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Laurent Grençon Mireille Rodius Recent pieces of legislation introduce a number of changes to the Luxembourg VAT law. The main changes are summarised hereafter.

Thomas Pippos Public consultation on New Zealand's international tax review that commenced in 2006 continues in 2008 with responses due on February 15 on the design features of an active income exemption and certain base maintenance measures.

Roberto del Toro Mario Gutierrez On January 10 2008 the Mexican tax authorities (Servicios de Administracion Tributaria, SAT) published on their website the new Compilation of Normative Criteria for 2007.

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

Bruno Gasparotto, VAT principal of Arendt & Medernach, says that recent European Court of Justice cases have muddied the water on the VAT recovery principles of holding companies

February was characterised – if by nothing else – by a surge of proposals to cut corporate taxes. Across the world governments announced that they would deliver proposals to national parliaments to make significant cuts to the headline corporate tax rates in their countries. Some of these were simple and fairly straightforward packages; others were vastly more complicated including sliding scales and lower rates for small businesses. But, in essence, each of these jurisdictions felt the pressure of international competition tightening.

Law firm Eversheds has recutited Clive Jones as an international tax partner. He comes from Clifford Chance where he was a senior associate with particular expertise in real estate and finance.

The EU is putting the final touches to proposals for a Common Consolidated Corporate Tax Base. Colm Kelly of PricewaterhouseCoopers, urges businesses to pay attention to these complex proposals

Conor Hynes of Deloitte explains why Ireland will keep its appeal for international finance

Ireland faces strong competition from Luxembourg, the Netherlands and other jurisdictions. But it is holding its own, say Conor Hurley and Ailish Finnerty of Arthur Cox