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International Tax Review takes you behind the scenes of this year’s deals. Advisers from Ernst & Young, Herbert Smith, KPMG, Haarmann, Hemmelrath & Partner and Revisuisse Price Waterhouse examine deals in which tax played a decisive role

The US Internal Revenue Service has announced its intention to revoke a long-standing ruling on contract manufacturing. Alan Granwell and Dirk Suringa of Ivins, Phillips & Barker, Washington DC, assess the restructuring implications for US CFCs

Mexico’s parliament is considering a wide-ranging tax bill. Manuel Solano, Sofia Alvarez, David Garcia Fabregat and Andrea Santos of Coopers & Lybrand Asesores, Mexico City, examine the answers the bill puts forward, and some of the question marks that remain

Nico Burki, tax partner at Bar & Karrer, has made the bold decision to set up his own law firm in Zurich.

China has announced that it will restore a duty exemption on the importation of capital goods by foreign investors.

On November 51997, the European Commission released a voluntary code of conduct, designed to curb harmful tax competition.

On November 12 1997, the UK Inland Revenue published draft legislation bringing controlled foreign corporations (CFCs) into the corporation tax self-assessment regime. Under the current system, a direction must be made by the Inland Revenue Board before a CFC tax charge can be imposed. Once self-assessment is underway, UK companies will be responsible for self-assessing and reporting their CFC liabilities.

A survey conducted by international recruitment group, Hoggart Bowers, suggests that clients are at best indifferent to and at worst hostile to the proposed mergers between the big six accounting firms.

British Aerospace and Daimler-Benz Aerospace have made a joint purchase of the Siemens Defence Electronics Group. British Aerospace will acquire Siemens Plessey Systems in the UK, and Siemens Plessey Electronic Sytems in Australia. Daimler-Benz Aerospace will acquire Siemens Bereich Sicherungs-technik in Germany. The total value of the deal has not been announced, but British Aerospace is to pay Dm930 million ($530 million) for the two businesses. The deal represents British Aerospace's third acquisition in Germany this year.

Tomkins has made a £70.5 million ($114.2 million) successful bid to acquire Golden West Foods.