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The Italian Supreme Court has delivered a judgment stating that a fair market value price analysis must be applied to domestic intra-group transactions, despite section 111 of the Italian Tax Code providing that the country’s transfer pricing rules only apply to transactions between Italian and foreign related entities.

Type of Agreement Country Country Date Signed Double Taxation Avoidance Agreement Hong Kong Kuwait Entered into force July 25 2013 Double Taxation Avoidance Agreement Panama UK July 29 2013 Double Taxation Avoidance Agreement (revised) Australia Switzerland July 30 2013 Double Taxation Avoidance Agreement Serbia UAE Entered into force August 1 2013 Double Taxation Avoidance Agreement New Zealand Vietnam August 5 2013

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $8.6 billion Perrigo Company Elan Pharmaceuticals Sullivan & Cromwell - Andrew Mason, Davis Wang, Ron Creamer / Dillon Eustace A&L Goodbody / Cadwalader Wickersham & Taft Merger $7.6 billion Health Management Associates Community Health Systems Weil, Gotshal & Manges - Helyn Goldstein Kirkland & Ellis Acquisition $3.4 billion Essilor International Transitions Optical (PPG Industries) Jones Day Wachtell, Lipton, Rosen & Katz - Jodi Schwartz / Hogan Lovells Acquisition $2.9 billion Hudson’s Bay Company Saks Incorporated Stikeman Elliott - Dean Kraus / Willkie Farr & Gallagher Wachtell, Lipton, Rosen & Katz - Jodi Schwartz Acquisition $1.25 billion CITIC Securities Company CLSA Sullivan & Cromwell Acquisition $535 million Cubist Pharmaceuticals Optimer Pharmaceuticals Ropes & Gray Sullivan & Cromwell Acquisition $357 million Mitsubishi Tanabe Pharmaceutical Medicago Stikeman Elliott - Franco Gadoury, Dominic Bédard-Lapointe / Ropes & Gray McCarthy Tétrault Acquisition Undisclosed Actelion Ceptaris Therapeutics Covington & Burling Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Notes Offering $2 billion Royal Bank of Canada RBC Capital Markets / Goldman Sachs Sullivan & Cromwell / Norton Rose Fulbright Canada Davis Polk & Wardwell - Harry Ballan Notes Offering $1.7 billion PepsiCo Goldman Sachs / Merrill Lynch / Morgan Stanley Davis Polk & Wardwell - Avishai Shachar Jones Day Initial Public Offering $412.8 million Graña y Montero Credit Suisse / JP Morgan / Morgan Stanley / Banco BTG Pactual Simpson Thacher and Bartlett / Muñiz, Ramírez, Pérez-Taiman & Olaya Abogados Davis Polk & Wardwell - Po Sit Initial Public Offering $398 million SPH REIT Credit Suisse / DBS Bank / OCBC Bank Shook Lin & Bok WongPartnership / Sidley Austin Bond Issue $265.1 million TAG Immobilien Credit Suisse / Close Brothers Seydler Bank Noerr - Michaela Engel Initial Public Offering $122 million Agios Pharmaceuticals JP Morgan / Goldman Sachs Wilmer Cutler Pickering Hale and Dorr Davis Polk & Wardwell - Michael Mollerus

Australian Treasurer Chris Bowen last week released his Economic Statement which details the economic outlook for Australia. The statement reveals extra funding for the tax authority, as well as outlining reforms to corporate tax incentives.

In the 2013 Budget, the UK government announced a package of measures designed to encourage investment in the UK’s shale gas industry. On July 19 the government published an open consultation to solicit the views of the energy community and others on more detailed proposals for tax incentives and other measures aimed at encouraging early investment in UK shale gas exploration and exploitation. The UK government has said the plans would make the UK the “most generous” fiscal regime for shale gas in the world.

Leading transfer pricing professionals from industry including Caterpillar, Nissan Europe, The Dow Chemical Company, Hewlett-Packard, Dell, Alstom, Lexmark International and Brown-Forman, along with officials from the OECD and the IMF, have agreed to share their industry experiences of some of the most difficult and contentious issues in transfer pricing.

The Bombay High Court has said that India’s authority for advance rulings (AAR) may not refuse to deliver a decision for taxpayers based on a suspicion that they have misrepresented the facts, in a case involving Mahindra BT Investment (Mahindra) and AT&T International (AT&T).

Orange France is lodging an appeal with the Administrative Appeal Court of Versailles after it lost a case in which it argued that when an impairment reserve was not deducted for tax purposes, the cancellation of that reserve should not be taxable in any circumstances.

Italian taxpayers could receive significant benefits if they enter into the tax authority’s cooperative compliance relationship. These could include removing the need for preventive rulings to enable them to deal with entities in blacklisted jurisdictions, less data reporting requirements around transactions and a removal of the requirement to provide bank guarantees in relation to tax credits.

KPMG in the UK has added two new members and appointed a new head of tax litigation.