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The Japanese government has unveiled a tax reform package which it hopes will spur foreign investment and increase firms’ spending.

David Penney, head of tax for General Motors in Canada, is one of six new members of the Internal Revenue Service Advisory Council (IRSAC) in the US.

Robert Pozen, senior lecturer at Harvard Business School, has said limiting tax deductions for the interest corporations pay on their bonds and debt issuances could help fund US tax reform. However, taxpayers have identified a number of problems with the idea.

The Philippines Secretary of Finance has issued formal transfer pricing legislation that provides guidance on the application of the arms-length principle.

Spain will change its VAT law after the European Court of Justice (ECJ) found that it applied its reduced rate of VAT too widely.

Type of Agreement Country Country Date Signed Double Taxation Avoidance Agreement Hong Kong Switzerland Entered into force January 1 2013 Double Taxation Avoidance Agreement Hong Kong Italy January 14 2013 Double Taxation Avoidance Agreement Guernsey Isle of Man January 24 2013 Double Taxation Avoidance Agreement Isle of Man Jersey January 24 2013 Double Taxation Avoidance Agreement (Protocol) Japan US January 24 2013

International Tax Review provides taxpayers with in-depth analysis of developments in Brazil, Russia, India, China and South Africa (BRICS), along with the rest of the world.

TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Acquisition $2.34 billion The Sherwin-Williams Company Consorcio Comex Jones Day Davies Ward Phillips & Vineberg / White & Case Acquisition $1.9 billion AT&T Verizon Wireless (700MHz B band) Sullivan & Cromwell - David Passey Acquisition $1.05 billion Starwood Property Trust / Starwood Capital Group LNR Property Sidley Austin Sullivan & Cromwell - Eli Jacobson Acquisition $958 million Allergan MAP Pharmaceuticals Gibson, Dunn & Crutcher Latham & Watkins Acquisition $780 million AT&T Atlantic Tele-Network Sullivan & Cromwell - Andrew Mason, David Passey Cleary, Gottlieb, Steen & Hamilton - James Duncan / Jenner & Block Acquisition $700 million Rogers Communications Shaw Communications Davies Ward Phillips & Vineberg Acquisition $475 million Cisco Intucell Fenwick & West - Ron Schrotenboer, Idan Netser Herzog Fox & Neeman / O’Melveny & Myers - Robert Fisher Acquisition $435 million Freeport-McMoRan Copper & Gold OM Group Davis Polk & Wardwell Jones Day Acquisition $150 million Mohawk Industries Pergo Group Noerr / Morrison Cohen Acquisition Undisclosed Nimes Capital Pacific Island Restaurants Pillsbury - Brian Wainwright Acquisition Undisclosed Granite Partners Chair-Man Mills Stikeman Elliott McMillan TYPE OF DEAL VALUE ISSUER / BORROWER LEAD MANAGERS / ARRANGERS ADVISER TO ISSUER / BORROWER ADVISER TO LEAD MANAGERS High-Yield Notes Offering $700 million Windstream Wells Fargo / Barclays / Merrill Lynch / Deutsche Bank / Goldman Sachs / Mitsubishi UFJ / Morgan Stanley / SunTrust Robinson Humphrey Skadden, Arps, Slate, Meagher & Flom Davis Polk & Wardwell - Samuel Dimon Senior Notes Issue $366.6 million La Financière ATALIAN Crédit Suisse / Crédit Agricole / Société Générale Cleary Gottlieb Steen & Hamilton Bredin Prat - Yves Rutschmann / Cravath, Swaine & Moore Common Stock Offering $350 million Onyx Pharmaceuticals Merrill Lynch / Barclays Cooley Davis Polk & Wardwell - Rachel Kleinberg Common Stock Offering $185 million Alnylam Pharmaceuticals J.P. Morgan / Morgan Stanley Wilmer Cutler Pickering Hale and Dorr Davis Polk & Wardwell - Michael Farber Senior Subordinated Notes Offering $125 million Solazyme Goldman Sachs Davis Polk & Wardwell - Rachel Kleinberg Wilson Sonsini Goodrich & Rosati

FATCA; equity tax relief; EITI standard; tax policy; EU import duty exemption; EU FTT; Amazon US; Prudential UK.

Laurence Kiddle, commercial director, FATCA, Thomson Reuters sees a new era being ushered in by the US Foreign Account Tax Compliance Act (FATCA).