Project Finance NewsWire

September 1998


US Court Hits Complicated Offshore Transaction

Merrill Lynch lost another round in the US courts within the past month in its effort to defend a complicated financial product that it sold to prominent US corporations to help the companies gene...

New Tax Credit Possible For Cogenerators

The Clinton administration released details in mid-September of a new energy tax credit it wants Congress to enact as part of a package of measures to deal with global warming...


Treasury takes aim at LILOs

Philip West, the US international tax counsel, said at an American Bar Association meeting in August that the government has new regulations in the works that will prevent trafficking in tax benef...

Some expatriates living in China

SOME EXPATRIATES LIVING IN CHINA would be wise to leave the country for at least 30 continuous days or a total of 90 days before the end of the year.

Russia sours on Cyprus tax treaty

RUSSIA SOURS ON CYPRUS TAX TREATY . . . Foreign investment into Russia is often routed through Cyprus as a way of reducing withholding taxes on interest and dividends at the Russian border.

Indonesian Fallout

The Indonesian government is reviewing all tax breaks given to businesses in which Suharto cronies owned interests.

A Good Idea If It Works

Orbital Sciences Corporation expects to save $2 million on state sales taxes in Virginia by having the local ...

Check-the-box got a little easier last month

US power companies investing offshore usually form an offshore holding company in a tax haven and then take steps to ensure that all entities below this holding company in the ownership chain are ...

Nice Try

PP&L lost an argument in a Pennsylvania court last month over whether it had to pay state gross receipts taxes on interest received from customers on late payments on utility bills.

Loony Tunes

The federal government offers a so-called section 29 tax credit as an inducement to look for fuel in unusual places.

Minor memos - September 1998

Lee Sheppard argues that borrowers should not be allowed to deduct “interest” paid on DECS, TRUPS, PRIDES and QUIPPS in an article in Tax Notes magazine in early September...