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Who will come out on top at International Tax Review’s Americas Tax Awards next month?

The upcoming Direct Taxes Code (DTC) in India was a common theme at International Tax Review’s India Tax Forum in Delhi last week, with implications on all areas of corporate tax.

The chances of the successful implementation of a common consolidated corporate tax base in the EU in the near future are mixed, if the opinion of a panel at the IFA annual congress is a good guide.

Japan's new finance minister, Jun Azumi has said he wants to cut the corporate tax rate amid fears that the rising value of the yen will encourage struggling business to relocate overseas.

Type of Agreement Country Country Date Signed Tax information exchange agreement South Africa Bermuda September 7 2011 Double taxation avoidance agreement UK Hungary September 7 2011 Double taxation avoidance agreement India Uruguay September 8 2011

Vodafone has become embroiled in yet another Indian tax dispute after being forced to pay $821 million "under protest".

The US Senate Finance Committee last week held a hearing to examine the tax code and propose recommendations for reform to the Joint Select Committee on Deficit Reduction, but the witnesses only agreed on one thing: that the corporate tax rate should be lowered.

The lower house of Parliament has approved a Bill to raise the lower VAT rate from 10% to 14%, however that is just the beginning.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Cash and share offer $2.4 billion Colfax Corporation Charter International PLC Skadden, Arps, Slate, Meagher & Flom Slaughter and May - Sara Luder, John Meehan Acquisition $1 billion Technip SA Global Industries Ltd Davis Polk & Wardwell - Harry Ballan Vinson & Elkins Acquisition $797 million Sberbank of Russia Volksbank International AG Freshfields Bruckhaus Deringer Schonherr; Bredin Prat Strategic pertnership $633 million Canal+ Group Bollore Group Davis Polk & Wardwell Group General Counsel - Claude Parisot Acquisition $78 million Bird Construction Inc HJ O'Connell, Ltd Davies Ward Phillips & Vineberg Acquisition Undisclosed Daher Vanatome and Verdelet Bredin Prat - Pierre-Henri Durand, Jean-Florent Mandelbaum HPML Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Revolving credit facility $3.5 billion Ecolab Inc Bank of America Skadden, Arps, Slate, Meagher & Flom Davis Polk & Wardwell - Sam Dimon, Arie Rubenstein Notes offering $2 billion Lockheed Martin Corporation Citigroup Global Markets; JP Morgan Securities Davis Polk & Wardwell - Po Sit, Anthony Oliva Initial public offering $816 million Banca Civica SA Credit Suisse; Morgan Stanley Davis Polk & Wardwell - John Paton, Sarah Joy Notes offering $500 million Praxair, Inc Credit Suisse Securities; RBS Securities; Mitsubishi UFJ; Wells Fargo Securities Davis Polk & Wardwell - Sam Dimon, Jason Chlipala

When it comes to transfer pricing, the world traditionally turns to the OECD and its Transfer Pricing Guidelines. But, as more countries attempt to implement transfer pricing guidelines and legislation, the demand for simplification, especially from developing countries, increases.