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  • International Tax Review's weekly round up of the biggest deals and transactions.
  • The political opposition to VAT looks appears to great to overcome
  • International Tax Review is conducting a poll to find the 10 most admired tax directors in Europe.
  • Angela Savin has joined the partnership of Norton Rose in London. She specialises in tax litigation, Islamic finance, securitisations and structured finance.
  • Two companies that took on the tax authorities in the US and UK over transfer pricing issues, and achieved positive results, have now reported higher than expected earnings.
  • A Chinese tax official has revealed plans to broaden the scope of the country’s anti-avoidance agenda and also provided important statistics from 2009.
  • The Australian government has been criticised for being too cautious in its response to the Henry review into tax reform, despite initial plans to dramatically overhaul the entire system.
  • A white paper, published last week, predicts that a global drift towards indirect taxes, which began before the recession, will become further entrenched as governments seek to negotiate their new economic positions.
  • A Hong Kong court judgment will likely lead the Inland Revenue Department to take a firmer position in considering apportionment claims under import processing agreements. The Court of First Instance last month handed a win to the tax authorities in CIR v CG Lighting, in their appeal against a previous ruling. Processing agreement with a third party in China; claim for a 50:50 apportionment on its taxable income.
  • A key lesson of the global volume recession in 2008 and 2009 is that transfer pricing benchmarking and comparability studies need to be revised to take account of changing economic conditions, explain Seen Meng Chew and Harlow Higinbotham of NERA Economic Consulting