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The Canadian Department of Finance has released for public comment a package of draft legislative proposals relating to a number of technical changes to the country’s tax laws.

Two tax lawyers have joined the partnership of Latham & Watkins in the US.

Malta has reformed the structure of its tax administration to bring four organisations together under a new chief, who will be known as the commissioner for revenue.

The concept of goodwill in the transfer pricing of intangible assets was discussed by delegates at the OECD’s Working Party No 6 meeting last week.

The OECD’s Working Party No 6 meeting on the transfer pricing aspects of intangibles brought the aspect of synergies into discussion.

Before delegates left the OECD’s transfer pricing aspects of intangibles meeting on Monday night, they were asked a number of questions for overnight deliberation by Joseph Andrus, the new head of transfer pricing at the OECD.

This week’s OECD meeting with business representatives to discuss the transfer pricing aspects of intangibles began with a summary of the project so far.

The first package of austerity measures was voted by the House of Representatives on August 26 2011. The measures intend to assist Cyprus in reducing expenditure while increasing revenue and at the same time maintaining Cyprus's reputation as a stable and competitive financial centre. The changes entail amendments to various laws, including amendments to the immovable property tax whereas a second and most likely a third package of further financial changes is expected in subsequent months.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition Undisclosed Corporation Service Company (CSC) MLM Information Services Skadden, Arps, Slate, Meagher & Flom - Moshe Kushman Willkie Farr & Gallagher Investment Undisclosed Tencent Holdings Limited Kaixin001 Conyers Dill & Pearman; Han Kun Law Offices Davis Polk & Wardwell - John Paton, Adam Perry Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) SEC-registered offering $2 billion Royal Bank of Canada RBC Capital Markets; Goldman, Sachs & Co Sullivan & Cromwell; Norton Rose Davis Polk & Wardwell - Michael Farber, Arie Rubenstein Public notes offering $1.85 billion IBM (International Business Machines Corporation) Barclays Capital; BNP Paribas; Citigroup; JP Morgan Davis Polk & Wardwell - Michael Mollerus, Ethan Goldman Notes offering $1.15 billion Corporacion Nacional del Cobre de Chile (CODELCO) HSBC Securities; Mitsubishi UFJ Securities Cleary Gottlieb Steen & Hamilton; Carey y Cia Ltda Philippi, Yrarrazaval, Pulido & Brunner Abogados; Davis Polk & Wardwell - Michael Mollerus, Kerry Price SEC-registered follow-on public offering $1 billion Arcos Dorados Holdings Inc JP Morgan; Morgan Stanley; Citigroup; BofA Merrill Lynch; Itau BBA; Credit Suisse Davis Polk & Wardwell - Rachel Kleinberg, Yuliya Epifantseva Millbank, Tweed, Hadley & McCloy; Walkers SEC-registered notes offering $600 million CSX Corporation Citigroup Global Markets; Morgan Stanley & Co Davis Polk & Wardwell - Po Sit, Jason Chlipala Shearman & Sterling

The effects of the economic recession felt in a particularly strong way in certain EU member states have resulted in migration of many foreign companies to Bulgaria. Being one of the countries in the EU with the lowest (10%) corporate tax rate, Bulgaria offers stable economic environment, as well as simple and cost-effective procedure for accommodating businessmen searching for tax optimisation of their investments.