The Legal Media Group Guide to the World’s Leading …oportunidades.deloitte.cl/marketing/Archivos en la web...6 Guide to the World’s Leading Tax Advisers Argentina Carlos Iannucci

Tax AdvisersThe Legal Media Group Guide to the World’s Leading

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1

Guide to the World’s Leading Tax Advisers

Research managerTatiana Hlivka

Sub-editorsRebecca Skipwith

Maria McGrady

Production managerRichard Oliver

Production editorJoão Fernandes

Business managerMatthew Lakin

Project managerJonathan McReynolds

PublisherDanny Williams

DirectorChristopher Fordham

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©Euromoney Institutional Investor PLCJanuary 2007

No matter contained herein may be reproduced,duplicated or copied by any means without the priorconsent of the holder of the copyright, requests forwhich should be addressed to the publisher. AlthoughEuromoney Institutional Investor PLC has madeevery effort to ensure the accuracy of this publication,neither it nor any contributor can accept any legalresponsibility whatsoever for consequences that mayarise from errors or omissions, or any opinions oradvice given. This publication is not a substitute forprofessional advice on specific transactions.Directors: Padraic Fallon, Lord Rothermere, SirPatrick Sergeant, Charles Sinclair, Peter Williams,Richard Ensor, Chris Brown, Neil Osborn, DanCohen, Gerard Strahan, John Botts, EdoardoBounous, Colin Jones, Simon Brady, Tom Lamont,Diane Alfano, John Bolsover, Gary Mueller, MikeCarroll, Christopher Fordham

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2 Methodology3 Argentina editorial5 Argentina10 Australia15 Austria17 Belgium editorial19 Belgium26 Bolivia27 Brazil34 Canada editorial36 Canada58 Chile62 China64 Colombia66 Cyprus69 Czech Republic71 Denmark74 Finland78 France84 Germany editorial86 Germany104 Hong Kong SAR108 Hungary110 India117 Ireland editorial118 Ireland120 Israel121 Italy124 Japan129 Lithuania130 Luxembourg editorial132 Luxembourg136 Mexico141 The Netherlands editorial143 The Netherlands151 New Zealand editorial153 New Zealand156 Norway160 Panama161 Poland164 Portugal172 Russia175 Singapore179 South Africa editorial184 South Africa195 South Korea202 Spain editorial204 Spain210 Sweden215 Switzerland224 United Kingdom245 United States editorial247 United States332 Venezuela

Index334 Index of firms

CONTENTS

2 Guide to the World’s Leading Tax Advisers

Methodology

Welcome to the 2007 Guide to the World’s Leading Tax Advisers, the international legalmarket’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 dedicatedto leading individuals in the legal industry. Since then we have continued to focus onindividuals 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 processinvolves sending over 4,000 questionnaires to senior practitioners or in-house counselinvolved in each practice area in over 60 jurisdictions, asking them to nominate leadingpractitioners based on their work and reputation. The results are analysed and screenedfor firm, network and alliance bias. The list of experts is then discussed and refined withadvisers in legal centres worldwide.

Our researchers have compiled a list of specialists in 42 jurisdictions for this guide. Thesespecialists have been independently offered the opportunity to enhance their listing witha professional biography. The biographies give readers valuable, detailed informationregarding 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 completedquestionnaires and met our researchers. Thank you. We hope you find the guide to bea useful tool.

Tatiana HlivkaResearch manager

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Argentina: time forcomprehensive reform?

Only five years have elapsed since the crisis that rockedArgentina in late 2001 and early 2002, and yet the economicoutlook has now entirely changed in ways not even the mostoptimistic forecaster could have predicted during thosedifficult years.

The Argentine economy has recovered well since that time,with GDP growing 9% on average each year, a growth thatis currently driven mainly by exports, construction,manufacturing and financial activities. At the same time,consumption is also stimulated by government spending andsocial programs.

Despite concerns on several fronts, such as infrastructureneeds in the energy sector, fears of over-regulation and othermeasures that would be required to enable sustainablegrowth, economists and businessmen are increasinglyoptimistic about the future performance of the country.

Tax revenuesTax revenues in Argentina have increased sharply, as shownin the chart below.

The federal primary surplus that has been observed lately isdue to high value-added tax receipts and a strongperformance by income taxes, reflecting the recovery inGDP and also a certain degree of success in the fight againsttax evasion and the informal economy.

However, this excellent performance is shadowed by the fact that the fiscal sustainabilitygreatly depends on a couple of distorting taxes, for example export duties and the tax onfinancial transactions – tax on checks – and also on the lack of recognition of inflationfor tax purposes. Notwithstanding that corporate income tax and VAT are imposed atrelatively high rates (35% and 21% respectively), the breakdown of tax revenues showsthat the two main distorting taxes contribute 20% of the tax collection, and have beenplaying an important role in the remarkable levels of tax revenues.

These circumstances, among other factors, explain why Argentina has performed poorlyin the recent survey conducted as part of the World Bank Doing Business report, Paying

Diego Etchepare (top)and Andrés EdelsteinPricewaterhouseCoopersBuenos Aires

Argentina

Collection of taxes at federal level


Taxes, the global picture (2006), by the World Bank and PricewaterhouseCooperscomparing tax regimes around the world.

How to reformThere seems to be a consensus on the necessity of reducing or repealing these so-calleddistorting taxes through a major tax reform. The dilemma the government has to face ishow to implement these changes without jeopardizing the current fiscal surplus, a crucialaspect to which the authorities have been paying close attention, and which makes asubstantial reform a challenging exercise.

