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In this exclusive article for International Tax Review, Pascal Saint-Amans and Raffaele Russo of the OECD explain how the first half of the BEPS Project's work starts the task of bringing coherence, substance and transparency to international tax rules around the world.

Despite the base erosion and profit shifting (BEPS) disclosure documents being released today by the OECD there is still scepticism on behalf of industry.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $199 million FolioDynamix Actua Davis Polk & Wardwell - William Curran Growth Equity Investment $110 million Google Capital MapR Technologies Fenwick & West Acquisition Pending Cisco Metacloud Fenwick & West - Ronald Schrotenboer, Ora Grinberg Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Global Bank Note Program $5 billion Compass Bank Davis Polk & Wardwell - Michael Farber Mayer Brown Convertible Senior Notes Offering $1.8 billion Twitter Inc. Goldman, Sachs & Co. and Morgan Stanley & Co. LLC Swilson Sonsini Goodrich & Rosati Davis Polk & Wardwell - Rachel Kleinberg, Neetin Gulati Preferred Stock Offering $1 billion Morgan Stanley Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, Merrill Lynch, Pierce Fenner & Smith Inc., Mitsubishi UFJ Securities (USA) Inc., UBS Securities LLC, Wells Fargo Securities, LLC. Davis Polk & Wardwell - Lucy Farr, Rachel Kleinberg, Andrew Smith, Kelli Luebben Sidley Austin Notes Offering $750 million Mexichem BBVA Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Santander Investment Securities Inc. Creel Garcia-cuellar Aiza y Enriquez, Cleary Gottlieb Steen and Hamilton, Bufete Robles Miaja Davis Polk & Wardwell - Po Sit, Harry Ballan, Kelli Luebben Senior Notes Offering $550 million Owens & Minor Inc J.P. Morgan Securities LLC, Merrill Lynch, Pierce Fenner & Smith Inc., Wells Fargo Securities LLC Hunton & Williams Davis Polk & Wardwell - Craig Phillips, Vinay Prabhakar Notes Offering $500 million ICICI Bank Ltd. Citigroup Global Markets Inc., Deutsche Bank AG, Singapore Branch, The Hongkong and Shanghai Banking Corporation Ltd., Merrill Lynch International Amarchand & Mangaldas, Allen & Gledhill, Zu'bi & Partners, Davis Polk & Wardwell - Sarah Joy Latham & watkins Term Loan Credit Facility $495 million Sodimac Peru S.A. JPMorgan Chase Bank, N.A. Linklaters, Grau Abogados Mirnada & Amado, Claro & Cia, Davis Polk & Wardwell - Harry Ballan Concurrent Offerings of Senior Notes and Commmon Stock $430 million AK Steel Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC Davis Polk & Wardwell - Harry Ballan Dao Fu Senior Notes Offering $400 million J.C. Penney Company Inc. J.P. Morgan Securities LLC, Barclays Capital Inc. and Goldman, Sachs & Co. Skadden Arps Slate Meagher & Flom Davis Polk & Wardwell - Po Sit, Lucy Farr

Graham Iversen has joined Greenberg Traurig's London office as a a partner in the firm's global tax group.

Emma Craig-West has joined Alma Consulting Group from the UK tax authorities as R&D tax manager

An OECD economic report on Spain has highlighted the need for the country to continue with reforms to its fiscal framework and tax system.

Robert Waterson and Nigel Brook of RPC explain why the decision of the European Court of Justice (ECJ) in the GMAC case (HMRC v GMAC UK plc C-589/12) represents a comprehensive win for the taxpayer.

If the existing government retains leadership after the general election, no material changes are expected from a tax perspective. But if a Labour-led government wins power, advisers warn of significant tax reforms with major implications for taxpayers.

On September 1 2014, the IRAS issued a consultation paper relating to its transfer pricing (TP) documentation rules. The IRAS issued initial TP guidelines in 2006 and has released a number of e-Tax Guides since then. However, when finalised, the proposed guidelines will require a change in the way taxpayers consider TP compliance in Singapore.

The GMAC decision in the European Court of Justice (CJEU) should give taxpayers the courage to look for benefits from inconsistencies in member states’ VAT legislation, advisers believe.