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In-house tax departments, both big and small, have more chances for recognition at International Tax Review’s European Tax Awards 2013 presentation at the Dorchester hotel in London on May 15.

One year after Japan cut its corporate tax rate and left the US with the highest rate in the developed world, the RATE Coalition of businesses has written a letter to Congress reinforcing the corporate call for action to reduce the 35% rate.

Last week’s publication of Finance Bill 2013 confirmed the UK is to introduce a General Anti-Abuse Rule (GAAR) later this year. But there is no consensus that the proposed measure is necessary or that it will be effective. One criticism is that legislators have not taken on board the lessons learnt in other jurisdictions such as Australia, Canada, New Zealand and South Africa.

The OECD has urged France to implement reforms of its tax and transfer pricing system to improve the competitiveness of the nation’s companies, describing such action as “essential”.

Alvarez & Marsal Taxand UK has appointed two new managing directors in London.

Canadian tax reporting requirements; Australian income tax changes; Canada thin capitalisation; Finland corporate tax rate; Bulgarian VAT; OECD on Chinese carbon tax; Brazil Supreme Court on Vernicitec; India High Court on Nike

Hitesh Sharma of Ernst & Young gives a snapshot of the key direct tax proposals which will have an impact on multinationals operating in India.

The Glaxo decision is a positive one for businesses; however, the Supreme Court of Canada (SCC) has sent a clear signal that the transfer pricing policy established for each related party transaction matters and the transfer prices in the case of multiple transactions, such as the licence of a trademark and the supply of both goods and services, will be carefully scrutinised, argue Claire M.C. Kennedy of Bennett Jones and Brad Rolph, president of Transfer Pricing Specialists.

Brazil is one of the few countries that levies taxes on the total revenues of taxpayers. Glaucia Lauletta Frascino of Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga looks at the complexities of the tax system and how they are causing problems for taxpayers.

TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Joint Venture $3 billion Sinopec Corporation Sinopec Group King & Wood Mallesons / Skadden, Arps, Slate, Meagher & Flom Acquisition $2.4 billion VTB Group Tele2 AB Davis Polk & Wardwell / Mannheimer Swartling Advokatbyrå Acquisition $1.23 billion NASDAQ OMX BGC Partners Skadden, Arps, Slate, Meagher & Flom Wachtell, Lipton, Rosen & Katz - Joshua Holmes Acquisition $515 million AltaGas Blythe Energy Stikeman Elliott Acquisition $412.5 million Aquiline Capital Partners / Genstar Capital Genworth Financial Willkie Farr & Gallagher Sullivan & Cromwell - Ronald Creamer Acquisition $356.6 million Argon Medical Devices Angiotech Pharmaceuticals (Interventional Products Business) Stikeman Elliott / Irell & Manella Acquisition $302.1 million WealthCap BayWa Noerr - Alexander Liegl Acquisition $160 million Shire SARcode Bioscience Davis Polk & Wardwell Wilson Sonsini Goodrich & Roasati Acquisition $128.7 million Beijing Enterprises Water Group Compagnie Générale des Eaux (Portugal) Uría Menéndez / Slaughter & May Acquisition $116 million Deloitte Monitor Company Group Lefosse Advogados Acquisition $114.2 million USS Axle Airtrain Johnson Winter & Slattery King & Wood Mallesons Acquisition Undisclosed Culpeper Capital Partners / Fortress Investment Group Paradigm Quest / Merix Financial Stikeman Elliott - Dean Kraus, John O’Connor Acquisition Undisclosed Davis + Henderson Corporation Computershare Stikeman Elliott Long-term Partnership Undisclosed Walgreen / Alliance Boots AmerisourceBergen Wachtell, Lipton, Rosen & Katz - Eiko Stange TYPE OF DEAL VALUE ISSUER / BORROWER LEAD MANAGERS / ARRANGERS ADVISER TO ISSUER / BORROWER ADVISER TO LEAD MANAGERS Senior Notes Offering $4 billion NBCUniversal Media Barclays / Citigroup / J.P. Morgan / and Morgan Stanley Davis Polk & Wardwell - Rachel Kleinberg, Neil Barr Cahill Gordon & Reindel Notes Offering $3 billion Medtronic Barclays / Deutsche Bank / Goldman, Sachs / J.P. Morgan / Morgan Stanley Fredrikson & Byron Davis Polk & Wardwell - Samuel Dimon Initial Public Offering $1.35 billion Mapletree Greater China Commercial Trust Citigroup / DBS / Goldman Sachs / HSBC Allen & Gledhill WongPartnership Refinancing $1.25 billion Cargill Incorporated ANZ / Bank of Tokyo-Mitsubishi UFJ / BNP Paribas / DBS / Deutsche Bank / HSBC / Standard Chartered WongPartnership Linklaters First-Mortgage Bond Offering $250 million Westar Energy BNY Mellon / Deutsche Bank / Merrill Lynch Davis Polk & Wardwell - Rachel Kleinberg Hunton & Williams