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Dubai's role for multinational business is expanding from a strategic trading centre to encompass more and more head-office service function (international human resources, information technology, treasury, finance, intellectual property, marketing and advertising). This update examines the tax drivers that are contributing to this trend.

New energy legislation in the US extends tax breaks to operators of renewable projects in particular. Keith Martin of Chadbourne & Parke picks out the other taxpayers that will benefit from the law, that covers a range of energy sources, including nuclear

The one-stop shop scheme for value-added tax compliance, which the European Parliament approved in September, will simplify traders' obligations on cross-border transactions to help businesses become more efficient.

The French government has torn up provisional disclosure rules, which were similar to those introduced in the US and the UK.

Type of deal Valuer Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) M&A €930 million ($1.1 billion) LogicaCMG Unilog SA Herbert Smith, Derek Hill Messier Partners M&A $2.6 billion Ebay Skype Clifford Chance, Douglas French and Daniel Cunningham and Ernst & Young Skadden Arps Slate Meagher & Flom and PricewaterhouseCoopers M&A €220 million ($265 million) Candover High technology optics division of Thales Weil, Gotshal & Manges, Sarah Priestley and Janice Seah Addleshaw Goddard M&A €5.85 billion bid ($7 billion) Deutsche Post Excel Linklaters, Ian Bowler, Nicola Newbegin, Robert Howgego Slaughter and May, David Bicknell M&A $3.1 billion stake in the Bank of China, valued at $30 billion Royal Bank of Scotland and a consortium of investors Bank of China Linklaters, Guy Brannan, Lynne Walkington, Steven Pevsner Sullivan & Cromwell M&A $5.85 billion Oracle Siebel Systems Davis Polk & Wardwell, Rachel Kleinberg Cooley Godward M&A £264 million ($318.6 million) Miller Group Fairclough KPMG, Margaret Stevens and Gerard Franklin Ernst & Young M&A A$268 million ($203 million) QBE Insurance Group British Marine Holdings Adrian Williams, in-house legal and Norton Rose Weil, Gotshal & Manges, John Baldry and Janice Seah M&A Not disclosed Honda British American Tobacco sold its 55% interest in Formula One team BAR to Honda Jones Day Herbert Smith, Isaac Zailer and Rob Young Type of deal Value Issuer Lead managers Adviser to Issuer Adviser to lead managers Structured covered bond programme $25 billion ABN Amro Sole adviser Clifford Chance, Frank De Vos IPO $1 billion Innovene Goldman Sachs, Morgan Stanley Sullivan & Cromwell Davis, Polk and Wardwell, Lucy Farr and Seth Poloner

The 1,375 registrations made this year's International Fiscal Association (IFA) annual congress the largest tax event ever held in Latin America. The number that attended the conference in Buenos Aires from September 11 to September 15 was just short of the 1,600+ attendance in Vienna in 2004.

British companies are putting £5 million towards a research centre at Oxford University that will study the effects of taxation policies on UK business.

Frédéric Feyten: experience in Belgium, Netherlands and US Frédéric Feyten has become the newest tax partner of NautaDutilh, a Dutch law firm, in its Luxembourg office.

The enabling legislation to bring the transfer pricing and thin-capitalization rules into the South African Income Tax Act was passed in 1995.

The Luxembourg corporate income tax rate, referred to 30.38% nowadays, is the result of three components. Two components are levied to the benefit of the state, that is, a 22% base rate increased by 4% due to the unemployment contribution, and a third component, the so-called municipal business tax (MBT), levied the benefit of the municipality where the taxpayer is established. This rate is in turn the result of various components.