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All countries of the Western Balkans tend to harmonise their tax laws with the legislation of the EU and implement necessary measures to attract foreign investors to the local financial market by creating preferential tax regimes. Capital gains laws are no exception to this, believe Slobodan Mihajlovic of Eurofast Taxand and Sead Dado Salkovic of Eurofast Global.

Chiu Wu Hong and Harvey Koenig of KPMG explain how Asian countries are using their tax systems to encourage R&D and pinpoint five steps taxpayers can take to benefit from the new regimes.

Irene Yong of Shearn Delamore & Co investigates the country’s efforts to enhance tax compliance and administration of transfer pricing by analysing the Inland Revenue Board of Malaysia’s decision to introduce measures to investigate cross-border activities.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $990 million Bloomberg BNA (Bureau of National Affairs) Skadden, Arps, Slate, Meagher & Flom Acquisition $155 million Greenbriar Private Equity LLC Anixter International's (aerospace division) Bredin Prat - Pierre-Henri Durand, Jean-Florent Mandelbaum Bersay & Associes Privatisation Undisclosed IDG Ventures Soko Fitness & Spa Group Davis Polk & Wardwell - Zhan Chen Cleary Gottlieb Steen & Hamilton Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Notes issuance $900 million VF Corporation BofA Merrill Lynch; JP Morgan Davis Polk & Wardwell - Kathleen Ferrell, Jason Chlipala Shearman & Sterling Real estate financing $470 million Societe Generale; DekaBank Deutsche Girozentrale; Corealcredit Bank; Deutsche Postbank Dundee International REIT Hengeler Mueller - Ernst-Thomas Kraft Senior notes offering $400 million The Western Union Company Citigroup Global Markets; Wells Fargo Securities Sidley Austin Davis Polk & Wardwell - Kathleen Ferrell, Kerry Price

Mee-Hyon Lee and Young-uk Park of Lee & Ko examine the definition and determining factors of a PE, and the resulting tax effects as it is interpreted and applied in Korea.

A case in China highlights that individuals involved in indirect share transfers of Chinese companies, regardless of whether they have been completed or not, are being targeted by the authorities.

Chinese tax authorities are giving financial institutions a deadline of only one to two weeks, rather than 20 days, to submit transfer pricing documentation for the 2008 and 2009 financial years.

Chinapat Visuttipat, of HNP Counsel – Taxand, looks at the tax consequences of business reorganisation.

The Delhi High Court has ruled that Rolls Royce’s operations in India created a permanent establishment and so is liable to tax.

Taxpayers in China transferring equity interests in Chinese companies are being advised to conduct appraisals to determine the fair market value of the transferred interest.