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Legislation Day delivered the long-awaited proposals for a patent box, but despite optimism from some companies, fears remain that it is too narrow and too complex to achieve its intended objectives.

The SEC’s chief accountant explained on Monday why the organisation has had to put back its decision on whether or not International Financial Reporting Standards should be adopted in the US.

India has too many obstacles to overcome before it can apply IFRS, warn advisers who predict its implementation is still 18 months away.

Type of Agreement Country Country Date Signed Link Tax Information Exchange Agreement Canada Turks and Caicos Islands October 6 2011 Link Tax Information Exchange Agreement Bermuda Malta November 25 2011 Double Taxation Avoidance Agreement India Nepal November 27 2011 Tax Information Exchange Agreement Japan Jersey December 2 2011 Tax Information Exchange Agreement Poland Jersey December 2 2011

Assistant Treasurer Bill Shorten has released a discussion paper that deals with possible reform of the taxation of trusts, which he says will give more than 660,000 trusts the opportunity to have a say in their own financial future.

The South Korean government intends to reduce the top marginal corporate tax rate from 22% to 20% in 2012 for businesses with a taxable income of between W200 million ($178,000) and W50 billion ($45 million), in a welcome move for SMEs.

The UK Treasury has today released details on its plans to reform its controlled foreign companies (CFC) rules as well as issuing details on the country’s new patent box.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $18.6 billion United Technologies Corporation Goodrich Corporation Davies Ward Phillips & Vineberg LLP; Wachtell, Lipton, Rosen & Katz Jones Day Acquisition $3.6 billion Verizon Wireless Comcast Corporation Davis Polk & Wardwell - Mary Conway, Ethan Goldman Davis Polk & Wardwell - Avishai Shachar, Neil Barr, Kay Ng Acquisition $3.4 billion SAP SuccessFactors JP Morgan Chase Fenwick & West - Ron Schrotenboer, Zach Jones Merger $2.3 billion PAETEC Holding Corp. Windstream Corporation Hogan Lovells - Daniel M. Davidson, Scott D. McClure, Inga Rubin Skadden, Arps, Slate, Meagher & Flom LLP Acquisition $645 million Heineken International B.V. Galaxy Pub Estate (from RBS) Freshfields Bruckhaus Deringer - Sarah Falk Sapient Corporate Finance Cross-border merger Undisclosed Deutsche Bank ZRt. (Hungary) Deutsche Bank (Portugal) S.A. Hengeler Mueller Hengeler Mueller Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Five-year banking facility $845 million Ladbrokes Plc. Slaughter and May - Richard Levitt, Gareth Miles Notes offering $500 million Banco do Brasil BB Securities Ltd, Banco Bradesco BBI S.A., Citigroup; HSBC; J.P. Morgan Clifford Chance US LLP, Campos Mello Advogados, Ogier Davis Polk & Wardwell - Maurice Blanco, Coutenay U. Myers Notes offering $500 million Canadian Pacific Railway Company J.P. Morgan Securities LLC Paul, Weiss, Rifkind, Wharton & Garrison LLP, Macleod Dixon LLP Davis Polk &Wardwell - Harry Ballan Public offering $200 million Netflix, Inc. Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC Wilson Sonsini Goodrich & Rosati Davis Polk & Wardwell - Bruce K. Dallas, Alan F. Denenberg

Ireland’s finance minister Michael Noonan today finally confirmed a two percentage point hike in the VAT rate and increased the country’s carbon tax.

The European Commission today released a white paper on the future of the EU’s VAT system, with many praising it for going further than was expected.