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The Japanese and Australian competent authorities held a seminar last week to discuss a more streamlined approach to bilateral advance pricing agreements (APA) between the two countries.

Australia’s Assistant Treasurer expects to implement a series of tax breaks for foreign investment funds next month.

German Chancellor Angela Merkel has hit out against governments that shy away from compelling the financial sector to contribute to its role in the economic turmoil.

Senators John McCain (Rep-Arizona) and Kay Hagan (Dem-North Carolina) have proposed a reduction in the tax rate for repatriated foreign earnings, from 35% down to 8.75%, for a period of one year, but permanent implementation may be needed to benefit the economy in the long run.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $230 million Roche Anadys Pharmaceuticals Inc Davis Polk & Wardwell - Michael Mollerus Acquisition $90 million Keynote Systems Inc Mobile Complete Inc dba DeviceAnywhere Fenwick & West - Matthew Noerper Acquisition Undisclosed Facebook Inc Somo Enterprises, Inc dba Friend.ly Fenwick & West - Larissa Neumann Acquisition Undisclosed Nuance Communications Inc Swype Inc Fenwick & West - Jay Cosel Acquisition Undisclosed Exponential Interactive Inc AdoTube Inc Fenwick & West - Larissa Neumann Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) SEC-registered global equity offering $891 million TIM Participacoes SA Davis Polk & Wardwell - Harry Ballan, Una Au; Lefosse Advogados Milbank, Tweed, Hadley & McCloy; Mattos Filho, Marrey Jr e Quiroga Advogados Acquisition financing $500 million Joy Global Inc Goldman, Sachs & Co; JP Morgan Securities; Merrill Lynch, Pierce, Fenner & Smith Inc Covington & Burling Davis Polk & Wardwell - Samuel Dimon, Changsheng Song SEC-registered consent solicitation $400 million NBCUniversal Davis Polk & Wardwell - Rachel Kleinberg, Una Au Debt tender offer Undisclosed True Move Company Limited Deutsche Bank AG; Citibank NA Davis Polk & Wardwell - John Paton, Adam Perry Milbank, Tweed, Hadley & McCloy; Patterson Belknap Webb & Tyler

By Kathrine Kimball, Aaron Bone, and Minjung Kim of Charles River Associates

A new GST network in India has been launched which will implement the IT infrastructure necessary to introduce the new tax.

Google is under audit in the US following reports it uses transfer pricing to reduce its overseas effective tax rate down to just 2.4%.

One year on, the Norwegian tax authorities annual report shows transfer pricing is still a key focus area. Amrit Paul Singh and Hans-Martin Jørgensen of Deloitte explain why.

Tax compliance in the banking sector has become a top priority for revenue authorities since the global economic turmoil began in 2008 and a meeting in Rome this week emphasised the point.