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Greek finance minister George Papaconstantinou has announced plans to overhaul the country's tax system. Still in the discussion phase, the overhaul may include changes to dividend withholding tax, fiscal accounting rules and corporate tax.

The US Tax Court has agreed with the Internal Revenue Service (IRS) that punitive damages may not be included in a taxpayer’s loss reserves.

The case concerns complex statutory provisions relating to corporation tax on repos and how deeming provisions in statutes should be looked at

FCA, guarantee fee, GECC, arm's length standard

The Federal Court of Appeals (FCA) in Canada has ruled that capital gain resulting from transactions involving offshore trusts may still be taxable in Canada.

One of the UK's largest bookmakers has decided to move its telephone betting service to Gibraltar to avoid the horseracing betting levy.

The UK Finance Bill, which enacts several of the government's key tax reforms announced in June's emergency budget, has been passed by Parliament.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $70 million Juniper Networks SMobile Systems Fenwick & West Timothy Fitzgibbon Acquisition Undisclosed Crédit Mutuel-CIC 50% stake in Banque Casino Bredin Prat Yves Rutschmann & Magali Buchert Darrois Villey Maillot Brochier Yann Grolleaud Acquisition Undisclosed VTG Aktiengesellschaft 75% share in TMF Bredin Prat Insolvency Undisclosed FPK (Spain) & Padsa Group (Mexico) Aksys Noerr Oliver Trautmann Type of Deal Value Issuer/Borrower Lead Managers/Arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Bond issue $100 million China Agri J.P. Morgan & Morgan Stanley Clifford Chance If you would like to raise the profile of your firm, please send deal information to Jack Grocott (jgrocott@euromoneyplc.com).

Type of Agreement Country Country Date Signed Tax Information Exchange Agreement Isle of Man New Zealand July 27 2010 Tax Information Exchange Agreement Germany Monaco July 27 2010 Tax Information Exchange Agreement Argentina India August 3 2010

A new tax on mining is already proving to be highly contentious between the two parties vying to form the next government in Australia after the general election on August 21