Search results for

Khoonming Ho

Bob van der Made, PwC Algirdas Semeta, the EU's tax commissioner informed the EU-27 finance ministers on October 9 2012 that 11 member states are supporting the introduction of a common EU-wide financial transactions tax (FTT) in their countries. This means that the first hurdle to enhanced cooperation will soon be met as at least nine member states are legally required to formally send a letter to this effect to the Commission. The commissioner informed the ECOFIN Council that these seven member states have already submitted requests to the Commission for a proposal to introduce an FTT via enhanced cooperation:

Rajendra Nayak

Michael Solomon and Victor Ng of Fenwick & West discuss two US judgments concerning R&D claims made by Union Carbide, and what taxpayers need to know about claiming credits for supply costs.

TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Acquisition $4.1 billion Royal Bank of Canada Ally Financial Osler, Hoskin & Harcourt Sullivan & Cromwell - Andrew Solomon Acquisition $2.61 billion Exxon Mobil Canada Celtic Exploration Stikeman Elliott - Julie D’Avignon Acquisition $2 billion Golden Gate Capital / Blum Capital Collective Brands Kirkland & Ellis / Stikeman Elliott Sullivan & Cromwell Acquisition $1.6 billion Permira Funds Ancestry.com Fried, Frank, Harris, Shriver & Jacobson / Clifford Chance Wachtell, Lipton, Rosen & Katz - Jodi Schwartz Combined Off-Market Takeover $857 million Cathay Fortune / China-Africa Development Fund Discovery Metals King & Wood Mallesons GRT Acquisition $753.7 million Minera Frisco AuRico Gold (Ocampo Mine) Fasken Martineau / Davies Ward Phillips & Vineberg Acquisition $500 million The Macerich Company Vornado Realty Trust (Green Acres Mall) Sullivan & Cromwell Acquisition Undisclosed JCDecaux Russ Outdoor Hengeler Mueller / Egorov Puginsky Afanasiev & Partners / SNR Denton / De Brauw Blackstone Westbroek Acquisition Undisclosed Livingston International Norman G. Jensen / Jensen Customs Brokers Canada / Eastport Development Stikeman Elliott / Patton Boggs Moss & Barnett Acquisition Undisclosed PPG Spraylat Hogan Lovells Kramer Levin - Howard Rothman, Helayne Stoopack Acquisition Undisclosed Sysco Corporation Distagro Stikeman Elliott TYPE OF DEAL VALUE ISSUER / BORROWER LEAD MANAGERS / ARRANGERS ADVISER TO ISSUER / BORROWER ADVISER TO LEAD MANAGERS Notes Offering $5 billion Oracle Corporation Citigroup / JP Morgan / RBS / Wells Fargo Davis Polk & Wardwell - Rachel Kleinberg, Catherine Paskoff Chang Simpson Thacher & Bartlett Subordinated Notes Offering $2 billion Morgan Stanley Morgan Stanley Davis Polk & Wardwell - Po Sit Sidley Austin Refinancing $1.2 billion Brand Energy and Infrastructure Services UBS / Morgan Stanley / Goldman Sachs Simpson Thacher & Bartlett Davis Polk & Wardwell - Po Sit Notes Offering $800 million CSX Corporation Citigroup / Credit Suisse / Morgan Stanley / JP Morgan / UBS Davis Polk & Wardwell - Po Sit Shearman & Sterling Senior Notes Offering $350 million Nuance Communications Morgan Stanley / Barclays Capital Wilson Sonsini Goodrich & Rosati Davis Polk & Wardwell Common Stock Offering $290 million Walter Investment Management Credit Suisse / Morgan Stanley / Merrill Lynch / Barclays Simpson, Thacher & Bartlett Davis Polk & Wardwell - Samuel Dimon

Janne Juusela, Borenius – Taxand Section 26(2) of the Finnish Act on Taxation Procedure provides regulation for the protection of a taxpayer's trust, the so-called principle of protection of legitimate expectations. The provision stipulates the conditions in which the taxpayer may be entitled to this protection and how it is provided. The intention of the principle is to increase the predictability and legal safety of taxation.

Janne Juusela, Borenius – Taxand On August 30 2012, the Finnish government agreed on the budget proposal for the year 2013. The expenditures amount to about €54 billion ($70 billion), which is more than the previous regular budget by €1.6 billion. The budgetary deficit is about €7 billion, which is estimated to increase the overall amount of state debt to about €96 billion, that is, about 47% of GDP by the end of 2013. The government aims to preserve fiscal balance and stimulate economic growth. A concrete goal of the fiscal policy is to maintain the highest credit rating available. According to the budget proposal: tax revenues for the year 2013 will be about €40 billion, which is roughly €2 billion more than the estimated amount for the year 2012; and nearly €4 billion more than during the year 2011.

Hélène Rives

Clint O’Connell

Scott Wilkie, one of the most recognised names in the Canadian tax market, has joined Blake, Cassels & Graydon as a partner in the firm's Toronto office.