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Devereux Chambers expands its team of tax specialists with the arrival of Felicity Cullen QC formerly of Gray’s Inn Tax Chambers.

EU member states are not entitled to a share of the fees, in the form of capital duty, from the work carried out by one of its notaries to convert a capital company into a different type of capital company, the European Court of Justice (ECJ) has decided.

As excise taxes become increasingly important sources of revenue for national governments around the world, Arthur Laffer explains why countries must retain fiscal sovereignty when setting rates on products such as tobacco.

Labour, the opposition political party in the UK, will raise corporation tax if it comes to power after the next election. And Shabana Mahmood, shadow exchequer secretary to the Treasury says her party would also focus on improving tax transparency.

The popularity of corporate inversion transactions has grown considerably in the past few years, with notable examples including Medtronic-Covidien, Actavis-Warner Chilcott, Elan-Perrigo and Liberty Global-Virgin Media. Now shareholders in US companies are asking: “If our rivals are doing this, is it something we should be considering?”

Kilpatrick Townsend & Stockton has added Heather Preston as a corporate tax partner in its Atlanta office.

Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Accelerated Share Repurchase $6 billion Monsanto Company Goldman, Sachs & Co. and JPMorgan Chase Bank, National Association, London Branch Bryan Cave LLP Davis Polk & Wardwell LLP Secondary Offering $2.3 billion Hilton Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. LLC Simpson Thacher & Bartlett LLP Davis Polk & Wardwell LLP - Kathleen Ferrell Senior Notes Offering $650 million Legg Mason Inc. Citigroup Global Markets Inc., J.P. Morgan Securities LLC Shearman & Sterling LLP Davis Polk & Wardwell LLP - Po Sit Convertible Senior Notes Offering $575 million Palo Alto Networks J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Citigroup Global Markets Inc. Davis Polk & Wardwell LLP - Rachel Kleinberg, Patrick Sigmon Equity Follow-On $530 million Alsea HSBC Securities (USA) Inc., Citigroup Global Markets Inc., Banco Bilbao Vizcaya Argentaria, S.A. and Itaú BBA USA Securities Inc. Davis Polk & Wardwell LLP - Samuel Dimon Dechert LLP Acquisition Financing $515 million Shearer's Foods Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., UBS Securities LLC Kirkland & Ellis LLP Davis Polk & Wardwell LLP - Michael Mollerus Senior Notes Offering $400 million China Hongqiao Ltd. Deutsche Bank AG, Singapore Branch, Australia and New Zealand Banking Group Limited, Crédit Agricole Corporate and Investment Bank, Morgan Stanley & Co. International plc, Barclays Bank plc and The Royal Bank of Scotland plc Davis Polk & Wardwell LLP - Alon Gurfinkel, Sarah Joy Clifford Chance, Jingtian & Gongcheng Convertible Senior Notes Offering $360 million Scorpio Tankers Inc. UBS Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. Seward & Kissel LLP Davis Polk & Wardwell LLP - Michael Farber, Neetin Gulati Convertible Senior Notes Offering $330 million MercadoLibre Goldman, Sachs & Co., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC Davis Polk & Wardwell LLP - Lucy Farr, Patrick Sigmon Cleary Gottlieb Steen & Hamilton LLP High-Yield Notes Offering $300 million Arcadia Healthcare Company, Inc. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Jefferies LLC Waller Lansden Dortch & Davis LLP Davis Polk & Wardwell LLP - Samuel Dimon, Sam Van Peperstraete Senior Notes Offering $ 250 million Conn's, Inc. Merrill Lynch, Pierce, Fenner & Smith Inc. Vinson & Elkins LLP Davis Polk & Wardwell LLP - Michael Farber, Joseph Pahl Initial Public Offering $100 million Xunlei Ltd. J.P. Morgan Securities LLC and Citigroup Global Markets Inc. Skadden, Arps, Slate, Meagher & Flom LLP Davis Polk & Wardwell LLP - Alon Gurfinkel, Omer Harel Initial Public Offering $73 million TCP International Holdings Ltd. Deutsche Bank Securities Inc., Piper Jaffray & Co. Skadden, Arps, Slate, Meagher & Flom LLP Davis Polk & Wardwell LLP - Michael Farber, Nicole Field, Tracy Matlock

The latest international updates from our correspondents around the world.

KPMG is stepping up its initiative to consolidate UK tax compliance work in central hubs by opening a second centre for tax compliance in Birmingham in September.

Arun Jaitley, the Indian finance minister, announced in his first budget yesterday that Indian companies will adopt new Indian Accounting Standards in line with International Financial Reporting Standards (IFRS) over the next three years.