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The Indian Revenue Service is renewing its efforts to cut the revenue deficit, issuing a warning to taxpayers who have evaded indirect taxes.

Draft revenue regulations for transfer pricing in the Philippines are still under review by the Department of Finance for final approval and issuance, despite rumours they would be published by the end of 2012.

Vale, one of the world’s largest mining companies, has settled tax disputes in both Brazil and Switzerland totalling $486 million, which will affect its fourth quarter profits this year.

Malaysian thin capitalisation rules - expected last month - have been delayed to protect foreign investment in the country.

Vale, one of the world’s largest mining companies, has settled tax disputes in both Brazil and Switzerland totalling $486 million, which will affect its fourth quarter profits this year.

Eastern Value Partners (Eastern Value), a subsidiary of Cyprus-based private equity group Exelor, with a permanent establishment in Russia, is entitled to tax benefits under the Russia-Cyprus double tax treaty (DTT) despite the tax authority’s claims it was treaty shopping, Russia’s Ninth Arbitration Court of Appeal has ruled.

Stephen McPartland MP has begun publishing FTSE 100 responses to his corporate tax transparency challenge, in which he has asked the chief executive officers of each FTSE 100 company to commit to tax transparency and to a new international accounting standard for country-by-country reporting.

Type of Agreement Country Country Date Signed Double Taxation Avoidance Agreement Armenia UK Effective January 1 2013 Double Taxation Avoidance Agreement Czech Republic Denmark Effective January 1 2013

TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Acquisition $1.7 billion Hutchison Whampoa Orange Austria Freshfields Bruckhaus Deringer Allen & Overy Acquisition $700 million Hormel Foods Corporation Skippy (Unilever) Faegre Baker Daniels Cravath, Swaine & Moore Acquisition $665.5 million The Carlyle Group / Stone Point Capital / Pictet & Cie / Edmond de Rothschild Group Duff & Phelps Corporation Wachtell, Lipton, Rosen & Katz - Joshua Holmes Kirkland & Ellis Acquisition $500 million Avis Budget Zipcar Kirkland & Ellis Latham & Watkins Acquisition $323 million Cerberus Capital Management Admiral Taverns Sapient Corporate Finance PwC Acquisition Undisclosed Joyson Group Preh Noerr

The House of Parliament of Cyprus on May 24 2012 voted in favour of a package of tax incentives to stimulate economic growth. One area of focus was the country’s intellectual property regime, and the measures (implemented retrospectively from January 1 2012) are now attracting a lot of interest.