, refining the criteria which had been established in prior case law. Before discussing the specifics of the case, the established jurisprudence regarding ?hybrid debt? is outlined below.
  • Societe Generale Securities Corporation, a subsidiary of Societe Generale, has made a $520 million bid to acquire Cowen & Co, the US investment bank.
  • Bass, the UK brewing and hotel group, has made a $1.4 billion bid to buy 187 Inter-Continental hotels owned by the Japanese Saison Group. Bass beat off rival bids from Marriott International, among others.