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By Clark Chandler and Steve Fortier (US)

By Robert van der Laan, PricewaterhouseCoopers, Netherlands

Jelle Bakker of Bakker Smit Vermeij looks at how draft amendments to the Dutch Corporate Income Tax Act might affect the current tax treatment of hybrid financing instruments. The changes are due to take effect at the beginning of 2007

The issue of time limits has come to the fore in tax cases at the European Court of Justice. The court would have to take a number of underlying issues into account before it could depart from existing case law, believes Liesl Fichardt of Dorsey & Whitney

The nature of international tax means that national revenue agencies and policy makers speak to each other all the time. Groups such as Jitsic (the joint international tax shelter information centre), which brings together the US, the UK, Canada and Australia in an effort against unlawful tax avoidance and the Leeds Castle group of national tax authorities, which as well as the four previously mentioned, includes China, France, Germany, India, Japan and South Korea, discuss best practices in matters such as compliance and administration. National tax authorities also take part in the work of multinational organizations such as the UN, the EU and the OECD.

Judith Harger has become the first tax partner in the London office of LeBoeuf Lamb Greene & Macrae. She joined from Denton Wilde Sapte.

By Stephen Morse and Sarah Norton (UK), Gianni de Robertis (Italy) and Keith Loughman (Ireland)

Cyprus' introduction of a new tax system, compliant with EU and OECD norms, on January 1 2003, combined with its entrance into the EU on May 1 2004 has led to a spectacular influx of foreign capital into the country, explains Rutger Kriek of Consulco

Type of deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $463 million Coloplast (Denmark) Mentor Corporation (US) Gide Loyrette Nouel France Welch Spell US Wilson Sonsini Goodrich & Rosati US Acquisition €109.9 million ($137.9 million) Ercros (Spain) Derivados Forestales (Spain) Uría Menéndez Spain Roca Junyent Spain Cortada Spain Acquisition £10.1 billion ($18.3 billion) Ferrovial consortium (International) BAA (UK) Freshfields Bruckhaus Deringer Roger Berner, Tom Passingham, Emma Bailey (UK) Fasken Martineau Alain Ranger, Gilles Carli (Canada) O'Melveny & Myers UK Herbert Smith Isaac Zailer, William Arrenberg (UK) Acquisition £3.6 billion ($6.52 billion) Resolution (UK) Abbey National life insurance (UK) Herbert Smith Howard Murray (UK) Slaughter and May Sara Luder, Simon Leatherman (UK) Acquisition $674.5 million Expro (UK) PowerWell (US) Freshfields Bruckhaus Deringer UK Acquisition £346 million ($627 million) Holmar (US) telent (UK) Allen & Overy UK Slaughter and May UK Acquisition undisclosed Allianz Cornhill (UK) Home and Legacy Insurance (UK) Slaughter and May Graham Earles, Daphna Zvi (UK) Macfarlanes UK Acquisition undisclosed Triton (Europe) Dematic (Germany) Freshfields Bruckhaus Deringer Germany Acquisition undisclosed Electronic Arts (US) Mythic Entertainment (US) Fenwick & West David Forst, Timothy Fitzgibbon (US) Acquisition $16.6 billion Johnson & Johnson (US) Pfizer Consumer Healthcare (US) Cravath Swaine & Moore William Brannan, Christian Brause (US) Cadwalader Wickersham & Taft US Merger $40 billion (total enterprise value) Phelps Dodge (US) Inco (US), Falconbridge (US) Debevoise & Plimpton Peter Furci (US) Acquisition £253 million ($458.5 million) British Land (UK) BL Davidson (UK) SJ Berwin UK Slaughter and May Graham Iversen, Paul Fahy (UK) Acquisition £163 million ($295 million) Exponent (UK) Trainline (UK) Travers Smith UK Herbert Smith Bradley Phillips, Andrea Craven (UK) Type of deal Value Issuer Lead managers Adviser to Issuer Adviser to lead managers Debt refinancing €1.6 billion ($2 billion) Prisa (UK) Syndicates of 40 banks (International) Uría Menéndez Spain Clifford Chance Spain Debt refinancing £138 million ($250.1 million) Tragus (UK) Barclays (UK) Ashurst Patricia Allen (UK) DLA Piper Rudnick Gray Cary UK IPO $9.7 billion Bank of China (China) BOC International, Goldman Sachs (US), UBS (US) Freshfields Bruckhaus Deringer Hong Kong Jun He Law Offices China Sullivan & Cromwell US Allen & Overy Hong Kong Shearman & Sterling Larry Crouch (US) Restructuring €270 million ($338.7 million) Pullmantur (Portugal) Banco Español De Crédito (Spain) Uría Menéndez Guillermo Canalejo (Spain) Debt capital markets $5.3 billion BBVA (Spain) JP Morgan (US), Lehman Brothers (US) Uría Menéndez Jesús López-Tello, Víctor Martín (Spain) Sidley Austin Brown & Wood US Bond issue €500 million ($627.2 million) Solvay (France) Deutsche Bank (Germany) Freshfields Bruckhaus Deringer Henk Verstraete (Belgium) Antoine Colonna d'Istria, Laurent Dabernat (France) IPO €235 million ($294.8 million) General de Alquiler de Maquinaria (Spain) Morgan Stanley (US) Uría Menéndez Spain Shearman & Sterling US Cuatrecasas Spain Winston & Strawn US

HM Revenue & Customs, the UK's tax authority, has said it will launch a study into the introduction of a general anti-avoidance rule.