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Businesses want certainty, and they want quick, decisive action on tax reform. President Barack Obama’s budget did not provide for any of these, and the continuing delays in action being taken could hurt US companies for some time to come.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $2.7 billion Kellogg Pringles Wachtell, Lipton, Rosen & Katz Jones Day Acquisition $1.89 billion Patrizia Immobilien LBBW Immobilien Hengeler Mueller - Ernst-Thomas Kraft Acquisition $1 billion Glory Talaris (Carlyle) Slaughter & May Clifford Chance Share Sale $924 million Hapag-Lloyd TUI AG Hengeler Mueller - Martin Klein Acquisition Undisclosed Trilantic Capital Partners Billabong (Nixon) Sullivan & Cromwell - Ronald Creamer Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Senior Secured Credit Facility $800 million Roundy's Supermarkets Credit Suisse / J.P. Morgan Kirkland & Ellis Davis Polk & Wardwell - Po Sit, Patrick Sigmon Hybrid Securities Offer $500 million Colonial Goldman Sachs / Commonwealth Bank of Australia / Citigroup / Evans and Partners / RBS Freehills Mallesons Stephen Jaques Medium-term Note Programme $399 million Perennial China Retail Trust DBS / Standard Chartered Allen & Gledhill Wong Partnership - Christy Lim Acquisition Financing $375 million IHH Bank of America / CIMB / Credit Suisse / DBS Bank / Deutsche Bank / Goldman Sachs Allen & Gledhill Wong Partnership - Hui Choon Yuen, Goh Gin Nee, Trevor Chuan CMBS issuance $333 million DECO 2012-MHILL Deutsche Bank Hogan Lovells Walkers - Garry Ferguson, Andrew Traynor Notes Offering $300 million Kennametal J.P. Morgan / Merrill Lynch / RBS Buchanan Ingersoll & Rooney Davis Polk & Wardwell - Harry Ballan, Rhiannon Nakano, Patrick Sigmon Senior Notes Offering $300 million Synovus J.P. Morgan Davis Polk & Wardwell - Kathleen Ferrell, Yuliya Epifantseva Notes Offering $200 million Banco Santander - Chile Deutsche Bank / Goldman, Sachs / Santander Investment Davis Polk & Wardwell - Harry Ballan, Changsheng Song Shearman & Sterling Unsecured Subordinated Notes Offering $200 million Tabcorp UBS AG / Macquarie Capital / Westpac Allens Arthur Robinson Mallesons Stephen Jaques

An estimated $110 billion disappeared because of transfer mispricing on the import of crude oil in the EU and US between 2000 and 2010, a recent report from Publish What You Pay (PWYP) Norway said.

Not only has opposition to the Australian government’s carbon and mining taxes failed to subside as the implementation dates grow closer, it has even had a resurgence in recent weeks.

On December 26 2011 Russian Prime Minister Vladimir Putin signed Decree No. 1137 “Concerning forms and rules on the drawing-up (maintenance) of documents applied to VAT settlements” (hereafter – “the Decree”). Alexei Matveev of Ernst & Young Moscow looks at what this means for taxpayers.

HMRC’s revision of draft Retail Distribution Review (RDR) guidance on VAT liability has been well received by most financial advisers, but could lead to additional charges.

The concept of having a negative list of services, taxing all services comprehensively with a small list of exempt services, has been a frequent subject matter of discussion in recent past especially since India is on a cusp of undertaking sweeping reforms of its taxation regime with the advent of the Direct Taxes Code and unified GST, explains Sachin Menon, head of indirect tax at KPMG India.

Switzerland has long been a desirable location for multinationals, thanks largely to its extremely competitive corporate tax regime. Samuel Ramp and Oliver Jaeggi, of Tax Partner – Taxand, explain how new tax reforms initiated by the Swiss government will make the country’s regime even more attractive for international companies in future.

Almost unscathed by the sub-prime turmoil during the last couple of years, the Swiss real estate market is, and has always been, an attractive investment location. Stephan Pfenninger, of Tax Partner – Taxand, assesses the reasons why.

Any foreigner living in Switzerland will tell you they do things a little different, from how people work and play to how business is done. How customs is regulated is no exception, argue Simeon Probst and Christopher Roberts of PwC.