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In December 2011, the 2012 Mexican tax package was published in the Official Gazette.

The government has plans to make the collection of profit taxes in Montenegro more transparent.

After a series of last-minute changes, the Belgian 2012 budget has been approved with changes being made to provisions for short term capital gains, stock options, thin capitalisation restrictions and the introduction of a new general anti-avoidance rule.

Daniele Troisi has joined Prada, the Italian luxury goods group, as head of tax.

Since airlines were brought into the EU Emissions Trading Scheme (ETS) last month, long-haul countries have been stepping up the noise of protests which will only hurt the environment and taxpayers.

Tom Scott has joined McDermott Will & Emery as head of its London tax practice group, succeeding Peter Nias.

TYPE OF DEAL VALUE ACQUIRER TARGET ADVISER TO ACQUIRER (TAX) ADVISER TO TARGET (TAX) Acquisition $3.6 billion Outokumpu Inoxum Skadden, Arps, Slate, Meagher & Flom Hengeler Mueller - Stefanie Beinert, Martin Klein Acquisition $3.9 billion ABB Thomas & Betts Kirkland & Ellis Davis Polk & Wardwell Acquisition $1.5 billion Permira Genesys Clifford Chance / Fried, Frank, Harris, Shriver & Jacobson Acquisition $1.16 billion Amgen Micromet Sullivan & Cromwell - Ronald Creamer Cooley Acquisition $427 million Hudson's Bay Lord & Taylor Holdings Stikeman Elliott - Dean Kraus, Jonathan Willson Paul, Weiss, Rifkind, Wharton and Garrison Acquisition $108 million Dundee 5001 Yonge Street Osler, Hoskin & Harcourt Stikeman Elliott TYPE OF DEAL VALUE ISSUER / BORROWER LEAD MANAGERS / ARRANGERS ADVISER TO ISSUER / BORROWER (TAX) ADVISER TO LEAD MANAGERS (TAX) Loan Agreement $10.5 billion Schaeffler AG BNP Paribas / Commerzbank / Deutsche Bank / HSBC / JP Morgan / LBBW / RBS / UniCredit Hengeler Mueller Notes Offering $800 million CEVA Credit Suisse / Deutsche Bank / Goldman Sachs / JP Morgan / Morgan Stanley / UBS / Apollo Global Akin Gump Strauss Hauer & Feld Davis Polk & Wardwell - Harry Ballan, Changsheng Song / Linklaters Debut Global Offering $600 million Grupo Aval Goldman Sachs / JP Morgan Davis Polk & Wardwell - Harry Ballan, Juelle Gomes Simpson Thacher & Bartlett / Gómez-Pinzón Zuleta Subordinated Notes Offering $500 million AEGON Merrill Lynch / Citigroup / Morgan Stanley / Wells Fargo Davis Polk & Wardwell - John Paton, Adam Perry Incremental Revolving Credit Facility $131.5 million CEVA Credit Suisse Akin Gump Strauss Hauer & Feld Davis Polk & Wardwell

Dwight Mersereau has become a partner of McDermott Will & Emery’s US and international tax practice group, based in Washington, DC. He was previously with Miller & Chevalier.

Janusz Fiszer has joined PwC in Poland, becoming a partner in the integrated tax and legal practice.

When it comes to the Canadian general anti-avoidance rule (GAAR), it could be said that the difference between acceptable and unacceptable tax planning is in the eyes of the beholder.