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In times of austerity, governments have various fiscal options available to them to target economic growth. Despite a range of options to choose from, there seems to be one particular measure that is in vogue at the moment: the R&D tax credit.

Multinationals operating in Europe would be foolish not to consider the treasury and tax implications of a country exiting the single currency, and conduct some impact assessments to help ensure the best outcomes for the business if such a situation does arise.

Type of Agreement Country Country Date Signed Double Taxation Avoidance Agreement (amendment) India UAE April 16 2012 Double Taxation Avoidance Agreement Palestine Sri Lanka April 16 2012 Tax Information Exchange Agreement Liechtenstein Sweden April 19 2012

Indian senior tax advocate, Porus Kaka, will become president of the International Fiscal Association (IFA) next year if his nomination is approved at the annual congress in September.

TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Acquisition $4.4 billion SXC Health Solutions Catalyst Health Solutions Sidley Austin Milbank, Tweed, Hadley & McCloy / Stikeman Elliott - Dean Kraus, John O'Connor Acquisition $2.8 billion Couche-Tard Statoil Davies Ward Phillips & Vineberg / Eversheds Thommessen Junior subordinated debenture and warrant repurchase $2.4 billion The Hartford Allianz Sullivan & Cromwell Acquisition $2.04 billion TE Connectivity Deutsch Group Davis Polk & Wardwell Linklaters Acquisition $1.15 billion CPPIB Grupo Costanera Sullivan & Cromwell Whie & Case Acquisition $1.13 billion Audi Ducati Chiomenti Acquisition $850 million Toshiba Tec IBM (point-of-sale terminal business) Morrison & Foerster / Stikeman Elliott Cravath Swaine & Moore Acquisition $199.2 million M2 Telecommunications Primus Telcom Lander & Rogers TYPE OF DEAL VALUE ISSUER / BORROWER LEAD MANAGERS / ARRANGERS ADVISER TO ISSUER / BORROWER ADVISER TO LEAD MANAGERS Initial Public Offering $477 million MRC Global Goldman Sachs / Barclays Fried, Frank, Harris, Shriver & Jacobson Davis Polk & Wardwell - Michael Farber, Isaac MacDonald Revolving Credit Facility $155 million Ausdrill Commonwealth Bank of Australia King & Wood Mallesons Freehills

New German rules on the documentation required to obtain VAT exemptions on supplies between EU member states will lead to an increased administrative burden and VAT risks for companies.

The press is no longer policing whether businesses in the tourism industry are passing the VAT cut on to customers, but despite a few cynical moves, the cut is likely to be extended.

Chris Lenon, group strategic adviser, for tax policy at Rio Tinto looks at how best to design environmental tax policy and incentives

Article 48 of the Federal Fiscal Code provides the procedure to be followed by the tax authorities where an audit or review takes place at the tax authority’s offices (not in the domicile of the taxpayer).

The Italian Ministry of Environment met yesterday to discuss plans for introducing a carbon tax. Aldo Ravazzi, an economist at the ministry who is working on the tax, tells International Tax Review what he hopes to achieve.