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Two tax barristers have become Queen’s Counsel in this year’s round of appointments in the UK.

David Gauke, Exchequer Secretary to the Treasury, has rejected a 15 percentage point cut in VAT for the tourist sector, despite evidence it will boost GDP, create jobs and increase fiscal revenue.

Jim Flaherty, Canadian finance minister, continued the theme of recent years when he delivered his 2014 Budget speech last week, focusing on improving the integrity of the country’s tax system. He also announced measures that could see Canada acting unilaterally on issues being discussed at OECD level.

The US television production industry reported total revenue of $35.6 billion and a profit of $6.1 billion, or 17% of revenue in 2012. Mark Nehoray, Kristine Riisberg, and Anna Soubbotina take an industry focused look at dealing with intangibles.

A December 2013 opinion from the Federal Tax Attorneys’ Office in Brazil about whether remittances abroad should be taxed at source could be a change in reasoning rather than position

Peter Clark has joined Baker & McKenzie in Toronto as a partner in the tax department after the closure of Heenan Blaikie, his previous firm.

Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Notes offering $4.5 billion IBM BNP Paribas Securities; Goldman Sachs; HSBC; JP Morgan; Mizuho; RBC Capital Markets Davis Polk & Wardwell - Michael Mollerus, Ethan Goldman Senior notes offering $800 million Comcel Trust Citigroup Global Markets; Credit Suisse Securities; Morgan Stanley Davis Polk & Wardwell - Lucy Farr; Walkers Milbank, Tweed, Hadley & McCloy Senior unsecured notes offering $350 million HCP Inc Goldman Sachs; JP Morgan Securities; Wells Fargo Skadden, Arps, Slate, Meagher & Flom Convertible senior notes offering $345 million Cepheid Morgan Stanley; Jefferies; Goldman Sachs Fenwick & West Davis Polk & Wardwell - Rachel Kleinberg, Catherine Paskoff Chang Convertible senior notes offering $300 million PDL BioPharma RBC Capital Markets; Wells Fargo Securities Gibson, Dunn & Crutcher Davis Polk & Wardwell - Lucy Farr, Juelle Gomes Senior notes offering $150 million Webster Financial Corporation Jefferies; Deutsche Bank Securities; Sandler O'Neill Wachtell, Lipton, Rosen & Katz Davis Polk & Wardwell - Samuel Dimon

The Internal Revenue Service (IRS) has released a roadmap for transfer pricing audit designed as a reference tool for taxpayers involved in typical 24-month audits.

Practitioners are hoping US Internal Revenue Service (IRS) agents will get more discretion when a directive on the Information Document Request (IDR) enforcement process is reissued soon.

Algirdas Šemeta, the European Commissioner for Taxation, Customs Union, Audit and Anti-Fraud has expressed concern that the financial transaction tax (FTT), despite receiving majority support from MEPs and voters, has been hindered by excessive criticism from lobbyists in Brussels.