Tax Advisers - Deloitte Chile

Transcription

www.expertguides.com
The Legal Media Group Guide to the World’s Leading
Tax Advisers
CONTENTS
Guide to the World’s Leading
Tax Advisers
Research manager
Tatiana Hlivka
Sub-editors
Rebecca Skipwith
Maria McGrady
Production manager
Richard Oliver
Production editor
João Fernandes
Business manager
Matthew Lakin
Project manager
Jonathan McReynolds
Publisher
Danny Williams
Director
Christopher Fordham
For additional copies of this publication
please contact:
Tatiana Hlivka
Legal Media Group
Nestor House
Playhouse Yard
London, EC4V 5EX
Tel: (44) 20 7779 8418
Fax: (44) 20 7779 8678
Email: [email protected]
RRP £65/€100/US$110
©Euromoney Institutional Investor PLC
January 2007
No matter contained herein may be reproduced,
duplicated or copied by any means without the prior
consent of the holder of the copyright, requests for
which should be addressed to the publisher. Although
Euromoney Institutional Investor PLC has made
every effort to ensure the accuracy of this publication,
neither it nor any contributor can accept any legal
responsibility whatsoever for consequences that may
arise from errors or omissions, or any opinions or
advice given. This publication is not a substitute for
professional advice on specific transactions.
Directors: Padraic Fallon, Lord Rothermere, Sir
Patrick Sergeant, Charles Sinclair, Peter Williams,
Richard Ensor, Chris Brown, Neil Osborn, Dan
Cohen, Gerard Strahan, John Botts, Edoardo
Bounous, Colin Jones, Simon Brady, Tom Lamont,
Diane Alfano, John Bolsover, Gary Mueller, Mike
Carroll, Christopher Fordham
2
3
5
10
15
17
19
26
27
34
36
58
62
64
66
69
71
74
78
84
86
104
108
110
117
118
120
121
124
129
130
132
136
141
143
151
153
156
160
161
164
172
175
179
184
195
202
204
210
215
224
245
247
332
Methodology
Argentina editorial
Argentina
Australia
Austria
Belgium editorial
Belgium
Bolivia
Brazil
Canada editorial
Canada
Chile
China
Colombia
Cyprus
Czech Republic
Denmark
Finland
France
Germany editorial
Germany
Hong Kong SAR
Hungary
India
Ireland editorial
Ireland
Israel
Italy
Japan
Lithuania
Luxembourg editorial
Luxembourg
Mexico
The Netherlands editorial
The Netherlands
New Zealand editorial
New Zealand
Norway
Panama
Poland
Portugal
Russia
Singapore
South Africa editorial
South Africa
South Korea
Spain editorial
Spain
Sweden
Switzerland
United Kingdom
United States editorial
United States
Venezuela
Index
334 Index of firms
Cover image © mjutabor/BigStockPhoto.com
The Queens Award for
Export Achievement 1999
1
Methodology
Welcome to the 2007 Guide to the World’s Leading Tax Advisers, the international legal
market’s leading guide to the top practitioners in the field of tax advice.
When first published in 1994, the Expert Guides were the first ever guides dedicated
to leading individuals in the legal industry. Since then we have continued to focus on
individuals considered by clients and peers to be the best in their field.
The guides for each practice area are updated every two years. Our research process
involves sending over 4,000 questionnaires to senior practitioners or in-house counsel
involved in each practice area in over 60 jurisdictions, asking them to nominate leading
practitioners based on their work and reputation. The results are analysed and screened
for firm, network and alliance bias. The list of experts is then discussed and refined with
advisers in legal centres worldwide.
Our researchers have compiled a list of specialists in 42 jurisdictions for this guide. These
specialists have been independently offered the opportunity to enhance their listing with
a professional biography. The biographies give readers valuable, detailed information
regarding each lawyer’s practice and, if appropriate, their work and clients.
We owe the success of this guide to all the in-house counsel and firms that completed
questionnaires and met our researchers. Thank you. We hope you find the guide to be
a useful tool.
Tatiana Hlivka
Research manager
2
Guide to the World’s Leading Tax Advisers
Argentina
Argentina: time for
comprehensive reform?
Only five years have elapsed since the crisis that rocked
Argentina in late 2001 and early 2002, and yet the economic
outlook has now entirely changed in ways not even the most
optimistic forecaster could have predicted during those
difficult years.
The Argentine economy has recovered well since that time,
with GDP growing 9% on average each year, a growth that
is currently driven mainly by exports, construction,
manufacturing and financial activities. At the same time,
consumption is also stimulated by government spending and
social programs.
Despite concerns on several fronts, such as infrastructure
needs in the energy sector, fears of over-regulation and other
measures that would be required to enable sustainable
growth, economists and businessmen are increasingly
optimistic about the future performance of the country.
Tax revenues
Tax revenues in Argentina have increased sharply, as shown
in the chart below.
Diego Etchepare (top)
and Andrés Edelstein
PricewaterhouseCoopers
Buenos Aires
The federal primary surplus that has been observed lately is
due to high value-added tax receipts and a strong
performance by income taxes, reflecting the recovery in
GDP and also a certain degree of success in the fight against
tax evasion and the informal economy.
However, this excellent performance is shadowed by the fact that the fiscal sustainability
greatly depends on a couple of distorting taxes, for example export duties and the tax on
financial transactions – tax on checks – and also on the lack of recognition of inflation
for tax purposes. Notwithstanding that corporate income tax and VAT are imposed at
relatively high rates (35% and 21% respectively), the breakdown of tax revenues shows
that the two main distorting taxes contribute 20% of the tax collection, and have been
playing an important role in the remarkable levels of tax revenues.
These circumstances, among other factors, explain why Argentina has performed poorly
in the recent survey conducted as part of the World Bank Doing Business report, Paying
Collection of taxes at federal level
3
Argentina
Taxes, the global picture (2006), by the World Bank and PricewaterhouseCoopers
comparing tax regimes around the world.
How to reform
There seems to be a consensus on the necessity of reducing or repealing these so-called
distorting taxes through a major tax reform. The dilemma the government has to face is
how to implement these changes without jeopardizing the current fiscal surplus, a crucial
aspect to which the authorities have been paying close attention, and which makes a
substantial reform a challenging exercise.
The government has so far been reluctant to consider eliminating these taxes in view of
satisfactory performance. The enactment of special tax regimes to promote investments
shows that the authorities are conscious of the high level of taxation and willing to
encourage investment projects, although the budget devoted to that end is limited. We
refer to the temporary regime for investments in capital assets and infrastructure works
and the software promotion regime (Law 25,924 and 25,922 respectively, both enacted in
2004), and the special regimes for the production and use of Biofuel and Hydrocarbons
(Law 26,093 and 26,154 respectively, both launched in 2006).
Although there are conflicting views on the impact of tax cuts on the flow of foreign direct
investment (FDI) and no simple relationship seems to exist between the overall level of
taxation and long-term economic growth, studies do find evidence of the negative
influence of high levels of taxation. Moreover, there are clear signs that the level of
taxation has significant influence on investment decisions.
In the context of fierce competition among countries to attract investments, the design
and implementation of a tax system that encourages them, together with other sound
measures aimed at improving the investment climate and the business environment,
should be one of the main items of the Argentine Government’s agenda.
According to the World Bank publication mentioned above, tax reductions are possible
when reforms target increasing compliance and the tax base. Three ways to start a good
reform are discussed in the report: simplification of the tax legislation, which also implies
the repeal of exemptions or special treatments; easing filing requirements, for instance by
making electronic filing possible and eliminating excessive paperwork; and consolidating
taxes. These general guidelines may well be taken into consideration in the establishment
of a friendlier tax system in Argentina, together with other specific initiatives such as the
alignment of tax policies among the different taxing jurisdictions (federal, provincial and
municipal levels), and the expansion of the tax treaty network (composed of 18 treaties,
most of them concluded with European and American countries).
In the meantime, to take advantage of the many opportunities that the Argentine
economy offers, careful tax planning is essential, not only to ensure that all the tax
implications and exposures have been duly addressed, but also to determine whether the
project fits the scope of the various tax incentive regimes currently available.
4
Argentina
Diego Etchepare
Bouchard 557
C1106ABG – Buenos Aires
Argentina
Tel: (54) 11 4850 4651
Fax: (54) 11 4850 4699
Website: www.pwc.com/ar
Diego Etchepare is an expert in all matters related to national and provincial taxation,
and advises international corporations doing business in Argentina.
He was the partner in charge of the tax and legal practice in PricewaterhouseCoopers’s
Buenos Aires office until July 2001, when he became the partner in charge of the Buenos
Aires firm. With more than 20 years’ experience in the taxation area, he has been
assisting multinational clients to structure their investments and acquisitions in
Argentina.
He has been a professor on taxation at the Universidad de Belgrano for 15 years and is
a frequent speaker at seminars and conferences organized by leading local professional
associations.
He has also addressed international seminars in the US, Canada and other countries in
South America.
He has published numerous articles in the technical press, as well as co-writing four
books on tax practice and theory.
He is a member of the Argentina Fiscal Association and of the Taxation Executive
Committee of the Professional Association of CPAs. At present, he is a member of the
consultative council of the School of Economic Sciences at the Universidad de Belgrano.
He is also a member of the Advisory Council in Argentina of the IDEC – Universidad
Pompeu Fabra, Spain.
5
Argentina
Carlos Iannucci
Deloitte
Pte Gral J D Peron 646, 2nd Floor
Ciudad Autónoma de Buenos
C1038AAN Buenos Aires
Argentina
Tel: (54) 11 4320 2736
Fax: (54) 11 4320 4066
Website: www.deloitte.com
Carlos Iannucci is an international tax partner at Deloitte with 20 years of experience
in tax services. He is the tax department director in Argentina and Latco, and also leads
the Latin American indirect tax practice.
Carlos has vast experience in serving multinational enterprises doing business in Latin
America. He is a senior adviser on international tax planning strategies, indirect tax
planning, cross-border transactions and mergers and acquisitions.
He is a frequent speaker at tax conferences and seminars in various countries and has been
distinguished over the last few years as a top tax adviser in Argentina by International Tax
Review and Mondaq. He is also a professor of taxation at the Universidad Católica
Argentina, and a member of the International Fiscal Association and the Argentine Tax
Association.
6
Argentina
Pablo F Tonina
Deloitte
Florida 234, 5th Floor
C1005AAF Buenos Aires
Argentina
Tel: (54) 11 4320 2700 ext 2145
Fax: (54) 11 4325 8081
Pablo F Tonina is a tax partner at Deloitte, based in Buenos Aires, Argentina. He has
more than 20 years of experience in serving multinationals, major local companies and
financial institutions in corporate and international tax issues.
Mr Tonina is the lead tax partner for several large consumer, manufacturing, technology
and financial services industry clients. He is also responsible for the Latin American
coordination of tax services for several of Deloitte’s global strategic clients.
Since 1988, Mr Tonina has consistently been listed among the leading tax advisers in
Argentina in various market surveys. He is a regular lecturer at business institutions,
universities and professional entities, sharing his expertise in various tax matters. He also
is a contributor to a number of specialized technical publications.
Mr Tonina is a certified public accountant. He graduated from the School of Economics,
Argentine Catholic University, and is a member of the Argentine Tax Association and
the International Tax Association.
7
Argentina
Alejandro Claudio Altamirano
Estudio Beccar Varela, Buenos Aires
Francisco J Antognini
Ernst & Young, Buenos Aires
Rubén O Asorey
Asorey & Navarrine, Buenos Aires
Manuel María Benites
Pérez Alati Grondona Benites Arntsen & Martinez, Buenos Aires
Carlos Casanovas
Marcelo A Castillo
KPMG, Buenos Aires
Andrés M Edelstein
PricewaterhouseCoopers, Buenos Aires
Diego Etchepare (see bio)
Jorge Gebhardt
Eduardo Gil Roca
Gabriel Gotlib
Marval O’Farell & Mairal, Buenos Aires
Carlos Iannucci (see bio)
Deloitte, Buenos Aires (see advert on inside front)
Susana C Navarrine
Asorey & Navarrine, Buenos Aires
Matias Olivero Vila
Bruchou Fernandez Madero Lombardi & Mitrani, Buenos Aires
Daniel Rybnik
EnterPricing, Buenos Aires
Alberto Tarsitano
Cárdenas Di Cio Romero & Tarsitano, Buenos Aires
Guillermo Orlando Teijeiro
Negri & Teijeiro Abogados, Buenos Aires
Miguel Alejandro Máximo Tesón
Estudio O’Farrell, Buenos Aires
Pablo F Tonina (see bio)
Deloitte, Buenos Aires (see advert on inside front)
8
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Australia
Mark Green
Minter Ellison
Rialto Towers
525 Collins Street
Melbourne, Victoria, 3000
Australia
Tel: (61) 3 8608 2380
Fax: (61) 3 8608 1000
Website: www.minterellison.com
Mark joined Minter Ellison in March 2002. He is a former senior tax partner in Ernst
& Young’s corporate group and deputy managing partner of Ernst & Young’s tax
practice. Mark is one of Victoria’s leading advisors on tax and related structuring
issues, and is also managing partner of Minter Ellison Melbourne.
He has been extensively involved in the energy and infrastructure sectors and, while
with Ernst & Young, was national industry leader of its energy and utility practice.
Mark also has significant experience advising on mergers and acquisitions for
corporate entities, including tax effective financing. He has a strong background
advising corporate and government entities generally on Australian State and Federal
taxation and excise laws.
He continues to work with international organizations, particularly US, French, UK
and Asian companies, investing in Australia, with a focus in the finance, energy and
infrastructure sectors.
He is past president of the Australian New Zealand Chamber of Commerce and Industry
and a guest lecturer in international taxation at Monash University Faculty of Law.
He is a fellow of the Tax Institute of Australia and a member of the Australian Institute
of Company Directors, International Fiscal Association and The Law Institute of
Victoria.
10
Australia
Gordon Thring
Deloitte
180 Lonsdale Street
Melbourne VIC 3000
Australia
Tel: (61) 3 9208 7666
Fax: (61) 3 9208 7702
Website: www.deloitte.com.au
Gordon Thring has been an international tax partner in the Melbourne office of
Deloitte since 2000. He joined the firm having previously been a partner for over five
years at another big-four accounting firm and has 23 years’ experience in taxation. He
is a fellow of the Institute of Chartered Accountants, a fellow of the Australian Certified
Practising Accountants, and a fellow of the Taxation Institute of Australia.
Gordon’s recent assignments include international structuring and cross-border
mergers and acquisitions transactions for large multinational corporations based in
Australia as well as inbound investment into Australia. He has particular experience in
tax-efficient international financing structures, off-balance-sheet structures, intellectual
property tax planning, thin capitalization, mergers and acquisitions including floats, and
de-mergers and takeovers.
Gordon lectures extensively on international and corporate tax topics at seminars and
has contributed many articles to publications dealing with international and Australian
taxation.
Gordon is also the chair of the Australian CPA’s National Tax Committee and sits on
several liaison groups with the Australian Treasury and Australian Taxation Office
officials.
11
Australia
Charles Armitage
Allens Arthur Robinson, Sydney
Allan Blaikie
Clayton Utz, Sydney
David Bloom QC
Seven Wentworth Chambers, Sydney
Bill Cannon
Blake Dawson Waldron, Sydney
Anthony Clemens
PricewaterhouseCoopers, Sydney
Michael Clough
Mallesons Stephen Jaques, Melbourne
Peter Collins
PricewaterhouseCoopers, Melbourne
David Cominos
Clayton Utz, Brisbane
Graeme Cotterill
Mallesons Stephen Jaques, Perth
John W De Wijn QC
Owen Dixon Chambers West, Melbourne
Richard Dukes
Atanaskovic Hartnell, Sydney
John William Durack SC
Ground Floor Wentworth Chambers, Sydney
Tony Frost
Greenwoods & Freehills Pty Limited, Sydney
Peter Green
Mallesons Stephen Jaques, Sydney
Mark Green (see bio)
Minter Ellison, Melbourne
Michael Happell
PricewaterhouseCoopers, Melbourne
Vik Khanna
Ernst & Young, Melbourne
John C King
Larry Magid
Allens Arthur Robinson, Sydney
James Hamilton Momsen
Fifth Floor Selborne Chambers, Sydney
12
Australia
Paul O’Donnell
Ernst & Young, Sydney
G Tony Pagone QC
Owen Dixon Chambers West, Melbourne
Kevin Pose
Allens Arthur Robinson, Melbourne
Cameron Rider
David Graham Russell QC
Richard Shaddick
Shaddick & Spence, Melbourne
Tony Slater QC
Ken Spence
Shaddick & Spence, Melbourne
Ian Stanley
Brendan James Sullivan SC
Tenth Floor Selborne/Wentworth Chambers, Sydney
Gordon Thring (see bio)
Deloitte, Melbourne (see advert on inside front)
Michael H Wachtel
Ernst & Young, Melbourne
David A Watkins
KPMG, Sydney
Sue Williamson
David Wood
Mallesons Stephen Jaques, Melbourne
13
Commercial
Banking & finance
and capital markets
Tax
Administrative business law
Real estate and
project development
Commercial litigation
and arbitration
Cerha Hempel Spiegelfeld Hlawati
Partnerschaft von Rechtsanwälten
Parkring 2, A-1010 Vienna
Tel.: +43/1/514 35-0
Fax: +43/1/514 35-35
CHSH Bratislava Brussels Bucharest Budapest Vienna
[email protected]
in alliance with BSJP Gdansk Katowice Poznan Warsaw Wroclaw
www.chsh.at
Austria
Clemens Hasenauer
CHSH Cerha Hempel Spiegelfeld Hlawati
Parkring 2
1010 Vienna
Austria
Tel: (43) 1 514 35 321
Fax: (43) 1 514 35 39
Website: www.chsh.at
Dr Clemens Hasenauer is partner and member of the banking and corporate finance
team at CHSH. His broad experience includes numerous negotiated mergers and
acquisitions transactions and complex corporate reorganizations, in particular relating to
large international joint ventures as well as takeover proceedings. Clemens Hasenauer
has regularly advised on private equity transactions and has structured and negotiated
numerous cross-border transactions, including in-bound and out-bound investments
and acquisitions. Recently, Mr Hasenauer advised OMV on the $1.1 billion purchase of
a 34% stake in Petrolofisi.
Clemens Hasenauer graduated from the University of Vienna (Mag iur 1994, Dr iur
1996) and from New York University School of Law (LLM 1997) as a Fulbright Scholar.
For more than three years he gained professional experience in New York and London
and is also admitted to the Bar of New York. Clemens Hasenauer has written numerous
publications in his areas of expertise and is a frequent speaker at seminars and lectures.
He chairs one of the leading Austrian mergers and acquisitions conferences.
CHSH is one of Austria’s largest law firms, with strong international links and offices in
Vienna, Bratislava, Brussels, Budapest, Bucharest, Warsaw, Gdansk, Katowice, Poznan
and Wroc_aw. At present, there are 12 partners and 68 lawyers at the Vienna office.
15
Austria
Wolf-Dieter Arnold
ARNOLD Rechtsanwalts-Partnerschaft, Vienna
Nina Doralt
Ernst & Young, Vienna
Florian Gibitz
bpv Hügel Rechtsanwälte OEG, Vienna
Andreas Hable
Binder Grösswang Rechtsanwälte, Vienna
Clemens Hasenauer (see bio)
CHSH Cerha Hempel Spiegelfeld Hlawati, Vienna (see advert
on page 14)
Christian Hoenig
Wolf Theiss, Vienna
Hanns F Hügel
bpv Hügel Rechtsanwälte OEG, Vienna
Reinhard Leitner
Leitner + Leitner, Linz
Johann Mühlehner
KPMG Gruppe Österreich, Vienna
Roland Rief
Ernst & Young, Vienna
Friedrich Roedler
PricewaterhouseCoopers, Vienna
Niklas Schmidt
Wolf Theiss, Vienna
Robert Schneider
SchneideR’S Attorney at Law, Vienna
Claus Staringer
Freshfields Bruckhaus Deringer, Vienna
Hellwig Torggler
Schönherr, Vienna
Hans Zoechling
KPMG Gruppe Österreich, Vienna
16
Belgium
Belgium increases its scrutiny
of transfer-pricing issues
In the 2004 edition of this Guide, we described the Belgian
transfer-pricing regulations introduced on July 9 2004. The
2004 Act introduced the arm’s-length principle as the
domestic legal basis, as well as the concept of correlative
adjustments, which implied that the Belgian tax authorities
would accept a downward adjustment to the taxable results of
the Belgian taxpayer to the extent that it corresponded to a
correct upwards foreign transfer-pricing adjustment.
The 2004 Act overwrote Article 26 of the Belgian Income
Tax Code (BITC) in the case of cross-border transactions
between two companies that are part of a multinational
Patrick Cauwenbergh
group of associated enterprises; or between two permanent
Deloitte
establishments (one being Belgian), a Belgian head office and
Brussels
its foreign permanent establishment, or a foreign head office
and its Belgian permanent establishment. However, the domestic controlled
transactions and the cross-border transactions between a company and a physical
person are still covered by Article 26 of the BITC. The 2004 Act also introduced a
more flexible and pragmatic advance-pricing agreement regime, allowing taxpayers to
obtain advance security about all issues related to tax-aligned supply chain structures
(such as exit charges, permanent establishment, relationship between transfer pricing
and customs value, and so on).
In addition to the 2004 Act, in 2005 Belgium introduced a tax deduction for risk capital
(notional interest deduction). Both the 2004 Act and the notional interest deduction
are measures that have made Belgium especially attractive for foreign investments.
Indeed, under the new advance-pricing agreement regime of the 2004 Act, it is
possible to obtain a partial or even total tax exemption of the excess (operating) profit
resulting from restructuring a business, while still respecting the arm’s-length
principle. The second measure, the notional interest deduction, provides for a
deduction from the taxpayer’s taxable base equal to a percentage of the entity’s
(allocated) equity. In the right circumstances, the excessive profit ruling and the
notional interest deduction could be combined and thus provide an effective way to
substantially reduce the group’s effective tax rate. Furthermore, the absence of strict
thin capitalization rules, the relative ease of implementing hybrid financing structures
and the attractive holding company features further contribute to making the Belgian
tax climate similar to, or even more enticing than, those found in more traditional
conduit countries, such as Ireland, Luxembourg or Switzerland.
Along with creating these tax-planning opportunities, the Belgian tax authority
sharpened its focus on the in-depth transfer-pricing audits. In 2005, a special transferpricing audit squad was established, consisting of specialists and focusing on the
transfer-pricing audits of companies belonging to a multinational group. The squad
uses a detailed customized questionnaire that is time-consuming and difficult to
answer if no transfer-pricing documentation is readily available.
Most recently, on November 20 2006, the Belgian tax administration issued a new
circular that provides the tax administration with general guidelines regarding the
transfer-pricing documentation in the case of an audit. Although the circular does not
impose any obligation to prepare transfer-pricing documentation in advance, it defines
the factors and situations which make the audit likely for certain Belgian taxpayers.
Among these are the following: the use of so-called tax haven countries when no
economic value is added as well as direct and indirect payments to entities in tax
havens; the use of back-to-back arrangements to hide the true nature of a transaction;
complex arrangements and circular structures that produce little or no additional
economic value; structural losses at a level of Belgian group entities; reorganization
and relocation of affiliated entities, particularly involving the valuation and payment
17
Belgium
for intellectual property; and the year-end invoicing of management fees. The circular
also provides a detailed overview of items to be gathered by taxpayers for the
preparation of the transfer-pricing documentation. These items include the
description of the nature and the terms of the relevant tested and potentially
comparable transactions, methods to determine pricing for such transactions,
commercial contracts and the relevant financial information. Other items useful for
the study are the factual information on the taxpayer and its parent multinational
group, industry and market background, description of the contractual relations with
the related parties for tangibles, services and loans, and the taxpayer’s detailed
functional and risk overview.
Being prepared is the best strategy to avoid burdensome retrospective fact gathering
and to lessen the risk that substantial transfer-pricing adjustments take place. The
release of the new circular is another element demonstrating the increased attention
of the Belgian tax authorities to transfer-pricing issues.
18
Belgium
Patrick Cauwenbergh
Deloitte
Berkenlaan 8A
B-1831 Diegem
Belgium
Tel: (32) 2 600 6927
Fax: (32) 2 600 6703
Patrick Cauwenbergh is a tax partner in the Brussels office of Deloitte Touche Tohmatsu’s
Belgium affiliate. He joined Deloitte in 1999 and is now the partner in charge of Deloitte’s
Brussels transfer-pricing practice.
Mr Cauwenbergh has specialized in transfer pricing and international tax planning since
1992, as both practitioner and academic. He is a member of the Institute of Accountancy
and Tax Advisers (IAB).
Mr Cauwenbergh participates in and conducts transfer pricing and international tax
planning assignments for Europe-based companies (including many of the largest
Belgian controlled groups) regarding their relations with other EU member states,
eastern European countries, Japan and the US. His team at Deloitte consists of fully
dedicated transfer-pricing and international tax planning specialists (tax lawyers and
economists) who are active in such areas as fiscal reengineering, European transferpricing documentation (including comparables searches), competent authority
(including arbitration) procedures, advance-pricing agreements, and defence audits.
Industry studies include chemicals, automotive, consumer goods, telecommunications,
paper and pulp industry, financial services, electronics, general trading and
pharmaceuticals.
Mr Cauwenbergh is the only Belgian lawyer with a PhD on the Belgian and foreign tax
aspects of international transfer pricing. He has been a professor at the University of
Antwerp in international tax law since 1997. He also lectures on transfer-pricing topics
at the University of Leuven (European Tax College) and at the University of Ghent.
Mr Cauwenbergh participates in many seminars on transfer pricing and international
tax planning, and is the author of two monographs and a large number of articles in
national and international professional journals.
19
Belgium
Jacques De Witte
Deloitte
Berkenlaan 8A
B-1831 Diegem
Belgium
Tel: (32) 2 600 6694
Fax: (32) 2 600 6703
Jacques De Witte is a tax partner in the Brussels office of Deloitte.
Mr De Witte began his career in 1976 with Mr Tinnemans, certified public auditor
and founder of Deloitte & Touche in Belgium. He became a tax partner in 1988 and
is a member of various business and professional organizations.
Mr De Witte advises mainly corporate but also private clients from all over the world,
specializing in clients who have connections with Japan. His principal areas of activity
are international tax and corporate structuring. He is also known in the field of
personal income tax issues of expatriates.
Mr De Witte has been consistently recognized in Legal Media Group’s survey of
clients and professionals as a leading international tax adviser, and has been named for
several years as one of the top tax advisers in International Tax Review’s annual survey.
He is a regular speaker at conferences, universities and management schools on
various aspects of Belgian taxation.
Mr De Witte graduated as an economist from the University of Ghent and has a
degree in accountancy and tax law from the Vlerick School of Management. He is a
member of the Institute of Accountancy and Tax Advisers (IAB) and the International
Fiscal Association (IFA).
20
Belgium
Bernard Peeters
Tiberghien
Havenlaan 86C/419 Avenue du Port
1000 Brussels
Belgium
Wouwstraat 1
2640 Mortsel
Belgium
Tel: (32) 2 773 40 00
Tel: (32) 3 443 20 00
Fax: (32) 2 773 40 55
Fax: (32) 3 443 20 20
Website: www.tiberghien.com; www.tiberghien.tv
Bernard Peeters, born 1958 in Veurne, joined Tiberghien in 1990. His practice areas
are corporate tax, mergers and acquisitions, private equity, international and European
tax planning and tax treaties.
Mr Peeters is a member of the Brussels Bar and a frequent speaker on tax seminars in
Belgium and abroad. He lectures at the University of Brussels on tax law (double tax
treaties and triangular cases). His memberships include the Tax and Legal Committee
of the American Chamber of Commerce in Belgium, the Tax and Legal Committee of
the European Venture Capital Association, the Tax and Legal Committee of the
Belgian Venturing Association, and the International Fiscal Association.
He is editor of the monthly newsletter on international tax Fiscoloog Internationaal and
a member of the editorial staff of the Tijdschrift voor Fiscaal Recht. He is also the author
of numerous fiscal-related monographs and articles.
Mr Peeters graduated from the University of Brussels (lic iur) in 1981, and received a
Special Degree in company law from the same university in 1982. He is also a tax
graduate of the Fiscale Hogeschool Brussels (1983).
He speaks Dutch, English, French and German
21
Belgium
Jan A Roels
Deloitte
Berkenlaan 8A
B-1831 Diegem
Belgium
Tel: (32) 2 600 6726
Fax: (32) 2 600 6701
Jan Roels is a tax partner in the Brussels office of Deloitte. Mr Roels joined Arthur
Andersen in 1977 and became a partner in 1988. He joined Deloitte & Touche in
September 2002.
In 2004, Mr Roels was appointed European international tax service line leader for
Europe. He also serves as the European liaison for a number of multinational enterprises
and coordinates the European tax work for several Belgian MNCs and clients
headquartered in Europe, the Americas and the Asia-Pacific region. Mr Roels is a
member of the EU tax group at Deloitte, responsible for coordinating knowledge-sharing
on EU direct tax developments and assisting offices worldwide on issues of EU direct
taxation. He has been a member of various governmental, EU and industry tax task forces.
For many years International Tax Review has named Mr Roels as one of the leading
international tax advisers in Belgium. He speaks fluent Dutch, English, French and
German and is a frequent speaker in and outside Belgium on topics dealing with national
and international taxation, including EU taxation. He is a guest lecturer at the
Universities of Antwerp, Ghent and Leuven.
Mr Roels studied law and notary public at the University of Leuven and is a graduate of
the Tax Technical School in Brussels. He is a member of the Institute of Accountancy and
Tax Advisers (IAB).
22
Belgium
Marc Tahon
KPMG
Prins Boudewijnlaan 24d
B - 2550 Kontich (Antwerp)
Belgium
Tel: (32) 3 821 19 24
Fax: (32) 3 825 38 38
Website: www.kpmg.com
Marc Tahon is an international corporate tax partner in the Belgian tax and legal practice
of KPMG. He joined the firm in 1977 and was admitted partner in 1985.
Marc is member of the Belgian Institute for Accountants and Tax Advisers (IAB) and
member of the International Fiscal Association (IFA).
Marc is a lecturer at UAMS, the Universiteit Antwerpen Management School. He has
published various articles on reorganization issues. He is a member of the KPMG global
mergers and acquisitions tax network and representative of Belgium at the KPMG
European Tax Centre (ETC).
Marc has extensive experience and expertise in matters such as financial structures,
management buy-outs, mergers and acquisitions, corporate reorganizations, both on a
national and an international level. His sector expertise comprises pharmaceuticals,
chemicals, industrial products, consumer products and shipping. Marc works with both
Belgian and foreign-based (that is in the US, UK, Germany and the Netherlands)
multinational groups on an continuing basis as well as on special projects.
Marc holds a degree in law (University of Antwerp) and a special degree in fiscal sciences
(Fiscale Hogeschool, Brussels). He is fluent in Dutch, French and English and has a
good knowledge of German.
23
Belgium
Dirk Van Stappen
KPMG
Prins Boudewijnlaan 24d
Antwerpen (Kontich) 2550
Belgium
Tel: (32) 3 8211918
Fax: (32) 3 8253838
Dirk Van Stappen is a tax partner with KPMG Tax & Legal Advisers in Belgium. He
joined KPMG in 1988 and has over 18 years of experience in advising multinational
companies on tax and transfer-pricing issues. Dirk heads KPMG’s Belgian transferpricing practice (a member of KPMG’s Global Transfer Pricing Services).
Dirk has conducted various transfer-pricing assignments, ranging from preparing
European transfer-pricing documentation (including comparables searches), and
domestic and international transfer-pricing audit defence and competent authority
procedures to negotiating rulings and advance-pricing arrangements (APAs). Another
area of focus is strategic transfer-pricing planning (agent/commissionaire-structures,
contract or toll manufacturing arrangements, contract R&D arrangements, distribution
and service centres, intellectual property planning). Dirk has also excellent relations with
the Belgian central tax and APA authorities.
From an industry perspective, Dirk has a particular focus on the chemical,
pharmaceutical, electronics, industrial equipment, consumer products and food and
beverages industries.
Dirk was appointed in 2002 as one of the 10 European business experts of the EU Joint
Transfer Pricing Forum of the European Commission.
Since 1996, Dirk has been a visiting professor at the University of Antwerp in tax
management. He is a regular speaker on corporate income tax and transfer-pricing
issues. He has written numerous articles in both national and international professional
journals.
Dirk has been named in World Tax: The comprehensive guide to the world’s leading tax
firms (International Tax Review), Euromoney’s Guide to the World’s Leading Transfer
Pricing Advisers and previous editions of Euromoney’s Guide to the World’s Leading Tax
Advisers.
Dirk holds a masters degree in applied economics from the University of Antwerp and
graduated in taxation from the Fiscale Hogeschool in Brussels. He is a certified tax
adviser and member of the Belgian Institute for Accountants and Tax Advisers (IAB).
24
Belgium
Patrick Cauwenbergh (see bio)
Deloitte, Brussels (see advert on inside front)
Thierry Charon
Loyens, Brussels
Christian Chéruy
Loyens, Brussels
Luc De Broe
Stibbe, Brussels
Guido De Wit
Linklaters De Bandt, Brussels
Jacques De Witte (see bio)
Thierry Denayer
Frank Dierckx
PricewaterhouseCoopers, Brussels
Daniel Garabedian
Liedekerke Wolters Waelbroeck Kirkpatrick, Brussels
Axel Haelterman
Freshfields Bruckhaus Deringer, Brussels
Werner Heyvaert
Stibbe, Brussels
Philippe Hinnekens
Eubelius, Brussels
Alain Huyghe
Baker & McKenzie, Brussels
Patrick L Kelley
John Kirkpatrick
Howard M Liebman
Jones Day, Brussels
Jacques Malherbe
Philippe Malherbe
Ivo Onkelinx
Bernard Peeters (see bio)
Tiberghien, Brussels
25
Belgium
Jan A Roels (see bio)
Enrico Schoonvliet
Loyens, Brussels
Marc Tahon (see bio)
KPMG, Antwerp
Dirk Van Stappen (see bio)
KPMG, Antwerp
Henk Vanhulle
Isabel Verlinden
PricewaterhouseCoopers, Brussels
Bolivia
Jaime Araújo
Ferrere Attorneys at Law, Santa Cruz
26
Brazil
Cristina Arantes A Berry
Deloitte
Rua Alexandre Dumas 1981
Chácara Santo Antonio
São Paulo – SP
Brazil
Tel: (55) 11 5186 1013
Fax: (55) 11 5181 2911
Website: www.deloitte.com.br
Cristina Berry is a tax partner in the São Paulo office of Deloitte.
Cristina joined Arthur Andersen in 1989 and became a partner in 2000. She joined
Deloitte & Touche in March 2002. Currently, Cristina leads the corporate tax division
of the Sao Paulo office.
She specializes in international tax, with experience in corporate income tax, foreign
capital legislation, corporate law, corporate reorganization and tax planning, and has
participated in numerous projects such as: transfer pricing, advising multinational
clients on tax and business related to multinational joint ventures, and counselled
clients on structuring and restructuring complex national and international operations.
International Tax Review has named Cristina Berry as one of the highly recommended
tax advisers in Brazil. She is a frequent speaker in and outside Brazil on topics dealing
with Brazilian taxation.
Cristina studied law at the Faculdade de Direito da Universidade Mackenzie in São
Paulo and is a member of the Brazilian Bar Association, São Paulo section.
27
Brazil
João Alfredo Branco
Deloitte
Rua Bela Cintra, 881
01415-910 – São Paulo – SP
Brazil
Tel: (55) 11 3150 1800
Fax: (55) 11 3258 8456
Website: www.deloitte.com.br
João A Branco is a partner in Deloitte’s Brazil office and an international tax specialist.
He has 30 years of experience in corporate and individual income tax, foreign capital
legislation, corporate law, corporate reorganization, tax planning. He has participated
in numerous projects, such as transfer pricing and advising multinational clients on tax
and business related to multinational joint ventures, and has counselled clients on
structuring and restructuring complex national and international transactions. He has
extensive experience in the utilities, consumer, automotive, manufacturing and
pharmaceutical industries.
João A Branco is an integral member of Deloitte Brazil’s international tax service line
group, participating in all tax aspects of transaction structuring, purchase
investigations, and due diligence reviews, including income/ franchise taxes, sales and
use taxes, and transfer taxes. He has spoken on state and local tax issues on a number
of programmes, both within the firm and at other events sponsored by professional
associations.
Mr Branco graduated in business administration from Escola de Administração de
Empresas da Fundação Getúlio Vargas in 1974, in accounting from the University
Paulo Eiro in 1981 and became a certified accountant in 1982.
He is fluent in English and Portuguese.
28
Brazil
José Roberto Adelino da Silva
KPMG
Av Almirante Barroso n 52, 4th floor
20031-000 Rio de Janeiro
Brazil
Tel: (55) 21 3515 9470
José Roberto Adelino da Silva is tax partner at KPMG in Brazil. He became a tax
partner in 1992. José Roberto has a broad and proved experience in business tax
services (including transfer pricing) and reorganization services of mergers and
acquisitions. His professional experience comprises comprehensive support to foreign
clients in the acquisition of Brazilian targets and control of local investments.
His areas of experience comprise: multiple banks, commercial and investment banks,
leasing, insurance companies, metallurgy, steel, chemical, record manufacturers. He
has participated in seminars of professional focus and in annual seminars within the
KPMG professional development programme.
He graduated in administration at Universidade do Federal do Rio de Janeiro – UFRJ
(1978) and in accounting at Faculdade de Ciências Contábeis e Administrativas
Moraes Júnior do Rio de Janeiro (1982).
29
Brazil
Gustavo Lian Haddad
Lefosse Advogados in cooperation with Linklaters
Rua General Furtado do Nascimento, 66
1 andar
Sao Paulo SP 05465-070
Brazil
Tel: (55) 11 3024 6312
Fax: (55) 11 3024 6200
Website: www.lefosse.com.br
Gustavo Haddad is the head of Lefosse Advogados (a Linklaters-affiliated firm) tax
practice. He is an expert in tax law with more than 12 years’ experience in his field. His
practice includes tax consultancy and planning, taxation of international operations/
transactions, tax advice in corporate restructuring and acquisitions, capital markets and
administrative tax litigation.
He holds an LLB from the University of São Paulo Law School (1995) and is fluent in
Portuguese, English and Spanish. Gustavo is a professor of income tax and tax planning
at the corporate and tax law programmes of Fundação Getúlio Vargas (a leading
Brazilian business school) and is a member of the First Federal Taxpayers’ Council of the
Ministry of Finance (Primeiro Conselho de Contribuintes do Ministério da Fazenda).
Gustavo was previously the head of international tax at KPMG in São Paulo and joined
Lefosse Advogados in 2003 to lead the firm’s tax practice. He has recruited new
associates, refocused the practice and significantly increased tax consultation work in
high-profile transactional and international tax matters, taking advantage of integration
with the corporate and finance practices of the firm and with the Linklaters network.
Gustavo has been named as one of the five leading individual tax advisers in Brazil by the
International Tax Review magazine and World Tax 2005 and World Tax 2006, which ranked
him as a leading individual in tax mergers and acquisitions and tax capital markets.
The tax practice of Lefosse Advogados currently comprises more than 12 fee earners,
focusing on transactional tax work on mergers and acquisitions, capital markets and
cross-border operations, tax advice on domestic and international matters and tax
litigation. It has been involved in high profile transactions and tax matters for many
years and is known for its international mindset and business-orientated approach.
30
Brazil
Raquel Cristina Ribeiro Novais
Machado, Meyer, Sendacz e Opice Advogados
Avenida Brigadeiro Faria Lima, 3144 – 8º Floor
01451-000 São Paulo – SP
Brazil
Tel: (55) 11 3150 7033
Fax: (55) 11 3150 7071
Website: www.machadomeyer.com.br
Raquel Cristina Ribeiro Novais has been a partner of Machado Meyer Sendacz and
Opice Advogados, one of the leading law firms in Brazil, since 1990. She has particular
expertise in corporate tax law, tax planning and foreign investments, mainly in relation
to regulated industries (namely petroleum and natural gas, power and
telecommunications). She acts as consultant to investors participating in privatization
processes and provides tax advice on corporate restructuring and merger and acquisition
transactions. Mrs Novais is also particularly known for her transfer pricing experience,
which includes both planning and litigation.
Mrs Novais conducts a litigation practice focused on relevant tax matters. In that
capacity, she has had charge of leading cases dealing with state federal and constitutional
matters, judged by the higher courts in Brazil, including the Federal Supreme Court.
Mrs Novais has also been firmly involved in litigation at the level of the Administrative
Tax Courts.
In April 1987 Mrs Novais joined the firm of Machado Meyer Sendacz and Opice
Advogados. Due to her background and notable market presence, she has been invited
to participate in and present several conferences and workshops.
Mrs Novais received her LLB from the Faculdade de Direito de Franca in 1983. In
1992 she gained a masters degree in tax law from de Pontifícia Universidade Católica.
She has been a member of the Bar Association and the São Paulo Lawyers Association
since 1985. In 1994 she was made a judge of the Administrative Court of São Paulo
(TIT).
31
Brazil
Cristina Arantes A Berry (see bio)
Deloitte, São Paulo (see advert on inside front)
João Alfredo Branco (see bio)
Deloitte, São Paulo (see advert on inside front)
José Luiz Bulhoes Pedreira
Bulhoes Pedreira Bulhoes Carvalho Piva Rosman e Souza,
Rio de Janeiro
Antonio Corrêa Meyer
Machado Meyer Sendacz e Opice, São Paulo
José Roberto A da Silva (see bio)
KPMG Tax Advisors-Assessores Tributários, São Paulo
Paulo De Barros Carvalho
Barros Carvalho Advogados Associados, São Paulo
Celso de Paula F da Costa
Hamilton Dias de Souza
Dias de Souza Advogados, São Paulo
Antonio Carlos Q Ferreira
Trench Rossi e Watanabe/Baker & McKenzie, São Paulo
Luciana Galhardo
Pinheiro Neto - Advogados, São Paulo
Gustavo Lian Haddad (see bio)
Lefosse Advogados in cooperation with Linklaters, São Paulo
Ricardo Mariz de Oliveira
Mariz de Oliveira, Siqueira Campos e Bianco, São Paulo
Raquel Cristina Ribeiro Novais (see bio)
Condorcet Pereira de Rezende
Ulhoa Canto Rezende e Guerra Advogados, Rio de Janeiro
José Roberto Pisani
Pinheiro Neto - Advogados, São Paulo
Roberto Quiroga
Mattos Filho Veiga Filho Marrey Jr e Quiroga, São Paulo
Diogo H Ruiz
KPMG Tax Advisors-Assessores Tributários, São Paulo
Luis Eduardo Schoueri
Lacaz Martins Halembeck Pereira Neto Gurevich, São Paulo
Abel Simao Amaro
Veirano Advogados, São Paulo
32
Brazil
Nelio Weiss
PricewaterhouseCoopers, São Paulo
Alberto Xavier
Xavier Bernardes & Bragança, Rio de Janeiro
33
Canada
2006 – a year of significant
developments
The past year has seen important proposed legislation as well
as a number of judicial decisions. The most important
legislative proposals have been directed at the proliferation
of income trusts and flow-through partnerships as business
entities in Canada. The initial legislative proposal was to
reduce personal taxes on eligible dividends paid after 2005,
so as to provide taxable holders of public company shares
with the same after-tax return as holders of income trust
units. This would essentially eliminate double taxation on
corporate profits distributed to such shareholders.
Leslie Morgan
Blake, Cassels & Graydon announced plans to convert to income trusts and on October
31 2006 much bigger changes were announced. These new
Toronto
Despite this proposal, many large public companies
proposals create a regime for publicly traded trusts and their
investors which is similar, but not identical, to that for public corporations and their
shareholders. The new rules apply to publicly traded Canadian trusts (other than
certain narrowly defined real estate investment trusts and those that hold only
portfolio investments). Under the proposals, the trust will be subject to a special tax on
distributions of income attributable to non-portfolio investments, at a rate that will
approximate the corporate tax rate. Investors will also be taxable on the distributions
as if they were dividends from a taxable Canadian corporation. The new rules will
apply to existing trusts publicly traded before November 2006 for taxation years that
end after 2010 and to entities that became publicly traded after October 2006 for the
later of their 2007 taxation year and the taxation year in which they began to be traded.
Similar rules are proposed for publicly-traded partnerships. The proposals state that
the hiatus in application may be revisited if there is “undue expansion”, as clarified in
a subsequent release, of an existing entity. In addition, the proposals contained an
unusually specific anti-avoidance statement to the effect that new structures designed
to frustrate the policy of the proposals may result in immediately effective changes.
Revised draft legislation dealing with Canada’s foreign affiliate rules, the foreign
investment entity rules (FIE rules) and the non-resident trust rules was released once
again in November of 2006. In light of the long implementation delay, the date of
application of the FIE rules and the non-resident trust rules has been moved back from
taxation years beginning after 2002 to taxation years beginning after 2006. The
proposed rollover for a Canadian resident shareholder who exchanges shares of a
Canadian corporation for shares of a foreign corporation first raised in 2000 has been
postponed again. Until the new rule is introduced, complex exchangeable share
structures will continue to be utilized in these circumstances.
The 2006 Federal Budget noted an intention to release a discussion draft of legislative
proposals that would permit certain corporations to report income in a currency other
than Canadian dollars where their business activities are conducted primarily in that
currency. Neither the expected date for release of these proposals nor their effective
date has been set.
In 2004, the Canada Revenue Agency stated that its policy was to challenge treatyshopping arrangements. In 2005, the Canadian general anti-avoidance rule (the
GAAR) was amended retroactive to 1988 to clarify that the GAAR could apply to deny
treaty benefits. The decision in MIL (Investments) is the first Canadian tax case to
consider the legislative amendment to the GAAR in the context of a continuance to
Luxembourg shortly before a disposition of shares. At the Tax Court of Canada, the
taxpayer succeeded on the basis that in the circumstances the taxpayer’s reliance on the
provisions of the Luxembourg Treaty was not abusive tax avoidance. The Crown has
appealed the decision to the Federal Court of Appeal.
34
Canada
In addition, the Supreme Court of Canada considered foreign exchange gains and losses
in the context of a foreign currency-denominated debt that was repaid at a time when the
Canadian dollar had deteriorated. The court denied the taxpayer’s claim for a deduction
under a provision of the Canadian Income Tax Act that is designed to allow full or partial
deduction of discounts in respect of indebtedness. In denying the deduction, the court
specifically stated that there was no overriding principle that all amounts must be
translated into Canadian dollars in applying formulas contained in the Canadian Income
Tax Act. The court also made some statements in the course of its judgement that raised
issues as to the circumstances in which a borrower can have a foreign exchange gain or
loss on repayment of a foreign currency loan. Doubt was also cast as to the validity of the
Canada Revenue Agency’s longstanding practice regarding exchangeable debentures.
The Canada Revenue Agency has since stated that, pending further review in this case,
they will continue to apply their existing administrative policies with regard to existing
exchangeable debentures and the deductibility of foreign exchange gains and losses on
debt.
35
Canada
Albert Baker
Deloitte
1055 Dunsmuir,Suite 2800
Four Bentall Centre
Vancouver, BC V7X 1P4
Canada
Tel: (1) 604 640 3273
Fax: (1) 604 899 8183
Albert Baker, FCA, is the leader of Deloitte’s tax practice in Vancouver. He also leads
Deloitte Canada’s international tax services practice and is a member of the Deloitte
Canada tax leadership team. Mr Baker was previously based in the firm’s Montreal office.
Specializing in international tax, Albert has over 20 years of experience in structuring
mergers and acquisitions, corporate financing, and corporate reorganizations.
He acts as lead tax adviser for a number of Canadian-based multinationals and foreign
multinationals with Canadian operations. His industry experience includes telecommunications, transportation, manufacturing, e-commerce and mining.
Albert is a member of the executive and a member of council of the Canadian branch of
the International Fiscal Association (IFA) and acts as its first vice-president. Previous posts
include: member of the board of governors of the Canadian Tax Foundation (CTF) (2001
to 2004); member of the CTF board’s Transition Committee (2003); member of the CTF
Quebec Organizing Committee (2001 to 2005); coordinator of the Montreal Senior Tax
Practitioners Group (1994 to 2005); and past member of the Association de planification
fiscale et financière (APFF) International Tax Committee. He was also a member of the
CICA-CBA Joint Committee on Taxation’s subcommittee regarding foreign investment
entities and non-resident trusts, and was a member of the Joint Committee’s foreign
affiliate subcommittee. Albert also serves as co-chair of the organizing committee of the
2009 IFA Congress to be held in Vancouver. He is currently a member of the Department
of Finance Advisory Committee on International Tax Matters.
Albert is a frequent author, speaker, and lecturer on international tax matters. He is coeditor of International Taxation (a Carswell publication) and has lectured at McGill
University on international tax matters and at Concordia University. He is a featured
contributor to Canadian Tax Highlights (a monthly CTF publication) regarding
international tax matters, has appeared as a guest commentator in regard to tax matters
on various radio and TV shows, and has commented on tax matters in newspapers
including The Gazette, The National Post, Le Devoir and Les Affaires. He has also appeared
in court as an expert witness in regard to tax matters.
Albert was the Canadian reporter at the 1998 IFA Congress in London. He has spoken
and written on international tax matters for a number of organizations including the IFA,
the CTF, the Canadian Institute of Chartered Accountants (CICA), the Tax Management
International Journal, the APFF, the Tax Executives Institute (TEI), the Society of Trust
and Estate Practitioners (STEP), Federated Press, and the International Tax Review. He is
currently a member of the Canadian Tax Journal’s editorial board.
Albert has been selected as one of the top 10 tax advisers in Canada in each of International
Tax Review’s surveys (2000 to 2003), and selected as one of the top tax advisers in Canada
in the 2000 to 2005 Euromoney Legal Media Group Surveys. He was selected as one of
the top cross-border structuring specialists in Canada in the ITR World Tax 2004 Survey
and selected as one of the top mergers and acquisitions and cross-border structuring
specialists in Canada in the ITR World Tax 2006 Survey. He was also selected as one of
the top transfer-pricing advisers in Canada in the 2001 Euromoney Legal Media Group
Transfer Pricing Survey.
In 2004, Albert was awarded the title of fellow of the Quebec Order of Chartered
Accountants in recognition of distinguished services rendered to the profession.
36
Canada
Jack Bernstein
Aird & Berlis LLP
BCE Place, 181 Bay Street
Suite 1800, Box 754
Toronto, ON M5J 2T9
Canada
Tel: (1) 416 865 7766
Fax: (1) 416 863 1515
Website: www.airdberlis.com
Jack Bernstein is the senior tax partner and chair of the International Tax Practice at Aird
& Berlis. Jack is also a member of the firm’s tax litigation group and mergers and
acquisitions team. He holds a BCL and LLB from McGill University (1975 and 1976).
He was admitted to the Ontario Bar in 1979 and the Quebec Bar in 1977.
Jack is well known in the area of international tax planning and corporate taxation. He is
experienced in dealing with public and private corporations, hedge funds, venture capital
funds, real estate funds and financial institutions. He appears in all editions of the
Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada and The Canadian
Legal LEXPERT Directory of leading law firms and practitioners in Canada as a leading
lawyer in the areas of corporate tax. Jack is also listed in the prestigious Chambers Global:
The World’s Leading Lawyers for Business as a leading Canadian tax lawyer. In addition, he
has been selected as a leader in corporate tax by The International Who’s Who of Corporate
Tax Lawyers – 2005 (4th edition) and Who’s Who Legal: The International Who’s Who of
Business Lawyers. He also received an AV rating in the Martindale-Hubbell Law Directory,
signifying the highest rating for legal ability as well as an extremely high adherence to the
professional standards of conduct, ethics, reliability and diligence.
Jack is a former governor of the Canadian Tax Foundation and a current member of the
executive of the Taxation Committee of the International Bar Association. He is a
member of Council of the International Fiscal Association (Canadian Branch) and former
chair of the Foreign Lawyers Forum, American Bar Association, Taxation Section.
Jack is the author of four and editor of two CCH books. He is also the editor of CCH’s
Tax Profile, a monthly newsletter distributed nationally and a Canadian correspondent for
Tax Notes International, a leading US tax publication. He is also a regular contributor to
Canadian Tax Highlights, a newsletter published by the Canadian Tax Foundation. He has
written many articles for a number of other contemporary tax-related publications,
including The Canadian Tax Journal, C.A. Magazine, Tax Management International Journal,
The Bulletin (a publication of the International Fiscal Association), The Journal of
International Taxation, World Tax Report and Derivatives and Financial Instruments (IBFD).
Jack lectures extensively on domestic and international tax planning for the American Bar
Association, International Fiscal Association, Boston Bar Association, Young Presidents’
Organization, Tax Executives Inc, Canadian Tax Foundation, International Tax
Association, New York Bar Association, International Bar Association, Massachusetts
Continuing Legal Education, Ontario Bar Admission Course, Law Society of Upper
Canada, the Canadian Institute of Chartered Accountants, Ontario Institute of Chartered
Accountants and the Canadian Bar Association.
Jack is a member of the American Bar Association, Canadian Bar Association, Canadian
Tax Foundation, International Bar Association, International Fiscal Association, Quebec
Bar Association and the Law Society of Upper Canada.
37
Canada
Brian R Carr
Fraser Milner Casgrain LLP
1 First Canadian Place
100 King Street West
Toronto, ON M5X 1B2
Canada
Tel: (1) 416 863 4366
Fax: (1) 416 863 4592
Website: www.fmc-law.com
Brian’s practice focuses on income tax matters with special emphasis on corporate
reorganizations, oil and gas and mining taxation and tax litigation.
Brian was called to the Bar in 1975 (Ontario) and 2000 (Alberta). He attended the
University of Toronto, LLB, from 1970 to 1973 and the University of Toronto, BSc
(mathematics, physics and chemistry), from 1966 to 1970.
Brian has practised in the income tax area for over 30 years. During that time, he has
assisted corporations in carrying out mergers and acquisitions, including acting for Echo
Bay on its merger with Kinross and TVX, and advising Barrick in connection with its
recent acquisition of Placer Dome. He has developed a number of innovative uses for
flow-through shares and other financing structures for oil and gas and mining
corporations. Brian has appeared on numerous occasions before the Tax Court of
Canada and the Federal Court of Appeal and has represented clients in matters that have
proceeded to the Supreme Court of Canada.
Brian is the current past-chair of the Canadian Tax Foundation, current past-chair of the
national taxation law section of the Canadian Bar Association, former co-chair and
member of the CBA/CICA Joint Committee on Taxation and a member of the editorial
board of the Canadian Tax Journal. He is a past-chair of the legislative subcommittee of
the taxation section of the Ontario Bar Association.
He is the author of Canadian Taxation of Resource Industries (Carswell, 1987) and has coauthored and is co-editor-in-chief with C Anne Calverley of Canadian Resource
Taxation (Carswell, a loose-leaf service).
In 1996, he was co-winner of the Canadian Tax Foundation’s Douglas J Sherbaniuk
Distinguished Writing Award as co-author of “Today’s Butterfly”, published in the
foundation’s 1994 conference report.
38
Canada
Howard Kellough, QC
Kellough & Partners LLP
2800-1055 Dunsmuir St
Vancouver, BC V7X 1P4
Canada
Tel: (1) 604 640 3331
Fax: (1) 604 681 4184
Website: www.kelloughlaw.ca
Howard Kellough, QC, is a founding partner of Kellough & Partners LLP, a law
practice that is affiliated with Deloitte & Touche LLP. He was formerly a senior partner
of Fraser Milner Casgrain LLP.
Mr Kellough’s practice is devoted to the domestic and international tax aspects of
corporate tax, mergers and acquisitions, planning for high-net-worth individuals and
the resolution of disputes with Revenue authorities.
Mr Kellough is a past chairman of the Canadian Tax Foundation, past chairman of the
National Tax Section of the Canadian Bar Association and co-chairman of the Joint
Committee on Taxation. Mr Kellough has written and spoken extensively on tax
matters. Some recent publications include “International Tax Problems of
Partnerships”, IFA Vol. LXXXa; “Integration Revisited: Coordinating the Corporate
and Personal Tax Systems” 1998 CMTC (Canadian Tax Foundation) 22:1, “The
Legislative Process: Legislation by Press Release and The Need for a More Open
Process”, 1998 Annual Conference (Canadian Tax Foundation); “Taxation of Private
Corporations and Their Shareholders, (3rd edition) Canadian Tax Foundation,
Canada’s leading text on private corporations.
Mr Kellough graduated from the University of Denver in 1963, the University of
Saskatchewan Law School in 1966 and is also a chartered accountant and a member of
the Canadian Institute of Chartered Accountants, the Quebec Order of Chartered
Accountants and the BC Institute of Chartered Accountants. He has lectured at the
University of British Columbia Law School and authoured and lectured for many
organizations both domestically and internationally.
Mr Kellough has an AV rating in the Martindale-Hubbell Law Directory, is recognized
as one of the most frequently recommended corporate tax law practitioners in the
Canadian Lexpert Directory (2000) and is included in Lexpert/American Lawyers’ Guide
to the Leading 500 Lawyers in Canada and Law Business Research’s International Who’s
Who of Corporate Tax Lawyers as well as being cited in Chambers & Partners Global,
The World’s Leading Lawyers 2004-2005 as a leading Canadian corporate tax lawyer and
recognized in Legal Media Group’s Guide to the World’s Leading Tax Advisers.
39
Canada
Wilfrid Lefebvre QC
Ogilvy Renault LLP
Suite 1100
1981 McGill College Avenue
Montréal, QC H3A 3C1
Canada
Tel: (1) 514 847 4440
Fax: (1) 514 286 5474
Website: www.ogilvyrenault.com
Mr Lefebvre is a senior partner at Ogilvy Renault, and practises in the areas of income
tax, tax planning, corporate reorganizations and financing, and represents clients
before tax authorities, courts and administrative tribunals. He has extensive experience
in international transfer pricings and tax treaty-related matters.
Mr Lefebvre started his career at the Department of Justice in Ottawa where he held
the position of legal adviser to the Department of Supply and Services, subsequently
joining the Tax Litigation Section of the Department of Justice. In 1976, he became
the director of the Legal Services Branch of Revenue Canada and in 1978 was
appointed general counsel in charge of tax litigation in Canada.
Mr Lefebvre has extensive court experience and has been legal counsel in many
complex and important cases. He was a member of the technical committee on
business taxation (Mintz Committee) appointed by the Minister of Finance of Canada
to advise on changes to the current tax system.
Mr Lefebvre was a member of the executive committee and a former governor of the
Canadian Tax Foundation and was the president of the Association de planification
fiscale et financière.
He has been a frequent speaker at conferences sponsored by the Canadian Tax
Foundation and the Tax Executives Institute.
Mr Lefebvre has been a lecturer at the faculty of law of the University of Ottawa in
both the civil law and common law programmes, at the Université de Sherbrooke, at
the Quebec Bar admission course and at the Law Society of Upper Canada.
He received his BA from the Collège Saint-Laurent in 1966 and his LLL from the
Université de Montréal in 1969. He was admitted to the Quebec Bar in 1970.
40
Canada
Janice McCart
Blake, Cassels & Graydon LLP
199 Bay Street, Suite 2800
Commerce Court West
Toronto, ON M5L 1A9
Canada
Tel: (1) 416 863 2669
Fax: (1) 416 863 2653
Website: www.blakes.com
Janice McCart is a member of the national tax group in the Toronto office. Her practice
is devoted primarily to transfer-pricing planning and controversies and related matters
of international tax. The controversy practice involves all levels of dispute resolution
from pre-audit to litigation. Ms McCart has represented Canadian, US and European
multinationals before Canadian and foreign governments throughout the course of her
career, including competent authority and APA representations.
She has served as governor of the Canadian Tax Foundation and acts as an editor on the
foundation’s permanent editorial staff. Ms McCart is a founding member of the Transfer
Pricing Advisory Group and a member of the Transfer Pricing Sub-committee of the
Joint Committee on Taxation of the Canadian Bar Association and the Canadian
Institute of Chartered Accountants, the American Bar Association, the Canadian Bar
Association, and the International Fiscal Association. She is also a council member of the
International Fiscal Association (Canadian branch). Ms McCart’s work has been
published in the Canadian Tax Journal, Tax Management International, International Tax
Review, International Fiscal Association (Canadian Branch), Tax Planning International and
the International Transfer Pricing Journal. In 2005, she was named in Legal Media Group’s
Guide to the World’s Leading Transfer Pricing Advisers and, in 2003 and 2005, in the Best of
the Best in Transfer Pricing. In 2005 and 2006, she was named in Euromoney’s World Tax
in transfer pricing.
Ms McCart received her Bachelor of Arts degree in 1976 from York University and her
LLB from Osgoode Hall Law School in 1979.
41
Canada
Warren J A Mitchell, QC
Thorsteinssons LLP
33rd Floor, Bay Wellington Tower
PO Box 786
181 Bay Street
Toronto, ON M5J 2T3
Canada
Tel: (1) 416 864 0829
Fax: (1) 416 864 1106
Website: www.thor.ca
Born in Regina, Saskatchewan, Mr Mitchell was educated at the University of British
Columbia, from which he holds both Bachelor of Commerce and Bachelor of Law
degrees. He was first admitted to the Bar of Alberta (1963) and has since been admitted
to the Bars of British Columbia (1966) and Ontario (1990). Mr Mitchell served as a
solicitor in the Taxation Division of the Department of National Revenue until 1965,
when he became the second member of Thorsteinssons.
His practice focuses on large case tax litigation. He has appeared as counsel in the Tax
Court of Canada; Federal Court Trial Division and the Federal Court of Appeal, the
Supreme Court of Canada, as well as the Court of Appeal of British Columbia, the
Supreme Court of British Columbia, the Ontario Court (General Division), and the
Court of Appeal for Ontario.
42
Canada
Leslie Morgan
Commerce Court West
Toronto, ON M5L 1A9
Canada
Tel: (1) 416 863 2696
Fax: (1) 416 863 2653
Leslie Morgan is a partner in the tax group of the Toronto office where she is involved
in all aspects of income taxation. Leslie specializes in corporate taxation focusing on the
tax implications of corporate acquisitions, mergers and reorganizations, as well as private
and public financings, and debt and equity restructurings. Leslie has provided tax advice
for bidders and target companies on public mergers and acquisitions transactions, and
for issuers and underwriters in public securities offerings. She provides ongoing tax
planning for many public and private corporations, as well as commercial partnerships
and mutual fund trusts including income trusts and Reits.
Leslie has written on a wide range of topics in the area of income taxation. She is a
member of the Canadian Bar Association and the Canadian Tax Foundation and is a
past member of the Minister’s Advisory Committee on Tax Administration and of the
executive of the tax section of the Canadian Bar Association, Ontario division.
Leslie graduated from the University of British Columbia (BArch, 1973) and the
University of Toronto (LLB, 1977). She was admitted to the Ontario Bar in 1979.
