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Boston Scientific, an international producer of medical devices, announced on Tuesday that the Internal Revenue Service (IRS) in the US has issued the corporation with a notice of deficiency, outlining unpaid taxes and interest.

The rise in UK VAT to 20%, which was announced last June, came into effect today. But while the government and opposition are debating the pros and cons of the controversial move, many other European jurisdictions are following the same trend.

Indian authorities are investigating possible tax evasion by Kraft Foods, the US food and beverage company, in relation to its purchase of the UK food company Cadbury in 2010.

The Internal Revenue Service (IRS) will extend its trial of new mediation and arbitration procedures for certain types of cases until December 31 2012.

Type of Agreement Country Country Date Signed Double Tax Agreement Jersey Estonia December 21 2010 Double Tax Agreement Switzerland Norway December 22 2010 Double Tax Agreement Singapore Libya December 23 2010 Double Tax Agreement Switzerland Mexico December 23 2010 Tax Information Exchange Agreement Sweden Liechtenstein December 29 2010 Tax Information Exchange Agreement Norway Liechtenstein December 29 2010 Tax Information Exchange Agreement Denmark Liechtenstein December 29 2010 Tax Information Exchange Agreement Faroe Islands Liechtenstein December 29 2010 Tax Information Exchange Agreement Greenland Liechtenstein December 29 2010 Tax Information Exchange Agreement Iceland Liechtenstein December 29 2010 Tax Information Exchange Agreement Finland Liechtenstein December 29 2010 Double Tax Agreement Malta Isle of Man January 1 2011

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $7.1 billion Bridas Corporation; Cnooc Ltd BP - Pan American Energy Bridas: Akin Gump Strauss Hauer & Feld. Cnooc: Baker & McKenzie Sullivan & Cromwell; Mitrani, Caballero, Rosso Alba, Francia, Ojam & Ruiz Moreno - Cristian Rosso Alba, Juan Manuel Soria, Lucia Ibarreche, Lucas Giardello Acquisition Undisclosed Gaumont Légende SAS Bredin Prat - Julien Gayral Bouhénic Baudin & Associés Acquisition Undisclosed Groupe La Montagne-Centre France Groupe Amaury Jean Martin Bredin Prat - Jean-Florent Mandelbaum Acquisition Undisclosed Continental Property Investments Area Property Uria Menéndez - Juan Antonio Fernández-Velilla, Andrés Espinós

The IMF has agreed to provide between 15 and 20 low and lower middle-income countries with around $30 million over five years to boost less developed tax systems across the globe.

The Federal Court of Canada (FCA) has confirmed a lower court decision holding that the payment of a taxpayer’s guarantee fee was in keeping with the arm’s length standard.

The Australian government announced it has addressed investment uncertainty for US-based fund managers by dealing with the FIN 48 issue.

Andrew Cullen, president of the Irish Taxation Institute, outlines the plans for the future of Ireland’s tax regime and explains how the next 12 months will be crucial for the sustainability of the country’s economy.