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In Malta the corporate tax rate and the highest personal tax rate are both 35%, but Malta has the full-imputation tax system. Through this system, tax paid at the company level is regarded as a prepayment for the tax payable by the shareholder when the profits are eventually distributed. After the dividends are paid, the 35% paid by the company is given as credit for the shareholder's tax, whether they are resident in Malta or not. If the shareholder's personal tax rate is lower than 35%, they qualify for a refund of corporate tax. The full-imputation system reduces tax-induced economic distortions and avoids the double taxation of corporate profits.

Certain transactions of Czech corporations and limited liability companies may only be made with the consent of the general meeting of the respective company and under arm's length terms. They include: (i) entering into an agreement on provision or acceptance of a loan from related persons (members of statutory bodies, proxies, attorneys-in-fact, or their close relatives); (ii) securing obligations from related persons; or (iii) transferring assets to related persons free of charge. This limitation also applies to entities that are authorized to act on behalf of related persons.

China's new political M&A control should not discourage investors

Mexico is clamping down on monopolies

Leveraged finance in Japan is accelerating

ABS is struggling with derivatives disclosure

Banks will be forced to restructure conduits

Recommended firms Tier 1 Bär & Karrer Homburger Lenz & Staehelin Tier 2 Baker & McKenzie Niederer Kraft & Frey Pestalozzi Lachenal Patry Vischer Walder Wyss & Partners Wenger & Vieli M&A deal value more than doubled in Switzerland last year, rising to $40.3 billion from $19 billion in 2005, according to data from Dealogic. Activity remained remarkably consistent in terms of deal volume, with Dealogic recording 227 transactions for 2006 and 225 for 2005, revealing that M&A instructions were considerably more lucrative for banks and their legal advisers.

Recommended firms Tier 1 Freshfields Bruckhaus Deringer LeBoeuf Lamb Greene & MacRae Linklaters White & Case Tier 2 Akin Gump Strauss Hauer & Feld CGS&H Baker & McKenzie Clifford Chance Salans Skadden Arps M&A in Russia has been an unmitigated success this year. The total number of transactions has more than doubled, from 493 to 1,111, while the value of those deals leapt from $39.7 billion to $65.5 billion.

Recommended firms Tier 1 Dewey Ballantine Grzesiak Weil Gotshal & Manges Tier 2 Allen & Overy Baker & McKenzie Grszczynski Clifford Chance Janicka Namiotkiewicz Linklaters Soltysinski Kawecki & Szlezak White & Case W Danilowicz W Jurcewicz In Poland overall M&A activity grew between the opening 10 months of 2005 and the same period this year. While the volume of both private and public equity deals grew, only public equity deals enjoyed an increase in cumulative value. The combined worth of private equity transactions actually fell from 2005 to 2006.