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Elena Kostovska The taxation of capital gains realised from the sale of financial instruments in FYR Macedonia was introduced in 2006. Capital gains in this case are considered to be the positive incomes realised from the sale of company shares, bonds, stocks and shares in investment funds, derivative financial instruments, foreign securities and other financial instruments that the Commission of Securities considers as financial instruments. Liable for the tax payment is the individual who has traded with the instruments and performed the sale.

Uruguay has enacted a double tax treaty (DTT) with Spain to strengthen ties with a historical trading partner in the EU.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $7.4 billion Ventas Nationwide Health Properties Wachtell, Lipton, Rosen & Katz Skadden, Arps, Slate, Meagher & Flom - Michael Beinus Acquisition $2.4 billion Health Care REIT Genesis HealthCare Skadden, Arps, Slate, Meagher & Flom - Maxwell Miller Acquisition $673 million News Corporation Shine Group Hogan Lovells - Ira Sheinfeld, Philip Altman Acquisition $450 million Valeo; RHJ International SA; Nissan Niles Davis Polk & Wardwell Acquisition $340 million Imerys Luzenac Group Latham & Watkins - Olivia Rauch-Ravisé Acquisition Undisclosed BATS Global Markets Chi-X Europe Ltd Davis Polk & Wardwell - Neil Barr, Aharon Illouz Slaughter and May Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Cash tender offer $400 million Honeywell International Merrill Lynch, Pierce, Fenner & Smith; Barclays Capital; Citigroup Global Markets Cleary, Gottlieb, Steen & Hamilton Davis Polk & Wardwell - Michael Farber, Craig Phillips SEC-registered secondary offering $102 million EnerSys Goldman, Sachs & Co Skadden, Arps, Slate, Meagher & Flom Davis Polk & Wardwell

India’s budget, announced Monday, could make India one of the strictest transfer pricing regimes in the world, according to advisers.

Draft legislation on Australia’s controlled foreign company (CFC) rules and the tax treatment of certain foreign income has been released in an attempt to modernise the system. The changes mean tougher transfer pricing enforcement.

The Court of Appeal has ruled that UK thin capitalisation legislation is compatible with EU law, overturning a previous decision, on appeal from HM Revenue & Customs (HMRC).

India’s budget, announced today, could make India one of the strictest transfer pricing regimes in the world, according to advisers.

Taxpayers can breathe a sigh of relief and begin planning for the future after today’s Indian budget delivered a great deal of certainty for the future of the corporate tax system, though measures on the taxation of foreign dividends are not as appealing as they look and companies operating in special economic zones (SEZs) will have to pay more tax.

Foreign banks with permanent establishments (PE) in the UK may have difficulty in providing an accurate calculation for the bank levy, which was introduced in January this year.

The UK government is considering its response to a European Commission reasoned opinion to amend elements of its anti-avoidance legislation concerning the transfer of assets abroad and attribution of gains to members of non-UK resident companies.