43
Canada
Joel Alan Nitikman
Fraser Milner Casgrain LLP
15th Floor
1040 West Georgia Street
Vancouver, V6E4H8
Canada
Tel: (1) 604 443 7115
Fax: (1) 604 683 5214
Website: www.fmc-law.com
Joel is currently a tax partner with Fraser Milner Casgrain LLP, one of the largest law
firms in Canada. For over 20 years Joel’s practice has focused on resolving tax disputes
between tax payers and federal and provincial tax authorities. He has acted as counsel in
numerous tax cases at all levels of courts both provincially and federally, and has also
settled many cases out of court at the pre-assessment or objection stage. Joel is listed as
one of Canada’s leading tax litigators by Lexpert and is AV peer-rated (the highest possible
rating) by Martindale-Hubbell.
Joel’s skills include organizing a complex set of data, analysing and structuring the data to
determine the relevant tax issues, preparing witnesses for court, drafting legal pleadings
and substantive arguments, excellent oral advocacy skills, excellent legal research, the
ability to persuade and reason in a complex environment and the ability to assimilate a
large number of facts quickly.
Joel has been involved in extensive provincial, federal and international income, GST and
commodity tax planning (including cross-border tax planning for the entertainment
industry, offshore trusts, Canada-US corporate reorganizations, Canadian investment in
the US, US investment in Canada and cross-border estate planning). Joel is listed as one
of Canada’s leading corporate tax lawyers by Lexpert and has acted for numerous private
and public companies on complex, tax-efficient restructurings. Joel has obtained
numerous advance rulings from Revenue Canada and provincial tax authorities. Joel’s
abilities include creativity and the ability to think “outside the box” in completing new tax
structures to achieve maximum tax efficiency. Joel has advised on non-profit and other
tax-exempt entities, including Crown corporations and trusts.
Joel has had extensive involvement with structuring and opining on public offerings of
tax-related securities. He has acted as an expert tax witness in civil litigation for
plaintiffs and defendant and in expropriations. In doing so, Joel has developed the
ability to explain complex technical tax issues in “layman’s language” so that a non-tax
judge can understand them.
44
Canada
Rob O’Connor
Deloitte
Suite 1400, BCE Place
181 Bay Street
Toronto, ON M5J 2V1
Canada
Tel: (1) 416 601 6150; (1) 416 601 6316 (direct)
Fax: (1) 416 601 6706
Website: www.deloitte.ca
Rob O’Connor is the leader of the Deloitte Canada transfer pricing and competent
authority group. In this role, he is responsible both for client service and for the
transfer-pricing practice nationally.
Mr O’Connor is a tax partner in the Deloitte Toronto office. He has 21 years of public
accounting experience, including 17 years with Deloitte providing corporate income
tax planning and compliance services, primarily to Canadian corporations that are
members of multinational corporate groups.
Mr O’Connor’s transfer-pricing experience includes numerous planning and APA
engagements, dealing with the Canada Revenue Agency on transfer-pricing issues, and
assisting clients in compiling and presenting information to support transfer prices and
developing audit defences. Mr O’Connor has assisted numerous clients in establishing
and defending multinational cost-sharing and licensing arrangements. He has been
involved in many projects dealing with the reorganization or restructuring of global
operations and the movement of functions, risks and ownership of assets.
Mr O’Connor has also been involved in many specialized tax consulting projects,
particularly involving cross-border transactions, acquisitions, divestitures and inbound
investment in Canada.
He is a former member of the faculty of the CICA international tax course, and is also
a frequent speaker and author on international transfer pricing, tax risk management
and other tax issues.
Mr O’Connor is a chartered accountant and has a bachelor’s degree in mathematics.
45
Canada
Michael J O’Keefe
Thorsteinssons LLP
33rd Floor, Bay Wellington Tower
PO Box 786
181 Bay Street
Toronto, ON M5J 2T3
Canada
Tel: (1) 416 864 0829
Fax: (1) 416 864 1106
Website: www.thor.ca
Michael J O’Keefe QC is a member of the Bars of British Columbia, Alberta and
Ontario, and is a senior partner in Thorsteinssons. He is a graduate of the University
of British Columbia in commerce and law, and has a masters degree in law from the
University of California, Berkeley.
He regularly advises Canadian multinationals and foreign multinationals with
Canadian interests on Canadian and international tax matters, and works extensively
in the area of cross-border transactions. He has served as a special assistant to the
minister of finance, government of Canada, and was a member of the Joint Taxation
Committee of the Canadian Bar Association and the Canadian Institute of Chartered
Accountants and of the board of governors of the Canadian Tax Foundation.
He speaks and writes frequently on subjects relating to Canadian and international tax
planning matters.
46
Canada
Ron Richler
Commerce Court West
Toronto, ON M5L 1A9
Canada
Tel: (1) 416 863 3854
Fax: (1) 416 863 2653
Ron Richler is a partner in the Toronto office of Blake Cassels & Graydon, practising
exclusively in the area of taxation. His specializations include corporate reorganization,
mergers and acquisitions, financing and investment products.
He is a contributing editor of International Tax (published by CCH). Ron has also written
widely on tax matters and spoken at numerous tax-related conferences and seminars
including those sponsored by the Canadian Tax Foundation and the Tax Executives
Institute. He is an instructor on mergers at the annual Tax Law for Lawyers course,
sponsored by the Canadian Bar Association. Ron is recognized by several Canadian and
international surveys as a leading tax practitioner.
Ron received his LLB from Osgoode Hall Law School and was called to the Ontario Bar
in 1975.
Blake Cassels & Graydon is one of Canada’s leading law firms, with over 500 lawyers
in offices in Montréal, Ottawa, Toronto, Calgary, Vancouver, New York, Chicago,
London (England) and Beijing. In an environment where taxes can determine the
commercial viability of almost any transaction or activity, constructive, practical and
understandable tax advice is required as a key component of effective legal services.
Blakes Tax Group employs innovative and creative tax planning strategies to arrive at
practical solutions to deal with the particular needs of its clients. Blakes offers a
breadth of experience and specialized expertise to ensure that its clients are able to
meet the challenges posed by an increasingly complex tax system.
47
Canada
Sandra Slaats
Deloitte
181 Bay Street, BCE Place
Suite 1400
Toronto, ON M5J 2V1
Canada
Tel: (1) 416 643 8227
Fax: (1) 416 601 6703
Website: www.deloitte.ca
Sandra Slaats is a partner in the international tax group of the Toronto office of Deloitte.
She specializes in the development and implementation of international tax solutions.
Sandra is a member of the Joint Tax Committee of the Canadian Bar Association and the
Canadian Institute of Chartered Accountants, and is part of the committee’s working
group on the foreign affiliate rules. In that role, Sandra meets with Department of
Finance and Canada Revenue Agency officials to discuss technical issues and proposed
legislative changes.
Sandra has lectured for many years on inbound investment in Canada and the taxation of
foreign affiliates at the CICA Part III tax course. In recent years, she has spoken at the
annual conference of the Canadian Tax Foundation on the subject of the draft foreign
affiliate legislation and at the Canadian branch meeting of the International Fiscal
Association on the subject of the subsection 95(6) anti-avoidance rule. She has written a
number of articles for publication including articles recently published in the Canadian
Tax Journal and The Tax Executive, the journal of the Tax Executives Institute.
From 1987 to 1990, Sandra was a Tax Policy Officer with the Canadian Department of
Finance.
Sandra received her bachelor of laws degree from the University of Toronto in 1985
and a master of laws (specializing in taxation) from Osgoode Hall Law School in 1997.
48
Canada
Paul K Tamaki
Commerce Court West
Toronto, ON M5L 1A9
Canada
Tel: (1) 416 863 2697
Fax: (1) 416 863 2653
Paul Tamaki is a member of the tax group in the Toronto office of Blake Cassels &
Graydon. He practises in all areas of taxation law, including mergers and acquisitions,
reorganizations, corporate finance, structured asset finance, partnerships and joint
ventures, international tax and transfer pricing. He also acts for clients in administrative
tax appeals and other representations to governments.
Paul is a frequent writer and speaker on tax matters. He is a governor of the Canadian
Tax Foundation. He is also secretary-treasurer of the national tax section of the
Canadian Bar Association and a member of the Joint Committee on Taxation of the
Canadian Bar Association and the Canadian Institute of Chartered Accountants.
Paul received his LLB from the University of Toronto in 1975, and was admitted to the
Ontario Bar in 1977.
Blake Cassels & Graydon is one of Canada’s leading law firms, with over 500 lawyers in
offices in Montréal, Ottawa, Toronto, Calgary, Vancouver, New York, Chicago, London
(England) and Beijing.
49
Canada
Jeffrey C Trossman
Commerce Court West
Toronto, ON M5L 1A9
Canada
Tel: (1) 416 863 4290
Fax: (1) 416 863 2653
Jeffrey Trossman is a partner in the tax group of the Toronto office of Blake Cassels &
Graydon. His practice focuses on all aspects of income tax planning, with an emphasis
on cross-border transactions, including mergers and acquisitions, corporate
reorganizations, corporate financing transactions, private equity, partnerships and joint
ventures. In the course of his practice, he represents clients in connection with tax audits
and appeals.
Jeffrey has written and spoken widely in the area of tax. He has contributed articles to
International Tax Review and the Canadian Tax Foundation conference reports on such
subjects as going private transactions, triangular amalgamations and treaty shopping.
Jeffrey was co-chair of the Department of Finance round table at the 2006 meeting of
the Canadian branch of the International Fiscal Association. He is a member of the
Committee on Taxation of Business Entities of the New York City Bar.
Jeffrey received his LLB from the University of Toronto in 1989, and was called to the
50
Canada
Scott Wilkie
Osler, Hoskin & Harcourt LLP
PO Box 50
1 First Canadian Place
Toronto, ON M5X 1B8
Canada
Tel: (1) 416 862 4252
Fax: (1) 416 862 6666
Website: [email protected]
Scott Wilkie is a senior partner in the taxation department of the Toronto office of Osler
Hoskin & Harcourt. He is one of the highest-profile tax practitioners in Canada, with
particular expertise in international taxation, corporate taxation, taxation of financial
transactions and transfer pricing.
Scott has written numerous publications and frequently delivers addresses on
international and corporate tax, corporate finance, and transfer pricing. He is co-editor
of the Canadian Tax Journal of the Canadian Tax Foundation. He is a past president of
the Canadian branch of the International Fiscal Association and active in its affairs. Scott
is a former governor of the Canadian Tax Foundation and former chair of the National
Tax Section of the Canadian Bar Association, the Joint Committee on Taxation of the
Canadian Bar Association and the Canadian Institute of Chartered Accountants. He is a
former adjunct professor, international taxation, at the University of Toronto Faculty of
Law, has taught international taxation for many years at Osgoode Hall Law School, York
University and has been a guest lecturer at the University of Western Ontario Faculty of
Law and McGill University Faculty of Law. Scott is also a member of the International
Advisory Council, International Bureau of Fiscal Documentation (The Netherlands) and
is co-chair of the Tax Committee of the American Bar Association Section of
International Law.
Scott received his LLB from the University of Toronto in 1980 and was called to the
51
Canada
Barbara Worndl
Aird & Berlis LLP
BCE Place, 181 Bay Street
Suite 1800, Box 754
Toronto, ON M5J 2T9
Canada
Tel: (1) 416 865 7754
Fax: (1) 416 863 1515
Website: www.airdberlis.com
Barbara Worndl is practice group leader of the Aird & Berlis tax group and has been a
partner of the firm since 1988. Her practice is focused on income tax with an emphasis
on corporate and partnership taxation. She has extensive experience in structuring crossborder acquisitions and reorganizations and regularly advises on derivative transactions,
income trusts, resource taxation and syndications. She also has experience with the
taxation of mutual funds, hedge funds and the resolution of tax disputes.
Barbara is recognized by Chambers Global: The World’s Leading Lawyers for Business as a
leading tax lawyer. She is a regular contributor to various publications including
Canadian Tax Highlights, Tax Profile, TaxLine and Tax Notes International and is a frequent
presenter on new developments relating to tax.
Barbara is a member of the American Bar Association, Canadian Bar Association,
Canadian Tax Foundation and the International Fiscal Association. She holds an LLB
and BA from the University of Toronto (1983 and 1980) and was admitted to the Ontario
Bar in 1985.
52
Canada
Gary Zed
Deloitte
800-100 Queen Street
Ottawa, ON K1P 5T8
Canada
Tel: (1) 613 751 5200
Fax: (1) 613 236 2328
Gary is a partner in Deloitte’s national transfer pricing and competent authority group.
He is also the Canadian national director of Deloitte’s international competent authority
practice. Gary works closely with the firm’s Canadian and global transfer-pricing
practice, as well as with international tax specialists, and is responsible for handling intergovernmental relationships, issues involving double taxation, transfer pricing and the
mutual agreement procedure under tax treaties.
Gary held senior positions with both the Canada Revenue Agency (CRA) and the
Department of Justice. He was the deputy director-general of the International Tax
Directorate and also the Canadian competent authority responsible for tax treaty
administration. He also served as the director of transfer pricing and competent
authority, where he had overall national responsibility for transfer-pricing issues, was
responsible for directing all international audit matters and directed the advance-pricing
arrangement (APA) and competent authority programmes.
Before joining the International Tax Directorate, Gary was an experienced justice
counsel in the legal services branch of the CRA. He advised senior management and staff
on a broad range of legal and policy matters affecting the revenue portfolio.
Gary has extensive knowledge of CRA operations in both headquarters and the field
functions. He was instrumental in enhancing the CRA’s transfer-pricing and competent
authority practice and was successful in building its international tax team. He directed
and oversaw the development and implementation of the CRA’s new Information
Circulars on International Transfer Pricing (IC 87-2R) and International Transfer
Pricing: Advance Pricing Arrangements (APAs) (IC 94-4).
Gary has been a frequent speaker at national and international forums and has
represented the CRA in numerous international venues. He is published, has authored
several articles and is frequently quoted in international journals concerning competent
authority and transfer-pricing issues, and the policies and practices of the CRA. He has
represented Canada before the OECD, Pacific Area Tax Administrators (PATA), and the
Inter-American Center of Tax Administrations (CIAT). Gary has been recognized in the
prestigious Legal Media Group’s Guide to the World’s Leading Transfer Pricing Advisers and
Guide to the World’s Leading Tax Advisers for his expertise in the field of transfer pricing
and competent authority.
He has a BA in economics, an MBA in management and marketing, and an LLB in
business law.
53
Canada
Firoz Ahmed
Osler Hoskin & Harcourt, Toronto
Thomas B Akin
McCarthy Tétrault, Toronto
Albert Baker (see bio)
Deloitte, Vancouver (see advert on inside front)
Jack Bernstein (see bio)
Aird & Berlis, Toronto
William J Bies
Fasken Martineau DuMoulin, Toronto
Nathan Boidman
Davies Ward Phillips & Vineberg, Montréal
Stephen W Bowman
Bennett Jones, Toronto
John A Brussa
Burnet Duckworth & Palmer, Calgary
Brian R Carr (see bio)
Fraser Milner Casgrain, Toronto
Robert Couzin
Couzin Taylor/Ernst & Young, Toronto
Guy Du Pont
Davies Ward Phillips & Vineberg, Montréal
Ronald K Durand
Stikeman Elliott, Toronto
Douglas S Ewens QC
McCarthy Tétrault, Calgary
Brian A Felesky QC
Felesky Flynn, Calgary
Neil H Harris
Goodmans, Toronto
Robert Hogan
Stikeman Elliott, Montréal
Sandra E Jack QC
Felesky Flynn, Calgary
Elizabeth J Johnson
Wilson & Partners, Toronto
Howard Kellough QC (see bio)
Kellough & Partners, Vancouver
Edwin G Kroft
McCarthy Tétrault, Vancouver
54
Canada
Wilfrid Lefebvre QC (see bio)
Ogilvy Renault, Montréal
Norman C Loveland
Osler Hoskin & Harcourt, Montréal
Charles P Marquette
Borden Ladner Gervais, Montréal
Janice McCart (see bio)
Blake Cassels & Graydon, Toronto
Al Meghji
Warren J A Mitchell QC (see bio)
Thorsteinssons, Toronto
Darcy D Moch
Bennett Jones, Calgary
Leslie Morgan (see bio)
D Bernard Morris
Bennett Jones, Toronto
Evy Moskowitz
KPMG, Toronto
Angelo Nikolokakis
Couzin Taylor/Ernst & Young, Montréal
Joel Alan Nitikman (see bio)
Fraser Milner Casgrain, Vancouver
Rob O’Connor (see bio)
Deloitte, Toronto (see advert on inside front)
Michael J O’Keefe QC (see bio)
Thorsteinssons, Toronto
Nick Pantaleo
PricewaterhouseCoopers, Toronto
Robert Raizenne
Osler Hoskin & Harcourt, Montréal
Gabrielle M R Richards
Elinore J Richardson
Borden Ladner Gervais, Toronto
Ron Richler (see bio)
Stephen S Ruby
Davies Ward Phillips & Vineberg, Toronto
55
Canada
Alan M Schwartz
Fasken Martineau DuMoulin, Toronto
Mitchell Sherman
Goodmans, Toronto
Sandra Slaats (see bio)
Deloitte, Toronto (see advert on inside front)
Carrie Smit
Goodmans, Toronto
David W Smith
Paul Tamaki (see bio)
Roger E Taylor
Ernst & Young, Ottawa
David Tetrault
Richard G Tremblay
Jeffrey C Trossman (see bio)
John M Ulmer
John Unger
Torys, Toronto
Francois Vincent
KPMG, Montréal
David A Ward
Donald H Watkins QC
Osler Hoskin & Harcourt, Calgary
James W Welkoff
Torys, Toronto
Rosemarie Wertschek QC
McCarthy Tétrault, Vancouver
Scott Wilkie (see bio)
James R Wilson
Wilson & Partners, Toronto
Ronald S Wilson
56
Canada
Barbara Worndl (see bio)
Aird & Berlis, Toronto
Jerald M Wortsman
Gary Zed (see bio)
Deloitte, Ottawa (see advert on inside front)
57
Chile
Anthony Cook
Deloitte
Av Providencia 1760, Piso 7
Santiago
Chile
Tel: (56) 2 270 3126
Fax: (56) 2 374 9147
Website: www.deloitte.cl
During his career, Anthony has specialized as a consultant in various areas related to
corporate activity and business, such as: international tax issues, domestic taxation, foreign
investment inside and outside Chile, foreign exchange operations, and structuring
mergers and acquisitions, among other company reorganizations.
Over the past few years, a significant portion of his time has been devoted to international
tax planning. Other areas in which he possesses extensive consulting expertise are antitrust
legislation, contracts, customs operations and tax aspects related to labour.
He has been distinguished by the International Tax Review as one of Chile’s top tax
advisers.
Anthony has taught various courses related to his specialism, including courses on double
taxation treaties and Law of Corporations, and has attended courses on management
development, accounting for attorneys and others in his specialism. He has spoken
frequently on issues surrounding foreign investments in Chile and related tax planning
opportunities.
Anthony is an attorney. He is a graduate of the Universidad Católica de Chile Faculty of
Law. He also studied in England between 1970 and 1973, first at Alvescot College,
Oxfordshire, affiliated with New York State University, then at Southampton University,
in the modern history, politics and economics programme.
Anthony speaks fluent English and Spanish.
58
Chile
Alvaro Mecklenburg
Deloitte
Avenida Providencia 1760, Piso 7
Santiago
Chile
Tel: (56) 2 270 3314
Fax: (56) 2 374 9109
Alvaro Mecklenburg is the partner in charge of the tax practice in the Santiago office
of Deloitte.
Mr Mecklenburg is a tax attorney, graduate of the University of Chile Faculty of Law,
with postgraduate degrees in tax legislation and advanced legal studies. He has also
attended continuing legal education courses offered by the Universidades Católica and
Adolfo Ibáñez on the topics of tax and commercial law, banking law, credit instruments
and foreign trade.
Before joining Deloitte, he held a position as an attorney with the Banco de Santiago,
in charge of the legal section of the Large Business Management Division. In 1997, he
was assigned to the Deloitte office in Los Angeles, California, where he acquired
extensive experience in international tax matters.
Mr Mecklenburg is a member of the board of the Chilean Canadian Chamber of
Commerce, and the charity organization “Cerro Navia Joven”. He is frequently
named and interviewed by the media and technical magazines on tax matters.
He teaches at the Universidad Andrés Bello, at postgraduate level.
59
Chile
Julio Pereira
Av Andres Bello 2711 – 4 piso
Las Condes
Santiago
Chile
Tel: (56) 2 9400151
Fax: (56) 2 9400503
Website: www.pwc.com
Julio Pereira joined Price Waterhouse’s Santiago office in 1990 with a juris doctor degree
from the Catholic University of Chile, School of Law. In 1993, he obtained a master of
laws from Duke University, School of Law, Durham, North Carolina, where he attended
courses in business associations, contracts and international taxation. He joined Price
Waterhouse’s international tax services department in New York City in 1993, and was
admitted to partnership in 1998.
As a partner, Mr Pereira has been a tax and legal adviser for both local and multinational
corporations. He has been in charge of PwC’s entertainment, media and communications
group for the past two years. He has a wide range of experience in serving international
clients, including foreign investment contracts, capital and loan structuring, expatriates
taxation, incorporation of companies, due diligence works, joint ventures, mergers and
acquisitions, software contracts and reorganizations.
He is currently a professor of tax law at the Catholic University of Chile, School of Law,
in the graduate and postgraduate programmes, a former member of the Duke University
School of Law board of visitors (1999 to 2002), a member of the Chilean Duke Law
Alumni Club and an active member of the Chilean Bar Association.
60
Chile
Juan Manuel Baraona
Baraona Marré, Santiago
Fernando Barros
Barros & Errázuriz, Santiago
Jaime Carey
Carey & Cia, Santiago
Anthony Cook (see bio)
Deloitte, Santiago (see advert on inside front)
Sergio Illanes
Baker & McKenzie, Santiago
Alvaro Mecklenburg (see bio)
Deloitte, Santiago (see advert on inside front)
Sebastián Obach
Cariola Diez Perez-Cotapos & Cia, Santiago
Julio Pereira (see bio)
PricewaterhouseCoopers, Santiago
Maria Eugenia Sandoval
PricewaterhouseCoopers, Santiago
Lisandro Serrano
Vial y Palma, Santiago
Rodrigo Valenzuela
Ernst & Young, Santiago
61
China
Joseph Tse
Deloitte
30/F Bund Center
222 Yan An Road East
Shanghai 200002
China
Tel: (86) 21 6141 1006
Fax: (86) 21 6335 0199
Website: www.deloitte.com.cn
Joseph Tse is Deloitte’s country tax leader for China including Hong Kong and
mainland. Prior to that, he was managing partner in mergers and acquisitions tax for the
Asia-Pacific region. He is also concurrently serving as managing partner in tax for the
eastern China region.
Mr Tse’s professional focus is the provision of tax advice to strategic and financial buyers
on planning their China investments, structuring China investment holdings, managing
local organizational and operational issues, and identifying practical solutions that best
achieve corporate objectives. Mr Tse also leads the firm’s World Trade Organization
(WTO) practice group, providing clients with the most up-to-date information on
China’s regulatory developments complying with WTO requirements and assisting
clients in evaluating how WTO will affect their business plans.
Mr Tse has served the firm’s leading international clients across a broad spectrum of
industries and service sectors.
Legal Media Group named Mr Tse one of the world’s leading tax advisers in 2002.
He earned his degree in mathematics (honours) at the University of Waterloo, and his
masters in business administration (finance) at York University. Mr Tse is a member of
the Institute of Chartered Accountants of Canada and of the Canadian Tax Foundation.
62
China
Spencer Chong
PricewaterhouseCoopers, Shanghai
Larry Sussman
O’Melveny & Myers, Beijing
Joseph Tse (see bio)
Deloitte, Shanghai (see advert on inside front)
63
Colombia
Jaime Vargas-Cifuentes
Deloitte
Carrera 12 No 96-81. Piso 5
Bogotá
Colombia
Tel: (57) 1 6367902 ext 2003
Fax: (57) 1 2560017
Jaime Vargas is a tax partner in the Bogota office of Deloitte. He entered Deloitte
Asesores & Consultores at the beginning of 2003 and is currently the partner in charge
of the tax and legal practices of Deloitte in Colombia.
Prior to working at Deloitte, he was a partner with Arthur Andersen and led its
Colombian tax practice. From 1995 to 2000, he worked for Baker & McKenzie, where
he was a partner and leader of the firm’s Colombian tax practice.
Between August 1998 and June 1999, he worked for the Chicago office of Baker &
McKenzie, where he advised clients on matters related to international tax subjects of the
United States and Latin America in general. At the same time he took courses in
international taxation at the Kent School of Law, Illinois Institute of Technology, and
participated in seminars on transfer pricing.
Before joining Baker & McKenzie, he was a senior in the tax division of Andersen &
Cía, Colombia (September 1992 to August 1995), and was a supporting attorney of the
Fourth Section of the Council of State, where he was in charge of drafting judgments
on tax matters.
Mr Vargas has taken part in various projects on behalf of public and private sector
companies in the following industries: services, manufacturing, oil, construction,
software, public utilities and telecommunications.
Mr Vargas has lectured in tax planning for international transactions (University
Externado de Colombia School of Finances and International Relations) and in
international transactions and taxes specific to the oil industry (University Externado de
Colombia School of Economics). He has also lectured in tax planning at the Pontificia
Javeriana University School of Economic Sciences, and was professor of international
taxation at the Universidad del Rosario School of Law. He has been a guest speaker for
Colombia in several tax seminars organized by the Council for International Tax
Education (CITE) and the Executive Enterprises Institute. He is the author of a book
on Colombian taxes issued by the CCH in its Latin American tax library.
Mr Vargas studied law at the University Externado de Colombia and is a member of
the Colombian Institute of Tax Law.
64
Colombia
Paul Cahn-Speyer Wells
Cahn-Speyer Paredes & Asociados, Bogota
John Guarin
Ernst & Young, Bogota
Luz Maria Jaramillo
Ernst & Young, Bogota
Carlos Mario Lafaurie
PricewaterhouseCoopers, Bogota
Alfredo Lewin
Lewin & Wills Abogados, Bogota
Monica Reyes
Reyes Abogados Asociados, Bogota
Jaime Vargas-Cifuentes (see bio)
Deloitte, Bogota (see advert on inside front)
65
Cyprus
Andreas Neocleous
Andreas Neocleous & Co
Neocleous House
199 Archbishop Makarios III Avenue
CY-3608 Limassol
Cyprus
Tel: (357) 25 362 818
Fax: (357) 25 359 262
Website: www.neocleous.com
Andreas Neocleous, born in 1939 in Paphos, Cyprus, is the founder and managing
partner of Andreas Neocleous & Co, the leading Cyprus international law firm, with
overseas offices in Moscow, Brussels, Budapest, Kiev and Prague. He graduated from
Athens University in 1964 and was admitted to the Cyprus Bar in 1965. He is a former
member of both the Cyprus parliament and the Cyprus Bar Council and is currently a
member of the Cyprus Bar Association and the International Academy of Tax Advisers.
He is also a member of Congress of Fellows of the Center for International Legal
Studies and the Cyprus national reporter for the American Bar Association. He is vicechairman of the Mediterranean Maritime Arbitration Association and a board member
of several major international companies.
Mr Neocleous is ranked as one of the leading lawyers of the world by reputable rating
houses. His particular expertise lies in international corporate tax law and cross-border
investments. His clients include banks and financial institutions, multinational
corporations and high net worth individuals in Western and Eastern European countries
and other jurisdictions. His practice is focused on cross-border commercial, banking,
arbitration, tax and corporate law.
Mr Neocleous frequently participates as a speaker at international conferences. He is the
author of numerous contributions to leading law journals and publications, including the
Cyprus chapter of International Tax Planning 2nd edition, published by Longman (1991).
He is co-author of Introduction to Cyprus Law by Andreas Neocleous & Co (2000) and of
the Cyprus chapters of International Taxation of Low-Tax Transactions, published by The
Bureau of National Affairs Inc (1996); International Execution Against Judgment Debtors,
published by Sweet & Maxwell (1997); and International Banking Law & Regulation,
published by FT Law & Tax (1998).
66
Cyprus
Elias Neocleous
Andreas Neocleous & Co
Neocleous House
199 Archbishop Makarios III Avenue
CY-3608 Limassol
Cyprus
Tel: (357) 25 362818
Fax: (357) 25 359262
Website: www.neocleous.com
Elias Neocleous was born in Limassol, Cyprus in 1968. He graduated in law from
Oxford University in 1991 and is a barrister of the Inner Temple. He was admitted to
the Cyprus Bar in 1993 and has been a partner in Andreas Neocleous & Co since 1995.
He currently heads the firm’s corporate and commercial department as well as the
specialist banking and finance and tax groups.
His areas of practice are banking and finance, company matters, international trade,
intellectual property, trusts and estate planning and tax. Elias is a founder member of
the Cyprus Society of Trust and Estate Practitioners and serves on its committee. He
is a founder member of the Franchise Association of Greece, a member of the
International Bar Association, the International Tax Planning Association, an
honorary member of the Association of Fellows of Legal Scholars of the Center for
International Legal Studies and the honorary secretary of the Limassol Chamber of
Commerce and Industry.
The Chambers Global guide recommends Elias Neocleous as “‘an excellent person to
deal with, a smart, resourceful performer’, according to his clients.”
Elias has a large number of publications to his credit, including: “Corporate tax residence
following the Cadbury-Schweppes decision”, Tax Business, November/December 2006;
“The Cyprus Holding Company”, Offshore Investment, September 2006; Corporate
taxation in Cyprus – an ideal destination for holding companies, Euromoney Corporate Tax
Handbook 2006; “Cyprus-Europe’s low-tax financial and business center”, Offshore
Investment, September 2006.
Elias is also author of the Cyprus chapter in International Succession Laws, by Lexis
Nexis Butterworths (2002), Planning and Administration of Offshore and Onshore Trusts,
by Lexis Nexis Butterworths (2003), Mergers and Acquisitions Handbook 2003/04, by
Practical Law Co, Tax Law Handbook 2004 by Practical Law Co and World Trust Survey
2006, by Trusts & Trustees. He is co-author of Introduction to Cyprus Law, by Andreas
Neocleous & Co (2000), Tax Planning in the New EU Countries: Malta & Cyprus, by
BNA International (2005) and co-author of the Cyprus chapter of the Practitioner’s
guide to Takeovers & Mergers in the EU, by City & Financial Limited 2005.
67
Cyprus
Andreas Neocleous (see bio)
Andreas Neocleous & Co, Limassol
Elias Neocleous (see bio)
Andreas Neocleous & Co, Limassol
68
Czech Republic
Jan Capek
Ernst & Young
Charles Square Centre, Karlovo námestí 10
120 00 Prague 2
Czech Republic
Tel: (420) 22533 5111
Fax: (420) 22533 5222
Website: www.ey.com/cz
Jan Capek is a senior tax partner of Ernst & Young, the largest tax consulting firm
operating on the Czech market.
Jan Capek began his career with Arthur Andersen in 1991 and joined Ernst & Young in
2002. His current client base includes 11 of the 50 largest Czech companies. Jan Capek
gives lectures on tax matters and publishes articles in professional magazines.
Jan Capek has a master’s degree in business administration from the Prague School of
Economics. He is a certified tax adviser and accounting expert. He is fluent in Czech and
English.
Ernst & Young provides a wide range of tax services to leading Czech corporations and
international investors.
69
Czech Republic
Jan Capek (see bio)
Ernst & Young, Prague
Ales Cechel
White & Case, Prague
Lucie Vorlickova
Vorlickova & Leitner, Prague
70
Denmark
Erik Jensen
Deloitte
Weidekampsgade 6
2300 Copenhagen S
Denmark
Tel: (45) 36 10 25 38
Fax: (45) 36 10 20 40
Erik Jensen is an international tax partner based in Copenhagen, with more than 15
years of international tax experience.
Erik practises in corporate tax, with a focus on providing international tax planning and
tax advice to internationally based groups. His experience covers a wide range of
industries, but has centred on industrial conglomerates, telecoms and the pharmaceutical
sector.
Erik has specialized experience in permanent establishment issues abroad, and in
Denmark for industrial groups with construction tasks. He has had several US tax
planning assignments for Danish-based multinational groups, undertaken tax structure
and due diligence assignments abroad and in Denmark for multinational groups,
including dealing with tax issues related to share purchase agreements. Erik also
undertakes due diligence assignments regarding investments in real estate funds.
He is a member of the Danish branch of IFA.
71
Denmark
Lars Loftager Jørgensen
Deloitte
Weidekampsgade 6
Box 1600
0900 Copenhagen C
Denmark
Tel: (45) 36 10 20 30
Website: www.deloitte.dk
Lars Loftager Jørgensen has been with Deloitte since 1999 and is the indirect tax service
line leader of Deloitte Denmark. Lars has more than 25 years of indirect tax experience,
covering the whole range of Danish and international VAT issues. His experience covers
a wide range of industries but has been focused during recent years on large industrial
companies and public limited companies and institutions.
Lars has worked on a number of significant inbound and outbound projects including
VAT issues in relation to cross-border implementation of ERP systems, VAT
structuring, mergers and acquisitions and public infrastructure projects, including
private-public partnerships. In addition, Lars has strong experience in negotiations with
the tax authorities on special issues within indirect taxes for his customers.
Lars has been national reporter to the International Fiscal Association Congress, Sydney
2000, and has since 1994 been a co-author of an extensive commentary on Danish VAT
legislation and practice. He is a member of the indirect tax committee of the Danish
Association of State-authorized Public Accountants, a member of the committee of the
Danish Tax Scientific Association, and a member of the indirect tax working group of
FEE (the European Accountancy Association). Lars is officially appointed external
examiner at the Copenhagen Business School.
Lars has a masters degree in law from the University of Copenhagen and a basic
education from the Customs authorities.
72
Denmark
Nikolaj Bjørnholm
Bech-Bruun, Copenhagen
Jan Børjesson
Kromann Reumert, Aarhus
Tommy V Christiansen
Tommy V Christiansen, Aarhus
Lasse Esbjerg Christensen
Plesner Svane Gronborg, Copenhagen
Anders Oreby Hansen
Bech-Bruun, Copenhagen
Erik Jensen (see bio)
Deloitte, Copenhagen (see advert on inside front)
Lars Loftager Jørgensen (see bio)
Deloitte, Copenhagen (see advert on inside front)
Niels Josephsen
Ernst & Young, Copenhagen
Tom Kári Kristjánsson
Susanne Nørgaard
PricewaterhouseCoopers, Copenhagen
Arne Møllin Ottosen
Kromann Reumert, Copenhagen
Michael Serup
Bech-Bruun, Aarhus
Hans Severin Hansen
Michael Sørensen
KPMG C Jespersen Statsautoriseret
Revisionsinteressentskab, Copenhagen
73
Finland
Arto Kukkonen
HH Partners
Mannerheimintie 14 A
00100 Helsinki
Finland
Tel: (358) 9 177 613
Fax: (358) 9 653 873
Website: www.hhpartners.fi
Arto Kukkonen is a partner at HH Partners and is in charge of the firm’s taxation law
practice.
Mr Arto Kukkonen received his LLM from the University of Helsinki in 1986 and was
admitted to the Bar in 1992. He works for Finnish companies and foreign companies
with business activities in Finland. He specializes in corporate reorganizations,
mergers and acquisitions, personal taxation and tax litigation. He has written several
articles on taxation law for international publications.
74
Finland
Petri Salomaa
Deloitte
Porkkalankatu 24
PO Box 122
00181 Helsinki
Finland
Tel: (358) 20 755 500
Fax: (358) 20 755 505
Website: www.deloitte.fi
Petri Salomaa is a tax partner in the Helsinki office of Deloitte and leads the indirect
tax practice of Deloitte Finland.
Petri has extensive experience in Finnish and international VAT matters. Before joining
Deloitte in February 2005, he worked as an internal tax adviser at Nokia Group, and
from 1997 as a tax manager at Arthur Andersen and senior manager promoted to partner
at Ernst & Young.
Petri has acted as an adviser in numerous acquisitions and restructurings as well as in
outsourcing and cross-border supply chain projects. He also specializes in VAT issues
relating to the financial sector, real estate and construction industries. Petri has served
several EU, US and Asia-based multinationals in their Finnish indirect tax matters.
Since 2003, International Tax Review has ranked Petri as one of the leading tax advisers
in the Finnish market.
Petri has published articles in Finnish tax and accounting magazines, co-authored tax
planning publications, and lectured in hundreds of tax seminars.
Petri has university degrees in law (LLM, taxation) and economics (accounting).
75
Finland
Outi Ukkola
Deloitte
Porkkalankatu 24
00180 Helsinki
Finland
Tel: (358) 20 755 500
Fax: (358) 20 755 505
Website: www.deloitte.fi
Outi Ukkola is a partner in the international tax department at Deloitte. She joined the
firm in 2002 and is the head of tax at Deloitte Finland. Prior to joining Deloitte, Outi
led the international and corporate tax service line at Arthur Andersen (1991 to 2002).
Outi has also worked at PricewaterhouseCoopers (1990 to 1991) and at the National
Taxpayers’ Association.
Outi has served a wide range of industries. She has a special interest in financing
structures, corporate reorganizations and transfer pricing. She has participated in large
public to private transactions involving significant coordination of activities and liaison
with several specialist groups, spin-offs requiring complex pre-transaction measures, ecommerce structuring, etc., and has coordinated a large number of due diligences and
related structuring work.
For many years, International Tax Review has named Outi as one of the leading
international tax advisers in Finland. She has also gained recognition in the area of
transfer pricing.
Outi has published books in the area of corporate taxation and is a frequent speaker in
tax seminars.
She studied law at Helsinki University (LLM, 1987) and is trained on the bench (1989).
Outi is a member of the International Chamber of Commerce in Helsinki (tax), the
Federation of Finnish Commerce (tax committee), and the Helsinki and Espoo
Chamber of Commerce (tax and legal).
76
Finland
Ilkka Kajas
PricewaterhouseCoopers, Helsinki
Arto Kukkonen (see bio)
HH Partners, Helsinki
Timo Matikkala
KPMG, Helsinki
Outi Raitasuo
Hannes Snellman, Helsinki
Ola Saarinen
PricewaterhouseCoopers, Helsinki
Petri Salomaa (see bio)
Deloitte, Helsinki (see advert on inside front)
Outi Ukkola (see bio)
Deloitte, Helsinki (see advert on inside front)
Gunnar Westerlund
Roschier, Helsinki
77
France
Pierre-Jean Douvier
CMS Bureau Francis Lefebvre
1/3 Villa Emile-Bergerat
92522 Neuilly-sur-Seine
Paris
France
Tel: (33) 1 47 38 56 76
Fax: (33) 1 47 45 86 75
Website: www.cms-bfl.com
Pierre-Jean Douvier joined the international taxation department of CMS Bureau Francis
Lefebvre in 1986 where he was co-opted as an equity partner in 1991. He formerly had
been with Coopers & Lybrand (1981 to 1984) and Ernst & Whinney (1984 to 1986). He
is specialized in transfer pricing, having 24 years’ experience in the area. The support of
a team of four economists within the firm is a major plus to assist clients in transfer
pricing. His other practice areas are cross-border transactions – including M&A,
financing, refinancing, hybrid financing and restructuring, financial leasing, European
and international taxation. He is a lecturer in international taxation at University of Paris
II-Assas. He is the author of several publications, including International taxation: 20 case
studies (LITEC), Tax law in international relationships (PEDONE), The regime of permanent
establishment (IBFD Amsterdam 2005), The regime of groups (Ed F Lefebvre, co-author,
2005/2006), Treasury management (Ed F Lefebvre, 2002) and The regime of partnerships
(IBFD Amsterdam 2005). He is an active member of the Institute for Tax Advisors
(IACF), of the International Fiscal Association (IFA), of the International Bar Association
(IBA) and is the honorary vice-president of the Trusts Committee of the IBA. He is a
member of STEP France. He is fluent in English and speaks German.
Pierre-Jean’s recent experience includes:
• assisting French and international key-pharmaceuticals groups (international
reorganizations, re-engineering of services, APA, transfer of functions);
• assisting international distribution and manufacturing groups (transfer pricing);
• assisting in transfer pricing litigations: domestic, competent authorities process and
European convention;
• review of transfer pricing methodologies to reduce risks in the event of future tax
audits (preparation of key elements with the assistance of economists within Francis
Lefebvre);
• assistance in global trading with respect to transfer pricing;
• assistance in M&A transactions, thin-cap rules connected to such M&A, followed by
revisiting transfer pricing methodologies;
• tax advice with respect to permanent establishment and the corresponding practicality
to reduce or eliminate such tax risks;
• transfer pricing and e-commerce: tax issues with respect to permanent establishment;
• withholding tax aspects of the various cross-border flows (fees, software content,
licensing of intangibles): domestic regime, income tax treaty aspects, EU law;
• transfer pricing/allocation of taxable income and expenses;
• issues with respect to effective seat of management of companies; and
• localization of companies/assets/functions depending on the activities involved.
78
France
Bruno Gibert
1/3 Villa Emile-Bergerat
92522 Neuilly-sur-Seine
Paris
France
Tel: (33) 1 47 38 43 78
Fax: (33) 1 47 45 86 75
Bruno Gibert joined CMS Bureau Francis Lefebvre as an equity partner in 2001. He
specializes in international taxation. After graduating in political sciences at the IEP
Paris (Sciences-Po) in 1979, Bruno Gibert completed his education with a masters in
corporate and tax law at the University of Paris II (Assas) before entering the ENA.
He has 16 years’ experience in the government service, where he was in charge of
international tax affairs (negotiation of tax treaties with foreign countries, OECD and
EU work, and competent authority). He used to be co-chairman of the OECD Forum
on Harmful Tax Practices (1996 to 2001). Chairman of the EU Joint Forum on
Transfer Pricing since 2002, he is also a member of the International Fiscal Association
(IFA). He is the author of a report to the French government on tax security in France
in 2004 and of the chapter on rulings of a book on French tax procedures published in
2005. He regularly publishes articles on international tax matters in French and
international publications. He is fluent in French and English.
79
France
Edouard Milhac
1-3, villa Emile Bergerat
92522 Neuilly-sur-Seine Cedex
France
Tel: (33) 1 47 38 43 37
Fax: (33) 1 47 38 42 84
Edouard Milhac joined CMS Bureau Francis Lefebvre in 1990 and was co-opted as a
partner in 2001. He is team manager of the international taxation department.
Edouard worked as a local partner in the New York office of CMS Bureau Francis
Lefebvre in 1998, specializing in international taxation, and between 1994 and 2000
he was an associate of the New York office.
Edouard’s areas of specialization include cross-border restructuring and mergers and
acquisitions, structured finance projects and private equity fund structuring. He is a
member of the International Fiscal Association (IFA), the International Bar Association
(IBA), the American Bar Association (ABA), the French Association for Corporate Legal
Advisers (ACE) and the Institut des Avocats Conseils Fiscaux (IACF).
He has contributed to OECD publications and published articles in the Journal of
International Taxation and the Tax Management International Journal.
Edouard holds a masters degree in business administration, finance and taxation, and
received his postgraduate degee (DESS) in business taxation from the University of
Paris IX Dauphine (1989).
Edouard speaks French and English.
80
France
Jean-Marc Tirard
Tirard Naudin
10 rue Clément Marot
75008 Paris
France
Tel: (33) 1 53 57 36 00
Fax: (33) 1 47 23 63 31
Jean-Marc Tirard co-founded his present firm, specializing solely in taxation matters, in
1997. He began his career with the French tax administration. For 10 years, he was in
charge of the tax department of Ernst and Whinney. In 1989, he joined Clifford Chance
where he developed the French and international tax practice. He has more than 30
years’ experience advising large French and foreign companies on domestic and
international corporate tax issues as well as negotiating with tax authorities and handling
tax litigation. During his career he has been associated with numerous high-profile
corporate transactions. He has also had extensive experience in dealing with cross-border
use of intellectual property, particularly in the context of transfer-pricing disputes. His
current practice involves a significant emphasis on international tax issues including
transfer pricing. He is involved in several APA applications introduced by large
multinational firms following the recent introduction of this procedure in France and
represented the first US multinational to conclude an APA between France and the US.
Mr Tirard has published many articles and books in French and English including La
Fiscalité des Sociétés dans la CEE (7th edition, 2006) translated in English as Corporate
Taxation in EU Countries (Longmans). He is a frequent speaker at seminars dealing with
international tax planning in the context of various matters such as cross-border mergers,
joint ventures, transfer of technology, assets financing or the consensual resolution of
transfer-pricing issues. He is chairman of the Tax Commission of the French Committee
of the International Chamber of Commerce and co-chairman of the International Tax
Committee of the same organization. He is a member of the IFA and of the Licensing
Executives Society (LES). He has been rated over the last years as one of the leading
French tax lawyers in the Euromoney International Tax Review survey.
81
France
Claire Acard
Ernst & Young, Paris
Vincent Agulhon
Jones Day, Paris
Jean-Pierre Andrieux
CMS Bureau Francis Lefebvre, Paris
Henri Bardet
Cabinet Henri Bardet, Paris
Richard Beauvais
Gide Loyrette Nouel, Paris
Gauthier Blanluet
Sullivan & Cromwell, Paris
Jean-Claude Bouchard
Taj, Paris
Pierre-Yves Bourtourault
Baker & McKenzie, Paris
Catherine Charpentier
Ashurst, Paris
Antoine Colonna d’Istria
Freshfields Bruckhaus Deringer, Paris
Pascal Coudin
Cleary Gottlieb Steen & Hamilton, Paris
Eric Davoudet
Clifford Chance, Paris
Allard de Waal
Paul Hastings Janofsky & Walker, Paris
Philippe Derouin
Linklaters, Paris
Patrick Dibout
Pierre-Jean Douvier (see bio)
Gilles Entraygues
Cleary Gottlieb Steen & Hamilton, Paris
Bruno Gibert (see bio)
Bruno Gouthière
Bernard Le-Pezron
Willkie Farr & Gallagher, Paris
82
France
Edouard Milhac (see bio)
Philippe Moisand
Moisand Boutin & Associés, Paris
Antoine Morterol
Baker & McKenzie, Paris
Siamak Mostafavi
Allen & Overy, Paris
Marie-Helene Raffin
Willkie Farr & Gallagher, Paris
Renaud Streichenberger
Bredin Prat, Paris
Robert Tarika
Pierre-Sébastien Thill
Jean-Marc Tirard (see bio)
Tirard Naudin, Paris
Jérôme Turot
Cabinet Turot, Paris
Pierre Ullmann
Brandford-Griffith & Associés, Paris
Eric Zeller
Clifford Chance, Paris
83
Germany
New directions for tax in
Germany
Germany is changing. The economic upswing has increased
tax revenues and given the government room for tax
reductions. Globalization, including international tax
competition, has hit Germany, and the government
proclaims its willingness to compete.
Reinhard Pöllath
P+P Pöllath + Partners
Munich
Corporate tax reduced
The government has committed to reducing the corporate
income tax rate to around 15%, in an effort to reduce the
total corporate tax burden to below 30% (local business
income tax plus federal income tax). For German
shareholders, therefore, the personal income tax on
dividends, now 1/2 of the regular rate, may go up to 1/1 (of
approximately 45%).
The inter-company 95% exemptions will be maintained, both for dividends received
by a corporation and for capital gains from the sale of any shares in another
corporation. The latter is also relevant for foreign corporate shareholders not
protected by tax treaties, who otherwise would be fully taxable on gains from a 1% or
higher shareholding in German companies.
Interest capped
To balance the revenue effect, and to fight interest deduction of German parent
companies on loans from foreign-based low-taxed financing subsidiaries, the
government is seeking to broaden the tax basis, taxable corporate income, by, for
example, limiting interest deductions up to 30% EBIT. It would affect all German
companies and partnerships, whether or not foreign-owned. This is necessary under
EU non-discrimination rules. The only escape from this cap would be evidence that
the overall interest deduction of the worldwide group exceeds 30% of EBIT. The
disallowed interest would be carried forward. A major victim could be private equity,
unless a fund benefits from the escape clause (depending on the definition of group).
The government itself realizes the practical and juridical complexities involved. Its
working paper contemplates alternative legislative action such as further restrictions
on shareholder (or shareholder-secured) loans. This move began with a general addback of all or part of interest expense and moved on to US-type earnings-stripping
concepts. The present cap proposal will not be the last word.
Capital income, such as dividends, certain types of interest and share capital gains, may
be subject to final withholding at or around 25%. The 2006 tax reform limited book
value rollover for some merger scenarios, with the realized gain being taxed at 1/7 over
seven years. The reform scrapped the general anti-abuse clause in the Merger Tax Act,
which had faced much criticism as a source of uncertainty.
Tax rulings would carry a fee of €50 per half hour of work. This may lead to more
routine ruling practices. Tax officials dislike the fee, fearing taxpayers may begin to feel
entitled to a ruling since they pay for it, whereas it is discretionary.
For 2007, reflecting the upswing in mood, the government proposed an increase on
the cap on charitable deductions to 20% (instead of the current 5% or 10%) and, in
addition to this percentage, to double the maximum deduction when setting up a
foundation to €750,000.
Inheritance and gift tax
Valuation rules have long been challenged as discriminating between real estate and
other assets. The Constitutional Court is expected to render its judgment in early
2007. The government now proposes a potentially more discriminatory tax benefit for
84
Germany
business owners (including partnerships and direct, indirect or constructive 25%
shareholders). The tax would be payable only after 10 years, and it would be forgiven
1/10 for every year the business has been continued in a comparable mode.
A little-noticed loophole for non-residents owning taxable domestic assets, such as real
estate, business, industrial property, 10% shareholdings, etc, was inadvertently created
by case law and an administrative follow-up decree. The holding of property
beneficially through a nominee or trustee is examined for income tax purposes (as it
has always been), but no longer for inheritance and gift tax. The principal’s claim
against the nominee being a separate asset, non-residents should be able to escape
German gift or inheritance tax in the underlying German assets.
REITs
The government has proposed legislation accepting a listed German corporation as a
REIT. It would not be taxable, and tax would be levied at the shareholder-level only
(at full rates for residents and withholding rates for non-residents). Residential real
estate is excepted, so its foreign buyers are left without German competition.
Maximum leverage should be 60%. Fifteen percent of the shares must be free float (of
3% or less per shareholder). Any one shareholder may not own more than 10%, but
this applies only directly, so indirect holdings should not be capped.
VAT for holdings
Still pending is a government proposal consolidating EU and other case law on upstream
VAT deductions by holdings. It would allow the deduction for private equity holdings
(as a broad exception for the industry), and otherwise for securities trading firms, for
holdings rendering services to portfolio companies and for holdings with participations
under an overall entrepreneurial concept, a nicely broad but vague definition.
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Germany
Hubertus Baumhoff
Flick Gocke Schaumburg
Johanna-Kinkel-Str 2-4
D-53175 Bonn
Germany
Tel: (49) 228 95 94 0
Fax: (49) 228 95 94 100
Website: www.fgs.de
Prof Dr Hubertus Baumhoff has been a tax partner in Flick Gocke Schaumburg’s Bonn
office since 1991. His work focuses on transfer pricing, international group taxation,
evaluation of enterprises and the performance of special audits. He is particularly
experienced in defending transfer prices and transfer-price systems within the framework
of tax audits of enterprises operating internationally with tax attachment points in
Germany.
He studied at Münster University and graduated from Hamburg University, obtaining his
Doctor’s degree in Economics with a thesis on transfer pricing. After qualifying as a tax
adviser he joined FGS. He qualified as a certified chartered accountant in 1991.
In 2004 Prof Dr Baumhoff was appointed professor for international taxation at Siegen
University. He has lectured for many years on international transfer-pricing issues at the
Federal Finance Academy. He is an active member of national and international
accounting and tax organizations.
Prof Dr Baumhoff is the author of numerous publications on international transfer
pricing. These include: Transfer Pricing for Services (1986), Tax Aspects Concerning the
Transfer Pricing Policies Involving Foreign Distributors (1993), and Principles of Transfer
Pricing Documentation Under the New Documentation Regulations (2004 and 2005) (together
with Dr Ditz and Dr Greinert). His central transfer-pricing publications are the
Commentary on the German Transfer Pricing Rules (Flick/Wassermeyer/Baumhoff, 2004)
(together with Prof Dr Wassermeyer) and Transfer Prices between Internationally Affiliated
Enterprises (Wassermeyer/Baumhoff) (2001). His most recent works are Transfer Pricing
Policy in the Relocation of Operational Functions Abroad and The Profit Allocation to
Internationally Affiliated Enterprises, which were published in 2005.
86
Germany
Hanno Berger
Dewey Ballantine
Taunusanlage 1
Skyper
60329 Frankfurt
Germany
Tel: (49) 69 3639 3415
Fax: (49) 69 3639 3333
Website: www.deweyballantine.com
Hanno Berger is the managing partner in the Frankfurt office of Dewey Ballantine. He
has a particular focus on the development of corporate, regulatory and tax-optimized
structures for derivatives, certificates and other innovative financial products that are
tailor-made for private and institutional investors. In the international asset management
area, he develops and structures private equity funds, hedge funds, real estate funds,
pension funds and mutual funds; he also advises fund sponsors and asset managers.
Hanno Berger offers conceptual advice to domestic and foreign investors on the
formation, purchase and sale, transformation, merger, demerger, split-up and liquidation
of enterprises, including restructuring and joint ventures. He also advises international
enterprises, banks and institutional investors, particularly regarding the formation of
permanent establishments or subsidiaries within Germany and abroad, and in connection
with real property investments in Germany. He develops tax-optimized succession
structures. In addition, he assists banks during tax audits, in administrative appeals and
court procedures, and regarding the criminal law aspects of tax law.
Hanno Berger received his doctorate from the University of Frankfurt in 1979, and a
JD from the University of Frankfurt Law School in 1975.
87
Germany
Michael Best
Kardinal-Faulhaber-Strasse 10
D-80333 Munich
Germany
Tel: (49) 89 24 24 0470
Fax: (49) 89 24 24 0986
Website: www.pplaw.com
Dr Michael Best is a partner at P+P specializing in tax structuring, national and
international tax law, tax planning, private equity and real property investments (funds).
He has published numerous articles in professional journals on these subjects.
Dr Best was admitted to the German Bar in 1988 and studied at the University of
Munich and University of Augsburg (Dr jur 1991). He has been a tax consultant since
1992, and from 1996 to 2001 was a partner in German law and tax firms.
P+P is an independent corporate and tax firm with 76 lawyers and tax advisers focusing
solely on mergers and acquisitions, tax, private equity/venture capital, funds, asset
management and real estate. The firm has 20 partners, including Reinhard Pöllath,
Dieter Birk, Matthias Bruse, Andreas Rodin, Andrea von Drygalski, Matthias Durst,
Carsten Führling, Otto Haberstock, Andres Schollmeier, Thomas Töben, Philipp von
Braunschweig, Ralph Wagner, Andreas Wilhelm, Wolfgang Tischbirek, Uwe Bärenz,
Stefan Lebek, Michael Inhester, Benedikt Hohaus and Julian Lemor. P+P has offices in
Berlin, Frankfurt and Munich and is fully independent and not affiliated with any other
firm or group.
88
Germany
Matthias Bruse
D-80333 Munich
Germany
Tel: (49) 89 24 24 0 270
Fax: (49) 89 24 24 0 996
Dr Matthias Bruse is one of the founding partners of P+P Pöllath + Partners. He has
practised tax and corporate law since 1984 as a partner in a leading German law firm
(1990 to 1997), including many years with his present P+P partners.
His practice concentrates on mergers and acquisitions, joint ventures, reorganizations and
financing, with a special focus on private equity investments.
His publications include speeches and papers on the occasion of the International Bar
Association’s annual conference. He has authored numerous articles and chaired
conferences, for example, M&A für Profis. He graduated from Munich Law School in
1980, obtained a Doctor juris degree from Bonn Law School in 1985 and a Master of Law
(LLM) degree from the University of Miami in 1988.
Dieter Birk, Andreas Rodin, Andrea von Drygalski, Matthias Durst, Carsten Führling,
Otto Haberstock, Andres Schollmeier, Thomas Töben, Philipp von Braunschweig,
Michael Best, Ralph Wagner, Andreas Wilhelm, Wolfgang Tischbirek, Uwe Bärenz,
firm or group.
89
Germany
Dieter Endres
Marie-Curie-Straße 24 – 28
60439 Frankfurt am Main
Germany
Tel: (49) 69 9585 6459
Fax: (49) 69 9585 6573
Dieter Endres is a tax partner at PricewaterhouseCoopers Frankfurt, head of the firm’s
tax and legal department in Germany, and member of PwC’s German Board. He
specializes in international business transactions, transfer pricing, reorganizations,
joint ventures, and M&A consulting. His key clients are US and UK multinationals
and private equity houses.
Dieter graduated from Mannheim University where he also obtained his Doctor’s
degree in economics. He was awarded a JF Kennedy scholarship at Harvard
University, Cambridge (US), in 1982/1983. After qualifying as a tax adviser
(Steuerberater), Dieter joined Price Waterhouse in Frankfurt in 1986. He has been a
partner since 1991. He is a member of the German Institute of Tax Advisers, of the
international tax committee and the tax reform committee of the German Institute of
Chartered Accountants, of the European-American Tax Institute, the tax committee of
the Frankfurt Chamber of Commerce and of the International Fiscal Association.
Dieter is the author of numerous tax publications (including Corporate Taxation in
Germany, an English language translation of the most important statutes, www.idwverlag.com) and is a frequent speaker at tax conferences in Germany and abroad. He
is a honorary professor at Mannheim University and lecturer on international taxation.
He has frequently been ranked as a leading tax professional in the German market.
90
Germany
Manfred Günkel
Deloitte
Schwannstrasse 6
40476 Düsseldorf
Germany
Tel: (49) 211 8772 2578
Fax: (49) 211 8772 112578
Website: www.deloitte.de
Manfred Günkel has been an international tax partner with Deloitte & Touche since
1977, based in Düsseldorf. He is the managing partner of Deloitte’s German tax practice.
During his almost 30 years with Deloitte, he has advised many international and German
entities regarding inbound and outbound investments. He is co-author of a commentary
on treaty law and author of numerous articles in tax magazines on domestic and
international issues.
Mr Günkel is a member of the board of the Institute of Tax Advisers (Fachinstitut der
Steuerberater) of the Tax Committee of the German Institute of Chartered Accountants,
and a member of the Direct Tax Working Party of FEE (Fédération des Experts
Comptables Européenne).
Mr Günkel holds an economics degree from the University of Cologne. He is a German
tax adviser (Steuerberater) and a German chartered accountant (Wirtschaftsprüfer).
91
Germany
Wilhelm Haarmann
HAARMANN Partnerschaftsgesellschaft
Neue Mainzer Str 75
60311 Frankfurt am Main
Germany
Tel: (49) 69 9 20 59 105
Fax: (49) 69 9 20 59 108
Website: www.haarmann.com
Professor Dr Wilhelm Haarmann is a lawyer, certified public accountant and certified
tax adviser. His practice focuses on transactions, in particular mergers and acquisitions,
private equity and venture capital, tax law, corporate law, finance law (including fund
structuring) and arbitration.
On January 1 2006 he left his prior firm and with other partners founded
HAARMANN Partnerschaftsgesellschaft in Frankfurt. He was previously one of the
founding partners of Haarmann Hemmelrath & Partner. From 1979 to 1987 he
worked for Peat Marwick Mitchell & Co, where he became a partner in 1983. From
1977 to 1979 he worked at Arthur Young & Co in Frankfurt.
Wilhelm Haarmann is a member of the International Bar Association, International
Fiscal Association: German board, Institute of German Chartered Accountants, IDW:
chairman of Tax Experts Committee, Deutscher Anwaltsverein, and the German
British Lawyers Association.
He is a member of the World Economic Forum and the supervisory boards of leading
companies in the IT and telecommunication industry (such as SAP). He is member of
the board of the German private equity and venture capital association.
Wilhelm Haarmann is professor for tax law at the University of Bamberg. He holds a
JD from the University of Münster (1979) and studied law and economics at the
universities of Münster and Freiburg.
92
Germany
Heinz-Klaus Kroppen
Deloitte
Schwannstrasse 6
40476 Düsseldorf
Germany
Tel: (49) 211 8772 2241
Fax: (49) 211 8772 2280
Professor Dr Heinz-Klaus Kroppen is a partner of the international tax department of
Deloitte & Touche in Düsseldorf. He is the head of Deloitte’s European and German
transfer-pricing practice. His work focuses exclusively on international matters, mainly
cross-border transactions, acquisitions and multinational corporations’ tax issues.
Professor Kroppen has been selected several times for inclusion in the Guide to the
World’s Leading Tax Advisers and the Guide to the World’s Leading Transfer Pricing Advisers,
published in conjunction with International Tax Review.
Professor Kroppen is editor and co-author of the leading German publication on
transfer pricing. He is also co-author of the German chapter in the IBFD loose-leaf
publication The Tax Treatment of Transfer Pricing, and in Robert Feinschreiber’s book,
Transfer Pricing International. Professor Kroppen is also editor and co-author of a
leading German publication on double-taxation treaties and co-author of the leading
German personal and corporate income tax commentary.
He is a member of the tax board of the American Chamber of Commerce in Germany.
He is a professor of international tax law at the Ruhr University in Bochum and has
been appointed to the EU Joint Transfer Pricing Forum by the EU Commission as
one of 10 business experts in Europe.
Professor Kroppen studied law at the universities of Kiel, Hamburg, and Cologne, and
later clerked at the German Tax Court in Düsseldorf and at the German/Korean
Chamber of Commerce and Industry in Seoul. During this time, he wrote a
dissertation on company and tax law problems for which he was awarded his PhD in
law. Professor Kroppen later attended Georgetown University Law School,
Washington DC, receiving an LLM in international law.
Professor Kroppen is a lawyer (Rechtsanwalt) and a member of the Düsseldorf Bar. He
is also a licensed tax adviser (Steuerberater).
93
Germany
Jürgen Lüdicke
New-York-Ring 13
22297 Hamburg
Germany
Tel: (49) 40 6378 8423
Fax: (49) 40 6378 8125
Prof Dr Jürgen Lüdicke is a tax partner at PricewaterhouseCoopers in Hamburg. His
main areas of work include international tax planning, restructuring, mergers and
acquisitions consulting, EU tax law and tax litigation. He also created PricewaterhouseCoopers’ German tax technical group, which he still leads.
Jürgen is a member of the international tax committee of the Federal Chamber of Tax
Consultants, of the Institute of Tax Consultants (Fachinstitut der Steuerberater), of the
International Fiscal Association and of the corporate tax committee of the German
Institute of Chartered Accountants. He is one of the editors of Internationales Steuerrecht,
a leading tax journal.
Since 1999, Jürgen holds a chair in international taxation at the International Tax Institute
of the Hamburg University (www.M-I-Tax.de). He is the author of numerous
publications on tax matters, mainly on international taxation, tax treaty law and European
tax law. He is a frequent speaker at tax conferences and leads the annual Hamburg Tax
Conference on International Taxation.
Jürgen graduated from the University of Bonn where he also obtained his doctorate in tax
law. He is a qualified lawyer and tax adviser. He joined PricewaterhouseCoopers in 1985
and was admitted to partnership in 1992.
