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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

Anti-avoidance has been the battleground in the courts in litigation between taxpayers and the commissioner of the Australian Taxation Office, report Stewart Grieve and Nasos Kaskani of Corrs Chambers Westgarth

Revisions of previous guidance is showing signs of a more conciliatory approach by the UK tax authorities. However they are still prepared to litigate, points out Helen Buchanan of Freshfields Bruckhaus Deringer

Joel Williamson, Scott Stewart, and Kelsey Arnold of Mayer Brown review some key themes, such as economic substance, from US tax litigation since the 1990s. They predict a return to traditional statutory and regulatory arguments in the tax cases of the future

Machiel Lambooij Freshfields Bruckhaus Deringer

Vittorio Salvadori di Wiesenhoff Freshfields Bruckhaus Deringer

Brendan Brown