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The International Accounting Standards Board (IASB), which is responsible for the development of international financial reporting standards (IFRS), has dashed the hopes of those hoping for better and more transparent rules on accounting for income taxes by saying no to work on a new standard and ruling out a requirement for country-by-country reporting.

SS Palanimanickam, India’s Minister of State for Finance, in written response to a question in the Rajya Sabha last week, confirmed that India is in the process of signing double taxation avoidance agreements (DTAAs) with 12 countries and tax information exchange agreements (TIEAs) with 34 countries.

Sweden’s Administrative Court has ruled that carried interest should be taxed as employment income, but, in one adviser’s view, private equity executives should not fear as it is unlikely to be a position followed by other jurisdictions.

The financial transaction tax (FTT) was brought one step closer last week when the European Parliament voted to allow 11 member states to proceed with it under enhanced cooperation.

Welcome to International Tax Review's guide to intangible assets, published in association with Deloitte and analysing the most effective approaches to dealing with this particularly problematic area of international taxation.

In this economic environment, companies around the world are looking to optimise the way they conduct business and enhance their bottom lines. Andrew Newman and Brian Pinto explain that companies are also interested in aligning their tax planning with their business strategy to further enhance their financial efficiencies, allowing the business to make better after-tax investment decisions.

Type of Agreement Country Country Date Signed Tax Information Exchange Agreement Argentina Isle of Man December 14 2012

The unrelenting pursuit of profit by enterprises is an exalted virtue of modern capitalism. Most start-ups operate in countries where corporate taxes can take up a significant portion of their ultimate profits or valuations. Aydin Hayri and James Gannon explain why a start-up ignores corporate taxation at its own peril.

TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Acquisition $2.16 billion Access Midstream Partners Chesapeake Energy (midstream assets) Latham & Watkins - David Raab, Tim Fenn Wachtell, Lipton, Rosen & Katz Acquisition $1.49 billion Spectra Energy Express Pipeline System Skadden, Arps, Slate, Meagher & Flom / McCarthy Tetrault Sullivan & Cromwell - David Spitzer, Andy Solomon, Ronald Creamer Acquisition $415 million Amgen deCODE Genetics Sullivan & Cromwell - Ronald Creamer Investment $304.1 million KERN Partners Corex Resources Stikeman Elliott - Julie D’Avignon Acquisition $228.5 million Gores Group Harris Broadcast Communications Stikeman Elliott - Frank Mathieu / Latham & Watkins Jones Day / Blake, Cassels & Graydon - Ian Caines Acquisition $183.9 million Sutherland Global Services Apollo Health Street S&R Associates / Latham & Watkins Amarchand Mangaldas / Jones Day Acquisition $120.8 million Primero Mining Cerro Resources Stikeman Elliott / ClarkeKann Lawyers Wildeboer Dellelce / GRT Lawyers Acquisition $86.3 million FGL Sports Pro Hockey Life Sporting Goods Stikeman Elliott / Goodmans Fasken Martineau Dumoulin Acquisition Undisclosed Mitsubishi Heavy Industries United Technologies (Pratt & Whitney Power Systems) Wachtell, Lipton, Rosen & Katz TYPE OF DEAL VALUE ISSUER / BORROWER LEAD MANAGERS / ARRANGERS ADVISER TO ISSUER / BORROWER ADVISER TO LEAD MANAGERS Final Offering of AIG Common Stock $7.6 billion US Department of the Treasury Davis Polk & Wardwell Initial Public Offering $3.1 billion People’s Insurance Company (Group) of China China International Capital Corporation / Credit Suisse / Deutsche Bank / Goldman Sachs / HSBC Sullivan & Cromwell - William Chua, Chun Wei, Ron Creamer Covered Bonds Offering $1.5 billion Royal Bank of Canada RBC Capital / Citigroup / UBS Morrison & Foerster / Sullivan & Cromwell / Norton Rose Allen & Overy / McCarthy Tétrault / Davis Polk & Wardwell Block Trade $1 billion LyondellBasell Industries Barclays Baker Botts Davis Polk & Wardwell - Michael Farber Notes Offering $1 billion NetApp J.P. Morgan Securities / Morgan Stanley Wilson Sonsini Goodrich & Rosati Davis Polk & Wardwell - Rachel Kleinberg Notes Offering $750 million Autodesk Citigroup / J.P. Morgan / Morgan Stanley Wilson Sonsini Goodrich & Rosati Davis Polk & Wardwell - Rachel Kleinberg Notes Offering $750 million Western Union J.P. Morgan Securities / Morgan Stanley Sidley Austin Davis Polk & Wardwell - Michael Farber Senior Secured Term Loan $500 million NXP Deutsche Bank / Merrill Lynch / Goldman Sachs Simpson Thacher & Bartlett Davis Polk & Wardwell Notes Offering $500 million Cliffs Natural Resources J.P. Morgan / Merrill Lynch / Citigroup Jones Day Davis Polk & Wardwell - Neil Barr Secondary Offering $275 million Vantiv J.P. Morgan Securities / Credit Suisse Weil, Gotshal & Manges Davis Polk & Wardwell - Harry Ballan Financing Facility Renewal $263.6 million Commonwealth Bank of Australia HSBC / National Australia Bank / Export Finance and Insurance King & Wood Mallesons Accelerated Share Repurchase $250 million Murphy Oil JPMorgan Chase Davis Polk & Wardwell - Kathleen Ferrell Restated Term Loan Facility $220 million Spansion Barclays / Morgan Stanley Latham & Watkins Davis Polk & Wardwell - Rachel Kleinberg Secondary Offering $198.5 million Webster Financial Barclays Hogan Lovells Davis Polk & Wardwell - Samuel Dimon Convertible Senior Notes Offering $189.8 million Bottomline Technologies RBC Capital Markets / RBS Wilmer Cutler Pickering Hale and Dorr Davis Polk & Wardwell - Lucy Farr

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