The government has so far been reluctant to consider eliminating these taxes in view ofsatisfactory performance. The enactment of special tax regimes to promote investmentsshows that the authorities are conscious of the high level of taxation and willing toencourage investment projects, although the budget devoted to that end is limited. Werefer to the temporary regime for investments in capital assets and infrastructure worksand the software promotion regime (Law 25,924 and 25,922 respectively, both enacted in2004), 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 directinvestment (FDI) and no simple relationship seems to exist between the overall level oftaxation and long-term economic growth, studies do find evidence of the negativeinfluence of high levels of taxation. Moreover, there are clear signs that the level oftaxation has significant influence on investment decisions.

In the context of fierce competition among countries to attract investments, the designand implementation of a tax system that encourages them, together with other soundmeasures 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 possiblewhen reforms target increasing compliance and the tax base. Three ways to start a goodreform are discussed in the report: simplification of the tax legislation, which also impliesthe repeal of exemptions or special treatments; easing filing requirements, for instance bymaking electronic filing possible and eliminating excessive paperwork; and consolidatingtaxes. These general guidelines may well be taken into consideration in the establishmentof a friendlier tax system in Argentina, together with other specific initiatives such as thealignment of tax policies among the different taxing jurisdictions (federal, provincial andmunicipal 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 Argentineeconomy offers, careful tax planning is essential, not only to ensure that all the taximplications and exposures have been duly addressed, but also to determine whether theproject fits the scope of the various tax incentive regimes currently available.

Argentina

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Argentina

Diego EtcheparePricewaterhouseCoopersBouchard 557C1106ABG – Buenos AiresArgentina

Tel: (54) 11 4850 4651Fax: (54) 11 4850 4699Email: [email protected]: 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’sBuenos Aires office until July 2001, when he became the partner in charge of the BuenosAires firm. With more than 20 years’ experience in the taxation area, he has beenassisting multinational clients to structure their investments and acquisitions inArgentina.

He has been a professor on taxation at the Universidad de Belgrano for 15 years and isa frequent speaker at seminars and conferences organized by leading local professionalassociations.

He has also addressed international seminars in the US, Canada and other countries inSouth America.

He has published numerous articles in the technical press, as well as co-writing fourbooks on tax practice and theory.

He is a member of the Argentina Fiscal Association and of the Taxation ExecutiveCommittee of the Professional Association of CPAs. At present, he is a member of theconsultative 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 – UniversidadPompeu Fabra, Spain.


Argentina

Carlos IannucciDeloitte Pte Gral J D Peron 646, 2nd FloorCiudad Autónoma de BuenosC1038AAN Buenos AiresArgentina

Tel: (54) 11 4320 2736Fax: (54) 11 4320 4066Email: [email protected]: www.deloitte.com

Carlos Iannucci is an international tax partner at Deloitte with 20 years of experiencein tax services. He is the tax department director in Argentina and Latco, and also leadsthe Latin American indirect tax practice.

Carlos has vast experience in serving multinational enterprises doing business in LatinAmerica. He is a senior adviser on international tax planning strategies, indirect taxplanning, cross-border transactions and mergers and acquisitions.

He is a frequent speaker at tax conferences and seminars in various countries and has beendistinguished over the last few years as a top tax adviser in Argentina by International TaxReview and Mondaq. He is also a professor of taxation at the Universidad CatólicaArgentina, and a member of the International Fiscal Association and the Argentine TaxAssociation.

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Argentina

Pablo F ToninaDeloitteFlorida 234, 5th FloorC1005AAF Buenos AiresArgentina

Tel: (54) 11 4320 2700 ext 2145Fax: (54) 11 4325 8081Email: [email protected]: www.deloitte.com

Pablo F Tonina is a tax partner at Deloitte, based in Buenos Aires, Argentina. He hasmore than 20 years of experience in serving multinationals, major local companies andfinancial institutions in corporate and international tax issues.

Mr Tonina is the lead tax partner for several large consumer, manufacturing, technologyand financial services industry clients. He is also responsible for the Latin Americancoordination of tax services for several of Deloitte’s global strategic clients.

Since 1988, Mr Tonina has consistently been listed among the leading tax advisers inArgentina in various market surveys. He is a regular lecturer at business institutions,universities and professional entities, sharing his expertise in various tax matters. He alsois 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 andthe International Tax Association.


Argentina

Alejandro Claudio AltamiranoEstudio Beccar Varela, Buenos Aires

Francisco J AntogniniErnst & Young, Buenos Aires

Rubén O AsoreyAsorey & Navarrine, Buenos Aires

Manuel María BenitesPérez Alati Grondona Benites Arntsen & Martinez, Buenos Aires

Carlos CasanovasErnst & Young, Buenos Aires

Marcelo A CastilloKPMG, Buenos Aires

Andrés M EdelsteinPricewaterhouseCoopers, Buenos Aires

Diego Etchepare (see bio)PricewaterhouseCoopers, Buenos Aires

Jorge GebhardtErnst & Young, Buenos Aires

Eduardo Gil RocaPricewaterhouseCoopers, Buenos Aires

Gabriel GotlibMarval O’Farell & Mairal, Buenos Aires

Carlos Iannucci (see bio)Deloitte, Buenos Aires (see advert on inside front)

Susana C NavarrineAsorey & Navarrine, Buenos Aires

Matias Olivero VilaBruchou Fernandez Madero Lombardi & Mitrani, Buenos Aires

Daniel RybnikEnterPricing, Buenos Aires

Alberto TarsitanoCárdenas Di Cio Romero & Tarsitano, Buenos Aires

Guillermo Orlando TeijeiroNegri & Teijeiro Abogados, Buenos Aires

Miguel Alejandro Máximo TesónEstudio O’Farrell, Buenos Aires

Pablo F Tonina (see bio)Deloitte, Buenos Aires (see advert on inside front)

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Australia

Mark GreenMinter EllisonRialto Towers525 Collins StreetMelbourne, Victoria, 3000Australia

Tel: (61) 3 8608 2380Fax: (61) 3 8608 1000Email: [email protected]: 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 taxpractice. Mark is one of Victoria’s leading advisors on tax and related structuringissues, and is also managing partner of Minter Ellison Melbourne.

