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The Australian tax authorities have highlighted faster audits, stronger corporate governance and the taxation of financial arrangements as three of their top priorities for the upcoming financial year.

The Cypriot parliament has rejected government plans to increase the corporate tax rate from 10% to 11% in a bid to tackle the country's deficit.

Tax is being touted as the reason why Naoto Kan, Japan's new prime minister, suffered heavy losses in elections for the upper house of Parliament on Sunday.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Joint Venture $10 billion Air France-KLM Delta Air Lines Alitalia Skadden, Arps, Slate, Meagher & Flom Pierre Servan-Schreiber, Stéphane Héliot & Arash Attar-Rezvani Merger $4.9 billion Aon Corporation Hewitt Associated Debevoise & Plimpton Acquisition $1.5 million Electricity Supply Board Northern Ireland Electricity Slaughter and May William Watson Acquisition Undisclosed NBH Holdings Bank Midwest National Association Wachtell, Lipton, Rosen & Katz Joshua Holmes Type of Deal Value Issuer/Borrower Lead Manager/Arranger Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Syndicated loan agreement $1.25 billion Zodiac Aerospace Undisclosed banks Bredin Prat Pierre-Henri Durand Herbert Smith If you would like to raise the profile of your firm, please send deal information to Jack Grocott (jgrocott@euromoneyplc.com).

President Barack Obama last week urged the US Congress to approve an additional $5 billion in clean-energy tax credits.

Type of Agreement Country Country Date Signed Tax Information Exchange Agreement Isle of Man Portugal July 9 2010 Tax Information Exchange Agreement Jersey Portugal July 11 2010

The UK government is considering another tax on banks in addition to the bank levy about which it published a consultation document today.

Australia's assistant treasurer has released for public comment a discussion paper that represents a further step towards reforming the country's controlled foreign company (CFC) rules.

Karen McGrory and Mike Tuhme have become directors of RSM Tenon in the UK.

The Office for National Statistics (ONS) in the UK has released a study which shows that the country's public sector debt could be more than £4 trillion ($6 trillion)