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Tax directors from 25 different multinational companies in seven countries have shared their experiences with advance pricing agreements (APA).

The Finnish government has agreed on the budget framework for the next two years. To balance the state economy, the government has decided on economic measures worth €2.7 billion ($3.5 billion).

Type of Agreement Country Country Date Signed Double Taxation Avoidance Agreement Mexico Qatar May 14 2012 Tax Information Exchange Agreement Denmark Guatemala May 15 2012 Tax Information Exchange Agreement Faroe Islands Guatemala May 15 2012 Tax Information Exchange Agreement Finland Guatemala May 15 2012 Tax Information Exchange Agreement Greenland Guatemala May 15 2012 Tax Information Exchange Agreement Iceland Guatemala May 15 2012 Tax Information Exchange Agreement Norway Guatemala May 15 2012 Tax Information Exchange Agreement Sweden Guatemala May 15 2012 Double Taxation Avoidance Agreement Peru South Korea May 17 2012

If tax authorities are to combat double non-taxation then the application of targeted linking rules, and not harmonisation, is the only realistic option.

TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Acquisition $4.08 billion Macquarie European / Infinity Investments / British Columbia / MEAG MUNICH ERGO Open Grid Europe Hengeler Mueller - Stefanie Beinert Acquisition $3.9 billion ABB Thomas & Betts Kirkland & Ellis Davis Polk & Wardwell Acquisition $2.2 billion Agilent Technologies Dako (EQTV) Cleary Gottlieb Steen & Hamilton / Kromann Reumert Davis Polk & Wardwell - Neil Barr / Accura Acquisition $2.2 billion China Guangdong Nuclear Power Extract Resources Ashurst / Stikeman Elliott / Minter Ellison Clayton Utz Acquisition $1.9 billion Bright Food Weetabix Linklaters / Stikeman Elliott Mills & Reeve / Weil Gotshal & Manges Acquisition $678 million Perron Centro Galleria / Centro The Glen / Centro Colonnades King & Wood Mallesons Freehills Acquisition $605 million Nucor Skyline Steel (ArcelorMittal) Shearman & Sterling - Doug McFadyen Acquisition $238 million China Resources Gas AEI China Gas King & Wood Mallesons Clifford Chance PIPE $187 million JP Morgan Technicolor Gide Loyrette Nouel / Latham & Watkins Davis Polk & Wardwell Acquisition $136 million Cameco Nukem Hengeler Mueller - Matthias Scheifele Acquisition $100 million Crestview Partners Silver Creek Oil & Gas Davis Polk & Wardwell - Mary Conway Vinson & Elkins Merger Undisclosed IMX Resources Continental Nickel Stikeman Elliott / Finlaysons Osler, Hoskin & Harcourt / Corrs Chambers Westgarth TYPE OF DEAL VALUE ISSUER / BORROWER LEAD MANAGERS / ARRANGERS ADVISER TO ISSUER / BORROWER ADVISER TO LEAD MANAGERS Senior Notes Offering $1 billion Discovery Communications J.P. Morgan / Merrill Lynch Wilmer Cutler Pickering Hale and Dorr Davis Polk & Wardwell Common Stock Offering $519 million SXC Health Solutions J.P. Morgan / Barclays Sidley Austin / Heenan Blaikie / Lackowicz & Hoffman Davis Polk & Wardwell / Davies Ward Phillips & Vineberg Senior Notes Offering $500 million Medicis Pharmaceutical Deutsche Bank / J.P. Morgan Latham & Watkins Davis Polk & Wardwell - Lucy Farr First-Mortgage Bond Offering $300 million Westar Energy BNP Paribas / Citigroup / J.P. Morgan Davis Polk & Wardwell - Rachel Kleinberg Hunton & Williams Initial Public Offering $100 million Edwards Group Barclays / Goldman Sachs / Deutsche Bank Weil, Gotshal & Manges / Maples & Calder Davis Polk & Wardwell - Harry Ballan

India’s finance minister has defended his government’s decision to amend the tax law with retroactive effect, but practitioners are not convinced by his arguments.

Despite UK Prime Minister David Cameron’s attempts to bury his head in the sand over the prospect of a financial transaction tax (FTT), its supporters are growing.

The Federal Arbitration Court for the Moscow Region has ruled against Naryanmarneftegaz (a ConocoPhilips/Lukoil JV) in a thin capitalisation dispute.

Sergio André Rocha, of Ernst & Young in Brazil, examines a recent decision concerning the interpretation of article 7 of Brazilian double tax conventions (DTCs).

The Indian Nokia case, concerning transfer pricing adjustments on excessive marketing spends, has been remanded back to the transfer pricing officer (TPO) in light of the retrospective changes in the Finance Bill.