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Iwona Kaczanowska Since Poland's EU accession and implementation of the common system for VAT, taxation of incentive schemes designed to boost sales has been governed by interpretation issued by the Polish Ministry of Finance on December 30 2004. Two types of incentive have been in use: rebates, which are strictly related to specific supplies and which reduce the sales price, and other incentives, which are not related to any supply, for example, offered to customers for reaching an agreed level of purchases or for prompt payment, and which have been regarded as a supply of services by the purchaser. The interpretation concerning the second group of incentives is not in line with EC VAT Directive regulations. However, to avoid any potential disputes with the Polish tax authorities, taxpayers have been documenting sales incentives, such as, for reaching particular purchase levels, with VAT invoices and treating their receipt as a supply of services.

Gay Deuchar and Tim Steel of Ernst &Young review current proposals to change the UK CFC regime and argue that European Court of Justice rulings have put paid to it in its present form

By Catherine Snowdon, Americas correspondent, in Washington, DC

By Ralph Cunningham

Americas correspondent Catherine Snowdon discovers that the Canada Revenue Agency's technical expertise is respected but the organisation is feared by tax directors and advisers

By Joanna Faith

Smaller firms come to the fore in International Tax Review's first annual poll to find the world's leading tax transactional and planning practices

Neil Wilson Australian tax law has included a broad-based incentive for research and development (R&D) since 1985. In late 2007, a new incentive was introduced aimed specifically at taxpayers with international operations, being a tax concession to encourage such groups to locate R&D functions in Australia.

Gerard Cops and Tom Wallyn, of PricewaterhouseCoopers, argue that new Belgium-US tax treaty breaks new ground. Belgium could become an important gateway for US-inbound and outbound investments

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Merger $3.4 billion Roche Holding Ventana Medical Systems Davis Polk & Wardwell, Michael Mollerus & David Morris Sidley Austin, Sharp Sorenson Acquisition $1.5 billion AXA ING Seguros Debevoise & Plimpton, David Schnabel & Rafael Kariyev Cleary Gottlieb Steen & Hamilton, Kristofer Hess Acquisition $1.1 billion Kazakhmys Ekibastuz coal-fired power plant and the Maikuben West coal mine in Kazakhstan Allen & Overy Acquisition $1.05 billion Tata Chemicals General Chemical Industrial Products Hogan & Hartson, Scott Friedman Acquisition ?600 million ($890 million) La Caixa Spanish private banking business of Morgan Stanley Freshfields Bruckhaus Deringer Uría Menéndez, Rafael García Llaneza Acquisition £363 million ($707 million) GE Healthcare Life Sciences Whatman Slaughter and May, Gareth Miles & Ruth Evans Acquisition ?290 million ($422.5 million) Indian Sona Okegawa Precision Forgings ThyssenKrupp Präzisionsschmiede & ThyssenKrupp Precision Forge Shearman & Sterling, Johannes Frey Hengeler Mueller, Martin Klein Acquisition $395 million 3i Active Pharmaceutical Ingredients Linklaters, Lars Jonsson, Lina Hansson, Odile Fallenius, Stephen Land, Francisco Duque, Andrew Bloom Cravath Swaine & Moore, Stephen Gordon & Christian Brause Acquisition £174.5 million ($340 million) 3i Ultralase Travers Smith, Simon Skinner Garrigues Carlos Peiro & Javier Calatayud & Taylor Wessing, Nikol Davies Acquisition £145 million ($284 million) Cinven Limited LGV Capital Partners (Classic Hospitals Group ) Freshfields Bruckhaus Deringer Ashurst, Tom Cartwright Merger $200 million Kimco Realty Corporation Valad Property Group Wachtell, Lipton, Rosen & Katz, David Einhorn & Joshua Holmes Acquisition £58 million ($115.4 million) Tangerine Confectionery Monkhill (owned by Cadbury Schweppes) Dickson Minto Slaughter and May, Sara Luder & Ruth Evans Acquisition $105 million Diageo Rosenblum Cellars Sullivan & Cromwell, Ronald Creamer, Davis Wang & Janna Freed Acquisition $103 million Aastra Technologies Ericsson's enterprise communications business McCarthy Tétrault Acquisition ?41.5 million ($61.6 million) Movie Associations, subsidiary of Entertainment One RCV Entertainment Mayer Brown, Sandy Bhogal Acquisition £21.8 million ($42.8 million) Thomas Cook Group hotels4u.com Slaughter and May, Graham Airs, Sara Luder & John Meehan Maclay, Murray & Spens Acquisition $38 million 20-20 Technologies Planit Fusion Osborne Clarke, Ronan Lowney Acquisition £12.5 million ($24.9 million) Speedy Hire AMEC Pinsent Masons, John Christian Berwin Leighton Paisner, Neal Todd & Joanne Lifton Acquisition $6 million Metalrax Group Post Glover LifeLink Frost Brown Todd, Deloitte & Touche Acquisition £2.4 million ($4.8 million) Excel Maritime Carriers Quintana Maritime White & Case, William Dantzler & Michael Masri Morgan, Lewis & Bockius Acquisition Undisclosed AOL Goowy Media Simpson Thacher & Bartlett, Marcy Geller & Jonathan Goldstein Acquisition Undisclosed Stantec Secor International (owned by Arlington Capital Partners) Shearman & Sterling, Laurence Crouch, Eileen O'Pray, Anthony Eppert, Anil Kalia Gibson Dunn, Art Pasternak & Benjamin Rippeon Acquisition Undisclosed Sumitomo Heavy Industries Demag Ergotech Nörr Stiefenhofer Lutz, Tim Dümichen Hengeler Mueller, Martin Klein Acquisition Undisclosed Atempo Lighthouse Global Technologies Fenwick & West, Ron Schrotenboer Crowell & Moring, Charles Hwang & Jennifer Ray Acquisition Undisclosed Merrill Lynch Global Private Equity LGV Capital Partners (IDH Group) Clifford Chance CMS Cameron McKenna, Steven Sieff Acquisition Undisclosed Atisreal UK Hill Woolhouse Travers Smith, Simon Yates Gordons Acquisition Undisclosed OK Hockey NHL's Tampa Bay Lightning Weil Gotshal & Manges, Jared Rusman In-house counsel Acquisition Undisclosed Assa Abloy SimonsVoss Technologies Freshfields Bruckhaus Deringer, Norbert Schneider & Ernesto Drews Shearman & Sterling, Thomas Fox & Andreas Scheidle Acquisition Undisclosed Cognetas Fink Holding SJ Berwin, Markus Hill, Carsten Ludwig Acquisition Undisclosed Sun Microsystems Innotek Gleiss Lutz, Achim Dannecker & Alexander Werder Reichert & App Rechtsanwalte Steuerberater, Juergen Reichert Type of Deal Value Issuer/borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) IPO $1.1 billion MPX Energia UBS Securities Davis Polk & Wardwell, William Weigel & Joshua Ruland White & Case, Ray Simon Listing $130 million ReneSola Credit Suisse & Deutsche Bank Securities Pinsent Masons, Liz Morgan Bond offering Ps 1.2 billion ($111 million) The Export-Import Bank of Korea Merrill Lynch International Davis Polk & Wardwell, John Paton & Nora Newton Muller