94
Germany
Reinhard Pöllath
D-80333 Munich
Germany
Tel: (49) 89 24 24 0220
Fax: (49) 89 24 24 0997
Dr Reinhard Pöllath, of P+P Pöllath + Partners, a firm with 75 attorneys and tax advisers,
has advised in law and tax matters since 1975. He was a senior partner in the Frankfurt,
Berlin and Munich offices of a major German and also of a major international firm,
working with most of the present P+P partners. In his practice areas (mergers and
acquisitions, private equity funds, structuring companies and investments, successions,
trusts, foundations), he has written and lectured extensively to business, professional and
academic audiences. He is heavily involved in pro bono micro-loan projects in developing
countries, in promoting Chinese in German schools, in defending human rights, and in
raising funds for Max Planck, the major German scientific organization.
Reinhard studied law in Regensburg, Cambridge, MA, and Munich. He has two lovely
children.
P+P specialize in legal and tax advice in two areas: transactions (mainly mergers and
acquisitions, private equity, real estate) and asset management (mainly investments,
financial products, successions). Within these specialist areas of expertise, P+P assist
companies, owners, investment banks, funds, family offices and others in handling
mergers and acquisitions transactions (including due diligence, post-acquisition
restructuring, financing, syndication, de-listing, IPOs/secondary offerings); structuring
and placing private equity, venture capital and other closed-end or public funds including
funds of funds (starting with the very first private equity funds for Germany in the 1970s).
P+P also assists in structuring financial products for investment banks; screening funds or
products for institutional and private investors; organizing a family office, assisting in its
investment activities, advising on wills, trusts, and intra-family agreements; accompanying
real estate projects for owners, developers and contractors from purchase through sale;
restituting East German properties and defending investors against restitutions;
negotiating tax rulings and audit settlements; sitting on arbitration, supervisory or other
boards; or serving as a nominee, trustee or administrator.
In these specialized transactional and asset management areas, P+P partners cooperate
freely with leading professionals in the relevant practice areas. P+P are not affiliated with
any other firm or group. P+P partners provide services only in specialized areas, but there
they provide full service, such as 24-hour office support, assistance in organizing a sales
process or a family office or in providing book- or record-keeping services, running a socalled beauty contest on behalf of a client or finding or out-placing executives.
Other partners in the P+P offices in Berlin, Frankfurt and Munich are Matthias Bruse,
Andrea von Drygalski, Andreas Rodin, Thomas Töben, Ralph Wagner, Andres
Schollmeier, Philipp von Braunschweig, Andreas Wilhelm, Dieter Birk, Otto Haberstock,
Michael Best, Matthias Durst, Carsten Führling, Uwe Bärenz, Margot Gräfin von
Westerholt, Benedikt Hohaus, Michael Inhester, Stefan Lebek, Wolfgang Tischbirek and
Julian Lemor.
95
Germany
Andreas Rodin
Potsdamer Platz
Linkstrasse 2
10785 Berlin
Germany
Tel: (49) 30 253 53 102
Fax: (49) 30 253 53 995
Dr Andreas Rodin is a founding partner of P+P Pöllath + Partners. He has practised tax
and corporate law since 1986, for many of those years together with P+P partners, as a
partner in a leading German law firm and as a partner in a major international law firm.
He focuses on inbound and outbound investment funds, corporate finance and financial
products, negotiations of German tax rulings and tax litigations and mergers and
acquisitions (representing sellers and buyers of German and international businesses).
His publications include the tax section of two partnership handbooks, articles on
taxation and investments, speeches and papers at national and international conferences
on mergers and acquisitions, financial products and privatization.
He graduated from Munich Law School in 1983, where he also obtained a Doctor juris
degree.
Dieter Birk, Matthias Bruse, Andrea von Drygalski, Michael Best, Matthias Durst,
Carsten Führling, Otto Haberstock, Andres Schollmeier, Thomas Töben, Philipp von
Stefan Lebek, Michael Inhester, Benedikt Hohaus and Julian Lemor. P+P has offices
in Berlin, Frankfurt and Munich and is fully independent and not affiliated with any
other firm or group.
96
Germany
Otmar Thömmes
Deloitte
Rosenheimer Platz 4
D- 1669 Munich
Germany
Tel: (49) 89290 36 8804
Fax: (49) 89290 36 8900
Otmar Thömmes has been a partner in the Deloitte’s Munich tax practice since 1995
and is the leader of that office’s international tax practice. Otmar, with 20 years of
experience in tax law (in both the public and private sectors), is responsible for service
to clients on all aspects of cross-border taxation, including advising clients on corporate
tax law, mergers, acquisitions, reorganizations, privatizations and MBOs.
From 1989 to 1991, Otmar was seconded to the Commission of the European
Communities in Brussels as National Expert in Directorate General XV, Division B-1
(direct taxation), where he was directly involved in drafting EC Directives on direct tax
matters.
Otmar is a member of the editorial board of Intertax and Internationale Wirtschaftsbriefe,
and general co-editor and author of EC Corporate Tax Law – Commentary on the EC
Direct Tax Measures and Member States’ Implementation Laws, International Bureau of
Fiscal Documentation (IBFD) Amsterdam (1991).
He lectures extensively on international tax topics at international seminars and at the
Universities of Augsburg, Hamburg, Vienna and Bonn.
Otmar is a member of the German Institute of Tax Consultants; the board of the
International Fiscal Association (IFA), Bavarian section; the Finance and Tax
Committee of the Chamber of Industry and Commerce (IHK) for Munich and Upper
Bavaria; the board of trustees of the International Bureau of Fiscal Documentation
(IBFD), Amsterdam.
97
Germany
Wolfgang Tischbirek
Zeil 127
60313 Frankfurt/Main
Germany
Tel: (49) 69 247 047 0
Fax: (49) 69 247 047 30
Wolfgang Tischbirek joined P+P Pöllath + Partners as a partner in 2004. He has
practised German and international tax law since 1983 and was formerly a partner in a
leading German law firm, as well as in a major international law firm.
He specializes in German and international tax law, tax planning for German and foreign
companies and individuals, in particular tax structuring for mergers and acquisitions,
including acquisition financing, reorganizations, real estate transactions and
international funds (private equity and alternative investments).
Mr Tischbirek has co-authored major tax handbooks and frequently lectures on various
aspects of German and international taxation.
He studied law at the Universities of Cologne, Geneva and Freiburg, and interned at the
European Commission in Brussels. He graduated from the University of California,
Berkeley (LLM), and worked in a research team on tax treaties at the University of
Munich.
Carsten Führling, Otto Haberstock, Andres Schollmeier, Thomas Töben, Michael Best,
Philipp von Braunschweig, Ralph Wagner, Andreas Wilhelm, Uwe Bärenz, Stefan
Lebek, Michael Inhester, Benedikt Hohaus and Julian Lemor. It has offices in Berlin,
Frankfurt and Munich and is fully independent and not affiliated with any other firm or
group.
98
Germany
Thomas Töben
Potsdamer Platz
Linkstrasse 2
10785 Berlin
Germany
Tel: (49) 30 253 53 202
Fax: (49) 30 253 53 991
Dr Thomas Töben is a partner with P+P Pöllath + Partners, a firm with over 70 lawyers
and tax advisers specializing in mergers and acquisitions, tax, private equity, family office
work and real estate. Dr Töben has 20 years of practice in tax law and advises on
restructuring and reorganising businesses, partnerships, mergers and acquisitions,
taxation of real property investments and cross-border leasing.
He graduated from Hamburg University in 1981 and was assistant professor at Hamburg
University until 1987. He was a partner of a major German law firm from 1990 until
1995, German resident partner of an international law firm from 1996 until 2000, and
joined Pöllath + Partners as a partner in April 2000. He has frequently lectured on
international tax law and written numerous articles on tax matters. He is lecturer at
Westfälische Wilhems-Universtität of Münster.
Carsten Führling, Otto Haberstock, Andres Schollmeier, Michael Best, Philipp von
firm or group.
99
Germany
Alexander Voegele
NERA Economic Consulting GmbH
Konrad Adenauer Str 17
D-60313 Frankfurt
Germany
Tel: (49) 69 710 447 501; (49) 172 6767506
Fax: (49) 69 710 447 505
Website: www.nera.com
Dr Alexander Voegele is chairman of the advisory board of Nera Economic Consulting
GmbH, senior partner at Voegele Partner GmbH, and head of the advisory board of
ArAnTax GmbH. During more than 25 years’ experience in advising international
corporations and leading law firms on transfer pricing issues, Alexander Voegele has
specialized in the development of innovative economic structures for transfer pricing
strategies and for the defence of major international transfer pricing cases.
He has been a partner with Price Waterhouse and KPMG, in charge of their German
transfer pricing practice. He has led hundreds of large transfer pricing projects and
transfer pricing defence cases for a variety of clients in a wide range of industries,
including pharmaceutical, chemical, ICE, logistics, telecommunications, automotive, oil,
gas, machinery, banking, insurance and service enterprises. His clients include many of
the largest German and international companies.
Dr Voegele regularly publishes articles and books on transfer pricing and international tax
planning, and is the author and editor of the leading German commentary on transfer
pricing and economic consulting (Handbook of Transfer Pricing). He is a regular speaker at
more than 250 conferences and seminars on transfer pricing and international taxation in
Germany, Europe, the US and Asia.
He has received numerous awards as a transfer pricing adviser and has frequently been
ranked as a leading tax and transfer pricing professional. The International Tax Review and
Euromoney have recognized him repeatedly as one of the “World’s Leading Tax Advisers”
as well as one of the “World’s Leading Transfer Pricing Advisers”, and one of the “Best of
the best transfer pricing advisers in the world”.
He holds a doctorate in economics and a master’s degree in tax and business administration (both University of Mannheim). He is a certified German auditor and tax adviser
and French commissaire aux comptes.
Dr Voegele and his Nera colleagues provide economic transfer pricing strategy, pricing of
IP and planning to clients for post mergers and acquisitions, dealing with organizational
structuring and incentive management issues, as well as to those in need of market pricing
evaluations. Having advised and negotiated numerous bilateral and multilateral
agreements involving Germany, the UK, France, the US, Japan, Canada, Mexico and
Australia, they have particular expertise structuring European arbitration and advance
pricing agreements (APAs) and specialize in worldwide documentation and the valuation
of business and intellectual property.
100
Germany
Hubertus Baumhoff (see bio)
Flick Gocke Schaumburg, Bonn
Stefanie Beinert
Gleiss Lutz, Stuttgart
Manfred Benkert
Clifford Chance, Frankfurt
Hanno Berger (see bio)
Dewey Ballantine, Frankfurt
Michael Best (see bio)
P+P Pöllath + Partners, Munich (see advert on inside back)
Jens Blumenberg
Linklaters, Munich
Axel Bödefeld
Linklaters, Cologne
Eugen Bogenschuetz
Allen & Overy, Frankfurt
Gottfried E Breuninger
Shearman & Sterling, Munich
Christian Brodersen
Baker & McKenzie, Frankfurt
Matthias Bruse (see bio)
Manfred Burkert
Ernst & Young, Hamburg
Oliver Dörfler
KPMG, Frankfurt
Stephan Eilers
Freshfields Bruckhaus Deringer, Cologne
Dieter Endres (see bio)
PricewaterhouseCoopers, Frankfurt
Richard L Engl
RLE Gmbh, Munich
Rolf Füger
Milbank Tweed Hadley & McCloy, Munich
Manfred Günkel (see bio)
Deloitte, Düsseldorf (see advert on inside front)
Wilhelm Haarmann (see bio)
Haarmann, Frankfurt
Jürgen Hartmann
Jürgen Hartmann, Düsseldorf
101
Germany
Holger Häuselmann
Freshfields Bruckhaus Deringer, Frankfurt
Friedrich Hey
Debevoise & Plimpton, Frankfurt
Jurgen Hoffmann
Meilicke Hoffmann & Partner, Bonn
Friedhelm Jacob
Hengeler Mueller, Frankfurt
Martin Klein
Ernst-Thomas Kraft
Heinz-Klaus Kroppen (see bio)
Deloitte, Düsseldorf (see advert on inside front)
Jochen Lüdicke
Freshfields Bruckhaus Deringer, Düsseldorf
Jürgen Lüdicke (see bio)
PricewaterhouseCoopers, Hamburg
Asmus Mihm
Allen & Overy, Frankfurt
Wolfgang Oho
Ernst & Young, Frankfurt
Detlev J Piltz
Reinhard Pöllath (see bio)
Ulrich Prinz
Norbert Rieger
Milbank Tweed Hadley & McCloy, Munich
Thomas Rödder
Andreas Rodin (see bio)
P+P Pöllath + Partners, Berlin (see advert on inside back)
Michael Schaden
Ernst & Young, Stuttgart
Harald Schaumburg
Claus Schild
RSM Hemmelrath, Munich
102
Germany
Hubert Schmid
Clifford Chance, Frankfurt
Stephan Schnorberger
Baker & McKenzie, Düsseldorf
Florian Schultz
Linklaters, Frankfurt
Klaus Sieker
Flick Gocke Schaumburg, Frankfurt
Michael Streck
Streck Mack Schwedhelm, Cologne
Otmar Thömmes (see bio)
Deloitte, Munich (see advert on inside front)
Wolfgang Tischbirek (see bio)
P+P Pöllath + Partners, Frankfurt (see advert on inside back)
Thomas Töben (see bio)
P+P Pöllath + Partners, Berlin (see advert on inside back)
Alexander Voegele (see bio)
NERA Economic Consulting, Frankfurt
Götz T Wiese
Latham & Watkins, Hamburg
103
Hong Kong SAR
Kaiser Kwan
Deloitte
28/F, Wing On Centre
111 Connaught Road
Central
Hong Kong
Tel: (852) 2852 5686
Fax: (852) 2851 8005
Website: www.deloitte.com.hk
Kaiser Kwan is a partner of Deloitte Hong Kong. He began his career with the Hong
Kong Inland Revenue Department and worked for another big-four firm for a number
of years before joining Deloitte in 1992. He has been a partner since 1997.
Kaiser has extensive experience in providing tax-consulting advice for companies
operating in Hong Kong and China as well as corporate restructuring for listing on
the Mainboard or the Growth Enterprise Market (GEM). He also has knowledge of
international taxes and has done a number of worldwide tax review projects for
prestigious clients. Kaiser is the partner-in-charge of the national field audit and tax
investigation team leading the firm’s development in this area.
Kaiser is a frequent speaker at seminars organized by professional bodies including the
Hong Kong Institute of Certified Public Accountants, CPA Australia and the Society
of Chinese Accountants and Auditors. He is frequently interviewed by the financial
press in Hong Kong on topics including Hong Kong and Chinese taxation, field audit
and tax investigation matters. Kaiser regularly contributes articles on Hong Kong
taxation issues, and has written a regular tax column in the Hong Kong Economic Times
for the last nine months.
Kaiser is a fellow of the Hong Kong Institute of Certified Public Accountants and the
Association of Chartered Certified Accountants. International Tax Review named him
as one of the top tax advisors in Hong Kong and the mainland in 2002 and 2003. In
2004, ITR named him as a leading individual in Hong Kong in cross-border
structuring in World Tax 2005.
104
Hong Kong SAR
Yvonne Law Shing Mo-han
Deloitte
28/F, Wing On Centre
111 Connaught Road
Central
Hong Kong
Tel: (852) 2852 1667
Fax: (852) 2541 8019
Website: www.deloitte.com.hk
Yvonne has been a partner with the Hong Kong firm since 1990. She holds the
position of national chief knowledge officer, responsible for building a knowledgesharing culture and assisting in strengthening an integrated national tax practice across
the firm’s China national practice.
Yvonne provides tax-consulting services to major corporations with international
investments operating in various businesses in Hong Kong. She specializes in Hong
Kong, PRC and international tax, including tax planning for group reorganization and
corporate restructuring, pre-flotation tax planning and tax controversy services.
Yvonne is a part-time member of the HKSAR government’s think tank, the central policy
unit, since 2002. She is also a member of the selection committee for HKSAR delegates
to the 10th People’s Congress of PRC, the election committee of the HKSAR
representing the accounting profession for selecting the HKSAR chief executive and the
legislative council member (accounting functional constituency). Other memberships
include: council member of the Taxation Institute of Hong Kong; deputy chairman of the
Hong Kong Institute of Certified Public Accountants Taxation Committee and member
of Admin & Finance Committee; member of the Hong Kong General Chamber of
Commerce China Committee.
She has been named as one of the top tax advisors in Hong Kong and mainland China
in the International Tax Review for the past three years (2001, 2002, 2003) and in 2004,
ITR named her as a leading individual in Hong Kong in cross-border structuring in
World Tax 2005.
Yvonne most recently authored the article “Hong Kong: Interest Expense Deduction
Rules” for the Tax Planning International Review (August 2004).
Yvonne is a certified public accountant; Fellow Member of the Hong Kong Institute
of Certified Public Accountants, the Association of Chartered Certified Accountants,
the Taxation Institute of Hong Kong, and the Institute of Chartered Secretaries and
Administrators; and a member of the Society of Chinese Accountants and Auditors.
105
Hong Kong SAR
Vaughn Barber
KPMG, Hong Kong
Agnes Chan
Ernst & Young, Hong Kong
Nick Dignan
PricewaterhouseCoopers, Hong Kong
Guy Ellis
Tracy Ho
Ernst & Young, Hong Kong
Kaiser Kwan (see bio)
Deloitte, Hong Kong (see advert on inside front)
Becky Lai
Yvonne Law Shing Mo-han (see bio)
Deloitte, Hong Kong (see advert on inside front)
Ayesha MacPherson
KPMG, Hong Kong
Michael A Olesnicky
Baker & McKenzie, Hong Kong
Kwok Kay So
Marcellus Wong
PricewaterhouseCoopers, Hong Kong/Shanghai
106
Reprints
Reprints of biographies
and articles provide a costeffective marketing and sales tool that
can substantially increase your firm’s prospects
in a competitive market environment. These
can be tailored to individual firm specifications.
For reprints please contact:
Tatiana Hlivka
Tel: +44 (0) 20 7779 8418
Fax: +44 (0) 20 7779 8678
Hungary
Péter Oszkó
Deloitte
Dózsa György út 84/C
1068 Budapest
Hungary
Tel: (36) 1 428 6768
Fax: (36) 1 428 6801
Website: www.deloitte.hu
Péter Oszkó is a tax partner based in Budapest and has been with Deloitte since January
2004. He has been the managing partner of Deloitte’s Hungarian tax practice since
January 2005.
Péter specializes in international taxation, mergers and acquisitions consultancy, VAT
and transfer pricing. He is the leading tax adviser for multinational investors from the
manufacturing, energy, telecom and real estate sectors, as well as for financial
institutions. He has publications in the field of the taxation of company acquisitions and
transformations, international taxation, financial transactions, taxation of venture capital
investments, and leasing and real estate transactions. He is the author of the publication
Practice Tax Guide and Comments on Tax Issues (Verlag Dashöffer).
Péter Oszkó studied law at the Eötvös Loránd University in Budapest. He is a tax
attorney as well as a certified tax adviser with extensive experience in tax litigation before
local courts as well as before the European Court of Justice.
Mr Oszkó speaks fluent English, French and Hungarian. He is a lecturer at the faculty
of law at the Eötvös Loránd University in Hungary.
108
Hungary
Gabriella Erdos
PricewaterhouseCoopers, Budapest
Paul Grocott
PricewaterhouseCoopers, Budapest
Robert Heinczinger
Ernst & Young, Budapest
Pál Jalsovszky
Jalsovszky Law Firm, Budapest
Péter Oszkó (see bio)
Deloitte, Budapest (see advert on inside front)
109
India
Mukesh Butani
BMR & Associates
The Great Eastern Centre
1st Floor, 70, Nehru Place
New Delhi 110019
India
Tel: (91) 11 3081 5010
Website: www.bmrtax.com
Mukesh Butani is co-founder of BMR & Associates and leads the tax practice of the
firm. He specializes in international tax and transfer-pricing matters. Mr Butani was
tax practice leader and international tax partner of Ernst & Young India until August
2004. Prior to joining Ernst & Young, Mr Butani led Andersen’s international tax,
oil and gas and transfer pricing teams.
Mr Butani has over 23 years’ experience in advising several fortune 500 multinationals on
a range of cross-border tax structuring, transfer pricing, mergers and acquisitions and
investment structuring matters. He is an acknowledged expert in the area of transfer
pricing and has authored a treatise on Indian transfer pricing for LexisNexis Butterworths
and CCH’s Indian Transfer Pricing Guide. For the past 12 years, he has been advising
clients in the energy and technology industry and the Japanese business community.
Mr Butani interacts regularly with India’s Inland Revenue, CBDT, to monitor tax
legislative changes, trends on emerging tax regulations and tax policy/administration
matters. He has been actively involved with several USA and Japan MAP proceedings.
He is a member of OECD’s business restructuring advisory group and ICC, Paris
Taxation Commission.
He is a regular speaker in significant national and international tax conferences, a
columnist with India’s leading business journals and a contributor to leading
international tax journals including International Tax Review (ITR), the Asia-Pacific
guide of IBFD on a wide range of cross-border tax and transfer-pricing matters. For
the past four consecutive years, he has been consistently rated by ITR as among the
leading individual tax advisers in India. The World Tax 2006 and 2007 guide to
leading tax firms has rated him as a leading tax adviser in the category of mergers
and acquisitions and cross-border structuring.
Mr Butani has a bachelor’s degree in commerce (majoring in advanced accounting)
from the University of Bombay, and qualified as a chartered accountant in 1985. He
joined Arthur Andersen in 1986 and was made a partner in 1995. He plays an active
role in the Indian affairs of the International Fiscal Association and has served as its
secretary general. He chaired the Tariff on Tax Committee of the American
Chamber of Commerce for a period of three years (2000 to 2003) and was cochairman of the tax committee of one of India’s leading chambers of commerce,
FICCI, until 2005. Mukesh was a member of the Government of India’s Empowered
Committee on E-Commerce Taxation.
Mr Butani is featured in Legal Media Group’s Guide to the World’s Leading Tax and
Transfer Pricing Advisers, and in June 2004, India’s leading business magazine,
Business Today nominated Mukesh among the 25 top managers in the country in the
under-40 age category.
In 2002, ITR rated Andersen as the best tax advisory firm for cross-border work. As
leader of Ernst & Young’s tax practice, Mukesh was instrumental in integrating the
tax practices of Andersen & EY. In 2003 and 2004, ITR rated Ernst & Young as the
best tax advisory firm. Recently in its inaugural Asia Tax awards 2006, ITR
recognized BMR as the best firm in India and Asia for addressing tax controversies.
110
BMR is a premier professional services firm focused on providing
high quality services to its clients in the tax, M&A, cross border
structuring and regulatory areas, and adding value by blending
practical business advice with tax and industry knowledge
Corporate
Indirect
International
M&A
Transfer Pricing
The Tax Controversy firm in Asia – ITR Asia Awards 2006
The Tax Controversy firm in India – ITR Asia Awards 2006
Best Tax brand in International Tax, Energy & Utilities and Tax
compliance & reporting – ITR Asia & Global tax surveys
Partners & Executive Directors
Abhishek Goenka
Ajay Mehra
Bobby Parikh
Divya Baweja
Frank D’Souza
Gokul Chaudhri
Mukesh Butani
Rajeshree Sabnavis
Rajeev Dimri
Rohit Berry
Sujit Ghosh
Vivek Gupta
Our partners have been consistently rated amongst the leading tax advisers
BMR is a member firm of Taxand
www.taxand.com
New Delhi
The Great Eastern Centre
1st Floor, 70 Nehru Place
New Delhi
110019
Tel: +91 11 3081 5000
Mumbai
3F, Contractor Building
41, R.Kamani Marg
Ballard Estate, Mumbai
400001
Tel: +91 22 3021 7000
www.bmrtax.com
Bangalore
202, Sobha Alexander Plaza
16/1, Commissariat Road,
Bangalore
560001
Tel: +91 80 4032 0000
India
S Madhavan
PricewaterhouseCoopers Pvt Ltd
Sucheta Bhawan, 1st Floor,
11-A, Vishnu Digamber Marg
New Delhi 110002
India
Tel: (91) 11 41150505/41150000
Fax: (91) 11 23210594/96
Madhavan is an executive director in PricewaterhouseCoopers and heads the indirect tax
practice in India. He is a fellow member of the Institute of Chartered Accountants of
India and a management graduate from the prestigious Indian Institute of Management,
Ahmedabad.
Madhavan has a total experience of 24 years that includes six years’ industry experience
in Hindustan Lever Limited, India’s largest multinational and subsidiary of Unilever Plc,
UK. He has comprehensive experience in the application of indirect tax laws in industry.
He has had practice experience of over 18 years serving a broad range of international
and Indian clients on all aspects of indirect taxes ranging from customs duties to excise
law to service taxes and sales taxes. He has also been significantly involved in the recent
introduction of VAT in India. He has advised state governments on the implementation
of VAT and has also carried out numerous VAT impact assessment studies for clients.
Madhavan is a member of the indirect tax committees of several national chambers of
commerce and is an active participant in policy deliberations and discussions in relation
to all indirect tax matters. Madhavan interacts regularly with India’s apex Indirect Tax
Board (CBEC) for monitoring the impact of legislative changes and to advise as well as
represent on indirect tax policy. Madhavan also advises industry associations on taxation
matters and actively works with them in engaging with the authorities in relation to the
annual budget-making exercise. Madhavan is a member of the International Fiscal
Association and of the Indirect Tax Appellate Tribunal Bar Association and the Delhi
Management Association.
Madhavan has made numerous presentations on indirect tax matters at various Indian
and international seminars, particularly on VAT and service taxes, and is a regular
contributor of articles in the national press. He is also a frequent panelist/participant on
indirect tax issues on national TV.
The International Tax Review has consistently rated Madhavan as among the leading
indirect tax practitioners in India.
112
India
Srinivasa Rao
Ernst & Young
Divyasree Chambers
A Wing, Third Floor, Langford Town
Bangalore 560 025
India
Tel: (91) 80 2223 0813
Fax: (91) 80 4114 6677
Website: www.ey.com
Srinivasa Rao (Srini) is a tax partner with Ernst & Young India and is based in Bangalore.
He is the national leader of Ernst & Young’s international tax services practice in India.
Srini has over 15 years of experience and has worked with some of the world’s leading
multinational companies in India. He has worked across direct tax specializations –
corporate tax, expatriate tax and international tax – foreign investment policy and
exchange control regulations, and now specializes in cross-border structuring and
transfer-pricing/supply-chain planning, focused on the technology industry.
Srini also has considerable experience in the India outbound sector. Over the last few
years, he has worked with India’s leading companies, principally in the technology
industry, structuring their investments and acquisitions overseas, and designing taxefficient cross-border profit repatriation and transfer-pricing strategies for their
operations.
Srini is a charter member of The Indus Entrepreneurs (TiE), Bangalore, and is a
regular speaker at Indian and international conferences on international tax issues and
on doing business in India. He is also a regular contributor to technical journals on
Indian and international tax issues.
Srini has a bachelor’s degree in commerce, and is a chartered accountant.
113
India
Pranav N Sayta
Ernst & Young
Express Towers, 18th Floor
Nariman Point
Mumbai 400 021
India
Tel: (91) 22 6665 5480
Fax: (91) 22 2282 0000
Website: www.ey.com
Pranav Sayta is a partner with Ernst & Young India, and is based in Mumbai where he
leads the transaction tax practice and the media and entertainment industry tax practice.
Previously, he was national head of the tax litigation and controversy practice in Ernst &
Young India, and has also been a part of the knowledge and solutions team.
Pranav is a gold-medallist chartered accountant attaining the first rank at an all-India
level. He was also awarded the prize for the best paper on direct tax laws by the Institute
of Chartered Accountants of India.
Pranav has more than 20 years of experience in direct tax law. He has a wide range of
experience in advising various large multinationals and leading Indian corporates,
including many Fortune 500 companies on international and corporate tax matters.
He specializes in advising on complex inbound and outbound transactions and
investments, cross-border and domestic mergers and acquisitions, group financial and
corporate restructuring and international tax planning.
Pranav is also well known as an active academic, having been a part-time lecturer for
the final CA paper on direct tax laws for almost 15 years. He is a regular contributor
of articles and features on diverse tax and regulatory issues in leading publications and
professional journals. He co-authored the Transfer Pricing Manual published by the
Bombay Chartered Accountants’ Society and is also on the editorial board of the
International Fiscal Association’s (IFA) India newsletter.
Pranav has addressed and presented papers at a range of seminars and conferences
organised by various professional bodies including the IFA, the Confederation of
Indian Industry, the Indian Merchants’ Chamber (IMC), the Institute of Chartered
Accountants of India, Bombay Chartered Accountants’ Society and the Chamber of
Income Tax Consultants.
He is presently a member of the executive committee of the IFA India branch and a
member of the managing committee of the western region chapter of IFA India. He is
also a member of the direct taxation committee of the IMC and a member of the
international taxation committee of the Bombay Chartered Accountants’ Society.
114
India
Gaurav Taneja
Ernst & Young
The Capital Court
LSC Phase III, Olof Palme Marg
New Delhi 110 067
India
Tel: (91) 11 2610 9003
Fax: (91) 11 4169 0000
Website: www.ey.com
Gaurav Taneja is the national director of Ernst & Young’s tax practice in India and is based
in New Delhi. With over 18 years of experience in tax and regulatory consulting, Gaurav
has extensive experience in advising Indian and multinational companies on tax and
investment structuring, double tax treaties, mergers and acquisitions and establishment of
a business in India. He also has extensive knowledge and expertise in the technology,
communication and media industry.
Gaurav’s prior experience includes working as a partner with another Big 4 accounting
firm and as CFO of Bacardi Martini India. He is a Commerce Graduate from Delhi
University and also participated in Bacardi Class 2000, an executive MBA program at the
Darden Business School, University of Virginia.
Gaurav is a fellow of the Institute of Chartered Accountants of India and is also cochairman on the Taxation Committee of the Federation of Indian Chambers of
Commerce and Industry (FICCI). He is also currently chairman of the Tax and Tariff
Committee of the American Chamber of Commerce (AMCHAM).
Gaurav is a regular speaker at ICAI (Indian Chartered Accountants of India), IFA
(International Fiscal Association), FICCI and other international seminars on tax, foreign
investment and regulatory issues both in India and overseas. He is a regular contributor
to technical journals on tax issues and to the print and electronic media in India.
115
India
Mukesh H Butani (see bio)
BMR & Associates, New Delhi (see advert on page 111)
Ketan Dalal
RSM & Co, Mumbai
Sohrab Dastur
Independent counsel, Mumbai
Nishith M Desai
Nishith Desai Associates, Mumbai
Shefali Goradia
Nishith Desai Associates, Mumbai
Dinesh Kanabar
RSM & Co, Mumbai
Sudhir Kapadia
BSR & Co, Mumbai
V Lakshmi Kumaran
Lakshmikumaran & Sridharan, New Delhi
S Madhavan (see bio)
PricewaterhouseCoopers, New Delhi
S S Palwe
Deloitte, Mumbai (see advert on inside front)
Srinivasa Rao (see bio)
Ernst & Young, Bangalore
Pranav Sayta (see bio)
Ernst & Young, Mumbai
Gaurav Taneja (see bio)
Ernst & Young, New Delhi
O P Vaish
Vaish Associates, New Delhi
116
Ireland
US tax amendments bring
aircraft lessors to Ireland
With few exceptions, aircraft lessors have been based either in
the United States (GECAS, ILFC, CIT, ACG, Pegasus) or in
Ireland (AerCap, RBS, Pembroke, Orix, Aergo, Babcock &
Brown). The reasons for locating in Ireland are clear: a corporate tax rate of 12.5%, eight-year tax depreciation, access to
44 double tax treaties, stamp duty exemptions and favourable
VAT treatment. The more intriguing question is why lessors
would choose to locate aircraft ownership in the United States
where the book tax rate is of the order of 35% to 40%.
The answer is to be found in the Subpart F provisions of the
US tax code. Before 2005 the net effect of these provisions was
Pat O’Brien
that the US parent of an Irish aircraft leasing company would
KPMG
have had to treat the profits of its Irish subsidiary as taxable in
Dublin
the United States, regardless of the level of activity carried on
in Ireland. This meant that a low-tax Irish aircraft leasing
operation conferred no tax benefit on a US parent company. The result was that aircraft
leasing was taxed less favourably in the United States than almost any other asset type. For
other assets, depending on the degree of activity in the controlled foreign company, it was
possible to avoid pick-up under Subpart F.
This all changed on January 1 2005, when changes to US tax law introduced by the
2004 Jobs Creation Act came into effect. An Irish leasing platform with the required
degree of substance will now provide substantial tax benefits to its US owner. It may
even be possible to take part of the existing aircraft lease portfolio of the US parent out
of the United States and into Ireland without crystallizing US taxable income. The
really good news for tax directors, in an era when cross-border tax planning is
somewhat frowned upon in the United States, is that the steps I have just described have
– as near as one could ever hope to get – a stamp of approval from the US authorities.
Subpart F amended
The context for the introduction of the new provisions in the United States was the repeal
of the FSC and ETI regimes that had provided significant financial benefits to owners
(including lessors) and users of US-manufactured aircraft. These benefits led to the usual
tensions between Europe and the United States and to a number of determinations
unfavourable to the United States at the WTO. The elimination of the FSC and ETI
regimes, combined with the long-standing unfavourable treatment of aircraft leasing
under the Subpart F regime, was felt to put US-owned aircraft lessors at a significant
commercial disadvantage. The relevant amendments to Subpart F are intended to deal
with this and this extract from the House Committee Report is telling:
The Committee anticipates that taxpayers now eligible for the benefits of the (ETI or
FSC regimes) will find it appropriate, as a matter of sound business judgment, to structure
their business operations to take into account the tax law changes brought about by the
bill. The Committee notes that courts have recognised the validity of structuring
operations for the purpose of obtaining the benefit of tax regimes expressly intended by
Congress. The Committee intends that structuring or restructuring of operations for the
purposes of adapting to the repeal of the (ETI of FSC regimes) will be considered to serve
a valid business purpose and will not constitute tax avoidance... For example, the
Committee intend that a restructuring undertaken to transfer aircraft subject to existing
FSC or ETI leases to a CFC lessor, to take advantage of the amendments made by this
bill, would serve as a valid business purpose and would not constitute tax avoidance for
purposes of determining whether a particular tax treatment (such as non-recognition of
gain) applies to such restructuring.
Given the almost uniquely unfavourable treatment accorded previously to aircraft leasing
under the Subpart F provisions, this is a most welcome development and has already had
the anticipated effect. The aircraft leasing community in Ireland now includes a number
of US-owned platforms.
117
Ireland
Aidan Fagan
Deloitte
Deloitte & Touche House
Earlsfort Terrace
Dublin 2
Ireland
Tel: (353) 1 417 2467
Fax: (353) 1 417 2300
Aidan Fagan is a tax partner in the Dublin office of Deloitte. He has over twenty five
years’ experience in VAT, having worked for the Irish Revenue Commissioners as a
VAT inspector until 1992, when he joined Deloitte. He was made a partner in 2001
and now heads up the Deloitte Ireland indirect tax practice. Aidan is also a member of
the Deloitte international indirect practice leader’s forum.
Aidan’s focus is on reducing the indirect tax cost of doing business. He has designed
and assisted in the implementation of cost-saving strategies across a wide range of
business sectors including both the maximization of VAT recovery and availing of
lower VAT rates. He has extensive experience in advising on cross-border transactions,
including assisting on the migration of businesses to Ireland.
For many years, he has lobbied government for beneficial changes in VAT law and
practice for various industry sectors. He is also a member of the Irish Taxation
Institute’s VAT Committee.
118
Ireland
Pat O’Brien
KPMG
1 Harbourmaster Place
IFSC, Dublin 1
Ireland
Tel: (353) 1 4101212 (Dublin); (1) 212 872 7792 (New York)
Website: www.kpmg.ie
Pat O’Brien became a partner of KPMG in Ireland in 1987 and advises international
leasing, banking and corporate treasury clients with a particular emphasis on aircraft
leasing and financing. Pat has represented the Irish practice on the KPMG Leasing
Tax Network and he is the co-author, with Charles Haccius, of a major work on
Ireland’s double taxation agreements. He spends 50% of his time in the New York
offices of KPMG where he leads the firm’s Irish Tax Centre.
119
Ireland
Fintan Clancy
Arthur Cox, Dublin
Caroline Devlin
Arthur Cox, Dublin
Aidan Fagan (see bio)
Deloitte, Dublin (see advert on inside front)
Michael Farrell
KPMG, Dublin
Michael Gaffney
KPMG, Dublin
Turlough Galvin
Matheson Ormsby Prentice, Dublin
John Hickson
A&L Goodbody, Dublin
Conor Hurley
Arthur Cox, Dublin
Peter Maher
A&L Goodbody, Dublin
Pat O’Brien (see bio)
KPMG, Dublin
Michael O’Connor
William Fry, Dublin
Martin Phelan
William Fry, Dublin
Liam Quirke
Jim Somers
Ernst & Young, Dublin
Anthony Walsh
Israel
Avraham Alter
Avraham Alter & Co Law Offices, Tel Aviv
Gideon Klugman
D Potchebutzky Law Offices, Tel Aviv
Meir Linzen
Herzog Fox & Neeman, Tel Aviv
Pinhas Rubin
I Gornitzky & Co, Tel Aviv
120
Italy
Luca Dezzani
Dewey Ballantine
Via Fratelli Gabba 4
20121 Milan
Italy
Tel: (39) 02 3030 9330
Fax: (39) 02 3030 9340
Luca Dezzani, partner, head of Dewey Ballantine’s Italian tax department, specializes in
national and international tax law, developing novel tax-sensitive solutions and
structuring global financial businesses.
His practice covers mergers and acquisitions transactions, private equity, securitizations
(ABS, ABCP, WBS and derivatives) capital markets (public tender offering, initial public
offering and bonds), international and domestic group structuring, joint ventures,
corporate reorganizations, accounting law and stock option plans (ESOP, EDOP,
Synthetic e Phantom).
He also assists major multinational corporations, investment banks and private equity
funds in structuring their transactions in Italy, including financial products and
structured finance transactions.
He is the author of three books and more than 200 articles, comments and essays. His
articles are often recommended by the Italian Ministry of Economy And Finance in the
monthly bulletin. He is a regular speaker at conferences, seminars and masters courses
in tax law.
He graduated in economics from the University of Turin in 1995 and received his JD
from the University of Parma in 2002. He is a member of the Milan Bar Association, and
is also an Italian chartered accountant and a registered auditor.
121
Italy
Enrico Vitali
Vitali Romagnoli Piccardi e Associati
Via Crocefisso 12
20122 Milan
Italy
Tel: (39) 02 58313707
Fax: (39) 02 58313714
Website: www.virtax.it
Enrico Vitali has been a partner at Vitali Romagnoli Piccardi e Associati (formerly
Studio Tremonti) since 1990. Previously he was Senior Auditor at Deloitte Askins &
Sells (1985-1987) before beginning his career as an associate at Studio Tremonti in 1987.
Mr Vitali’s experience includes: working as transaction partner on the privatization of
Italian banks and companies; acting for bidders in take-over bids; acting on corporate
finance transactions and derivative structuring for investment banking clients; acting on
behalf of banking foundations on the sale of their banking businesses. He has been
coordinating partner on various domestic and international real estate transactions, and
has acted in various domestic and international acquisitions. Mr Vitali has worked as tax
partner for the global coordinators or the issuers/selling shareholders in various public
offerings and private placements and listings of shares in Italy; and as transaction tax
partner on various privatizations.
Mr Vitali is the co-author of Pianificazione fiscale e investimenti all’estero (1989, IPSOA).
Between 1990 and 1995 he taught at the AIFI (Associazione Italiana Finanziaria di
Investimento). Mr Vitali spent the summer of 1994 as a visiting partner at Coudert
Brothers in New York. He is currently member of the board of auditors and of the board
of directors of relevant Italian companies.
Mr Vitali graduated from the University of Florence in 1985. He is certified as a Dottore
Commercialista and Revisore Contabile. Mr Vitali speaks Italian, English and French.
122
Italy
Pietro Adonnino
CMS Adonnino Ascoli & Cavasola Scamoni, Rome
Fabio Brunelli
Di Tanno e Associati, Rome
Michele Carpinelli
Chiomenti Studio Legale, Milan
Giuseppe Deiure
Studio Tributario Deiure, Milan
Luca Dezzani (see bio)
Dewey Ballantine, Milan
Tommaso Di Tanno
Di Tanno e Associati, Rome
Gabriele Escalar
Studio Legale Tributario F Gallo e Associati, Rome
Carlo Galli
Maisto e Associati, Milan
Bruno Gangemi
Macchi di Cellere Gangemi, Rome
Paolo Ludovici
Guglielmo Maisto
Giuseppe Marino
Marino e Associati, Milan
Renato Paternollo
Freshfields Bruckhaus Deringer, Milan
Lorenzo Piccardi
Vitali Romagnoli Piccardi e Associati, Milan
Dario Romagnoli
Victor Uckmar
Studio Uckmar, Genoa
Enrico Vitali (see bio)
123
Japan
Setsuko Fukushima
Deloitte Touche Tohmatsu
Shin-Tokyo Building 5F
3-3-1 Marunouchi
Chiyoda-ku, Tokyo 100-8305
Japan
Tel: (81) 3 6213 3976
Fax: (81) 3 4243 3522
Website: www.tohmatsu.co.jp
Setsuko Fukushima is one of the lead partners in Deloitte Touche Tohmatsu’s Tokyo
transfer-pricing team.
Her specialties include tax planning, audit defence, advance-pricing agreements and
competent authority procedures for transfer-pricing audit cases. She served as an advisor
for early US-Japan APA cases, representing a client before the Japanese tax authority,
and extended her experience to include other regions, such as Asia (including China),
Australia and Europe. She has served clients in a broad range of industries, including
electronics, machinery, pharmaceuticals, trading services and financial institutions.
In addition to her years of transfer-pricing experience, Ms Fukushima is recognized as a
specialist in a variety of international tax fields. She has worked on several global
restructuring and supply chain management projects for Japanese multinational
companies associated with transfer-pricing planning, and has conducted research
projects related to foreign taxation systems for the Japanese Ministry of Finance.
Ms Fukushima has published several articles in BNA’s Transfer Pricing Report (US),
Kokusai Zeimu (Japan), Zeimu Kouhou (Japan), and International Tax Review (UK), and has
conducted presentations on transfer pricing and other areas of taxation to large
organizations, including the Japan Tax Association, Japan Machinery Center for Trade
& Investment and the International Pharma Licensing Symposium.
Ms Fukushima has a master of science in taxation from the State University of New
York at Albany and a BA in economics from International Christian University in
Tokyo. She is also a US-certified public accountant and is fluent in English.
124
Japan
Peter Meenan
Deloitte Touche Tohmatsu
Tohmatsu Tax Company
Shin Tokyo Building 5F
3-3-1, Marunouchi
Japan
Tel: (81) 3 6213 2472; (81) 80 3175 6680 (mobile)
Fax: (81) 3 6213 3801
Website: www.deloitte.com/japan
Dr Peter Meenan is the senior economist and an executive officer in Deloitte Touche
Tohmatsu’s Japanese transfer-pricing team. He has been with Deloitte’s Japanese transferpricing team in Tokyo since 2004, where he works with a large team of economic and tax
specialists who consult and advise clients on all facets of transfer pricing.
Dr Meenan joined Deloitte Touche Tohmatsu in New York in 1993 and has been
specializing in transfer-pricing consulting with Deloitte since then. He has extensive
experience in global transfer pricing, having also worked in London and Düsseldorf for
seven years in addition to his American and Asian assignments. Dr Meenan has wide
experience with advance-pricing arrangements, transfer-pricing planning and
implementation, documentation on a local regional and global basis, and transfer-pricing
tax audit defences. Some of Dr Meenan’s recent projects include:
• transfer-pricing tax audit defence in Japan, successfully defending a consumer products
company in a brand intangibles challenge;
• valuation of software and marketing intangibles for a leading software company and
planning/implementation of its transfer-pricing system;
• global planning and implementation of a residual profit split transfer-pricing model for
a leading information services company;
• residual profit split analysis and a successful bilateral APA agreement for a major
pharmaceutical company; and
• acting as expert arbiter in a transfer-pricing shareholders’ rights dispute between an
industrial goods manufacturer and its minority shareholders.
Dr Meenan has contributed to many leading authorities on transfer pricing. His recent
publications include “Europe as One Market: A Transfer Pricing Economic Analysis of
Pan-European Comparables Sets”, with Roman Dawid and Joerg Huelshorst, BNA Tax
Management Transfer Pricing Report (volume 12 no 23, April 14 2004) and “Recent
Developments in European Transfer Pricing”, with Setsuko Fukushima, International
Taxation (May 2004, in Japanese).
Dr Meenan is a frequent speaker and lecturer on valuation and transfer pricing at internal
and external conferences. He developed Deloitte’s pan-European and pan-Asian internal
transfer-pricing training courses (partner and manager levels), and has been consulted by
the tax authorities in Denmark, Malaysia and the Czech Republic on transfer-pricing
matters.
Before joining Deloitte in 1993, Dr Meenan was an economics professor at California
State University and Loyola College. He holds a PhD in economics from Purdue
University (W Lafayette, Indiana, US), MA and BA degrees in economics from Fordham
University (New York, US), and has been awarded the Chartered Financial Analysts
Charter.
125
Japan
Ken Okawara
Shin Nihon Ernst & Young
Hibiya Kokusai Building 20F
2-2-3 Uchisaiwai-cho
Japan
Tel: (81) 3 3506 2461
Fax: (81) 3 3506 2413
Website: www.ey.com
Ken Okawara is a PhD economist and tax partner in Ernst & Young’s Tokyo/Osaka
office, where he leads the transfer-pricing practice.
Dr Okawara has assisted numerous multinational companies in their negotiations with
the tax authorities of Japan and other countries, and has helped clients to obtain
resolution of transfer-pricing disputes at bilateral and multilateral competent authority
proceedings. He has been involved in over 40 APA cases covering the countries of
Japan, USA, UK, Germany, Switzerland, Australia, Singapore, Korea, Malaysia and
China. He is a frequent speaker on transfer pricing and international tax issues at
various seminars in Japan and other countries. He has published a number of articles
and books on transfer pricing and international tax issues. He also teaches economics
at Gakushuin University.
He received a BA and MA from Gakushuin University, a masters degree in
international affairs from Columbia University and a PhD from Chiba University of
Commerce. He is also a Japanese certified tax public accountant.
126
Japan
Eric N Roose
White & Case
Kandabashi Park Building
19-1, Kanda-nishikicho 1-chome
Japan
Tel: (81) 3 3259 0152
Fax: (81) 3 3259 0150
Website: www.whitecase.com
Mr Roose is a tax partner in the Tokyo office of White & Case LLP, where his practice
focuses on international tax planning and general corporate and business advisory tax
work, focusing on the Asia-Pacific region and the US.
Mr Roose has 25 years’ experience advising multinational and domestic businesses,
international investment funds and venture capital funds, high-technology companies,
financial institutions and financial service industry companies with respect to all tax
aspects of their business and investment activities in the Asia-Pacific region, particularly
with regard to Japan, China, Hong Kong, and Singapore, and also with regard to the US.
He also has experience representing public and closely held businesses, as well as highnet-worth foreign individuals, in tax controversies involving a range of international and
domestic tax issues.
Mr Roose’s recent experience includes:
• advising multinationals on their Asia-Pacific region tax strategies, including inbound
investment tax structuring, the development, transfer and commercial use of
intellectual property, and the restructuring of their operations both within the region
as well as in Europe and the US;
• representing sellers and purchasers with respect to the local law tax aspects of their
M&A activities in Japan and China, and with regard to the taxation of their foreign
activities by the US;
• advising global financial institutions on the Japanese and Chinese tax treatment of
sophisticated financial products, tax structured financing, and financial transactions;
• advising foreign investment funds and hedge funds on the development of tax-efficient
Asia-Pacific region investment structures, including investment structures for Japan,
South Korea, and China;
• advising global real estate investment funds on the US and Japan tax aspects of their
investments in Japanese real estate and non-performing assets;
• advising Asia-based multinationals with respect to the restructuring of their US debts
and business operations.
Mr Roose received his law degree from the University of Illinois, where he graduated first
in his law school class. He also holds an undergraduate degree in accounting, with
distinction, from the University of Hawaii.
Mr Roose is a certified public accountant as well as an attorney. He is also licensed in
Japan as a gaikokuho jimu bengoshi.
Mr Roose is a former chairman of the Tax Section of the Inter-Pacific Bar Association.
Mr Roose is a frequent speaker at international tax seminars and frequently contributes
articles to leading tax journals.
127
Japan
Koichi Sekiya
Shin Nihon Ernst & Young
Hibiya Kokusai Building 20F
2-2-3 Uchisaiwai-cho
Japan
Tel: (81) 3 3506 2447
Fax: (81) 3 3506 2200
Website: www.sney.com
Koichi Sekiya is a tax partner in Shin Nihon Ernst & Young, one of the largest tax
professional firms in Japan. He is a leading partner of the firm’s transaction tax and
international tax services groups. He has over 20 years of tax experience.
He currently focuses on cross-border mergers and acquisitions tax advisory services for
multinationals and investment funds, both inbound to Japan and outbound from Japan.
He specializes in mergers and acquisitions structuring, including tax due diligence, preand post-acquisition reorganizations, tax-effective financing, basis step-up planning,
debt push down and thin-capitalization planning. He also provides structuring advices
for private equity and real estate investment funds.
Koichi Sekiya has long and extensive experience in general international tax areas of
advisory services including: corporate reorganizations (merger, corporate split, share
exchange); pass-through entities and investment vehicles (NK, TK, LP, LLP, TMK,
LLC); withholding tax planning on royalties and interest; dividends and cash
repatriation planning; Japanese foreign tax credits; Japanese CFC rules (the tax haven
rules); permanent establishment issues and commissionaire structure; and tax audit
defence.
Between 1993 and 1997, he served on Ernst & Young’s Japanese tax desk in New York.
While in New York, he provided tax advisory services to large multinational clients in a
variety of industry groups. In addition to this role, he worked jointly with international
tax professionals located throughout the United States and in other foreign countries.
Koichi Sekiya holds a LLB from Rikkyo University and is a licensed tax accountant
(Zeirishi).
128
Japan
Eiji Akashi
KPMG Tax Corp, Tokyo
Mark T Campbell
Ernst & Young, Tokyo
Atsushi Fujieda
Nagashima Ohno & Tsunematsu, Tokyo
Setsuko Fukushima (see bio)
Deloitte Touche Tohmatsu, Tokyo (see advert on inside front)
Yukie Kuwahara
Shin Nihon Ernst & Young, Tokyo
Peter Meenan (see bio)
Deloitte Touche Tohmatsu, Tokyo (see advert on inside front)
Toshio Miyatake
Adachi Henderson Miyatake & Fujita, Tokyo
Yuko Miyazaki
Nagashima Ohno & Tsunematsu, Tokyo
Ken Okawara (see bio)
Eric N Roose (see bio)
White & Case, Tokyo
Koichi Sekiya (see bio)
Gary M Thomas
White & Case, Tokyo
Ryutaro Uchiyama
Tokyo Kyodo Accounting Office, Tokyo
Yukinori Watanabe
Baker & McKenzie, Tokyo
Lithuania
Kestutis Lisauskas
Ernst & Young, Vilnius
129
Luxembourg
Luxembourg on the move
Ever since 1929 when it introduced a participation
exemption regime before the term was even coined,
Luxembourg has always demonstrated that international
structures were right up its alley. Over time, Luxembourg
has become a key player in investment funds and holding,
financial or intellectual property structures.
For instance, Luxembourg is the second-largest investment
fund centre in the world after the USA based on the number
of assets under management. The country’s stock exchange
has branched out heavily in order to attract investors.
Recently, it developed a new market geared mainly towards
René Beltjens
PricewaterhouseCoopers less regulated investment funds (Mifid). The latter market is
now booming and is increasingly successful
Luxembourg
Luxembourg’s location at the heart of Europe places the country as a gateway to the
vast single market of the European Union. Through regulations, directives and other
instruments, it levels the playing field for business exchanges and transfers across the
soon to be 27 member states. Luxembourg is the hub of an economic region that has
over five million German, French, Belgian and Luxembourg residents living close by.
Highly skilled professionals from these four countries are the backbone of the
country’s development.
Luxembourg relies on a successful participation exemption regime, the absence in
most cases of withholding tax on interest and royalties and an extensive double tax
treaty network to secure a neutral tax environment. But there is more: Luxembourg’s
stable legislative framework facilitates the implementation of long-term structures and
the use of complex instruments such as hybrids. In other words, major international
groups can look to Luxembourg to optimize their consolidated tax position.
Therefore, many international groups have located in Luxembourg, where they have
holding companies or financial centres, which they use as an internal bank. A number
of international groups have also chosen to locate in Luxembourg their quoted
company. Interestingly, 56% of issuers are European, 32% are American and a vast
majority of the remaining issuers are located in Asia.
Changes in certain techniques such as the migration of companies from one country
to the next, which has just been made easier by the introduction of the European
company (Societas Europeae), or the more liberal rules for paying interim dividends are an
added incentive for structures looking to seize the opportunities offered by the
Luxembourg tax and regulatory framework. In a world where most of the groups have
shareholders located in many different countries, with investments all over the world and
a top management geographically spread, a neutral headquarters becomes more relevant.
If it is not the case, it leaves open the opportunity for a third party, such as private equity
players, to make a favourable arbitrage.
Further effort is still required in a number of areas. Luxembourg must abolish the old
fashioned capital duty and should consider getting rid of net wealth tax on companies,
amending withholding tax on dividends (the reduction of the non-treaty rate from 20%
to 15% goes in the right direction) or decreasing direct tax rates. Luxembourg legislation
has always been quick to adapt and has kept up with the changes in international business.
Now, in a fast moving world, and with several changes made in neighbouring countries,
is the time to prove it once again. In this respect the announcement by the Luxembourg
government that it will consider a number of positive tax changes in 2007 is welcome.
In a different area, the government has introduced a bill relating to a new type of
investment company reserved for natural persons. This vehicle will efficiently manage the
130
Luxembourg
estate owned by a family or the pooled assets of a limited number of natural persons. This
new instrument is called a family asset management company (FAC). The FAC will be
exempt from income tax and net wealth tax and its dividend distributions will be exempt
from Luxembourg withholding tax. As a matter of fact, it will only be subject to a yearly
subscription tax capped at €125,000. This new regime, which seems to have received the
go-ahead from the European authorities, is an attractive alternative to the 1929 holding
company regime which will be fully eliminated by December 31 2010. The regime should
be very popular with high-net-worth individuals, who sometimes even consider moving
to Luxembourg and becoming residents. The absence of estate tax on lineal heirs and low
income taxes, combined with this new FAC, are likely to win over many of them.
All this leads us to believe that the growth story of Luxembourg belongs to the future,
with many opportunities still to be seized.
131
Luxembourg
René Beltjens
Route d’Esch 400 – BP 1443
L-1044 Luxembourg
Tel: (352) 49 48 48 3202; (352) 621 33 3001 (mobile)
Fax: (352) 49 48 48 6905
René Beltjens is head of the tax practice in Luxembourg and a member of the
PricewaterhouseCoopers international tax structuring network.
He is also the Eurofirms US outbound investment leader, a group whose main purpose
is to align and coordinate the resources of the 20 Eurofirms countries in order to better
serve US-based clients.
He advises major international groups on the tax impact of reorganizations of their
structures, alerts them to tax planning opportunities and maps out mitigation strategies.
René also assists these groups in their negotiations with national authorities.
René contributed a report on group taxation to the 2004 Vienna Congress of the
International Fiscal Association and has written numerous tax articles in professional
publications.
René holds a law degree from the Catholic University of Louvain la Neuve, a degree in
tax law from ICHEC in Brussels, and an MBA with a major in finance from the Catholic
University of Leuven.
132
Luxembourg
Alain Steichen
Bonn Schmitt Steichen
44, Rue de la Vallée
L-2661 Luxembourg
BP 522
L-2015 Luxembourg
Tel: (352) 45 58 58 1
Fax: (352) 45 58 59
Website: www.bsslaw.net
Alain Steichen is partner at Bonn Schmitt Steichen, one of Luxembourg’s oldest, largest
and leading business law firms. His main areas of expertise are mergers and acquisitions,
corporate restructurings and tax-enhanced financial engineering. Before joining Bonn
Schmitt Steichen, Alain Steichen was the head of tax at Price Waterhouse Luxembourg
(1988 to 1996).
Alain Steichen’s educational background is economics (maîtrise en sciences économiques –
1981) and law (maîtrise en droit – 1983). He also holds a doctorate in law (summa cum
laude – 1994) and has been the chair of taxation at the Luxembourg University since
1994. Alain Steichen has also been a visiting professor of comparative tax law at the
University of Valenciennes since 2002. Author of 10 books and 50 articles, mainly on tax
law, and several times national reporter for IFA conferences, Alain Steichen is both
qualified as a chartered accountant in Luxembourg (réviseur d’entreprises, 1987) and as
attorney-at-law (avocat à la cour de Paris – 1994; avocat à la cour de Luxembourg – 1996).
133
Luxembourg
Jean-Pierre Winandy
Loyens Winandy
14 rue Edward Steichen
L-2540 Luxembourg
Tel: (352) 466 230 420
Fax: (352) 466 234
Website: www.loyensloeff.com
Born and educated in Luxembourg, Mr Winandy obtained his degree in economics
(maîtrise) at the University of Paris I (1977), a second degree in commercial law (1978),
and a DESS (post-graduate qualification) in corporate finance (1978). In 1981 he joined
a Big Eight firm where he became tax partner in 1988. In 1997 he changed to the legal
profession to become an avocat, and an avocat avoué in 1999.
In 2002 he joined Loyens & Loeff, which in 2003 opened a law office in Luxembourg
under the name Loyens Winandy.
He has a PhD in Tax law (cum laude) from the University of Paris II on the subject:
“Abus de droit et simulation en droit fiscal luxembourgeois”. He is assistant professor at the
University of Luxembourg where he teaches tax law and corporate law. He has published
six books and roughly 70 articles (in French, English and German) in local and foreign
publications. He frequently delivers seminars in Luxembourg and abroad.
Mr Winandy is a member of the Luxembourg Bar Council, a member of the board of
the Luxembourg IFA branch, a member of Association Luxembourgeoise des juristes de
banque and a member of the EATLP (European Association of Tax Law Professors).
He has more than 25 years of experience in national and international taxes. He is very
active in tax litigation and successfully handled the well-known La Coasta and
Eurobeton cases. He is a former chartered accountant and independent external auditor.
134
Luxembourg
René Beltjens (see bio)
PricewaterhouseCoopers, Luxembourg
André Elvinger
Elvinger Hoss & Prussen, Luxembourg
Frédéric Feyten
Nauta Dutilh, Luxembourg
Thierry Lesage
Arendt & Medernach, Luxembourg
Roger Molitor
KPMG Tax, Luxembourg
Jean Schaffner
Allen & Overy, Luxembourg
Alain Steichen (see bio)
Bonn Schmitt Steichen, Luxembourg
J Philip van Hilten
Loyens & Loeff, Luxembourg
Jean-Pierre Winandy (see bio)
Loyens Winandy, Luxembourg
135
Mexico
Jaime González-Bendiksen
Baker & McKenzie
PT de la Republica 3304, Piso 2
32330 Cd Juarez, Chihuahua
Mexico
Tel: (52) 656 629 1307
Fax: (52) 656 629 1399
Website: www.bakernet.com
Jaime González-Bendiksen is an international partner at Baker & McKenzie. He joined
the firm in 1965 and has been a partner since 1977. He first practised in the Mexico City
office until 1979, when he moved to the Bogota, Colombia, office, where he established
and headed the Tax Department. In 1992 he returned to Mexico, forming and heading
the Tax Department of the Juarez, Tijuana, Monterrey and Guadalajara offices. As an
adviser to multinational corporations, Mr González-Bendiksen has extensive experience
in the areas of international tax planning, mergers and acquisitions, permanent
establishments, cross-border transactions, transfer pricing, taxation of non-resident
entities and individuals, corporate taxation, assets taxes and VAT.
He received an LLB from the Universidad Nacional Autonoma de Mexico in 1970, an
MCJ from New York University and an LLB from ICFES in Colombia, South
America. He is a member of the International Fiscal Association, where he was
president of the Colombia chapter, wrote a national report on Tax Treatment of
Computer Software and was a member of the discussion panels at the annual congresses
of Amsterdam (1988) and Delhi (1997). He is also a member of the National Tax
Committee of the Mexican Institute of Financial Executives (IMEF). He is an
honorary member of the Colombian Institute of Tax Law.
Mr Gonzalez-Bendiksen speaks widely on domestic and international tax topics. His
publications include a comprehensive book labeled Mexican Tax Guide and chapters on
transfer pricing and on mergers and acquisitions in other books. He contributes
regularly to periodicals specialized in tax matters.
136
Mexico
Ricardo González Orta
Deloitte
Paseo de la Reforma 505
Col Cuauthémoc
06500 México, DF
México
Tel: (52) 55 50 80 70 23
Fax: (52) 55 50 80 60 01
Website: www.deloitte.com/mx
Ricardo González Orta is a partner in Deloitte’s Mexico City office. He advises
multinational companies on tax-related matters, including structuring new businesses,
acquisitions, reorganizations, joint ventures, double taxation issues and transfer pricing.
He joined the organization in 2001, has significant experience in transfer pricing, and
coordinates the national and Latin American transfer-pricing practice.
Before joining Deloitte & Touche, Ricardo González spent eight years in a number of top
executive posts with the Ministry of Finance and the Mexican Tax Administration Service.
From July 1999 to November 2000, Ricardo González was general director of tax and
customs policy at the Under Ministry of Income, where his duties included designing tax
and customs policy. In this position, he negotiated the Mexico-US inter-governmental
transfer-pricing agreement in the maquiladora industry. Before this, he acted as general
director of legislation and international negotiations (1998 to 1999), where his main
functions included drafting tax and customs legislation, negotiating double-taxation
treaties, and representing the Mexican government in international forums (especially
OECD).
From March to June 1998, he was general director of international tax affairs at the Tax
Administration Service (formerly Under Ministry of Income of the Ministry of Finance
and Public Credit). Primary responsibilities included transfer-pricing audits, the
negotiations of advance-pricing agreements, the issuance of private letter rulings
regarding foreign residents with Mexican source income, the exchange of tax and customs
information with other countries and the performance of audits and issuance of rulings in
line with Mexico’s free trade agreements.
Before this, he was assistant general director for international audits (1993 to 1998). In
this position, Mr González created the international audit programme, which included
transfer-pricing inspections, negotiating advance-pricing agreements, drafting the 1997
tax reform on transfer pricing, the inspection of international transactions, audits of origin
pursuant to Mexico’s commercial agreements, acting as competent authority for the
exchange of tax and customs information, and inspection of Mexican residents with
investments in low-tax jurisdictions.
Mr González has been a frequent speaker in different national and international forums
and has represented his country before several international organizations such as the
OECD Committee on Fiscal Affairs, Working Party no 6 (transfer pricing and
multinational companies) and Working Party no 8 (information exchange and
international tax evasion).
