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The Indonesian Ministry of Finance has released long awaited regulations regarding the provision of tax facilities in the form of exemption from, or reductions in, the rate of corporate income tax.

Algirdas Šemeta, European Commissioner for Taxation and Customs Union, Audit and Anti-Fraud will propose broad objectives for the future VAT system by the end of the year.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $3.9 billion The Carlyle Group; Hellman & Friedman Pharmaceutical Product Development (PPD) Skadden, Arps, Slate, Meagher & Flom; Wyrick Robbins Yates & Ponton Acquisition $1.33 billion Minmetals Resources Ltd Anvil Mining Ltd Davies Ward Phillips & Vineberg Acquisition $775 million Toyo Seikan Kaisha Ltd Stolle Machinery Company (GSO Capital Partners LP) Davis Polk & Wardwell - Rachel Kleinberg, William Curran Kirkland & Ellis Acquisition $725 million Iochpe Holdings Hayes Lemmerz International Skadden, Arps, Slate, Meagher & Flom - Andre LeDuc Acquisition $550 million Sonoco Products Company Tegrant Corporation (Metalmark Capital) Davis Polk & Wardwell - Kathleen Ferrell Recapitalisation investment $175 million Thomas H Lee Partners First Bancorp Davis Polk & Wardwell; Weil Gotshal & Manges K&L Gates Acquisition Undisclosed Synopsys Inc Extreme DA Corporation Fenwick & West - Adam Halpern, Natalie Pardo de Zela Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Acquisition financing $1.23 billion Providence Equity Partners (acquiring Blackboard) Bank of America, NA; Deutsche Bank Securities; Morgan Stanley Senior Funding Inc Weil, Gotshal & Manges; Dewy & LeBoeuf Davis Polk & Wardwell - Michael Farber, Una Au Credit facility $750 million Micro Inc The Bank of Nova Scotia Davis Polk & Wardwell - Rachel Kleinberg Mayer Brown SEC-registered notes offering $400 million Bemis Company Inc JP Morgan Securities; Merrill Lynch, Pierce, Fenner & Smith; Wells Fargo; BNP Paribas Foley & Lardner Davis Polk & Wardwell - Michael Farber, Juelle Gomes

WTP Advisors has announced that Guy Sanschagrin, previously a PwC director, has joined its transfer pricing practice, based in Minneapolis.

UK taxpayers are experiencing a number of headaches when it comes to complying with the new bank levy, says a taxpayer at a large multinational bank.

Academics from Oxford University’s Centre for Business Taxation (CBT) have shown little support for the European Commission’s plans for a European financial transactions tax (FTT).

The Task Force on Financial Integrity & Economic Development’s annual conference in Paris last week showed how taxpayers could benefit from a more transparent reporting standard, but activists admitted they must do more to engage companies in the debate.

The US Supreme Court will hear a tax avoidance case that looks at whether overstatement of basis is an omission of gross income and so gives the Internal Revenue Service more time to investigate.

Adeline Wong and Jason Liang of Wong & Partners, Malaysia, explain why a recent court case shows that there is still a great deal of uncertainty in the country’s real estate tax laws.

The Indian transfer pricing authorities have no right to question the commercial wisdom of the taxpayer in incurring expenditure for business conduct, the Mumbai Income Tax Appellate Tribunal has ruled.