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By Tim Wach, Gowling Lafleur Henderson

There is still plenty of appetite for M&A activity in these troubled economic times. Transactions may be more strategic as companies seek out ways to reorganise and restructure in the deepening recession, but they are still happening. Tax is playing an important role in how and where these reorganisations occur as effective structures can mitigate risk and tax liability. Faced with such a globalised business landscape, tax authorities must make sure their tax laws are fit for purpose. Wiser tax administrations have changed legislation to take advantage of the economic downturn. But they are under pressure to collect revenue as companies look for ways to save money. Tax executives need to consider these new tax laws before and during transactions and they need specialist M&A tax advice. The latest edition of International Tax Review's M&A tax yearbook, co-published with BMR Advisors, Ernst & Young, Eurofast, Gowling Lafleur Henderson, Magisters, Pepeliaev, Goltsblat & Partners, PricewaterhouseCoopers and Slaughter and May, offers such specialist advice. The guide is the 47th in the magazine's Tax Reference Library which has been designed to give in-house tax counsel and directors the most cutting-edge advice for planning their corporation's tax strategy in a range of practice areas. The laws in India need a total overhaul. They lack the sophistication needed to deal with today's fragile market, says BMR Advisors.

The Canada Revenue Agency must return almost C$3 million ($2.4 million) to a taxpayer after a Supreme Court of Canada decision in a case concerning goods and sales tax (GST) deductions.

The UK's tax minister has rubbished speculation the government is planning to increase the scope of the country's controlled foreign company rules.

Corporate tax collections in Canada fell by 44% in February. This is equivalent to a C$2.5 billion ($2 billion) drop in tax revenue based on the same time last year.

Werner Stuffer has left his role as head of international tax at Siemens to join PricewaterhouseCoopers in Munich as of May 1.

Enforcement and regulatory developments mean that transfer pricing framework in Hong Kong is changing, believe Kari Pahlman, Nathan Richards and Justin Kyte of KPMG in China

More and more countries in the Asia Pacific region are installing transfer pricing documentation requirements and methods of dispute resolution report Steven Tseng, Yasuhiko Otani, and Hiroyuki Takahashi, from KPMG in China, and Sherry Chang, and Karl Chan, from KPMG in Taiwan

The OECD's tax profile has rocketed this year because of the work it has done for the G20 countries on dealing with non-cooperative jurisdictions. However, many professionals believe the organisation is not inclusive enough, moves too slowly and is powerless to make countries follow its guidance. Joanna Faith finds out whether its time for a new way to set international tax standards

Over the last year, there have been significant transfer pricing developments in Japan, among them several changes to the regulations as well as a major court ruling, explains Karl Gruendel, Ernst & Young Shinnihon Tax