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One of the most significant changes introduced in the latest reform of the Spanish Personal Income Tax Law (PIT Law) was the establishment of an exit tax, which is levied on certain unrealised capital gains on shares and other financial assets when a taxpayer transfers his residence outside Spain.

David

Jacques Kistler Jean-Pierre Page As part of the so-called Swiss Corporate Tax Reform III (CTR III), likely to enter into force on January 1 2019, all special corporate tax regimes, such as mixed, holding or principal company regimes, will be phased out and replaced by other measures.

Matthew Cridland One of the major items of recent Australian tax news has been the increasing efforts of the Australian Taxation Office (ATO) to investigate taxpayers named in the Panama Papers. Other developments have included a recent decision by the Administrative Appeal Tribunal (AAT) regarding input tax credit (GST credit) entitlements for GST incurred on retirement village development costs. A tax Bill has also been introduced by the recently re-elected government, led by Prime Minister Malcolm Turnbull, which will implement the new Germany/Australia double tax treaty once enacted. The ATO has also published its 2016-17 corporate tax plan. Meanwhile, the Board of Tax is continuing to focus on companies signing up to the Tax Transparency Code.

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Hundreds of Danish taxpayers face tax investigations for offshore hidden assets after Denmark announced that it will pay for the information leaked in the Panama Papers.

Jean-Marc Cambien Indirect tax compliance presents unique challenges to small, medium and large entities in Romania. A mix of increasingly complex business activities, a limited period of time to do the processing and reporting, as well as ongoing regulatory changes regarding reporting requirements have made managing indirect tax a function in itself for Romanian entities.

Canada's Department of Finance has published proposals that would implement anti-avoidance measures when borrowers enter into "debt-parking" transactions that may result in a foreign exchange gain when the foreign currency is exchanged into Canadian dollars for tax reporting purposes.

Dajana Topic The Council of Ministers of Bosnia and Herzegovina have adopted the rulebook on the application of the Law on Preventing Money Laundering and Terrorist Financing (the Law), which entered into force on May 29 2015.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Merger $28 billion Enbridge Spectra Energy Corp Sulliavn & Cromwell; McCarthy Tetrault Wachtell, Lipton, Rosen & Katz: T Eiko Staneg & David Sturgeon; Goodmans Merger $14 billion Pfizer Medivation Ropes & Gray Wachtell, Lipton, Rosen & Katz: T Eiko Staneg & David Sturgeon; Cooley 60% sale of ownership $10.1 billion Aga Khan Fund for Economic Development Telia Company AB: Tcell