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The UK’s ambitious plans to have the most competitive tax system in the G20 are way off course, says a group of leading taxpayers and academics.

Head of macroeconomics at PwC, John Hawksworth, has suggested that a 4% rise in VAT would be necessary to reduce public debt to 40% of GDP by 2050.

The Australian Taxation Office (ATO) is targeting foreign companies that shift profits offshore to reduce their local tax liability.

Type of Agreement Country Country Date Signed Tax information exchange agreement Panama France June 30 2011 Tax information exchange agreement Canada Bermuda July 1 2011

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $465 million Fiserv Inc CashEdge Inc Sullivan & Cromwell - Ronald Creamer Acquisition Undisclosed YuMe Inc Appealing Media Ltd Taylor Wessing - Neil McKnight, James Meakin New Media Law Acquisition Undisclosed CITIC Dicastal KSM Castings Group Hengeler Mueller; Slaughter and May Acquisition Undisclosed Medidata Solutions Inc Clinical Force Ltd Taylor Wessing - James Stewart Taylor Vinters Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Initial public offering $580 million Qualicorp S.A. Merrill Lynch, Pierce, Fenner & Smith; Credit Suisse; Goldman Sachs; Bradesco Securities Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados; Latham & Watkins Davis Polk & Wardwell - Neil Barr, Arie Rubenstein; Lefosse Advogados Global equity offering $379 million BR Properties S.A. Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados; Davis Polk & Wardwell - Lucy Farr, Brian Radigan White & Case; Pinheiro Guimaraes Advogados Global equity offering $372 million Kroton Educacional S.A. Davis Polk & Wardwell - Rachel Kleinberg, Lucy Farr, Michelle Messer, Una Au White & Case; Tauil & Chequer Advogados Initial public offering $246 million Technos S.A. Davis Polk & Wardwell - Rachel Kleinberg, Aharon Illouz, Patrick Sigmon Cleary Gottlieb Steen & Hamilton; Pinheiro Guimaraes Advogados Rights issue Undisclosed Workspace Group plc Investec; Espirito Santo Simmons & Simmons - Nick Cronkshaw, Zoe Arnatov

Michigan Democratic Senator Carl Levin at a July 12 press conference presented a revised version of his 2009 Stop Tax Haven Abuse Act. The Bill would close loopholes connected with offshore credit-default swaps and foreign subsidiary deposits and would require firms to do country-by-country reporting.

The Italian tax authorities have released guidelines on accessing the transfer pricing penalty protection regime. The transfer pricing rules themselves remain unaffected, but the guidelines clarify the procedure for application to obtain penalty protection.

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.

As the August 2 deadline to raise the US debt ceiling approaches, members of Congress are calling on President Obama to negotiate a deal that will encompass far-reaching measures, including comprehensive tax reform.

Michigan Senator Carl Levin is scheduled to present in a press conference tomorrow a revised version of earlier legislation he introduced in 2009 to fight tax avoidance.