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Type of treaty Country Country Date signed Tax Information Exchange Agreement Argentina Cayman Islands September 12 2012 Double Taxation Avoidance Agreement Bulgaria Switzerland September 19 2012 Tax Information Exchange Agreement Isle of Man Singapore September 21 2012 Tax Information Exchange Agreement Isle of Man Turkey September 21 2012

Myo Nunt, advocate to the Myanmar Supreme Court, joined VDB Loi Myanmar as a senior counsel on September 18, as the firm prepares for a predicted increase in tax and customs litigation in the jurisdiction.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $7.6 billion Alibaba Group Holding Limited Alibaba (Yahoo!) Sullivan & Cromwell Acquisition $1.03 billion JSC Russian Railways PSA Peugeot Citroën (GEFCO) Freshfields Bruckhaus Deringer Bredin Prat - Yves Rutschmann Acquisition $977 million PTT Mining Sakari Resources Allen & Gledhill WongPartnership Acquisition $279 million Teleflex LMA International WongPartnership / Simpson Thacher & Bartlett Shearman & Sterling / Allen & Gledhill Share Subscription Deed $237 million Shandong Gold Focus Minerals Minter Ellison King & Wood Mallesons Acquisition $137 million Wesco Aircraft Holdings Interfast Latham & Watkins / Stikeman Elliott Gowlings Lafleur Henderson Acquisition $130 million Kohlberg Kravis Roberts & Co. / Beecken Petty O’Keefe & Company / Coastwood Senior Housing Partners Sunrise Senior Living Management Company Wachtell, Lipton, Rosen & Katz - T. Eiko Stange Partnership Agreement $118 million Synutra Sodiaal Davis Polk & Wardwell Cleary Gottlieb Steen & Hamilton Acquisition Undisclosed KRG Capital Convergint Technologies Hogan Lovells - Daniel Davidson, Stephen Giordano / Stikeman Elliott - Marie-Andrée Beaudry, Éric Lévesque Jones Day Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) "Covered Bonds Offering " $2.5 billion Royal Bank of Canada Morgan Stanley / RBS Morrison & Foerster / Sullivan & Cromwell Allen & Overy / Davis Polk & Wardwell "SEC-Registered Notes Offering " $2 billion RBS RBS Securities / Citigroup / Wells Fargo / BMO / BNY Mellon / CIBC / HSBC / nabSecurities / RBC / TD Securities / UBS Davis Polk & Wardwell - John Paton Shearman & Sterling Vendor Financing $1.2 billion Telefónica China Development Bank / Industrial and Commercial Bank of China Uría Menéndez / White & Case / De Brauw Blackstone Westbroek Notes Offering $1.15 billion Mexichem White & Case / Davis Polk & Wardwell - Michael Farber, Yuliya Epifantseva Cleary Gottlieb Steen & Hamilton / Ritch Mueller Notes Offering $1 billion DBS Bank BNYM WongPartnership Schedule B Debt Offering $750 million The Korea Development Bank Credit Suisse / HSBC / J.P. Morgan Securities / Morgan Stanley / RBS Cleary Gottlieb Steen & Hamilton / Jipyong & Jisung Davis Polk & Wardwell - John Paton Senior High-yield Bond Issue $150 million Sound Global Deutsche Bank / HSBC Troutman Sanders / WongPartnership Sidley Austin / Zhong Lun

Transfer pricing can be a contentious area for authorities and taxpayers at the best of times. But in an emerging economy, with limited capacity like South Africa, getting the true picture from multinational corporations throws up challenges of its own.

Understanding the tensions of tax policy today requires a history lesson about how the laws and requirements came to be so, -only then can we begin to find realistic solutions for businesses and tax authorities, said Cym Lowell of the International Chamber of Commerce (ICC).

Carbon taxes are on the rise across the world, but the sensible business will see the benefits, not just the costs.

The UK removed low value consignment relief (LVCR) from mail order goods earlier this year to prevent VAT abuse, but supply chain management company Euro Fulfilment is soliciting business from the UK music industry by shipping via Spain to get around it.

Robert Waterson, of Dorsey & Whitney, examines Advocate General Kokott’s opinion in the Grattan case last week, and explains why it is bad news for taxpayers relying on the principle of fiscal neutrality.

A case involving a number of Ford Motor Company defined benefit (DB) pension funds was heard by the European Court of Justice (ECJ) last week, with an annual £100 million in VAT at stake.

The Ghanaian Parliament has adopted transfer pricing regulations to combat the "inadequate" taxation of transactions between related enterprises.