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Higher interest deductions from intragroup funding structures could be available because of the UK tax authority's approach to audits, believes Shiv Mahalingham of Chiltern

The OECD's Mary Bennett tells Sed Crest why double tax treaties should take more notice of arbitration

The year ahead is set to be action packed for tax markets around the world. Catherine Snowdon finds out about the fiscal hopes and fears around the globe

Julian Fortuna: Had a wonderful opportunity to come over After 11 years as vice president and general tax counsel to InterContinental Hotels Group (IHG), the world's largest hotel group, Julian Fortuna has become the first tax partner at Duane Morris' Atlanta office.

Type of deal Valuer Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition £267 million ($525 million) Blackstone (US) Tragus Group (UK) Simpson Thacher & Barlett (UK), DLA Piper (UK) Ashurst (Alexander Cox, UK) Acquisition €430 million ($557 million) Management buy-out backed by Sagard (France) and Ergon (Belgium) Aliplast Group (Belgium) Clifford Chance Ashurst Acquisition €122 million ($158 million) GE Real Estate Italia (Italy) Italian office properties in Milan and Rome Ashurst (Paola Flora, Italy) Acquisition €226 million ($293 million) Pamplona (UK) Johnson Matthey (ceramics division) (UK) Jones Day (UK) Herbert Smith (Michelle Williamson, UK) Acquisition £103 million ($203 million) BSkyB (UK) 365 Media (UK) Herbert Smith (UK) SJ Berwin (UK) Acquisition $1 billion Carlyle Group (US) Elkcorp (US) Debevoise & Plimpton (Peter Furci, Karl Lee, US) Wachtell Lipton Rosen & Katz (US) Acquisition undisclosed Carlyle Group (US) Atlas Roofing (US) Debevoise & Plimpton (Peter Furci, Karl Lee, US) Kirkpatrick & Lockhart Nicholson Graham (US) Acquisition $1.7 billion John H. Harland Company (US) M & F Worldwide (US) Cravath, Swaine & Moore (Stephen Gordon, Michael Breidenbach, US) Skadden, Arps, Slate, Meagher & Flom (Barnet Phillips, Ron Kovalsk, US) Acquisition £263 million ($517 million) Inchcape (UK) European Motor Holdings (UK) Slaughter and May (Dominic Robertson, UK) Freshfields Bruckhaus Deringer (UK) Acquisition $237 million Georgia-Pacific (US) five mills belonging to International Paper (US) Debevoise & Plimpton (Peter Furci, US) Acquisition C$1.25 billion ($1.07 billion) Nucor Corporation (US) Harris Steel (Canada) Stikeman Elliot (Canada) Goodmans (Maureen Berry, Canada) Acquisition $399 million Orascom Telecom Holding (Egypt) 7.91% stake in Orascom Telecom Algeria (Algeria) Gide Loyrette Nouel (Algeria) Allen & Overy (Dubai) Acquisition $2.35 billion Onex (Canada) Eastman Kodak (Health Group) (US) Kaye Scholer (US) Sullivan & Cromwell (US), Freshfields Bruckhaus Deringer (Europe) Merger $2.72 billion FairPoint (US) Verizon (Wireline businesses in Maine, New Hampshire, and Vermont) (US) Paul Hastings (US) Debevoise & Plimpton (Peter Furci, David Schnabel, Vadim Mahmoudov, Brooke Monahan McKeever, Gabriela Palmieri, US) Acquisition $4.8 billion General Electric (US) Smiths Aerospace (UK) Slaughter and May (Steve Edge, Gareth Miles, Dominic Robertson, UK) Allen & Overy (Brenda Coleman, UK) Acquisition £218 million ($429 million) Oak Hill Capital, GenNx360 Capital, and Knox Lawrence (US) Vertex Data Science (UK) Olswang (Stephen Hignett, Stephen Smith, UK) Slaughter and May (Graham Airs, Edward Denny, Timothy Woodthorpe, UK) Type of deal Value Issuer/Borrower Lead managers/ lenders Adviser to issuer/borrower (tax) Adviser to lead managers (tax) CDO €317 million ($410 million) Henderson Global Investors (collateral manager) (UK) Bank of America Securities (underwritter) (US) Ashurst (Ian Johnson, UK) Milbank Tweed Hadley & McCloy (UK) Notes issue €508 million ($658 million) Avoca CLO VI/ Avoca Capital Holdings (Ireland) Credit Suisse (Switzerland) Matheson Ormsby Prentice (Ireland) Ashurst (UK), McKee Nelson (US)

Henry An Jin-Young Lee On December 15 2006 the Ministry of Finance & Economy (MOFE) announced revisions to the enforcement regulations under the Law for the Coordination of International Tax Affairs (LCITA) which set forth transfer pricing documentation requirements. These revisions follow changes made to the LCITA and underlying the Presidential Enforcement Decree on May 24 2006 and August 24 2006, respectively.

Mikhail Filinov Ilarion Lemetyuynen Certain changes to Russian tax law came into force in 2007. Below we present an overview of some of them which may be of interest to international tax professionals.

Arne Kattouw The Dutch Supreme Court recently rendered judgement in several appeal cases concerning whether the Netherlands may levy tax on the wages of employees working abroad on a short-term basis for a foreign-affiliated company of their employer.

Laurent Grençon Nicolas Devillers New position of the Luxembourg VAT Authorities On December 29 2006, the VAT Authorities issued a long-awaited circular regarding changes in VAT aspects in the investment fund industry. These changes follow two major VAT cases brought to the European Court of Justice; the BBL case (C-8/03) and the Abbey National case (C-169/04).

Current documentation and advance pricing agreements are two strategies that could overcome the differences between OECD, Dutch and US services regulations, believe KPMG Meijburg & Co