He has written numerous articles and regularly contributes to the Tax Management
International Journal on domestic and international tax matters, as well as transfer pricing.
Mr González Orta graduated from the Universidad Iberoamericana.
137
Mexico
Javier Goyeneche
Deloitte
Paseo de la Reforma 505, piso 28
Colonia Cuauhtemoc
06500 Mexico, DF
Mexico
Tel: (52) 55 5080 6480
Fax: (52) 55 5080 6432
Website: www.deloitte.com/mx
Javier Goyeneche is the tax managing partner in the Mexico office of Deloitte. He has
worked as a tax consultant for different companies, focusing on the financial sector and
international investment projects.
He has been recognized by the International Tax Review as one of the leading tax advisers
in Mexico, and by World Tax 2005 and 2006 as one of the best tax advisers in cross-border
structuring and in mergers and acquisitions.
Mr Goyeneche is a member of the Instituto Mexicano de Contadores Publicos, and
president of its Fiscal Commission; a member of the Colegio de Contadores Publicos de
Mexico, as vice-president of the Financial System Commission; and a member of the
executive committee of the International Fiscal Association (IFA). Mr Goyeneche has
also been a tax professor at the Instituto Tecnologico Autonomo de Mexico, and at the
Universidad Anahuac.
Mr Goyeneche is a certified public accountant. He graduated from the Instituto
Tecnologico Autonomo de Mexico (ITAM) and has been a tax specialist since 1979.
138
Mexico
Luis Ortiz-Hidalgo
Basham, Ringe y Correa, SC
Paseo de los Tamarindos 400 – A 9th Floor
Bosques de las Lomas
05120 Mexico City
Mexico
Tel: (52) 55 5261 0420
Fax: (52) 55 5261 0496
Website: www.basham.com.mx
Luis Ortiz-Hidalgo is a tax partner of Basham, Ringe y Correa, SC, a leading law firm in
Mexico. His areas of expertise include taxation, constitutional law, customs and
international trade.
He is highly experienced in fiscal affairs and in advisory and litigation work for both
domestic and international law. He is considered one of the most important experts on
Mexican tax issues.
He has published several articles in English and Spanish. He has just participated in
Mexico’s Final Webinar Series – Taxation Issues as a lecturer on Taxation Considerations
when Doing Business in Mexico, organized by the US Embassy in Mexico where he
provided an overview of key aspects on taxation issues related to US exporters, explained
the most relevant aspects of the tax treaty between the US and Mexico, and tax
responsibilities that an overseas company may have in Mexico.
He has participated as a speaker in national and international conferences of the
International Bar Association, the National Business Lawyers Association, the Mexican
Insitute of Finance Executives and the College of Public Accountants in tax and
administrative law.
He has a postgraduate degree in public finance from the Universidad Nacional Autonoma
de Mexico, a diploma from Harvard Law School and a JSD from Universidad
Panamericana.
Luis Ortiz Hidalgo is a member of several professional associatons: the National
Association of Business Lawyers, the International Bar Association, the International
Corporate Taxation Committee of Lex Mundi, the Tax Law Academy of the State of
Mexico and the Tax Committee of the American Chamber of Commerce (Amcham).
He was president of the National Association of Business Lawyers (1986-1988), co-chair
of the Tax Committee of the International Bar Association (1998-2002), representative
for Mexico at the International Bar Association, regional vice president for Central and
South America of the International Tax Committee of Lex Mundi, vice chair of the Tax
Academy of the State of Mexico and chair of the Tax Committee of the American
Chamber of Commerce.
He participated as a lecturer in the postgraduate programme of tax law at Universidad
Panamericana and Universidad Anahuac. He has participated as a speaker in several
national and internationl congresses concerning the most important fiscal and finance
associations worldwide.
In September 2005 he received the award for best corporate lawyer of Mexico from the
Asociación Nacional de Abogados de Empresa, AC (National Business Lawyers
Association), and presented by the president of the Supreme Court of Justice of Mexico.
He is author of “The Unification of Administrative Remedies” in 45 años del Tribunal
Fiscal de la Federal (45 years of the Fiscal Court of the Federation); “Joint Venture” in a
publication of the National Business Lawyers Association; “Tax Review Remedy” in the
journal of the Mexican Bar Association; and “Tax Payer Legal Defense and Human
Rights” in Fiscal Practice.
He was born on July 18 1950 and attended the Universidad Nacional Autónoma de
México (1974).
Mr Ortiz-Hidalgo speaks Spanish and English fluently.
139
Mexico
Enrique Calvo Nicolau
Calvo González Luna Moreno y Revilla, Mexico City
Jorge Covarrubias Bravo
Parás, Mexico City
Roberto Del Toro
PricewaterhouseCoopers, Mexico
Jaime González-Bendiksen (see bio)
Baker & McKenzie, Juárez
Ramiro González Luna
Calvo González Luna Moreno y Revilla, Mexico City
Ricardo González Orta (see bio)
Deloitte, Mexico City (see advert on inside front)
Javier Goyeneche (see bio)
Deloitte, Mexico City (see advert on inside front)
Ignacio Orendain
Basham Ringe y Correa, Mexico City
Gabriel Ortiz Gómez
Ortiz Sainz y Erreguerena, Mexico City
Luis Ortiz-Hidalgo (see bio)
Basham Ringe y Correa, Mexico City
Fernando Ruiz Sahagun
Chevez Ruiz Zamarripa y Cia, Mexico City
Manuel Sáinz Orantes
Oscar Soriano Escalona
PricewaterhouseCoopers, Mexico
Alejandro Torres Rivero
Manuel E Tron
Tron y Natera, Mexico City
140
The Netherlands
Protecting against tax risk
Frits Barnard
Deloitte
Amsterdam
The public, investors and the tax authorities have become
increasingly impatient with manifestations of white-collar
crime, such as accounting scandals, options that are backdated,
insider trading and tax schemes that are unable to stand up to
official scrutiny. The climate created by this general disquiet
also has implications for tax planning. While a sharp
distinction, based on the principle of legality, has traditionally
been made between tax planning on the one hand and tax
fraud on the other, this distinction may have become blurred
in practice. More than ever, it is important for companies to
ask what they can do to protect themselves against both tax
risk and the risk of damage to their reputations.
New filing procedures
Historically, a company would file a corporate tax return in
paper form, attaching as many clarifications and exhibits as it considered appropriate.
The tax inspector reviewed the return and raised an assessment, but at that point was
not able to impose a penalty. Because an additional assessment could only be made
(and a penalty could only be imposed) when the tax inspector discovered new facts or
could prove that the taxpayer had not acted in good faith, companies were encouraged
to file extensive explanations and exhibits together with their returns. As long as
positions were properly disclosed in the return, penalties were almost never imposed,
regardless of the merits of the position.
Today, the requirement to file returns electronically leaves much less latitude for
attaching exhibits and explanations. Now a tax inspector can impose penalties of up to
100% of the under-reported tax due when raising an initial assessment. Although the
Netherlands has no formal rules requiring the reporting of particular tax structures (as
do the US and the UK), in practice, companies should seriously consider whether
positions adopted in their tax returns are sufficiently defensible.
Increased scrutiny
The tax authorities are increasingly focusing their attention on the substance of
structures and transactions rather than their technical, formal merits. The authorities
are aware that multinational enterprises engage in very complex transactions that
sometimes carry a substantial tax risk. While in the past the authorities were often
content almost to facilitate such transactions, they are now clearly concerned to
uncover the underlying tax issues. They have been successful in challenging certain
offshore structures on the grounds that those structures lacked substance. Transfer
pricing also has become the subject of much attention, and taxpayers are required by
law to maintain full transfer-pricing documentation. Audits now encompass reviews of
due diligence reports, minutes of board meetings and even e-mail correspondence.
There may well be a point at which the tax authorities perceive that a transaction or
structure is so lacking in substance that it may be regarded as tax fraud rather than
legitimate tax planning.
The tax authorities have a choice between imposing administrative penalties or
referring a case to the public prosecutor. More and more cases are considered for
prosecution and the Ministry of Justice has made more resources available for public
prosecution, with the result that the number of high visibility cases that go to trial has
increased over the last few years.
The Dutch tax authorities have adopted the US approach of dividing taxpayers into
risk categories to allow them to concentrate their enforcement efforts on those
designated as a high risk. However, the classification is quite arbitrary, and amounts to
little more than a system for punishing aggressive tax planning without legal basis.
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The Netherlands
The rapid changes in both the law and the general attitude to financial and tax fraud
have had the effect of inclining tax and prosecuting officers to apply current standards
to actions and behaviour dating back five to six years, at which time they were often
considered more acceptable than they are today.
The Dutch Ministry of Finance has taken the practical step of initiating discussions
with the largest Dutch-based multinationals in an attempt to persuade them to
subscribe to an undertaking on compliance. In accordance with the undertaking, these
taxpayers promise to file annual tax returns within the shortest possible time frame,
and to disclose all relevant tax risks. In return, the tax authorities undertake to deal
with these returns within a year, and to address all requests for prior approval,
cooperation, etc, quickly and in a businesslike manner. The Ministry of Finance is
currently considering substantially extending the group of eligible participants.
Defensible positions
The Dutch Supreme Court has ruled that, where a taxpayer has a defensible position,
penalties cannot be levied, nor can criminal intent be concluded. Structures and
positions can be considered defensible if they meet the following requirements:
• The structure is properly implemented.
• The substance of the structure and supporting documentation should accord with
the intention of the structure.
• The position should be carefully researched and should have a solid basis in case
law and/or literature.
Last but not least, tax planning calls for a balanced approach to filing, disclosure and
prior consultation with the tax authorities.
142
The Netherlands
Frits G Barnard
Deloitte
Orlyplein 10
NL-1043 DP Amsterdam
The Netherlands
Tel: (31) 20 582 4305
Fax: (31) 20 582 4025
Frits Barnard is an international tax partner in the Amsterdam office of Deloitte. He
is currently a member of the TMT industry group and specializes in (international)
corporate tax and tax litigation.
Mr Barnard joined Arthur Andersen in 1984 and was promoted to partner in 1993. In
September 2002 the Dutch tax practice of Arthur Andersen merged with Deloitte.
Mr Barnard has been responsible for international mergers and acquisitions and releverage and corporate tax reduction programmes, mainly for Dutch, UK and US
multinationals. He has been engaged in developing structures aimed at income
repatriation and demerging international business units.
Frits has substantial experience in handling tax audits, conducting negotiations with
Dutch revenue authorities, and tax litigation. Recent cases relate to the deductibility of
earn-out payments in share acquisitions, the deductibility of services fees, the burden of
proof in tax matters, the statue of limitations, stock option payments, the extent and
validity of rulings concluded with the revenue, and issues related to tax fraud.
Mr Barnard has contributed to a number of articles on the valuation of financial
products for tax purposes.
Mr Barnard is a graduate of Leiden University (1983) and holds a masters degree in
tax law. He has been a member of the board of examiners of the Federatie van
Belastingadviseurs since December 1999.
143
The Netherlands
Roderik Bouwman
DLA Piper Nederland NV
Gebouw Meerparc
Amstelveenseweg 638,
1081 JJ Amsterdam,
The Netherlands
Tel: (31) 20 5419 894
Fax: (31) 20 5419 941
Website: www.dlapiper.com
Roderik ALH Bouwman, born 1957, is based in the Amsterdam office of DLA Piper,
and has 24 years of experience in Dutch corporate and international tax. He is a
member of the Netherlands Order of Tax Advisers, the Netherlands Scientific
Association for Tax Law and the International Fiscal Association (IFA).
Roderik’s tax practice is focused on Dutch/international tax law aspects relating to
cross-border mergers and acquisitions, private equity, corporate restructurings, capital
market transactions, transfer pricing and the Advance Pricing Agreement/Advance Tax
Ruling practice area. His clients include a wide range of EU and US multinationals
and Dutch companies listed on Euronext.
DLA Piper’s tax group in the Netherlands provides a full range of tax advisory services
including transactional advice and planning on acquisitions, disposals, mergers,
demergers, post-integration restructurings and capital markets transactions as well as
real estate tax, HR tax, VAT, customs and excise and anti-dumping duties. The Dutch
tax group forms part of DLA Piper’s global tax practice. It works closely together with
other specialist areas within DLA Piper, both nationally and internationally.
DLA Piper is an international legal services organization with over 7,600 people, of
whom almost 3,200 are legal practitioners in 62 offices across 24 countries in Europe,
the Middle East, Asia and the US.
144
The Netherlands
Daan B H de Bruin
Deloitte
Admiraliteitskade 50
3063 ED Rotterdam
The Netherlands
Tel: (31) 10 8801433
Fax: (31) 10 8801433
Website: www.deloitte.nl
Daan de Bruin has been an international tax partner in the Rotterdam office since 1989
and has more than 20 years’ experience advising mid-sized and large multinational
companies in international tax matters. He is a member of the Dutch Association of
Tax Advisers and the International Fiscal Association.
His clients include European, US and Asian multinational companies, primarily in the
manufacturing industry. He has particular expertise in the areas of international tax
structuring, greenfield investments, and tax-efficient structuring of cross-border
supply chain solutions.
Daan has authored many articles in the field of international taxation. He is co-author
on the IBFD publication The International Guide to Mergers and Acquisitions, and has
written a number of articles on, among others subjects, tax aspects of anti-abuse
regulations, as well as delivering lectures on the subject. Recent publications relate to
the deduction of interest charges for Dutch corporations and thin-capitalization
developments in the Netherlands. Daan is also the author of the Dutch publication on
rules for unilateral avoidance of double taxation.
Daan has been selected as one of the European top tax advisers by International Tax
Review for many years. Legal Media Group ranks him as one of the world’s leading
advisers.
145
The Netherlands
Rutger Hafkenscheid
Deloitte
Busitel II
Orlyplein 50
1043 DP Amsterdam
The Netherlands
Tel: (31) 20 582 4414
Fax: (31) 20 582 4025
Website: www.deloitte.nl
Rutger Hafkenscheid is a tax partner in the Amsterdam office of Deloitte
Belastingadviseurs, where he advises domestic and multinational clients on tax strategy
and tax decision management.
To this end, Mr Hafkenscheid has developed TxDsysion, an innovative tax decision
methodology that helps clients structure complex tax decisions through modelling the
uncertainties that are inherent in tax decision situations.
146
The Netherlands
Monique van Herksen
Baker & McKenzie
Claude Debussylaan 54
1082 MD Amsterdam
PO Box 2720
1000 CS Amsterdam
The Netherlands
Tel: (31) 20 551 7137
Fax: (31) 20 626 7949
Website: www.bakernet.com/amsterdam
Mrs Van Herksen is qualified both as civil law lawyer and common law lawyer and
specializes in international tax law with an emphasis on transfer pricing, exchange of
information, cross-border transactions, treaties, litigation and competent authority issues.
She is experienced in legal and tax law matters between the US, the Netherlands and the
Netherlands Antilles.
Monique van Herksen worked for a Big Five accounting firm and the Centre on
Transnational Corporations of the United Nations before joining the US Internal
Revenue Service’s Office of Associate Chief Counsel (International) as an attorney adviser.
There her areas of expertise included among others the US-NL treaty, the competent
authority process and transfer pricing. She also served at the IRS’s appeals office and in
the US APA programme.
After five years of service with the US government, Mrs Van Herksen moved to private
practice, first in New York and subsequently in Amsterdam. In July 2001 she joined Baker
& McKenzie’s Amsterdam office as a partner practising in the area of international tax.
She has been involved in a great variety of transfer pricing issues and APAs including
recently the planning/implementing of a CDM structure under the Kyoto Protocol.
Monique van Herksen has taught comparative transfer pricing at the Leiden LLM in
international tax programme since its inception in 1998 and has been engaged to teach for
foreign governments in countries such as the US, the Netherlands, India, Vietnam, Brazil
and Denmark. She frequently gives lectures on comparative international tax matters,
transfer pricing and competent authority issues at international seminars and to
governmental bodies such as the OECD and EU, including the 2005 and 2006 Fiscalis
Programme, which provides internal training to the tax authorities of EU member
countries. She represents the Netherlands at the 2007 International Fiscal Association
Conference.
She regularly writes articles in the area of her expertise in international tax publications.
Monique van Herksen is a member of the American Bar Association, the Bar
Organization of the Netherlands, the Bar of the Commonwealth of Virginia, the Dutch
Association of Tax Lawyers and the International Fiscal Association.
Monique van Herksen graduated from the University of Amsterdam Law School in 1988
and received postgraduate degrees in 1989 (LLM in International Trade and Banking,
American University, Washington DC) and 1994 (LLM in taxation, Georgetown
University, Washington DC).
Baker & McKenzie is a leading global law firm with 69 offices in 38 jurisdictions. With a
multinational network of more than 3,000 attorneys and a presence in virtually every
important financial and commercial centre in the world, the firm is able to offer its clients
a truly global service that no other law firm can match.
She speaks Dutch, English, Spanish and Papiamento.
147
The Netherlands
Peter Willeme
Deloitte
Orlyplein 10
PO Box 58120
1040 HC Amsterdam
The Netherlands
Tel: (31) 20 5824278
Fax: (31) 20 5824020
Peter specializes in international taxation issues such as dual residents, hybrids and
joint ventures. Between 2002 and 2003, Peter headed the international tax practice of
Deloitte in Europe. He focuses on serving primarily large multinational clients in the
technology and communication industry. Before joining Deloitte in 2002, Peter had
over 19 years’ experience in international tax with Andersen. He joined Andersen’s
Amsterdam practice in 1983 and became partner in 1991. From 1993 until 2000 he led
the tax division of the Amsterdam office and from 1999 until 2000 he was office
managing partner in Amsterdam. In 1998 Peter was appointed as leader of the
international tax service line in EMEIA (Europe, Middle East, India and Africa) and
in 2001 as global leader of the international tax service line of Andersen.
In 1996, 1999, 2000, 2001, 2003 and 2005 International Tax Review ranked Peter as one
of the best tax advisers in the Netherlands. Peter has published several articles on
taxation in the technology and telecommunication industry in one of the leading
Dutch computer magazines. Further, he was the co-author of an article on permanent
agency in IBFD. Peter is a member of the Tax Committee of AMCHAM.
148
The Netherlands
Frits G Barnard (see bio)
Deloitte, Amsterdam (see advert on inside front)
Andre Boekhoudt
KPMG Meijburg & Co, Amsterdam
Robert Boonacker
Robert Boonacker, Wilnis
Roderik Bouwman (see bio)
DLA Piper, Amsterdam
Ton Daniels
Ernst & Young, Amsterdam
Daan B H de Bruin (see bio)
Deloitte, Rotterdam (see advert on inside front)
Maarten de Bruin
Stibbe, Amsterdam
Fred C de Hosson
Baker & McKenzie, Amsterdam
Marco de Lignie
Loyens & Loeff, Amsterdam
Frank de Vos
Clifford Chance, Amsterdam
Guido Derckx
Frank Engelen
PricewaterhouseCoopers, Rotterdam
Sicco Faber
PricewaterhouseCoopers, Amsterdam
Maarten Feteris
PricewaterhouseCoopers, Amsterdam
Peter Flipsen
Simmons & Simmons Trenité, Rotterdam
Hans Galavazi
Freshfields Bruckhaus Deringer, Amsterdam
Rutger Hafkenscheid (see bio)
Dick Hofland
De Brauw Blackstone Westbroek, Amsterdam
Wilbert Kannekens
Machiel Lambooij
149
The Netherlands
Charles J Langereis
Spigthoff, Amsterdam
Anton Louwinger
Lovells, Amsterdam
Wouter A Paardekooper
Marcel Romyn
Ernst & Young, Rotterdam
Erik T H Scheer
Paul H M Simonis
Loyens & Loeff, Rotterdam
Paul Sleurink
De Brauw Blackstone Westbroek, Amsterdam
Ewout van Asbeck
Van Doorne, Amsterdam
Hessel van der Kolk
Eelco van der Stok
Maarten J M van der Weijden
Monique van Herksen (see bio)
Stef van Weeghel
Stibbe, Amsterdam
Willem C B van Wettum
Bart van Zadelhoff
Arnoud C J Viersen
Peter Willeme (see bio)
150
New Zealand
The new tax paradigm... beat
the rate
New Zealand’s tax regime has been predicated on being fair
and free from distortions. To minimize those distortions
regarding the taxation of foreign portfolio investment (FPI),
a new tax regime, known as the Fair Dividend Rate (FDR),
is being introduced. Once it is finally approved by
Parliament, the FDR would be effective from April 1 2007.
Teresa Farac
Deloitte
Auckland
Current rules result in material tax distortions for FPI as
between direct and indirect (via a fund) investment, and
between investment in and outside of certain jurisdictions,
known as the grey list. The grey list includes many of New
Zealand’s traditional trading partners that have a robust tax
base, including Australia, Canada, Germany, Japan, Norway,
the UK and the US. Within a grey list jurisdiction, FPI is
generally taxed only on dividends.
Outside the grey list jurisdictions, FPI is generally taxed on
an unrealised mark-to-market basis, which goes further than
clawing back any tax preferences that may be enjoyed, and is
difficult to reconcile with the general premise of no capital
gains tax. The distortion is compounded in a managed funds
context where, due to their scale and pattern of activity, funds
are generally viewed as holding all investments, including
FPI, on revenue account. The main exclusion is passive
tracking funds.
Thomas Pippos
Deloitte
Wellington
A simple solution would be to extend the grey list to more
countries with robust tax systems and to remove the
investment bias between direct investment and investment
through funds by taxing funds only on dividend income.
According to the government, however, this would not be fair in that not enough
income would flow back into the tax base.
The main features of the proposed regime include:
• no grey list for FPI;
• FPI, other than investment into Australian tax-resident listed companies, would be
subject to an FDR method;
• Australian FPI not subject to FDR and equity investments in New Zealand would
no longer be treated as being held on revenue account; and
• the initial FDR rate would be 5%. Individuals and family trusts can reduce its
impact in certain cases.
In short, the FDR methodology taxes investors at a flat level of gross income
calculated at 5% of the market value of investments held at the beginning of the tax
year. Nuances include:
• no ability to recognise and carry forward investment losses;
• individuals and family trusts could pay tax at a lower rate if they undertake complex
calculations to establish that their economic income is less than the 5% rate. The
expectation is that for them their effective FDR will be around 3.5%;
• managed funds would need to calculate the 5% gross income on a daily rather than
annual basis; and
• investments without a readily available market value would have notional income
calculated at 5% of the cost, with the cost compounding by 5% annually with
limited options to review to a true market value.
151
New Zealand
While the FDR proposals should result in a similar level of tax payable to what would
be payable if only dividends were taxable, this will not always be the case.
FDR has elements of a capital gains tax to the extent that the FDR rate is perceived to
be greater than what is fair. It could also be said that FDR is no more than an asset tax,
given the complete disconnection to the actual income that is derived. For example, if
an investor purchases $100,000 of shares. In the next year, the shares are worth
$80,000, with no tax payable (for certain direct investors). If the shares then rise in
value at the rate of 6% per annum, they will be worth $84,800, $89,888, $95,281 and
$101,000 in the following income years. The investor is taxed on 5% of these opening
values in each income year, which represent no more than a recovery of economic
value.
This will be difficult for many taxpayers to comprehend and unlikely to result in
positive views on the fairness of the system.
The approach also encourages a beat the rate mentality, where high-yielding
investments will be structured into the FDR approach to reduce their effective tax rate,
resulting in guaranteed investment return type rules.
The effective FDR rate for some investors of 3.5% also incentivises direct investment
into nonresident funds (to ultimately be exposed to an expected 3.5% FDR) rather
than the 5% rate.
The impetus to remove investment distortions has been in part achieved. However, as
the FDR rules have a general disconnection to economic or traditional concepts of
income, they can result in inequities. They also create a beat the rate incentive.
The nuances, both positive and negative, that will flow from the new rules are likely
to engross investors and advisors for a considerable time to come. Outside of a funds
context, the measures are only likely to be viewed positively by investors if they believe
they can beat the rate.
152
New Zealand
Teresa Farac
Deloitte
Deloitte House, 8 Nelson Street, PO Box 33
Shortland Street
Auckland
New Zealand
Tel: (64) 9 303 0845
Fax: (64) 4 309 4947
Email: [email protected].
Website: www.deloitte.co.nz
Teresa Farac, a specialist in international tax matters and mergers and acquisitions, has
over 26 years of experience in tax, including 16 years as a partner.
Teresa advises clients in a wide range of industries and has strong credentials in the
energy and mining, and financial services sectors. She also has extensive experience in
corporate structuring and tax investigations and disputes.
She is a fellow of the New Zealand Institute of Chartered Accountants.
153
New Zealand
Thomas Pippos
Deloitte
Deloitte House, 10 Brandon Street
PO Box 1990
Wellington
New Zealand
Tel: (64) 4 495 3921
Fax: (64) 4 472 8023
Website: www.deloitte.co.nz
Thomas Pippos has been with Deloitte since 1986 and currently leads the New Zealand
tax practice.
Thomas predominantly acts for New Zealand’s largest corporates. He has broad
corporate tax experience including extensive international and transactional experience.
Thomas is also extensively involved in advising on tax policy matters, as he is the co-lead
tax advisor to the Corporate Taxpayer Group. He was previously seconded to the office
of the Minister of Revenue to provide the New Zealand Government with independent
policy advice.
Thomas is qualified in both law and accountancy.
154
New Zealand
Kevin Best
PricewaterhouseCoopers, Wellington
Brendan Brown
Russell McVeagh, Wellington
Niels Campbell
Bell Gully, Auckland
Teresa Farac (see bio)
Deloitte, Auckland (see advert on inside front)
Richard Green
Barrister, Auckland
Geoff Harley
Barrister, Wellington
Lindsay McKay QC
Barrister, Auckland
David J Patterson
Minter Ellison Rudd Watts, Wellington
Thomas Pippos (see bio)
Deloitte, Wellington (see advert on inside front)
Casey Plunket
Chapman Tripp, Auckland
Richard Scoular
Russell McVeagh, Auckland
John Shewan
PricewaterhouseCoopers, Wellington
David Simcock
Bell Gully, Auckland
Fred Ward
Russell McVeagh, Auckland
155
Norway
Svein G Andresen
KPMG
KPMG Huset – Sørkedalsveien 6
Pb 7000 Majorstuen, N-0306 Oslo
Norway
Tel: (47) 21 09 2748; (47) 9161 9395
Fax: (47) 21 09 2945
Website: www.kpmg.no
Svein G Andresen is a partner at KPMG Law Advokatfirma. He graduated from the
University of Oslo in 1990.
Svein has been with KPMG for 12 years and has extensive experience within the
banking, insurance, shipping, oil service and processing industry. Before joining
KPMG, Svein worked for four years as a consultant in the Norwegian Directorate of
Taxes and as an adviser at the Central Taxation Office of large entities.
Svein is the tax partner in charge of international corporate tax, global transfer-pricing
services and global tax outsourcing in KPMG Norway. His professional experience
includes international taxation (especially cross-border tax planning and
reorganizations) and transfer pricing. His clients are mainly listed Norwegian
companies and large foreign multinationals with operations in Norway. Svein
frequently speaks at seminars on international corporate tax and transfer-pricing issues.
He was admitted to the Bar in 1997. He is also a member of IFA.
156
Norway
Bjørn Kleiven
BDO Noraudit Advokater DA
Munkedamsveien 45
PO Box 1704, Vika
N-0121 Oslo
Norway
Tel: (47) 23 11 91 00
Fax: (47) 23 11 92 30
Website: www.bdonoraudit.no
Bjørn Kleiven is partner at BDO Noraudit Advokater DA.
Bjørn Kleiven advises Norwegian and foreign clients on domestic and international tax
issues, as well as company law, accounting law and related areas. He has for many years
specialized in mergers, demergers, acquisitions and reorganizations of business
activities, and planning and reorganization of family-owned businesses. He has been
involved in several large company takeovers and reorganizations.
Bjørn Kleiven graduated from the University of Oslo in 1976, and specialized in
taxation. He was admitted to the Bar in 1983. He is also a member of IFA.
Bjørn Kleiven has been lecturing and writing on tax issues for many years, and has also
been teaching tax law at the College of Economics in Oslo.
After two years with the tax authorities he joined Peat Marwick Mitchell & Co, first
as an assistant accountant in The Hague, and then as a tax lawyer in Oslo. He has been
counsel and legal adviser to the Accountants Tax Information Office (Institute of
Chartered Accountants as well as Registered Accountants), and has been in charge of
tax departments in AS Revision/Deloitte Haskins & Sells and Ernst & Whinney. For
eight years Bjørn Kleiven was a partner and led the tax practice at Advokatfirmaet
Selmer DA.
BDO Noraudit Advokater DA is an independent law firm. The firm specializes in
domestic and international taxation, VAT and customs duties, company law and
accounting law and regulations. The companies law and accounting law effective from
1999 raised a range of issues with regard to mergers and acquisitions and
reorganizations of business activities in Norway, and so has the tax reform in 20042006. The firm can work in teams with other entities in BDO Noraudit throughout
Norway, as well as with other law firms and international networks, BDO and others.
BDO Noraudit is among the big five accounting and consulting groups in Norway.
157
Norway
Anders H Liland
KPMG Law Advokatfirma DA
KPMG Huset – Sørkedalsveien 6
PO Box 7000 Majorstuen, N-0306 Oslo
Norway
Tel: (47) 2109 2702; (47) 9074 4108 (mobile)
Fax: (47) 2109 2942
Website: www.kpmg.no
Anders H Liland is a partner and Norwegian country leader of KPMG Global
International Corporate Tax. He is a specialist in both national and international
taxation, company law and mergers and acquisitions. He is also active as a litigator in the
courts.
He has wide experience of advising both Norwegian and multinational clients on crossborder investments, mergers and acquisitions and other national and international tax
matters. He is author of Fusjon av selskaper [Merger of Companies], and author or coauthor of several books and articles on taxation and company law. From 1988 to 1990,
Mr Liland was a member of the committee appointed by the Ministry of Finance which
advised on Norwegian tax reform in 1992.
Anders H Liland graduated from the University of Oslo in 1982 (jurisprudence), where
he worked as a research assistant during the latter part of his study. Before joining KPMG
in 1993, Mr Liland served as legal counsel in the Ministry of Finance and as a deputy
judge in a city court. He has also worked as an attorney-at-law in another law firm.
158
Norway
Rolf J Saastad
Deloitte
Karenslyst alle 20
PO Box 347 Skøyen
0213 Oslo
Norway
Tel: (47) 23 27 96 15
Fax: (47) 23 27 96 01
Website: www.deloitte.no
Rolf J Saastad is a tax partner in the Oslo office of Deloitte. From 1994 to 1996, Rolf
worked for the Norwegian tax authorities, focusing specifically on the assessment of
international tax issues for large Norwegian multinationals. He joined Deloitte in 1996
and became a partner in 2000. Today he heads the international tax service line of
Deloitte in Norway.
Rolf advises larger Norwegian multinationals on their outbound investments. He also
has extensive experience in advising various international clients on their inbound
investments in Norway. As the lead client partner of several large multinational clients
headquartered in Oslo, he has a large network within the international Deloitte
organization.
Rolf has substantial experience in mergers and acquisitions tax services. He has
provided tax services on several of the largest transactions in Norway over the last few
years. In particular he has advised several foreign private equity funds with tax
structuring and due diligence services on their investments into the Nordic region and
acquisition of Norwegian targets. Rolf regularly advises several Norwegian financial
institutions/insurance companies on investment in private equity and real estate funds.
For the second year, International Tax Review has named Rolf as one of the leading
international tax advisers in Norway.
Rolf studied law at the University of Oslo, graduating in 1994. He is a lawyer and was
admitted to the bar in 1999. He is fluent in English and Norwegian.
159
Norway
Svein G Andresen (see bio)
KPMG, Oslo
Morten Beck
PricewaterhouseCoopers, Oslo
Christian Bruusgaard
Thommessen Krefting Greve Lund, Oslo
Arne Haavind
Haavind Vislie, Oslo
Einar Harboe
Harboe & Co, Oslo
Marianne Iversen
Wikborg Rein, Oslo
Jan B Jansen
Arntzen de Besche, Oslo
Bjørn Kleiven (see bio)
BDO Noraudit, Oslo
Sverre E Koch
Anders H Liland (see bio)
KPMG, Oslo
Henning Naas
Rolf J Saastad (see bio)
Deloitte, Oslo (see advert on inside front)
Trond Sanfelt
Wiersholm Mellbye & Bech, Oslo
Arvid Aage Skaar
Per Oskar Tobiassen
Ernst & Young, Oslo
Nicolay Vold
Hans Georg Wille
Ernst & Young, Oslo
Panama
Rogelio de la Guardia
Arias Fabrega & Fabrega, Panama City
160
Poland
Marek Metrycki
Deloitte
ul Piekna 18
00-549 Warsaw
Poland
Tel: (22) 511 0811/12
Fax: (22) 511 0813
Marek Metrycki is the partner in charge of Deloitte’s tax practice in Poland, Estonia,
Lithuania and Latvia. His experience covers a wide range of industries, especially real
estate, energy and gas, telecommunication and FMCG.
Marek is a certified tax adviser and has many years of experience in tax advisory
services to top Polish and foreign companies operating on the Polish market. He has
profound expertise in the field of planning domestic and international transactions,
particularly in the area of indirect taxation. A substantial amount of his practice
involves finding solutions to strategic tax problems faced by clients, recommending
tax-effective structures and providing continuous advice. He represents clients in
major disputes with tax authorities including tax court proceedings.
He has written a number of articles regarding the Polish tax law and is a recognized
speaker at various tax conferences and forums.
Marek is president of the Polish Association of Consulting Employers at the Polish
Confederation of Private Employers.
161
Poland
Leszek Tokarski
Deloitte
ul Piekna 18
00-549 Warsaw
Poland
Tel: (48) 22 511 06 62
Fax: (48) 22 511 08 13
Leszek Tokarski is a partner leading the financial institutions services group of
Deloitte. He also heads the energy and fuel sector advisory team. Leszek specializes in
the provision of ad hoc advisory services to clients on taxation of services and financial
instruments, both on- and off-balance sheet items. He is also one of the few tax lawyers
in Poland specializing in securization transactions. Leszek advises a number of leasing
companies, both those dealing with small-ticket leasing and those engaged in
structured transactions of leasing of real property and objects of high value. He
conducts advisory services for many key banks, leasing firms and insurance companies,
and also as a proxy in tax and court proceedings.
During his three-year tenure with the Ministry of Finance, Leszek Tokarski worked on
a special team formed to establish new tax regulations in Poland after the
transformation of 1989. In particular, he was involved in developing the provisions of
the corporate income tax act, the act on tax on goods and services, and excise duty, as
well as the executive acts. He actively participated in the legislative process of these
acts and conducted training sessions in the legislation for fiscal authorities, state
institutions and private entrepreneurs.
From 1994 to 2000 he worked in the tax department of KPMG Polska and, after 1999,
as a partner in KPMG CEE. He advised clients from all industries on their tax
obligations in Poland, international tax law and business law. Between 1998 and 1999,
after the financial sector became consolidated in Poland, he created a financial
institutions’ division specializing in tax and legal services to banks, insurance
companies, leasing companies, and so on. He joined Deloitte as a partner in 2001.
162
Poland
Mariusz Aleksandrowicz
Linklaters, Warsaw
Miroslaw Barszcz
Baker & McKenzie, Warsaw
Slawomir Boruc
Janusz Fiszer
White & Case, Warsaw
Tomasz Grunwald
KPMG Tax, Warsaw
Tomasz Kacymirow
Dewey Ballantine, Warsaw
Robert Krasnodebski
Weil Gotshal & Manges, Warsaw
Janusz Marciniuk
Marciniuk & Partners, Warsaw
Mariusz Marecki
PricewaterhouseCoopers, Warsaw
Jerzy Martini
Marek Metrycki (see bio)
Deloitte, Warsaw (see advert on inside front)
Tomasz Michalik
MDDP Michalik Dluska Dziedzic i Partnerzy, Warsaw
Dorota Szubielska
Chadbourne & Parke, Warsaw
Leszek Tokarski (see bio)
Deloitte, Warsaw (see advert on inside front)
163
Portugal
Luís Belo
Deloitte
Praça Duque de Saldanha, 1 – 7º
Edifício Duque de Saldanha
1050-094 Lisbon
Portugal
Tel: (351) 210 427 611
Fax: (351) 210 427 950
Luís Belo is the tax partner responsible for the manufacturing, consumer business, ATS
and energy and resources groups within Deloitte Portugal. He is also the leader of the
mergers and acquisitions group of the Portuguese tax practice.
Prior to joining Deloitte in 2002, Luís was at Arthur Andersen, where he was promoted
to partner in 1999.
Luís is experienced in advising international clients in all aspects of taxation planning.
He has extensive experience advising national and multinational clients in structuring
and restructuring investments and operations. As a tax consultant, he has worked with
several international and Portuguese clients of various sizes in virtually all sectors.
He is the author of a number of tax articles published in various magazines and has
spoken at many seminars held in Portugal and abroad. He has also lectured in tax as
part of the IESF postgraduate programmes.
Luís is a member of the fiscal board of various companies.
He graduated in economics from the Lisbon New University in 1988.
164
Portugal
Fernando Castro Silva
Garrigues Portugal
Av Engº Duarte Pacheco, Torre 1 – 15º
1070-101 Lisbon
Portugal
Tel: (351) 213 821 200
Fax: (351) 213 821 290
Website: www.garrigues.com
Fernando Castro Silva is the head of the tax practice of Garrigues in Portugal, where
he joined in February 2006 as a partner.
He has been a member of the Portuguese Bar Association since 1984, where he holds
the degree of expert in tax law (2005). He is a former member of the Portuguese
Chartered Public Accountants Association.
Fernando Castro Silva specializes in tax, advising domestic and multinational groups,
especially in the areas of tax planning, mergers, acquisitions and restructurings,
transfer pricing and global tax minimization; he is also recognized as an expert in tax
litigation and compliance. Some of his clients are major Portuguese and international
banks and finance companies, multinationals and real estate-related entities.
He was a member of the Tax Reform Commission (1999-2001), which introduced a
large number of reforms in tax law, namely the new legal framework of transfer
pricing, and also a member of the Tax Reform Commission for the Reform of Tax
Incentives (2006) both by appointment of the Minister of Finance.
He is member of the jury for the aggregation of tax experts in the Portuguese Bar
Association.
He has spoken at several seminars and conferences on Portuguese tax law and has
published several tax studies.
165
Portugal
Diogo Leite de Campos
PLMJ – AM Pereira, Sáragga Leal, Oliveira Martins, Júdice e Associados –
Sociedade de Advogados
Edifício Eurolex, Av da Liberdade, 224
1250-148 Lisbon
Portugal
Tel: (351) 21 319 73 00
Fax: (351) 21 319 74 00
Website: www.plmj.com
Diogo Leite de Campos, born 1944, specializes in contracts law, corporate law, financial
law and tax law.
Between 1994 and 200, he was a member of the board of Banco de Portugal and
president of the council of the CMVM (Capital Markets Authority). He is a member of
the management boards of several scientific associations in the fields of law and
economics. On several occasions, Mr de Campos has been a board member of the faculty
of law of Coimbra and other universities. He is also a member of several working groups
within the Tax Affairs Committee of the OECD.
Mr de Campos holds diplomas of honour from scientific and professional associations.
He is also the holder of several decorations.
He has taken part in conferences, or lectured, at the Universities of Paris II, Poitiers,
Bordeaux I, Rome La Sapienza, Santiago de Compostella and Salamanca; at the Federal
Universities of Rio de Janeiro, Niterói, Paraná, Rio Grande do Sul, Minas Gerais,
Fluminense (Brazil), Finance Academy (Moscow), Charles of Prague, and Harvard; and
at the Portuguese Catholic University, Free University and the Autonomous University
of Lisbon, among others. He has also taken part in conferences and chaired seminars at
scientific and business associations in several countries. He is the author of preparatory
works for legislative reform in private and fiscal law (leasing, securitization, banking law
of Macau, general tax law, family tax law, and so on). He has written more than 150 works
in law, published in Portugal, Spain, Brazil, Canada, France, the Netherlands, Russia, the
Czech Republic, Argentina and Mexico.
Mr de Campos graduated in law from the University of Coimbra and received his MA
in jurisprudence from the same university. He received a DEA masters in history from
the University of Paris IV and from EHESS (Paris), a PhD in economics from the
University of Paris IX, PhDs in law from the University of Coimbra and from the
University of Paris II, and an aggregate in law from the University of Coimbra. Mr de
Campos is professor of the faculty of law at the University of Coimbra.
166
Portugal
Francisco de Sousa da Câmara
Morais Leitão, Galvão Teles, Soares da Silva & Associados
Rua Castilho, 165
1070-050 Lisbon
Portugal
Tel: (351) 21 381 74 35
Fax: (351) 21 381 74 90
Francisco de Sousa da Câmara focuses his professional activity on the areas of tax law
(domestic and international), tax litigation and corporate and commercial law
Mr de Sousa da Câmara joined MLGTS in 1986, becoming a partner in 1991. He is
now head of the tax practice group. He represents major corporations and
multinationals in tax restructuring operations dealing with different types of taxes, as
well as matters related to the application of double taxation treaties and EC tax law.
He has also actively worked in the areas of transfer pricing, in both the drafting of
agreements and litigation before the tax authorities and tax courts; the taxation of
derivatives and financial products; securitization; and the structure of international
operations using the International Business Center of Madeira. Tax litigation also
plays a significant role in his professional activities, and he leads a team of lawyers with
over 200 judicial and administrative cases, dealing with a wide range of tax issues.
He is a member of several committees of experts in charge of drafting the revised tax
legislation. He is also a visiting professor of international tax law at Nova University.
Mr de Sousa da Câmara is chairman of the Portuguese Association of Tax Consultants,
and a member of the Portuguese Tax Association, International Fiscal Association,
European Association of Tax Law Professors and the Confederation Fiscale
Européenne.
He is author of several articles published on tax subjects and a correspondent in
Portugal for the International Bureau of Fiscal Documentation, Tax Analysts and the
EU Tax Journal.
He received his law degree in 1986, completed postgraduate studies in EU law in
1987, and received his masters in tax and financial law in 1992 from the Portuguese
Catholic University. He has been a member of the Portuguese Bar Association since
1988 and is a specialist lawyer in tax law (2004).
Mr de Sousa da Câmara speaks Portuguese, English and French.
167
Portugal
Rosa Freitas
Deloitte
Edifício Atrium Saldanha
Praça Duque de Saldanha, 1 -6º
1050-094 Lisbon
Portugal
Tel: (351) 21 0427518
Fax: (351) 21 0427952
Rosa Freitas is a partner in the Portugal office of Deloitte, responsible for leading the
transfer-pricing practice within human resources consulting.
Prior to joining Deloitte in 2002, Rosa worked at Arthur Andersen, where she began
in 1988 as an assistant, was promoted to senior in 1990, to manager in 1993 and to
partner in 1999.
She is in charge of a significant portfolio of clients, both at the national and international
level. In addition to providing tax advice on a continuous basis to clients, focusing on the
tax planning aspects of their businesses and developing tax-efficient structures and
products, she has participated in numerous projects involving the restructuring of both
Portuguese and international groups.
She has relevant experience in the banking/financial services sector, both in dealing
with the tax issues of banks/financial institutions and in the tax structuring of financial
products. She has also developed expertise in individual income taxes, social security
regimes and wealth/estate tax planning issues. In 1999, she launched a new human
resources service in Portugal which covers expatriation and international assignment
services.
Since June 2006, she has accepted another challenge: heading the Portuguese transferpricing practice.
She has attended several training courses in Portugal and abroad and has lectured at a
number of conferences on tax and human resource matters. Rosa has also written
several articles on tax and human resource matters for newspapers and other
publications.
Rosa received her law degree from the University of Lisbon Law School, in 1985.
168
Portugal
António Lobo Xavier
Morais Leitão, Galvão Teles, Soares da Silva & Associados
Av da Boavista, 3265 – 5.2
Edifício Oceanvs
4100-137 Porto
Portugal
Tel: (351) 22 616 69 50
Fax: (351) 22 616 38 10
Website: www.mlgts.pt
António Lobo Xavier became a partner at MLGTS in 2006. He is now head of the tax
law II practice group in Oporto.
From 1989 to 2005 he practised law at Osório de Castro Verde Pinho Vieira Peres
Lobo Xavier e Associados – Sociedade de Advogados.
Mr Lobo Xavier works with large national and multinational companies in the areas
of finance, telecommunications and industry, as a member of the board of directors,
and as an adviser on finance and tax law. He is responsible for several organizational
and restructuring operations, and mergers and acquisitions, mainly as an expert in
subjects related to double taxation treaties, VAT and corporate income tax. He has also
actively intervened in several arbitration proceedings.
Mr Lobo Xavier was a member of the Portuguese Parliament at various times between
1983 and 1996, and was the leader of his party’s parliamentary group between 1992
and 1994. He was a participant in the Fiscal Reform Commission of 1998.
He has been a member of the Portuguese Bar Association since 2005. He was a
member of the superior counsel of the Administrative and Fiscal Courts (1986 to
1991), of the advisory board of ACEGE (Association of Managers and Catholic
Entrepreneurs), of the board of the Commercial Association of Porto, and of the board
of Fundação de Serralves.
169
Portugal
Miguel Leónidas Rocha
Deloitte
Edifício Atrium Saldanha
Pr Duque de Saldanha, 1 – 6º
1050-094 Lisbon
Portugal
Tel: (351) 21 042 75 30
Fax: (351) 21 042 79 52
Miguel Leónidas Rocha is the partner responsible for the financial services tax
department for Deloitte Portugal. Prior to joining Deloitte in 2002, he was a director at
Arthur Andersen.
Mr Rocha’s professional experience centres on tax strategy planning as regards the
structure of economic groups, compliance with fiscal and parafiscal obligations and
advising companies – in particular credit institutions, financial institutions and insurance
companies – on tax matters.
He is also responsible for the tax audit of several companies in the financial sector,
including commercial banks, investment banks, insurance companies, specialized credit
institutions and securities and real estate investment funds.
Mr Rocha’s major projects include:
• tax due diligence in the integration of an important Portuguese insurance group into
a European group;
• tax due diligence in the acquisition of a big Portuguese financial group;
• tax advice in several structured leasing operations, securitization tax and other
structured transactions; and
• coordination of transfer-pricing studies, with special emphasis on the financial area.
Mr Rocha has lectured and participated in various professional training courses in
Portugal, and has published several articles in newspapers and specialist taxation
magazines.
Mr Rocha graduated in law from Lisbon Catholic University (1988). He has a
postgraduate qualification in European studies from Lisbon Catholic University (1989),
and a postgraduate degree in management and taxation from the Institute of Financial
and Taxation Higher Studies (1992).
170
Portugal
Manuel Anselmo Torres
Galhardo Vilão Torres, Lisbon
Rui Barreira
Rui Barreira Magalhães Correia Teresa Carregueiro, Lisbon
Luís Belo (see bio)
Deloitte, Lisbon (see advert on inside front)
Fernando Castro Silva (see bio)
Garrigues Portugal, Lisbon
Diogo Leite de Campos (see bio)
PLMJ - AM Pereira Sáragga Leal Oliveira Martins, Lisbon
Francisco de Sousa da Câmara (see bio)
Morais Leitão Galvão Teles Soares da Silva & Associados, Lisbon
Joao Espanha
Espanha e Associados, Lisbon
Rogério M Fernandes Ferreira
PLMJ - AM Pereira Sáragga Leal Oliveira Martins, Lisbon
Rosa Freitas (see bio)
António Lobo Xavier (see bio)
Morais Leitão Galvão Teles Soares da Silva & Associados, Porto
Diogo Ortigão Ramos
Gonçalves Pereira Castelo Branco e Associados, Lisbon
Miguel Leónidas Rocha (see bio)
Miguel Teixeira de Abreu
Abreu Cardigos & Associados, Lisbon
171
Russia
Lioudmila Mamet
Kosmodamianskaya Nab 52, Bldg 5
115054 Moscow
Russia
Tel: (7) 495 967 6000
Fax: (7) 495 967 6001
Website: www.pwc.ru
Lioudmila Mamet is a senior partner and deputy general director of PricewaterhouseCoopers Russia. She is generally recognized as the leading adviser on the Russian tax
system, a reputation grounded in her understanding of both the needs of international
investors and the legal and cultural imperatives of the Russian authorities.
As a former senior government official with 15 years of experience in the Russian
Ministry of Finance, Lioudmila maintains relationships with the Ministry of Finance,
the Federal Tax Service and other state bodies on different levels. She represents the
firm in the Russian Union of Industrialists and Entrepreneurs and in the Chamber of
Commerce and Industry of the Leningrad region, delivering professional opinions on
how to develop the Russian tax system to ensure the stable growth of large and midsized business in Russia.
While serving as head of the international tax department of the Ministry of Finance,
Lioudmila was responsible for drafting tax legislation for the first joint ventures,
administering tax laws relating to foreign legal entities, foreign individuals and joint
ventures, and for negotiating double tax treaties. Lioudmila has been involved in
negotiations for a great number of tax treaties, and is one of the few true experts in this
area. She has participated in double tax treaty negotiations with the UK, the
Netherlands, Denmark, Finland, Spain, Italy, Switzerland, Greece, Cyprus, Japan, the
USA, Malaysia, China, Korea, Brazil, Canada and a number of other countries.
After joining PricewaterhouseCoopers Russia in 1990, Lioudmila led the firm’s Russian
tax and legal practice for 11 years. She has advised leading Russian enterprises,
multinational corporations and joint ventures on elaborating inbound investment
strategies, assessing the tax implications of reorganization and acquisitions, and managing
negotiations and disputes with the tax authorities. Her experience has ranged from
assisting in negotiations with a local tax office for manufacturing site permits to agreeing
tax holidays, from obtaining orders for lifting arrest on bank accounts to negotiating on
behalf of clients following tax office inspections. Her client list has included large
multinationals and flagship Russian companies from such varied industries as the
consumer goods sector, the pharmaceutical industry, the transportation sector, the oil and
gas sector, banking and insurance.
Lioudmila Mamet is a member of the Russian branch of the International Fiscal
Association. She is also a member of The Committee of 20, a non-profit organization of
the most successful Russian businesswomen. In PricewaterhouseCoopers, Lioudmila
heads the charity committee and leads all charity activities of the firm in Russia.
172
Russia
Sergey G Pepeliaev
Pepeliaev, Goltsblat & Partners
Krasnopresnenskaya nab. 12,
Entrance 7, World Trade Center-II
Moscow 123610
Russia
Tel: (7) 495 967 0007
Fax: (7) 495 967 0008
Website: www.pgplaw.ru
Sergey Pepeliaev, JD, is a managing partner of Pepeliaev, Goltsblat & Partners, the
biggest full-service law firm operating in Russia today. Sergey Pepeliaev specializes in tax
law, constitutional law and arbitration proceedings.
Sergey Pepeliaev has vast expertise of providing legal support for major projects, of
drafting legislation and handling tax disputes in arbitration courts, courts of general
jurisdiction, the Supreme Court and the Constitutional Court of the Russian Federation.
He has, on numerous occasions, attended sessions of the Supreme Arbitration Court of
the Russian Federation dealing with taxation and financial issues and has been invited by
the Russian Constitutional Court as an expert on taxation.
Mr Pepeliaev acts as adviser to the State Duma Budget and Tax Committee, was actively
involved in debating and finalizing the draft Tax Code of the Russian Federation and in
projects aimed at improving Russian tax legislation, including those under the auspices
of TACIS.
Mr Pepeliaev is on the Panel of Experts of the Federation Council Committee for Legal
and Judicial Matters. He is a Themis Prize winner, a member of the Presidium of the
Russian Tax Law Association and a fellow of the International Fiscal Association (IFA).
He has written a number of training manuals, books and articles underlying current
Russian tax law.
Sergey Pepeliaev has frequently headed groups of lawyers involved in large-scale judicial
defence, auditing, management and legal consulting projects, both at the request of
major Russian and foreign companies across various sectors and as part of World Bank
programmes. His project work consists of drafting of litigation documents,
representation before courts, auditing procedures, appraisal of current and potential
liabilities of enterprises, development and improvement of cash flow controls, advice on
book-keeping and taxation, assessment of possibilities for debt restructuring and
reduction, and other assignments.
Sergey Pepeliaev serves as editor-in-chief of Nalogoved (Tax Expert), a new professional
magazine for tax practitioners, and as science editor of the book series Library of a Tax
Lawyer. He supervised five research students researching into tax law, all of whom have
been awarded JD degrees.
173
Russia
Alexander A Bychkov
Baker & McKenzie, Moscow
Alexander Chmelev
Baker & McKenzie, Moscow
Lioudmila Mamet (see bio)
PricewaterhouseCoopers, Moscow
Sergey G Pepeliaev (see bio)
Pepeliaev Goltsblat & Partners, Moscow
174
Singapore
Ajit C Prabhu
Deloitte
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
Tel: (65) 65305522
Fax: (65) 65386166
Ajit Prabhu is a tax partner and partner in charge of the Singapore tax practice. He has
more than 20 years of experience in public accounting with an industry specialization
in real estate, banking and financial services and manufacturing. He serves many of the
firm’s largest clients and has worked as project leader on a wide variety of multinational
corporate tax planning projects, including international mergers and acquisitions, and
structuring of inbound and outbound investments.
Ajit has been ranked as a leading tax adviser in Singapore for each of the past seven
years by the Legal Media Group’s annual survey of leading tax advisers in the AsiaPacific region. He has prepared and presented papers on investment and taxation
topics at numerous seminars in Singapore and overseas, including those conducted by
the Asian-Pacific Tax and Investment Research Centre, Institute for International
Research and other seminar organizers.
He is also the author of several articles on investment and taxation, including taxation
of electronic commerce in Singapore. He has been published in academic journals in
Singapore and overseas, including the CCH Journal of Asian-Pacific Taxation, CCH
Singapore Master Tax Guide Manual, Euromoney’s International Tax Review and Tax
Planning International.
Ajit graduated from the University of Bombay with a bachelor degree in commerce
(with honours). He holds a higher diploma in accounting from the Hull College of
Higher Education in UK. He is an associate with the Institute of Chartered
Accountants in England and Wales and is a practising member of the Institute of
Certified Public Accountants of Singapore.
175
Singapore
Sum Yee-Loong
Deloitte
Singapore 068809
Tel: (65) 6530 5538
Fax: (65) 6538 6166
Yee-Loong is a partner based in Deloitte’s Singapore office. He has over 20 years of
experience in Singapore taxation and has substantial experience in serving multinational
and local clients. He specializes in advisory tax services, including corporate structuring
and restructuring on flotation, mergers and acquisitions and international tax planning.
Yee-Loong focuses on developing strategies and leading tax-review teams to create and
identify tax-saving opportunities as well as advise and negotiate tax incentives for
corporate clients.
He is the author of Singapore Tax Workbook (CCH), an examiner of the advance taxation
paper (Singapore law) for ACCA, and a previous examiner of the taxation paper
(Singapore law) of CIMA and ICSA.
Yee-Loong’s memberships include: the Tax Advisory Committee chaired by the
permanent secretary of the Ministry of Finance (2004 to 2006); the GST Working
Committee (1993 to 1995); the Taxation and Levies Committees of ICPAS (1989 to
date); and the Infocom Technology Committee (1999). He served as an adjunct professor
at Nanyang Technological University between 1987 and 2003, and since 2004, has been
an adjunct professor at Singapore Management University. Yee-Loong is director of the
Tax Academy of Singapore.
He holds an MSc (UK) in taxation and public finance, and a certificate in management
consultancy from the Japan Productivity Centre. He is a fellow of the Chartered
Association of Certified Accountants (UK), a chartered tax adviser of the Chartered
Institute of Taxation (UK), and a certified public accountant of Singapore
176
Singapore
Steve Towers
Deloitte
Singapore 068809
Tel: (65) 6216 3227
Fax: (65) 6538 6166
Steve Towers is a senior international tax partner, with over 26 years’ experience in
international tax planning for multinational corporations. He has worked in Deloitte’s
offices in Sydney, Melbourne, London, New York and Singapore.
He has substantial experience in advising multinational corporations on corporate
structuring and restructuring, mergers and acquisitions, hybrid instruments, transfer
pricing, use of double-tax treaties, and international tax generally. He is particularly
knowledgeable on permanent establishment issues and supply chain planning.
Steve Towers has bachelor of economics and bachelor of laws degrees from the
Australian National University, and a master of laws (first class honours) degree from
the University of Sydney. He is a member of the Institute of Chartered Accountants
in Australia, and is a fellow of the Taxation Institute of Australia.
Steve is the chairman of the International Fiscal Association (Singapore branch).
177
Singapore
Choy Wai Cheong
Ernst & Young, Singapore
Pieter L De Ridder
Loyens & Loeff, Singapore
Paula Eastwood
PricewaterhouseCoopers, Singapore
Nand Singh Gandhi
Allen & Gledhill, Singapore
Ong Sim Ho
Ong Sim Ho Advocates & Solicitors, Singapore
Edmund Leow
Baker & McKenzie, Singapore
Ajit C Prabhu (see bio)
Deloitte, Singapore (see advert on inside front)
Gurbachan Singh
KhattarWong, Singapore
Yee-Loong Sum (see bio)
Peter Tan
PricewaterhouseCoopers, Singapore
Lian Ee Teoh
Drew & Napier, Singapore
Steve Towers (see bio)
Pok Soy Yong
Ernst & Young, Singapore
178
South Africa
International assignments:
local vs foreign pension funds
The mobility of staff with specialized skills is often crucial to
the multinational companies that employ them, as such skills
may only be required at a specific stage in the business cycle
rather than on an ongoing basis. One obvious example would
be the skills of individuals involved in prospecting for
resources, such as oil or precious metals.
Billy Joubert
Deloitte
Johannesburg
Employees of whom mobility is required need to be looked
after and secondments abroad should be arranged so as not
to jeopardize their interests. Such employees need to be
properly funded on retirement and adequately covered by
life, disability and medical insurance.
Employees generally desire stability and, in any event, are
unwilling to be placed at a disadvantage (tax and otherwise)
when moving countries. Mobile employees will resent having to shoulder greater risk
than their non-mobile colleagues, so the retirement funding of seconded employees
must be protected as much as possible from fragmentation, currency fluctuations and
political upheaval.
Pension funds do not migrate readily across borders and it may not be possible to find
a satisfactory solution to some of the pension problems to which cross-border
employee movement gives rise. Certain countries are reluctant to grant tax
concessions for the pension contributions of highly mobile individuals because to do
so may erode their tax base. For example, South Africa may be unwilling to give a tax
deduction for the pension contributions of an individual who will be a UK resident
(and will therefore pay UK tax) when he or she ultimately receive a pension.
Both employee and employer contributions to a pension fund are generally tax
deductible for South African tax purposes (subject to some limitations) and payments
out of a pension fund are taxable (with relief provided for certain lump sum payments).
As the government is keen to encourage skilled employees to come to South Africa and
for people to retire there, proceeds from foreign pension funds are exempt from South
African tax, provided the respective contributions were paid when the recipient was
not working in South Africa. Apportionment is required in cases where some
contributions are made in respect of services rendered in South Africa and some in
respect of foreign services.
Exchange control is really only a concern for South African residents and even they
enjoy generous concessions in this respect. Temporary residents of South Africa can
repatriate funds without restriction and outbound expatriates may retain foreign
earnings and pensions offshore.
An employee leaving South Africa who has a pension fund will need advice.
Depending on the rules of the fund in question, the following options may be
available:
• continue contributing to the South African scheme;
• freeze contributions and make use of a preservation fund; or
• cash out, if this is possible, and pay the tax up front.
If the last option is selected and the fund is cashed out before retirement, the South
African tax consequences will be unfavourable. In any case, the facts must be examined
carefully and the decision will ultimately depend on the individual’s plans and
aspirations, and in particular on whether the individual intends to return to South
Africa.
179
South Africa
It should also be noted that an individual who relinquishes his/her South African tax
residence will become subject to capital gains tax on all his/her assets. Provision must
be made for group life, disability and medical cover for employees leaving South Africa
and as the costs of taking out such coverage in a foreign country can be prohibitive,
this also requires careful consideration.
Inbound expatriates will be subject to South African tax on their South African
earnings, but should not be subject to South African tax on their foreign earnings or
capital gains unless they become South African tax residents. Until recently, an
individual acquired tax residence if he/she worked in South Africa for more than three
years, but this period has been extended to five years, to encourage expatriates not to
leave South Africa after three years.
As already noted, the government is keen to encourage retirement in South Africa, and
for that reason proceeds from offshore pension funds are not taxed, although this may
change in the future with the proposed revision of the tax treatment of retirement
finds. However, at least for now, proper planning may allow a person who can avoid
tax on their foreign pension in the country from which it is paid to enjoy the best of
both worlds.
Multinational groups have adopted a number of different approaches to the issue of
how to provide pensions for highly mobile staff. One approach is to establish a fund
for such employees in a tax haven. While this may overcome the problem that
providing for country-specific pension funds tends to be a cumbersome process, it may
be unattractive from a tax perspective – for example, if contributions to the fund are
not tax deductible (which is likely to be the case) but the member is ultimately subject
to tax when he or she receive a pension from the fund.
Although it is often not possible to make pension funds operate tax efficiently in the
case of globally mobile employees, it is important not to overlook one of the major
benefits of such funds, which is the forced saving element. Employer pension funds
ensure that at least some provision is made for the retirement funding of employees
who might otherwise lack the discipline to make such provision for themselves.
180
South Africa
New advance tax ruling
system promotes certainty
South Africa has a relatively sophisticated residence-based tax
system. It incorporates many best-practice tax principles from
other jurisdictions, and many aspects of the system are unique.
Some provisions, like the CFC rules, are also extremely
complex. Due to the relative complexity of the legislation and
a backlog of court cases, there are many areas of uncertainty
for taxpayers. There also appears to be a trend by the courts to
move from a traditional, literal interpretation of statutes, to a
more purposive interpretation, creating further uncertainty.
Until now, South African Revenue Service (SARS) rulings
were difficult to obtain and generally were not binding. An
exception was certain VAT Rulings, which were regarded as
effectively being of a binding nature. Practice and
Interpretation Notes issued by the Service were also not
binding, and in some court cases the Service even argued against their own Practice
Notes when it suited them!
Michael Honiball
KPMG
Johannesburg
The implementation of the new advance tax ruling system, backdated to October 1
2006, was therefore generally welcomed by South African advisers and taxpayers. The
previous system of non-binding rulings essentially remains as before, except that
certain VAT Rulings previously issued change their status from January 1 2007, from
binding rulings to so-called opinions.
The implementation of the new ATR system follows international best practice. For
example, Australia and New Zealand already have such a system, and on November 17
2006, the UK HMRC published a report on large-company tax administration that
included a recommendation to introduce a system of advance rulings for businesses by
the end of 2007.
The rationale behind the UK recommendations, as was the case in South Africa, is the
need for more certainty about the tax treatment of company transactions as well as the
speedier resolution of taxpayer issues. The argument is that if a binding ruling has
been obtained, an assessment can more quickly be issued and need not be questioned
by a tax authority before the expiry of the relevant prescription period.
