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An Income Tax Board of Review (Board) found in AQQ v Comptroller of Income Tax that a corporate reorganisation and financing arrangement that resulted in tax advantages could be disregarded by the Inland Revenue Authority of Singapore (IRAS).

In 2009, India did away with regulations regarding royalty payments to prepare for full convertibility of the rupee. Without these regulatory restrictions, some multinational companies have begun to re-evaluate the rates they are charging their Indian affiliates for royalties.

Type of Agreement Country Country Date Signed Tax information exchange agreement Isle of Man Japan June 21 2011 Tax information exchange agreement Isle of Man Indonesia June 22 2011 Tax information exchange agreement Australia Liechtenstein June 22 2011

Greg Wiebe has succeeded Loughlin Hickey as global head of tax for KPMG. He is a Canadian tax adviser, specialising in M&A and tax governance.

Finland’s newly formed government has agreed to introduce a levy on banks as part of an effort to ensure that the burden would be shared in any future bailout.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $1.8 billion DENTSPLY International Inc Astra Tech (AstraZeneca) Skadden, Arps, Slate, Meagher & Flom - Tim Sanders Acquisition $1.6 billion The Carlyle Group RAC (Aviva) Slaughter and May - Steve Edge, Owen Williams Acquisition $340 million Sumitomo Corporation Steel Wheels Acquisition Corporation Paul, Weiss, Rifkind, Wharton & Garrison Skadden, Arps, Slate, Meagher & Flom Majority investment $306 million Baidu Inc Qunar Davis Polk & Wardwell - John Paton, Alon Gurfinkel; Walkers; Haiwen & Partners Gunderson Dettmer; Maples & Calder; TransAsia Lawyers Acquisition $110 million INEOS Tessenderlo PVC & VMC Bredin Prat - Yves Rutschmann, Franck Morhain; Slaughter and May Acquisition Undisclosed PwC PRTM Management Consulting Davis Polk & Wardwell - Rachel Kleinberg, Michelle Messer Goodwin Procter Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Initial public offering $2.2 billion Prada S.p.A Banca IMI S.p.A; CLSA Limited; Goldman Sachs; UniCredit Bank AG Slaughter and May; Davis Polk & Wardwell - John Paton, Alon Gurfinkel; Bonelli Erede Pappalardo; Jun He Law Clifford Chance; Fangda Partners Initial public offering $235 million Pandora Media Inc Morgan Stanley; Citigroup; William Blair; Stifel, Nicolaus & Co; Wells Fargo Davis Polk & Wardwell Wilson Sonsini Goodrich & Rosati

Stefaan De Baets, a senior OECD representative, said the up-coming Working Party 6 meeting in November, to discuss the transfer pricing aspects of intangibles, would focus on valuation methods.

Jose Manuel Barroso, the Commission president, has suggested that it will proceed with legislation introducing a financial transactions tax (FTT).

Transocean, the world’s largest offshore drilling company, has been hit with accusations that it dodged tax on NKr10 billion ($1.8 billion) of revenue.

PwC in Malta, the largest professional services organisation in the country,has announced the promotion to partner of Bernard Attard. The appointment is effective from July 1 2011.