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Chris Wales examines the tasks ahead of the new team at the UK's Treasury

The government in Seoul has decided to extend the period of a corporate tax cut - for larger foreign companies - from five to seven years in order to promote foreign investment in the country's free economic zone.

Richard Murphy argues that the news that Ireland is to review its corporation tax policies is welcome, but only if the parameters for debate are set appropriately.

Matthew Stevens has left Skadden Arps Slate Meagher & Flom to become a partner of Alston & Bird in its international tax group in Washington, DC.

Mishcon de Reya has recruited a new tax partner from Dewey Ballantine. David Blumenthal joins Mischon's corporate and commercial department. He was at Dewey Ballantine as a UK tax partner since 2004.

Taj, the French member of the Deloitte network, has added three new partners.

Credit Suisse tax director Edouard Markson has joined law firm Chadbourne & Parke as tax partner in its New York office.

Nélio B. Weiss Philippe Jeffrey The Brazilian authorities issued on July 24 2007, provisional measure 382 (PM 382) which granted specific tax reductions/incentives. The measure comprises some tax reductions aiming to stimulate investments in specific sectors of the economy, principally to the textile and leather, agriculture and automotive industries. The main provisions set forth in PM 382 can be summarised as follows:

Risk is something that goes hand in hand with the oil and gas industry. Militants' guns in Nigeria, political tensions surrounding reserves in Russia and Venezuela and production uncertainty that paticipants must accept: the market faces it all. There is another challenger - the tax authorities. And as Catherine Snowdon finds out, they are raising the stakes

Type of deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Merger $38.1 billion Rio Tinto Alcan Goodmans (Yi Wen Hsu) Merger Transocean ($31.7 billion) GlobalSantaFe ($17 billion) Transocean GlobalSantaFe Baker Botts Skadden, Arps, Slate, Meagher & Flom Acquisition $16.8 billion Danone Royal Numico De Brauw Blackstone Westbroek Allen & Overy Acquisition $16.3 billion Akzo Nobel ICI Slaughter and May (Jeanette Zaman, Tim Woodthorpe) Freshfields (Robert Kent, Arun Birla) Acquisition $16.2 billion Imperial Tobacco Altadis Urìa Menéndez (Rafael García Llaneza) Garrigues Acquisition $15.6 billion Continental Siemens VDO Automotive Freshfields Bruckhaus Deringer (Ulrich Blaas) Hengeler Mueller (Martin Klein) Acquisition $7.9 billion Hypo Real Estate Depfa Freshfield Bruckhaus Deringer