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Serbia is trying to attract increased levels of foreign investment by offering new tax incentives including a 10 year corporate tax exemption for companies satisfying certain criteria.

The OECD met with BIAC (Business and Industry Advisory Committee) last Tuesday in Paris to discuss industry’s concerns over the base erosion and profit shifting (BEPS) project. Will Morris, chairman of BIAC’s tax and fiscal policy committee, tells ITR how the meeting went and what can be expected to happen next from an industry perspective.

In a rapid U-turn on tax policy, Pierre Moscovici, French Finance Minister, has said the planned levy on gross operating profit is not going ahead.

Robert Rizzi has joined Steptoe’s tax practice as a partner. He specialises in the federal and state income tax aspects of corporate and partnership business transactions, including M&A, reorganisations and joint ventures.

Type of Agreement Country Country Date Signed Double Taxation Avoidance Agreement Estonia Morocco September 25 2013 Tax Information Exchange Agreement Indonesia San Marino September 25 2013

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $2.18 billion Darling International Vion Ingredients K&L Gates / Clifford Chance Acquisition $1.6 billion Pacific Rubiales Energy Petrominerales Norton Rose Fulbright McCarthy Tetrault / Torys Acquisition $1.13 billion Aspen GSK (thrombosis drug brands) Bredin Prat - Julien Gayral / Slaughter & May Merger $1.1 billion Industrial Developments International Verde Realty Operating Partnership Weil, Gotshal & Manges - Scott Sontag Acquisition $1.05 billion Vista Equity Partners Active Network Kirkland & Ellis DLA Piper Acquisition $930 million Monsanto Company Climate Corporation Latham & Watkins Wilson Sonsini Goodrich & Rosati Acquisition $453 million Ultrapar Participações Imifarma Produtos Farmacêuticos e Cosméticos Lefosse Advogados Acquisition $280 million Hochschild Mining International Minerals Stikeman Elliott - Dean Kraus, John O’Connor Acquisition Undisclosed AXA Liabilities Managers Global Reinsurance Stikeman Elliott Acquisition Undisclosed GPVTL Canada Xtreme Labs Stikeman Elliott Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Senior Notes Offering $4.5 billion General Motors Company Citigroup Jenner & Block Davis Polk & Wardwell - Samuel Dimon Convertible Bonds Issue $641.4 million CapitaLand Credit Suisse Allen & Overy / Allen & Gledhill Linklaters / WongPartnership Senior Notes Offering $500 million Marsh & McLennan Companies Goldman Sachs / HSBC / Merrill Lynch / Deutsche Bank Davis Polk & Wardwell - Lucy Farr Willkie Farr & Gallagher Initial Public Offering $192.3 million Ophthotech Corporation Morgan Stanley / JP Morgan Wilmer Cutler Pickering Hale and Dorr Davis Polk & Wardwell

Ingrid Simler QC, the head of Devereux Chambers, has been appointed to the High Court’s Queen’s Bench Division.

BIAC on BEPS; New approach to taxing MNEs; Cayman taxpayers get ATO request quashed; Canadian Supreme Court denies Envision’s strategy; Grattan UK; Company car provisions; UK country-by-country; and Brazilian tax and accounting guidance

The OECD met with BIAC (Business and Industry Advisory Committee) on Tuesday in Paris to discuss industry’s concerns over the base erosion and profit shifting (BEPS) project. Will Morris, chairman of BIAC’s tax and fiscal policy committee, tells TPWeek how the meeting went and what can be expected to happen next from an industry perspective.

The Supreme Court of Canada has denied Envision Credit Union’s (Envision) strategy for avoiding tax upon amalgamation in a ruling which could have broader implications for the tax treatment of mergers in Canada.