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The income of states and municipalities in Mexico highly depends on the participations (participaciones) and other contributions (aportaciones) transferred to them by the federal government. Since the early eighties, the fiscal structure of Mexico has been completely changed and local sale taxes and more than 400 state taxes have been repealed in exchange for a centralised taxation by the federal government. Currently, more than 80% of the income of the states and municipalities depends on such participations and contributions and the balance, on the collection of state and municipal taxes.

More details have now emerged of the recently-concluded protocol to the double taxation agreement between Russia and Cyprus. There will be no change to the current, extremely beneficial withholding rates of 5% on dividends (10% for investments below €100,000) and zero on interest and royalties under the existing treaty.

Structured transactions are running into problems with letters of credit from downgraded banks. Here are the options available

Offshore specialist Appleby is merging with Dickinson Cruickshank to form its first Isle of Man office. Effective October 1 2009, the firm will have 11 partners based in the Isle of Man under the name Appleby. It's the firm's third expansion in the last five years, adding groups of partners in the Cayman Islands and Jersey.

Every partner's now an insolvency and restructuring lawyer, or so the joke goes. But this has only fuelled debate about the best tactics to use

US companies are turning to the seldom-used rights offer as a quick and easy way to earn equity

Although rights issue instructions have slowed, they will return later in the year. And they'll include Pipes, convertibles and strategic investments

The banks approved to repay US government bailout money will have to wait for now, as the negotiations over the value of government warrants kick off.

Under Article 21-nonies of Law 241 of August 7 1990 the annulment of unlawful administrative decisions may be ordered by the public entity (a region or other local authority, for instance) that approved them, provided the annulment is taken on the basis of public interests, within a reasonable period of time and taking into account the interests of any person subject to the relevant administrative decision.

Companies with operations in China should prepare for dawn raids, as the State Administration for Industry and Commerce (SAIC) publishes its first procedural rules on the investigation of suspected cartels and abuses of dominance.