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Only the tax departments that stay informed, collaborate in IT decision-making, and focus on the business issues will benefit from the technological change that service-oriented architecture is bringing, says Vertex

Two reports published in the US in the last year propose changes to corporate residency and territorial tax rules. Any changes could have serious consequences for the inbound planning of foreign multinationals, according to PricewaterhouseCoopers

Type of deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) M&A $67 million - $88 million Concur Technologies Outtask Fenwick & West, David Forst, Barton Bassett and Neal Gordon (US) DLA Piper Rudnick Gray Cary (US) M&A €1.5 billion ($1.8 billion) Fresenius Helios Kliniken KPMG, Christian Jänisch, Matthias Hogh, Germany In-house M&A £463 million ($5 billion) Kellen Acquisitions Ltd (an indirect subsidiary of the Terra Firma Partners II fund) East Surrey Holdings KPMG, Anneli Collins, Paul Cooper, UK Clifford Chance M&A £160 million ($279 million) Macquarie Goodman Group Arlington Securities KPMG, Ian Latter, Charles Beer, Gerard Franklin, UK PricewaterhouseCoopers, UK M&A £20.5 million ($35.7 million) Balfour Beatty Charter Builders and Edgar Allen In-house Slaughter and May, Steve Edge, Daphna Ben-Zvi, UK M&A $355 million Polo Ralph Lauren Corporation Polo Jeans Company Paul Weiss, David Sicular (US) Cravath, Swaine & Moore, Andrew Needham, Joseph Teti, and Young Park (US) M&A £2.8 billion ($4.9 billion) Fortune Brands Allied Domecq / Pernod Ricard spirits and wine brands, and the Allied Domecq distribution businesses in the UK, Spain and Germany Herbert Smith, Bradley Phillips and David Mogford (UK), Jean-Luc Calisti and Jerome Le Berre, (France) Macfarlanes, Ashley Greenbank, Ernst & Young acted for Pernod Ricard on tax. Linklaters acted for Allied Domecq M&A $7.4 billion Walt Disney Pixar Animation Studios Skadden, Arps, Slate, Meagher & Flom and Dewey Ballantine, Gordon Warnke, Joseph Pari In-house legal team led by general counsel Lois Scali, Wilson Sonsini Goodrich & Rosati, Ivan Humphreys, and Eileen Marshall (US) M&A $22.5 billion bid Mittal Steel Company Arcelor Garrigues, Ignacio Calvet, (Spain) Cleary Gottlieb, Pierre-Yves Chabert, (France) Skadden, Arps, Slate, Meagher & Flom M&A $537.5 million Lagardère Time Warner Book Group Cravath, Swaine & Moore, Stephen Gordon, Lauren Angellili, Darren Hei M&A £29.8m ($51.9 million) Stanley Leisure MLG Investments and Triangle Casino from RJ Bown Ashurst, Alex Cox Skadden Arps Slate Meagher & Flom, Tim Sanders, Charlotte Fallon M&A £21.5m ($37.5 million) Java Acquisitions Whittard of Chelsea Eversheds, UK Lawrence Graham, Elizabeth Ashby, UK M&A Undisclosed Groupe Proclif Clinique Lambert and Clinique La Montagne Clifford Chance, Alexandre Lagarrigue and Maxence Manzo (France) Baker & McKenzie, France Type of deal Value Issuer Lead managers Adviser to Issuer Adviser to lead managers Bond issue Two tranches of $800 million bonds Fortune Brands ABN Amro, Citigroup and JP Morgan Herbert Smith, David Mogford, (UK), and Chadbourne & Parke, (US). Davis Polk & Wardwell Debt issuance programme €6 billion ($7.2 billion) Federal State of Saxony-Anhalt Deutsche Bank In-house Allen & Overy Securitization €50 million ($59.7 million) ABN AMRO Uria Menendez, Filipe Romão (Portugal) Rights issue €2.9 billion ($3.5 billion) Eerste Bank Goldman Sachs International and JP Morgan acted as global coordinators and joint bookrunners Allen & Overy, Stephen Fiamma (UK), Dave Lewis (US)

As if they were not aware already, taxpayers have been told that courts in the EU will come down hard on tax planning that does not have a business objective.

UBS, a Swiss bank, has won its appeal in the High Court in London over tax credits that has seen the company net a refund of £58.3 million ($101.7 million).

Another principal of LECG, an economics consultancy, in London has left for Baker & McKenzie in the same city. Martin Zetter becomes a senior consultant in the transfer pricing group.

The chief executive of True Partners Consulting, a new tax and business advisory firm, in Chicago, believes that the setting up of the firm can be looked at as Arthur Andersen coming back to Chicago.

Draft regulations dealing with the taxation of authorized investment funds were introduced in the UK parliament on February 13