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Taxpayers are often nervous in the lead-up to budgetary announcements, and recent Indian Finance Bills have done nothing to ease those nerves by including legislation to retroactively alter the tax law. With Thursday’s budget speech looming, taxpayers and their advisers are demanding that certainty and stability are the two focal points this time around.

With sequestration – the automatic triggering of a package of spending cuts – due to kick in on March 1, Erskine Bowles and Alan Simpson, who co-chaired the 2010 National Commission on Fiscal Responsibility and Reform, have released a new deficit reduction plan.

The UK and Isle of Man have struck a deal to increase the pressure on tax havens, with the two jurisdictions signing an agreement which will see automatic information exchange (AIE) of tax details in the future.

After credit ratings agency, Moody’s, downgraded the UK’s AAA status on Friday, debate has swirled over whether corporate tax policy could have prevented the move, and if reforms might help the country regain the prized status, but opinions are split.

The Russian government is targeting 2018 as the year when all companies in Russia will have to use international financial reporting standards (IFRS), a government minister has said.

Type of Agreement Country Country Date Signed Automatic Information Exchange Agreement Isle of Man UK February 19 2013

TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Share Buy-back $15.95 billion BPCE Natixis Bredin Prat - Yves Rutschmann Bredin Prat - Yves Rutschmann Acquisition $4.3 billion Linn Energy Berry Petroleum Latham & Watkins Wachtell, Lipton, Rosen & Katz - Eiko Stange Acquisition $2.56 billion Orix Robeco De Brauw Blackstone Westbroek Acquisition $2.1 billion Bancolombia HSBC (Panama) Sullivan & Cromwell - David Spitzer, Davis Wang Linklaters / Arias, Fábrega & Fábrega Acquisition $1.4 billion TSYS NetSpend King & Spalding - John Sweet Fried, Frank, Harris, Shriver & Jacobson Merger $1.17 billion Office Depot OfficeMax Simpson Thacher & Bartlett / Kirkland & Ellis Skadden, Arps, Slate, Meagher & Flom / Dechert Acquisition $550 million MSC Industrial Barnes Group (US distribution business) Curtis, Mallet-Prevost, Colt & Mosle Acquisition $246 million Crestview Partners KeyCorp (Victory Capital Management/Advisers) Davis Polk & Wardwell - Kathleen Ferrell Sullivan & Cromwell - Ronald Creamer TYPE OF DEAL VALUE ISSUER / BORROWER LEAD MANAGERS / ARRANGERS ADVISER TO ISSUER / BORROWER ADVISER TO LEAD MANAGERS Credit Facilities $7 billion Freeport-McMoRan Copper & Gold JPMorgan Chase Davis Polk & Wardwell - Kathleen Ferrell / Jones, Walker, Waechler, Poitevent, Carrière & Denègre Cravath, Swaine & Moore Block Trade $1.5 billion LyondellBasell Industries Goldman Sachs Baker Botts Davis Polk & Wardwell - Michael Farber Common Shares and Depositary Share Offerings $1 billion Cliffs Natural Resources J.P. Morgan / Merrill Lynch / Citigroup Jones Day Davis Polk & Wardwell - Michael Farber High-yield Notes Offering $1 billion Flextronics International Merrill Lynch / Citigroup / J.P. Morgan Curtis, Mallet-Prevost, Colt & Mosle / Allen & Gledhill Davis Polk & Wardwell - Po Sit

The Chinese government may introduce a tax on carbon dioxide emissions that will reward taxpayers who invest in projects that enhance environmental protection. However the timing of the implementation of the tax may depend on balancing the interests of the tax and environment authorities.

Shaun Connolly (pictured below), of Russell McVeagh, provides guidance for taxpayers on reducing the risks of tax dispute in New Zealand and how to deal with any that do arise.

FAS 109; Australian R&D; Camp & Levin; US/EU trade agreement; US FTT; US SC PPL; Hong Kong disputes