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The State Council of China has approved a pilot programme to replace turnover tax with a VAT.

The UN Committee of Experts on International Cooperation in Tax Matters is in progress this week in Geneva, Switzerland.

The definition of permanent establishment and the taxation of business profits are precisely inter-related and therefore can reasonably be considered common.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $3.8 billion Cigna Corporation HealthSpring Inc Davis Polk & Wardwell - Kathleen Ferrell, Anthony Oliva Skadden, Arps, Slate, Meagher & Flom Acquisition Undisclosed Coraid Yunteq Inc Fenwick & West - Adam Halpern Acquisition Undisclosed Chegg Student of Fortune Fenwick & West - Andy Kim, Zachery Jones Acquisition Undisclosed Ariba Inc b-process SA Davis Polk & Wardwell Willkie Farr & Gallagher; Gunderson Dettmer Stough Villeneuve Franklin & Hachigian Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) SEC-registered notes offering $3 billion GE Capital Barclays Capital; Citigroup; Credit Suisse; Deutsche Bank; JP Morgan; Merrill Lynch Davis Polk & Wardwell - Michael Farber Revolving credit agreements $1.72 billion National Rural Utilities Cooperative Finance Corporation JP Morgan Securities; RBS Securities Dewey & LeBoeuf Davis Polk & Wardwell SEC-registered notes offering $750 million JM Smucker Company JP Morgan; Merrill Lynch, Pierce, Fenner & Smith Calfee, Halter & Griswold Davis Polk & Wardwell - Harry Ballan, Juelle Gomes Senior secured credit facility $600 million DigitalGlobe Inc Morgan Stanley Senior Funding; JP Morgan Securities Skadden, Arps, Slate, Meagher & Flom Davis Polk & Wardwell - Samuel Dimon, Yuliya Epifantseva

In early August, the Brazilian government announced several measures with the aim of benefitting local manufacturers and exporters of goods and services. Referred to as Brasil Maior (Greater Brazil) and the subject of much media attention, the government's plan is to augment national competitiveness through incentives for technical innovation, research, and added value in production as well as provide clear advantages for exporters who are suffering from the continued appreciation of the Brazilian real.

When Jeffrey Owens announced his retirement as head of tax policy and administration at the OECD, the race was on to replace one of the most important figures in global tax affairs. Pascal Saint-Amans is that man and, in an exclusive interview, he discusses his priorities on transparency, transfer pricing and tax avoidance before taking up the position in February.

Republican Herman Cain has adapted his 9-9-9 tax code proposal to allow for exemptions. The simplicity of the 9-9-9 plan, with its uniform rates and lack of exemptions, was previously the defining aspect of Cain’s proposal, but recent opposition has shown the presidential candidate that flexibility is required.

The breadth of tax topics to be debated at the International Bar Association (IBA) annual conference in Dubai next week ranges from the use of partnerships and tax groups to the taxation of foreign currency gains and losses and taxation in the Gulf Cooperation Council (GCC) countries.

Norway does not have a formal advance pricing agreement (APA) programme but some taxpayers are achieving advance agreements with the authorities and the process is getting quicker. A pilot programme is now in place.

The UK Uncut protest group has backed calls for the resignation of Dave Hartnett, HM Revenue & Customs’ (HMRC) permanent secretary, over a tax settlement with Goldman Sachs.