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George Kyroudis, senior tax director of Playboy Enterprises in Chicago, commenced his one-year term of presidency of the The Chicago Tax Club on December 3 2010. Kyroudis succeeds 2010 president Ed Cuneen, senior tax manager of Sara Lee in Chicago.

Brazilian sources have informed International Tax Review that the government will soon enact a law which includes a reduction in the Financial Operations Tax (IOF) related to foreign investments.

Saudi Arabia has sought to reduce the risk of double taxation by introducing participation exemption rules for the first time, though the order fails to clarify important details about how the rules will work, such as when they will come into force.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $500 million Aetna Medicity Fenwick & West Acquisition $458 million MasterCard Travelex Card Program Management Freshfields Bruckhaus Deringer Jonathan Cooklin Acquisition Undisclosed Chegg Cramster Fenwick & West David Bell Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Initial Public Offering $160 million BH Credit Catalysts Dexion Capital Freshfields Bruckhaus Deringer Robert Kent PwC

Heidi Chambers has joined BDO in Chicago as a tax director.

Japan will reduce its corporate tax rate by five percentage points to 35% from next April, in an effort to boost the country’s ailing economy.

Guillermo Teijeiro and Ana Lucía Ferreyra, tax partners at Negri & Teijeiro Abogados in Argentina, delve into the specifics behind the case of Administración Federal de Ingresos Públicos v Alfred C Toepfer Internacional, which looked at transfer pricing issues applicable to Argentine commodities exporters.

The bank levy outlined in HM Treasury’s draft legislation for the Finance Bill 2011 last week has been welcomed by British banks as an improvement on previous proposals.

Type of Agreement Country Country Date Signed Double Taxation Agreement Hong Kong Switzerland December 6 2010

Mike Kennelly and Rob Wentland have joined the disputes and investigations practice of Navigant Consulting, an expert services firm.