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Slobodan Mihajlovic In Serbia, in cases of disposal of real estate, both resident and non-resident legal entities are liable for payments of transfer tax as well as capital gains tax, if the selling price is higher than the acquisition cost.

They say that the bigger they come the harder they fall. Few could have expected quite how hard Nortel would fall, however, or the unique cross-border tax issues the resulting administration of the group in Europe would cause.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $535 million The Renco Group Severstal North America Skadden, Arps, Slate, Meagher & Flom Acquisition Undisclosed Barclaycard Egg Banking plc Freshfields Bruckhaus Deringer - Sarah Perfect Acquisition Undisclosed Europeenne de Participations Industrielles SAS (EPI) Remy Cointreau Bredin Prat - Yves Rutchmann, Julien Gayral, Chloe Delion Linklaters - Thierry Riguet, Laetitia Peyrat Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Notes offering $1.7 billion McKesson Corporation JP Morgan Securities; Merrill Lynch, Pierce, Fenner & Smith Davis Polk & Wardwell - Michael Mollerus, Niya Tang SEC registered debt offering $1 billion Juniper Networks Barclays Capital; Citigroup Global Markets; Morgan Stanley & Co Wilson Sonsini Goodrich & Rosati Davis Polk & Wardwell - Rachael Kleinberg, Ryan LaRosa IPO $42 million Zuoan Fashion Limited Cowen & Company; RBC Capital Markets; Samsung Securities; Janney Montgomery Scott Davis Polk & Wardwell - John Paton, Alon Gurfinkel O'Melveny & Myers

Thomas Henry has joined PwC's global incentives practice in New York as tax partner.

Type of Agreement Country Country Date Signed Tax Information Exchange Agreement Isle of Man Poland March 7 2011 DTA Isle of Man Poland March 7 2011

The European Parliament today voted to approve MEP Anni Podimata’s through report, which recommends introducing a global financial transactions tax (FTT) which could be used to fund future bailouts.

Sead Dado Salkovic Tourism in Montenegro contributes more than 20% of domestic GDP. This is expected to be increase after Montenegro restructures its tourism sector to become a high quality destination.

David Cuellar Mario Alberto Gutierrez New treaties to avoid double taxation were published last year in the Mexican Official Gazette and entered into force as of January 1 2011.

The Minister of Finance, the Economy and Investment recently enacted L.N.312 of 2010 – The Foundations (Income Tax) Regulations, 2010 (FITR) which regulate the taxation of foundations.

Janne Juusela The Finnish Supreme Administrative Court has issued a precedent on determination of arm's-length interest level in intra-group financing structures. According to the ruling, the level of interest rate in intra-group financing should be based on company-specific analysis of financial position. Hence, the internal arm's-length interest rate may differ between companies of the same group. In consequence of the ruling the internal financing terms of each group company may have to be reassessed.