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The European Commission has recommended phasing out the levy by 2010 to encourage economic development. The levy, which is charged on capital contributions and restructuring, exists in seven member states: Greece, Spain, Cyprus, Luxembourg, Austria, Poland and Portugal.

The Korean electronics manufacturer is expanding its tax team on the Indian subcontinent, appointing a new head of tax for the region as well as other roles.

Samantha Nonnenkamp As announced by the Luxembourg government following the recent decision of the European Commission on 1929 holding companies, Luxembourg is introducing a new investment vehicle for private wealth investment. A draft law was put before the Luxembourg Parliament on November 20 2006, defining the characteristics and conditions of the Société de Gestion de Patrimoine Familial (or SPF).

Paul Dunne and Jacqueline Seggie of KPMG reveal that many of the proposals in the government's Business Tax Review discussion document seem more about ''business as usual'' rather than real reform

Akio Takisaki The new tax treaty between Japan and the UK entered into force on October 12. In Japan, the new treaty will be applicable to the following taxes:

Brito, D'Arrigo, Martinez & Asociados

PricewaterhouseCoopers took the top award at International Tax Review's Asia Tax Awards in Hong Kong on November 15. As well as Asia tax firm of the year, the firm also took the awards for tax in Australia, China and Singapore, the Asia transfer pricing firm of the year prize and the country awards for transfer pricing in Australia, China, India, New Zealand and South Korea. PuHua & Associates, PwC's associate, was the tax controversy firm of the year in Taiwan. The other pan-Asian award, for tax controversy, went to BMR & Associates of India, which also took the prize for tax controversy in India. Baker & McKenzie, Deloitte, Ernst & Young, Kim & Chang and KPMG also won more than one award.

Mike Durst: wants to give a personal focus to a smaller number of clients Mike Durst, a leading name in transfer pricing in the US, has left PricewaterhouseCoopers for the second time.

Type of deal Valuer Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $12.8 billion CEMEX (Mexico) Rinker Group (Australia) Cravath, Swaine & Moore Stephen Gordon, Christian Brause Acquisition undisclosed Providence Equity Partners (US) Idea Cellular (India) Debevoise & Plimpton Peter Schuur, Mai Nguyen Acquisition $700 million Saudi Basic Industries Corporation (Saudi Arabia) Huntsman Corporation (European base chemicals and polymers business) Slaughter and May William Watson, Lee Khvat Acquisition undisclosed Morgan Stanley (US) FrontPoint Partners (US) Cravath, Swaine & Moore Michael Schler, Ellen Kandel-Burg Davis Polk & Wardwell Sam Dimon, Mary Conway, Seth Poloner, Lisa Mahle Acquisition $3.7 billion Kos Pharmaceuticals (US) Abbott Laboratories (US) Cravath, Swaine & Moore Michael Schler, Vinay Shandal Holland & Knight Steven Sonberg Acquisition £1.6 billion ($3.15 billion) Blackstone (US), PAI Partners (France) United Biscuits Herbert Smith, Simpson Thacher Bartlett Allen & Overy, Feeshfields Bruckhaus Deringer Acquisition €4 billion ($5.32 billion) KKR (US), Goldman Sachs Capital Partners (US) Kion (Germany) Freshfields Bruckhaus Deringer Cyril Valentin, Claude Stansbury, Norbert Schneider Acquisition undisclosed Morgan Stanley Investment Management (US) Lansdowne Partners (UK) Slaughter and May Tony Beare, Dominic Robertson, Davis Polk & Wardwell Acquisition attempt $3.7 billion Isadore Sharp (Canada), Triples Holdings, Kingdom Hotels (Dubai), Cascade Investment (US) Four Seasons (Canada) Ogilvy Renault, Hogan & Hartson, Stikeman Elliott, Cleary Gottlieb Steen & Hamilton, McCarthy Tetrault Goodmans, Wachtell, Lipton, Rosen & Katz, Osler Hoskin & Harcourt Acquisition $25.9 billion Freeport-McMoran Copper (US) Phelps Dodge (US) Debevoise & Plimpton Peter Furci, Hugh Rowland Jr, Gabriela Palmieri Acquisition €865 million ($1.15 billion) Lagardère (France) Sportfive (Germany) Clifford Chance Eric Zeller, Etienne Genot Ashurst Klaus Herkenroth, Nina Siewert Acquisition $8 billion CSN (US) Corus Group (UK/Netherlands) Cravath Swaine & Moore Shearman & Sterling Acquisition $1.4 billion Johnson & Johnson (US) Conor Medsystems (US) Cravath Swaine & Moore William Brannan, Anne Kim Cooley Godward Kronish Merger $2.4 billion Ripplewood Holdings (US) Reader's Digest Association (US) Cravath Swaine & Moore William Brannan, Anne Kim Jones Day Acquisition HK$5.2 billlion ($668 million) GOME Electrical Appliances (Hong Kong) China Paradise Electronics Retail (China) Freshfields Bruckhaus Deringer Herbert Smith Acquisition €670 million ($890 million) Eurazeo/Europcar Groupe (France) National and Alamo Rent a Car (US) Bredin Prat Sebastien de Monès, Pierre-Henri Durand, Slaughter and May Richard Carson, Hengeler Muller Hermann-Josef, Tries Lars Kloster Acquisition £1.2 billion ($2.4 billion) Givaudan (France) Quest International (UK) Herbert Smith Derek Hill, Perminder Gainda Freshfields Bruckhaus Deringer Merger n/a Derwent Valley Holdings (UK) London Merchant Securities (UK) Slaughter and May William Watson, Gareth Miles Acquisition undisclosed IBM (US) Vallent (US) Cravath Swaine & Moore Andrew Needham, Rebecca Kysar Wilson Sonsini Merger €2.5 billion ($3.32 billion) Autostrade (Italy) Abertis (Spain) Uría Menéndez Rafael Fuster Acquisition €153 million ($203 million) TA Associates (US) eDreams (Spain) Ashurst Richard Palmer, Ceri Stoner, Stefano Serbini Freshfields Bruckhaus Deringer, Garrigues Acquisition £1.27 billion ($2.5 billion) Premier Foods (UK) RHM (UK) Weil Gotshal & Manges Doug Nave, Jane Scobie Ashurst UK Type of deal Value Issuer/Borrower Lead managers/ lenders Adviser to issuer/borrower (tax) Adviser to lead managers (tax) IPO $19.1 billion Industrial & Commercial Bank of China (China) China International Capital (China), Credit Suisse (Switzerland), Deutsche Bank (Germany), ICEA Holdings, Merrill Lynch (US) Herbert Smith, King & Wood, Davis Polk & Wardwell Shearman & Sterling, Freshfields Bruckhaus Deringer, Haiwen & Partners Bond financing $925 million Blue City Project (Oman) Bear Stearns (US) Cifford Chance Shearman & Sterling Securitisation refinancing £650 million ($1.28 billion) Telereal (UK) Freshfields Bruckhaus Deringer Sue Porter, Peter Cosmetatos Bond offering $2.25 billion Xstrata (Switzerland) Barclays Capital, JP Morgan (US), RBS Greenwich Capital (UK) Clifford Chance Helen Smyth, John Gower, Avrohom Gelber

Edward Tanenbaum Kevin Rowe Under the mutual agreement provision of the United States-United Kingdom Income Tax Treaty, (the Treaty,) the US and the UK competent authorities have agreed to alleviate potential double taxation under the dual consolidated loss (DCL) regimes of both countries. This is the first bilateral agreement under section 1.1503-2(g)(1) of the regulations.