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Earlier this year, the Finnish government announced its intention to introduce an interest deduction limitation for companies. The EBITDA-based interest deduction limitation proposal was met with opposition from various lobbyists, and the proposals have subsequently been amended.

The UK government has opened a consultation period for tax executives and practitioners to comment on the design of a cultural test for eligibility to benefit from certain tax reliefs for the creative sector.

TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Acquisition $1.3 billion Mitsubishi UFJ Lease & Finance Jackson Square Aviation Davis Polk & Wardwell - Kathleen Ferrell Kirkland & Ellis / Paul, Weiss, Rifkind, Wharton & Garrison / Mayer Brown Selective Share Buy-back $1.02 billion QR National Queensland Treasury Holdings King & Wood Mallesons Clayton Utz Acquisition $960.1 million Heineken International Kindest Place Groups (Asia Pacific Breweries) Duane Morris & Selvam WongPartnership Acquisition $860 million 3M Ceradyne Cleary Gottlieb Steen & Hamilton Stradling Yocca Carlson & Rauth Acquisition $335 million AngloGold Ashanti First Uranium Edward Nathan Sonnenbergs / Fasken Martineau DuMoulin General Counsel - Mary Batoff / Fraser Milner Casgrain / Eversheds Acquisition $91.9 million DIA Schlecker Uría Menéndez / Hengeler Mueller Linklaters Acquisition Undisclosed Australia Post StarTrack Express (Qantas) King & Wood Mallesons Qantas In-house Counsel TYPE OF DEAL VALUE ISSUER / BORROWER LEAD MANAGERS / ARRANGERS ADVISER TO ISSUER / BORROWER ADVISER TO LEAD MANAGERS Global Offering $4.1 billion Grupo Financiero Santander Mexico Santander Investment / UBS / Deutsche Bank / Merrill Lynch Davis Polk & Wardwell - Samuel Dimon, Mario Verdolini / Ritch Mueller / Uría Menéndez Shearman & Sterling / Bufete Robles Miaja Debt Raising $2.44 billion Origin Energy ANZ / CBA / NAB Allens Linklaters King & Wood Mallesons Euro Medium-term Note Programme $2 billion Olam International DBS / HSBC / Standard Chartered WongPartnership Linklaters Initial Public Offering $651.6 million Talanx Hengeler Mueller / Simpson Thacher & Bartlett Senior Secured Notes Offering $577 million Hovnanian Credit Suisse / Citigroup / JP Morgan Simpson Thacher & Bartlett Davis Polk & Wardwell - Lucy Farr High-Yield Notes Offering $500 million PDC Energy JP Morgan / Merrill Lynch / Wells Fargo / BMO Capital / Credit Agricole / RBS / Scotia Capital Davis Graham and Stubbs Davis Polk & Wardwell - Lucy Farr Convertible Senior Notes Offering $220 million GT Advanced Technologies UBS / BoA Merrill Lynch / Credit Suisse Ropes & Gray Davis Polk & Wardwell - Michael Farber Fixed Rate Notes Issue $179 million Starhub ANZ Bank / DBS Allen & Gledhill WongPartnership

Audit risk and extra tax; Shulman on US compliance; Business unhappy about Australian delay: French and Spanish 2013 budgets; Japanese business against carbon tax; Netherlands raises VAT rate; PepsiCo in debt vs equity case; EU calls out Britain over loss relief ruling

Type of Agreement Country Country Date Signed Double Taxation Avoidance Agreement Mauritius Nigeria September 12 2012

Rutger Kriek has left Consulco after eight years to set up his own firm in Cyprus, Equation Corporate Services.

Laurence Pinte, formerly head of tax at Dexia, the European banking group, joined Liedekerke Wolters Waelbroeck Kirkpatrick as a partner on October 1 2012.

Chief Executive Officer, GSK

Business lobbyists are attacking a new carbon tax that was introduced by the Japanese government on Monday, saying its implementation is ill-timed given that companies are still struggling in the wake of last year’s nuclear power plant accident.

The VAT Experts Group, which the European Commission set up after the publication of the communication on the future of VAT in December 2011, has new members.