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The latest international updates from our correspondents around the world.

Arun Jaitley, the Indian finance minister, announced in his first budget yesterday that Indian companies will adopt new Indian Accounting Standards in line with International Financial Reporting Standards (IFRS) over the next three years.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $1.68 billion BTG Pactual Banca della Svizzera Italiana (BSI) Skadden - James Anderson, Alex Jupp, Melanie Shaw, Thomas Kim Acquisition $170 million Aalberts Industries Impreglon SE Hengeler Mueller Acquisition $100 million ServiceNow Inc. Neebula Systems Ltd. Fenwick & West - Adam Halpern, Will Skinner, Gilad Yacubovich Acquisition Undisclosed Autodesk, Inc. Shotgun Software Inc. WSGR Fenwick & West - Adam Halpern, Idan Netser, Zach Jones, Arnold Keizer Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Initial Public Offering $1.77 billion NN Group N.V. Deutsche Bank AG, London Branch, ING Bank N.V., J.P. Morgan Securities plc, Morgan Stanley & Co. International plc Allen & Overy Davis Polk & Wardwell - John Paton, Alon Gurfinkel, Rhiannon Nakano Bonds Offering $1 billion Greenland Global Investment Ltd BOCI Asia Limited, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc and Deutsche Bank AG Davis Polk & Wardwell - Alon Gurfinkel, Maer Harel, Lena Qiu Linklaters Senior Secured Credit Facilities $1 billion Rovi Corporation Morgan Stanley Senior Funding, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Fifth Third Bank and SunTrust Robinson Humphrey, Inc. Cooley Davis Polk & Wardwell - Craig Phillips, Neetin Gulati Credit Enhanced Convertible Bonds Offering $161 million China Yongda DBS Bank Ltd., UBS AG Linklaters Davis Polk & Wardwell - Alon Gurfinkel, Sarah Joy

Hong Kong has agreed its first bilateral advance pricing agreement (APA) since its scheme began in March 2012. EY, who facilitated the deal between Hong Kong and the Netherlands, explain how the process progressed with the authorities.

Taxpayers in India will be rejoicing about the new transfer pricing measures introduced in the budget today by Finance Minister, Arun Jaitley, which include being able to apply the inter-quartile range to arm’s-length pricing and the use of multiple-year data for the selection of comparable prices.

Labour, the opposition political party in the UK, will raise corporation tax if it comes to power after the next election. And Shabana Mahmood, shadow exchequer secretary to the Treasury says her party would also focus on improving tax transparency.

Algirdas Semeta has said European taxpayers should see big improvements in compliance in the coming years.

The global increase in rule-making, the pressure on taxpayers’ resources and a dwindling tax talent pool make the harmonisation and synchronisation of tax rules a priority, believes Chris Walsh of Vertex.

Arun Jaitley, Indian finance minister, wants to end continuing uncertainty surrounding the implementation of the goods and services tax (GST) by introducing the regime by the end of this year.

Delivering his first Budget speech today, Arun Jaitley, India’s new finance minister, pledged to maintain a stable tax environment, but disappointed multinational taxpayers by not removing rules on retrospective tax. Indeed, while the majority of the finance minister’s proposals sound business-friendly enough, taxpayers would have liked more concrete detail.