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Margarito Teves, the outgoing Philippines Finance Secretary, is asking the incoming government to raise VAT from 12% to 15%. The call comes as the country looks at ways to reduce its budget deficit, which reached 3.7% of GDP last year.

The Administration Measures on Recognition of General VAT Payers, which came into effect in March, has made it easier for companies in China to obtain general VAT status.

A new piece of anti-tax haven legislation has been introduced into the US House of Representatives. The International Tax Competitiveness Act contains many clauses which had previously been included in similar pieces of legislation which didn't make it to the statute book.

The new coalition government in the UK confirmed last week that David Gauke, the exchequer secretary to the Treasury, willoversee the UK tax system, including direct, indirect, business and personal taxation;. He will also be the lead minister on European and international tax issues and will have overall responsibility for the Finance Bill.

A survey has found that Singapore and Hong Kong have the most consistent, predictable and least complex tax systems in the Asia-Pacific region.

International Tax Review's weekly round up of the biggest deals and transactions.

Type of Agreement Country Country Date Signed Tax Information Exchange Agreement St Lucia Faroe Islands May 22 2010 Tax Information Exchange Agreement St Lucia Finland May 22 2010 Tax Information Exchange Agreement St Lucia Greenland May 22 2010 Tax Information Exchange Agreement St Lucia Iceland May 22 2010 Tax Information Exchange Agreement St Lucia Norway May 22 2010 Tax Information Exchange Agreement St Lucia Sweden May 22 2010 Additional Benefits Agreement Australia Isle of Man May 24 2010 Additional Benefits Agreement Australia British Virgin Islands May 24 2010 Additional Benefits Agreement Australia Jersey May 24 2010 Double Tax Treaty Austria Hong Kong May 25 2010 Double Tax Treaty Egypt Georgia May 25 2010

Type of Agreement Country Country Date Signed Double Taxation Agreement Laos Malaysia June 3 2010 Double Taxation Agreement Chile Switzerland June 4 2010 Double Taxation Agreement Venezuela United Arab Emirates June 7 2010

A final decision from the Australian Tax Office on its controversial position regarding taxation of private equity asset sales has been postponed indefinitely.

A Hong Kong court judgment will likely lead the Inland Revenue Department to take a firmer position in considering apportionment claims under import processing agreements.