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Taxpayers have responded favourably to the Commission’s plans to reform the EU’s VAT system, but they are concerned by anti-fraud measures and unrealistic proposals.

The UK government has released its designs for the new above-the-line R&D tax credit, as announced in George Osborne’s budget last week.

Type of Agreement Country Country Date Signed Double Taxation Avoidance Agreement (Amendment) Cyprus Poland March 22 2012

The OECD published a discussion draft on the future of permanent establishments (PE). Pallavi Bakhru & Nidhi Gupta of Walker, Chandiok & Co provide an insight into the Indian perspective and use examples on how the country interprets the definition of PE.

Doreen Lilly Griffith will become Grant Thornton’s new national managing partner of tax services from August 1 2012.

While George Osborne’s budget last week continued to advance the government’s message that the UK is open for business, some argue that this end-goal is being too aggressively pursued and that in fact the country is becoming too open for business.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $6.8 billion United Parcel Service TNT Express Freshfields Bruckhaus Deringer - Machiel Lambooij, Job van der Pol Allen & Overy Acquisition $6.15 billion Glencore International Viterra King & Wood Mallesons - Justin Cherrington / Bennett Jones Torys / Ashurst / Sidley Austin Acquisition $900 million Richardson International Viterra Stikeman Elliott - John Lorito, Francesco Gucciardo Acquisition $623.1 million Omega Pharma GSK (European portfolio of Healthcare OTC products) Hengeler Mueller / Slaughter & May / Bonelli Erede Acquisition $449 million NEC Convergys Davis Polk & Wardwell - Avishai Shachar, Anthony Oliva Wachtell, Lipton, Rosen & Katz - Deborah Paul, Rachel Carlton Acquisition $180 million Zynga OMGPOP Cooleys Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Notes Offering $2.5 billion Rio Tinto Citigroup / Credit Suisse / Deutsche Bank / J.P. Morgan / ANZ / Credit Agricole / Mitsubishi UFJ / SG Americas Linklaters Davis Polk & Wardwell - John Paton, Alon Gurfinkel Notes Offering $1.1 billion Medtronic Deutsche Bank / Merrill Lynch / UBS Fredrikson & Byron Davis Polk & Wardwell - Samuel Dimon, Juelle Gomes Vendor Financing $375 million Telefónica China Development Bank White & Case / Uría Menéndez / De Brauw Blackstone Westbroek Senior Notes Offering $300 million AK Steel Merrill Lynch / J.P. Morgan / Citigroup / Credit Suisse / Deutsche Bank / Wells Fargo Davis Polk & Wardwell - Samuel Dimon, Ethan Goldman Common Units Offering $288 million AmeriGas Wells Fargo / Barclays / Citigroup / Credit Suisse / Merrill Lynch / UBS Morgan, Lewis & Bockius Davis Polk & Wardwell - Neil Barr, Changsheng Song Common Stock Offering $145 million XPO Logistics Morgan Stanley / Deutsche Bank / Jefferies & Company Cravath, Swaine & Moore Davis Polk & Wardwell - Kathleen Ferrell, Isaac MacDonald

José Carlos Silva and Eduardo García Ruiz of Chevez, Ruiz, Zamarripa y Cia outline the opportunities available to taxpayers when using global depositary notes (GDNs) in Mexico.

In 2001, President Cardoso enacted a provisional measure into the Brazilian Tax Code which introduced controversial controlled foreign corporation (CFC) rules in Brazil.

With the Dutch Finance Minister calling on the European Commission to seek alternative means of taxing the financial sector, there are those in the media proclaiming the death of the financial transaction tax (FTT). They should not be listened to.