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Standardisation is proving a struggle The European Commission claimed that the proposals in its 2012 Green Paper would help to standardise the EU's system of VAT and recover lost revenue. However, the document has failed to deliver, a conference of indirect tax specialists was told last month. The Green Paper contained a number of proposals, which aimed to make the VAT system in Europe more efficient, simple and robust. However, Mark Delaney, of Baker & McKenzie, who has attended key discussions between member states and the Commission, told a conference his firm hosted in Milan that little has come from the Green Paper, as of yet.

Osborne listened to complaints about successive bank levy rate rises Taxpayers craved certainty from the UK budget last month and that is broadly what they got. George Osborne, the chancellor of the exchequer, even resisted the temptation to increase the bank levy, a regular measure in recent budgets, though the charge itself is set for a redesign.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $1.6 billion Media General LIN Media Fried, Frank, Harris, Shriver & Jacobson - Michael Alter Weil Gotshal & Manges Proposed acquisition $650 million Standard Life Ignis Asset Management Slaughter and May - Gareth Miles, Venetia Jennings Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Secondary offering $1.07 billion ING US Morgan Stanley; Goldman, Sachs; Merrill Lynch, Pierce, Fenner & Smith Sullivan & Cromwell Davis Polk & Wardwell - Rachel Kleinberg, Isaac MacDonald Convertible senior notes offering $400 million YY Inc Deutsche Bank; Citigroup Global Markets; Morgan Stanley Skadden, Arps, Slate, Meagher & Flom; Conyers Dill & Pearman; Zhong Lun Davis Polk & Wardwell - Po Sit High yield notes offering $300 million Kennedy-Wilson Merrill Lynch, Pierce, Fenner & Smith; Deutsche Bank Latham & Watkins; Kulik Gottesman & Siegel Davis Polk & Wardwell - Rachel Kleinberg, Ameya Bapat High yield notes offering $225 million Times Property Holdings BOCI Asia Ltd; Citigroup Global Markets Sidley Austin; Appleby King & Wood Mallesons; Davis Polk & Wardwell - Alon Gurfinkel Initial public offering $150 million Versartis Morgan Stanley; Citigroup Global Markets Cooley Davis Polk & Wardwell - Rachel Kleinberg, Catherine Paskoff Chang

Ricardo León-Santacruz and Fernando Lujan of Sánchez-DeVanny Eseverri explain how the Mexican 2014 tax reform limits tax incentives and imposes new administrative burdens on the maquiladora sector, which is made up of wholly owned companies that process or assemble imported materials and parts into finished products for sale to the country of origin or other parts of the world.

The latest tax updates from around the world.

Algirdas Semeta, European Commissioner for Taxation, Customs Union, Audit and Anti-Fraud, has proven himself to be an ambitious reformer over the past four years. As Semeta approaches the end of his term, Salman Shaheen speaks to him about his greatest achievements, and what he wants to do before he leaves Brussels.

Vasco Gruber Franco is head of tax for the Telefônica group in Brazil. He previously worked on the advisory side at Arthur Andersen, and has held other in-house roles at DuPont and Philip Morris. Here, he talks to Matthew Gilleard about heading up a tax department in Brazil.

Andrew Thomson of Sullivan & Cromwell believes the Robin Hood Tax Campaign's justification for an EU financial transaction tax, published in the February issue, is flawed.

Read this month's special features on tax technology and India.

Dorina Asllani Ndreka VAT is the most important tax in Albania. According to the fiscal indicators regarding the consolidated budget, VAT is expected to amount to 8.5% of GDP for the 2014 fiscal year. VAT is levied on all supplies of goods and services in Albania, and for all imports. The VAT rate in Albania was 20% for the majority of supplies of services and goods, and until now a reduced rate of 10% was levied on the supply of medications and medical services.