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In a bid to attract new foreign investment, China has moved to mitigate the impact of the enterprise income tax (EIT) that is levied on companies by offering reduced rates for foreign businesses satisfying certain criteria.

John Engler, Business Roundtable (BRT) president and former Michigan governor, said yesterday that inaction from Washington leaders on corporate tax and other issues has caused uncertainty for businesses and stalled economic recovery.

EXCLUSIVE: In an interview with Salman Shaheen of International Tax Review, Nicholas Shaxson discusses how his investigation into US presidential candidate Mitt Romney’s tax affairs and his book Treasure Islands highlight what he sees as a grey zone between legal and illegal corporate tax avoidance.

In recent years, as pressure on the Irish economy has increased, the Revenue Commissioners and the Irish courts have taken a tougher, more aggressive approach to tax evasion.

The recommendations of the Parthasarathi Shome-led committee regarding the validity and appropriateness of retrospective amendments to the Indian tax law in light of the retroactive law change following Vodafone, have now been publicised. The panel urged that using retrospective amendments should be reserved for exceptional and rare cases.

Type of Agreement Country Country Date Signed Tax Information Exchange Agreement Gibraltar Italy October 2 2012 Double Taxation Avoidance Agreement Panama UAE October 13 2012

TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Acquisition $4.9 billion UnitedHealth Amil Participações Sullivan & Cromwell - Ronald Creamer / Pinheiro Neto Lefosse Advogados - Gustavo Haddad Acquisition $2.2 billion Ecolab Champion Technologies Stikeman Elliott Acquisition $1.6 billion Bain Capital Apex Tool Kirkland & Ellis / Stikeman Elliott Gibson, Dunn & Crutcher Acquisition $1.15 billion Advent International Cytec Industries Freshfields Bruckhaus Deringer - Claude Stansbury Sullivan & Cromwell Acquisition $980.8 million Dufry Folli Follie Group Wachtell, Lipton, Rosen & Katz - Jodi Schwartz Acquisition $934 million CF Industries Canadian Fertilizers (Glencore International) Skadden Arps Slate Meagher & Flom Bennett Jones - Claire Kennedy, Alan Rautenberg Acquisition $306.2 million Precision Castparts Héroux-Devtek Bennett Jones - Bernard Morris Acquisition $204.2 million WestFire Energy Guide Exploration Bennett Jones - Scott Bodie Acquisition $178.4 million Mitie Enara Deloitte KPMG / Shoosmiths TYPE OF DEAL VALUE ISSUER / BORROWER LEAD MANAGERS / ARRANGERS ADVISER TO ISSUER / BORROWER ADVISER TO LEAD MANAGERS Notes Offering $7 billion General Electric Barclays / Citigroup / Deutsche Bank / Goldman Sachs / JP Morgan / Morgan Stanley Gibson, Dunn & Crutcher / Cleary Gottlieb Steen & Hamilton Davis Polk & Wardwell - Michael Mollerus SEC-Registered Debt Offering $2 billion BBVA Banco Bilbao Vizcaya Argentaria, SA J&A Garrigues Sidley Austin / Davis Polk & Wardwell Asset Based Loan $1.25 billion Algeco Scotman Bank of America / Deutsche Bank Baker & McKenzie / Simpson Thacher & Bartlett King & Wood Mallesons - David Anderson Dual Currency Debt Facility $562.7 million Ausdrill King & Wood Mallesons Allens Linklaters Global Depositary Shares Offering $157.6 million WIN Semiconductors UBS / Yuanta Securities Baker & McKenzie Davis Polk & Wardwell - John Paton Initial Public Offering $152.7 million FleetMatics Barclays / Merrill Lynch / RBC / Stifel Nicolaus & Co / William Blair & Co Davis Polk & Wardwell - Rachel Kleinberg

EXCLUSIVE: The OECD’s inaugural Global Forum on VAT will meet on November 7-8, when around 90 countries will share their best practices in designing efficient and effective VAT policy.

Miller to be acting IRS chief; Review of compliance in Australia but not GAAR; Italy changes mind on VAT; Norway hikes carbon tax; Finland relaxes interest deduction proposals; UK consults on games tax relief; NZ court hears Alesco appeal; ITAT restructured.

Norway’s carbon tax hike shows the country is taking its climate change commitments seriously, but the oil industry is concerned that the measure will undermine the EU Emissions Trading Scheme (ETS).