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DLA Piper has created a new US tax desk in London to support their US/EMEA client base. They have relocated international tax partner Michael Lebovitz from Los Angeles to London. Lebovitz will be a real-time resource for US tax issues arising in the region. Before relocating to London, Lebovitz led DLA's tax practice in Los Angeles which was named that city's tax practice of the year in International Tax Review's 2011 Americas Tax Awards. Transfer pricing adviser Mike Patton will assume leadership responsibility for the firm's LA tax practice.

Pepsi Foods’ stay of application with the Indian legal system over a demand of Rs1.04 billion ($21 million) has been disposed by the Income Tax Appellate Tribunal (ITAT) but an appeal date has been set.

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

Type of Agreement Country Country Date Signed Double Tax Avoidance Agreement Georgia Hungary February 16 2012

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.

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.

Switzerland still remains an attractive place to do business, despite pressure from the EU to reform its cantonal corporate tax system.

Both taxpayers and officials need to change their approach to tax risk if they are to ensure greater compliance and reduce exposure to tax disputes, the Tax Council Policy Institute‘s annual symposium (TCPI) was told yesterday.

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.