Key features of the new ATR system
The Commissioner for the South African Revenue Service can issue two types of
rulings under the new ATR system: Binding Private Rulings and Binding General
Rulings.
A Binding Private Ruling is an advance tax ruling, issued in response to an application,
that states how the commissioner would interpret and apply provisions of South
African tax law to a specific proposed transaction. A Binding General Ruling is an
advance tax ruling that is issued by the commissioner, at his discretion, regarding the
application or interpretation of a provision of South African tax law in respect of issues
or matters of general interest or importance. The latter ruling is not issued in response
to any application. Both types of rulings are binding on the commissioner, but not on
the taxpayer. Furthermore, the binding effect of a Binding Private Ruling only applies
to the applicant who requested the ruling, and may not be cited as precedent by any
other taxpayer.
A Binding Private Ruling may be rendered void or lose its binding effect if the facts
stated in the application are materially different from the transaction actually
implemented, if there is fraud or misrepresentation or if any condition stipulated on
the Ruling is not satisfied. Furthermore, if there is a subsequent change in the relevant
tax law, or if the commissioner withdraws the ruling, it will cease to apply.
181
South Africa
A major advantage of the new ATR system for foreign investors is that non-residents
and non-taxpayers may apply for a Binding Private Ruling. An applicant need not
apply in person, but may use an agent or advisor. In fact, the SARS Guide to the new
ATR system recommends that applicants engage a tax advisor to assist them in their
applications. This is helpful because the pre-qualifying process includes the
requirement that the applicant must make his own draft ruling. Engaging an advisor
would also be helpful in ensuring that the ruling obtained is as wide as possible.
Exclusions
The new ATR System contains both mandatory and discretionary exclusions. Mandatory
exclusions include the following:
• the market value of an asset;
• the application or interpretation of foreign law;
• the pricing of goods or services supplied by or rendered to a connected person in
relation to the applicant;
• the constitutionality of any tax law;
• hypothetical transactions; and
• issues to be listed by the commissioner and the so-called No uling list.
Concerns have been raised by South African taxpayers about the mandatory exclusion
of the pricing of goods and services for transfer pricing purposes. The context is the
absence of an Advance Pricing Agreement system and it is therefore not possible to
negotiate or conclude unilateral, bilateral or multilateral APAs. Although South Africa
has had transfer pricing legislation since 1995, there are no plans to implement an APA
system any time soon.
In addition to the above mandatory exclusions, there is a long list of discretionary
exclusions, which include general and specific anti-avoidance provisions, factual issues,
issues more suitable for Competent Authority procedures, and matters which would
be unduly time-consuming or resource-intensive. All these matters may be excluded
from a Private Binding Ruling at the discretion of the Commission. These
discretionary exclusions have been limited somewhat by a new CFC ruling procedure
(see discussion below).
It is not clear why the No Ruling list is included under Mandatory Exclusions and not
under Discretionary Exclusions because essentially to the Commissioner would use his
discretion to place an issue on the No Ruling list.
All the above exclusions are intended to address concerns about limited resources,
certain basic policy issues and the impossibility of addressing factual issues through the
ATR system. The result, however, is a fairly limited ruling system, especially regarding
the mandatory exclusion of transfer pricing in the absence of an APA system.
Amended CFC rules also introduce new CFC ruling procedure
Certain amendments to the South African CFC rules, passed by Parliament on
November 16 2006, have far reaching consequences for South African outbound
multinationals. The consequences can be restricted to a limited extent by a new CFC
ruling procedure described below.
In a nutshell, the South African taxation of foreign subsidiaries applies as follows: South
African tax resident companies with CFCs – foreign resident companies in which South
African shareholders own more than 50% of the participation rights or control more
than 50% of the vote – are taxed on the income and capital gains of the CFC, unless
specific exclusions apply. The most notable of these exclusions is income attributable to
a so-called business establishment. If a CFC has a business establishment as defined,
income and gains attributable to such a business establishment will not be taxed in the
hands of its South African shareholder.
Prior to the amendments, a business establishment was widely defined as including a
place of business with an office, shop, factory, warehouse or other structure used for
not less than one year which was suitably equipped with on-site operational
management, employees, facilities and other equipment for purposes of conducting
the primary operations of that business.
While it was unclear from the previous definition how many employees constituted a
business establishment, what was clear was that such employees were not required to
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South Africa
be in full-time employment in order for the business establishment exclusion to apply.
Following the amendments, however, not only does it appear that the CFC will now
need to have both on-site management and operational employees (arguably therefore
requiring at least two employees), but such employees will also be required to render
services on a full-time basis if the business establishment exclusion is to apply. These
requirements are found in the definition of a foreign business establishment, which
replaces the old business establishment definition.
Effectively, this means that two CFCs within the same multinational group will not be
able to share the services of a single employee, either directly or via an employment
company, in the event that their South African shareholder wishes to rely on the
business establishment exclusion. It goes without saying that the cost and
administrative burden of staffing each CFC with two or more full-time employees in
order to enable the business establishment exclusion to be relied upon, could act as a
deterrent for overseas expansion by South African multinationals and could make
South African multinationals uncompetitive when compared with their Australian, UK
or Canadian counterparts. Further, this amendment makes South Africa even more
unfavourable as an intermediary holding company jurisdiction, preventing the use of
South Africa for investments into the rest of Africa and elsewhere.
The legislature has, to an extent, recognized the negative implications of these
amendments. Therefore, other amendments have simultaneously been enacted which
provide for the commissioner to grant a ruling deeming that a business establishment
exists where two or more CFCs share employees, equipment and facilities. Taxpayers
wishing to take advantage of this new CFC ruling must do so in terms of the ATR
system (as discussed above). But there is a condition: a ruling will only be granted if
the CFCs are in the same country and form part of the same group of companies, the
latter requirement effectively necessitating a 70% or more common shareholding.
Consequently, for the business establishment exclusion to apply, two CFCs in different
countries would both be required to have full-time employees, as would two CFCs in
the same jurisdiction that do not form part of a group of companies. So while the new
CFC ruling limits the potential negative effect of the latest amendments, the
circumstances under which a ruling can be obtained are so restrictive that many South
African outbound multinational will no longer qualify for CFC exemption.
Conclusion
The new ruling procedures in South Africa have begun a new era in tax administration
and procedure. The possibility of more certainty regarding the interpretation of tax
statutes is a welcome development. Administrative execution of the procedures as well
as SARS and the courts adherence to Binding Private Rulings regarding the principle
of the rule of law will, however, ultimately determine their success.
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South Africa
Anne Bennett
Deloitte
Private Bag X1
Gallo Manor, 2052
South Africa
Tel: (27) 11 806 5378
Fax: (27) 11 806 5333
Anne Bennett is the partner in charge for the international tax practice within South
Africa. In this role, she advises on the international tax implications of structuring crossborder investment and finance into and out of South Africa, the impact of SA domestic
tax law on foreign subsidiaries of SA companies, and SA exchange control regulations.
Having joined Deloitte in 1983, she qualified as an admitted attorney in 1986, was
seconded to D&T London as a senior manager in the international tax division where
she was also involved in coordinating tax strategies, technical training and practice
development for the firm’s European practices. Throughout the late 1980s and early
1990s, she gained practical working experience in Luxembourg, the UK and South
Africa, before being asked to join the partnership of Deloitte & Touche in 1993. Shortly
after, Anne was appointed to head up the international tax group within the South
African tax practice.
Anne is currently a member of the board of Deloitte & Touche South Africa. She
continues to serve high-profile clients and is a trusted adviser to her practice
professionals and their clients.
Among her qualifications, Anne has a BA (honours) from the University of Cape
Town; LLB (cum laude) from the University of South Africa; MPhil from Oxford
University; and H Dip Tax from the University of the Witwatersrand. Additionally
Anne received her diploma in international law from the University of Harvard, is a
member of the Institute of Taxation (ATII) in the UK, and was admitted as an attorney
of the Supreme Court of South Africa. She has professional qualifications in both SA
and UK tax law and continues to attend international tax training courses in the UK,
the Netherlands and the USA.
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South Africa
Emil Brincker
Edward Nathan Sonnenbergs
150 West Street
Sandown, Sandton, Johannesburg 2196
South Africa
Tel: (27) 11 269 7600
Fax: (27) 11 269 7899
Website: www.problemsolved.co.za
Professor Emil Brincker’s experience includes the areas of corporate finance, corporate
reorganization and restructuring, export finance, funding, general banking and commercial (including derivative) transactions, empowerment transactions, JSE Limited and
Securities Regulation Panel, project finance and tax law including income tax, value added
tax, stamp duties, PAYE, capital gains tax and other fiscal statutes.
He obtained his doctorate in 1992 on company law and his thesis related to the financial
assistance by a company in relation to share acquisitions. In 1999 he was offered a parttime professorship from the Johannesburg University.
Emil was the first attorney to appear in the Supreme Court of Appeal in Erf 3183/1
Ladysmith v CIR, has authored and co-authored numerous books and articles, and has
advised on multi-billion-dollar structured finance transactions.
He is also a member of the Special Board for Income Tax Appeals, hearing tax matters
not exceeding R20 million ($30 million), member of the executive committee of the
South African Fiscal Association and has been involved in numerous empowerment
transactions. Emil was named by Global Counsel as the leading tax practitioner in
South Africa from 2003 to 2006, as a leading individual by International Tax Review’s
World Tax 2005 and 2006 and as an eminent individual by Legal 500 2006. The PLC
Which Lawyer Yearbook 2005 and 2006 also lists Emil as a leading individual and the
Legal Media Group’s IFLR 1000 Guide to the World’s Leading Financial Law Firms 2006
lists Emil as a key contact partner. Emil is named as the leading individual in tax in
South Africa, in Chambers Global Guide 2005 and 2006.
Emil has been a guest lecturer for the LLM (tax) at the University of Pretoria, and was
a professor to the Hdip tax at the University of Johannesburg. He is author to a
number of publications, including:
• co-author of South African Principles of International Taxation (2004);
• co-author on Edward Nathan/Grant Thornton Fiscal File publication on Business
and Personal Taxation (2004, 2005 and 2006);
• Taxation Principles of Interest and other Financing Transactions (2004 – 2006);
• Global Counsel Handbook PLC Tax Law. Country Q&A: Republic of South Africa (2003,
2004, 2005 and 2006) (Co-authored with the rest of the tax team); and
• a regular column Brinkmanship in Business Day Business Law and Tax Review.
Emil holds a BCom (cum laude), a LLB (cum laude) a LLM (cum laude), and a LLD
from the University of Stellenbosch, as well as a Higher Diploma in tax law (cum laude)
from The University of Johannesburg. He is an admitted attorney of the High Court
of South Africa.
185
South Africa
David Clegg
Ernst & Young
52 Corlett Drive
Wanderers Office Park
Illovo, Johannesburg 2196
South Africa
Tel: (27) 21 443 0261
Website: www.ey.com
David Clegg graduated from the University of Cape Town (BComm LlB, BComm,
hons, tax), and practised law as an attorney for some years before being admitted to
practise as an advocate (barrister).
He has been a partner in an associate firm of Ernst & Young South Africa for 26 years
and is currently national technical director (tax) for that firm. He is the co-author of
Income Tax in South Africa (ITSA) (Lexisnexis Butterworths) and the author of a
number of practical guides in niche areas of tax law. He also contributes the South
African chapter of the IBFD’s Taxation of Trusts.
His principal area of practice is currently domestic corporate tax but he has a particular
interest in the taxation of trusts and also heads up Ernst & Young’s oil and gas group
in South Africa (the only firm in the country to have a specialist unit) and for some
years was responsible for the firm’s international tax group. He is based in the firm’s
Cape Town office.
186
South Africa
Beric Croome
150 West Street
South Africa
Tel: (27) 11 269 7600
Fax: (27) 11 269 7899
Beric has worked in the tax arena for 21 years and advises clients on income tax, valueadded tax (VAT), Pay-As-You-Earn (PAYE), stamp duties and other fiscal statutes. He
has advised foreign clients of the tax consequences of investing in South Africa. He
regularly assists clients with objections and appeals and represents clients in meetings
with the South African Revenue Service including Alternative Dispute Resolution
(ADR) meetings. He acted as the chair of the National Taxation Committee of the
South African Institute of Chartered Accountants (SAICA) from 1999 to 2002 and
during 2003 became a member of the Editorial Panel of SAICA’s tax publication,
Integritax. During 2006 he became the author of a column entitled: “Dear SARS –
Proper Procedure” in the magazine Accountancy SA, published by SAICA.
He was the 1999 South African reporter on “Taxation of Non-Profit Organisations”
for the International Fiscal Association. He is a former vice chair of the South African
Chamber of Business Taxation Committee and during 2002 was a nominee for the
University of the Witwatersrand Convocation Honour Award for his contribution to
commerce and industry.
Beric is a well known tax advisor in South Africa, listed in the Who’s Who of Southern
Africa 2004 to 2006 and in Chambers Global’s The World’s Leading Lawyers for Business,
The Client’s Guide 2006 and 2007.
He is a chartered accountant (South Africa) and an advocate of the High Court of
South Africa. Beric is a fellow of the Chartered Institute of Management Accountants
(United Kingdom). He holds BCom, CTA, BProc and LLB degrees as well as a
Higher Diploma in Tax Law (with distinction). He is registered for his PhD Degree
at the University of Cape Town and his thesis deals with issues relating to
constitutional law, taxpayers’ rights and the powers of the South African Revenue
Service. He is regularly quoted in the press on tax issues in South Africa.
187
South Africa
Michael Honiball
KPMG
KPMG Crescent
85 Empire Road
Parktown 2193
South Africa
Tel: (27) 11 647 5555
Fax: (27) 11 647 5819
Website: www.kpmg.co.za
Michael Honiball is the national leader of KPMG’s transfer-pricing team in South Africa
– a strong multidisciplinary team of accountants, lawyers and economists specializing in
transfer-pricing issues. He is based in Johannesburg, although he has extensive
experience of working elsewhere in Africa and overseas.
Michael has substantial tax advisory experience and has specialized in South African
domestic and international corporate tax issues for over 14 years, advising many
multinational corporations on a wide range of tax compliance, structuring and financing
matters. He continues to build this experience daily, advising multinational clients on
their often-complex international tax and transfer-pricing issues. Supported by his local
team at KPMG as well as by KPMG’s global transfer-pricing services team, he advises
on a broad spectrum of transfer-pricing issues, from documentation and planning to
dispute resolution, taking into account the unique circumstances of various African
jurisdictions.
Michael is a lecturer at the Universities of Johannesburg, Pretoria and Witwatersrand
where he has been instrumental in developing international tax-specific courses. He is a
regular speaker at professional conferences, and is also a co-author of the book
International Tax: a South African Perspective 2005 (now in its third edition), together with
Professor Lynette Olivier of the University of Pretoria.
Michael is a well-known tax advisor in South Africa, being listed in The Guide to the
World’s Leading Tax Advisers and Who’s Who of Southern Africa 2005. He is a member of
the executive committee of the South African Fiscal Association (the local IFA branch)
and is also a member of the Institute of Directors of Southern Africa. He is an admitted
attorney and conveyancer of the High Court of South Africa (Cape Provincial Division)
with the BA, LLB, LLM (international tax), H Dip tax and Dip Corp law (with
distinction) degrees.
188
South Africa
Michael Katz
150 West Street
South Africa
Tel: (27) 11 269 7700
Fax: (27) 11 269 7899
Professor Michael Katz leads ENS as chairman. He has 38 years’ experience in
privatization and deregulation, project finance and non-recourse finance, public
private partnerships, empowerment ventures, banking and financial markets, takeovers
and mergers, competition law and tax.
Michael was the chairman of the Commission of Inquiry to Investigate the Taxation
System of South Africa, member of the Securities Regulation Panel, a director of
numerous companies and a trustee of numerous trusts. In 1998, he was awarded an
honorary doctorate of laws by the University of the Witwatersrand.
He was appointed to the board of National Housing Finance Corporation Limited,
which has been established by the government to facilitate the delivery of affordable
housing, and is the chairperson of the Standing Committee on Company Law of the
Law Society of South Africa.
Michael is featured in the Guide to the World’s Leading M&A Lawyers 2006 and is listed
as a leading individual in International Tax Review’s World Tax 2006 survey for mergers
and acquisitions and cross-border structuring. He recently advised Gold Fields
defending the hostile takeover bid by Harmony, and had a key role on the Sasol/Engen
merger. Michael also acted for Gold Fields in the acquisition of South Deep Mine,
which included the offer to shareholders of Western Areas and Barrick South Africa.
In addition, he acted for Afripalm in its recent transaction with Mvelaphanda
Resources. Michael is also rated as a leading practitioner in tax by the PLC Which
Lawyer Yearbook 2006.
He is co-author of Butterworths Company Law Precedents (four volumes).
Michael received his BCom and LLB from the University of the Witwatersrand, his
LLM from Harvard Law School, and LLD (honoris causa) from the University of the
Witwatersrand. He is admitted as an attorney of the High Court of South Africa.
189
South Africa
Sean Kruger
Ernst & Young
Wanderers Office Park
52 Corlett Drive
Johannesburg
South Africa
Tel: (27) 11 772 3996; (27) 83 611 1559 (cellular)
Fax: (27) 11 772 4996
Website: www.ey.com
Sean Kruger graduated from the University of the Witwatersrand (B Comm), received
his higher diploma in tax law from the University of Johannesburg), and his advanced
diploma in international tax from the Institute of Advanced Studies.
Following six years in banking and structured asset finance, Sean joined Ernst &
Young, specializing in tax consulting. He is currently an international tax and transfer
pricing partner/director of Ernst & Young Advisory Services Limited, having started
the transfer pricing practice for the South African firm with a dedicated team. Sean is
currently the regional tax director responsible for all tax services for the South African
firm of Ernst & Young, as well as the English-speaking Ernst & Young offices in the
rest of Africa.
Sean operates from the Johannesburg office.
190
South Africa
David Lermer
Private Bag X36
2 Eglin Road 2175
Sunninghill, Johannesburg
South Africa
Tel: (27) 11 797 4097;
(27) 82 445 2841 (mobile)
Fax: (27) 11 209 4097
Website: www.pwc.com/za
PO Box 2799
No 1 Waterhouse Place 7441
Century City, Cape Town
South Africa
Tel: (27) 21 529 2364
Fax: (27) 21 529 3309
David Lermer is the South Africa and Southern Africa Region leader for PwC Global
Tax Services. His career with PwC spans two continents. Originally based in London,
UK, and now based in Johannesburg and Cape Town, David has over 23 years of
professional experience in advising large SA and foreign multinational groups with
respect to their international tax, transfer pricing and exchange control requirements.
He has worked on numerous reorganizations of multinational groups and mergers and
acquisitions, and is heavily involved in representations to the government on tax and
exchange control policy and legislative changes.
David is also the managing partner of the tax practice in the Western Cape Region of
South Africa. He is one of the contributors to the South African section of the firm’s
booklet “International Transfer Pricing”, which is updated annually, and is a founder
member of Afritax, the PwC network of tax and exchange control specialists working in
sub-Saharan Africa. In addition to being a chartered tax adviser (UK), he is a chartered
accountant in both the UK and SA.
PwC Global Tax Services comprises international tax structuring, transfer pricing and
cross-border mergers and acquisitions specialist divisions. These divisions consist of
diverse multidisciplinary teams that combine home-grown and imported specialists
with local and international knowledge, skills and experience, to provide the best
possible methodologies and solutions, appropriately tailored to the local tax and
exchange control landscape of South Africa and/or the sub-Saharan Region.
191
South Africa
Mark Linington
Webber Wentzel Bowens
10 Fricker Road
Illovo Boulevard
Johannesburg 2196
South Africa
Tel: (27) 11 530 5834
Fax: (27) 11 530 6834
Website: www.wwb.co.za
Mark Linington’s area of expertise is mergers and acquisitions tax services, including
tax due diligence reviews, the design and appraisal of acquisition/disposal transactions,
group rationalizations, unbundlings, BEE structuring and liquidations.
Mark has 15 years of experience in South African domestic tax issues and in recent
years has worked predominantly with private equity consortiums in designing and
implementing acquisition structures.
Before specializing in mergers and acquisition tax advisory services, Mark provided
corporate tax services to mainly listed clients in his capacity as a tax partner of Deloitte.
These services included tax opinions, tax planning, tax provisioning for financial
statement reporting purposes, preparing or reviewing submissions and dealing with tax
disputes, objections and appeals.
192
South Africa
Ian MacKenzie
Webber Wentzel Bowens
10 Fricker Road Illovo Boulevard
Johannesburg 2196 South Africa
PO Box 61771 Marshalltown 2107
Docex 26 Johannesburg
South Africa
Tel: (27) 11 530 5000; (27) 11 530 5266 (direct)
Fax: (27) 11 530 5111; (27) 11 530 5120 (direct)
Website: www.wwb.co.za
Ian MacKenzie joined Webber Wentzel Bowens in 2003 as head of corporate tax. He
was previously the head of the tax consulting practice of Ernst & Young, having been a
tax partner in that firm for 25 years.
He has had 29 years’ experience in advising major listed groups on tax issues, with
particular reference to mergers and acquisitions, corporate restructures, BEE
transactions, structured finance transactions, cross-border trade and investment
structures, securitizations and objections and appeals. His industry experience covers
banking, manufacturing, mining and fast-moving consumer goods and services. He was
recognized as one of the leading tax advisers in South Africa in World Tax 2005 and 2006,
published by International Tax Review, and in Chambers and Partners’ 2006 survey of law
firms.
He has lectured on tax matters on various university courses and at public seminars, is
a past chairman of the SA Chamber of Business tax committee and a past president of
the Johannesburg Chamber of Commerce and Industry.
Ian qualified as a chartered accountant (SA) in 1973 and obtained a higher diploma in
tax law from the University of the Witwatersrand in 1975.
193
South Africa
Anne Bennett (see bio)
Deloitte, Sandton (see advert on inside front)
Emil Brincker (see bio)
Edward Nathan Sonnenbergs, Sandton
David Clegg (see bio)
Ernst & Young, Johannesburg
Beric Croome (see bio)
Michael Honiball (see bio)
KPMG, Johannesburg
Wally Horak
Bowman Gilfillan, Cape Town
Michael Katz (see bio)
Ernie Lai King
Deneys Reitz, Johannesburg
Des Kruger
Mallinicks, Cape Town
Sean Kruger (see bio)
Ernst & Young, Johannesburg
David Lermer (see bio)
PricewaterhouseCoopers, Johannesburg
Mark Linington (see bio)
Webber Wentzel Bowens, Johannesburg
Ian MacKenzie (see bio)
Webber Wentzel Bowens, Johannesburg
Ernest Mazansky
Werksmans, Johannesburg
Lionel Shawe
Deneys Reitz, Johannesburg
Henry Vorster Sr
Vorster Pereira Inc, Sandton
194
South Korea
Henry An
Samil PricewaterhouseCoopers
Kukje Center Building
191 Hangangro 2ga, Yongsanku
Seoul 140-702
Korea
Tel: (82) 2 3781 2594
Fax: (82) 2 790 1907
Email: [email protected]; [email protected]
Website: www.samil.com
Henry An is a partner at Samil PricewaterhouseCoopers (Samil), the Korean member
firm of PricewaterhouseCoopers, and serves as a client relationship partner for Samil’s key
international tax clients. He specializes in transfer pricing and currently serves as coleader of the Transfer Pricing Practice. He has over 13 years of experience providing these
services in the US (Washington National Tax, Chicago, New York Metro) and Korea.
Henry has prepared transfer pricing studies for the purposes of tax compliance, audit
defence and tax litigation, competent authority, tax planning and restructuring, and
advance pricing agreements. He has advised on the full range of inter-company
transactions including buy-sell, commission rates, transfers of intellectual property, cost
sharing and buy-in payments, service fees, and loans. Henry has worked for multinational
clients in a wide variety of industries including hardware, software, consumer products,
industrial products, medical devices and logistics. Henry also has experience performing
business valuations and valuations of intellectual property in connection with strategic
planning, M&A, financing, restructuring, audit defence and litigation.
Henry is recognized as a leading expert in the field of transfer pricing in Korea and is a
frequent speaker at seminars and has written numerous articles on the subject. Henry was
selected for inclusion in Legal Media Group’s Guide to the World’s Leading Tax Advisers and
Guide to the World’s Leading Transfer Pricing Advisers in 2004, 2005 and 2006. He was also
selected as a key tax adviser in International Tax Review’s 2006 Asia Pacific Client Poll.
Henry’s most recent publications include:
• “A Decade of Progress,” International Tax Review, Asia Transfer Pricing, October
2006, No 30, page 44.
• “Korea Spotlights Transfer Pricing,” Asia Today International, Business Regulation
and Taxation, Asia 2007, page 80.
• “Korea’s New Basic Tax Rulings on Transfer Pricing,” BNA Tax Management
Transfer Pricing Report, Volume 13, No 7, page 343, August 4 2004.
Henry serves as an external advisor to Korea’s National Tax Service, Ministry of Finance
and Economy and Office of the Prime Minister. He also currently serves as treasurer and
co-chair of the Taxation Committee of the American Chamber of Commerce in Korea.
Henry received a Bachelor of Economics degree from the Wharton School of Business
at the University of Pennsylvania. He obtained his Masters in Business Administration
from the Kellogg School of Management at Northwestern University where he
received recognition as a Jane Robertson Scholar and graduated Beta Gamma Sigma.
195
South Korea
So-Yong Kim
Deloitte
Hanwha Securities Building
23-5 Yoido-dong, Youngdeungpo-ku
Seoul 150-717
Korea
Tel: (82) 2 6676 2430
Fax: (82) 2 6674 2500
So-Yong Kim is a tax partner in the Seoul office of Deloitte. He joined Deloitte &
Touche in 1984 and became a partner in 1998.
Mr Kim has extensive experience in the areas of domestic and international taxation and
serves as lead tax partner for many leading MNCs. He has assisted clients in various
industries, including financial services, high-tech, and automotive with tax compliance,
tax consulting and planning, tax due diligence for acquisitions and investment
structuring, and tax controversies.
His particular expertise is in the financial services industry and he serves multinational
securities companies, investment management companies, insurance companies and
banks operating in Korea. Since June 2003, Mr Kim has been financial industry tax
service line leader for Deloitte in Korea.
Mr Kim is bilingual in Korean and English, and is a frequent speaker on topics dealing
with national and international taxation. He is a member of the Committee for
Deliberation of Pre-assessment of the Seoul Regional Tax Office.
Mr Kim studied economics and finance at the Seoul National University and is a
graduate of the MBA programme in Seoul. He is a member of the Korean Institute of
Certified Public Accountants.
196
South Korea
David Jin-Young Lee
Seoul 140-702
Korea
Tel: (82) 2 709 0557
Fax: (82) 2 709 7977
Email: [email protected], [email protected]
David Jin-Young Lee serves as the deputy vice chair of tax and head of the financial
services tax practice of Samil PricewaterhouseCoopers, the Korean member firm of
PricewaterhouseCoopers.
David Jin-Young has over 20 years of experience in providing tax advisory services to
the financial services industry. He has extensive experience in advising on M&A,
corporate restructuring and inbound investments into Korea.
David Jin-Young’s clients include most of the leading international financial services
companies in the banking, capital markets, investment management, real estate and
insurance sectors.
David Jin-Young is a member of the tax advisory committee of the Ministry of Finance
and Economy (MOFE) and serves as the chair of the tax quality review committee of
the National Tax Service (NTS). He is also a member of the external advisory
committee of the Government Audit Bureau of the Board of Audit and Inspection.
David Jin-Young is a member of the Korean Institute of Certified Public Accountants
(KICPA) and received his bachelors degree and masters in business administration
from Seoul National University.
197
South Korea
Il-Hwan Oh
Seoul 140-702
Korea
Tel: (82) 2 709 0897
Fax: (82) 2 709 3333
Email: [email protected], [email protected]
Il Hwan Oh is a partner at Samil PricewaterhouseCoopers, the Korean member firm
of PricewaterhouseCoopers. Il Hwan has 21 years of experience advising US and
European multinational companies doing business in Korea.
Il Hwan serves as an active member of the Tax Committee of the Korean Institute of
Certified Public Accountants and was responsible for developing questions for the tax
section of the KICPA examination. He is also a member of the Tax Policy Committee
of the Ministry of Finance and Economy of Korea.
Il-Hwan is a member of the Korean Institute of Certified Public Accountants (KICPA)
and received his bachelors degree from Yonsei University in Seoul, Korea.
198
South Korea
Jae Jin (“Jay”) Shim
Woo Yun Kang Jeong & Han
Textile Center -12th Floor 944-31 Daechi3-dong
Gangnam-Ku, Seoul 135-713
Korea
Tel: (82) 2 528 5484 (office); (82) 11 9705 9054 (mobile)
Fax: (82) 2 528 5300 / 5228
Website: www.wooyun.co.kr
Jay Shim leads Woo Yun’s international tax planning and transactions practice. Jay also
has extensive experience with inbound structuring, cross-border mergers and
acquisitions and international project finance. Jay’s client base is largely comprised of
foreign private equity, financial institutions and foreign MNCs doing business in
Korea and the Asia-Pacific region. He has also assisted Korean companies and Korean
government-invested companies in investing in large-infrastructure and oil and gas
projects in Russia and the CIS.
Jay has previously worked in the US, Europe and Russia and advised Korean, US,
Japanese, Chinese, European and Russian companies on cross-border structuring and
raising capital in the offshore financial markets, in connection with joint ventures,
acquisitions and infrastructure projects. Prior to joining Woo Yun, Jay was an
international tax partner at global accounting firms in the US, Russia and Korea.
Jay is a recognized expert in the field of cross-border investment structuring and has
published numerous articles on tax treaty structuring. He is a frequent speaker and has
lectured on offshore and international tax planning in New York, Los Angeles,
Houston, London, Amsterdam, Budapest, Vienna, Prague, Hong Kong, Singapore
and Moscow.
Jay received his BA in economics from Hampshire College, Amherst, Massachusetts;
his JD from Boston College Law School, where he served as an editor of UCC
Reporter-Digest; and his LLM (taxation) from Boston University School of Law. Jay
also received postgraduate tax law training at New York University School of Law.
Jay has been a member of the Massachusetts Bar since 1988 and passed the New York
Bar Examination in 1991. Jay is also a member of the American Bar Association,
International Fiscal Association and currently serves as co-chair of the taxation
committee of the American Chamber of Commerce (AmCham) in Korea.
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South Korea
Sai Ree Yun
Woo Yun Kang Jeong & Han
Textile Centre 12th Floor
944-31 Daechi 3-dong, Gangnam-gu
Seoul 135-713
Korea
Tel: (82) 2 528 5202
Fax: (82) 2 528 5300
Website: www.wooyun.co.kr
Sai Ree Yun, a founding partner of Woo Yun Kang Jeong & Han (Woo Yun), is a
recognized leader for his expertise on international tax, including audit planning and
tax controversies. He has written numerous articles on taxation for renowned
publications, including “Tax Aspects of Derivative Financial Instruments” for the 49th
Congress of the International Fiscal Association (1995), “Transfer Pricing for South
Korea” published in CCH International Transfer Pricing Laws (1994), and “CostSharing and Transfer Pricing” for Taxation and Inbound Investment in Pacific Rim
Countries, International Bureau of Fiscal Documentation (1991).
Sai Ree was a member of the Local Tax Appeal Board and also served as a technical
advisor for the Tax Policy Review Council, Ministry of Finance and Economy for
nearly five years. In addition, Sai Ree has given numerous lectures at both the Judicial
Research and Training Institute and Seoul National University Law School. Sai Ree is
a recipient of a Deputy Prime Minister’s Award for Tax Administration and is also a
recipient of numerous other awards and selections. In 2006 alone, Sai Ree was selected
as a PLC cross-border mergers and acquisitions leading lawyer, as a Chambers Global
leading banking and finance/corporate lawyer, as an International Who’s Who
competition lawyer, as a Global Competition Review leading (competition) lawyer,
and as an Asia leading (competition) lawyer by AsiaLaw.
Before founding Woo Yun, Sai Ree was a public prosecutor with the Pusan District
Prosecutor’s Office, an associate with the law firms of Lee & Ko and Baker &
McKenzie (Chicago and New York), and a partner at Yoon & Partners. Sai Ree is a cohead of Woo Yun’s corporate and finance groups and the head of the firm’s antitrust
team and primarily practices in the areas of taxation, corporate (with an emphasis on
M&A), antitrust, and governmental relations law. He received LLB and LLM degrees
from Seoul National University, a JD degree from Hastings College of Law,
University of California, and an LLM degree from Harvard University.
200
South Korea
Henry An (see bio)
Samil PricewaterhouseCoopers, Seoul
Woo Hyun Baik
Kim & Chang, Seoul
Ken Cook
Ernst & Young, Seoul
So-Yong Kim (see bio)
Deloitte, Seoul (see advert on inside front)
Woo Taik Kim
Kim & Chang, Seoul
David Jin-Young Lee (see bio)
John Lee
Kim & Chang, Seoul
Jong Yul Lee
Kim & Chang, Seoul
Il-Hwan Oh (see bio)
Jae Jin (“Jay”) Shim (see bio)
Woo Yun Kang Jeong & Han, Seoul
Dong Jun Yeo
Kim & Chang, Seoul
Ando Yun
Sai Ree Yun (see bio)
Woo Yun Kang Jeong & Han, Seoul
201
Spain
Tax reforms keep pace with
economic growth
It has been said that you can only successfully reform a tax
system during periods of economic expansion and growth
and that changes implemented during periods of recession
simply come too late. If this is the case, then Spain’s tax
regulators have certainly done their job during the last ten
years.
Ángel Calleja
Garrigues
Madrid
Over the last decade, Spain’s economy has done extremely
well, outperforming that of its EU partners and growing at
roughly twice their average rate. This prosperity has brought
our economy straight to the front line of the international
business arena, with our multinational enterprises becoming,
for the first time, real actors on the global stage, completing
very significant deals in almost every part of the world.
In the meantime, since 1994, intense behind-the-scenes work by our tax legislators has
been carefully aimed at bringing our tax system into line with, and even beyond, that of
more modernized countries. Thus, for example, the drive towards economic globalization
set to engulf every developed economic system was well anticipated by our lawmakers,
who, among other measures, effectively regulated such tax vehicles as ETVEs – foreignsecurities holding companies – in a very competitive manner; a highly attractive
exemption method for qualifying foreign-source dividends and gains, where expenses are
deductible regardless of the tax exemption applicable to the main income; an additional
exemption for profits earned by Spanish taxpayers from foreign-operating permanent
establishments; an ambitious and well-targeted expansion of our international tax treaty
network; and a provision enabling the tax deduction of goodwill on certain types of
foreign acquisitions. One could well argue that the main driver behind all these changes
was our legislators’ conviction that, since the times of Columbus, whenever the country
has chosen to finance any form of ambitious major international expedition, a period of
economic growth and prosperity in Spain has followed.
New income tax law
2006 has been no exception to the trend of recent years and tax reforms were once
again on the agenda until, in November, the parliament finally approved highly
significant new tax measures, including a new Personal Income Tax Law introducing
a reduction and simplification of the rates, plus rules for a more neutral treatment of
savings income. The new law is effective from January 1 2007.
If we focus our attention on the taxation of corporate profits, the amendments now
approved, set to enter into force in 2007 and beyond, are again of great relevance
since, for the first time ever, they influence essential aspects of the calculation of
corporate income tax, such as the rate and the system of existing tax credits.
In this connection and particularly worthy of note, Spain’s general corporate income
tax has now fallen by five points from 35% to 30% in only two years, while so-called
non-technical tax credits and incentives, mainly aimed at the promotion of certain
activities by Spanish corporations, such as export activities, are suppressed, either
gradually or with immediate effect. The end result of all these measures, engendered
by international competition for tax bases as well as the harmonization measures
implemented to date in Brussels and Luxembourg, should be a more balanced and
competitive tax system, effectively consolidating a framework which is attractive to
both foreign concerns investing in Spain and Spanish entrepreneurs wishing to pursue
a solid expansion of their operations abroad.
Finally, transfer pricing is the undisputed star of this year’s reform. For the first time
ever, relevant changes have been introduced in this field, which had previously merely
adhered to general OECD principles. From January 1 2007, the burden of proof will
202
Spain
be shifted from the administration onto the taxpayer; strict documentation
requirements, expected to be in line with the EU Joint Transfer Pricing Forum
conclusions, will be introduced, subject to automatic penalties for non-compliance.
So-called secondary adjustments are also predicted. All these changes will allow
multinational enterprises with operations in Spain, including Spanish companies
which already have widespread international presence in Latin America, Europe and
Asia, to devote significant resources to analysis, validation and documentation tasks in
the future.
The new income tax law, notwithstanding its importance, will, in all likelihood, not be
an end station, but rather the gateway to further relevant changes in the years to come,
linked not only to the mandatory introduction of new international accounting rules,
but also to the pursuit of tax rate reduction and the elimination of credit. However this
is probably a subject better suited to next edition’s article.
203
Spain
Ángel Calleja
Garrigues
Hermosilla, 3
28001 Madrid
Spain
Tel: (34) 91 5145200
Fax: (34) 91 3992408
Ángel Calleja joined the Spanish tax practice of Arthur Andersen, now Garrigues, in
1986, after obtaining degrees in Law and in Economy from Madrid’s Universidad
Pontificia de Comillas – ICADE. He has been a partner since 1997.
Ángel is a specialist in international taxation and cross-border issues. He advises major
multinationals, including US and EU groups, which have a business presence in Spain,
as well as international institutions. He has been responsible in recent years for tax
structuring and planning large investments made internationally by Spanish enterprises,
with a strong focus on Latin America.
As an international tax practitioner and transfer pricing specialist, he is frequently
appointed as a speaker at conferences and seminars, both in Spain and abroad. He
contributes to a variety of tax publications, and for the past 10 years has taught
international taxation at several Spanish business schools.
204
Spain
Alex Escoda
Cuatrecasas
Paseo de Gracia 111
08008 Barcelona
Spain
Velázquez, 63
28001 Madrid
Spain
Tel: (34) 93 290 55 44
Fax: (34) 93 290 55 55
Website: www.cuatrecasas.com
Tel: (34) 91 524 71 00
Fax: (34) 91 524 71 24
Mr Escoda has extensive experience in international mergers and acquisitions, crossborder investments, international reorganizations, designing holding and financial
structures for international groups and planning international assets.
He has been a speaker and participant at numerous seminars on international taxation
and has also written several articles on the topic.
He is co-chairman of the Tax Section of the International Bar Association (IBA) and is
considered as leading individual tax lawyer by Chambers (2001-2007), European Legal 500
(2002-2007), PLC Which Lawyer? (2007), International Tax Review (2005-2007), Who’s
Who Legal (2002-2007) and European Legal Experts (2003-2007).
205
Spain
Ricardo Gómez
Garrigues
Hermosilla, 3
28001 Madrid
Spain
Tel: (34) 91 5145200
Fax: (34) 91 3992408
Ricardo Gómez graduated in 1981 in economics, business administration and in law
from Universidad Comercial of Deusto. He joined Arthur Andersen in 1982, and in
1993 was promoted to partner of the tax advisory division. Since 1997 he has been a
partner at Garrigues Abogados.
He specializes in counselling in the finance industry, multinational groups and in
mergers and acquisitions.
His expertise includes group reorganizations and international deal structuring. He has
worked on management buyouts and leveraged buyouts, project financings, acquisitions
and product design for the banking industry. He is a frequent speaker at seminars and
conferences on these matters in Spain and abroad. He has been a member of the editorial
board of two of the Recoletos Group financial newspapers (Expansión and Actualidad
Económica).
206
Spain
José Palacios
Garrigues
Hermosilla, 3
28001 Madrid
Spain
Tel: (34) 91 514 52 00
Fax: (34) 91 399 24 08
José Palacios is a tax partner in Garrigues’ Madrid office. José graduated in law from
Universidad Complutense de Madrid and has two master’s degrees in tax law from
Instituto de Empresa, Madrid. He is a member of the Madrid Bar Association.
After working for a firm of tax lawyers, José joined Garrigues in January 1983, specializing
in international tax planning. In 1986 he was temporarily transferred to the Brussels
office, where he specialized in EU law. He coordinates the international tax practice in
Spain, and represents Garrigues on several international forums in the area of
international taxation.
He specializes in advising multinational groups, especially in the areas of international tax
planning, mergers, acquisitions and restructurings, transfer pricing, hospitality and
leisure, agro-food industry and real estate.
José was named as one of the most highly regarded tax advisers in Europe in surveys
published by Euromoney in December 1997, April 1999, January 2001, January 2003 and
January 2004, and the International Tax Review in September 1998 and June 2004, 2005
and 2006, World Tax 2004, 2005 and 2006, and Tax Business 2004, 2005 and 2006, as well
as by other reputable institutions (such as Chambers and Mondaq).
José is a frequent speaker on international tax-related issues, both in Spain and abroad.
He teaches international taxation at the Centro Europeo de Estudios y Formación
Empresarial, a top Spanish business school.
He is co-author of the book Spain as a Platform for International Business Activity, awarded
the 1998 premio Círculo de Empresarios. He has participated in other specialist publications,
including: The Handbook of International Taxation (first edition in 2001 and second edition
in 2004) by the Tax Studies Institute; Studies on the Convention between Spain and the United
States to Avoid Double Taxation (Gaceta Fiscal); and the International Tax Manual (second
edition 2004 and third edition 2007) by Centro de Estudios Financieros.
He has also written many articles in Spanish and foreign tax law journals and publications,
including International Tax Review (Legal Media Group), European Taxation and The
Journal of International Taxation, and coordinates Garrigues’ annual publication A Guide to
Business in Spain published by the Spanish Ministry of Industry, Tourism and Trade.
He has also attended numerous tax specialization seminars and courses in Spain and
abroad.
207
Spain
Antonio Valdivia
Garrigues
Avda Diagonal 654, 1ºB
08034 Barcelona
Spain
Tel: (34) 932533700
Fax: (34) 932533790
Antonio Valdivia is a tax partner at Garrigues, located in the firm’s Barcelona office.
Antonio graduated in economics and law and has attended various courses on tax and
financial matters. He is a member of the Barcelona Bar Association.
After working in the financial sector, Antonio joined Arthur Andersen in 1988,
specializing in corporate tax. He also advises clients in the financial and insurance
sectors.
He works with large Spanish institutions in tax planning, coordinating teams of tax and
legal experts. Antonio frequently teaches taxation at ESADE and at various other
specialized public and private institutions.
He speaks at seminars on finance, insurance and tax matters, as well as pension plans.
He has also written articles in Spain in relation to his specialization.
208
Spain
Felipe Alonso
Baker & McKenzie, Madrid
Luis Briones
Baker & McKenzie, Madrid
Ángel Calleja (see bio)
Garrigues, Madrid
Miguel Cruz Amorós
Landwell - PricewaterhouseCoopers, Madrid
Isidro del Saz Cordero
Roca Junyent, Madrid
Alejandro Escoda Montal (see bio)
Cuatrecasas, Barcelona
Rafael Fuster
Uría Menéndez, Madrid
Rafael García Llaneza
Ricardo Gómez (see bio)
Garrigues, Madrid
Jose Luis Gonzalo
Ernst & Young, Madrid
Miguel Klingenberg
Freshfields Bruckhaus Deringer, Madrid
Jesús López Tello
José Palacios (see bio)
Garrigues, Madrid
Eduardo Ramírez Medina
Cuatrecasas, Madrid
Gonzalo Rodés Vilà
Rodés & Sala, Barcelona
Andrés Sánchez López
Cuatrecasas, Madrid
Antonio Valdivia (see bio)
Garrigues, Barcelona
209
Sweden
Joachim Agrell
Deloitte
Rehnsgatan 11
SE-113 79 Stockholm
Sweden
Tel: (46) 8 506 711 27
Fax: (46) 8 506 724 01
Joachim Agrell is a tax partner and the head of Deloitte’s VAT practice in Stockholm.
Before joining Deloitte, Joachim worked as a tax adviser at Arthur Andersen and as a
VAT lawyer at one of Sweden’s largest law firms. He was a member of the Swedish Bar
Association from 2003 to 2005, and in 2003, he was seconded to a large London-based
law firm.
Joachim has advised small and large companies, several listed on the stock exchange, in
complex VAT matters, M&A-related VAT issues, correspondence with the Tax Agency
etc. He is frequently engaged as legal representative in litigation.
Joachim is a frequent lecturer at VAT seminars and has authored several articles on VAT,
published in trade journals.
For three years in a row, Joachim has been ranked as one of Sweden’s leading experts on
indirect taxes.
Joachim earned his LLM at the University of Uppsala in 1997 and is a member of the
International Fiscal Association and FAR, the institute for the accountancy profession in
Sweden.
210
Sweden
Staffan Estberg
Ernst & Young
Box 7850
SE-103 99 Stockholm
Sweden
Tel: (46) 8 520 59229
Fax: (46) 8 520 51229
Website: www.ey.com/se
Staffan Estberg gained his LLM in 1975, has been working as a tax lawyer at Ernst &
Young since 1987 and has been a tax partner since 1991. Staffan was earlier employed
by the Ministry of Finance, where for almost 10 years he was active with international
tax questions within the legal department, especially tax treaty negotiations.
Before that Staffan was reporting and judging at the Administrative Court of Appeal
in Stockholm. Staffan has contributed as author to several publications and has also
published articles in Swedish as well as international professional literature. Two
ongoing engagements are:
• Karnov (a commentary to Swedish laws) – responsible for the part dealing with
international tax issues;
• Svensk skattetidning (a Swedish tax journal) – member of the editorial board.
Staffan specializes in international corporate taxation for corporations with global
operations and focuses on capital market products.
Staffan has also been engaged in international reorganization and acquisitions as well
as in tax minimization studies.
211
Sweden
Ernst Forsberg
Öhrlings PricewaterhouseCoopers
SE-113 97 Stockholm
Sweden
Tel: (46) 8 555 331 53
Fax: (46) 8 5982 3156
Ernst was born in 1950 and is a tax partner at PricewaterhouseCoopers in Stockholm,
Sweden.
He is a former Country Service Line Leader for Tax & Legal Services in Sweden and
holds a Master of Laws from the University of Uppsala, 1977.
Ernst has been practicing for 25 years as a professional tax adviser and has extensive
experience of Swedish and international corporate taxation working with Swedish and
multinational companies. Ernst joined PricewaterhouseCoopers in 1981 and became a
partner 1986.
212
Sweden
Lennart Staberg
Öhrlings PricewaterhouseCoopers
SE-113 97 Stockholm
Sweden
Tel: (46) 8 555 33 169
Fax: (46) 8 598 23 169
Lennart Staberg, who has a Master of Laws (LLM) degree from the University of
Uppsala, joined PricewaterhouseCoopers in 1994. Before joining the firm, he was
assistant judge of the Administrative Court of Appeal in Gothenburg and also deputy
director with the National Council for Advance Tax Rulings. He has well over 15 years
of experience from tax-related work.
Lennart, who is a tax partner, specializes in providing tax consultancy services to the
financial sector in Sweden and abroad. He also has extensive experience of tax litigation
and services in relation to the structuring of private equity funds.
Lennart’s principal clients are major Swedish companies and foreign companies with
business activities in Sweden.
213
Sweden
Joachim Agrell (see bio)
Deloitte, Stockholm (see advert on inside front)
Bo Ahlstrand
KPMG Bohlins, Stockholm
Bill Andréasson
Advokatfirman Bill Andreasson, Stockholm
Staffan Estberg (see bio)
Ernst & Young, Stockholm
Ernst Forsberg (see bio)
PricewaterhouseCoopers, Stockholm
Lars Jonsson
Linklaters, Stockholm
Anders Köhlmark
Brita Munck-Persson
Mannheimer Swartling, Stockholm
Peter Nordquist
Mannheimer Swartling, Stockholm
Lennart Staberg (see bio)
PricewaterhouseCoopers, Stockholm
Nils C Von Koch
214
Switzerland
Peter R Altenburger
Altenburger Attorneys at Law
Seestrasse 39
CH-8700 Küsnacht
Switzerland
Tel: (41) 44 914 88 88
Fax: (41) 44 914 88 80
Website: www.altenburger.ch
A founding member of Altenburger & Partners, Peter R Altenburger is specialized in
international taxation and domestic corporate taxation, and has dealt extensively with
tax matters relating to international corporate restructurings, mergers and
acquisitions, international manufacturing and real estate entities. He co-founded the
firm in 1978 and became a partner in 1981. Before starting his legal practice, he
worked for one of the large chemical firms in Basle.
Mr Altenburger is a member of the Zurich Bar Association, the Swiss Bar Association,
the International Fiscal Association; he is an associate member of the American Bar
Association, a founding member of the tax chapter of the Swiss-American Chamber of
Commerce and a contributing member to the BNA Tax Management International
Forum. He is on the executive committee of the MBL-HSG, an executive
postgraduate international business law programme at the University of St Gallen. He
writes and speaks frequently on tax topics, an example of which is his contribution to
the BNA Tax Management Foreign Income Portfolio on Business Operations in Switzerland
3rd edition (2007).
Mr Altenburger graduated from Zurich University in 1968, obtained a masters degree
in comparative law from the University of Michigan in Ann Arbor, an MBA from
INSEAD, the European Institute of Business Administration in Fontainebleau, France
and a Dr iur degree from the University of Basle.
215
Switzerland
Peter Athanas
Ernst & Young AG
Bleicherweg 21
Post Office Box
CH-8022 Zürich
Switzerland
Tel: (41) 058 286 44 01
Fax: (41) 058 286 30 05
Website: www.ey.com/ch
Peter Athanas is Ernst & Young’s CEO for Switzerland. He is a member of the global
international tax services group of Ernst & Young and specializes in corporate national
and international tax law, corporate finance/mergers and acquisitions, and cross-border
corporate reorganizations and restructurings. He acts as external adviser to several large
Swiss and non-Swiss multinationals as well as large family-owned businesses.
Peter Athanas is professor for corporate and international tax law at the University of St
Gall and member of the board of directors at the Institute of Tax Law and Public Finance
at the University of St Gall. In 1996 he was nominated general reporter to the IFACongress in Geneva. Peter Athanas is member of the board of the Swiss Institute of
Certified Accountants and Tax Consultants. He is co-editor and co-author of a
commentary on Switzerland’s tax legislation and author of numerous publications on
Swiss and international tax law. He is a frequent speaker at tax seminars and similar events.
Peter Athanas is married and has two children.
216
Switzerland
Maja Bauer-Balmelli
Pestalozzi Lachenal Patry
Löwenstrasse 1
8001 Zürich
Switzerland
Tel: (41) 44 217 91 11
Fax: (41) 44 217 92 17
Website: www.plplaw.ch
Dr Bauer-Balmelli, a partner at Pestalozzi Lachenal Patry, specializes in corporate tax
law, international taxation, mergers and acquisitions, corporate restructuring and
banking and financial market-related tax issues.
Maja Bauer-Balmelli graduated from University of St Gall (HSG) in 1984, was
admitted as a certified tax expert in 1990 and earned a doctorate in law in 2000 with
her thesis “The tax-claim safeguarding aspect of the federal withholding tax on income
from capital investments in Switzerland” from Zurich University. Before joining
Pestalozzi Lachenal Patry in 2002 she was a long-standing partner at Andersen.
She is a lecturer for international tax law at the University of Zurich and a frequent
speaker at tax conferences and technical tax training seminars and has authored various
professional articles on international and corporate taxation, withholding taxes and
stamp taxes, as well as on various tax aspects specific to the finance market.
Dr Maja Bauer-Balmelli is a member of the Swiss Takeover Board and used to serve
for many years as a judge of the First Federal Tax Appeal Commission of the Canton
of Zurich and as a member of the board of the Swiss Tax Academy.
217
Switzerland
Walter H Boss
Blum Attorneys-at-Law
Usteristrasse 14
8021 Zürich
Switzerland
Tel: (41) 43 443 8800
Fax: (41) 43 443 8899
Website: www.blumlegal.ch
Walter H Boss, a partner of Blum Attorneys-at-Law, practises domestic and international
tax law and corporate law and has advised numerous Swiss and foreign clients with respect
to corporate restructurings, mergers and acquisitions and new ventures.
Walter H Boss graduated from the University of Berne and New York University
School of Law (LLM, tax). He was legal counsel to the Federal Tax Administration,
international department, and a delegate to the OECD Committee on Fiscal Affairs.
He was also a partner at Ernst & Young’s international services office in New York and
later at a large Zurich firm, before joining Blum Attorneys-at-Law. He was a senior
correspondent of Tax Notes International and is a regular contributor to Tax
Management International Forum as well as co-author of a commentary on the USSwiss tax treaty and a co-author of a commentary on Swiss corporate law.
Walter H Boss is a member of the Swiss and Zurich Bar Associations, the International
Bar Association, the American Bar Association, the International Fiscal Association
and a member of the tax chapter board of the Swiss-American Chamber of Commerce.
218
Switzerland
Pierre-Olivier Gehriger
KPMG
Badenerstrasse 172
CH-8026 Zurich
Switzerland
Tel: (41) 44 249 30 70
Fax: (41) 44 249 31 30
Website: www.kpmg.ch/tax
Pierre-Olivier Gehriger specializes in insurance taxation and advising foreign-owned
Swiss subsidaries and Swiss-based international groups in mergers and acquisitions,
demergers and restructuring.
He is a graduate of Hochschule St Gallen in Switzerland with Dr oec (1979).
Olivier is a member of the Swiss branch of the International Fiscal Association and of
the Tax Chapter of the Swiss-American Chamber of Commerce.
Olivier has written and spoken frequently on several tax topics. Publications he has
written include:
• “Internationale Steuerplanung mit Holdinggesellschaften, Finanzgesellschaften und
Captives”, Steuer Revue 1999;
• “Besteuerung von Captives und Steuerplanung mit Captives”, Steuer Revue 2001;
• “Holding- und Finanzgesellschaften als Instrumente der internationalen
Steuerplanung”, Archiv für Abgaberecht 2003; and
• “Praxisfragen im Zusammenhang mit Art. 15 des Zinsbesteuerungsabkommens”,
Steuer Revue 2005.
219
Switzerland
Philip Robinson
Ernst & Young AG
Bleicherweg 21
Post Office Box
CH-8022 Zürich
Switzerland
Tel: (41) 058 286 31 97
Fax: (41) 058 286 31 47
Website: www.ey.com/ch
Dr Philip Robinson is Ernst & Young’s managing partner in tax for Switzerland and a
member of the firm’s Swiss management committee. He is also the senior partner in
the Swiss indirect tax practice and actively involved in coordinating and delivering
highly specialized tax services to Swiss and international clients.
Philip Robinson’s experience as a tax adviser covers most areas of taxation important
for large corporations operating in an international environment, that is cross-border
planning, transaction support, transfer pricing and indirect tax. In the area of value
added tax, he is considered to be one of the top advisers in Switzerland.
Philip Robinson has a doctorate in history from the University of Zurich and a masters
degree in business administration and economics from the University of St Gallen. He
is a certified Swiss tax expert and regularly publishes articles, acts as a seminar speaker
and lectures at the University of Zurich. He is a member of the tax committee of the
Swiss Fiduciary Chamber and of the executive board of the Swiss branch of the
International Fiscal Association (IFA).
Philip Robinson is married and has one child.
220
Switzerland
Pietro Sansonetti
Schellenberg Wittmer
15bis, rue des Alpes
PO Box
CH-1211 Geneva 1
Switzerland
Tel: (41) 22 707 8000
Fax: (41) 22 707 8001
Website: www.swlegal.ch
Pietro Sansonetti is a tax partner in the Geneva office of Schellenberg Wittmer. His
practice focuses on domestic and international corporate tax matters, including
complex situations requiring discussions with tax authorities. He is also active on
behalf of individual clients, especially in tax issues related to partnerships and private
clients and in enforcement matters.
Mr Sansonetti is a former director of tax affairs (chief tax officer) at the Geneva Tax
Authority. He has also been chairman of the Swiss Examination Commission for Tax
Experts. He joined Schellenberg Wittmer as a partner in 1999. Mr Sansonetti lectures
regularly at international and Swiss seminars sponsored by the IFA and various Swiss
tax and law societies, as well as at the Swiss Tax Academy (Tax Expert School). He has
published on a range of tax and legal issues within his professional expertise.
Mr Sansonetti was born in 1960 in Switzerland. He graduated from the University of
Geneva School of Law in 1982. He was admitted to the Geneva Bar in 1985 and
became a Swiss certified tax expert in 1990, while a tax manager with Arthur Andersen.
He is fluent in English, French, German and Italian.
Schellenberg Wittmer is one of the leading business law firms in Switzerland with
offices in Zurich and Geneva offering the expertise and specialization of more than
100 lawyers. The firm’s core practice areas are corporate/mergers and acquisitions,
banking and finance, capital markets, tax, private capital/estate planning, and dispute
resolution. Its corporate/mergers and acquisitions practice group, one of the largest
and most specialized in Switzerland, is supported by experienced teams in tax, IP/IT,
real estate and merger control, as well as insolvency and restructuring, and is
complemented by the firm’s litigation and arbitration practice group with extensive
expertise in corporate and mergers and acquisition matters.
221
Switzerland
Peter R Altenburger (see bio)
Altenburger, Küsnacht-Zurich
Peter Athanas (see bio)
Ernst & Young, Zurich
Maja Bauer-Balmelli (see bio)
Pestalozzi Lachenal Patry, Zurich
Peter Böckli
Böckli Bodmer & Partner, Basel
Walter H Boss (see bio)
Blum Attorneys-at-Law, Zurich
Nico H Burki
Burki Attorneys-at-Law, Zurich
Yvon de Coulon
Deloitte, Geneva (see advert on inside front)
Marcus Desax
Pestalozzi Lachenal Patry, Zurich
Marco Duss
Altorfer Duss & Beilstein, Zurich
Pierre-Olivier Gehriger (see bio)
KPMG, Zurich
Pierre Gillioz
Gillioz Dorsaz & Associes, Geneva
Pierre Marie Glauser
Oberson & Partners, Geneva
Thomas Graf
Niederer Kraft & Frey, Zurich
Carl Heggli
Borel & Barbey, Geneva
Reto J Kuster
Bratschi Emch Rechtsanwälte, Bern
Stephan Neidhardt
Prager Dreifuss, Zurich
Markus Neuhaus
PricewaterhouseCoopers, Zurich
Xavier Oberson
Oberson & Partners, Geneva
Peter Reinarz
Bär & Karrer, Zurich
Peter Riedweg
Homburger, Zurich
222
Switzerland
Philip Robinson (see bio)
Ernst & Young, Zurich
Heini Ruedisuehli
Lenz & Staehelin, Zurich
Pietro Sansonetti (see bio)
Schellenberg Wittmer, Geneva
Eveline Saupper
Homburger, Zurich
Henri Torrione
Lenz & Staehelin, Geneva
223
United Kingdom
Chris Adams
Deloitte
180 Strand
London WC2R 1BL
UK
Tel: (44) 20 7007 3763; (44) 7831 548106 (mobile)
Fax: (44) 20 7007 3464
Website: www.deloitte.co.uk
Chris Adams is an international tax partner based in London. He is the national director
of Deloitte’s transfer-pricing practice in the UK with his main concentration in global
and pan-European transfer pricing, primarily for US and European MNCs. Chris also
has global responsibility within the Deloitte international tax service line for crossborder idea generation and dissemination and overall international tax knowledge.
Mr Adams has more than 20 years of international tax experience covering the gamut of
international and UK corporate tax issues. Over the last 10 years he has specialized in
transfer pricing and is credited with founding Arthur Andersen’s UK and European
transfer-pricing practices. With a strong background in cross-border tax planning, Chris
has focused his transfer-pricing work in this area. His experience covers a wide range of
industries, including extensive work in the technology, media and telecom sectors.
After gaining a doctorate at Cambridge University, Chris spent three years with the
Inland Revenue before joining a large accounting firm in 1984. He became a partner in
1991 and joined Deloitte in 2002. He is a fellow of the Institute of Chartered
Accountants.
Chris is a frequent speaker at conferences focusing on international tax planning issues
and transfer pricing. He is author of Global Transfer Pricing: Principles and Practice
(LexisNexis, 2003) and contributes the annual chapters on transfer pricing to Simons
Taxes and Tolleys Tax Planning.
He served for several years as a member of the UK Chartered Institute of Taxation’s
International Taxes Committee and is a member of the OECD BIAC Task Force on
Transfer Pricing and Stock Options.
Chris is listed in the Guide to the World’s Leading Tax Advisers and the Guide to the World’s
Leading Transfer Pricing Advisers surveys conducted by Legal Media Group and as a
leading UK tax adviser in the International Tax Review survey.
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United Kingdom
Mark Atkinson
Deloitte
180 Strand
London WC2R 1BL
UK
Tel: (44) 20 7007 3797
Fax: (44) 20 7007 3464
Mark Atkinson is a tax partner and leads the Deloitte & Touche UK transfer-pricing
group. He has 12 years’ experience as a full-time UK transfer-pricing specialist. This has
included working both for the UK Inland Revenue international division as a senior
investigator on some of the division’s largest transfer-pricing cases and as a professional
adviser assisting clients in strategic planning, the preparation of transfer-pricing
documentation and defending transfer prices from challenge by Revenue authorities. He
has had experience with a wide variety of large European transfer-pricing planning
projects and works closely with clients and other tax and business consultants on aspects
such as the implementation of commissionaire structures, securitizations and the
movement of risks and intangibles to reflect business change. His clients have included
Japanese, European and US multinational corporations in a wide range of industries.
The Deloitte & Touche UK transfer-pricing group is a key part of Deloitte’s global
transfer-pricing practice. The UK group consists of more than 50 specialists from a
variety of international backgrounds, including economists, business analysts,
accountants, revenue inspectors and industry experts. The senior members of the
group (many of whom are listed in this publication) specialize in one or more of the
following areas: advance-pricing agreements and competent authority referrals,
financial services, pharmaceuticals, telecommunications, business transformation and
global earnings mobility, transfers of intangibles, and funding and thin-capitalization.
Mr Atkinson is co-author of International Transfer Pricing – A Practical Guide for Finance
Directors, published by Financial Times Management, and is a frequent speaker at
seminars. He is well known as a specialist in his field.
225
United Kingdom
Terry Awan
Deloitte
Athene Place
66 Shoe Lane
London EC4A 3BQ
UK
Tel: (44) 20 7007 1817
Fax: (44) 20 7007 1067
Terry Awan has been working as a tax professional for over 27 years, having joined the
London office of Arthur Andersen in 1977. He has, from an early stage in his career,
specialized serving global businesses and in this context spent a year in the Chicago
office of Arthur Andersen as part of an international exchange programme. He has
been a partner since 1985.
Terry serves a range of multinational clients, with particular focus on the private equity
and consumer business sectors. He heads up the UK firm’s private equity industry
team and is a member of the tax executive responsible for clients and markets.
Specializing in cross-border mergers, acquisitions, reorganizations, disposals,
financing and related capital flows, including capitalizations and repatriations, Terry is
a key figure with Deloitte’s leadership team.
