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  • Russia's tax treaty programme continues to evolve rapidly. Russian treaty negotiators have been extremely successful in modernizing Russia's treaties, and as a result 17 new double taxation conventions came into force during 1997.
  • A special report prepared by Christopher Fitzgibbon of Deloitte & Touche, London
  • 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-based fashion design house Tommy Hilfiger has announced that it will buy Pepe Jeans USA and Tommy Hilfiger Canada for $1.15 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.
  • Octav Botner, founder of Nissan UK, has issued a writ against the Inland Revenue for malicious prosecution. The writ also names two former Inland Revenue inspectors; Robert Brown, now with Ernst & Young and John Cawdron, now with Price Waterhouse.
  • McDermott, Will & Emery recruits en masse
  • Canadian National Railways has announced a $3 billion strategic merger with Illinois Central.
  • ICI has taken its case for consortium relief to the European Court of Justice. The Advocate-General’s opinion may not satisfy ICI, but it does imply the liberalization of consortium relief for EU businesses. By Murray Clayson of Freshfields, London
  • 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.