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European taxpayers, advisers and politicians attending a conference discussing the Commission's green paper on the future of VAT heard how removing exemptions would make the tax more efficient and raise revenue, but the political will is unlikely to be there to implement such a controversial measure.

Draft regulations have been published for the new UK Investment Trust Company Tax Regime. The draft investment trust company (ITC) rules provide details on how the UK ITC tax regime will look.

Taxpayers in China have been sent a clear warning after the authorities confirmed that they are prepared to launch tax investigations based on unofficial information.

Adeline Wong and Wong Kae Jeen discuss a recent High Court case that will give companies more certainty about the application of withholding tax in cross-border transactions.

Jeffrey Owens, director of the OECD Centre for Tax Policy and Administration, was encouraged to see a strong tax current running through all the topics discussed at the Organisation’s ministerial meeting in Paris.

Supporters of the proposal to cut corporation tax to 12.5% gathered to hear Secretary of State for Northern Ireland, Owen Paterson, speak in Belfast on May 25 at the launch of the cross-party GrowNI campaign.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Joint venture $400 million Morgan Stanley Infrastructure (MSI) Isolux Corsán Concesiones (Isolux Corsán) Davis Polk & Wardwell; Garrigues; Allen & Overy; Amarchand & Mangaldas & Suresh A Shroff & Co. Uria Menendez; De Brauw Blackstone Westbroek NV; AZB & Partners Acquisition Undisclosed CVC Capital Partners Delachaux SA Bredin Prat - Sébastien de Monès, Anne Robert; Linklaters Hoche Société d'Avocats Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) SEC-registered debt offering $3.5 billion Texas Instruments Inc Morgan Stanley; JP Morgan; Merrill Lynch; Citigroup Davis Polk & Wardwell - Rachel Kleinberg, Ryan LaRosa SEC-registered offering $600 million CSX Corporation Credit Suisse Securities; UBS Securities Davis Polk & Wardwell - Po Sit, Jason Chlipala Shearman & Sterling Senior notes offering $500 million Aetna Inc Goldman, Sachs & Co; JP Morgan; Morgan Stanley; Citigroup; Merrill Lynch; Wells Fargo Davis Polk & Wardwell - Harry Ballan, Andrew Teruo Hayashi Sullivan & Cromwell Public notes offering $350 million Great Plains Energy Inc JP Morgan; Merrill Lynch; Mitsubishi UFJ Securities Dewey & LeBoeuf Davis Polk & Wardwell - Rachel Kleinberg, Ryan LaRosa Notes offering $350 million PagesJaune Groupe Bredin Prat - Jean-Florent Mandelbaum; Simpson Thacher & Bartlett; White & Case Private financing $230 million Xplornet Communications Inc Davies Ward Phillips & Vineberg - Scott Semer, Raj Juneja SEC-registered common stock offering $52 million Metabolix, Inc JP Morgan Securities Goodwin Procter Davis Polk & Wardwell - Rachel Kleinberg, Andrew Teruo Hayashi

Charities will lose hundreds of millions of pounds in VAT relief if the reforms outlined by the European Commission in a recent green paper, towards a simpler, more robust and efficient VAT system, are implemented.

The Cabinet Committee on Economic Affairs in India, this month approved the much-awaited proposal for the amendment of the Foreign Direct Investment (FDI) Policy to allow FDI in Indian limited liability partnerships (LLPs). This paves the way for a tax and regulatory efficient vehicle for doing business in the country.

By Isabel Verlinden, Leticia Ortega and Jurgen Meersman of PwC, Belgium