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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.

Taxpayers must decide quickly about section 965 of the American Jobs Creation Act. Marjorie Rollinson, Michael Mundaca and Jose Murillo of Ernst & Young analyze the guidance the Treasury and IRS has issued to help taxpayers make up their minds

Tax is the most important issue for New Zealand businesses when they consider compliance costs, according to Business New Zealand and KPMG's third annual survey of business compliance costs.

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.

When Dutch resident companies repurchase their shares, the amount paid in excess of the paid-up capital on these shares is considered a profit distribution subject to Dutch dividend withholding tax. These shares are subsequently considered as redeemed for tax purposes. If, however, the repurchase of shares can be considered a temporary investment for the company, no dividend withholding tax is due and the shares can be capitalized as assets.

By Fred Barrett, Mauricio Hurtado and Jaime Heredia, PricewaterhouseCoopers

Latin American governments rely very heavily on VAT revenues and are reluctant to give them back in credits and refunds. Julián Martín and Torsten Fetzer of KPMG in Argentina explain the region's complex VAT credit regimes

Proposals to harmonize treatment on the place of supply of services in the EU are going through the political process. Harry Reeder of KPMG in the UK and Christian Amand of KPMG in Belgium explain their rationale, explore some of their implications and suggest they take us a step closer to a federal system

By Manuel Solano, Michael Becka and Armando Beteta, Ernst & Young