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As the focus on the tax arrangements of large corporations continues to grow, the waiving of corporate tax breaks by sponsors of the London 2012 Olympic Games is a sign that companies are beginning to treat tax transparency more and more seriously.

By Taehyung Kim of Deloitte

South Korea has introduced procedures to harmonise the customs and transfer pricing laws but there are still some areas of uncertainty for taxpayers.

In the latest of a series of hearings looking at comprehensive reform of the US tax code, the Ways and Means Committee last week assessed the issue of reform and its impact on the manufacturing sector, with manufacturers disagreeing over which tax breaks they would be willing to give up to accommodate a lower corporate tax rate.

Type of Agreement Country Country Date Signed Double Taxation Avoidance Agreement Ethiopia Seychelles July 14 2012

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $6.6 billion BC Partners / CPP Investment Board Suddenlink Torys / Fried, Frank, Harris, Shriver & Jacobson Latham & Watkins / Wachtell, Lipton, Rosen & Katz Acquisition $3.6 billion GlaxoSmithKline Human Genome Sciences Wachtell, Lipton, Rosen and Katz / Cleary Gottlieb Steen & Hamilton Skadden, Arps, Slate, Meagher & Flom / DLA Piper Acquisition $1.9 billion Georgia Gulf PPG Jones Day Wachtell, Lipton, Rosen & Katz Acquisition $1.9 billion TPG Capital Par Pharmaceutical Ropes & Gray / Cravath Swaine & Moore Orrick, Herrington & Sutcliffe Acquisition $1.36 billion Cogeco Cable Atlantic Broadband Stikeman Elliott / Simpson Thacher & Bartlett / Wiley Rein Kirkland & Ellis Acquisition $925 million Thermo Fisher Scientific One Lambda Wilmer Cutler Pickering Hale and Dorr / Seth Hoogasian Sheppard, Mullin, Richter & Hampton Acquisition $550 million State Street Corporation Goldman Sachs Administration Services Sullivan & Cromwell Acquisition $275 million Accor Grupo Posadas Lefosse Advogados Acquisition $208 million RBC Dexia Ocean Properties WongPartnership Lee & Lee Acquisition Undisclosed NBCUniversal MSNBC Digital Network Davis Polk & Wardwell - Avishai Shachar, Neil Barr Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Medium-term Note Programme $1.59 billion Changi Airport Group WongPartnership Allen & Gledhill Rights Issue $448 million SPAusNet Macquarie Group / UBS WongPartnership Medium-term Note Programme $397 million Keppel Telecommunications & Transportation United Overseas Bank Allen & Gledhill WongPartnership Initial Public Offering $215 million Yongda UBS / HSBC / BOCOM Davis Polk & Wardwell - John Paton Paul Hastings

It is a rare occurrence for the Supreme Court of Canada (SCC) to rule on GST/HST matters. In Calgary (City) v. Canada, the City of Calgary effectively claimed 100% of the GST that it paid for the construction of its transit facilities by way of an input tax credit (ITC).

Why News Corp’s Australian victory boosts confidence in claiming deductions, how the OECD plans to shape China’s future tax policy, and why the UK may be about to make one more VAT u-turn were just three articles that appeared on ITR Premium last week.

Sophie Vanesse and David Capocci of Deloitte explore the advantages and implications of the recent amendment to the Luxembourg-Poland double taxation avoidance agreement.

India’s new president, Pranab Mukherjee, has confirmed that consultations and review of the proposed general anti-avoidance rule (GAAR) had started before he stepped down as finance minister.