He has been extensively involved in the energy and infrastructure sectors and, whilewith Ernst & Young, was national industry leader of its energy and utility practice.

Mark also has significant experience advising on mergers and acquisitions forcorporate entities, including tax effective financing. He has a strong backgroundadvising corporate and government entities generally on Australian State and Federaltaxation and excise laws.

He continues to work with international organizations, particularly US, French, UKand Asian companies, investing in Australia, with a focus in the finance, energy andinfrastructure sectors.

He is past president of the Australian New Zealand Chamber of Commerce and Industryand 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 Instituteof Company Directors, International Fiscal Association and The Law Institute ofVictoria.

11

Australia

Gordon ThringDeloitte 180 Lonsdale StreetMelbourne VIC 3000Australia

Tel: (61) 3 9208 7666Fax: (61) 3 9208 7702Email: [email protected]: www.deloitte.com.au

Gordon Thring has been an international tax partner in the Melbourne office ofDeloitte since 2000. He joined the firm having previously been a partner for over fiveyears at another big-four accounting firm and has 23 years’ experience in taxation. Heis a fellow of the Institute of Chartered Accountants, a fellow of the Australian CertifiedPractising Accountants, and a fellow of the Taxation Institute of Australia.

Gordon’s recent assignments include international structuring and cross-bordermergers and acquisitions transactions for large multinational corporations based inAustralia as well as inbound investment into Australia. He has particular experience intax-efficient international financing structures, off-balance-sheet structures, intellectualproperty tax planning, thin capitalization, mergers and acquisitions including floats, andde-mergers and takeovers.

Gordon lectures extensively on international and corporate tax topics at seminars andhas contributed many articles to publications dealing with international and Australiantaxation.

Gordon is also the chair of the Australian CPA’s National Tax Committee and sits onseveral liaison groups with the Australian Treasury and Australian Taxation Officeofficials.


Australia

Charles ArmitageAllens Arthur Robinson, Sydney

Allan BlaikieClayton Utz, Sydney

David Bloom QCSeven Wentworth Chambers, Sydney

Bill CannonBlake Dawson Waldron, Sydney

Anthony ClemensPricewaterhouseCoopers, Sydney

Michael CloughMallesons Stephen Jaques, Melbourne

Peter CollinsPricewaterhouseCoopers, Melbourne

David CominosClayton Utz, Brisbane

Graeme CotterillMallesons Stephen Jaques, Perth

John W De Wijn QCOwen Dixon Chambers West, Melbourne

Richard DukesAtanaskovic Hartnell, Sydney

John William Durack SCGround Floor Wentworth Chambers, Sydney

Tony FrostGreenwoods & Freehills Pty Limited, Sydney

Peter GreenMallesons Stephen Jaques, Sydney

Mark Green (see bio)Minter Ellison, Melbourne

Michael HappellPricewaterhouseCoopers, Melbourne

Vik KhannaErnst & Young, Melbourne

John C KingMallesons Stephen Jaques, Sydney

Larry MagidAllens Arthur Robinson, Sydney

James Hamilton MomsenFifth Floor Selborne Chambers, Sydney

13

Australia

Paul O’DonnellErnst & Young, Sydney

G Tony Pagone QCOwen Dixon Chambers West, Melbourne

Kevin PoseAllens Arthur Robinson, Melbourne

Cameron RiderAllens Arthur Robinson, Melbourne

David Graham Russell QCGround Floor Wentworth Chambers, Sydney

Richard ShaddickShaddick & Spence, Melbourne

Tony Slater QCGround Floor Wentworth Chambers, Sydney

Ken SpenceShaddick & Spence, Melbourne

Ian StanleyMallesons Stephen Jaques, Sydney

Brendan James Sullivan SCTenth Floor Selborne/Wentworth Chambers, Sydney

Gordon Thring (see bio)Deloitte, Melbourne (see advert on inside front)

Michael H WachtelErnst & Young, Melbourne

David A WatkinsKPMG, Sydney

Sue WilliamsonAllens Arthur Robinson, Melbourne

David WoodMallesons Stephen Jaques, Melbourne

Commercial

Banking & finance and capital markets

Tax

Administrative business law

Real estate and project development

Commercial litigation and arbitration

wwwwww..cchhsshh..aattCHSH Bratislava Brussels Bucharest Budapest Vienna

in alliance with BSJP Gdansk Katowice Poznan Warsaw Wroclaw

Cerha Hempel Spiegelfeld Hlawati Partnerschaft von RechtsanwältenParkring 2, A-1010 ViennaTel.: +43/1/514 35-0Fax: +43/1/514 35-35 [email protected]

15

Austria

Clemens HasenauerCHSH Cerha Hempel Spiegelfeld HlawatiParkring 21010 ViennaAustria

Tel: (43) 1 514 35 321Fax: (43) 1 514 35 39Email: [email protected]: www.chsh.at

Dr Clemens Hasenauer is partner and member of the banking and corporate financeteam at CHSH. His broad experience includes numerous negotiated mergers andacquisitions transactions and complex corporate reorganizations, in particular relating tolarge international joint ventures as well as takeover proceedings. Clemens Hasenauerhas regularly advised on private equity transactions and has structured and negotiatednumerous cross-border transactions, including in-bound and out-bound investmentsand acquisitions. Recently, Mr Hasenauer advised OMV on the $1.1 billion purchase ofa 34% stake in Petrolofisi.

