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The first Australian covered bonds were issued last week, allowing all Australian banks, credit unions and building societies to access cheaper sources of funding, but there are tax implications, warn advisers.

UK Chancellor of the Exchequer George Osborne has denounced the European Commission’s plans for a financial transactions tax (FTT) as suicidal for not just the UK, but the EU as well.

The Australian Taxation Office has announced that it will introduce a new schedule for the 2012 financial year that will affect taxpayers who do business overseas.

In April, FYR Macedonia signed a treaty for the avoidance of double taxation with its newest neighboring state, Kosovo. The two countries have recently made steps toward boosting the cross-border economic cooperation, with multiple joint projects, activities as well as meetings between the chambers of commerce. In 2010, the total exchange between the two countries increased by 41% and FYR Macedonia's exports to Kosovo are estimated at a significant amount of $300 million.

In the last period of the present fiscal year, the government has introduced two significant changes in the Spanish tax system, concerning corporate income tax and wealth tax.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $2.2 billion Sony Corp. Of America; Estate of Michael Jackson; Mubadala Dev't Co.; Jynwel Capital; Blackstone; David Geffen EMI Music Publishing (Citigroup) Dewey & LeBoeuf; Weil, Gotshal & Manges; Baker & McKenzie Clifford Chance; Shearman & Sterling; Freshfields Bruckhaus Deringer Alliance termination $1.6 billion Amylin Pharmaceuticals Inc Eli Lilly Skadden, Arps, Slate, Meagher & Flom Acquisition $1.08 billion VeriFone Systems Point International (Nordic Capital) Sullivan & Cromwell - David Passey Seb Enkskilda; White & Case Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Senior notes offering $2.1 billion Cigna Corporation Morgan Stanley; BofA Merrill Lynch; UBS Investment Bank Davis Polk & Wardwell - Kathleen Ferrell, Jason Chlipala Debevoise & Plimpton Notes offering $1 billion The Korea Development Bank Credit Suisse; Daiwa Capital Markets; Goldman Sachs; KDB Asia; Merrill Lynch; Mizuho Cleary Gottlieb Steen & Hamilton; Hwang Mok Park Davis Polk & Wardwell - John Paton, Sarah Joy Bond offering $300 million Petroleum Geo-Services ASA Barclays Bank; RBS; UBS Limited Shearman & Sterling - Amy Lewis

Type of Agreement Country Country Date Signed Double taxation avoidance agreement Hong Kong Malta November 8 2011

A ruling from India has confirmed that treaty shopping is not taboo and should not warrant enquiry from the authorities.

The Federal Revenue of Brazil has updated rules on how consortiums are regulated with changes on how to contract on behalf of a consortium, elect a leader company, and bill a consortium’s operations.

Malta’s 2012 budget, introduced by the minister of finance yesterday evening, will launch a temporary VAT amnesty allowing taxpayers to clear up their arrears.