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A banking levy, balanced by a gradual cut in the company tax rate, a five-year plan to reform the corporate tax system and the possibility of a general anti-avoidance rule featured in the first budget of the UK's new coalition government today.

Ukraine's new draft code, which plans incremental cuts to corporate tax to 17%, passed its first reading in Parliament last week.

The UK today announced an annual tax on bank balance sheets in the emergency budget by the new coalition government.

Compliance v competition

John Harrington, who was international tax counsel for the US Department of Treasury between 2007 and 2009, has joined Sonnenschein Nath & Rosenthal as a partner in its Washington, DC office.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $717 million Thoma Bravo SonicWALL Fenwick & West Acquisition $165 million Dassault Systèmes Exalead Bredin Prat Acquisition Undisclosed Six Apart NaturalPath Media Fenwick & West Acquisition Undisclosed XPD Media Zynga Game Network Fenwick & West Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Sale of shares $1 billion BPCE selling 100% of shares in Société Marseillaise de Crédit Crédit du Nord Bredin Prat

Type of Agreement Country Country Date Signed Double Taxation Agreement Netherlands United Arab Emirates June 2 2010 Tax Information Exchange Agreement Bermuda Canada June 14 2010 Double Taxation Agreement Georgia Switzerland June 17 2010 Double Taxation Agreement Update Libya Malta June 17 2010 Double Taxation Agreement Switzerland Turkey June 19 2010 Tax Information Exchange Agreement Guernsey New Zealand June 21 2010 Double Taxation Agreement Hong Kong UK June 21 2010 Double Taxation Agreement Update Germany Malta June 21 2010 Double Taxation Agreement Negotiation Germany Turkey June 21 2010 Double Taxation Agreement Negotiation Barbados Panama June 22 2010

Darren Oswick has become a partner of Simmons & Simmons in London. He specialises in employment tax and private equity.

Tax professionals have questioned the necessity of a general anti-avoidance rule (GAAR), mentioned in a document published by the government, following the emergency budget speech last week.

Jersey's long-awaited consultation document into its corporate tax system has finally been released and has given the government five options to consider.