Clemens Hasenauer graduated from the University of Vienna (Mag iur 1994, Dr iur1996) 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 Londonand is also admitted to the Bar of New York. Clemens Hasenauer has written numerouspublications 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 inVienna, Bratislava, Brussels, Budapest, Bucharest, Warsaw, Gdansk, Katowice, Poznanand Wroc_aw. At present, there are 12 partners and 68 lawyers at the Vienna office.


Austria

Wolf-Dieter ArnoldARNOLD Rechtsanwalts-Partnerschaft, Vienna

Nina DoraltErnst & Young, Vienna

Florian Gibitzbpv Hügel Rechtsanwälte OEG, Vienna

Andreas HableBinder Grösswang Rechtsanwälte, Vienna

Clemens Hasenauer (see bio)CHSH Cerha Hempel Spiegelfeld Hlawati, Vienna (see adverton page 14)

Christian HoenigWolf Theiss, Vienna

Hanns F Hügelbpv Hügel Rechtsanwälte OEG, Vienna

Reinhard LeitnerLeitner + Leitner, Linz

Johann MühlehnerKPMG Gruppe Österreich, Vienna

Roland RiefErnst & Young, Vienna

Friedrich RoedlerPricewaterhouseCoopers, Vienna

Niklas SchmidtWolf Theiss, Vienna

Robert SchneiderSchneideR’S Attorney at Law, Vienna

Claus StaringerFreshfields Bruckhaus Deringer, Vienna

Hellwig TorgglerSchönherr, Vienna

Hans ZoechlingKPMG Gruppe Österreich, Vienna

17

Belgium increases its scrutinyof transfer-pricing issues

In the 2004 edition of this Guide, we described the Belgiantransfer-pricing regulations introduced on July 9 2004. The2004 Act introduced the arm’s-length principle as thedomestic legal basis, as well as the concept of correlativeadjustments, which implied that the Belgian tax authoritieswould accept a downward adjustment to the taxable results ofthe Belgian taxpayer to the extent that it corresponded to acorrect upwards foreign transfer-pricing adjustment.

The 2004 Act overwrote Article 26 of the Belgian IncomeTax Code (BITC) in the case of cross-border transactionsbetween two companies that are part of a multinationalgroup of associated enterprises; or between two permanentestablishments (one being Belgian), a Belgian head office andits foreign permanent establishment, or a foreign head office

and its Belgian permanent establishment. However, the domestic controlledtransactions and the cross-border transactions between a company and a physicalperson are still covered by Article 26 of the BITC. The 2004 Act also introduced amore flexible and pragmatic advance-pricing agreement regime, allowing taxpayers toobtain advance security about all issues related to tax-aligned supply chain structures(such as exit charges, permanent establishment, relationship between transfer pricingand 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 deductionare measures that have made Belgium especially attractive for foreign investments.Indeed, under the new advance-pricing agreement regime of the 2004 Act, it ispossible to obtain a partial or even total tax exemption of the excess (operating) profitresulting from restructuring a business, while still respecting the arm’s-lengthprinciple. The second measure, the notional interest deduction, provides for adeduction 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 thenotional interest deduction could be combined and thus provide an effective way tosubstantially reduce the group’s effective tax rate. Furthermore, the absence of strictthin capitalization rules, the relative ease of implementing hybrid financing structuresand the attractive holding company features further contribute to making the Belgiantax climate similar to, or even more enticing than, those found in more traditionalconduit countries, such as Ireland, Luxembourg or Switzerland.

Along with creating these tax-planning opportunities, the Belgian tax authoritysharpened its focus on the in-depth transfer-pricing audits. In 2005, a special transfer-pricing audit squad was established, consisting of specialists and focusing on thetransfer-pricing audits of companies belonging to a multinational group. The squaduses a detailed customized questionnaire that is time-consuming and difficult toanswer if no transfer-pricing documentation is readily available.

Most recently, on November 20 2006, the Belgian tax administration issued a newcircular that provides the tax administration with general guidelines regarding thetransfer-pricing documentation in the case of an audit. Although the circular does notimpose any obligation to prepare transfer-pricing documentation in advance, it definesthe 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 noeconomic value is added as well as direct and indirect payments to entities in taxhavens; 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 additionaleconomic value; structural losses at a level of Belgian group entities; reorganizationand relocation of affiliated entities, particularly involving the valuation and payment

Patrick Cauwenbergh DeloitteBrussels

Belgium


for intellectual property; and the year-end invoicing of management fees. The circularalso provides a detailed overview of items to be gathered by taxpayers for thepreparation of the transfer-pricing documentation. These items include thedescription of the nature and the terms of the relevant tested and potentiallycomparable transactions, methods to determine pricing for such transactions,commercial contracts and the relevant financial information. Other items useful forthe study are the factual information on the taxpayer and its parent multinationalgroup, industry and market background, description of the contractual relations withthe related parties for tangibles, services and loans, and the taxpayer’s detailedfunctional and risk overview.

Being prepared is the best strategy to avoid burdensome retrospective fact gatheringand to lessen the risk that substantial transfer-pricing adjustments take place. Therelease of the new circular is another element demonstrating the increased attentionof the Belgian tax authorities to transfer-pricing issues.

Belgium

19

Belgium

Patrick Cauwenbergh Deloitte Berkenlaan 8AB-1831 DiegemBelgium


Patrick Cauwenbergh is a tax partner in the Brussels office of Deloitte Touche Tohmatsu’sBelgium affiliate. He joined Deloitte in 1999 and is now the partner in charge of Deloitte’sBrussels transfer-pricing practice.

Mr Cauwenbergh has specialized in transfer pricing and international tax planning since1992, as both practitioner and academic. He is a member of the Institute of Accountancyand Tax Advisers (IAB).

