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K R Girish and Rohan Phatarphekar of KPMG discuss the reported agreement reached by the Indian and US competent authorities.

Jennifer Ryan, director of the international tax division at Canada Revenue Agency admits there is “no fairness” in transfer pricing documentation penalties.

Australian taxpayers are being warned not to give too much information to the country’s tax authorities after a questionnaire was distributed targeting multinational company transfer pricing policies.

The Chinese State Administration of Taxation (SAT) and the Hong Kong Inland Revenue Department (IRD) held a joint seminar earlier this month in the first public exchange between the two authorities about transfer pricing.

Brian Trauman has joined KPMG's economic and valuation services practice as a principal and the new East region leader of the transfer pricing controversy services practice. He will be based in New York.

The Swedish Parliament introduced new rules on cross-border contributions allowing Swedish parent companies to deduct a loss from a foreign subsidiary established within the European Economic Area (EEA).

Margarito Teves, the outgoing Philippines Finance Secretary, is asking the incoming government to raise VAT from 12% to 15%. The call comes as the country looks at ways to reduce its budget deficit, which reached 3.7% of GDP last year.

The new coalition government in the UK confirmed last week that David Gauke, the exchequer secretary to the Treasury, willoversee the UK tax system, including direct, indirect, business and personal taxation;. He will also be the lead minister on European and international tax issues and will have overall responsibility for the Finance Bill.

International Tax Review's weekly round up of the biggest deals and transactions.

Type of Agreement Country Country Date Signed Tax Information Exchange Agreement St Lucia Faroe Islands May 22 2010 Tax Information Exchange Agreement St Lucia Finland May 22 2010 Tax Information Exchange Agreement St Lucia Greenland May 22 2010 Tax Information Exchange Agreement St Lucia Iceland May 22 2010 Tax Information Exchange Agreement St Lucia Norway May 22 2010 Tax Information Exchange Agreement St Lucia Sweden May 22 2010 Additional Benefits Agreement Australia Isle of Man May 24 2010 Additional Benefits Agreement Australia British Virgin Islands May 24 2010 Additional Benefits Agreement Australia Jersey May 24 2010 Double Tax Treaty Austria Hong Kong May 25 2010 Double Tax Treaty Egypt Georgia May 25 2010