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Armando Lara Yaffar, chairman of the UN tax committee and the deputy director general for international treaties within the department of revenue and public credit at the Ministry of Finance in Mexico, discusses the development of the UN's practical transfer pricing manual for developing countries.

Fewer tax planning schemes were reported to HM Revenue & Customs (HMRC) in the year to September 2013 than in any of the past 10 years.

The European Commission (EC) hopes to “significantly reduce tax avoidance in Europe” through proposed amendments to EU corporate tax legislation which would shut down loopholes in the Parent-Subsidiary Directive.

Max Baucus, chairman of the US Senate Finance Committee, has released a discussion draft outlining his proposals for US corporate tax reform, including provisions that would drastically alter the tax treatment of income earned by controlled foreign corporations (CFCs). Business has reacted badly to the draft, having lobbied for greater repatriation relief than Baucus is offering.

After the release of Senate Finance Committee chairman Max Baucus’ discussion draft outlining his proposals for US corporate tax reform, Jim Ditkoff, senior vice president – finance and tax – at science and technology company Danaher Corporation, analyses the proposals and explains why companies like Apple and Google may regret some of their lobbying efforts.

*Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Merger $2.6 billion JLL Partners Royal DSM Skadden, Arps, Slate, Meagher & Flom - Sally Thurston, Eunjoo Chung; Borden Ladner Gervais; Simpson Thacher & Bartlett Latham & Watkins; Cleary Gottlieb Steen & Hamilton, Norton Rose Fulbright *Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Subordinated notes offering $2 billion Morgan Stanley Morgan Stanley Davis Polk & Wardwell - Lucy Farr, Andrew Smith, Thomas Phelan Sidley Austin Term loan refinancing facility $872 million Pict Blackboard Merrill Lynch, Pierce, Fenner & Smith; Deutsche Bank; Morgan Stanley Weil Gotshal & Manges Davis Polk & Wardwell Secondany offering $580 million Genesee & Wyoming Citigroup Global Markets; Deutsche Bank Securities Simpson Thacher & Bartlett Davis Polk & Wardwell - Michael Mollerus, Juelle Gomes Tender offer $300 million Columbia Property Trust Morgan Stanley; Goldman Sachs Goodwin Procter Davis Polk & Wardwell - Michael Farber, Ankur Dalal Notes offering $250 million Western Union Citigroup Global Markets; JP Morgan; Merrill Lynch, Pierce, Fenner & Smith Sidley Austin Davis Polk & Wardwell - Harry Bannan, Vinay Prabhakar

Mark Schwed will become a partner in Weil Gotshal & Manges’s tax, benefits, and executive compensation department in New York on January 1.

Four jurisdictions have received the thumbs-down from their peers in new compliance ratings issued by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes.

Companies that pay taxes in Central Asia and Eastern Europe will be pleased to find out their compliance burden has come down the most in the nine-year history of the Paying Taxes survey, according to this year’s version of the research, which was compiled once again by PwC, the World Bank and the International Finance Corporation (IFC).

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $732 million Deutsche Telekom GTS Central Europe Group Noerr Acquisition $284 million Essilor International Costa Inc Weil Gotshal & Manges - Chayim Neubort, Eric Remijan Sale of majority stake Undisclosed EQT BackWerk Hengeler Mueller - Martin Klein Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Loan refinancing facility $872 million Blackboard Inc Merrill Lynch, Pierce, Fenner & Smith; Deutsche Bank Securities; Morgan Stanley Weil Gotshal & Manges Davis Polk & Wardwell Notes offering $500 million General Mills Barclays Bank; Deutsche Bank; Merrill lynch International Dorsey & Whitney Davis Polk & Wardwell - Lucy Farr, Vinay Prabhakar Secondary offering $467.5 million CST Brands (Valero Energy Corporation) Citigroup Global Markets Baker Botts; Jackson Walker Davis Polk & Wardwell - Michael Farber, Neil Barr Secondary offering $365 million US Silica Holdings Morgan Stanley Kirkland & Ellis Davis Polk & Wardwell - Kathleen Ferrell, Nicole Field Loan B credit facility $320 million Northeast Wind Capital II BNP Paribas; CIT Finance; Goldman Sachs; Union Bank Davis Polk & Wardwell - Samuel Dimon, Ankur Dalal Milbank, Tweed, Hadley & McCloy Bonds offering $250 million Kentucky Utilities BNP Paribas; Citigroup; Goldman Sachs; Mitsubishi UFJ Securities Pillsbury Winthrop Shaw Pittman Davis Polk & Wardwell - Samuel Dimon, Anthony Oliva Initial public offering $187.5 million Chegg JP Morgan Securities; Merrill Lynch, Pierce, Fenner & Smith Fenwick & West Davis Polk & Wardwell - Rachel Kleinberg, Catherine Paskoff Chang