Mr Cauwenbergh participates in and conducts transfer pricing and international taxplanning assignments for Europe-based companies (including many of the largestBelgian controlled groups) regarding their relations with other EU member states,eastern European countries, Japan and the US. His team at Deloitte consists of fullydedicated transfer-pricing and international tax planning specialists (tax lawyers andeconomists) who are active in such areas as fiscal reengineering, European transfer-pricing 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 andpharmaceuticals.

Mr Cauwenbergh is the only Belgian lawyer with a PhD on the Belgian and foreign taxaspects of international transfer pricing. He has been a professor at the University ofAntwerp in international tax law since 1997. He also lectures on transfer-pricing topicsat the University of Leuven (European Tax College) and at the University of Ghent.

Mr Cauwenbergh participates in many seminars on transfer pricing and internationaltax planning, and is the author of two monographs and a large number of articles innational and international professional journals.


Belgium

Jacques De WitteDeloitteBerkenlaan 8AB-1831 DiegemBelgium


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 auditorand founder of Deloitte & Touche in Belgium. He became a tax partner in 1988 andis 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 activityare international tax and corporate structuring. He is also known in the field ofpersonal income tax issues of expatriates.

Mr De Witte has been consistently recognized in Legal Media Group’s survey ofclients and professionals as a leading international tax adviser, and has been named forseveral 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 onvarious aspects of Belgian taxation.

Mr De Witte graduated as an economist from the University of Ghent and has adegree in accountancy and tax law from the Vlerick School of Management. He is amember of the Institute of Accountancy and Tax Advisers (IAB) and the InternationalFiscal Association (IFA).

21

Belgium

Bernard PeetersTiberghienHavenlaan 86C/419 Avenue du Port Wouwstraat 11000 Brussels 2640 MortselBelgium Belgium

Tel: (32) 2 773 40 00 Tel: (32) 3 443 20 00Fax: (32) 2 773 40 55 Fax: (32) 3 443 20 20Email: [email protected]: www.tiberghien.com; www.tiberghien.tv

Bernard Peeters, born 1958 in Veurne, joined Tiberghien in 1990. His practice areasare corporate tax, mergers and acquisitions, private equity, international and Europeantax planning and tax treaties.

Mr Peeters is a member of the Brussels Bar and a frequent speaker on tax seminars inBelgium and abroad. He lectures at the University of Brussels on tax law (double taxtreaties and triangular cases). His memberships include the Tax and Legal Committeeof the American Chamber of Commerce in Belgium, the Tax and Legal Committee ofthe European Venture Capital Association, the Tax and Legal Committee of theBelgian Venturing Association, and the International Fiscal Association.

He is editor of the monthly newsletter on international tax Fiscoloog Internationaal anda member of the editorial staff of the Tijdschrift voor Fiscaal Recht. He is also the authorof numerous fiscal-related monographs and articles.

Mr Peeters graduated from the University of Brussels (lic iur) in 1981, and received aSpecial Degree in company law from the same university in 1982. He is also a taxgraduate of the Fiscale Hogeschool Brussels (1983).

He speaks Dutch, English, French and German


Belgium

Jan A RoelsDeloitte Berkenlaan 8AB-1831 DiegemBelgium


Jan Roels is a tax partner in the Brussels office of Deloitte. Mr Roels joined ArthurAndersen in 1977 and became a partner in 1988. He joined Deloitte & Touche inSeptember 2002.

In 2004, Mr Roels was appointed European international tax service line leader forEurope. He also serves as the European liaison for a number of multinational enterprisesand coordinates the European tax work for several Belgian MNCs and clientsheadquartered in Europe, the Americas and the Asia-Pacific region. Mr Roels is amember of the EU tax group at Deloitte, responsible for coordinating knowledge-sharingon EU direct tax developments and assisting offices worldwide on issues of EU directtaxation. 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 leadinginternational tax advisers in Belgium. He speaks fluent Dutch, English, French andGerman and is a frequent speaker in and outside Belgium on topics dealing with nationaland international taxation, including EU taxation. He is a guest lecturer at theUniversities of Antwerp, Ghent and Leuven.

Mr Roels studied law and notary public at the University of Leuven and is a graduate ofthe Tax Technical School in Brussels. He is a member of the Institute of Accountancy andTax Advisers (IAB).

23

Belgium

Marc TahonKPMGPrins Boudewijnlaan 24dB - 2550 Kontich (Antwerp)Belgium

Tel: (32) 3 821 19 24Fax: (32) 3 825 38 38Email: [email protected]: www.kpmg.com

Marc Tahon is an international corporate tax partner in the Belgian tax and legal practiceof 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) andmember of the International Fiscal Association (IFA).

Marc is a lecturer at UAMS, the Universiteit Antwerpen Management School. He haspublished various articles on reorganization issues. He is a member of the KPMG globalmergers and acquisitions tax network and representative of Belgium at the KPMGEuropean 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 anational and an international level. His sector expertise comprises pharmaceuticals,chemicals, industrial products, consumer products and shipping. Marc works with bothBelgian 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 agood knowledge of German.


Belgium

Dirk Van StappenKPMGPrins Boudewijnlaan 24dAntwerpen (Kontich) 2550Belgium

Tel: (32) 3 8211918Fax: (32) 3 8253838Email: [email protected]: www.kpmg.com

Dirk Van Stappen is a tax partner with KPMG Tax & Legal Advisers in Belgium. Hejoined KPMG in 1988 and has over 18 years of experience in advising multinationalcompanies on tax and transfer-pricing issues. Dirk heads KPMG’s Belgian transfer-pricing practice (a member of KPMG’s Global Transfer Pricing Services).

Dirk has conducted various transfer-pricing assignments, ranging from preparingEuropean transfer-pricing documentation (including comparables searches), anddomestic and international transfer-pricing audit defence and competent authorityprocedures to negotiating rulings and advance-pricing arrangements (APAs). Anotherarea of focus is strategic transfer-pricing planning (agent/commissionaire-structures,contract or toll manufacturing arrangements, contract R&D arrangements, distributionand service centres, intellectual property planning). Dirk has also excellent relations withthe 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 andbeverages industries.

