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In its circular of October 23 2013, the Federal Ministry of Finance made statements regarding the effectiveness of VAT clauses in contracts for the purchase of immovable property, reports Oliver Zugmaier of küffner maunz langer zugmaier.

Hogan Lovells has recruited Spanish tax partner Javier Gazulla Ascoz into its Madrid tax team.

Law 11,638 was enacted in 2007 with the objective of adapting the Brazilian accounting rules (former regime) to the International Financial Reporting Standards (IFRS), representing a clear upgrade for investors who were able to analyse Brazilian corporations with the most-commonly adopted global system.

Dealing with corporate taxes in Latin America has been a significant challenge for corporations for a long time, especially in Brazil. Cristina Sampaio Cavalieri Teixeira, managing partner at GR8 Tax & Finance Consulting, and former Latin America tax director and Brazil Finance Director at DuPont, explores the increasing burdens being placed on taxpayers.

One of the commitments in the base erosion and profit shifting (BEPS) action plan is to counter harmful tax practices. Jeffrey Owens believes negotiators should look for some clues for how to do this in the OECD’s 1998 report on harmful tax competition.

David Cameron, UK Prime Minister, has announced a proposal for a register of company ownership, to “shine a spotlight on who owns what and where money is really flowing”.

Karl Mah has become a tax partner of Latham & Watkins in London. He advises financial institutions, private equity sponsors and corporations on the corporate tax aspects of complex domestic and cross-border transactions and restructurings.

Michael Devereux, the director of the centre for business taxation at the University of Oxford, has described the international tax system as “a confused, complex mass of arbitrary, arcane and illogical rules”.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $3.5 billion Murray Energy Consolidation Coal Kirkland & Ellis Wachtell, Lipton, Rosen & Katz - Deborah Paul / Greenberg Traurig / Steptoe & Johnson / Buchanan Ingersoll & Rooney Acquisition $1.62 billion Crown Holdings Mivisa Envases Dechert Simpson Thacher & Bartlett Acquisition $1.5 billion Yue Xiu Enterprises Chong Hing Bank Slaughter & May Acquisition $1.4 billion Mosaic Company CF Industries (phosphate business) Dorsey & Whitney / Mayer Brown / Arnold & Porter Skadden, Arps, Meagher & Flom Acquisition $1.1 billion Plum Creek Timber MeadWestvaco In-house / Skadden, Arps, Slate, Meagher & Flom Wachtell, Lipton, Rosen & Katz - Jodi Schwartz, Joshua Holmes / Nelson Mullins Riley & Scarborough Acquisition $145 million Internap Network Services iWeb Stikeman Elliott - Katy Pitch Acquisition Undisclosed PwC Booz & Co Davis Polk & Wardwell - Rachel Kleinberg / Linklaters Cleary Gottlieb Steen & Hamilton Acquisition Undisclosed RealPage ActiveBuilding Fenwick & West Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Notes Offering $1.5 billion Bristol-Myers Squibb Deutsche Bank / JP Morgan / Barclays / Credit Suisse / BNP Paribas / RBS Kirkland & Ellis Davis Polk & Wardwell - Michael Mollerus Secondary Offering $1.12 billion ING Morgan Stanley / Goldman Sachs / Citigroup / Merrill Lynch Sullivan & Cromwell Davis Polk & Wardwell - Rachel Kleinberg Floating-Rate Notes Offering $250 million General Mills JP Morgan Dorsey & Whitney Davis Polk & Wardwell - Lucy Farr

Type of Agreement Country Country Date Signed Double Taxation Avoidance Agreement Canada Hong Kong Entered into force October 29 2013 Double Taxation Avoidance Agreement Canada Poland Entered into force October 30 2013 Double Taxation Avoidance Agreement Canada Serbia Entered into force October 31 2013