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The Australian Tax Office (ATO) has issued a draft tax ruling which discusses when a short-term visitor to Australia is resident for Australian tax purposes.

Union Planters, the largest bank in Memphis, Tennessee has made a successful bid to acquire Magna Group, in a $2.3 billion stock swap.

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

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.

Since Norway was last covered in International Tax Review (see International Tax Review March 1998, pg 48), an interesting amendment has been made to the statutory legislation in the field of international taxation.

The 1998 Mexican tax reforms, published in the Official Gazette on December 29 1997, contain important transfer pricing amendments, and amendments to the rules relating to the taxation of derivative transactions, back-to-back loan arrangements, and investments in low-tax jurisdictions.

Singapore has introduced a budget designed to reinforce the country’s role as a prime location for financial services and logistics. Chris Kinsella of Coopers & Lybrand, Singapore reports on the specific measures and their impact

Managing change, external advisers and management expectations; these are just some of the challenges facing Tim Brierley, head of fiscal services at TNT Post, Amsterdam, who talks to Phillippa Cannon about setting high standards

Steve Hasson of Price Waterhouse, London looks at the tax issues surrounding the set up and running of a management dream – shared service centres. Particular emphasis is given to the transfer pricing implications

Clients looking for independent tax advice are the target market for the Chiltern Group, a new UK tax and business consultancy firm launched in March this year.