Dirk was appointed in 2002 as one of the 10 European business experts of the EU JointTransfer Pricing Forum of the European Commission.

Since 1996, Dirk has been a visiting professor at the University of Antwerp in taxmanagement. He is a regular speaker on corporate income tax and transfer-pricingissues. He has written numerous articles in both national and international professionaljournals.

Dirk has been named in World Tax: The comprehensive guide to the world’s leading taxfirms (International Tax Review), Euromoney’s Guide to the World’s Leading TransferPricing Advisers and previous editions of Euromoney’s Guide to the World’s Leading TaxAdvisers.

Dirk holds a masters degree in applied economics from the University of Antwerp andgraduated in taxation from the Fiscale Hogeschool in Brussels. He is a certified taxadviser and member of the Belgian Institute for Accountants and Tax Advisers (IAB).

25

Belgium

Patrick Cauwenbergh (see bio)Deloitte, Brussels (see advert on inside front)

Thierry CharonLoyens, Brussels

Christian ChéruyLoyens, Brussels

Luc De BroeStibbe, Brussels

Guido De WitLinklaters De Bandt, Brussels

Jacques De Witte (see bio)Deloitte, Brussels (see advert on inside front)

Thierry DenayerLinklaters De Bandt, Brussels

Frank DierckxPricewaterhouseCoopers, Brussels

Daniel GarabedianLiedekerke Wolters Waelbroeck Kirkpatrick, Brussels

Axel HaeltermanFreshfields Bruckhaus Deringer, Brussels

Werner HeyvaertStibbe, Brussels

Philippe HinnekensEubelius, Brussels

Alain HuygheBaker & McKenzie, Brussels

Patrick L KelleyLinklaters De Bandt, Brussels

John KirkpatrickLiedekerke Wolters Waelbroeck Kirkpatrick, Brussels

Howard M LiebmanJones Day, Brussels

Jacques MalherbeLiedekerke Wolters Waelbroeck Kirkpatrick, Brussels

Philippe MalherbeLiedekerke Wolters Waelbroeck Kirkpatrick, Brussels

Ivo OnkelinxLinklaters De Bandt, Brussels

Bernard Peeters (see bio)Tiberghien, Brussels


Belgium

Jan A Roels (see bio)Deloitte, Brussels (see advert on inside front)

Enrico SchoonvlietLoyens, Brussels

Marc Tahon (see bio)KPMG, Antwerp

Dirk Van Stappen (see bio)KPMG, Antwerp

Henk VanhulleLinklaters De Bandt, Brussels

Isabel VerlindenPricewaterhouseCoopers, Brussels

Bolivia

Jaime AraújoFerrere Attorneys at Law, Santa Cruz

27

Brazil

Cristina Arantes A BerryDeloitteRua Alexandre Dumas 1981Chácara Santo AntonioSão Paulo – SP Brazil

Tel: (55) 11 5186 1013Fax: (55) 11 5181 2911Email: [email protected]: 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 joinedDeloitte & Touche in March 2002. Currently, Cristina leads the corporate tax divisionof the Sao Paulo office.

She specializes in international tax, with experience in corporate income tax, foreigncapital legislation, corporate law, corporate reorganization and tax planning, and hasparticipated in numerous projects such as: transfer pricing, advising multinationalclients on tax and business related to multinational joint ventures, and counselledclients on structuring and restructuring complex national and international operations.

International Tax Review has named Cristina Berry as one of the highly recommendedtax advisers in Brazil. She is a frequent speaker in and outside Brazil on topics dealingwith Brazilian taxation.

Cristina studied law at the Faculdade de Direito da Universidade Mackenzie in SãoPaulo and is a member of the Brazilian Bar Association, São Paulo section.


Brazil

João Alfredo BrancoDeloitteRua Bela Cintra, 88101415-910 – São Paulo – SPBrazil

Tel: (55) 11 3150 1800Fax: (55) 11 3258 8456Email: [email protected]: 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 capitallegislation, corporate law, corporate reorganization, tax planning. He has participatedin numerous projects, such as transfer pricing and advising multinational clients on taxand business related to multinational joint ventures, and has counselled clients onstructuring and restructuring complex national and international transactions. He hasextensive experience in the utilities, consumer, automotive, manufacturing andpharmaceutical industries.

João A Branco is an integral member of Deloitte Brazil’s international tax service linegroup, participating in all tax aspects of transaction structuring, purchaseinvestigations, and due diligence reviews, including income/ franchise taxes, sales anduse taxes, and transfer taxes. He has spoken on state and local tax issues on a numberof programmes, both within the firm and at other events sponsored by professionalassociations.

Mr Branco graduated in business administration from Escola de Administração deEmpresas da Fundação Getúlio Vargas in 1974, in accounting from the UniversityPaulo Eiro in 1981 and became a certified accountant in 1982.

He is fluent in English and Portuguese.

29

Brazil

José Roberto Adelino da SilvaKPMGAv Almirante Barroso n 52, 4th floor20031-000 Rio de JaneiroBrazil

Tel: (55) 21 3515 9470Email: [email protected]: www.kpmg.com

José Roberto Adelino da Silva is tax partner at KPMG in Brazil. He became a taxpartner in 1992. José Roberto has a broad and proved experience in business taxservices (including transfer pricing) and reorganization services of mergers andacquisitions. His professional experience comprises comprehensive support to foreignclients 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. Hehas participated in seminars of professional focus and in annual seminars within theKPMG 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 AdministrativasMoraes Júnior do Rio de Janeiro (1982).


