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The Ho Chi Minh City Tax Department in Vietnam has promised to investigate global companies who claim to make consistent losses in the country.

After years of delay, the Russian parliament has finally passed the new transfer pricing rules, though there have been significant amendments.

The Dominican Republic’s tax authority, Direccion General de Impuestos Internos (DGII), is implementing new documentation requirements on transfer pricing, effective fiscal year 2011.

Bangladesh’s National Board of Revenue intends to check irregular transfers of funds in a bid to reduce the estimated $35 billion revenue loss attributed to transfer pricing.

Country Country Date Signed Australia Macau July 12 2011 Jersey South Africa July 12 2011 Jersey Czech Republic July 12 2011 UK Armenia July 13 2011 Isle of Man Czech Republic July 18 2011

The UK’s gambling laws are set to change, enabling the government to tax gaming firms located overseas, though not for some time.

India’s tax authorities were dealt a blow on Friday after the Andhra Pradesh High Court dismissed their challenge to the taxability of a cross-border transaction.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $6.3 billion Consortium: Apax Partners; CPPIB; PSP Investments Kinetic Concepts Inc Morgan Stanley & Co; Simpson Thacher & Bartlett JP Morgan Securities; Skadden, Arps, Slate, Meagher & Flom; Cox Smith Matthews Inc Acquisition $930 million Hertz Global Holdings Inc Donlen Corporation Skadden, Arps, Slate, Meagher & Flom - David Levy Acquisition $202 million Aetna PayFlex Holdings Inc Davis Polk & Wardwell - Harry Ballan, William Curran Acquisition Undisclosed Apollo Global Management (Joshua Harris) Philadelphia 76ers (Comcast Corporation) Davis Polk & Wardwell - Neil Barr, Kay Ng, Joshua Ruland Merger Undisclosed Validus Holdings Ltd Transatlantic Holdings Inc Greenhill & Co; Skadden, Arps, Slate, Meagher & Flom Acquisition Undisclosed Investor consortium Amprion GmbH (RWE AG) Hengeler Mueller - Ernst-Thomas Kraft Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) SEC-registered offering $2.25 billion Devon Energy Corporation Goldman, Sachs & Co; Morgan Stanley & Co; UBS Securities Skadden, Arps, Slate, Meagher & Flom Davis Polk & Wardwell - Lucy Farr, Juelle Gomes SEC-registered offering $1.5 billion General Dynamics Corporation Merrill Lynch, Pierce, Fenner & Smith; JP Morgan Securities; RBS Securities; Wells Fargo Securities Jenner & Block Davis Polk & Wardwell - Michael Mollerus, Anthony Oliva Global bond offering $1 billion Province of Ontario CIBC World Markets Corp; Deutsche Bank Securities; HSBC Securities; UBS Ltd Davis Polk & Wardwell SEC-registered offering $750 million Equinix Inc JP Morgan Securities; Citigroup Global Markets Inc Davis Polk & Wardwell - Rachel Kleinberg, Una Au Cahill Gordon & Reindel

Almost one year on from being elected as Australia’s first female prime minister, Julia Gillard has announced her government’s long-awaited package for climate change action. The plans include assistance for industries such as coal and steel.

India’s plans for a GST were given a boost today with the appointment of Sushil Modi as the new chairman of the Empowered Committee of State Finance Ministers.