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  • Under Finland's legislation on the Taxation of Shareholders of Foreign Intermediate Companies (the Act), resident taxpayers in Finland must notify the Finnish tax authorities of their holdings in foreign companies. The resident taxpayers are liable to pay tax on their share of the profits of such companies in accordance with certain conditions.
  • A special report prepared by Christopher Fitzgibbon of Deloitte & Touche, London
  • A special report prepared by Jonathan Stuart-Smith and Tomohiko Kaneko of Deloitte Touche Tohmatsu, Tokyo
  • 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
  • US defence contractor Raytheon has completed the acquisition of the Hughes defence electronics business from General Motors. The deal is worth $9.5 billion and makes Raytheon the world's third-largest defence and aerospace group.
  • Ireland's international food ingredients and consumer foods company Kerry Group has agreed to purchase the food ingredients business of UK company Dalgety. The deal, which is worth £335 million ($539 million), encompasses Dalgety Food Ingredients and its subsidiaries.
  • The UK's BOC Group, a leading producer of anaesthetic gases and medical equipment, has sold its Ohmeda healthcare division for £640 million ($1.05 billion).
  • US-based fashion design house Tommy Hilfiger has announced that it will buy Pepe Jeans USA and Tommy Hilfiger Canada for $1.15 billion.
  • Bank of Montreal and Royal Bank of Canada have agreed to merge. The merged bank will have assets of C$453 billion ($314 billion) and revenues of C$16.3 billion.
  • The Advocate-General has issued his opinion in the ICI v Colmer case before the European Court. The issue was whether a consortium company with EU trading subsidiaries (as opposed to wholly or mainly UK subsidiaries) would qualify under provisions allowing surrender of losses. The House of Lords in the UK had ruled that EU companies did not qualify under the UK legislation.