Brazil

Gustavo Lian HaddadLefosse Advogados in cooperation with LinklatersRua General Furtado do Nascimento, 66 1 andarSao Paulo SP 05465-070Brazil

Tel: (55) 11 3024 6312Fax: (55) 11 3024 6200Email: [email protected]: www.lefosse.com.br

Gustavo Haddad is the head of Lefosse Advogados (a Linklaters-affiliated firm) taxpractice. He is an expert in tax law with more than 12 years’ experience in his field. Hispractice includes tax consultancy and planning, taxation of international operations/transactions, tax advice in corporate restructuring and acquisitions, capital markets andadministrative tax litigation.

He holds an LLB from the University of São Paulo Law School (1995) and is fluent inPortuguese, English and Spanish. Gustavo is a professor of income tax and tax planningat the corporate and tax law programmes of Fundação Getúlio Vargas (a leadingBrazilian business school) and is a member of the First Federal Taxpayers’ Council of theMinistry of Finance (Primeiro Conselho de Contribuintes do Ministério da Fazenda).

Gustavo was previously the head of international tax at KPMG in São Paulo and joinedLefosse Advogados in 2003 to lead the firm’s tax practice. He has recruited newassociates, refocused the practice and significantly increased tax consultation work inhigh-profile transactional and international tax matters, taking advantage of integrationwith 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 theInternational Tax Review magazine and World Tax 2005 and World Tax 2006, which rankedhim 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 andcross-border operations, tax advice on domestic and international matters and taxlitigation. It has been involved in high profile transactions and tax matters for manyyears and is known for its international mindset and business-orientated approach.

31

Brazil

Raquel Cristina Ribeiro NovaisMachado, Meyer, Sendacz e Opice AdvogadosAvenida Brigadeiro Faria Lima, 3144 – 8º Floor01451-000 São Paulo – SPBrazil

Tel: (55) 11 3150 7033Fax: (55) 11 3150 7071Email: [email protected]: www.machadomeyer.com.br

Raquel Cristina Ribeiro Novais has been a partner of Machado Meyer Sendacz andOpice Advogados, one of the leading law firms in Brazil, since 1990. She has particularexpertise in corporate tax law, tax planning and foreign investments, mainly in relationto regulated industries (namely petroleum and natural gas, power andtelecommunications). She acts as consultant to investors participating in privatizationprocesses and provides tax advice on corporate restructuring and merger and acquisitiontransactions. 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 thatcapacity, she has had charge of leading cases dealing with state federal and constitutionalmatters, 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 AdministrativeTax Courts.

In April 1987 Mrs Novais joined the firm of Machado Meyer Sendacz and OpiceAdvogados. Due to her background and notable market presence, she has been invitedto participate in and present several conferences and workshops.

Mrs Novais received her LLB from the Faculdade de Direito de Franca in 1983. In1992 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 Associationsince 1985. In 1994 she was made a judge of the Administrative Court of São Paulo(TIT).


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 PedreiraBulhoes Pedreira Bulhoes Carvalho Piva Rosman e Souza,Rio de Janeiro

Antonio Corrêa MeyerMachado Meyer Sendacz e Opice, São Paulo

José Roberto A da Silva (see bio)KPMG Tax Advisors-Assessores Tributários, São Paulo

Paulo De Barros CarvalhoBarros Carvalho Advogados Associados, São Paulo

Celso de Paula F da CostaMachado Meyer Sendacz e Opice, São Paulo

Hamilton Dias de SouzaDias de Souza Advogados, São Paulo

Antonio Carlos Q FerreiraTrench Rossi e Watanabe/Baker & McKenzie, São Paulo

Luciana GalhardoPinheiro Neto - Advogados, São Paulo

Gustavo Lian Haddad (see bio)Lefosse Advogados in cooperation with Linklaters, São Paulo

Ricardo Mariz de OliveiraMariz de Oliveira, Siqueira Campos e Bianco, São Paulo

Raquel Cristina Ribeiro Novais (see bio)Machado Meyer Sendacz e Opice, São Paulo

Condorcet Pereira de RezendeUlhoa Canto Rezende e Guerra Advogados, Rio de Janeiro

José Roberto PisaniPinheiro Neto - Advogados, São Paulo

Roberto QuirogaMattos Filho Veiga Filho Marrey Jr e Quiroga, São Paulo

Diogo H RuizKPMG Tax Advisors-Assessores Tributários, São Paulo

Luis Eduardo SchoueriLacaz Martins Halembeck Pereira Neto Gurevich, São Paulo

Abel Simao AmaroVeirano Advogados, São Paulo

33

Brazil

Nelio WeissPricewaterhouseCoopers, São Paulo

Alberto XavierXavier Bernardes & Bragança, Rio de Janeiro


2006 – a year of significantdevelopments

The past year has seen important proposed legislation as wellas a number of judicial decisions. The most importantlegislative proposals have been directed at the proliferationof income trusts and flow-through partnerships as businessentities in Canada. The initial legislative proposal was toreduce personal taxes on eligible dividends paid after 2005,so as to provide taxable holders of public company shareswith the same after-tax return as holders of income trustunits. This would essentially eliminate double taxation oncorporate profits distributed to such shareholders.

Despite this proposal, many large public companiesannounced plans to convert to income trusts and on October31 2006 much bigger changes were announced. These newproposals create a regime for publicly traded trusts and their

investors which is similar, but not identical, to that for public corporations and theirshareholders. The new rules apply to publicly traded Canadian trusts (other thancertain narrowly defined real estate investment trusts and those that hold onlyportfolio investments). Under the proposals, the trust will be subject to a special tax ondistributions of income attributable to non-portfolio investments, at a rate that willapproximate the corporate tax rate. Investors will also be taxable on the distributionsas if they were dividends from a taxable Canadian corporation. The new rules willapply to existing trusts publicly traded before November 2006 for taxation years thatend after 2010 and to entities that became publicly traded after October 2006 for thelater 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 thatthe hiatus in application may be revisited if there is “undue expansion”, as clarified ina subsequent release, of an existing entity. In addition, the proposals contained anunusually specific anti-avoidance statement to the effect that new structures designedto frustrate the policy of the proposals may result in immediately effective changes.

