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From April 1, companies will have to pay more tax to China for the production of rare earth minerals. China supplies more than 97% of the world’s rare earths; and now taxpayers that operate in the sector are readying themselves for the impact of a tax increase.

Brazil is set to increase the tax levied on financial transactions after the government issued two decrees (7454 and 7456) on March 28 and 29.

George Clarke, Kevin Kenworthy and Elizabeth McGee address the uncertainty surrounding the application of the work-product doctrine for tax practitioners.

Intra-Community ex-works supply – exemption can be applied to the first of two subsequent supplies.

The Budget Committee of the US House of Representatives has responded to President Obama’s budget request in February with its own proposal that would see the corporate tax rate fall from 35% to 25% and eliminate or change tax reliefs for companies.

Law firm Berwin Leighton Paisner, headquartered in London, has appointed senior associate Richard Harbot to partner in the tax practice.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $417 million Cals Refineries Ltd Cenco and Atas Oil Refinery (Hardt Group) Shearman & Sterling - Bernie Pistillo, Amy Lewis Acquisition Undisclosed Cinven SLV Group Hengeler Mueller - Matthias Scheifele Acquisition Undisclosed Warburg Pincus Beijing Fanhua Datong Investment Management Co. (CNinsure Inc) Davis Polk & Wardwell - John Paton, Alon Gurfinkel Latham & Watkins Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Acquisition financing $3.6 billion PPL Capital Funding Inc BofA; Merrill Lynch, Pierce, Fenner & Smith; Credit Suisse Securities Davis Polk & Wardwell - Rachael Kleinberg SEC-registered offering $1 billion Limited Brands Inc Merrill Lynch, Pierce, Fenner & Smith; JP Morgan Securities; Citigroup Global Markets Davis Polk & Wardwell - Neil Barr, Arie Rubenstein Cahill Gordon & Reindell SEC-registered offering $1 billion Cliffs Natural Resources Citigroup; JP Morgan; Merrill Lynch, Pierce, Fenner & Smith Davis Polk & Wardwell - Harry Ballan, Andrew Teruo Hayashi Initial Public Offering $137.3 million ServiceSource International Morgan Stanley & Co Inc; Deutsche Bank Securities Inc Wilson Sonsini Goodrich & Rosati Davis Polk & Wardwell - Rachael Kleinberg, Ryan LaRosa Equity offering $50 million Affymax Inc Lazard Capital Markets; Stifel Nicolaus Weisel Cooley Davis Polk & Wardwell - Rachael Kleinberg, Ryan LaRosa

An EU conference has been given two contrasting messages about the effect of a financial activities tax (FAT).

Leading business advisory firm FTI Consulting has acquired LECG’s European business. The acquisition means that key practices such as the European Tax Advisory will be joining FTI.

Ian Sadler, a global compliance outsourcing expert, has been appointed as a partner in Deloitte’s tax practice. He is set to take a lead role in growing the tax management consulting group at the firm.