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The new comprehensive double tax agreement (CDTA) between Hong Kong and New Zealand exempts non-property holding companies from capital gains tax on alienation of shares, without any requirement on holding period or percentage of shareholding.

A recent transfer pricing dispute in China has reiterated the country’s shift from enforcement and administration towards complex transfer pricing issues and alignment with internationally recognised practices.

The Internal Revenue Service (IRS) is expected to expand its Compliance Assurance Programme (CAP) for large business taxpayers.

In January 2010, German government abolished property transfer tax in cases of companies undergoing a restructuring.

One of the authors of a review of the UK tax system told politicians today that the distinction between the treatment of debt and equity financing was not good for business.

Republicans and Democrats agree that the the country’s tax system is in dire need of repair.

A US appellate court has waded into the controversy surrounding questions of work product protection and attorney-client privilege in the context of disclosure to the IRS.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $3.5 billion RockTenn Company Smurfit-Stone Wachtell, Lipton, Rosen & Katz - Joshua Holmes Acquisition $1.5 billion Advent International The Priory Group Weil, Gotshal & Manges - Sarah Priestley Deloitte Acquisition $505 million Hubbard Broadcasting, Inc. Bonneville International Corporation Skadden, Arps, Slate, Meagher & Flom - Matthew Rosen, Kirk Wallace Merger Undisclosed SHL PreVisor Weil, Gotshal & Manges - Sarah Priestley KPMG Acquisition Undisclosed Skype Qik Inc. Fenwick & West - Adam Halpern, Larissa Neumann Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Global bond offering $4 billion HSBC Bank plc Shearman & Sterling - James Leslie, Shiu-Kay Hung Senior unsecured notes offering $2.4 billion HCP, Inc. BofA Merrill Lynch, UBS, Wells Fargo Securities, Citi and J.P. Morgan Skadden, Arps, Slate, Meagher & Flom - John Rayis, David Polster Senior notes offering $650 million Labco SAS Shearman & Sterling Bredin Prat - Anne Robert Registered notes offering $400 million ORIX Corporation UBS, Morgan Stanley, Nomura Securities, Citigroup, Merrill Lynch, Pierce, Fenner & Smith Davis Polk & Wardwell - John Paton, Kent Heggerud Simpson Thatcher & Bartlett LLP

Stephen Nelson has joined DLA Piper as partner in the firm’s Asia tax team. He will be based in Hong Kong.

Michael Fernhoff has joined Proskauer Rose as a partner in the firm’s Los Angeles office.