226
United Kingdom
Richard A Boykin
KPMG
1-2 Dorset Rise
London EC4V 8EN
UK
Tel: (44) 20 7311 3379
Fax: (44) 20 7311 2850
Dr Richard (Dick) Boykin is KPMG’s Executive Partner for Global Markets, Tax,
working out of the firm’s London office. He also serves KPMG’s clients, primarily in
the US and Europe, as a transfer pricing adviser.
Prior to assuming this role, Dr Boykin was Managing Principal of KPMG’s International
Corporate Services (ICS). ICS includes international tax, transfer pricing, valuations,
trade and customs, and KPMG’s International Tax Centers of Excellence. He has also
managed the firm’s Global Transfer Pricing Services (GTPS) group. GTPS comprises
about 300 economists, lawyers and tax and financial professionals located in various
KPMG offices in the United States, Europe, and Asia-Pacific.
Before joining KPMG, Dr Boykin worked for a large economic consulting firm where
he provided consulting services and expert testimony on price, cost and labour market
issues, and managed the econometric modelling and forecasting efforts for key
products and engagements. He also taught graduate and undergraduate courses at the
University of Maryland, including microeconomics, macroeconomics, industrial
organization, time series statistical methods and strategic planning.
Dick’s experience in transfer pricing includes managing KPMG’s litigation support
efforts in several substantial inter-company pricing cases, dozens of transfer price
planning and documentation projects, and the valuation of intangible assets in the
food, apparel, electronics, scientific instruments, hotel, restaurant and software
industries. He has written many articles on transfer pricing and is a frequent speaker
on the subject and related issues.
Dr Boykin has a PhD in Economics from the University of Maryland, where he also
obtained BSc and BA degrees (summa cum laude). He is a member of several professional
organizations for economists.
227
United Kingdom
Andrew Casley
1 Embankment Place
London WC2N 6RH
UK
Tel: (44) 20 7213 3685
Fax: (44) 20 7804 4938
Andrew is a partner with the UK firm of PricewaterhouseCoopers LLP and is based
in London. He received an honours degree in economics from Bristol University in
1987 and qualified as a chartered accountant in 1990. Originally an international tax
specialist, since qualifying he has worked in the firm’s offices in London, Budapest and
Amsterdam where he dealt with transfer pricing issues as well as regular international
tax work. On returning to London in 1995 he became a dedicated transfer pricing
specialist and has been working almost exclusively in this area ever since.
Andrew’s international experience covers both commercial and tax issues across
Europe in a range of different industries. He has worked on a number of commercial
restructuring projects, acquisitions and privatization deals; he has managed large scale
international tax planning projects for a number of multinationals based in a range of
different countries; and he has hands on experience of negotiating with the tax
authorities in the UK and abroad. Andrew focuses on both transfer pricing project
work, including advance pricing agreements, and tax audit defence work.
Andrew is a regular contributor to a number of publications including the Tax Planning
International Review and the IBFD’s International Transfer Pricing Journal.
228
United Kingdom
Annie Devoy
Southwark Towers
32 London Bridge Street
London SE1 9SY
UK
Tel: (44) 20 7212 5572
Fax: (44) 20 7212 5452
Annie is a partner with the UK firm of PricewaterhouseCoopers and is based in
London. She has an MA in jurisprudence from Oxford University and qualified as a
chartered accountant in 1988. Annie, who has worked for the firm in London and New
York, has an international tax background, specializing in transfer pricing for the last
10 years. She has extensive experience across a wide range of sectors. Annie leads large
global transfer pricing planning assignments for multinationals, advance pricing
agreement negotiations and defence projects.
Annie leads the firm’s financial services transfer pricing practice and works with banks,
insurance companies and investment management operations to develop, plan and
defend their approach to transfer pricing. She advises on the effective and pragmatic
implementation of pricing strategies.
Annie speaks at conferences around the world on transfer pricing law and practice, and
on the OECD’s pricing and branch profit attribution initiatives.
229
United Kingdom
Fred R Gander
Dewey Ballantine
One London Wall
London EC2Y 5EZ
UK
Tel: (44) 20 7456 6021
Fax: (44) 20 7456 6001
Fred Gander is a member of Dewey Ballantine’s management committee. He specializes
in international tax matters and is the managing partner of Dewey Ballantine’s London
office. Mr Gander is a certified public accountant as well as a lawyer. He has been
resident in the firm’s London office since 1991, prior to which he was in the Washington
office from 1986.
Mr Gander advises financial institutions and multinational corporations on the taxation
of their cross-border transactions and business operations. In particular, he assists several
multinational corporate groups in implementing cross-border structured financing and
derivatives transactions; creating centralized treasury and foreign exchange management
centres in Europe; developing tax-efficient profit repatriation strategies; and structuring
cross-border reorganizations, joint ventures, mergers, dispositions and acquisitions.
Mr Gander also advises several multinational corporations with respect to a wide range
of US international tax issues, including foreign tax credit utilization and planning, the
subpart F and passive foreign investment company rules, structuring US operations of
non-US based groups, international tax treaty matters and the US taxation of complex
financial products and hybrid instruments.
Mr Gander is a regular speaker at international tax conferences in Europe and the
United States.
He obtained a BS in accounting at Georgetown University in 1981, and received his JD
from Georgetown University Law Center in 1986.
230
United Kingdom
Ron Haigh
Deloitte
180 Strand
London WC2R 1BL
UK
Tel: (44) 20 7007 3783
Fax: (44) 20 7007 3430
Ron Haigh is a partner in the London office international tax group of Deloitte &
Touche. He is also global director of the Deloitte & Touche international competent
authority practice and a member of each of the International Direct Taxes subcommittee of the Confederation of British Industry, OECD’s Business and Industry
Advisory Committee and of the Confederation Fiscale Europeenne. Ron is also business
co-chair of OECD’s Transfer Pricing Experts group. He features both in Legal Media
Group’s 2001 and 2004 Guide to the World’s Leading Transfer Pricing Advisers and its 2002
Guide to the World’s Leading Tax Advisers. He is a frequent speaker and published author
on international tax matters.
Before joining Deloitte & Touche in April 2001, Mr Haigh was the deputy director of
the Inland Revenue’s international division, responsible for all business tax areas with
an international dimension, including transfer pricing, international financial matters,
residence issues relating to the corporate sector, Treasury consents under Section 765
and the UK’s controlled foreign companies legislation. In this role, he was responsible
for introducing major changes to the transfer-pricing and CFC legislation contained
in the 1998 Finance Act and for the introduction in the 1999 Finance Act of the
domestic advanced-pricing agreement process.
During his years in the international division, Mr Haigh was the UK’s competent
authority for the purposes of its double-taxation agreements in the transfer-pricing area
and played a prominent role in the renegotiation of the UK’s double-taxation agreement
with the US. Additionally, until early 2001 and for eight years before that, he chaired the
OECD’s Working Party and its Steering Group on the Taxation of Multinational
Enterprises. This group was responsible for producing the 1995 document, Transfer
Pricing Guidelines for Multinational Enterprises and Tax Administrations and for the
discussion draft issued in February 2001 on the attribution of profits to permanent
establishments.
With a career spanning 40 years, including time with the Inland Revenue and private
practice, Mr Haigh has had over 24 years’ international tax experience at the highest
level. He now represents both UK and foreign-based multinational clients in
optimizing group structures, planning transactions with international implications,
advising on advance-pricing agreements, and in building and conducting defence
strategies, including ensuring adequate transfer-pricing documentation. He also
advises on handling government contacts and specific negotiations – in particular,
those between competent authorities under the mutual agreement procedure of
treaties and EU Arbitration Convention – and in lobbying for change.
231
United Kingdom
Steve Hasson
1 Embankment Place
London WC2N 6RH
UK
Tel: (44) 20 7804 5393
Fax: (44) 20 7804 4449
Steve Hasson is an international tax partner in the London office of PricewaterhouseCoopers. He has over 25 years’ experience in international taxation and is a nationallyrecognized expert in his field of structuring and defending transfer pricing strategies. He
has often been recognized as one of the leading transfer pricing advisers and was recently
included in Euromoney’s Best of the Best.
Steve’s practice focuses on resolving transfer pricing controversies through direct
negotiation with tax authorities, advance pricing agreements, litigation and the use of
double tax treaty procedures.
Steve has represented a wide range of clients and has successfully negotiated conclusions
to numerous complex transfer pricing disputes and competent authority matters in the
UK. His recent cases include high-profile operations in the semiconductor and hightech sectors.
In addition to his work with large corporate clients he has worked with a number of
governments and tax authorities in emerging markets to create a satisfactory
investment climate.
Steve ran his own specialist tax consultancy for a number of years before joining a
predecessor firm to PricewaterhouseCoopers in 1991.
Steve is a regular speaker both in the UK and internationally on transfer pricing issues.
He is also a regular contributor to professional journals on emerging transfer pricing
trends and issues.
Steve is a graduate in Business Economics and is a fellow of the Institute of Chartered
Accountants in England and Wales.
232
United Kingdom
John Henshall
Deloitte
180 Strand
London WC2R 1BL
UK
Tel: (44) 20 7007 3793; (44) 20 7778 266 206 (mobile)
Fax: (44) 20 7007 4075
John Henshall is an international tax partner based in London, specializing in transfer
pricing and supply-chain reorganizations. His experience covers all aspects of crossborder planning, pricing, implementation, and tax audit defence.
Mr Henshall first engaged in business transformation work in 1991. More recently, he
has assisted companies in the FMCG, electronics, chemicals, financial, retail,
biotechnology, defence, finance and medical industries in the development and/or tax
audit defence of their tax-optimized business structures.
Mr Henshall is a leading expert in the transfer pricing of intellectual property. His
experience covers brands, business names, trade marks, patents, know-how and most
other forms of intellectual property. His work in this field includes both planning (such
as migration from UK ownership and using franchise models to optimize group tax
charge) and defence (both of licence fees or of the absence of a licence fee) for large
multinationals.
Mr Henshall’s project work includes:
• acting as lead partner on feasibility, design and implementation of several supplychain projects covering commissionaire, stripped buy-sell, contract and toll
manufacturing, contract research and development, IP licensing, franchising,
central purchasing, and shared service centres;
• tax audit defence review and advocacy;
• transfer pricing on supply-chain structures.
• experience in the telecommunications, biotech, medical device, manufacturing, oil
and gas, fast-moving consumer goods, financial, pharmaceutical, automotive and
aerospace sectors.
Training initially with the UK’s Inland Revenue, Mr Henshall went into private
practice in 1988. He is published regularly in international tax journals and is sought
for comment in articles concerning supply-chain reorganizations. Mr Henshall
submits material to the OECD on the transfer pricing and permanent establishment
issues raised by these structures. He also lectures in the UK and Europe on transfer
pricing, intellectual property taxation and business transformations. Foreign
governments (including the People’s Republic of China and the Islamic Republic of
Iran) have consulted him regarding the modernization of their approach to
international taxation.
233
United Kingdom
Andrew Hickman
KPMG
1 Puddle Dock
London EC4V 3PD
UK
Tel: (44) 20 7694 4478
Fax: (44) 20 7311 2850
Andrew Hickman leads coordination of KPMG’s global transfer pricing resolution
network, focusing on development, implementation, and documentation of transfer
pricing strategies, effective dispute resolution, elimination of double taxation through
competent authority/arbitration procedures, and managing transfer-pricing risk
through advance-pricing agreements (APAs).
Before joining KPMG LLP (UK), he was responsible for introducing and managing
HMRC’s APA programme. Andrew also acted as delegated competent authority for
negotiating with other tax administrations and seeking to eliminate under the mutual
agreement procedure of tax treaties and under the European Arbitration Convention
double taxation arising from transfer pricing adjustments. He was UK delegate at
OECD during the production of the influential OECD Transfer Pricing Guidelines
and contributed significantly to the drafting of the revised international consensus on
transfer pricing. He participates in the EU Joint Transfer Pricing Forum.
Leading the coordination of KPMG member firm colleagues internationally, he has
directed responses to transfer pricing audits, participated in numerous APAs and
competent authority negotiations and has obtained bilateral and unilateral APAs across
a range of business sectors, including engineering, automotive, electronics,
pharmaceuticals, chemicals, construction, high-tech, and financial. Countries involved
cover the UK, France, Ireland, The Netherlands, Belgium, Germany, Japan, US,
Australia and Canada.
234
United Kingdom
Erica Howard
KPMG
1 Puddle Dock
London EC4V 3PD
UK
Tel: (44) 20 7311 2549
Fax: (44) 20 7311 2850
Erica is a partner in the KPMG LLP’s (UK firm) London-based global transfer pricing
group. After being recruited to the Inland Revenue in 1987 Erica trained as an inspector
of taxes and worked on a wide range of tax issues. In 1995 she joined the Inland
Revenue’s international division and spent three years working as part of its transferpricing team.
While in the international division, Erica was involved in a number of transfer-pricing
investigations into large multi-national enterprises. She was also responsible for
advising network inspectors on transfer-pricing issues, dealing with treaty clearance
applications in respect of royalty payments to overseas associates, and writing and
presenting transfer-pricing training material.
Since her arrival at KPMG in 1998, Erica has provided a range of clients with transferpricing tax audit advice as well as providing tax input into economic reviews undertaken
by the transfer-pricing group. Erica Howard has been involved in a wide range of
transfer-pricing assignments covering Inland Revenue inquiries, advance-pricing
agreements, and preparation of documents to support international intragroup pricing.
Ms Howard has also worked closely with clients who have licensed KPMG’s Interpreter
transfer pricing software. The industries in which Ms Howard has specific experience
include the financial sector, industrial product manufacturing and distribution and retail.
Her principal focus is on transfer pricing for financial sector clients. Erica is heading up
the KPMG in the UK group responsible for responding to the draft OECD papers on
the attribution of profits to permanent establishments.
Before embarking upon a career in tax, Erica worked as a research scientist for the
United Kingdom Atomic Energy Authority.
235
United Kingdom
Charles G Lubar
Morgan, Lewis & Bockius LLP
2 Gresham Street
London EC2V 7PE
UK
Tel: (44) 20 7710 5531
Fax: (44) 20 7710 5600
Website: www.morganlewis.com
Charles G Lubar is the senior partner in the London office of Morgan Lewis. His
practice focuses on all aspects of corporate and international taxation covering
inbound investment into the UK and the US and outbound investment from the US
into Europe. He also has had extensive experience in international estate planning,
high-net-worth tax planning, and the international taxation of the entertainment
industry. Over the years he has represented many well-known names in the
entertainment industry including Michael Jackson, the Muppets, John Cleese, Duran
Duran, Ivo Pogorelich, Erich Segal, John Barry, Jane Seymour and others.
Mr Lubar has been a frequent speaker at international tax conferences and has
contributed numerous articles to various legal and tax publications. He has recently
retired after 13 years as president of the Yale Club of London and was, for 11 years, a
member of the Fulbright Commission in the UK where he chaired several committees.
Mr Lubar graduated, magna cum laude, from Yale University in 1963. He obtained his
law degree from Harvard Law School in 1966, and an LLM in taxation from
Georgetown Law Centre in 1967.
236
United Kingdom
Ben Regan
Deloitte
180 Strand
London WC2R 1BL
UK
Tel: (44) 20 7007 0603; (44) 7740 246200 (mobile)
Fax: (44) 20 7007 4075
Ben Regan is a senior manager in Deloitte’s London transfer-pricing practice. While
Ben’s main specialization is in transfer pricing, he also has a broad background in
professional services, including strategy consulting and economic consulting.
Ben has worked with UK, European and US multinationals in a wide range of industries,
with extensive experience in pharmaceuticals, healthcare, and the oil industry. Ben’s
particular interest is in the development and application of financial and economic
modelling techniques for pricing complex transactions.
Ben is the co-author with Chris Adams (who is also listed in this publication) of the
chapter on transfer pricing in Tolleys Tax Planning. He holds a doctorate from Cambridge
University.
237
United Kingdom
Chris Rolfe
1 Embankment Place
London WC2N 6RH
UK
Tel: (44) 20 7213 1198
Fax: (44) 20 7804 4449
Chris has specialized in international corporate tax issues for over 25 years and has
advised many corporations on a wide range of structuring and financing matters. His
leading position in the professional world is evidenced by his listings in both The Guide
to the World’s Leading Tax Advisers and The Guide to the World’s Leading Transfer Pricing
Advisers since these annual publications began in 1998. In a special publication Best of
the Best 2003, Chris was named as one of the top 25 transfer-pricing advisers worldwide.
As worldwide head of PricewaterhouseCoopers’ transfer-pricing services team, Chris
leads a multi-disciplinary team of lawyers, accountants and economists specializing in
transfer-pricing issues. The team helps multinational companies to deal with the issues
that arise from the ever-growing level of cross-border trade at a time when governments
are establishing increasingly complex tax law to monitor transfer-pricing policies.
A regular speaker in professional conferences, Chris has, since 1993, edited
International Transfer Pricing. The 2004 edition includes, in addition to a general
treatment of transfer-pricing issues, detailed commentary on transfer-pricing matters
in over 40 countries.
Based with PricewaterhouseCoopers in London, Chris has travelled widely on
business and has extensive experience of working overseas, having spent several years
based in Brussels and then Paris.
Chris was recently appointed as one of the 10 business members of the Joint Transfer
Pricing Forum established in 2002 by the European Union as part of its tax reform
programme.
238
United Kingdom
John Sheer
1 Embankment Place
London WC2N 6RH
UK
Tel: (44) 20 7804 5848
Fax: (44) 20 7804 4449
After graduating with a degree in economics from the University of Cambridge in 1979,
John qualified as a chartered accountant and worked for many years as an international
tax specialist. He has focused exclusively on transfer pricing since 1991. Since then he
has been one of the firm’s leading transfer-pricing partners and is listed in both The Guide
to the World’s Leading Tax Advisers and The Guide to the World’s Leading Transfer Pricing
Advisers.
John has extensive experience in all areas of transfer pricing, working with clients across
a wide range of industries. He delivers value to his clients by matching their specific
commercial realities and needs with deep economic analysis and the practicalities of
dealing with Revenue authorities. Over the years John has had to tackle several mission
impossible problems in both the dispute resolution and planning areas. These challenges
have been overcome by applying a combination of creativity, determination and hard
work – not always in that order.
John is a regular presenter at transfer-pricing conferences and seminars.
239
United Kingdom
Eric Tomsett
Deloitte
180 Strand
London WC2R 1BL
UK
Tel: (44) 20 7007 0899
Fax: (44) 20 7007 0169
Eric Tomsett has been an international tax partner in the London office of the Deloitte
Touche Tohmatsu member firm since 1983 and has more than 30 years’ experience in
taxation. He is a fellow of the Institute of Chartered Accountants and a chartered tax
adviser.
Mr Tomsett is engaged in planning international structures and cross-border mergers and
acquisitions transactions for large multinational corporations based in Asia, Europe and
the US. He specializes in tax-efficient international financial structures, intellectual
property tax planning, transfer pricing, thin capitalization and the taxation of electronic
commerce, and international telecommunication activities. Mr Tomsett is also engaged in
planning tax-efficient remuneration structures for international executives.
Mr Tomsett lectures extensively on international tax topics and has contributed many
articles to publications dealing with international taxation and international investment.
He is the general editor of the IBFD publication The International Guide to Mergers and
Acquisitions, and has written the UK chapter of the IBFD publication EC Corporate Tax
Law, the UK chapter of the Widman/Mayer Commentary on Corporate Reorganisations, and
the chapter on offshore tax planning in Simon’s Tax Planning.
Mr Tomsett is a member of the general council of the International Fiscal Association, the
chairman of the European branch of the Chartered Institute of Taxation and a member
of the Taxation Committee of the International Chamber of Commerce in the UK.
240
United Kingdom
Graham Aaronson QC
Pump Court Tax Chambers, London
Chris Adams (see bio)
Deloitte, London (see advert on inside front)
Graham J Airs
Slaughter and May, London
Mark Atkinson (see bio)
Terry Awan (see bio)
Philip Baker QC
Gray’s Inn Tax Chambers, London
Mark Baldwin
Macfarlanes, London
Susan Ball
Clyde & Co, London
Richard Ballard
Freshfields Bruckhaus Deringer, London
Tony Beare
Richard A Boykin (see bio)
KPMG, London
Guy Brannan
Linklaters, London
Andrew Bunch
Andrew Casley (see bio)
PricewaterhouseCoopers, London
Murray Clayson
Jonathan Conder
Macfarlanes, London
Peter Cussons
Annie Devoy (see bio)
Alasdair F Douglas
Travers Smith Braithwaite, London
James Duncan
Cleary Gottlieb Steen & Hamilton, London
241
United Kingdom
Steve Edge
Peter Elliott
Clifford Chance, London
Jonathan Elman
Sarah Falk
Michael Flesch QC
Douglas French
Malcolm Gammie QC
One Essex Court, London
Fred R Gander (see bio)
Dewey Ballantine, London
John Gardiner QC
11 New Square, London
Philip Gershuny
Lovells, London
Heather Gething
Herbert Smith, London
Julian Ghosh
Pump Court Tax Chambers, London
Ashley Greenbank
Macfarlanes, London
Ron Haigh (see bio)
Steve Hasson (see bio)
John Henshall (see bio)
Andrew Hickman (see bio)
KPMG, London
John Hobster
Ernst & Young, London
Erica Howard (see bio)
KPMG, London
Russell L Jacobs
Milbank Tweed Hadley & McCloy, London
242
United Kingdom
Marc CW Klerks
Loyens & Loeff, London
David Lewis
Allen & Overy, London
Charles G Lubar (see bio)
Morgan Lewis & Bockius, London
Sara Luder
James E MacLachlan
Baker & McKenzie, London
Patrick Mears
Allen & Overy, London
Nikhil Mehta
Cleary Gottlieb Steen & Hamilton, London
Philip Moss
Osborne Clarke, Bristol
Peter M Nias
McDermott Will Emery, London
John D Paton
Davis Polk & Wardwell, London
Ben Regan (see bio)
Chris Rolfe (see bio)
Yash Rupal
Linklaters, London
David R Ryder
McDermott Will Emery, London
Jonathan S Schwarz
3 Temple Gardens Tax Chambers, London
John Sheer (see bio)
Richard Stratton
Travers Smith Braithwaite, London
David Taylor
Stephen Taylor
Linklaters, London
Eric Tomsett (see bio)
243
United Kingdom
Eelco van der Stok
Jayne Vaughan
KPMG, London
John Watson
Ashurst, London
Patrick Way
Peter Whiteman QC
Hollis Whiteman Chambers, London
244
United States
A year in US international tax
The year 2006 saw the passage of the Tax Increase
Prevention and Reconciliation Act (TIPRA) and the
introduction of a slew of major tax regulatory changes and
accounting for income tax changes. The changes introduced
and proposed reflect a trend towards heightened regulatory
scrutiny, pressure for transparency and accuracy in financial
reporting, and more demanding compliance burdens, the
combination of which creates tremendous new pressures for
tax and finance departments.
The news isn’t all bad, however. TIPRA provides for a threeyear exclusion from Subpart F income for related party
dividends, interest, rents and royalties, provided the
underlying earnings of the parties are not Subpart F income.
The temporary exception will afford multinationals more
freedom to move cash among their controlled foreign corporations (CFCs) without
creating Subpart F income. However, Congress subsequently passed legislation
(awaiting the President’s signature) to add the requirement that payments also not be
attributable or properly allocable to the payor’s US effectively connected income.
Dan Lange
Deloitte
Milwaukee
The bulk of the year’s most significant developments, however, are at the regulatory
level.
FIN 48
The Financial Accounting Standards Board (FASB) issued new rules (known as FIN
48) that radically change how companies account for uncertain income tax positions in
their financial statements. FIN 48, effective for tax years beginning after December 15
2006, changes the threshold that tax benefits must meet before they can be recognized
in a company’s financial statements. FIN 48 will substantially increase the disclosure/
documentation burden on companies. The impact of FIN 48 in the international
context, where uncertainty is often the norm, will be considerable and will result in
multinationals changing the amount of their reserves for tax liabilities.
Calculation of branch income
The IRS issued highly anticipated proposed regulations governing the translation of
income of foreign branches, disregarded entities and partnerships, and the calculation of
gains/losses upon remittances from such entities where they carry out business in a
currency other than the taxpayer’s functional currency. The regulations completely alter
the prescribed approach of rules proposed in 1991, adopting a foreign exchange exposure
pool method for computing exchange gains and losses on remittances, a method that will
result in more complexity and an increased compliance burden. The proposed
regulations, however, generally provide favourable transition rules.
Interest deduction of foreign banks
Temporary regulations were issued dealing with the determination of deductible
interest expense of a US branch of a foreign bank. The regulations liberalize the
election in the branch profits tax rules to reduce US liabilities, so that the election can
be used to entirely eliminate branch profits tax liability in many instances.
Services regulations
Final and temporary regulations were issued relating to the treatment of inter-company
service transactions and the allocation of income from intangibles, as well as rules
relating to stewardship expenses. The regulations replace 1968-era guidance, and
include many changes to 2003 proposed regulations. A particularly negative effect is the
restricted definition of stewardship costs, potentially increasing the expenses that will
have to be charged out. Although the intent of the rules is to reduce the documentation
requirement burden on taxpayers, they likely will have the opposite effect.
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Foreign tax credit
Following an adverse decision of the Court of Federal Claims in the Guardian
Industries case, the IRS issued proposed regulations clarifying and amending the
technical taxpayer rule, which determines who the taxpayer is with respect to foreign
income taxes and, therefore, which person is entitled to claim credits for such taxes
under US tax law. The proposed regulations would apply, in particular, to foreign
consolidated groups, hybrid entities and reverse hybrids.
Killer B transactions
The IRS announced its intent to issue regulations that target perceived abuses of
certain triangular reorganizations involving one or more foreign corporations. Known
as Killer B transactions, such reorganizations allow CFCs or US subsidiaries of foreign
parent companies to repatriate earnings free from US tax to the parent company. The
regulations would put an end to Killer B transactions.
Allocation of foreign tax
Final regulations provide rules for properly allocating partnership expenditures for
foreign taxes. The regulations generally adopt a safe harbour, under which partnership
allocations of foreign tax expenditures will be respected if they match the partnership’s
allocation of underlying income. However, they also add many details and specific and
complex rules.
Portfolio interest
Proposed regulations were issued on the exclusion from gross income of portfolio
interest paid to a non-resident foreign corporation or alien individual, clarifying how
the 10% shareholder test in the portfolio interest rules applies.
Tax shelters
The IRS issued proposed amendments to the tax shelter disclosure regulations,
including the creation of a new transactions of interest category of reportable
transactions. Current rules impose significant penalties on taxpayers and advisers who
fail to disclose reportable transactions.
While none of the year’s developments could be described as radically altering the US
international tax landscape, taken as a whole, they undeniably add to its complexity
and mean that multinationals will need to modify certain international tax planning
strategies. It is hard to envisage this complexity decreasing in the foreseeable future,
when it is actually compounded by measures that purport to have the intent of
reducing the compliance burden.
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United States
Melvin S Adess
KPMG
303 E Wacker Drive
Chicago, IL 60601-5255
US
Tel: (1) 312 665 5704
Mel Adess is a partner in the federal tax practice and a member of KPMG’s Midwest tax
leadership. He received his BS from Northwestern University with highest distinction in
1966, majoring in accounting and economics, and passed the Illinois CPA exam in
November 1966. While at Northwestern, Mr Adess was inducted into Phi Eta Sigma
(Freshman National Honor Society), Beta Gamma Sigma (National Business Honor
Society) and Beta Alpha Psi (National Accounting Honor Society). He also won the
Haskins and Sells Award in 1966 and the State Farm Exceptional Student Fellowship the
same year. He received his JD, cum laude, from The University of Chicago Law School,
where he was a member of the Order of the Coif, and passed the Illinois Bar exam in 1969.
He joined KPMG LLP (US) in August 1999, after a 30-year career at Kirkland & Ellis,
where he was a senior tax partner and a member of the management committee for nine
years. His practice consists of foreign tax planning, inter-company transfer pricing, crossborder mergers and acquisitions, international joint ventures, contested tax matters, and
executive compensation.
Mr Adess has taught various international tax and reorganization subjects at
Northwestern University Law School, DePaul Law School, and DePaul Graduate School
of Business. In addition, he has lectured frequently at various conferences including The
University of Chicago Federal Income Tax Conference, Colorado Springs Tax Institute,
Practising Law Institute, Illinois Institute on Continuing Legal Education, Chicago Bar
Association, World Trade Institute, Tax Executives Institute, International Fiscal
Association, the George Washington University/IRS Sixth Annual Institute on Current
Issues in International Taxation, the American Conference Institute on Transfer Pricing,
and numerous other groups. Mr Adess has also published articles on a variety of technical
tax subjects.
He served as a consultant to the American Law Institute on the International Aspects of
US Income Taxation Project, which resulted in a number of important changes to the
Internal Revenue Code made by the 1986 Tax Reform Bill. Mr Adess has been included
in The Best Lawyers in America and has been listed in the International Tax Review annual
survey of leading tax advisers as among the top tax advisers in the central US.
247
United States
William J Amon
Deloitte Tax LLP
Two California Plaza
350 South Grand Avenue, Suite 200
Los Angeles, CA 90071-3462
US
Tel: (1) 213 688 3290
Fax: (1) 213 673 6733
Bill Amon is a client service partner in the Los Angeles office of Deloitte & Touche,
bringing more than 28 years of experience in corporate and international taxation to
the firm’s large multinational clients.
Mr Amon rejoined Deloitte & Touche in 1996 after 12 years as a partner at another
Big Five firm. Mr Amon began his career in Silicon Valley serving high-technology
clients, where he earned a reputation for bringing aggressive and strategic tax services
to his clients. Since rejoining Deloitte & Touche, Mr Amon has advised the firm’s most
prestigious clients on such issues as mergers and acquisitions, initial public offerings,
joint ventures, and repatriation strategies. He is the lead tax partner on a number of
Fortune 500 multinational clients. Mr Amon is a frequent speaker at firm-sponsored
seminars and conferences, and is co-author of Tax Issues for High Technology Businesses.
He is also a frequent speaker at seminars sponsored by outside organizations, including
American and California Bar association events.
Mr Amon actively participates in his profession. He is a member of the California Bar
Association, the American Bar Association, and the American Institute of Certified
Public Accountants. He is also a sub-committee member of the American Bar
Association tax committee for affiliated corporations, a member of the Entertainment
Tax Institute, and a member of the Los Angeles International Tax Forum. He was
recently selected as one of North America’s Top Tax Advisers for 1998-2000 by the
International Tax Review. Mr Amon attended the University of Santa Clara, where he
received a BS degree, with honours, and a JD, with highest honours.
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United States
Lawrence M Axelrod
Deloitte Tax LLP
555 12th Street, NW, Suite 500
Washington, DC 20004-1207
US
Tel: (1) 202 879 4969
Fax: (1) 202 220 2192
Lawrence Axelrod is a tax services principal with the Washington national tax group of
Deloitte Tax. He directs Deloitte Tax’s consolidated return practice and serves as a
technical resource for practitioners and clients with problems concerning consolidated
returns, corporate/shareholder relations and LLCs.
Lawrence also prepares comments on proposed regulations for Deloitte in his areas of
expertise, conducts the annual consolidated return public seminar (since 1985), and is an
instructor for Deloitte Tax’s in-house consolidated return training program.
Previously, as an attorney/adviser with the Legislation and Regulations Division, Office
of Chief Counsel at the Internal Revenue Service, he was assigned to drafting
consolidated return regulations, bad debt reserves for thrift institutions, and investment
tax credits for movies (1977 to 1981). His professional activities include membership of
the District of Columbia Bar; he is former chairman of the Committee on Affiliated and
Related Corporations, Tax Section of the American Bar Association and former
chairman of the Subcommittee on Consolidated Returns.
His publications include:
• “The Supreme Court, Consolidated Returns, and 10-year Carrybacks” 90 Tax Notes
1383 (March 5, 2001), cited by the Supreme Court in United Dominion v. US, 121 S
Ct 1934 (2001);
• “Issues and Uncertainties in Consolidated AMT” 305 PLI/Tax 141 (1990), cited by
the Tax Court in State Farm Insurance Co, 119 TC 342 (2002);
• “Rite Aid – Prescription for Reversal” I Mergers and Acquisitions 2 (December 2000);
• “Consolidated Returns and SLLs: Praying for Intermet’s Appeal” 81 Tax Notes 1570
(December 21, 1998);
• “Consolidated Return Intercompany Transaction Regulations: Clearly Reflecting
Income Is Clearly Not Simple” The Tax Executive (July-August 1994);
• “Section 304, Excess Loss Accounts, and Other Consolidated Return Gallimaufry”
36 Tax Notes 729 (August 17, 1987);
• “The Basis for Using E&P in Consolidated Return Basis Adjustments” 12 J Corp Tax
227 (Autumn 1985);
• “Esmark’s Tax-free Disposition of a Subsidiary: Too Good to be True?” 9 J Corp Tax
232 (Autumn 1982); and
• “The Accumulated Earnings Tax and the Deductions for Dividends in Property:
Market Value or Basis?” 4 J Corp Tax 232 (Autumn 1977).
Lawrence received his LLM in taxation from Georgetown University Law Center
(1980), his JD from USC Law Center (1975), and his BA from SUNY Stony Brook
(1971).
249
United States
J Gregory Ballentine
The Ballentine Barbera Group, A CRA International
Company
1201 F Street, NW
Suite 700
US
Tel: (1) 202 662 3800
Website: www.ballentinebarbera.com
Dr J Gregory Ballentine is widely recognized as one of the foremost experts in the
economics of taxation, transfer pricing and public finance. He is a vice-president at
CRA International and leads the firm’s transfer pricing practice. With more than 20
years of broad consulting experience, Dr Ballentine is well known for his extensive
work in obtaining advance pricing agreements and on a wide range of international
transfer pricing issues and transactions across a variety of technology and traditional
industries. He is a prominent economic litigation consultant for some of the leading
law firms in the United States, and has significant experience in presenting testimony,
preparing expert witness reports and consulting on economic lines of argument related
to transfer pricing, valuation and related economic matters.
Dr Ballentine has been chosen by Euromoney and International Tax Review as a
“World’s Leading Transfer Pricing Adviser”. He holds a PhD in economics from Rice
University.
Dr Ballentine was a co-founder of the transfer pricing consultancy The Ballentine
Barbera Group LLC, which was acquired by CRA International in May 2006.
CRA, a leading global provider of economic and financial expertise and management
consulting services, offers a full range of transfer pricing services through The
Ballentine Barbera Group, a CRA International Company.
250
United States
Herbert N Beller
Sutherland Asbill & Brennan LLP
1275 Pennsylvania Avenue, NW
Washington, DC 20004
US
Tel: (1) 202 383 0120
Fax: (1) 202 637 3593
Website: www.sablaw.com
Herb Beller has practised federal tax law in Washington since 1969, with an emphasis on
corporate and other transactional tax planning, tax controversies, IRS national office
representations and exempt organization matters. He has significant experience with tax
issues arising in connection with taxable and tax-free acquisitions, dispositions, spin-offs
and other restructurings involving both domestic and foreign entities. In the tax
controversy area, Mr Beller has negotiated settlements with IRS appeals offices
throughout the country and litigated cases at both the trial and appellate court levels. In
the exempt organizations area, he has represented numerous private foundations, public
charities and other non-profit entities on a broad range of planning and controversy
matters.
Mr Beller is a frequent speaker at federal tax institutes, conferences and other tax
programmes throughout the US. He has taught corporate tax courses at Georgetown
University Law School and authored numerous articles on corporate tax and other
subjects. From 1993 to 1996, he served as editor-in-chief of The Tax Lawyer.
In 2002 to 2003 he was chair of the American Bar Association’s Section of Taxation. He
previously served as a Tax Section vice-chair and council member, as section liaison to the
AICPA, and as chair of the section’s committees on government submissions and closely
held corporations. Mr Beller has also served as co-chair of the National Conference of
Lawyers and CPAs, a regent of the American College of Tax Counsel and a trustee of the
American Tax Policy Institute. He is a fellow of the American Bar Foundation and
president of the Tannenwald Foundation for Excellence in Tax Scholarship.
Following his graduation from Northwestern University School of Law, Mr Beller served
as a law clerk for Judge Theodore Tannenwald, Jr of the United States Tax Court. Also a
CPA, he is listed in The Best Lawyers in America, Chambers USA, The International Who’s
Who of Corporate Tax Lawyers and Euromoney’s US Best of the Best (tax).
252
United States
Henry J Birnkrant
Alston & Bird LLP
The Atlantic Building
950 F Street, NW
US
Tel: (1) 202 756 3319
Fax: (1) 202 654 4929
Website: www.alston.com
Mr Birnkrant is a member of Alston & Bird and co-chairs its tax section. His practice is
focused on transfer-pricing matters and US taxation of various types of domestic and
cross-border transactions.
Mr Birnkrant has resolved numerous transfer-pricing disputes with the IRS at the
examination and appeals levels. His practice has also included securing competent
authority relief from transfer-pricing adjustments initiated by both the IRS and foreign
tax authorities. He helped to develop the APA programme by filing a request for an APA
eight months before the IRS released the Revenue Procedure that created the APA
program. He is at the forefront of helping multinationals secure innovative APAs that
satisfy both their business objectives and the requirements of the tax authorities.
Mr Birnkrant also advises multinationals on minimizing the tax burden of cross-border
transactions and operations. Examples of such matters include acquisitions and
dispositions of US and foreign business operations, structures for the financing,
development and ownership of intangible property, and reorganization of cross-border
business operations.
Mr Birnkrant is chair of the competent authority subcommittee of the transfer-pricing
committee of the ABA Tax Section, chair of the tax treaty subcommittee of the taxation
committee of the United States Council for International Business, a member of the
board of advisers of the Journal of International Taxation, a member of the Thomson West
Tax Advisory Board, a member of the Washington International Tax Study Group, an
invited participant in the OECD Transfer Pricing Experts advisory meetings, and a
member of the American College of Tax Counsel.
He is co-author of A Practical Guide to US Transfer Pricing and author or co-author of
numerous articles on cross-border taxation and transfer pricing. He is listed in the 11th
edition of Who’s Who in American Law, the 19th edition of Who’s Who in the World, the
2005 edition of Who’s Who in America, the 4th edition of Who’s Who of Emerging Leaders
in America, Euromoney Legal Media Group’s Best of the Best 2005, Euromoney Legal
Media Group 2004 Guide to the World’s Leading Transfer Pricing Advisers, and the 11th
edition of The Best Lawyers in America.
Mr Birnkrant is a Phi Beta Kappa graduate of the University of Rochester, from which
he received his BA, magna cum laude, with high distinction in economics. He received his
JD from Columbia University School of Law and an LLM in taxation from New York
University School of Law. He is admitted to the District of Columbia Bar and the Bars
of the US District Court for the District of Columbia, the US Court of Appeals for the
District of Columbia Circuit, the US Tax Court and the US Court of Federal Claims.
253
United States
Kimberly S Blanchard
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
US
Tel: (1) 212 310 8799
Fax: (1) 212 310 8007
Website: www.weil.com
Kim Blanchard is a partner in Weil Gotshal’s tax department whose practice
encompasses a variety of largely international transactions involving corporate
acquisitions and mergers, internal restructurings, business formations and joint ventures.
Ms Blanchard also advises domestic, foreign and multinational clients in connection with
venture capital investment and fund formation, partnerships, real estate, executive
compensation and exempt organization issues.
Ms Blanchard has lectured and published extensively on topics ranging from
international tax planning for US businesses to the special tax issues facing foreign
persons, pension plans and other exempt investors who invest in US private equity
partnerships and in US real estate.
Ms Blanchard is currently chair of the New York State Bar Association Tax Section. As
a member of the Tax Section since 1996, she has authored several reports and has
participated in the preparation of many others. She is also active with the American
Bar Association’s international tax committees and is a member of both the Tax Forum
and the Tax Review paper and discussion groups.
Ms Blanchard holds a JD from the New York University School of Law, an MS from
the University of Wisconsin and a BA from Dartmouth College.
254
United States
David H Brockway
McKee Nelson LLP
1919 M Street NW
Suite 200
US
Tel: (1) 202 775 4121
Fax: (1) 202 775 8586
Website: www.mckeenelson.com
Mr Brockway’s career has spanned more than 30 years and he has been engaged in an
active general business tax practice, concentrating on corporate acquisitions and
dispositions, cross-border structured finance and asset-based finance transactions, and
international tax planning.
Mr Brockway is a former chief of staff of the Joint Committee on Taxation of the US
Congress, serving from 1983 to 1987. In that capacity, he had overall responsibility for
the activities of the staff in the formulation of congressional tax policy, legislative drafting
and revenue estimating. He joined the joint committee staff in 1976 as a legislation
attorney, subsequently serving as international tax counsel and deputy chief of staff.
Mr Brockway is a member of the Bars of the District of Columbia and New York. He
has served as a member of the executive committee of the tax section of the New York
State Bar Association, the advisory board of the American Tax Institute in Europe, the
board of directors of the National Foreign Trade Council, the advisory group for the
American Law Institute Project on Subchapter C, and as a consultant on the American
Law Institute project on tax treaties.
In 1998, the Tax Society of New York University presented him with its award for
outstanding achievement. He has been selected for listing in various expert guides such
as the Euromoney Guide to Leading US Tax Lawyers, the Euromoney Guide to the
World’s Leading Tax Lawyers, Who’s Who Legal, the International Who’s Who of Corporate
Tax Lawyers, and the Best of the Best Expert Guide.
Mr Brockway received his JD from Harvard Law School in 1971, and his BA from
Cornell University in 1968. He was on active duty in the US Army from 1963 to 1966.
255
United States
Peter C Canellos
Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, NY 10019
US
Tel: (1) 212 403 1241
Fax: (1) 212 403 2241
Website: www.wlrk.com
Peter C Canellos practises in the tax department of Wachtell Lipton Rosen & Katz. He
is responsible for the tax aspects of the corporate acquisitions, dispositions and financings
that constitute the firm’s major practice areas. These large and complex transactions
frequently involve multinational tax considerations.
After graduating from Columbia Law School in 1967, Mr Canellos clerked for the
honourable Judge Charles D Breitel of the New York Court of Appeals and was a
Fulbright scholar at the University of Amsterdam in the Netherlands. Mr Canellos has
served as chairman of the New York State Bar Association Tax Section, and is a
frequent writer and lecturer on tax matters. His published articles include
“Contingency and the Debt/Equity Continuum” (with Deborah Paul, Journal of
Financial Products, 2002); “A Tax Practitioner’s Perspective on Substance, Form and
Business Purpose in Structuring Business Transactions and in Tax Shelters” (SMU Law
Review, 2001); “Reasonable Expectations and the Taxation of Contingencies” (Tax
Lawyer, 1997); “Dividend Access Shares” (49th IFA Congress, Cannes, 1995); and
“Corporate Inversions and Similar Transactions” (54th NYU Annual Institute on Federal
Taxation, 1995). Mr Canellos served as general report on the subject of international
mergers and acquisitions at the 2005 congress of the International Fiscal Association.
Mr Canellos is a graduate of Columbia University, where he earned his bachelor’s
degree summa cum laude and was elected to Phi Beta Kappa. He also attended
Columbia Law School, where he was editor-in-chief of Law Review, and received his
LLB magna cum laude.
256
United States
Richard A Clark
Deloitte Tax LLP
555 12th Street, NW
US
Tel: (1) 202 879 5307
Fax: (1) 202 638 7313
Dick Clark is a principal with Deloitte. He serves as co-leader of the firm’s US
transfer-pricing team and heads the transfer-pricing group in Washington, DC. He is
a member of the firm’s global earnings mobility strategies (GEMS) team. Dick has
specialized in transfer pricing during his 17 years with Deloitte and has been a
professional economist for 30 years.
Dick assists multinational companies in developing inter-company pricing strategies for
tax planning and provides economic expertise in APAs, tax audits and competent
authority proceedings involving tangible and intangible property transfers and services.
Dick served as an editor-in-chief and columnist for the Journal of Global Transfer
Pricing and has published more than a dozen articles on transfer pricing. He has been
a frequent speaker on transfer-pricing issues and has served as a guest lecturer at IRS
internal transfer-pricing training. He also has been recognized in Legal Media Group’s
Guide to the World’s Leading Transfer Pricing Advisors. Recently, Dick testified in the
Superior Court of Ontario as an expert witness in transfer-pricing litigation involving
the US/Canada cross-border transactions of one of the big-three automotive
companies.
Dick holds a PhD in economics from Cornell University, an MPA from the University
of Colorado, and a BA from Cornell University.
257
United States
N Jerold Cohen
999 Peachtree Street, NE
Atlanta, GA 30309
US
Tel: (1) 404 853 8038
Fax: (1) 404 853 8806
Jerry Cohen is a partner at Sutherland Asbill & Brennan, and represents a number of US
and foreign clients in all aspects of domestic and international tax planning and
controversy matters.
Mr Cohen has been involved in planning and structuring major corporate acquisitions
and dispositions. He has successfully litigated federal and state tax cases and has handled
numerous matters before the Internal Revenue Service, state revenue departments and
the Treasury Department. Mr Cohen has also handled legislative matters for clients, has
testified on a number of occasions before the two Congressional tax writing committees
and has worked with the Joint Committee on Taxation on tax legislative matters.
In 1979, Mr Cohen was appointed by President Carter to serve as chief counsel for the
Internal Revenue Service, a position he held until 1981. That same year, he received the
Commissioner’s Award for outstanding service to the Internal Revenue Service and the
General Counsel of the Treasury’s Award for outstanding service to the Treasury
Department. He is a former chair of the Internal Revenue Service Advisory Council, of the
American College of Tax Counsel, and of the Tax Section of the American Bar Association.
Mr Cohen is a member of the board of advisers of the Virginia Tax Review, and a past
member of the Little Brown and Commerce Clearing House tax advisory boards. He
served as a member of the board of advisers of the Internal Revenue Service’s continuing
professional education programme, and as a member of the advisory group to the staff of
the Senate Finance Committee on its Subchapter C Revision Act, and is now a member
of the American Law Institute and its tax advisory board. He has served as an adviser to
the institute’s Subchapter C Project, and a consultant to its Tax Integration Project. He is
a member of the board of the American Tax Policy Institute.
Mr Cohen has published in the Journal of Taxation, The Tax Lawyer, Practicing Law
Institute publications, the journal of the American Bar Association publications and the
NYU Tax Institute publications. He has spoken at numerous tax institutes such as the
American Law Institute, Practicing Law Institute, state bar and university tax programmes.
Mr Cohen’s appointments include: Internal Revenue Service advisory counsel (1979 to
1981); chair, ABA Tax Section (1995 to 1996); chair elect, ABA Tax Section (1994 to
1995); former vice-chair and member of council, ABA Section of Taxation; chair,
Formation of Tax Policy Committee, ABA Section of Taxation (1982 to 1986); chair,
Taxation Committee, ABA Section of Litigation (1981 to 1983); chair, Corporate
Stockholder Relationships Committee, ABA Section of Taxation (1977 to 1979); vicechair, Committee on Taxation, ABA Section of Individual Rights and Human
Responsibilities (1976 to 1979); Adjunct Professor of Law, Emory University (1967 to
1976); former chair and member of the board of regents, American College of Tax
Counsel; board member, American Tax Policy Institute; former chair, International
Revenue Service Advisory Counsel; and member, board of trustees of The American Tax
Policy Institute.
Mr Cohen has been nominated by his peers for inclusion in several publications,
including Chambers USA America’s Leading Business Lawyers, Atlanta magazine’s Georgia
Super Lawyers, Guide to the World’s Leading Tax Advisers, An International Who’s Who of
Corporate Tax Lawyers, International Tax Review magazine’s Survey of North America’s Top
Tax Advisers, The National Law Journal’s List of Top Corporate Tax Lawyers, The Best Lawyers
in America, and Marquis Who’s Who in America and Who’s Who in the South and Southwest.
Mr Cohen graduated from Harvard Law School, where he was book review editor for the
Harvard Law Review.
258
United States
Robert T Cole
Alston & Bird LLP
950 F Street, NW
Washington DC 20004-1404
US
Tel: (1) 202 756 3306
Fax: (1) 202 654 4926
Bob Cole is a member of the firm’s international tax practice group, of which he was the
founding chair, and concentrates his practice on transfer pricing, tax treaties and other
international tax issues for US business operations abroad and foreign business
operations in the US.
Mr Cole served in the US Treasury from 1967 to 1973 and was appointed its first
international tax counsel in 1971. At the Treasury he negotiated tax and other treaties for
the US, developed the US competent authority procedure for resolving issues under tax
treaties, and led the development of the rules for the allocation of expenses in crossborder situations.
In his transfer pricing and general international tax practice he assists multinationals in
a variety of contexts, including: representation in competent authority proceedings
under tax treaties; representation in securing advance pricing agreements (APAs) from
the IRS and from other countries; the development and contractual implementation of
worldwide transfer-pricing systems; advising on transfer-pricing issues in connection
with mergers and acquisitions and spin-offs; advising and implementing cost sharing
arrangements; advising on the self-compliance and documentation process needed to
avoid transfer-pricing penalties in the US and other countries; counselling with respect
to US and foreign tax audits; representation in other administrative dispute resolution
proceedings; lobbying on regulations, on tax treaties and agreements, and on legislation.
Mr Cole has participated in hiring and training some of the best international tax lawyers
in the country, many of whom continue to work closely with him at Alston & Bird. He
has developed close working arrangements with tax professionals and tax officials in
other counties, enabling him and his colleagues to provide seamless representation on
international transactions.
Mr Cole is the editor and principal author of Practical Guide to US Transfer Pricing
published by Matthew Bender; a co-author of the Tax Management (BNA) Portfolio on
“Income Tax Treaties – Administrative and Competent Authority Aspects”. He is listed
in Who’s Who in America and similar publications.
Mr Cole received a LLB, magna cum laude, in 1956 from Harvard Law School where he
was an editor of the Harvard Law Review; a BS (Econ), in 1953 from the Wharton
School; and an Academic Postgraduate Diploma in Law in 1959 from the London
School of Economics. He is a member of the American College of Tax Counsel, the
Council of the USA Branch of the International Fiscal Association; a past vice-chair of
the Tax Committee of the National Foreign Trade Council and a member of the Tax
Section of the American Bar Association.
He is admitted to practise in the District of Columbia (1972) and New York (1956).
259
United States
Peter J Connors
Orrick, Herrington & Sutcliffe LLP
666 Fifth Avenue
New York, NY 10103
US
Tel: (1) 212 506 5120
Fax: (1) 212 501 5151
Website: www.orrick.com
Peter Connors is a partner in the New York office of Orrick Herrington & Sutcliffe. His
practice focuses on cross-border transactions, particularly those involving banks and
insurance companies. He also has extensive experience in related areas of tax law,
including asset securitization, financial transactions, and corporate acquisitions. He
regularly represents issuers of complex financial instruments, derivative products and
CDOs.
Mr Connors’ holds a number of leadership positions in the tax bar including:
American Bar Association, Section of Taxation, member of council, 2005 to the
present; chair, Government Submissions Committee, 1997 to 1999; chair, Financial
Transactions Committee, 1990 to 1992; member, Tax Shelter Task Force, 2005 to the
present; International Fiscal Association, member of council, 2006 to the present;
New York State Bar Association, executive committee, 2006 to the present; and
American College of Tax Counsel, fellow, 2002 to the present. In addition, he was the
recipient of BNA Tax Management’s 2004 distinguished author award (foreign).
A prolific author, Mr Connors is a frequent lecturer for a variety of major
organizations, including the IFA, and has published over 100 articles and reports on
tax planning subjects. He is a co-author of BNA TM Portfolio 543 (The Mark to
Market Rules of Section 475) and the author of BNA TM Portfolio 909-3d (The
Branch-Related Taxes of Section 884). He is the principal author of the New York
State Tax Association Report on Section 954(c)(6). He is also editor, special industries,
of the Journal of Taxation.
Mr Connors received an LLM from New York University School of Law, a JD from
the University of Richmond, and a BA from Catholic University where he was a
member of Phi Eta Sigma. Prior to joining Orrick, Mr Connors was a partner at Baker
& McKenzie and a principal in Ernst & Young’s international tax services office.
260
United States
Philip C Cook
Alston & Bird LLP
One Atlantic Center
1201 West Peachtree Street
Atlanta, GA 30309-3424
US
Tel: (1) 404 881 7491
Fax: (1) 404 881 7777
Washington office:
950 F Stsreet, NW
US
Tel: (1) 202 756 3300
Philip Cook is deputy managing partner of Alston & Bird and practises in the Atlanta
and Washington offices. He is a member of the Federal Income Tax Group and
concentrates his practice on federal tax and Erisa controversies.
Philip is a nationally prominent tax litigator with broad experience representing clients
in major disputes with the Internal Revenue Service – often taking the lead in litigating
recurring industry issues. He has handled significant tax controversy matters for banks
and other financial institutions and his clients include many of the best known financial
institutions in America. Philip successfully represented clients in the telecommunications industry in a major recurring industry tax issue for wireless communications
companies. He also has an active Erisa litigation practice representing plan sponsors
and corporate fiduciaries in Iitigation against the IRS, DOL, PBGC and private classaction plaintiffs.
Philip is a frequent speaker at national tax conferences and seminars and has published
dozens of articles on a wide array of tax topics. He is a member of the board of editors
of Mergers and Acquisitions, the Monthly Tax Joumal and The Joumal of Taxation of
Financial Institutions. He has served as chair of the Committee on Banking and Savings
Institutions of the American Bar Association tax section, chair of the tax section of the
state Bar of Georgia, chair of the tax section of the Atlanta Bar Association, president
of the Atlanta Tax Forum, and president of the Southern Employee Benefits
Conference. He is also a fellow of the American College of Tax Counsel, and a member
of the American Law Institute. He is Iisted in The Best Lawyers in America and Guide to
the World’s Leading Tax Lawyers.
Philip led the Alston & Bird team that investigated Enron’s tax transactions as part of
the examiner’s investigation. He testified before the Senate Finance Committee about
this investigation.
Philip has been active in management of the firm throughout his career. Prior to his
appointment as deputy managing partner in 2001, he served as the long-time leader of
the tax section of the firm. He also has served two terms on the partners’ committee
(executive committee) of the firm, and served as chair of the committee during each
term.
Philip received a JD, cum laude, from Harvard University and a BS, with honors, from
the Georgia Institute of Technology. Prior to joining Alston & Bird in 1972, he served
as a law clerk to The Honorable Lewis R Morgan at the US Court of Appeals for the
Fifth Circuit. He is admitted to practice in the District of Columbia, Georgia.
261
United States
William Dodge
Deloitte Tax LLP
555 12th Street, NW
US
Tel: (1) 202 879 5610
Fax: (1) 202 638 7313
William Dodge is a partner with Deloitte Tax, and director of the global and US
transfer-pricing team. He has worked in New York, London and Tokyo, where he served
many of the firm’s largest US and non-US clients. His industry experience includes the
pharmaceutical, chemical, telecommunications, automotive, electronic components and
finished goods, and consumer product sectors.
While in Tokyo, Mr Dodge worked extensively in transfer pricing, both with respect to
Japanese companies investing in the United States and US and European corporations
operating in Japan. Mr Dodge managed a special study carried out for a consortium of
Japanese trading companies and, following the study, prepared their submission for
public hearings. He then represented them in private meetings with the IRS concerning
US transfer-pricing regulations.
Since his return to the United States, he has worked exclusively in transfer pricing,
including planning and documentation studies, audit defence, competent authority and
advance-pricing agreements. He managed a US-Japan competent-authority proceeding
involving the use of secret comparables for an automotive industry company. Mr Dodge
recently managed an engagement in which the firm’s Washington and Tokyo transferpricing teams assisted an industry coalition of multinational companies in devising
defence strategies against transfer-pricing audits by the tax authorities in Japan.
Before his Tokyo assignment, Mr Dodge was the partner in charge of the US
corporate tax group in the London office, where he was responsible for tax services to
many significant foreign-based multinationals investing in the United States.
Mr Dodge has been selected for inclusion in the 2002, 2004 and 2006 editions of the
Guide to the World’s Leading Transfer Pricing Advisers, has been published in
Euromoney’s International Tax Review, and was selected for the 2003, 2005 and 2007
editions of the Guide to the World’s Leading Tax Advisers. Mr Dodge is a member of
the BNA Tax Management board of advisers (transfer pricing) and a regular speaker at
seminars. His publications in professional journals include: Kokusai Zeimu
(International Taxation), Walganjose (The Korean Tax Monthly Journal), BNA’s
Transfer Pricing Report, IBFD International Transfer Pricing Journal, Tax Notes
International, BNA Tax Management Portfolio 891 (chapter 12 of Transfer Pricing:
Records and Information), Transfer Pricing – An International Guide (International
Tax Review), Journal of Taxation, and Intertax.
Mr Dodge holds a masters degree in accountancy (tax) from the University of Georgia
and a BA in accounting and history from Walsh College.
262
United States
Maurice Emmer
Deloitte Tax LLP
225 W Santa Clara St
San Jose, CA 95113
US
Tel: (1) 408 704 4418
Fax: (1) 408 704 8417
Maurice Emmer is a principal in the international tax practice of Deloitte. He is a
member of the Washington national office and is based in the firm’s San Jose,
California office. Mr Emmer is the leader of the firm’s global earnings mobility
strategy (GEMS) practice and the tax-aligned supply chain (TASC) practice, and, as
such, assists multinational enterprises in identifying and implementing strategies for
minimizing global taxation, principally in connection with intellectual property and
business process and supply chain transformations.
For 23 years before joining Deloitte & Touche, Mr Emmer practised law in Baker &
McKenzie’s international tax group where he represented both domestic and foreign
multinational organizations in tax matters, including substantial tax controversies. His
clients are engaged in such diverse industries as retail, motor vehicles, motion picture
and other entertainment enterprises, computers and computer storage systems,
semiconductors, software, e-commerce, consumer electronics, medical products and
devices, biotechnology and pharmaceuticals, natural resources, commercial real estate
development, marine exploration, and venture capital. Mr Emmer has resolved many
important and sensitive tax controversy matters for clients.
In recent years, Mr Emmer has been selected by the International Tax Review as one of
the most prominent tax advisers in the western United States. He is featured in the
Guide to the World’s Leading Tax Advisers, appears in Strathmore’s Who’s Who in the
United States, and has been selected as a life member of the National Registry of Who’s
Who, published in the 1999 edition. Euromoney also has selected Mr Emmer for its
Guide to the World’s Leading Transfer Pricing Advisers on several occasions.
Mr Emmer is a 1978 graduate of the University of Chicago Law School and a 1969
graduate (BS degree in accounting) of the Wharton School of Finance and Commerce,
University of Pennsylvania.
263
United States
David L Forst
Fenwick & West LLP
Silicon Valley Center
801 California Street
Mountain View, CA 94041
US
Tel: (1) 650 335 7254
Fax: (1) 650 938 5200
Website: www.fenwick.com
David L Forst is included in Legal Media Group’s Guide to the World’s Leading Tax
Advisers and was named one of the top tax advisers in the western US by the International
Tax Review.
Mr Forst’s practice focuses on international corporate and partnership taxation. He is
an editor of and regular contributor to the Journal of Taxation, having published articles
on, among other topics, international joint ventures, international tax aspects of
mergers and acquisitions and the business purpose and economic substance doctrines.
He is a lecturer at Stanford Law School on international tax, and a regular chair and
speaker at tax conferences, including the NYU Tax Institute, the Tax Executives
Institute, and the International Fiscal Association.
Mr Forst received his JD, with distinction, from Stanford Law School, and his AB, cum
laude, Phil Beta Kappa, from Princeton University’s Woodrow Wilson School of
Public and International Affairs.
264
United States
James P Fuller
Fenwick & West LLP
US
Tel: (1) 650 335 7205
Fax: (1) 650 919 0942
Mr Fuller was named a top tax adviser by Euromoney and International Tax Review. He
also appears in Euromoney’s World’s Top 25 Tax Advisers (2006).
He has spoken, or will speak, at 14 TEI chapter and national meetings this year. Mr
Fuller is the author of a widely read monthly column in Tax Notes International. He also
appears in Woodward and White’s prestigious Best Lawyers in America.
Mr Fuller is admitted and has had cases in the US Supreme Court, eight federal circuit
courts of appeal, certain federal district courts, the United States Court of Federal
Claims, and the United States Tax Court.
Mr Fuller and his firm have represented corporate clients in nearly 70 federal tax cases.
Selected federal cases include: Xilinx v Commissioner, 125 TC 37 (2005); Chrysler v
Commissioner, __ F.3d __ (6th Cir, 2006); Textron v Commissioner, 336 F.3d 26 (1st Cir,
2003); The Limited v Commissioner, 286 F.3d 324 (6th Cir, 2002); Del Commercial v.
Commissioner, 251 F.3d 210 (DC Cir, 2001); Illinois Tool Works v Commissioner, 117 TC
39 (2001); and CMI v Commissioner, 113 TC 1 (1999).
In 2006, Fenwick & West was named as “Americas Tax Litigation Firm of the Year”
and “San Francisco Tax Firm of the Year” by International Tax Review.
265
United States
Jennifer L Fuller
Fenwick & West LLP
US
Tel: (1) 650 335 7284
Fax: (1) 650 938 5200
Jennifer L Fuller is a partner with the law firm of Fenwick & West, a law firm
specializing in high technology matters. Ms Fuller practises in the firm’s Mountain View
office in California.
Ms Fuller has been included in Euromoney’s Guide to the World’s Leading Tax Advisors,
Euromoney’s Leading Lawyers in the Western US, Euromoney’s Guide to the Leading US
Tax Lawyers, and Euromoney’s World’s Best Tax Lawyers and International Tax Review’s Best
Tax Advisors in North America. Ms Fuller has served as the Northern California Chair for
the California State Bar International Tax Committee. She has spoken at and chaired
numerous seminars on international tax subjects. Articles Ms Fuller has written or coauthored have appeared in Tax Notes International magazine: “Rev. Rul. 97-48 and the
Revocation of Rev. Rul. 75-7” (1997); and in Tax Notes magazine: “The Proposed
Sections 367(a) and (b) Regulations” (1991).
Ms Fuller is admitted to practise before several circuit courts of appeals, the United States
Tax Court, and the California Supreme Court. She is a member of the California Bar and
is a California CPA. Ms Fuller received a BA in accounting from Whittier College and
was a Lowell Memorial Merit Scholar recipient. She obtained her JD from Loyola Law
School and received an LLM in taxation from Georgetown University Law Center.
266
United States
Jorge A Gross
1441 Brickell Ave - 11th Floor
Miami, FL 33131
US
Tel: (1) 305 381 7641
Fax: (1) 813 375 7168
Jorge A Gross is the partner in charge of the South Florida tax practice of
PricewaterhouseCoopers. In this role he is responsible for the management of the entire
South Florida tax practice as well as partner in charge of PwC’s Latin American tax
practice (Latax) in the US.
With over 25 years’ experience, Mr Gross provides tax and business consulting services
to many publicly traded and privately held companies in a number of industries. He
specializes in international tax and business matters relating to Latin America and has
advised some of the largest corporations in the world with respect to structuring,
financing, mergers and acquisitions and foreign tax credit and repatriation planning.
