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UK broadcaster, Virgin Media, has significantly reduced its VAT payments for high-definition TV channels after establishing a subsidiary under the attractive tax regime of Luxembourg.

On August 10 President Obama signed a jobs Bill (HR 1586) that will raise $11 billion in taxes on multinational corporations.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $3.18 billion Advent International and Bain Capital 80.01% stake in RBS's Global Merchant Services Weil, Gotshal & Manges Sarah Priestley Linklaters Martin Lynchehan, Lynne Walkington & David Wilson Acquisition $2.04 billion Santander RBS branches in England and Wales and NatWest branches in Scotland Slaughter and May Sara Luder & Ed Milliner Acquisition $736 million Companhia de Concessões Rodoviárias 73.45% stake in Rodovias Integradas do Oeste Machado Associados Advogados e Consultores Isabel Bertoletti, Ricardo Silveira Souza Cescon, Barrieu e Flesch Advogados Roberto Barrieu Acquisition $637 million Carlyle Eurzazeo's B&B Hotels Clifford Chance Bredin Prat Sébastien de Monès, Philippe Gosset & Magali Buchert Acquisition Undisclosed GE Healthcare MedPlexus Fenwick & West Idan Netser If you would like to raise the profile of your firm, please send deal information to Jack Grocott (jgrocott@euromoneyplc.com).

Paul O'Connor, vice president, taxes for Millipore Corporation in Massachusetts, has been elected president of Tax Executives Institute (TEI).

Type of Agreement Country Country Date Signed Tax Information Exchange Agreement New Zealand Vanuatu August 4 2010 Proposed Tax Information Exchange Agreement Bahamas South Africa August 5 2010 Proposed Tax Information Exchange Agreement Bermuda South Africa August 5 2010 Proposed Tax Information Exchange Agreement Cayman Islands South Africa August 5 2010 Proposed Tax Information Exchange Agreement Guernsey South Africa August 5 2010 Proposed Tax Information Exchange Agreement Jersey South Africa August 5 2010 Proposed Tax Information Exchange Agreement San Marino South Africa August 5 2010

The European Commission has rejected newspaper reports that it wants to introduce its own tax throughout the EU.

Luxembourg's corporate tax rules has been changed to include a minimum flat rate of €1,500 ($2000) income tax, which will apply to entities whose activities are not subject to a business license or do not require the approval of a supervisory authority.

Four Chinese provinces have applied to trial new environmental taxes being worked on by the Ministry of Finance, the State Administration of Taxation, and the Ministry of Environmental Protection, even before the proposals have been accepted by the State Council.

The Hungarian parliament approved the corporate tax changes proposed earlier this year, on July 22 2010.

China's State Administration of Taxation (SAT) has issued guidance on the tax treatment of enterprise reorganisations 15 months after the rules were changed. However, the amendments provide more questions than answers.