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Mexico has become the first North American country to sign a tax treaty with Hong Kong. The new treaty will make it easier for Mexican outbound investment to Asia.

Since Hong Kong amended its tax law in 2010 to enable the adoption of the latest OECD information exchange standards in its tax treaties, it has made several moves to negotiate new treaties, and a double tax treaty with Switzerland is the latest such development.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Purchase $1.3 billion Tencent Holdings Ltd. JD.com Davis Polk & Wardwell LLP Skadden, Arps, Slate, Meagher & Flom LLP Acquisition Financing $1 billion Endurance Specialty Holdings Ltd. Aspen Insurance Holdings Ltd. Davis Polk & Wardwell LLP Skadden, Arps, Slate, Meagher & Flom LLP Acquisition $995 million Triton Alstom Lefosse Advogados - Gustavo Haddad, Bruno Carramaschi, Ana Couto Acquisition Financing $660 million Acadia Healthcare Company Partnerships in Care Waller Lansden Dortch & Davis LLP, Stephenson Harwood LLP Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Amended Revolving Credit Facility $3 billion Freeport-McMoRan JPMorgan Chase Bank, Bank of America Davis Polk & Wardwell LLP - Notes Offering $2.25 billion The Royal Bank of Scotland Group plc Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc. and Wells Fargo Securities, LLC Davis Polk & Wardwell LLP - Alon Gurfinkel, Jonathan Cooklin, David Wilson, Dominic Foulkes Shearman & Sterling LLP Initial Public Offering $1.1 billion Elior Deutsche Bank, J.P. Morgan Securities, CA CIB, HSBC, Barclays, Credit Suisse Latham & Watkins LLP White & Case LLP Senior Notes Offering $1 billion Seagate HDD Cayman Morgan Stanley & Co. Davis Polk & Wardwell LLP - Michael Farber, Rhiannon Nakano Senior Notes Offering $600 million Marsh & McLennan Companies, Inc. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc. Davis Polk & Wardwell LLP - Lucy Farr, Ehan Goldman Willkie Farr & Gallagher LLP Senior Notes Offering $500 million KKR Group Finance Co. Simpson Thacher & Bartlett LLP Davis Polk & Wardwell LLP - Gregory Hannibal, David Mannion Notes Offering $500 million Enova International Jefferies LLC Hunton & Williams LLP, Baker & McKenzie LLP Davis Polk & Wardwell LLP - Samuel Dimon, Patrick Sigmon, Sam Van Peperstraete Secondary Offering £439.9 million Rexnord Corporation Goldman, Sachs & Co., Credit Suisse Securities LLC, Robert W. Baird & Co. Inc., Deutsche Bank Securities Paul, Weiss, Rifkind, Wharton & Garrison LLP Davis Polk & Wardwell LLP - Michael Farber, Patrick Sigmon Secondary Offering $178.9 million Vantiv, Inc. Goldman, Sachs & Co. Davis Polk & Wardwell LLP - Harry Ballan, William Curran Credit Facility $75 million Enova International Jefferies Finance LLC Hunton & Williams LLP, Baker & McKenzie LLP Davis Polk & Wardwell LLP - Samuel Dimon, Patrick Sigmon, Sam Van Peperstraete Secondary Offering $56.7 million Fabrinet Morgan Stanley Wilson Sonsini Goodrich & Rosati, Fulbright & Jaworski LLP Davis Polk & Wardwell LLP - Alon Gurfinkel

Recent statistics suggest that there is a reasonably high likelihood that the Canada Revenue Agency’s GAAR Committee will approve a proposal by Canadian tax auditors to apply the general anti-avoidance rule, but taxpayers can take some comfort from the fact that GAAR Committee approval is by no means guaranteed and it does not mean the tax authorities will succeed before the Canadian tax courts.

Last month's public consultation at the OECD in Paris focused on country-by-country reporting (CBCR) in relation to multinationals’ transfer pricing documentation. TPWeek attended the consultation and provided live coverage of the event, where issues such as commercial sensitivity and general compliance managed to divide opinion around the table.

The business community has welcomed new prime minister Narendra Modi’s rise to power, and now the Confederation of Indian Industry (CII) is hoping his government will increase efforts to establish a goods and services tax (GST) to improve investor sentiment and help put the Indian economy back on track.

A cooperative compliance programme, on the one hand, and a general anti-avoidance rule on the other, will be the features of a partial reform of the Italian fiscal system over the next year.

The Green Party in New Zealand no longer believes in the “failed” emissions trading scheme (ETS) and wants to replace it with a NZ$25 ($21) a tonne carbon tax.

The UK’s largest clothing retailer has had its multi-million pound claim rejected for the second time by a tax tribunal.

Ferdie Schneider will join BDO South Africa as head of tax on July 1.