Mr Gross is a graduate of Rensselaer Polytechnic Institute in Troy, New York where he
received his BS degree in industrial management and engineering. He continued his
graduate studies in accounting and finance at the University of Miami and was certified
as a CPA by the State of Florida in 1973. He is a member of the American Institute of
Certified Public Accountants and the Florida Institute of Certified Public Accountants.
Mr Gross is a frequent speaker and author and has presented numerous lectures on Latin
American tax and business issues to such organizations as Insight, American Conference
Institute, The Counsel for International Tax Education, The Economist Conference
Series, The World Trade Institute, Comdex and Florida International University among
others. Mr Gross is also an instructor in PricewaterhouseCoopers’ continuing education
programmes in matters relating to Latin American taxation.
He has written several articles published in such leading publications as the International
Tax Review, The Tax Adviser, the Florida Bar Journal, Tax Notes International, Practical
Latin American Tax Strategies and others. He has been named five years in a row by the
International Tax Review and by Mondaq Publications as one of the leading Latin
American tax advisers in the US. Legal Media Group has also named him for four
consecutive years as one of the world’s leading tax advisers.
267
United States
Harry Gutman
KPMG LLP
2001 M Street NW
US
Tel: (1) 202 533 3044
Mr Gutman, a former chief of staff for the Joint Committee on Taxation, heads the
federal tax legislative and regulatory services group at Washington national tax. Under
Mr Gutman’s leadership, the practice gives clients immediate notification about breaking
developments in tax legislation or federal tax regulations; coordinates the early
identification of specific client issues concerning legislation, regulations, rulings, and
other administrative pronouncements; helps clients prioritize their responses to
proposed legislation and regulations; provides insight and advice to clients in
anticipation of possible legislative or regulatory changes and the impact of such changes
on client tax planning techniques; represents clients in the legislative and regulatory
process; manages the formation of industry coalitions; and conducts roundtable briefings
and discussions.
As Joint Committee Chief of Staff from 1991 through 1993, Mr Gutman was the
primary non-partisan advisor to the House Ways and Means and Senate Finance
Committees concerning the technical, economic and revenue aspects of tax legislation.
Mr Gutman also served as deputy tax legislative counsel in the Treasury Department
Office of Tax Policy. Throughout his career, Mr Gutman has counselled multinational
corporations on various implications of tax legislative change. He represented clients in
legislative and administrative matters before the Congress, the Treasury Department
and the Internal Revenue Service. Before joining KPMG LLP (US), Mr Gutman was a
partner in the Washington DC office of a large international law firm.
Mr Gutman taught at the University of Pennsylvania and Virginia Law Schools. He has
served as chairman of the Tax Policy and Government Relations Committees of the ABA
Tax Section and has been a member of the board of advisors of the NYU/IRS
Continuing Legal Education Program. He is a member of the tax advisory group of the
American Law Institute, the American College of Tax Counsel, the Taxation Committee
of the US Chamber of Commerce, and was a Trustee of the American Tax Policy
Institute. He is frequently quoted on federal tax legislative matters by The Wall Street
Journal and The New York Times, as well as in the tax press.
Mr Gutman received his undergraduate degree from the Woodrow Wilson School of
Public and International Affairs at Princeton University, a BA degree in Jurisprudence
from University College, Oxford University and his LLB from Harvard Law School.
268
United States
Steven D Harris
KPMG
345 Park Avenue
New York, NY 10154-0102
US
Tel: (1) 212 872 6718 (NY); (1) 202 533 3110 (DC);
(1) 917) 406 4425 (mobile)
Fax: (1) 212 872 5576
Steve Harris heads KPMG’s transfer-pricing practice for the eastern US, as well as the
firm’s global transfer pricing resolution (GTPR) practice. A key focus of Mr Harris’
practice is to assist clients in identifying areas of potential transfer-pricing exposure on
a global basis and identifying and implementing strategies to manage such transferpricing risk.
Mr Harris provides strategic advice in transfer pricing planning, documentation and
controversy resolution situations. His current clients represent a vast cross-section of
multinational businesses, including companies in the consumer goods, industrial
machinery, pharmaceutical, telecommunications, automotive, electronics, semiconductor
and technology sectors. He actively manages complex cases involving difficult substantive
and procedural issues through the APA and competent authority processes, resulting in
elimination of double taxation.
Mr Harris came to KPMG from the IRS APA programme, where he served as branch
chief and acting director. During his tenure, he also served as the APA coordinator for
Canadian and Japanese cases. While with the IRS, Mr Harris established IRS policy on
substantive transfer-pricing matters and managed a multidisciplinary staff of attorneys,
accountants and economists. He participated in numerous bilateral APA discussions and
negotiations with tax authorities around the world to resolve transfer-pricing disputes. He
joined the IRS in 1990 as an attorney with the IRS’s Office of Assistant Chief Counsel
(disclosure litigation), before joining the IRS Office of Associate Chief Counsel
(international) and the APA programme in 1994.
Mr Harris is a frequent global speaker and writer on transfer-pricing matters, and since
2000, he has consistently been selected by International Tax Review as a leading tax and
transfer-pricing adviser. He is a member of the American Bar Association tax section’s
Transfer Pricing Committee and the International Fiscal Association (IFA).
During his career, Mr Harris has been an attorney in private practice, an Appalachianbased oil field entrepreneur, a manager for a Texas-based multinational petroleum
producer, and a senior state energy official in Ohio and Kansas.
Mr Harris earned his JD degree and his LLM degree in taxation at Capital University in
Columbus, Ohio. He received a BA degree from Bowling Green State University, and
undertook additional studies at the University of Salzburg, Austria.
269
United States
Ronald B Harvey
KPMG LLP
345 Park Avenue
New York, NY 10154-0102
US
Tel: (1) 212 872 6729
Ron Harvey is an international tax partner in KPMG LLP (US)’s New York office. He
is also a member of the board of directors of KPMG LLP.
Mr Harvey is one of KPMG’s most experienced international tax partners. He has
assisted clients with a broad range of international tax planning initiatives, and is a
frequent speaker on international tax and treasury matters. He served for three years
as president of the International Tax Institute and is a member of the New York
Council of the International Fiscal Association, the Wall Street Tax Association and
the Tax Committee of the National Foreign Trade Council. Mr Harvey served for two
years in KPMG France’s Paris office.
Mr Harvey is a graduate of Florida State University, where he received a Bachelor of
Science degree in accounting and finance. He is a CPA in the state of Florida and is a
member of the AICPA.
270
United States
Kenneth H Heitner
767 Fifth Avenue
New York, NY 10153
US
Tel: (1) 212 310 8288
Fax: (1) 212 310 8007
Kenneth Heitner is a tax partner in the New York office of Weil Gotshal & Manges and
co-head of the firm’s tax department. He has been a partner with the firm since 1981.
Mr Heitner is a member of the New York State Bar Association, Tax Section; American
Bar Association, Tax Section; and the Association of the Bar of the City of New York. He
is a former member of the executive committee of the New York State Bar Association
Tax Section and formerly was the chairman of committees on reorganizations,
corporations, practice and procedure and net operating losses of the New York State Bar
Association Tax Section. Mr Heitner is the past president of the Tax Club. He has
authored articles for The Tax Lawyer and the Journal of Partnership Taxation. Mr Heitner
is general counsel and a member of the board of trustees of the Central Park
Conservancy.
Mr Heitner holds an LLM and a JD from New York University School of Law, and a
BA from Rutgers University.
271
United States
Kai Hielscher
Deloitte Tax LLP
c/o Deloitte, 111 S Wacker Drive
US
Tel: (1) 312 486 9336 (o) / (1) 312 375 6336 (c)
Fax: (1) 312 247 9336
Kai Hielscher is in charge of Deloitte’s life sciences global industry practice in transfer
pricing, as well as Deloitte Tax’s US transfer-pricing team, based in Chicago. Previously,
he had helped build a managing function for the transfer-pricing team in Japan.
He has been recognized as one of the World’s Leading Transfer Pricing Advisers for Japan
by the bi-annual Euromoney survey in 2000, as one of the World’s Leading Transfer
Pricing Advisers for the US by Euromoney in 2002, 2004 and 2006, and as a Highly
Recommended Adviser for the US in the 2003 International Tax Review survey.
Building on his tri-cultural background, Dr Hielscher has worked as project leader on
complex transfer-pricing projects for both North American and foreign
multinationals. He also serves as relationship leader for some of the organization’s
largest clients. Examples of his recent projects include:
• transfer-pricing exam defence assistance in the US and various EU and Asian
countries;
• ground-breaking profit-split-based US APAs for leading pharmaceutical companies;
• intangibles migration and supply chain restructuring projects involving Asia, Europe
and North America for various leading manufacturers of medical products; and
• global documentation and planning projects for Fortune 100 companies.
Dr Hielscher has been invited to speak at, or chair, various transfer-pricing sessions in
the US, Asia and Europe at conferences sponsored by, among others, the American
Bar Association (ABA), the Tax Executives Institute (TEI), Alliance for Tax, Legal and
Accounting Seminars (Atlas), Council for International Tax Education (Cite), AIC
Conferences (Great Britain), the International Chamber of Commerce (France), and
Deloitte (US, Asia and Europe). His publications include articles in BNA’s Transfer
Pricing Report (US), Nihon Keizai Sangyou Shinbun (Japan), Kokusai Zeimu (Japan),
International Tax Review (Europe) and Süddeutsche Zeitung (Germany).
Dr Hielscher has previous work experience as a university instructor of microeconomics
at both college and graduate-school levels.
As a result of his upbringing in Japan, Germany and the US, Dr Hierscher is trilingual at the native level in each of the three country languages. He holds a doctorate
in economics from the University of Washington and conducted undergraduate
studies at the University of Tübingen, Germany.
272
United States
Nancy L Iredale
Paul, Hastings, Janofsky & Walker LLP
515 South Flower Street
Los Angeles, CA 90071
US
Tel: (1) 213 683 6232
Fax: (1) 213 627 0705
Website: www.paulhastings.com
Nancy Iredale is a partner specializing in tax controversy in the international law firm
of Paul Hastings Janofsky & Walker LLP. She has provided tax advice to international
and domestic clients in all types of commercial transactions, focusing principally on
international tax transactions. Among others, Ms Iredale has counseled numerous
international and domestic clients on transfer-pricing issues, has handled IRS audits
relating to transfer pricing, has negotiated advance pricing agreements, participated in
competent authority consideration, and has represented international clients in settling
and/or trying tax litigation involving transfer-pricing and other foreign and domestic
issues. She has been cited by her peers as one of the state’s most prominent tax litigators.
Ms Iredale’s litigation experience was recognized by the chief judge of the US Tax Court
when she was invited to participate in the US Tax Court Judicial Conference. Over the
last few years, she has spoken at NYU’s prestigious Tax Controversies Conference and
Georgetown University’s Tax Litigation: Civil and Criminal. She is well acquainted with
the legal personnel at the top levels of the federal taxing authorities. She was appointed
by the commissioner of the Internal Revenue Service to the Advisory Group for the
commissioner of the Internal Revenue Service (CAG) for the year 1990-1991.
Ms Iredale has lectured on both Section 482 and Section 6038A in the US and overseas.
She has participated in the Section 482 Regulations Task Forces of the American Bar
Association Tax Section.
Ms Iredale graduated first in her class from the School of Foreign Service of
Georgetown University, where she was elected to Phi Beta Kappa in her junior year. She
received her law degree from Yale Law School, where she published in the Review of Law
and Social Action and was a member of the Board of Governors of the Yale Legislative
Services. Beginning her tax career in Washington DC, she served as tax counsel to
Senator William Brock on the Senate Finance Committee while the committee was
writing the Tax Reform Act of 1976.
Ms Iredale has served on the Planning Committee of the USC Tax Institute since 1988.
Ms Iredale was presented the V Judson Klein award as the outstanding young tax lawyer
in the state of California. Several years ago, she completed a term as the only woman
president of the 107 year+ Jonathan Club. Recently, Ms Iredale was cited by the Los
Angeles Business Journal as one of the most powerful woman in Los Angeles law and has
often been a speaker on resolving controversies with the taxing authorities.
273
United States
Stephen M Kadenacy
KPMG LLP
KPMG Tower
Suite 2000, 355 S Grand Avenue
Los Angeles, CA 90071-1568
US
Tel: (1) 213 593 6767
Fax: (1) 213 593 6768
Mr Kadenacy is the partner-in-charge of KPMG’s economic and valuation services for
the west area, consisting of a team of professionals providing business valuation and
transfer-pricing services to KPMG’s clients in every major industry. Previously he has
been partner-in-charge of tax for the Pacific southwest area (2002 to 2005), and partnerin-charge of transfer-pricing services for the Pacific southwest area (2000 to 2002).
Mr Kadenacy began his career with KPMG in 1996 when he joined the Short Hills, NJ
office as a senior consultant, and joined the partnership in 2000. In 1997 he moved to
Los Angeles with the firm and has successfully taken on a number of leadership roles.
Prior to joining KPMG, Mr Kadenacy was an associate with Putnam Hayes and Bartlett,
an economic consulting boutique where he worked closely with Amgen Inc on a variety
of accounting and economic issues.
Mr Kadenacy has served some of KPMG’s most valued clients, including Time Warner,
IBM, Clorox, ASML, Microsoft, Insight, Viacom and many more. He possesses welldeveloped technical knowledge, a dedication to client relationship building, and strong
leadership skills.
His client experience includes:
• analysing the transfer-pricing policy of a $75 billion information technology
company, including in-depth analysis of intellectual property associated with the
company’s 26 divisions;
• assisting numerous entertainment companies with transfer-pricing policy and
documentation, including working through complex intangible asset issues common
to this industry;
• preparing intellectual property valuations for numerous companies in a variety of
industries;
• assisting a major pharmaceutical company in IP planning for a new drug release;
• assisting two diverse major entertainment and media companies with their Sarbanes
Oxley 404 compliance in the transfer-pricing area.
Mr Kadenacy is a frequent speaker on transfer pricing and related topics and has been
recognized by the International Tax Review as a leading global transfer-pricing adviser. He
is also on the board of trustees of the California Science Center in Los Angeles and a
member of the Bel Air chapter of the Young Presidents Organization.
Mr Kadenacy earned his MBA in finance from the University of Southern California,
Los Angeles. He earned his bachelor of arts degree in economics from the University of
California, Los Angeles.
274
United States
John P Kennedy
Deloitte Tax LLP
2 Hilton Court
Parsippany, NJ 07078
US
Tel: (1) 973 912 8977
Fax: (1) 973 202 4251
John P Kennedy is a partner in the northeast international tax services group and is
based in the Parsippany, New Jersey office. After starting his career in the Atlanta
office, he was assigned for three years to the US corporate tax group in London,
serving UK and foreign-based multinationals in the manufacturing, aviation, shipping,
and financial services industries.
A partner for 13 years, John consults with the firm’s largest and most complex global
clients in tax matters involving cross-border transaction planning, financing, internal
restructuring, repatriation of earnings, joint venture formation and supply chain
optimization. His principal clients are some of the world’s leading companies in the
pharmaceutical, medical device, high-technology, and other intangibles-intensive
industries.
John is a frequent speaker on mergers and acquisition topics and international tax
planning, such as those organized by the Tax Executives Institute. His commentary on,
and analysis of, tax developments has been published in many of the leading tax journals.
John graduated with degrees in English literature and history from the Honors College
at the University of Michigan, of whose advisory board he is currently a member. He also
has an MBA from Emory University. John is married and has two children.
275
United States
Kenneth H Kral
PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017
US
Tel: (1) 646 471 2759
Fax: (1) 813 329 5098
Kenneth H Kral is a tax partner in the international tax services practice of
PricewaterhouseCoopers, New York. Before joining Price Waterhouse in 1986, Ken
served as the technical advisor to the associate chief counsel of the Internal Revenue
Service in Washington, DC. Ken specializes in providing international tax consulting
services to large multinational corporations with a particular emphasis on international
tax planning both for inbound and outbound investments. Ken also has significant
experience in cross-border mergers and acquisitions. He is a frequent speaker on
international tax issues and the taxation of mergers and acquisitions. He is a member of
the American Bar Association, Tax Section, Committee on the Foreign Activities of US
Taxpayers; International Fiscal Association; and American Institute of Certified Public
Accountants; and a director and past president of the International Tax Institute.
276
United States
Felix B Laughlin
Dewey Ballantine LLP
1775 Pennsylvania Avenue NW
US
Tel: (1) 202 862 1040
Fax: (1) 202 862 1093
A partner in the Washington DC office of Dewey Ballantine, Felix Laughlin advises
corporations on tax matters and handles large-case tax controversies before the
Internal Revenue Service and the US federal courts.
For the past 30 years, Mr Laughlin has worked extensively as an advocate on behalf of
Dewey Ballantine’s corporate clients in large-case tax disputes with the IRS. He has
been the lead tax controversy adviser for a number of large US corporations, and has
handled some of the most significant tax cases litigated in recent times. In addition, Mr
Laughlin has been retained by the International Monetary Fund as a consultant on
international legal reform, and assisted the government of Indonesia in drafting new
guidelines to facilitate mergers and acquisitions there.
He recently co-hosted (with Mark Allison) a continuing legal education programme
on the IRS’s current alternative dispute resolution programmes. His most recent
published articles on tax-related topics are “Accounting Methods – Which Retroactive
‘Corrections’ Require IRS Consent?” (56 ABA Tax Lawyer 103, 2002, with Kathleen
Dale); and “The IRS Reorganization: Programs and Initiatives of the New Large Case
Division” (53 Administrative Law Review 679, 2001, with Mark Allison).
Mr Laughlin became a partner at Dewey Ballantine in 1975. In the early 1970s, he
practised in Dewey Ballantine’s New York office, and in 1974, he opened the firm’s
Washington DC office. Before joining Dewey Ballantine, Mr Laughlin served in several
senior positions in the National Office of the Internal Revenue Service, where he had
policy and technical responsibility for corporate transactions (including reorganizations,
redemptions, incorporations and liquidations) and tax accounting issues.
Mr Laughlin received his LLM degree in taxation from Georgetown University Law
Center in 1971, and a JD degree from the University of Tennessee College of Law in
1967 where he was an editor of the Tennessee Law Review. He is a past chairman of the
Tax Section of the Federal Bar Association.
277
United States
Brian E Lebowitz
Alston & Bird LLP
950 F Street, NW
US
Tel: (1) 202 756 3394
Fax: (1) 202 654 4934
Brian E Lebowitz is a member of the firm’s international tax group and its federal income
tax group.
His practice over the past 25 years has been devoted primarily to representing
corporations in both international and domestic tax matters. He has extensive experience
in international transfer pricing (including the negotiation of advance pricing
agreements), structuring business transactions of various types, the taxation of debt
instruments and other financial products, tax accounting issues, and tax valuations. In
addition to helping clients conduct their business affairs intelligently in light of their
surrounding tax environment, he assists them in improving that environment by
negotiating advance agreements or obtaining advance rulings that expand the areas
within which they can operate with relative certainty. When controversies with the IRS
or other tax administrators arise, Mr Lebowitz helps clients to resolve them. He also
advises both clients and colleagues on the application of economic analysis in tax and
other legal matters.
Mr Lebowitz has published articles on a variety of subjects. His publications include “In
Search of the Perfect Code” (Legal Times, July 5 1999, at S25) and “Transfer Pricing and
the End of International Taxation” (84 Tax Notes 1523 (1999)). The latter article was
reprinted in a Tax Management Transfer Pricing Special Report (Nov 1 2000). Mr Lebowitz
also co-wrote with two economists “Using Tax Exempt Bonds to Finance Professional
Sports Stadiums” (78 Tax Notes 1663 (1998)).
Mr Lebowitz received his JD in 1980 from Stanford Law School, where he was an article
editor for the Stanford Law Review. He also received a PhD in economics in 1977, as well
as an M Phil in 1975 and an MA in 1974, from Yale University. He earned his BA, summa
cum laude, in 1972 from Amherst College and was elected to Phi Beta Kappa in his junior
year. After law school, he clerked for the Honourable Thomas Gibbs Gee of the US
Court of Appeals for the Fifth Circuit. Before joining Alston & Bird, he practised at
Covington & Burling in Washington DC, where he was of counsel.
Mr Lebowitz is a member of the tax sections of both the American Bar Association and
the District of Columbia Bar Association and is admitted to practise before the US
Court of Appeals for the DC Circuit and the US Tax Court. He is a member of the
National Tax Association, the American Economic Association, the American Law and
Economics Association, the International Fiscal Association, and the Committee on
Taxation of the US Council for International Business.
278
United States
Marc M Levey
Baker & McKenzie LLP
805 Third Avenue
New York, NY 10022
US
Tel: (1) 212 891 3944
Fax: (1) 212 310 1644
Marc Levey is a partner in the New York office of Baker & McKenzie. He has over 25
years of experience in international taxation and is a nationally recognized expert in his
field, particularly in structuring and defending transfer-pricing strategies. He has
frequently been acknowledged by Legal Media Group as one of the world’s leading tax
advisors, and was included in the Best of the Best, global tax experts. Mr Levey has also been
recognized in the Best Lawyers in America and in New York Magazine as among “The New
York Area’s Best Lawyers.”
His practice focuses on transfer pricing and cross-border transactions and mergers and
acquisitions; tax controversies and litigation; and general corporate, international and
partnership taxation, and multinational restructurings. Mr Levey previously served as a
tax attorney with the International Tax Ruling Group of the National Office of the IRS
from 1975 to 1977. He acted as senior trial attorney with the Tax Division of the US
Department of Justice from 1977 to 1981, was the special attorney to the AttorneyGeneral of the US Department of Justice in 1982, and was formerly a partner in a bigfive firm, where he headed the transfer-pricing practice for the greater metropolitan New
York area and was member of the firm’s international task force. In addition, he was a tax
partner at a prominent New York-based law firm.
Mr Levey represents a wide range of clients in proceedings before the IRS and federal
courts and has substantial experience in handling tax controversies. He has been, and is,
tax counsel on numerous high-profile tax court cases, including Club Med Sales Inc v
Commissioner; Astra USA Inc v Commissioner; Saint Gobain Corporation et al v Commissioner;
Frette SA v Commissioner; Andres Courrage Inc v Commissioner; Framatome Connectors USA
v Commissioner; and El Paso Maquila Sales Inc v Commissioner. He has also successfully
negotiated conclusions to numerous IRS tax audits, appeals controversies, fast-track
appeals, competent authority matters and advance-pricing agreements.
He has been a featured speaker at numerous international tax seminars throughout the
world, such as Tax Executive Institute, Practicing Law Institute, International Fiscal
Association, International Tax Review, Canadian Tax Foundation, College Colegio de
Contadores de Pubicio Mexico, Counsel for Tax Education, American Bar Association,
and NYU Tax Institute. He is also the editor and author of the tax treatise US Taxation of
Foreign Controlled Business, co-author of International Transfer Pricing OECD Guidelines,
Warren Gorman Lamont treatises, the co-author of Transfer Pricing: Rules, Compliance and
Controversy, CCH Incorporated, and the co-author of “Transfer Pricing: Alternate
Practical Strategies” 890 Tax Management Foreign Income Portfolios (2001). Mr Levey has
also authored over 100 publications over the last 10 years in leading global tax publications.
Mr Levey is founding chairman of the American Bar Association’s Tax Section, Transfer
Pricing Committee, and prior vice chairman of the Affiliated and Related Tax Party
Committee, director of International Tax Institute Inc, and member of the advisory board
of numerous leading tax journals such as Journal of International Taxation, International Tax
Journal and BNA Foreign Tax Portfolio.
Mr Levey is a graduate of Wilkes University (BS economics and accounting, 1969),
University of Cincinnati College of Law (JD 1972) and the University of Miami Law
School (LLM taxation, with honours, 1973). He is a member of the New York, California,
District of Columbia, Pennsylvania and Illinois Bar Associations and the American Bar
Association.
279
United States
Patricia Gimbel Lewis
Caplin & Drysdale
One Thomas Circle, NW
US
Tel: (1) 202 862 5017
Fax: (1) 202 429 3301
Website: www.caplindrysdale.com
Patricia Gimbel Lewis is a member of Caplin & Drysdale, a 60-attorney law firm in
Washington DC that focuses on tax matters. Ms Lewis’ practice centres on international
transfer-pricing issues, competent authority matters, and other aspects of international
taxation, including tax audits and other administrative controversies. A particular
emphasis is the negotiation of advance pricing agreements (APAs) between taxpayers, the
IRS, and foreign tax authorities. In this context, she has represented US subsidiaries of
large Japanese corporations, as well as affiliates of corporations in the UK, Sweden,
Germany, Israel, and other foreign countries.
Ms Lewis co-chaired the IRS/George Washington University Annual Institute on
International Taxation for 2000 and 2001 and serves on its advisory board. Recent articles
by Ms Lewis include:
• “Play It Again, Sam – The IRS (More or Less) Finishes the Section 482 Services
Regulations” The Tax Executive (October 2006);
• “The Law of Unintended Consequences: International Implications of Section 409A”
The Tax Executive (March/April 2005);
• “What’s New? What’s Missing? The IRS Updates APA Procedures” The Tax Executive
(July/August 2004);
• “Markers and Musings on the Proposed § 482 Services Regulations” The Tax Executive
(December 2003);
• “The Final Word on Stock Options in Cost Sharing Arrangements?” Tax Management
International Journal (December 2003);
• “Option Wars: Upping the Ante for Cost Sharing Arrangements” Tax Management
International Journal (November 2002);
• “Second First? Transfer Pricing in Secondment of Personnel” The Tax Executive
(July/August 2002);
• “Cost Sharing Arrangements Come of Age” BNA Tax Management Memorandum
(2000);
• “Mining for Nuggets in the IRS APA Report” The Tax Executive (May/June 2000);
• “Now What? Collateral Consequences of Transfer Pricing Adjustments” The Tax
Executive (1995); and
• “Strategic Choices for Transfer-Pricing Controversies” The Tax Executive (1992).
She has also presented speeches on these topics to many audiences (the ITR Annual
Transfer Pricing Forum, ABA Taxation Section, and Tax Executives Institute).
Ms Lewis received her law degree (JD cum laude) from Harvard Law School in 1971. In
the same year she also received an MBA, with high distinction, from the Harvard
University Graduate School of Business Administration, where she was a Baker Scholar.
Her undergraduate degree is from Wellesley College.
Ms Lewis is a fellow of the American College of Tax Counsel, the American Bar
Foundation, and the American College of Employee Benefits Counsel. She served on the
IRS Commissioner’s advisory group from 1994 through 1996. Ms Lewis co-chaired the
DC Bar Taxation Section from 1992 through 1995, and has been a regular participant in,
and co-drafter of, various projects of the ABA taxation section’s foreign committees on
matters such as the section 482 regulations, advance pricing agreements, competent
authority procedures, cost-sharing agreements and penalties.
280
United States
Jerome B Libin
US
Tel: (1) 202 383 0145
Fax: (1) 202 637 3593
Jerry Libin is the firm-wide chair of the 80-lawyer tax group at Sutherland Asbill &
Brennan LLP. He handles matters involving virtually every aspect of domestic and
international corporate taxation for a broad range of US and foreign clients. His principal
areas of concentration are tax controversy, tax planning (including transfer pricing),
corporate acquisitions, dispositions and restructurings, and financial transactions
involving domestic and/or international tax considerations. Mr Libin has successfully
litigated a number of important federal tax cases. He also handles constitutional
challenges to state tax statutes.
Mr Libin has extensive experience in dealing with the Treasury Department in matters
such as the revision of proposed regulations and the negotiation of tax treaty provisions.
He has handled legislative matters involving presentations to the Congressional taxwriting committees and the Joint Committee on Taxation. As a consultant to the
American Law Institute International Tax Study Project, Mr Libin participated in the
development of a number of international tax proposals that became part of the Internal
Revenue Code of 1986. He has also served as an informal adviser to the staff of the Senate
Finance Committee.
From 2001 to 2005, Mr Libin was president of the 10,000-member International Fiscal
Association (IFA), the largest professional organization in the world devoted exclusively
to the study of international tax matters. He is currently a member of the executive
committee of the US branch of IFA. Mr Libin has also served as a member of the council
of the Tax Section of the American Bar Association and as chair of its Special Committee
on Standing to Sue, Committee on Integration, Special Projects Committee and
Globalization Task Force. A past chair of the Taxation Division of the District of
Columbia Bar; he is also a fellow of the American College of Tax Counsel and a master
of the bench of the J Edgar Murdock American Inn of Court, the only inn of court
dealing with federal tax matters. He has been a professorial lecturer on advanced
corporate taxation at the George Washington University National Law Center. He is a
frequent speaker at tax programmes and a contributor to tax periodicals.
Mr Libin is listed in the Best Lawyers in America, the Guide to the World’s Leading Tax
Advisers, Chambers USA – America’s Leading Business Lawyers, Chambers Global – World’s
Leading Lawyers, the International Tax Review World Tax Guide, and various other
publications listing prominent tax practitioners.
Mr Libin graduated from University of Michigan Law School, where he was editorin-chief of the Law Review. Before joining the firm in 1961, he served as a law clerk to
Associate Justice Charles E Whittaker of the United States Supreme Court.
281
United States
John B Magee
McKee Nelson LLP
1919 M Street, NW
Suite 200
US
Tel: (1) 202 775 8671
Fax: (1) 202 775 8586
Mr Magee focuses on tax controversy and international tax issues, including transfer
pricing. He has extensive experience in all aspects of income tax planning, Internal
Revenue Service administrative proceedings, and tax litigation. Mr Magee has tried cases
in the US Tax Court, the US Court of Federal Claims, and the US district courts.
Before joining McKee Nelson in January 2000, Mr Magee was a partner in the DC law
firm Miller & Chevalier.
Mr Magee has spoken extensively in a variety of tax forums. He is an adjunct professor
in the graduate tax programme of the Georgetown Law Center, teaching “International
Transfer Pricing: Theory vs Practice”.
Mr Magee received an LLM in taxation from the Georgetown University Law Center
in 1977 and a JD in 1972 from the University of Washington School of Law, where he
served on the law review and received the Order of the Coif distinction. He received a
BA from Pomona College in 1966.
Mr Magee has been named one of the world’s leading practitioners in the field of
taxation by Chambers Global – The World’s Leading Lawyers for Business since 2001 and
Chambers USA – America’s Leading Lawyers for Business since 2002. He has been listed
in The Best Lawyers in America for the past 10 years.
Representative cases in which Mr Magee has served as either lead counsel or a
principal participant include:
• BF Goodrich Co v United States, Docket No 5:98CV0846 (ND Ohio) (COLI);
• Boeing Co v United States, 98-2 USTC ¶50,722 (WD Wash 1998), rev’d, 123 S Ct
1099 (2003), aff’g 258 F3d 958 (9th Cir 2001)(DISC/R&D);
• The Dow Chemical Company v United States, 250 F Supp 2d 748 (ED Mich 2003),
appeal pending 6th Circuit;
• Exxon Corp v Commissioner, 66 TCM (CCH) 1707 (1993) (§482, transfer pricing);
• Exxon Corp v United States, 931 F2d 874 (Fed Cir 1991) (bad debts);
• General Electric Co v Commissioner, Tax Ct No 14715-92 (R&D);
• GlaxoSmithKline Holdings (Americas) Inc v Commissioner, 117 TC 1 (2001) (§482
preservation of testimony);
• GlaxoSmithKline Holdings (Americas) Inc v Commissioner, US Tax Court Docket No
005750-04 (§482);
• Host Marriott Corp v United States, 267 F3d 363 (4th Cir 2001)(§172(f)); and
• Weyerhaeuser Co v United States, 92 F3d 1148 (Fed Cir 1996) (timber loss).
282
United States
Carlyn S McCaffrey
767 Fifth Avenue
New York, NY 10153
US
Tel: (1) 212 310 8136
Fax: (1) 212 310 8007
Carlyn McCaffrey is a partner and co-head of Weil Gotshal & Manges’ trusts and
estates department and an adjunct professor of law at New York University School of
Law and at the University of Miami School of Law. She received her LLB and her
LLM from the New York University School of Law.
Mrs McCaffrey is a fellow and a past president of the American College of Trust & Estate
Counsel, a fellow and regent of the American College of Tax Counsel and a member and
past vice-president of the International Academy of Trust & Estate Counsel. In addition,
Mrs McCaffrey is a former member of the council of the Real Property Probate and Trust
Section of the American Bar Association, a current representative of the section on the
Joint Editorial Board for Uniform Trusts and Estate Acts, the former chair of the section’s
Generation-Skipping Transfer Tax Committee, a member of the Tax Section of the New
York State Bar Association and the co-chair of the section’s Estates and Trusts
Committees, a member of the advisory board of Tax Analysts, and a member of the
advisory committee of the University of Miami’s Philip E Heckerling Institute on Estate
Planning. She is a member of the New York Archdiocese Planned Gifts Bequests
Committee, a member and the secretary of the board of directors of the Catholic
Communal Fund, a member of the board of trustees of Blythedale Children’s Hospital, a
member of the board of directors of the Breast Cancer Research Fund, the chair of the
Central Park Professional Advisory Committee, a member of The Metropolitan Museum
of Art’s Professional Advisory Council, a member of The Museum of Modern Art’s
Planned Giving Advisory Committee, and a member of the Professional Advisors Council
Committee of Lincoln Center for the Performing Arts, Inc.
Mrs McCaffrey frequently lectures on subjects relating to tax law, trusts and estates,
foreign trusts and matrimonial law. She also writes extensively on these topics, and is
the co-author of Structuring the Tax Consequences of Marriage and Divorce.
283
United States
William S McKee
McKee Nelson LLP
1919 M Street, NW
Suite 200
US
Tel: (1) 202 775 8580
Fax: (1) 202 775 8586
Mr McKee is one of the founding partners of McKee Nelson. His practice encompasses
all areas of federal taxation, with a special emphasis on partnership taxation.
Mr McKee served as tax legislative counsel at the US Treasury Department from 1981
to 1983. He is a member of the American Law Institute, the American College of Tax
Counsel, and the National Institute for Tax Professionals.
Mr McKee was a law professor at the University of Virginia School of Law from 1969
to 1981. He also was a visiting professor in the graduate tax programme at the New York
University School of Law from 1975 to 1977.
He is co-author of Federal Taxation of Partnerships and Partners (Warren, Gorham &
Lamont, 3rd edition, 1997), and Federal Taxation of Partnerships and Partners: Structuring
and Drafting Agreements (Warren, Gorham & Lamont, 2nd edition, 1993). Mr McKee is
a frequent speaker at seminars around the country on partnership taxation and has
written numerous articles.
A 1966 cum laude graduate of Yale University, Mr McKee received a JD, magna cum laude,
in 1969 from the Harvard Law School, where he was an editor of the Harvard Law
Review.
Mr McKee has been named one of the world’s leading practitioners in the field of
taxation by Chambers Global – America’s Leading Lawyers for Business since 2000 and
Chambers USA – America’s Leading Lawyers for Business since 2002. He has been listed in
The Best Lawyers in America for the past 20 years.
284
United States
Philip D Morrison
Deloitte Tax LLP
555 Twelfth Street, NW, Suite 500
US
Tel: (1) 202 879 4977
Fax: (1) 202 661 1095
Philip D Morrison is a principal with Deloitte Tax in Washington DC. He leads Deloitte’s
international tax quality control function. Mr Morrison has over 25 years of experience as
a tax lawyer, with the last 17 years exclusively in international tax, including inbound and
outbound planning, treaty issues, transfer pricing and controversy work. He joined
Deloitte in 1999, and was previously a partner at Baker & McKenzie.
Mr Morrison provides tax planning and compliance advice to international tax
practitioners in Deloitte offices across the country and around the world, and to their
clients. As leader of the international tax quality function, he leads the committee that
determines the firm’s positions on US international tax questions. He also contributes to
the Washington office’s work to develop or refine international tax planning strategies,
provide training and information on international tax, and act as a liaison with the
government.
Mr Morrison served from 1989 to 1992 as the US Treasury’s international tax counsel, the
US government’s chief legal adviser on international tax matters (including international
tax legislation and regulations), and chief negotiator of tax treaties and director of the
Office of International Tax Counsel. He also represented the US at the OECD and other
multilateral tax forums. Earlier in his career he served as counsel to the US Senate
Finance Committee.
Mr Morrison is a member of the committee on US activities of foreigners and tax treaties
of the American Bar Association tax section, the tax committee of the National Foreign
Trade Council, the International Fiscal Association, and two Washington-based
international tax study groups.
He is an honours graduate of the Harvard Law School, and graduated from Princeton
University with high honours. He has spoken and published widely on various
international tax subjects.
285
United States
Clifford E Muller
US
Tel: (1) 202 383 0207
Fax: (1) 202 637 3593
Cliff Muller practises exclusively in the area of federal tax law and concentrates
primarily on transactions with international tax implications.
Mr Muller’s practice focuses on analysing and structuring international transactions,
including acquisitions, dispositions, reorganizations, transfer pricing, repatriation
techniques, currency transactions and finance company arrangements. He is experienced
in the taxation of financial transactions, including interest rate swaps, currency swaps,
commodity swaps, debt offerings and hedging transactions. Mr Muller works regularly
with the Internal Revenue Service and Treasury Department regarding regulation
projects, formal rulings and informal advice and with Congressional Committee staffs
regarding the technical operation of statutory and bill language.
Mr Muller is a member of the American Bar Association’s Committee on Financial
Transactions and was the committee chairman for the Subcommittee on International
Financial Transactions. He is the author of numerous writings on international tax
subjects, including the BNA portfolio on Tax Aspects of Foreign Currency, and speaks
frequently before TEI, the American Conference Institute, the World Trade Institute
and other professional and trade associations. He was an associate professor of law at
the George Washington University National Law Center and taught a course entitled
“Special Problems in Corporate Taxation”, which addressed the issues involved with
taxable and non-taxable mergers, intra-group sales, consolidated returns, liquidations,
net operating loss carryovers and other corporate tax issues.
Mr Muller graduated from George Washington Law School in 1981 with high
honours, and from Bucknell University, magna cum laude, in 1978.
286
United States
Dan Munger
Deloitte Tax LLP
111 S Wacker Drive
Chicago, IL 60606
US
Tel: (1) 312 486 8930
Fax:
Daniel Munger, the leader of Deloitte Tax’s global strategies group, has more than 25
years of tax and accounting experience. His focus is on strategic international tax
planning and consulting for multinational organizations in various matters, including
mergers and acquisitions, US and local county tax planning, foreign tax credit
planning, cash utilization strategies and transfer pricing.
The Global Strategies Group (GSG), a national practice within Deloitte & Touche USA
led by Mr Munger, delivers comprehensive strategic planning to ensure long-term
sustainable effective tax rate reduction. The GSG group has assisted many US
multinationals in designing integrated tax and treasury strategic plans and executing
multi-year strategies. The approach and methodology of the GSG practice has been
successfully deployed to assist in the design and execution of large complex restructuring.
Mr Munger has served as the engagement partner on a number of large multinationals
where project management and team coordination played a key role in successful
project implementation. He has played a key role in various international think-tank
efforts and has been a contributor to the development of creative solutions. He is a
frequent lecturer on a variety of international topics and tax accounting matters with
groups such as the Tax Executives Institute, MAPI, and the World Trade Institute.
A graduate of Purdue University, Mr Munger is a member of the American Institute
of Certified Public Accountants and the Illinois CPA Society. He has served the
Chicago civic and professional community for many years.
287
United States
Mark Nehoray
Deloitte Tax LLP
350 South Grand Avenue, Suite 200
US
Tel: (1) 213 688 4104
Mark Nehoray is a senior partner in the Los Angeles office of Deloitte and the partnerin-charge of transfer pricing services for the Pacific Southwest.
He has been consistently recognized by International Tax Review as one of the leading
transfer pricing advisers in the United States and by Euromoney Legal Media Group as
one of the world’s leading transfer pricing advisers.
Mr Nehoray has over 25 years of public accounting and private industry experience,
primarily in the international tax and transfer pricing areas. He consults with
multinational clients on cross-border transactions, assists multinational companies with
transfer pricing studies, and consults with clients on restructuring foreign royalties and
other foreign income streams. Mr Nehoray led the team that successfully negotiated
Mexico’s first ever transfer pricing ruling.
Mr Nehoray is the transfer pricing advisor to three of the world’s largest multinationals,
and over the past 15 years has conducted a significant number of transfer pricing studies
in a variety of industry sectors. These projects have included both defensive work with
respect to on-going IRS audits and competent authority assistance, as well as planning
studies and APAs. Some of these projects have involved the restructuring of a US
company to minimize US federal, state and foreign income taxes, and US and foreign
customs duties. Over the past 10 years, he has been responsible for the firm’s largest APA.
Since 2002, Mr Nehoray has been the executive producer and the host of Deloitte’s
Transfer Pricing Dbriefs, a monthly Internet programme. He is a frequent speaker at
US transfer pricing conferences sponsored by CITE, Tax Executives Institute, and
California Society of CPAs. He has also served as a transfer-pricing instructor at the
firm’s various national and international tax training programs and has authored
several articles and publications on transfer pricing and tax strategy.
He has a bachelor’s degree in business administration from the University of Southern
California and a master’s degree in business taxation from the University of Southern
California.
288
United States
William F Nelson
McKee Nelson LLP
1919 M Street, NW
Suite 200
US
Tel: (1) 202 775 8582
Fax: (1) 202 775 8586
Mr Nelson is a co-founder of McKee Nelson. His practice encompasses all areas of
federal taxation, with a special emphasis on partnership taxation and tax controversy
matters.
From 1986 to 1988, Mr Nelson served as chief counsel for the Internal Revenue Service.
He is co-author of Federal Taxation of Partnerships and Partners (Warren, Gorham &
Lamont, 3rd edition, 1997), and Federal Taxation of Partnerships and Partners: Structuring
and Drafting Agreements (Warren, Gorham & Lamont, 2nd edition, 1993). Mr Nelson
has written articles on tax law for numerous journals and institutes. Mr Nelson is a
frequent lecturer at various tax institutes.
Mr Nelson received a JD from the University of Virginia School of Law in 1972, where
he was editor-in-chief of the Virginia Law Review and was named to the Order of the
Coif. He graduated from Mississippi State University with highest honours in 1969.
Mr Nelson has been named one of the world’s leading practitioners in the field of
taxation by Chambers Global – America’s Leading Lawyers for Business since 2001 and
Chambers USA – America’s Leading Lawyers for Business since 2002. He has been listed in
The Best Lawyers in America for the past 10 years.
289
United States
Andrew C Newman
Deloitte Tax LLP
111 South Wacker Drive
US
Tel: (1) 312 486 9846
Fax: (1) 312 247 9846
Andrew Newman specializes in international tax matters of multinational companies,
and is a member of Deloitte’s international tax service line. He serves US multinational
clients in a variety of industries, including specialty chemicals, manufacturing, food
processing and distribution, and franchising. As an active member of Deloitte’s
worldwide network, he has performed numerous global tax studies for multinational
companies with the purpose of reducing their worldwide effective tax rate. Mr Newman
has been intimately involved in the development of a new approach to managing the
effective tax rate of a global company and optimizing its use of offshore cash, and has
successfully implemented these so-called Global ST2EPS principles for many US-based
multinational companies.
Mr Newman was recently recognized in a leading international survey of tax advisers
as the leading international tax service professional in the central region of the US.
The study, conducted by the prestigious International Tax Review, gathers and assesses
feedback on accounting and law firm tax advisers from 2,000 in-house tax experts and
CFOs at leading companies and financial institutions throughout North America.
Mr Newman has published numerous articles on international tax matters in such
magazines as The Tax Executive, Investment USA and The International Tax Management
Journal. He has co-written BNA Portfolios on international tax topics, including
Allocation and Apportionment of Expenses – Reg §1.861-8 and Foreign Corporation Earning
and Profits. He has addressed various tax groups, including the Chicago Tax Club, the
Tax Executives Institute, and the National Chamber Foundation on international tax
matters. He is a member of the International Fiscal Association, the Chicago Council
on Foreign Relations, the AICPA and the Illinois CPA Society.
Mr Newman graduated from the University of Wisconsin-Madison with a bachelor of
business administration degree in 1980. He joined Arthur Andersen in July 1980, was
promoted to manager in July 1984 and partner in September 1990. In 1985, he spent
the year with the international tax specialty group in Arthur Andersen’s office of
federal tax services in Washington DC. In May 2002, Mr Newman joined the Chicago
office of Deloitte as a partner.
290
United States
David Z Nirenberg
McKee Nelson LLP
One Battery Park Plaza
34th Floor
New York, NY 10004
US
Tel: (1) 917 777 4395
Fax: (1) 917 777 4299
David Nirenberg’s practice focuses on tax work related to structured finance and
derivative products. He has played a significant role in the structuring of a wide variety
of innovative financial products in both domestic and cross-border markets.
Mr Nirenberg has written and lectured extensively in the area of financial products. He
is co-author of the following:
• Federal Income Taxation of Securitization Transactions, Frank J Fabozzi Associates 2001
– with annual supplement;
• Federal Income Taxation of Mortgage-Backed Securities, Probus Publishing 1989, revised
1994; and
• Covered Bonds – a global taxation perspective, The Euromoney Corporate Tax
Handbook 2006
Prior to joining McKee Nelson, Mr Nirenberg was a partner at Orrick, Herrington &
Sutcliffe LLP. He received his JD from Columbia Law School in 1985 where he was a
Harlan Fiske Stone Scholar. He received his MBA with honours from Boston University
Graduate School of Management in 1985 and a BS from Cornell University in 1981.
291
United States
Edwin L Norris
Sidley Austin LLP
555 West Fifth Street
US
Tel: (1) 213 896 6026
Fax: (1) 213 896 6600
Website: www.sidley.com
Edwin L Norris is the partner in charge of the tax group in the Los Angeles office. He
practises primarily in the areas of federal and state business taxation and entertainment
ventures, focusing on the planning and implementation of complicated, tax-intensive
transactions. He also handles complex tax controversies.
Mr Norris has extensive experience in resolving the complex tax issues presented by large
business transactions, especially transactions involving acquisitions and dispositions and
international joint ventures and investments (both inbound and outbound).
Mr Norris has been heavily involved in international transactions for nearly 30 years. For
the past 15 years, he has represented a major motion picture studio as its principal outside
tax counsel, advising the studio in connection with a variety of domestic and international
joint ventures, film financing transactions, acquisitions and dispositions. Recently, Mr
Norris has been the studio’s outside counsel principally responsible for the design and
implementation of a complex international joint venture for the production of up to $5
billion of theatrical motion pictures.
Mr Norris has also represented a number of other clients on a variety of transactions. His
recent projects include a large film securitization transaction on behalf of a major
investment bank and many other types of acquisition, film financing and joint venture
transactions.
Mr Norris is a member of the Tax Section of the American Bar Association. He serves on
the Tax Section’s Committee on Foreign Activities of United States Taxpayers and served
as chairman of the subcommittee on the anti-conduit regulations. In that capacity, he was
co-author of the American Bar Association Tax Section’s formal comments in 1995 on the
proposed anti-conduit regulations. Mr Norris has lectured on a variety of federal and state
tax matters, has authored numerous tax articles and has taught a law school course on
international business transactions. Mr Norris spoke in January 1999 on “Tax Aspects of
Film Company Acquisitions” at the 51st Annual Institute on Federal Taxation sponsored
by the University of Southern California School of Law
Mr Norris graduated from New York University School of Law (LLM in taxation) in
1978, from Yale Law School (JD) in 1972, and from Duke University (BA) in 1968. He
admitted to practise in California (1987), New York (1973), Oklahoma, and at the US Tax
Court.
292
United States
Amin Nosrat
Deloitte Tax LLP
333 Clay Street, Suite 2300
Houston, TX 77002
US
Tel: (1) 713 982 4057
Fax: (1) 713 427 4057
Amin Nosrat is an international tax partner serving multinational corporations in a variety
of industries, including energy (upstream, midstream and downstream, and power
generation and transmission), oil field services, manufacturing and distribution, waste
services and real estate.
Since he began practising in 1984, Amin has advised clients in all areas of outbound
international taxation including acquisition and disposition planning, initial structuring
for new country investments, tax-efficient financing structures, foreign tax credit planning
including expense apportionment and overall foreign loss planning, earnings and profits
computations, transfer pricing and repatriation strategies. Amin also has extensive
experience in inbound international taxation including inbound financing, FIRPTA,
branch profits taxes, and disposition planning.
Amin is a member of the firm’s international tax think tank and leads the firm’s Houston
international tax practice. He has extensive experience with domestic corporate tax issues
including accounting methods and inventories, entity structuring and restructuring from
a national and international perspective, and consolidated return engagement experience,
as well as expertise in individual and partnership taxation.
He currently serves as a member of the board of directors of the International Tax Forum
of Houston, and is a frequent lecturer at internal and external international tax seminars
and conferences. In 2004 and 2005, Amin was recognized as one of Houston’s leading
international tax practitioners in cross-border structuring by the Legal Media Group’s
International Tax Journal.
Amin received his BBA (magna cum laude) from Baylor University and is a certified public
accountant.
293
United States
James M O’Brien
130 E Randolph Drive, Suite 3700
Chicago, IL 60601
US
Tel: (1) 312 861 8602
Fax: (1) 312 616 7345
James M O’Brien is a partner in the Chicago office of Baker & McKenzie. The firm has
over 150 tax attorneys in North America and over 500 tax attorneys globally. Mr O’Brien
joined Baker & McKenzie upon graduating from law school in 1981. He became a
partner in 1988. Between 1999 and 2002, he served as chair of Baker & Mckenzie’s
North American tax practice group. He currently serves as chair of its Tax Controversy
sub-practice.
Since 1981, Mr O’Brien’s practice has focused on federal tax controversies, international
tax planning and transfer pricing. Representing clients in disputes with the IRS or
foreign tax authorities makes up the majority of his practice.
Mr O’Brien’s tax litigation experience has concentrated on large tax (so-called
coordinated industry case or CIC) controversies on behalf of US and foreign
multinationals with the IRS. His litigation experience covers diverse US tax issues,
including satisfaction of the subpart F manufacture or production test; the eligibility of
computer software masters and germplasm for FSC benefits; deductibility of hostile
takeover costs; eligibility for, and quantification of, the section 936 possession tax credit;
research credit qualification and computation issues; unrelated business income;
employment tax; and section 861 expense allocation and apportionment. The litigated
issues often involve high profile subjects (for example tax consequences of the Bhopal gas
disaster) or issues designated for litigation by the IRS.
He has litigated to opinion several inter-company pricing cases, including Eli Lilly & Co
v. Commissioner 84 TC 996 (1985), rev’d in part, aff’d in part, and rem’d, 856 F2d 855 (7th
Cir 1988); Sundstrand Corporation v Commissioner 96 TC 226 (1991); The Perkin-Elmer
Corp v Commissioner 66 TCM (CCH) 634 (1993); and Compaq Computer Corporation v
Commissioner 78 TCM (CCH) 20 (1999). In 2002, Mr O’Brien successfully argued
before the Ninth Circuit that export licences of computer software masters qualified for
FSC tax benefits, thereby ending a two-decade battle between the IRS and the software
industry over the scope of the FSC statute and regulations: Microsoft Corp. v
Commissioner, 311 F.3d 1178 (9th Cir 2002).
Mr O’Brien has represented numerous clients in IRS audit, appeals, competent authority
and APA proceedings for the past 25 years. Given Baker & McKenzie’s broad network
of foreign offices, he often has worked closely with the firm’s foreign tax lawyers on
double tax cases arising from transfer-pricing or business profits adjustments proposed
by the IRS or a foreign tax authority.
Mr O’Brien is the lead author of a 600-page international tax treatise, US Corporations
Doing Business Abroad (RIA). He has published a number of articles in US, Japanese and
European tax journals. He is a regular speaker at TEI, ATLAS and other tax seminars.
Between 1990 and 1993, he was an adjunct professor at IIT Chicago Kent Law School,
teaching the international tax course in the graduate tax program.
Mr O’Brien is a 1978 graduate (summa cum laude) of the University of Notre Dame,
where he competed on the varsity track team. He is a 1981 graduate (magna cum laude)
of the Harvard Law School, where he was president of the Harvard Defenders Legal Aid
Society and was invited to join the Harvard Law Review.
294
United States
Jeffrey O’Donnell
Deloitte Tax LLP
555 Twelfth St, NW, Suite 500
US
Tel: (1) 202 879 4932
Fax: (1) 202 661 1094
Jeffrey O’Donnell is an active member of the Washington international tax services
group. He has extensive experience in, and his practice concentrates on, the international
tax aspects of cross-border tax planning, joint ventures, financial products and derivatives
and cross-border mergers, acquisitions and restructurings.
Mr O’Donnell specializes in the development and implementation of business strategies
to reduce the tax inefficiencies faced by the largest US- and foreign-based multinational
corporations in their conduct of global business operations, including global tax
minimization and tax-efficient financing and repatriation. He is a frequent speaker and
author of articles addressing international tax issues.
Mr O’Donnell graduated with honours from Harvard Law School, and has a masters
degree in international management from the American Graduate School of
International Management and a BS degree, with honours, from Miami University.
295
United States
Joseph M Pari
US
Tel: (1) 202 862 4516
Fax: (1) 202 862 1093
Joseph M Pari is a partner in the Washington DC office of Dewey Ballantine. His
practice relates to the federal income taxation of mergers, acquisitions, spin-offs, other
divisive strategies, restructurings, bankruptcy and non-bankruptcy workouts, acquisition
financing, and the use of pass-through entities in acquisitive and divisive transactions,
with a particular emphasis on corporate tax planning, the utilization of net operating
losses and other tax attributes, and consolidated return matters.
Joe is the former council director for the American Bar Association Tax Section’s
corporate tax committee, committee on affiliated and related corporations, and
bankruptcy and workouts committee, an adjunct faculty member at the Georgetown
University Law Center, and the former chair of the American Bar Association Tax
Section’s committee on affiliated and related corporations and its subcommittee on
consolidated returns. In addition, Joe is on the advisory boards of the New York
University Institute on Federal Taxation, the Federal Bar Association, and the National
Foreign Trade Council, Inc. He is on the editorial advisory boards of Corporate Taxation
and Corporate Business Taxation Monthly, was the co-chair of the 1998-2004 Federal Bar
Association Domestic Corporate Tax Symposia, and is a frequent speaker on tax issues
relating to mergers and acquisitions, spin-offs and other divestiture strategies, corporate
tax planning, workouts, and consolidated return matters. Joe has also been selected for
inclusion in Chambers Global’s The World’s Leading Lawyers and The Best Lawyers in
America 2006, as a leader in the field of tax law.
Joe received his LLM (taxation) from the New York University School of Law, his JD,
magna cum laude, from Boston College Law School, and his BS, cum laude, from
Providence College. He is admitted to practise in the District of Columbia,
Massachusetts, New York, Rhode Island, and at the United States Tax Court.
296
United States
Lawrence A Pollack
KPMG LLP
345 Park Avenue
New York, NY 10154-0102
US
Tel: (1) 212 872 6840
Lawrence A Pollack has been a partner at KPMG (US) in New York since 1993. Mr
Pollack is an international tax partner and specializes in all aspects of corporate
international taxation, including foreign tax credits, corporate reorganizations, Subpart F,
passive foreign investment companies, income tax treaties, and global tax planning.
He was the primary drafter of KPMG’s Permanent Establishment Exposure Review Checklist.
International Tax Review rates him among the leading US international tax advisers on the
east coast.
Mr Pollack is a frequent speaker at New York University’s Institute on International
Taxation, the NYU Law School/KPMG Tax Lecture Series, the European-American Tax
Institute, the Council for International Tax Education, Tax Executives Institute, New
York State Society of CPAs and other international tax symposiums on a variety of
international tax topics.
Articles he has written include:
• “Earnings Stripping: The Proposed Regulations” The CPA Journal, October 1992;
• “RRA ‘93 Tightens Earnings Stripping Provisions” The Journal of International
Taxation, July 1994;
• “Individual Investors in CFCs May Benefit From Electing to Be Taxed as
Corporations” Journal of Taxation, August 1994;
• “Tax Court’s Taisei Case Sheds Light on the Definition of Permanent Establishment”
The Tax Adviser, January 1996;
• “Foreign Source Taxable Income, Foreign Taxes and Foreign Tax Credits of US
Corporations” Warren Gorham & Lamont, US Tax Planning for International
Operations;
• “Analysis of the New US-Luxembourg Income Tax Treaty,” Tax Management
International Journal, July 1996, co-authored;
• “Last-Minute Changes and Technical Explanation Highlight Latest Developments on
Pending US/Luxembourg Income Tax Treaty” Tax Management International Journal,
December 1996, co-authored;
• “Analysis of the New US-Switzerland Income Tax Treaty” Tax Management
International Journal, February 1997, co-authored;
• “US Planning for ACT – Part One – Focus on UK perspective” International Tax
Review, September 1998, co-authored;
• “US Planning for ACT – Part Two, Focus on US perspective” International Tax Review,
October 1998, co-authored; and
• US Taxation of Foreign Controlled Businesses, Warren Gorham & Lamont treatise, coauthored chapter 3, “Tax Treaties”.
Mr Pollack is an active member of the International Tax Institute (director), the New York
State Society of Certified Public Accountants (International Tax Committee) and the
New York State Bar Association.
He is editor of the CPA Journal’s international taxation column and member of the CPA
Journal’s editorial board.
He holds a JD from St John’s University School of Law (1982) and an LLM in taxation
from the New York University School of Law (1988).
297
United States
Martin D Pollack
767 Fifth Avenue
New York, NY 10153
US
Tel: (1) 212 310 8461
Fax: (1) 212 310 8007
Martin D Pollack is one of the two chairmen of the firm’s Global Tax practice and is
nationally recognized in federal income tax matters. He has extensive experience in the
structuring and documentation of private equity and merger and acquisition
transactions and he regularly advises clients on the formation and operation of private
equity funds and other investment vehicles. His practice also involves the tax aspects
of bankruptcy and insolvency, leasing transactions, and planning for technology
intensive enterprises.
Mr Pollack is a frequent lecturer at tax seminars and the author of numerous articles
on federal income tax issues. He is the co-author of a treatise published by Little
Brown, analyzing the federal income, estate, gift and other transfer tax consequences
of partnership buy/sell agreements.
He has served as an adjunct associate professor of tax law at the New York University
School of Law; he is a member of the advisory boards of Tax Management and the
Equipment Leasing Newsletter; and he is a subcommittee chair in the Partnerships and
LLCs Committee of the American Bar Association tax section.
Mr Pollack was named as one of the New York area’s best lawyers in the July 3 2006
issue of New York magazine. He was also selected for inclusion in the 2006 and 2007
editions of The Best Lawyers in America. He is listed as highly recommended for tax law
by PLC Which Lawyer? Yearbook 2006 and is recognized as a leading tax lawyer by
Chambers USA 2006 America’s Leading Business Lawyers. Mr Pollack was also named to
the 2006 list of New York Super Lawyers.
Mr Pollack is a graduate of the University of Pennsylvania Law School (1976), where
he served on the board of officers of the University of Pennsylvania Law Review, the
Johns Hopkins University, where he earned a BA (1973) and a graduate degree in
economics (1973), and the New York University School of Law, where he earned a
graduate degree in taxation (1979). He joined the firm in 1976.
298
United States
Walter T Raineri
Fenwick & West LLP
US
Tel: (1) 650 335 7264
Fax: (1) 650 919 0942
Mr Raineri is a partner in the tax group of Fenwick & West, a full-service law firm
specializing in high technology and sophisticated tax matters. Fenwick & West has
offices in Mountain View and San Francisco, California. The firm’s clients are located
throughout the United States and around the world.
Mr Raineri’s practice focuses on handling sophisticated tax planning and compliance
issues with regard to domestic and multinational corporate taxation matters. He has
been named one of the outstanding tax lawyers in the US by a variety of national and
international publications, including, International Tax Review’s Best Tax Lawyers,
Euromoney’s Guide to Leading US Tax Lawyers, Euromoney’s Guide to Leading Transfer
Pricing Lawyers, San Jose Magazine’s Best Lawyers, and American Lawyer’s Best of the Best,
among others. He has extensive experience with large domestic and international
merger, reorganization and joint-venture transactions, as well as with planning to
optimize foreign tax credit, Subpart F, and other pure international tax issues. He also
has extensive experience handling tax controversy matters associated with the IRS.
Mr Raineri has been an assistant adjunct professor at Golden Gate University, School
of Law/Graduate School of Taxation in San Francisco/Los Altos/San Jose, where he
lectured in advanced corporate (mergers and acquisitions and consolidated returns)
and international taxation. He has chaired advanced corporate and international tax
programmes and seminars for New York University, the Tax Executives Institute, the
International Bar Association, the International Fiscal Association and other national
and international organizations. He has published a number of articles on domestic
and international taxation issues in a variety of national and international publications.
Mr Raineri received his Juris Doctor degree from Georgetown University (cum laude,
1987), and his Bachelor of Science degree in business administration from the
University of California at Berkeley (summa cum laude, 1982). Mr Raineri is admitted
to practise before the US Supreme Court, Ninth and Federal Circuit Courts of
Appeals, US Court of Claims, federal district courts in several locations, California
Supreme Court and the US Tax Court. He is a member of the California Bar and is a
certified public accountant (CPA) in California.
299
United States
Keith Reams
Deloitte
50 Fremont Street, Suite 3100
San Francisco, CA 94105-2230
US
Tel: (1) 415 783 6088
Fax: (1) 415 783 8574
Keith Reams is the lead economist for the western region and a client services principal
in the international economic consulting practice of Deloitte’s global transfer-pricing
group. Mr Reams is also a member of Deloitte’s global executive technology, media and
telecommunications industry tax management team as the global leader for transfer
pricing. In this capacity, he works extensively with large multinational companies in a
wide variety of industries on major business enterprise restructurings and global tax
optimization projects.
Mr Reams has over two decades of extensive experience in the area of economic
consulting in connection with mergers and acquisitions, highly complex international tax
planning, supply chain realignment, as well as controversy management and dispute
resolution. He has advised many large multinational companies in a variety of industries,
including many companies engaged in the research and development, manufacture and
marketing of innovative and cutting-edge high technology and communication products
and services. His expert reports have been translated into several foreign languages and
used many times for tax and other purposes all around the world.
Mr Reams has testified as a qualified expert in numerous valuation and transfer-pricing
disputes, including testifying before the US Tax Court in the cases of DHL Corp v
Commissioner and Nestle Holdings Inc v Commissioner. He is one of only three economists
in the US approved by the New York State Department of Taxation and Finance to
provide transfer-pricing expertise and testimony in cases involving cross-border transactions within commonly controlled affiliated groups. He has also helped many clients
to successfully resolve valuation and transfer-pricing disputes before they reach trial.
Mr Reams has authored numerous articles, lectured on international tax and valuation
planning issues, and commented and testified on emerging tax regulatory issues. He
holds a BS in chemical engineering from Stanford University, an MA in economics
from California State University, Sacramento, and has completed course requirements
for a PhD in international finance at New York University.
300
United States
Ronald D Saake
Deloitte Tax LLP
50 Fremont St # 31
San Francisco, CA 94105
US
Tel: (1) 415 783 6589; (1) 415 250 6757 (cell)
Fax: (1) 415 783 8603
Ron Saake is an international tax partner with Deloitte in San Francisco and San Jose.
He is currently the partner in charge of Deloitte’s international tax practice in the Bay
Area and the Pacific Northwest. Ron has been a tax practitioner since 1986 and
became a partner with another international accounting firm in 1996. He has worked
in the international tax area his entire career.
Ron works with both public and private companies in structuring new international
operations and in optimizing existing operations. He has significant experience in
helping clients move intangible assets offshore in order to optimize their worldwide
tax position and to minimize their worldwide effective tax rate. Ron has deep expertise
in tax accounting matters (FAS 109), mergers and acquisitions, foreign tax credit
planning, and other tax areas. He is a frequent speaker on international tax matters,
involved with groups such as Atlas, the Council of International Tax Executives and
the Tax Executives Institute.
Ron graduated from the University of California at Berkeley with an MBA in 1985 and
from the University of California at Riverside with a BS in administrative studies in
1982. He is a California CPA.
301
United States
Ronald B Schrotenboer
Fenwick & West LLP
US
Tel: (1) 650 335 7207
Fax: (1) 650 938 5200
Ronald B Schrotenboer is a partner at Fenwick & West, practising in the area of taxation.
Mr Schrotenboer practises in the firm’s Mountain View office. His practice includes both
domestic and international federal income tax as well as state income and sales tax. A
significant part of his practice includes tax planning for pending transactions. He
represents both US-based companies in domestic and international transactions, as well
as foreign-based companies with operations in the US. He also has been and is currently
involved with many IRS and state income tax audits, appeals and tax court cases, including
Chapter 482 transfer-pricing cases.
His published decisions include Xilinx Inc v Commissioner, 125 TC No 4 (2005), stock
option amounts not required to be cost shared under Chapter 482; Sun Microsystems v
Commissioner, 69 TCM 1884 (1995), incentive stock option deduction qualifies for R & D
credit; Appeal of Finnigan Corporation, CCH 401-797 (1990), throwback rule is applied on
a unitary basis; Appeal of Joyce overruled; Petition of Intel Corporation, CCH 402-675 (1992),
technology transfers are not subject to California sales tax.
Mr Schrotenboer has written articles on various tax topics for the Journal of Taxation, Tax
Notes, Taxes International, the Journal of State Taxation and other periodicals. He has spoken
for many tax groups, including the Alliance for Tax Legal and Accounting Seminars, The
Council on International Tax Education and Tax Executives’ Institute. Mr Schrotenboer
has also taught a graduate course at Golden Gate University on the taxation of high
technology and a graduate course at San Jose State University on Sales Taxation.
Mr Schrotenboer received his BA degree with honors in 1977 from Calvin College in
Grand Rapids, Michigan. He received his JD degree, magna cum laude, from the
University of Michigan in 1980. He graduated as a member of the Order of the Coif and
was an editor on the Michigan Law Review for two years.
302
United States
Jodi J Schwartz
Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, NY 10019
US
Tel: (1) 212 403 1212
Fax: (1) 212 403 2212
Email: [email protected]; vptvw.wlrk.com
Website: www.wlrk.com
Jodi J Schwartz specializes in the tax aspects of corporate transactions, including mergers
and acquisitions, joint ventures, spin-offs and financial instruments. Ms Schwartz has
been the principal tax lawyer on numerous domestic and cross-border transactions in a
wide range of industries. She was elected partner in 1991.
Ms Schwartz is an active member of the executive committee of the tax section of the
New York State Bar Association.
Ms Schwartz received her BS in economics (magna cum laude) from the University of
Pennsylvania in 1981, her MBA from the University of Pennsylvania (Wharton School)
in 1984, her JD (magna cum laude) from the University of Pennsylvania Law School in
1984, and her LLM in taxation from the New York University Law School in 1987.
303
United States
Alan M Shapiro
Deloitte Tax LLP
111 S Wacker Drive
US
Tel: (1) 312 486 9112
Fax: (1) 202 638 7313
Alan Shapiro is a partner in the Chicago office of Deloitte and a member of the national
transfer-pricing team. He works with the firm’s largest US and non-US multinational
companies to develop and implement transfer-pricing strategies. He has over 30 years
of experience, of which the last 20 have been devoted to specializing in the full range of
transfer-pricing issues.
Mr Shapiro is one of the firm’s leading experts on the cross-border taxation of
intangible property, including the development of transfer-pricing regimes that focus
on minimizing the worldwide tax imposed on intangible property. He has represented
clients in controversies with the Internal Revenue Service (IRS) and in competent
authority proceedings between the US and foreign tax authorities. His industry
experience includes automotive, pharmaceuticals, electronic components, high tech,
software and consumer products.
Mr Shapiro is widely quoted on transfer-pricing topics in BNA’s Daily Tax Report and
Transfer Pricing Report, and he has been recognized by Euromoney as one of the leading
transfer-pricing specialists in the world. He has authored or co-authored numerous
articles on transfer pricing, including: “New Services and Intangible Regulations: IRS
Changes the Mix” 15 BNA Transfer Pricing Report 308 (August 16 2006); “Proposed
Cost Sharing Regulations: Are They a Realistic Alternative?” 109 Tax Notes 239
(October 10 2005); several chapters for Intellectual Property (International Tax Review’s
Tax Reference Library 12, 2003); “Proposed Cost Sharing Stock Option Regulations”
Tax Planning International: Transfer Pricing (February 2003); “Proposed Rev Proc 65-17:
Update Raises Many Issues” BNA Transfer Pricing Report (January 13 1999); “Planning
Opportunities Under the Final US Cost-Sharing Regulations” IBFD International
Transfer Pricing Journal (March/April 1998); and “Lost in Cyberspace: Transfer Pricing
Aspects of Proposed §861 Computer Software Regulations” BNA Transfer Pricing
Report (December 12 1996).
Mr Shapiro holds an LLM (tax) and a JD from Georgetown University Law School,
and an MA (economics) and a BS (business administration) from Boston University. Mr
Shapiro is a member of the Bar of the State of Pennsylvania and is a certified public
accountant.
304
United States
Abraham N M Shashy
1775 Pennsylvania Avenue NW
US
Tel: (1) 202 862 4567
Fax: (1) 202 862 1093
Hap Shashy is a partner in the Washington DC office of Dewey Ballantine. His practice
includes transactional tax planning for, and tax controversy representation of,
multinational corporations in a variety of domestic and international contexts. Those
contexts include partnerships and joint ventures, capital market and finance
transactions, business combinations and reorganizations, and mergers and acquisitions.
Mr Shashy’s clients comprise companies from the energy, finance, technology,
telecommunications, media, real estate and industrial sectors. He has been selected for
inclusion in The Best Lawyers in America 2006 as a leader in tax law.
In addition to his career in private practice, Mr Shashy served as chief counsel for the
Internal Revenue Service from February 1990 to January 1993.
Mr Shashy received his LLM degree in taxation from New York University School of
Law in 1975, where he was managing editor of the Tax Law Review, and a JD degree
from the University of Florida School of Law in 1973, where he was a member of the
University of Florida Law Review, and received the Order of the Coif.
305
United States
Stanley G Sherwood
Sherwood Associates
445 Park Avenue, 9th Floor
New York, NY 10022
US
Tel: (1) 212 644 1429; 501 3883
Fax: (1) 212 980 9357
Website: www.sherwoodlaw.com
Stan Sherwood is an international tax attorney, certified public accountant and transfer
pricing adviser. Until January 2000, he was an international tax and legal partner at
PricewaterhouseCoopers in New York for 19 years.
In 2000, Mr Sherwood established Sherwood Associates to provide international tax and
financial and business consulting services to multinational businesses and investors on
cross-border transactions including: transfer pricing planning and documentation;
mergers and acquisitions; structuring international affiliates; integrating acquired
companies; capitalization and financing; forming US holding companies; structuring
trading companies; foreign investment in the US, including real estate; foreign country
tax reduction and foreign tax credit planning; tax treaty planning; transfers of intellectual
property; joint ventures; management of IRS audits and foreign country tax controversies;
development of transfer-pricing policies; related-party contracts; cost sharing; competent
authority and APAs; and global e-commerce planning.
Mr Sherwood has experience in numerous industries and has advised senior management
of a large number of multinational companies as well as emerging international
companies. He has also been involved with many matters involving transfer pricing in the
context of US state and local taxation, including intangible holding companies.
Mr Sherwood advises high-net-worth international families with respect to the taxation
and holding of US assets. This includes advice with respect to the maintenance of nonresidency status.
Mr Sherwood is a frequent speaker on international tax and business subjects and the
author of numerous articles. Mr Sherwood is the author of BNA’s Tax Management
Portfolio “Transfer Pricing: Records and Information”. In 1996, he was a national
reporter for the International Fiscal Association (IFA). He is a board member of the
International Tax Institute and past chairman of the New York State Society of CPAs,
International Tax Committee. He has served as an expert witness in tax cases involving
transfer pricing and has been a consultant to the Chinese State Administration of
Taxation, Beijing.
He obtained his LLM from New York University Graduate School of Law, his law
degree from Suffolk University Law School and is an adjunct professor at Fordham
University’s Graduate School of Business.
In 2001 Mr Sherwood was listed in the Mondaq.com Guide to the World’s Leading Tax
Lawyers and in Legal Media Group’s Guide to World’s Leading Transfer Pricing Advisers.
In 2006, he was listed in Legal Media Group’s The Best of the Best.
306
United States
Richard W Skillman
Caplin & Drysdale
US
Tel: (1) 202 862 5034
Fax: (1) 202 429 3301
Richard W Skillman is a member of Caplin & Drysdale’s Washington, DC office. He
rejoined the firm in May 2002 after serving first as deputy chief counsel and most
recently as acting chief counsel of the Internal Revenue Service.
As acting chief counsel, Mr Skillman was the chief legal official of the IRS having final
authority for all legal and litigating positions of the IRS and management responsibility
for approximately 2500 chief counsel employees in more than 50 offices nationwide. As
deputy chief counsel, he oversaw all technical divisions in the Office of Chief Counsel
and had primary IRS responsibility for all tax regulations and other published guidance.
During Mr Skillman’s period of government service, he was centrally involved in all
significant legal developments in the IRS, including the development of regulations and
other administrative actions relating to corporate tax shelters.
Prior to his government experience, Mr Skillman practised tax law for 27 years at
Caplin & Drysdale. His practice covered a broad cross-section of domestic and
international tax issues and involved both tax planning and representation in tax
controversies. His areas of tax concentration included executive compensation and
other employee benefit matters, insurance companies and products, corporate tax, tax
accounting, and international tax.
Mr Skillman is a member of the tax sections of the ABA and of the DC Bar. He
formerly taught corporate tax as an adjunct professor of law at Georgetown University
Law Center and has lectured and written articles on a broad range of tax subjects.
Mr Skillman holds a BA from Amherst College and a JD from New York University
Law School, where he served as editor-in-chief of the NYU Law Review. After law
school, he served as law clerk to Judge Gibbons of the US Court of Appeals for the
Third Circuit and to Chief Justice Burger of the US Supreme Court.
307
United States
Manuel F Solano
Ernst & Young
5 Times Square
New York, NY 10036
US
Tel: (52) 55 2122 6437 (E&Y Mexico);
(1) 212 773 8114 (E&Y, New York)
Fax: (1) 866 480 8869
Website: www.ey.com
Manuel is the partner in charge of Ernst & Young’s international tax services (ITS) group
in Latin America and is also the tax managing partner for Ernst & Young Mexico.
Manuel, a member of the American Bar Association and the New York State Bar, has
extensive work experience in international tax consulting and planning matters. His
experience encompasses advising multinational corporations on the tax and legal
implications of cross-border acquisitions and the establishment of foreign operations
in Latin America.
International Tax Review has selected Manuel as one of the leading Mexican tax advisers
for the past nine consecutive years. The Euromoney Legal Media Group has also
identified Manuel as one of the world’s 25 leading international tax law practitioners
in its guide The Best of the Best.
Manuel has a BS from Youngstown State University and a JD from Georgetown
University Law Center. Manuel also studied finance and economics at the Universidad
Autónoma de Centro America.
308
United States
Giovanna T Sparagna
US
Tel: (1) 202 383 0183
Fax: (1) 202 637 3593
Giovanna Sparagna is a partner in the tax group at Sutherland Asbill & Brennan, and
focuses her practice on international financing structures, cross-border mergers and
acquisitions and international tax controversies (including transfer pricing).
Before joining the firm, Ms Sparagna served in the office of the chief counsel to the
Internal Revenue Service where she issued opinions for the government on domestic and
international mergers, acquisitions and dispositions.
In private practice, Ms Sparagna advises multinational corporations on cross-border
transactions including planning and controversy matters involving international financing
structures, mergers and acquisitions, and Subpart F issues.
As a consequence of her large multinational practice, Ms Sparagna also handles transferpricing issues for Fortune 500 companies and foreign-owned clients, working closely with
economic experts in tax planning (for example, establishing cost sharing and related party
licensing arrangements), assessing multi-jurisdictional transfer-pricing exposure,
complying with documentation requirements, and developing audit, litigation, advancepricing agreement and competent authority strategies. She has been recognized in the
International Tax Review Expert Guides, including The Guide to World’s Leading Tax
Advisers and the World Tax Guide, and in Euromoney Institutional Investor’s World’s
Leading Transfer Pricing Advisers.
Ms Sparagna regularly publishes on wide variety of international subjects. Her recent
publications include:
• “The Administration’s Corporate Tax Shelter Proposals: What are the Limits of
Appropriate Tax Planning?” 40 Tax Management International Journal (special edition,
March 29 1999, S-99);
• “Further IRS Guidance on the Treatment of Section 304 Related Party Sales in the
International Setting” 20 Tax Management International Journal 353;
• “Allocating Foreign Stock Attributes Through Partnerships Under Subpart F –
Planners Beware” Taxation of Global Transactions (Fall 2002);
• “CCA Recasts Sale of Partnership Assets to Trigger Subpart F” CCH Taxation of Global
Transactions (Summer 2003);
• “IRS Closes Technical Loophole to Eliminate Foreign Tax Credit Planning with
Stapled Stock” CCH Taxation of Global Transactions (Winter 2004); and
• “Related Party Stock Sales: Recasting Out of Code Sec 304 Under Rev Rul 2004-83”
CCH Taxation of Global Transactions (Fall 2005).
Ms Sparagna is the chair of ABA FAUST, a member of the executive council for the
Lawyers’ Committee for Shakespeare Theatre and co-chair of the GW/IRS Annual
Institute for International Taxation. She is a frequent speaker for the Georgetown
University American Bar Association International Fiscal Association, Tax Executive
Institute, Structured Finance Institute and National Foreign Trade Counsel.
Ms Sparagna is an adjunct professor of law at the Georgetown University (LLM tax
programme) and frequently lectures on international strategies at conferences hosted by
groups such as the America Bar Association, the International Fiscal Association, the Tax
Executives Institute, the Structured Finance Institute and the National Foreign Trade
Council.
309
United States
Richard C Stark
McKee Nelson LLP
1919 M Street, NW
Suite 200
US
Tel: (1) 202 775 8673
Fax: (1) 202 775 8586
Mr Stark focuses on federal income tax matters. He has extensive experience in tax
controversy matters, including audits, appeals, and litigation.
Mr Stark began his career in private practice in Dallas, Texas in 1976, where he practised
for 10 years. From 1986 to 1989, he served as assistant to the commissioner of the
Internal Revenue Service. Before joining McKee Nelson, he was a partner in the
Washington DC office of Miller & Chevalier.
Mr Stark is a past chair of the Taxation Section of the District of Columbia Bar
Association, and of the ABA Section of Taxation’s Administrative Practice Committee.
He is a Fellow of the American College of Tax Counsel.
Mr Stark received a JD, with first honours, from the Vanderbilt University School of
Law in 1976, where he served as special projects editor for the Vanderbilt Law Review. He
is a member of the Order of the Coif and Phi Beta Kappa.
Representative cases in which Mr Stark was either counsel of record or a principal
participant include:
• The Dow Chemical Company v United States, 250 F Supp 2d 748, modified by 278 F
Supp 2d 844 (ED Mich 2003) (on appeal);
• GlaxoSmithKline Holdings Inc v Commissioner, 117 TC 1 (2001) (perpetuation of
testimony in transfer-pricing dispute);
• American States Insurance Co v Bower, Dkt 01-L-50940 (Ill App, appeal pending)
(characterization of § 338 (h) (10) gain as non-business income);
• Peerless Industries v United States, 94-1 USTC ¶50,043 (ED Pa), aff’d per curiam, 37
F3d 1488 (3d Cir 1994) (business purpose doctrine);
• Mobil Exploration & Producing North America, Inc v United States, 27 Fed Cl 463 (1993)
(windfall profit tax); and
• Woods Investment Co v Commissioner, 85 TC 274 (1985), acq 1986-2 CB 1 (consolidated
returns).
310
United States
Steven Surdell
Ernst & Young LLP
Sears Tower, 233 S Wacker Drive
17th floor
Chicago, IL 60606
US
Tel: (1) 312 879 4123
Fax: (1) 312 879 4028
Website: www.ey.com
Steven Surdell is a partner in the national office of the accounting firm of Ernst & Young
LLP. He concentrates on Federal income tax matters with a special emphasis on the
taxation of complex cross-border financial transactions, international tax planning,
derivative financial instruments, and cross-border merger and acquisition transactions.
Mr Surdell has been a tax adviser to large public corporations on a number of big public
M&A and financing transactions over the past few years.
Mr Surdell is also a frequent speaker before a variety of tax organizations including the
American Bar Association, the Tax Executives Institute, the International Fiscal
Association, Risk Training Courses, the Council for International Tax Education, and
the Structured Finance Institute, among others.
Mr. Surdell was named as one of the world’s leading international tax advisers by
Euromoney Magazine from 1999 through 2006. In 1998, Mr Surdell was named as one of
the top tax advisers in North America by International Tax Review. Mr Surdell is an
honours graduate of St Ambrose College and the University of Notre Dame Law School
where he was an editor of the Law Journal. He has also done work on his MBA at the JL
Kellogg School at Northwestern University and is a certified public accountant. Mr
Surdell is also an adjunct Professor of Law at Northwestern University Law School
where he teaches a course on advanced international transaction. He was admitted to the
practice by the Illinois Bar (1985). Mr Surdell is on the Editorial Advisory Board of the
Derivatives Report, the Capital Markets editor of the Journal of Financial Products, and a
member of the Advisory Board of the Journal of Taxation of Global Transactions.
311
United States
Edward Tanenbaum
Alston & Bird LLP
90 Park Avenue
New York, NY 10016
US
Tel: (1) 212 210 9425
Fax: (1) 212 210 9444
Edward Tanenbaum is chair of the firm’s International Tax Group and a member of its
Federal Income Tax Group. His practice is concentrated on domestic and cross-border
mergers and acquisitions and business transactions. Mr Tanenbaum’s practice consists
primarily of planning and structuring for US investments by foreign multinational
corporations and high net worth individuals.
Mr Tanenbaum has worked on numerous international joint ventures and acquisitions
involving cross-border spin-offs and ‘basis’ step-up elections. He has also structured a
cross-border sale/leaseback transaction involving different accounting and tax treatment
in the US and Germany.
Mr Tanenbaum has made significant contributions in the drafting of recently
promulgated tax regulations affecting withholding taxes on payments of US income to
non-resident aliens and foreign corporations and has been instrumental in the creation
of the new IRS Qualified Intermediary regime applicable to foreign financial
institutions. He has also secured a favourable Article 26(7) (treaty shopping) tax ruling
under the former US-Netherlands Income Tax Treaty valued in millions of dollars.
Mr Tanenbaum is a frequent lecturer on a variety of international tax issues and is the
author of a number of publications. He has spoken on the topics of international tax
withholding, treaty eligibility, limited liability companies and hybrid entities, business
organizations used in cross-border transactions, branch level taxes and foreign controlled
US corporations. Also, he has spoken before numerous professional organizations,
including the International Fiscal Association, Bank Tax Institute, International Tax
Institute, American Bar Association, and New York State Bar Association. He has written
numerous publications relating to international tax matters on topics such as withholding
taxes, transfer pricing and effectively connected income of foreign corporations.
Mr Tanenbaum is on the National Council of the International Fiscal Association and is
the vice-chair of the committee on US activities of Foreign Taxpayers and Tax Treaties
of the Tax Section of the American Bar Association. He is a director and past president
of the International Tax Institute and is a member of the Tax Section of the American
Bar Association, the New York State Bar Association and the Association of the Bar of
the City of New York.
Mr Tanenbaum received his LLM degree in Taxation from New York University School
of Law in 1980, and his JD degree from Fordham University School of Law in 1974 and
his BA degree, magna cum laude, from Queens College and the City University of New
York in 1971. He is admitted to practise in the State of New York and in the US Tax
Court.
312
United States
Leonard B Terr
815 Connecticut Avenue, NW
US
Tel: (1) 202 452 7087
Fax: (1) 202 835 1889
Leonard B Terr is a partner in the Washington DC office of Baker & McKenzie. His
practice focuses on domestic and international taxation of multinational corporations,
with emphasis on international tax planning, transfer pricing, and tax controversies. Mr
Terr has over 25 years of experience representing US-based and foreign-based
multinationals, foreign governments, international organizations and trade associations
in all phases of international tax practice.
Representative client matters include planning, obtaining rulings on, and
implementing, multi-country restructurings, mergers and acquisitions, divestitures
and joint ventures, global supply chain and business model reorganizations, postmerger integration and other international transactions. Typically his clients are
companies in the automobile, aerospace, consumer products, electronics, insurance,
natural resources, pharmaceutical, services, telecommunications and other industries.
Mr Terr’s practice also includes securing bilateral and multilateral advance pricing
agreements; interacting with tax treaty negotiators to obtain favorable provisions in
pending new treaties and protocols on behalf of companies and industry groups;
testifying on proposed international tax regulations; achieving favorable settlements of
tax cases involving a wide variety of issues; and obtaining favorable competent
authority and other agreements in tax controversies involving most major European,
Asia-Pacific, Latin and North American jurisdictions.
Mr Terr has served as a consultant on the American Law Institute project on tax
treaties, and as a current or former editorial board member on Tax Notes International,
Tax Management International Journal, The Journal of Corporate Taxation, and Hartford
Institute on Insurance Taxation. Mr Terr currently serves on Baker & McKenzie’s North
American tax practice group management committee. He is a member of the
International Fiscal Association, sits on the IFA-USA council, and was US National
Reporter. He sits on the American Bar Association tax section’s Foreign Activities of
US Taxpayers Committee, has served as chairman of the Section 367 sub-committee
and currently chairs the Source sub-committee. Mr Terr serves on the tax section’s task
force on Global Tax Policy. He has chaired the Washington International Tax Study
Group since 1990.
Mr Terr served as international tax counsel of the US Treasury Department from 1987
to 1989. He headed the US delegation in the negotiation of the current US-Germany
tax treaty, in addition to over a dozen other US tax treaties and protocols. He directed
the treasury’s work on international tax legislation and regulations, the transfer pricing
White Paper and other US and OECD international tax policy initiatives. He
previously served as law clerk to Chief Judge Wilson Cowen of the US Court of
Appeals for the Federal Circuit. He is currently adjunct professor of international tax
law at the Georgetown University Law Center.
Mr Terr holds an AB from LaSalle College, an AM and PhD from Brown University
and a JD from Cornell University.
313
United States
Richard E Timbie
Caplin & Drysdale
US
Tel: (1) 202 862 5042
Fax: (1) 202 429 3301
Richard Timbie is a member of Caplin & Drysdale, Chartered, a 50-attorney tax and
litigation firm in Washington, DC. Mr Timbie’s practice consists primarily of
representing domestic and foreign clients in controversies relating to United States
taxation. He has more than 30 years of experience resolving Internal Revenue Service
audits, administrative appeals, and tax collection disputes. His practice focuses
primarily on large cases that are procedurally and technically complex. He has litigated
tax cases in the US Tax Court and has represented clients in IRS summons
enforcement proceedings, tax collection lawsuits, and tax fraud prosecutions in federal
courts.
Mr Timbie is a frequent lecturer on tax procedure and international tax topics. He has
taught as an adjunct professor in the Georgetown University Law Center masters in
taxation programme and has served on the board of advisers of the New York
University Institute on Federal Taxation.
314
United States
T Timothy Tuerff
Deloitte Tax LLP
555 12th St NW # 500
US
Tel: (1) 202 378 5223
Fax: (1) 202 661 1934
T Timothy Tuerff is an international tax partner in Deloitte Tax’s Washington national
office, serving US-based multinational clients involved in cross-border transactions.
His practice involves consulting related to the structuring of international business
operations, mergers and acquisitions, financing international operations, repatriation
and utilization of foreign tax credits.
Mr Tuerff formerly served as special assistant to the chief counsel and special assistant
to the associate chief counsel (international) of the Internal Revenue Service. He is a
frequent contributor to tax periodicals, including Tax Notes and Tax Notes International,
the Practicing Law Institute journal, Tax Planning for Domestic & Foreign Partnerships,
LLCs, Joint Ventures & Other Strategic Alliances, and the American Bar Association’s
International Franchising Journal.
Mr Tuerff is a graduate of Indiana University School of Law and School of Business.
He is a member of the American Bar Association and the District of Columbia Bar
Association and is also a District of Columbia certified public accountant.
315
United States
Karl T Walli
1501 K Street NW
Suite 100
US
Tel: (1) 202 682 7177
Fax: (1) 202 857 0940
Karl Walli joined Weil, Gotshal & Manges’ Washington office in November 1996, after
almost 10 years with the Internal Revenue Service and the US Treasury Department.
While in the government, Mr Walli worked primarily in the areas of banking and
financial products, participating in the development of both domestic and international
cases and issues. The taxation of derivative financial products was one of his primary areas
of interest and expertise. He is one of the principal authors of the income tax regulations
on notional principal contracts (§ 1.446-3), was the reviewer on the interest allocation
regulations for foreign corporations (§ 1.882-5), and was a member of the original team
that developed the global dealing regulations. In addition to his work on the global
dealing regulations, Mr Walli worked closely with members of the Internal Revenue
Service’s advance pricing agreement programme, serving as technical advisor for APAs
pertaining to dealers in financial products.
At Weil Gotshal, Mr Walli has worked on a wide variety of domestic and cross-border
transactions, including structured debt instruments, convertible debt and equity, and
derivative financial instruments. He has advised both financial service entities and end
users on tax-advantaged methods for structuring and employing financial instruments,
with an emphasis on cross-border tax arbitrage transactions and tax-efficient hedging
strategies. Mr Walli’s practice also includes the taxation of foreign entities and
investments in the US.
Mr Walli received his BA from the University of Tennessee, a JD from the University of
North Carolina, and a master’s in law and taxation from the College of William and Mary.
316
United States
David R Warco
Deloitte Tax LLP
Two World Financial Center
New York, NY 10281-1414
US
Tel: (1) 212 436 6281
Fax: (1) 212 653 6281
Dave Warco is a partner in the international tax practice of Deloitte Tax, located in the
New York office. Dave has over 26 years of public accounting experience with
Deloitte, seven of which involved assignments outside the US.
Dave specializes in international taxation, with a focus on assisting US multinational
corporations structure and manage their tax affairs for their international operations. In
this regard, he has focused on international corporate mergers and acquisitions, taxefficient cross-border financing, cash repatriation techniques, and international
corporate mergers and acquisitions. Dave is a specialist on FAS 109, “Accounting for
Income Taxes”, and plays a national role in assisting various firm clients and Deloitte
client teams to deal with this accounting standard. Recently, Dave has been spending
considerable time assisting large multinationals with the adoption of FIN 48,
“Accounting for Uncertainty in Income Taxes”.
Dave also has extensive experience in helping foreign multinationals to structure their
US operations (inbound tax planning), international transfer pricing and tax treaties,
as well as other areas of US and international taxation in a wide variety of industries.
Dave is a frequent speaker and writer on international tax and transfer-pricing issues.
He has been recognized as one of the country’s leading tax advisers by International Tax
Review in 2002, and in the “World’s Leading Tax Adviser Survey” published by the
Legal Media Group in 2004.
Dave holds a BS degree in accounting from Duquesne University and an MS in
taxation from Robert Morris University. He is a certified public accountant.
317
United States
Gordon E Warnke
1301 Avenue of the Americas
New York, NY 10019
US
Tel: (1) 212 259 6070
Fax: (1) 212 259 6333
Gordon Warnke is a partner in the New York office of Dewey Ballantine, and is cochairman of the firm’s tax and private clients department. Mr Warnke advises
corporations and other organizations, both domestic and foreign, with respect to all
areas of federal income taxation, with a particular emphasis on mergers and
acquisitions, spin-offs and other divisive strategies, restructurings and consolidated
return matters. His practice also encompasses advising clients with respect to financial
products and representing clients before the Internal Revenue Service and the courts.
Mr Warnke is a former chair of the American Bar Association Tax Section’s Committee
on Affiliated and Related Corporations and is currently co-chair of the Committee on
Corporations of the Tax Section of the New York State Bar Association. He has authored
a number of articles and papers on federal tax topics, including consolidated return and
spin-off issues, and is a frequent speaker on federal tax matters.
Mr Warnke received an LLB from the University of Alberta in 1981, graduating first
in his class, and an SJD from Harvard University in 1984, where he wrote a doctoral
dissertation on international tax matters. He has been a partner at Dewey Ballantine
since 1990.
318
United States
Thomas F Wessel
KPMG
2001 M Street, NW
US
Tel: (1) 202 533 5700
Thomas F Wessel is a principal in KPMG’s Washington National Tax corporate tax
group. Mr Wessel is a former law clerk in a US district court, private attorney and official
at the Internal Revenue Service and the US Treasury Department, and practices in
numerous areas of federal income taxation. Mr Wessel is a member of the WNT Senior
Tax Partner Advisory Committee and also serves as the Tax Advisory Principal – Large
Transactions / FAS 109 where he is responsible for working with audit leadership with
respect to the financial audit of large transactions from a tax perspective.
Prior to joining KPMG, Mr Wessel was a founding partner of McKee Nelson, Ernst &
Young LLP. Before that time, he was the lead merger & acquisition tax partner in the
King & Spalding DC office. He joined KPMG in 1991. From 1990 to 1991, Mr Wessel
was special counsel to the chief counsel for the Internal Revenue Service and served as
the principal legal adviser to the chief counsel on the development of regulations, rulings
and designated tax litigation. From 1985 to 1990, he served as Associate Tax Legislative
Counsel and an Attorney-Advisor in the US Treasury Department’s Office of Tax
Legislative Counsel, with primary responsibility for developing corporate tax legislation
and regulatory guidance. From 1980 to 1982, Mr Wessel served as a law clerk to the
Honorable Jacob Mishler, US District Court for the Eastern District of New York.
Mr Wessel is an active member of the ABA section of taxation where he has served as
a co-chair of the Corporate Tax Subcommittee for Policy and Special Projects, the
chair of the Corporate Tax Subcommittee on Tax-Free Reorganizations, chair of the
Corporate Tax Subcommittee on Affiliated Group Acquisitions, and vice-chair for the
Committee on Corporate Tax. He currently serves as chair of the Corporate Tax
Subcommittee on Tax Free Distributions. He regularly speaks on subjects in his
practice areas. Mr Wessel is listed in the International Who’s Who of Corporate Tax
Lawyers, The Best Lawyers in America, International Tax Review’s Expert Guide to the
World’s Leading Tax Advisers and The Washington DC Area’s Best Lawyers.
Mr Wessel earned an LLM in taxation from the New York University School of Law
in 1985. He earned his JD, cum laude, in 1980 from the New York University School
of Law, where he served on the New York University Law Review and was a member of
the Order of the Coif. Mr Wessel graduated, magna cum laude, in 1976 with a BSE
from the University of Pennsylvania, the Wharton School, where he was elected to
Beta Alpha Phi.
319
United States
Thomas Zollo
KPMG LLP
303 E Wacker Drive
US
Tel: (1) 312 665 8387
Thomas Zollo is a principal in the international corporate services group in the
Chicago office of KPMG LLP (US). Before joining KPMG five years ago, Tom spent
16 years with a large international law firm, the last six as the senior tax partner in the
firm’s New York office.
Mr Zollo focuses primarily on structuring the operations of multinational
corporations. He has advised clients on issues related to financing their operations,
deferring recognition of their offshore income, maximizing their foreign tax credits
and establishing and defending inter-company transfer prices. He has also advised
clients on scores of taxable and tax-free acquisitions and dispositions.
Mr Zollo has considerable experience on tax controversy matters, particularly those
involving transfer pricing. He has represented taxpayers before IRS Appeals
throughout the US, in the US Tax Court and in competent authority proceedings.
Mr Zollo has rendered professional services for a large number of national and
multinational enterprises. He has an economics degree from Columbia University,
summa cum laude, and a law degree from the Harvard Law School, cum laude. He is a
former adjunct professor at the DePaul University College of Law, where he taught
advanced corporate reorganizations, and is a frequent speaker and writer on US
federal income tax issues.
320
United States
Bob Ackerman
Ernst & Young, Washington
Melvin S Adess (see bio)
KPMG, Chicago
Val J Albright
Gardere Wynne Sewell, Dallas
Donald C Alexander
Akin Gump Strauss Hauer & Feld, Washington
William J Amon (see bio)
Deloitte Tax, Los Angeles (see advert on inside front)
Tim Anson
PricewaterhouseCoopers, Washington
Lawrence M Axelrod (see bio)
Deloitte Tax, Washington (see advert on inside front)
Mike Baldasaro
Ernst & Young, New York
J Gregory Ballentine (see bio)
The Ballentine Barbera Group, Washington (see advert on
page 251)
Sheldon I Banoff
Katten Muchin Rosenman, Chicago
Gregory L Barton
Mayer Brown Rowe & Maw, Chicago
Peter M Belanger
PricewaterhouseCoopers, Los Angeles
Herbert N Beller (see bio)
Sutherland Asbill & Brennan, Washington
Andrew N Berg
Debevoise & Plimpton, New York
Stuart M Berkson
McDermott Will Emery, Chicago
Kenneth K Bezozo
Haynes and Boone, New York
Henry J Birnkrant (see bio)
Alston & Bird, Washington
Kimberly S Blanchard (see bio)
Weil Gotshal & Manges, New York
Peter H Blessing
Shearman & Sterling, New York
321
United States
William E Bonano
Pillsbury Winthrop Shaw Pittman, San Francisco
Stephen S Bowen
Latham & Watkins, Chicago
Peter L Briger
Briger & Associates, New York
David H Brockway (see bio)
McKee Nelson, Washington
Richard J Bronstein
Paul Weiss Rifkind Wharton & Garrison, New York
James R Brown
Willkie Farr & Gallagher, New York
Saul T Caisman
KPMG, Chicago
Peter C Canellos (see bio)
Wachtell Lipton Rosen & Katz, New York
Robert Cassanos
Fried Frank Harris Shriver & Jacobson, New York
William G Cavanagh
Chadbourne & Parke, New York
Michael P Cenko
PricewaterhouseCoopers, Detroit
Frederick R Chilton Jr
McDermott Will Emery, Palo Alto
Richard A Clark (see bio)
R Brent Clifton
Locke Liddell & Sapp, Dallas
Edmund S Cohen
Winston & Strawn, New York
N Jerold Cohen (see bio)
Sutherland Asbill & Brennan, Atlanta
Robert T Cole (see bio)
Peter J Connors (see bio)
Orrick Herrington & Sutcliffe, New York
Philip C Cook (see bio)
Alston & Bird, Atlanta
John J Creed
Simpson Thacher & Bartlett, New York
322
United States
Robert E Culbertson
King & Spalding, Washington
Bruce N Davis
White & Case, Washington
Hans de Groot
Loyens & Loeff, New York
Nicasio J Del Castillo
PricewaterhouseCoopers, New York
Samuel Dimon
Davis Polk & Wardwell, New York
Barry A Dinaburg
William Dodge (see bio)
Dennis B Drapkin
Jones Day, Dallas
H Stewart Dunn
Ivins Phillips & Barker Chartered, Washington
Maurice Emmer (see bio)
Deloitte Tax, San Jose (see advert on inside front)
Peter L Faber
McDermott Will Emery, New York
Patrick B Fenn
Akin Gump Strauss Hauer & Feld, New York
Richard M Fijolek
Haynes and Boone, Dallas
David L Forst (see bio)
Fenwick & West, Mountain View
Sam Fouad
Paul H Frankel
Morrison & Foerster, New York
Louis S Freeman
Skadden Arps Slate Meagher & Flom, Chicago
Gary M Friedman
James P Fuller (see bio)
Jennifer L Fuller (see bio)
323
United States
James C Garahan
McDermott Will Emery, Palo Alto
Stephen D Gardner
Cooley Godward Kronish, New York
Gary J Gartner
Kaye Scholer, New York
Frank J Gaudio Jr
PricewaterhouseCoopers, Chicago
Kenneth W Gideon
Skadden Arps Slate Meagher & Flom, Washington
Martin D Ginsburg
Fried Frank Harris Shriver & Jacobson, Washington
Peter A Glicklich
Davies Ward Phillips & Vineberg, New York
David G Glickman
Baker & McKenzie, Dallas
Fred T Goldberg Jr
Edward E Gonzalez
Skadden Arps Slate Meagher & Flom, New York
Stephen L Gordon
Cravath Swaine & Moore, New York
Alan Winston Granwell
Jorge A Gross (see bio)
PricewaterhouseCoopers, Miami
Harry Gutman (see bio)
KPMG, Washington
Bruce D Haims
Charles W Hall
Fulbright & Jaworski, Houston
David R Hardy
McDermott Will Emery, New York
Steven D Harris (see bio)
KPMG, New York
John Hart
Chip Harter
PricewaterhouseCoopers, Washington
324
United States
Ronald B Harvey (see bio)
KPMG, New York
Kenneth H Heitner (see bio)
Kai Hielscher (see bio)
Deloitte Tax, Chicago (see advert on inside front)
Robert F Hudson Jr
Baker & McKenzie, Miami
Milton B Hyman
Irell & Manella, Los Angeles
Nancy L Iredale (see bio)
Paul Hastings Janofsky & Walker, Los Angeles
Alan S Kaden
Fried Frank Harris Shriver & Jacobson, Washington
Stephen M Kadenacy (see bio)
KPMG, Los Angeles
C Ronald Kalteyer
Locke Liddell & Sapp, Dallas
Bruce Kayle
Milbank Tweed Hadley & McCloy, New York
Karl L Kellar
Jones Day, Washington
John P Kennedy (see bio)
Deloitte Tax, Parsippany (see advert on inside front)
Kenneth Klein
Mayer Brown Rowe & Maw, Washington
Edward D Kleinbard
Cleary Gottlieb Steen & Hamilton, New York
Peter Kloet
Kenneth H Kral (see bio)
PricewaterhouseCoopers, New York
Kenneth J Krupsky
Steven R Lainoff
KPMG, Washington
Felix B Laughlin (see bio)
Dewey Ballantine, Washington
Robert C Lawrence III
Cadwalader Wickersham & Taft, New York
325
United States
Brian E Lebowitz (see bio)
Richard M Leder
Marc M Levey (see bio)
Baker & McKenzie, New York
Jack S Levin
Kirkland & Ellis, Chicago
Patricia Gimbel Lewis (see bio)
Caplin & Drysdale, Washington
Jerome B Libin (see bio)
Richard M Lipton
Baker & McKenzie, Chicago
Cym H Lowell
Gardere Wynne Sewell, Dallas
John B Magee (see bio)
Gary B Mandel
Phillip L Mann
Miller & Chevalier Chartered, Washington
Gregory May
Freshfields Bruckhaus Deringer, Washington
David J Mayo
Carlyn S McCaffrey (see bio)
Douglas R McFadyen
Shearman & Sterling, New York
William S McKee (see bio)
Daniel J Micciche
Akin Gump Strauss Hauer & Feld, Dallas
David S Miller
Cadwalader Wickersham & Taft, New York
Robert L Moore II
Miller & Chevalier Chartered, Washington
Charles Morgan
326
United States
Philip D Morrison (see bio)
Clifford E Muller (see bio)
Dan Munger (see bio)
Arthur M Nathan
Haynes and Boone, Houston
Mark Nehoray (see bio)
Deloitte Tax, Los Angeles (see advert on inside front)
William F Nelson (see bio)
Andrew C Newman (see bio)
Erika W Nijenhuis
David Z Nirenberg (see bio)
McKee Nelson, New York
Edwin L Norris (see bio)
Sidley Austin, Los Angeles
Amin Nosrat (see bio)
Deloitte Tax, Houston (see advert on inside front)
James M O’Brien (see bio)
Baker & McKenzie, Chicago
Herbert Odell
Miller & Chevalier Chartered, West Conshohocken
Stuart I Odell
Dewey Ballantine, New York
Jeffrey O’Donnell (see bio)
Pamela Olson
Paul W Oosterhuis
Joseph M Pari (see bio)
James M Peaslee
John M Peterson Jr
Baker & McKenzie, Palo Alto
327
United States
Barnet Phillips IV
Lawrence A Pollack (see bio)
KPMG, New York
Martin D Pollack (see bio)
Michael Quigley
White & Case, Washington
Walter T Raineri (see bio)
Charles O Rappaport
Keith Reams (see bio)
Deloitte Tax, San Francisco (see advert on inside front)
Yaron Z Reich
Richard L Reinhold
Willkie Farr & Gallagher, New York
William M Richardson
Hunton & Williams, Richmond
James Riedy
McDermott Will Emery, Washington
Burt Rosen
Matthew A Rosen
H David Rosenbloom
Stanley Ruchelman
Ruchelman Law Firm, New York
Robert A Rudnick
Shearman & Sterling, Washington
Ronald D Saake (see bio)
Deloitte Tax, San Francisco (see advert on inside front)
Jeffrey B Samuels
Leslie B Samuels
Michael L Schler
Cravath Swaine & Moore, New York
328
United States
Leslie J Schneider
Leslie J Schreyer
Ronald B Schrotenboer (see bio)
Jodi J Schwartz (see bio)
Wachtell Lipton Rosen & Katz, New York
Alan M Shapiro (see bio)
Abraham N M Shashy (see bio)
Stephen E Shay
Ropes & Gray, Boston
Jeffrey T Sheffield
Kirkland & Ellis, Chicago
Timothy C Sherck
Stanley G Sherwood (see bio)
Sherwood Associates, New York
David R Sicular
Mark J Silverman
Steptoe & Johnson, Washington
Richard W Skillman (see bio)
Manuel F Solano (see bio)
Giovanna Terese Sparagna (see bio)
Gary D Sprague
Baker & McKenzie, Palo Alto
Robert J Staffaroni
Richard C Stark (see bio)
N Susan Stone
Baker & McKenzie, Houston
Steven Surdell (see bio)
Ernst & Young, Chicago
329
United States
C David Swenson
Baker & McKenzie, Washington
Edward Tanenbaum (see bio)
Alston & Bird, New York
Willard B Taylor
Sullivan & Cromwell, New York
Leonard B Terr (see bio)
Baker & McKenzie, Washington
David R Tillinghast
Richard E Timbie (see bio)
James J Tobin
Steven C Todrys
Dana L Trier
Davis Polk & Wardwell, New York
Charles S Triplett
T Timothy Tuerff (see bio)
Sonia Velasco Menal
Cuatrecasas, New York
Mary F Voce
Greenberg Traurig, New York
Charles H Wagner
Karl T Walli (see bio)
Weil Gotshal & Manges, Washington
David R Warco (see bio)
Deloitte Tax, New York (see advert on inside front)
Gordon E Warnke (see bio)
Dewey Ballantine, New York
W Thomas Weir
Akin Gump Strauss Hauer & Feld, New York
Richard L Weisman
Joel C Weiss
Miller & Chevalier Chartered, Philadelphia
330
United States
Robert Wellen
Benjamin G Wells
Baker Botts, Houston
Thomas F Wessel (see bio)
KPMG, Washington
Philip R West
Steptoe & Johnson, Washington
Raymond J Wiacek
Gary B Wilcox
Morgan Lewis & Bockius, Philadelphia
B John Williams Jr
Joel V Williamson
Steven C Wrappe
Deloris R Wright
Analysis Group, Denver
Lowell D Yoder
McDermott Will Emery, Chicago
Alfred D Youngwood
George E Zeitlin
Jay H Zimbler
Sidley Austin, Chicago
Thomas M Zollo (see bio)
KPMG, Chicago
331
Venezuela
Humberto Romero-Muci
Deloitte
Torre Corp Banmca Piso 18
Av Blandín, La Castellana
Caracas
Venezuela
Tel: (58) 212 206 87 47
Fax: (58) 212 206 87 40
Humberto Romero-Muci is a tax partner in the Caracas office of Deloitte.
Humberto Romero-Muci graduated summa cum laude in law from Universidad
Católica Andrés Bello. He graduated with a Master’s in law from Harvard University
in 1986, a PhD in law from Universidad Central de Venezuela in 2003 and a diploma
in international tax from Harvard Law School in 1986. He is the former associated
magistrate of the political administrative chamber at the Venezuelan Supreme Court.
Recently, among other distinguished positions, he has been chosen as member of the
Political and Social Sciences Academy in Venezuela, chair number 14.
Dr Romero-Muci has been a co-founder and administrative partner of Romero-Muci
& Associates Law Firm since 1997, a member of Deloitte. Dr Romero-Muci
specializes in legal tax advice and litigation; he has contributed to the interpretation
and implementation of the legislation applicable to inflation adjustment, business
assets, and municipal taxes, and he has contributed to legal and tax aspects of
accounting principals.
He has been an associated professor and ex-chief in charge of the financial law chair
in the Universidad Católica Andrés Bello since 1997, as well as ex-professor of
administrative economic law in the same university.
Dr Romero-Muci has written 10 books (three of which are award-winning) and 112
monographic works related to tax, constitutional, and administrative matters. Dr
Romero-Muci has been named as one of the most distinguished specialists and
talented professionals regarding tax issues by the International Tax Review and other
international law reviews.
As a partner, Dr Romero-Muci participates in all projects developed by the law firm.
He has been appointed as a legal tax service line leader for Venezuela, and also serves
as the liaison for a number of multinational enterprises and coordinates tax work for
numerous clients headquartered abroad. His experience covers a wide range of
industries, particularly service industries.
He speaks English and Spanish, and is a frequent guest speaker on topics related to
national and international taxation.
332
Venezuela
Oswaldo Anzola
Rodríguez & Mendoza, Caracas
Frederico Araujo Medina
Torres Plaz Araujo & Asociados, Caracas
Manuel Candal Iglesias
Candal & Asociados, Caracas
Juan C Carmona
Alcaraz Cabrera Vazquez (KPMG in Venezuela), Caracas
Ronald E Evans
Baker & McKenzie, Caracas
Luis Ocando
Ernst & Young, Caracas
Leonardo Palacios
Torres Plaz Araujo & Asociados, Caracas
Katherine S Pinzón M
Ernst & Young/Mendoza Delgado Labrador y Asociados, Caracas
Humberto Romero-Muci (see bio)
Deloitte, Caracas (see advert on inside front)
Gabriel Ruan Santos
Araque Reyna Sosa Viso & Pittier, Caracas
Alfredo Travieso Passios
Tinoco Travieso Planchart & Núñez, Caracas
333
INDEX
Index of firms
11 New Square, 242
3 Temple Gardens Tax Chambers, 243
A&L Goodbody, 120
Abreu Cardigos & Associados, 171
Adachi Henderson Miyatake & Fujita, 129
Advokatfirman Bill Andreasson, 214
Aird & Berlis, 37, 52, 54, 57
Akin Gump Strauss Hauer & Feld, 321, 323,
326, 330
Alcaraz Cabrera Vazquez (KPMG in
Venezuela), 333
Allen & Gledhill, 178
Allen & Overy, 83, 101, 102, 135, 243
Allens Arthur Robinson, 12, 13
Alston & Bird, 253, 259, 261, 278, 312, 321,
322, 326, 330
Altenburger, 215, 222
Altorfer Duss & Beilstein, 222
Analysis Group, 331
Andreas Neocleous & Co, 66, 67, 68
Araque Reyna Sosa Viso & Pittier, 333
Arendt & Medernach, 135
Arias Fabrega & Fabrega, 160
ARNOLD Rechtsanwalts-Partnerschaft, 16
Arntzen de Besche, 160
Arthur Cox, 120
Ashurst, 82, 244
Asorey & Navarrine, 8
Atanaskovic Hartnell, 12
Avraham Alter & Co Law Offices, 120
Baker & McKenzie, 25, 61, 82, 83, 101, 103,
106, 129, 136, 140, 147, 149, 150, 163, 174,
178, 209, 243, 279, 294, 313, 324, 325, 326,
327, 329, 330, 333
Baker Botts, 331
Bär & Karrer, 222
Baraona Marré, 61
Barros & Errázuriz, 61
Barros Carvalho Advogados Associados, 32
Basham Ringe y Correa, 139, 140
BDO Noraudit, 157, 160
Bech-Bruun, 73
Bell Gully, 155
Bennett Jones, 54, 55
Binder Grösswang Rechtsanwälte, 16
Blake Cassels & Graydon, 34, 41, 43, 47, 49,
50, 55, 56
Blake Dawson Waldron, 12
Blum Attorneys-at-Law, 218, 222
BMR & Associates, 110, 116
Böckli Bodmer & Partner, 222
Bonn Schmitt Steichen, 133, 135
Borden Ladner Gervais, 55
Borel & Barbey, 222
Bowman Gilfillan, 194
bpv Hügel Rechtsanwälte OEG, 16
Brandford-Griffith & Associés, 83
Bratschi Emch Rechtsanwälte, 222
Bredin Prat, 83
334
Briger & Associates, 322
Bruchou Fernandez Madero Lombardi &
Mitrani, 8
BSR & Co, 116
Bulhoes Pedreira Bulhoes Carvalho Piva
Rosman e Souza, 32
Burki Attorneys-at-Law, 222
Burnet Duckworth & Palmer, 54
Cabinet Henri Bardet, 82
Cabinet Turot, 83
Cadwalader Wickersham & Taft, 325, 326
Cahn-Speyer Paredes & Asociados, 65
Calvo González Luna Moreno y Revilla, 140
Candal & Asociados, 333
Caplin & Drysdale, 280, 307, 314, 326, 328,
329, 330
Cárdenas Di Cio Romero & Tarsitano, 8
Carey & Cia, 61
Cariola Diez Perez-Cotapos & Cia, 61
Chadbourne & Parke, 163, 322, 323, 326,
329, 331
Chapman Tripp, 155
Chevez Ruiz Zamarripa y Cia, 140
Chiomenti Studio Legale, 123
CHSH Cerha Hempel Spiegelfeld Hlawati,
15, 16
Clayton Utz, 12
Cleary Gottlieb Steen & Hamilton, 82, 241,
243, 325, 327, 328
Clifford Chance, 82, 83, 101, 103, 149, 242
Clyde & Co, 241
CMS Adonnino Ascoli & Cavasola Scamoni,
123
CMS Bureau Francis Lefebvre, 78, 79, 80,
82, 83
Cooley Godward Kronish, 324
Couzin Taylor/Ernst & Young, 54, 55
Cravath Swaine & Moore, 324, 328
Cuatrecasas, 205, 209, 330
D Potchebutzky Law Offices, 120
Davies Ward Phillips & Vineberg, 54, 55, 56,
324
Davis Polk & Wardwell, 243, 323, 330
De Brauw Blackstone Westbroek, 149, 150
Debevoise & Plimpton, 102, 321, 323, 324,
328, 329
Deloitte, 6, 7, 8, 11, 13, 17, 19, 20, 22, 25,
26, 27, 28, 32, 36, 45, 48, 53, 54, 55, 56,
57, 58, 59, 61, 62, 63, 64, 65, 71, 72, 73,
75, 76, 77, 91, 93, 97, 101, 102, 103, 104,
105, 106, 108, 109, 116, 118, 120, 124, 125,
129, 137, 138, 140, 141, 143, 145, 146, 148,
149, 150, 151, 153, 154, 155, 159, 160, 161,
162, 163, 164, 168, 170, 171, 175, 176, 177,
178, 179, 184, 194, 196, 201, 210, 214, 222,
224, 225, 226, 231, 233, 237, 240, 241, 242,
243, 245, 248, 249, 257, 262, 263, 272, 275,
285, 287, 288, 290, 293, 295, 300, 301, 304,
315, 317, 321, 322, 323, 325, 327, 328, 329,
330, 332, 333
INDEX
Deneys Reitz, 194
Dewey Ballantine, 87, 101, 121, 123, 163,
230, 242, 277, 296, 305, 318, 325, 327,
329, 330
Di Tanno e Associati, 123
Dias de Souza Advogados, 32
DLA Piper, 144, 149
Drew & Napier, 178
Edward Nathan Sonnenbergs, 185, 187, 189,
194
Elvinger Hoss & Prussen, 135
EnterPricing, 8
Ernst & Young, 8, 12, 13, 16, 56, 61, 65, 69,
70, 73, 82, 83, 101, 102, 106, 109, 113,
114, 115, 116, 120, 129, 149, 150, 160,
178, 186, 190, 194, 201, 209, 211, 214,
216, 220, 222, 223, 242, 308, 311, 321,
323, 325, 329, 330, 333
Ernst & Young/Mendoza Delgado Labrador
y Asociados, 333
Espanha e Associados, 171
Estudio Beccar Varela, 8
Estudio O’Farrell, 8
Eubelius, 25
Fasken Martineau DuMoulin, 54, 56
Felesky Flynn, 54
Fenwick & West, 264, 265, 266, 299, 302,
323, 328, 329
Ferrere Attorneys at Law, 26
Flick Gocke Schaumburg, 86, 101, 102, 103
Fraser Milner Casgrain, 38, 44, 54, 55
Freshfields Bruckhaus Deringer, 16, 25, 82,
101, 102, 123, 149, 150, 209, 241, 242,
243, 244, 326
Fried Frank Harris Shriver & Jacobson, 322,
324, 325
Fulbright & Jaworski, 324
Galhardo Vilão Torres, 171
Gardere Wynne Sewell, 321, 326
Garrigues, 202, 204, 206, 207, 208, 209
Garrigues Portugal, 165, 171
Gibbs Chambers, 13
Gide Loyrette Nouel, 82
Gillioz Dorsaz & Associes, 222
Gleiss Lutz, 101
Gonçalves Pereira Castelo Branco e
Associados, 171
Goodmans, 54, 56
Gray’s Inn Tax Chambers, 241, 242, 244
Greenberg Traurig, 330
Greenwoods & Freehills Pty Limited, 12
Haarmann, 92, 101
Haavind Vislie, 160
Hannes Snellman, 77
Harboe & Co, 160
Haynes and Boone, 321, 323, 327
Hengeler Mueller, 102
Herbert Smith, 242
Herzog Fox & Neeman, 120
HH Partners, 74, 77
Hollis Whiteman Chambers, 244
Homburger, 222, 223
Hunton & Williams, 328
I Gornitzky & Co, 120
Irell & Manella, 325
Ivins Phillips & Barker Chartered, 323, 324,
329, 331
Jalsovszky Law Firm, 109
Jones Day, 25, 82, 323, 325, 331
Jürgen Hartmann, 101
Katten Muchin Rosenman, 321
Kaye Scholer, 324
Kellough & Partners, 39, 54
KhattarWong, 178
Kim & Chang, 201
King & Spalding, 323
Kirkland & Ellis, 326, 329
KPMG, 8, 13, 23, 24, 26, 29, 55, 56, 77,
101, 106, 117, 119, 120, 156, 160, 181,
188, 194, 219, 222, 227, 234, 235, 241,
242, 244, 247, 268, 269, 270, 274, 297,
319, 320, 321, 322, 324, 325, 328, 331
KPMG Bohlins, 214
KPMG C Jespersen Statsautoriseret
Revisionsinteressentskab, 73
KPMG Gruppe Österreich, 16
KPMG Law Advokatfirma DA, 158
KPMG Meijburg & Co, 149, 150
KPMG Tax, 135, 163
KPMG Tax Advisors-Assessores Tributários,
32
KPMG Tax Corp, 129
Kromann Reumert, 73
Lacaz Martins Halembeck Pereira Neto
Gurevich, 32
Lakshmikumaran & Sridharan, 116
Landwell - PricewaterhouseCoopers, 209
Latham & Watkins, 103, 322
Lefosse Advogados in cooperation with
Linklaters, 30, 32
Leitner + Leitner, 16
Lenz & Staehelin, 223
Lewin & Wills Abogados, 65
Liedekerke Wolters Waelbroeck
Kirkpatrick, 25
Linklaters, 82, 101, 103, 163, 214, 241, 243
Linklaters De Bandt, 25, 26
Locke Liddell & Sapp, 322, 325
Lovells, 150, 242
Loyens, 25, 26
Loyens & Loeff, 135, 149, 150, 178, 243,
323
Loyens Winandy, 134, 135
Macchi di Cellere Gangemi, 123
Macfarlanes, 241, 242
Machado Meyer Sendacz e Opice, 31, 32
Maisto e Associati, 123
Mallesons Stephen Jaques, 12, 13
Mallinicks, 194
Mannheimer Swartling, 214
Marciniuk & Partners, 163
Marino e Associati, 123
Mariz de Oliveira Siqueira Campos e
Bianco, 32
Marval O’Farell & Mairal, 8
Matheson Ormsby Prentice, 120
Mattos Filho Veiga Filho Marrey Jr e
Quiroga, 32
Mayer Brown Rowe & Maw, 321, 325, 329,
330, 331
McCarthy Tétrault, 54, 55, 56, 57
McDermott Will Emery, 243, 321, 322, 323,
324, 328, 331
McKee Nelson, 255, 282, 284, 289, 291,
310, 322, 326, 327, 329
MDDP Michalik Dluska Dziedzic i
Partnerzy, 163
Meilicke Hoffmann & Partner, 102
Milbank Tweed Hadley & McCloy, 101,
102, 242, 325
Miller & Chevalier Chartered, 326, 327, 330
Minter Ellison, 10, 12
Minter Ellison Rudd Watts, 155
Moisand Boutin & Associés, 83
Morais Leitão Galvão Teles Soares da Silva
& Associados, 167, 169, 171
335
INDEX
Morgan Lewis & Bockius, 236, 243, 331
Morrison & Foerster, 323
Nagashima Ohno & Tsunematsu, 129
Nauta Dutilh, 135
Negri & Teijeiro Abogados, 8
NERA Economic Consulting, 100, 103
Niederer Kraft & Frey, 222
Nishith Desai Associates, 116
O’Melveny & Myers, 63
Oberson & Partners, 222
Ogilvy Renault, 40, 55
One Essex Court, 242
Ong Sim Ho Advocates & Solicitors, 178
Orrick Herrington & Sutcliffe, 260, 322
Ortiz Sainz y Erreguerena, 140
Osborne Clarke, 243
Osler Hoskin & Harcourt, 51, 54, 55, 56
Owen Dixon Chambers, 13
Owen Dixon Chambers West, 12
P+P Pöllath + Partners, 84, 88, 89, 95, 96,
98, 99, 101, 102, 103
Parás, 140
Paul Hastings Janofsky & Walker, 82, 273,
325
Paul Weiss Rifkind Wharton & Garrison,
322, 326, 328, 329, 331
Pepeliaev Goltsblat & Partners, 173, 174
Pérez Alati Grondona Benites Arntsen &
Martinez, 8
Pestalozzi Lachenal Patry, 217, 222
Pillsbury Winthrop Shaw Pittman, 322
Pinheiro Neto - Advogados, 32
Plesner Svane Gronborg, 73
PLMJ - AM Pereira Sáragga Leal Oliveira
Martins, 166, 171
Prager Dreifuss, 222
PricewaterhouseCoopers, 3, 5, 8, 12, 16, 25,
26, 33, 55, 60, 61, 63, 65, 73, 77, 90, 94,
101, 102, 106, 109, 112, 116, 130, 132,
135, 140, 149, 155, 160, 163, 172, 174,
178, 191, 194, 212, 213, 214, 222, 228,
229, 232, 238, 239, 241, 242, 243, 267,
276, 321, 322, 323, 324, 325
Pump Court Tax Chambers, 241, 242
Reyes Abogados Asociados, 65
RLE Gmbh, 101
Robert Boonacker, 149
Roca Junyent, 209
Rodés & Sala, 209
Rodríguez & Mendoza, 333
Ropes & Gray, 329
Roschier, 77
RSM & Co, 116
RSM Hemmelrath, 102
Ruchelman Law Firm, 328
Rui Barreira Magalhães Correia Teresa
Carregueiro, 171
Russell McVeagh, 155
Samil PricewaterhouseCoopers, 195, 197,
198, 201
Schellenberg Wittmer, 221, 223
SchneideR’S Attorney at Law, 16
Schönherr, 16
Selborne Chambers, 12
Shaddick & Spence, 13
Shearman & Sterling, 101, 321, 326, 328
Sherwood Associates, 306, 329
Shin Nihon Ernst & Young, 126, 128, 129
Sidley Austin, 292, 327, 331
Simmons & Simmons Trenité, 149
Simpson Thacher & Bartlett, 322, 324, 326,
328, 330
336
Skadden Arps Slate Meagher & Flom, 323,
324, 326, 327, 328, 331
Slaughter and May, 241, 242, 243
Spigthoff, 150
Steptoe & Johnson, 329, 331
Stibbe, 25, 149, 150
Stikeman Elliott, 54
Streck Mack Schwedhelm, 103
Studio Legale Tributario F Gallo e Associati,
123
Studio Tributario Deiure, 123
Studio Uckmar, 123
Sullivan & Cromwell, 82, 330
Sutherland Asbill & Brennan, 252, 258, 281,
286, 309, 321, 322, 326, 327, 329
Taj, 82
The Ballentine Barbera Group, 250, 321
Thommessen Krefting Greve Lund, 160
Thorsteinssons, 42, 46, 55
Tiberghien, 21, 25
Tinoco Travieso Planchart & Núñez, 333
Tirard Naudin, 81, 83
Tokyo Kyodo Accounting Office, 129
Tommy V Christiansen, 73
Torres Plaz Araujo & Asociados, 333
Torys, 56
Travers Smith Braithwaite, 241, 243
Trench Rossi e Watanabe/Baker &
McKenzie, 32
Tron y Natera, 140
Ulhoa Canto Rezende e Guerra Advogados,
32
Uría Menéndez, 209
Vaish Associates, 116
Van Doorne, 150
Veirano Advogados, 32
Vial y Palma, 61
Vitali Romagnoli Piccardi e Associati, 122,
123
Vorlickova & Leitner, 70
Vorster Pereira Inc, 194
Wachtell Lipton Rosen & Katz, 256, 303,
322, 329
Webber Wentzel Bowens, 192, 193, 194
Weil Gotshal & Manges, 163, 254, 271, 283,
298, 316, 321, 325, 326, 328, 330
Wentworth Chambers, 12, 13
Werksmans, 194
White & Case, 70, 127, 129, 163, 323, 328
Wiersholm Mellbye & Bech, 160
Wikborg Rein, 160
William Fry, 120
Willkie Farr & Gallagher, 82, 83, 322, 328
Wilson & Partners, 54, 56
Winston & Strawn, 322
Wolf Theiss, 16
Woo Yun Kang Jeong & Han, 199, 200, 201
Xavier Bernardes & Bragança, 33
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