Revised draft legislation dealing with Canada’s foreign affiliate rules, the foreigninvestment entity rules (FIE rules) and the non-resident trust rules was released onceagain in November of 2006. In light of the long implementation delay, the date ofapplication of the FIE rules and the non-resident trust rules has been moved back fromtaxation years beginning after 2002 to taxation years beginning after 2006. Theproposed rollover for a Canadian resident shareholder who exchanges shares of aCanadian corporation for shares of a foreign corporation first raised in 2000 has beenpostponed again. Until the new rule is introduced, complex exchangeable sharestructures will continue to be utilized in these circumstances.

The 2006 Federal Budget noted an intention to release a discussion draft of legislativeproposals that would permit certain corporations to report income in a currency otherthan Canadian dollars where their business activities are conducted primarily in thatcurrency. Neither the expected date for release of these proposals nor their effectivedate has been set.

In 2004, the Canada Revenue Agency stated that its policy was to challenge treaty-shopping arrangements. In 2005, the Canadian general anti-avoidance rule (theGAAR) was amended retroactive to 1988 to clarify that the GAAR could apply to denytreaty benefits. The decision in MIL (Investments) is the first Canadian tax case toconsider the legislative amendment to the GAAR in the context of a continuance toLuxembourg shortly before a disposition of shares. At the Tax Court of Canada, thetaxpayer succeeded on the basis that in the circumstances the taxpayer’s reliance on theprovisions of the Luxembourg Treaty was not abusive tax avoidance. The Crown hasappealed the decision to the Federal Court of Appeal.

Leslie MorganBlake, Cassels & GraydonToronto

Canada

35

In addition, the Supreme Court of Canada considered foreign exchange gains and lossesin the context of a foreign currency-denominated debt that was repaid at a time when theCanadian dollar had deteriorated. The court denied the taxpayer’s claim for a deductionunder a provision of the Canadian Income Tax Act that is designed to allow full or partialdeduction of discounts in respect of indebtedness. In denying the deduction, the courtspecifically stated that there was no overriding principle that all amounts must betranslated into Canadian dollars in applying formulas contained in the Canadian IncomeTax Act. The court also made some statements in the course of its judgement that raisedissues as to the circumstances in which a borrower can have a foreign exchange gain orloss on repayment of a foreign currency loan. Doubt was also cast as to the validity of theCanada 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 existingexchangeable debentures and the deductibility of foreign exchange gains and losses ondebt.

Canada


Canada

Albert BakerDeloitte1055 Dunsmuir,Suite 2800Four Bentall CentreVancouver, BC V7X 1P4Canada


Albert Baker, FCA, is the leader of Deloitte’s tax practice in Vancouver. He also leadsDeloitte Canada’s international tax services practice and is a member of the DeloitteCanada 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 structuringmergers and acquisitions, corporate financing, and corporate reorganizations.

He acts as lead tax adviser for a number of Canadian-based multinationals and foreignmultinationals with Canadian operations. His industry experience includes telecom-munications, transportation, manufacturing, e-commerce and mining.

Albert is a member of the executive and a member of council of the Canadian branch ofthe International Fiscal Association (IFA) and acts as its first vice-president. Previous postsinclude: member of the board of governors of the Canadian Tax Foundation (CTF) (2001to 2004); member of the CTF board’s Transition Committee (2003); member of the CTFQuebec Organizing Committee (2001 to 2005); coordinator of the Montreal Senior TaxPractitioners Group (1994 to 2005); and past member of the Association de planificationfiscale et financière (APFF) International Tax Committee. He was also a member of theCICA-CBA Joint Committee on Taxation’s subcommittee regarding foreign investmententities and non-resident trusts, and was a member of the Joint Committee’s foreignaffiliate subcommittee. Albert also serves as co-chair of the organizing committee of the2009 IFA Congress to be held in Vancouver. He is currently a member of the Departmentof Finance Advisory Committee on International Tax Matters.

Albert is a frequent author, speaker, and lecturer on international tax matters. He is co-editor of International Taxation (a Carswell publication) and has lectured at McGillUniversity on international tax matters and at Concordia University. He is a featuredcontributor to Canadian Tax Highlights (a monthly CTF publication) regardinginternational tax matters, has appeared as a guest commentator in regard to tax matterson various radio and TV shows, and has commented on tax matters in newspapersincluding The Gazette, The National Post, Le Devoir and Les Affaires. He has also appearedin court as an expert witness in regard to tax matters.

Albert was the Canadian reporter at the 1998 IFA Congress in London. He has spokenand written on international tax matters for a number of organizations including the IFA,the CTF, the Canadian Institute of Chartered Accountants (CICA), the Tax ManagementInternational Journal, the APFF, the Tax Executives Institute (TEI), the Society of Trustand Estate Practitioners (STEP), Federated Press, and the International Tax Review. He iscurrently 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 InternationalTax Review’s surveys (2000 to 2003), and selected as one of the top tax advisers in Canadain the 2000 to 2005 Euromoney Legal Media Group Surveys. He was selected as one ofthe top cross-border structuring specialists in Canada in the ITR World Tax 2004 Surveyand selected as one of the top mergers and acquisitions and cross-border structuringspecialists in Canada in the ITR World Tax 2006 Survey. He was also selected as one ofthe top transfer-pricing advisers in Canada in the 2001 Euromoney Legal Media GroupTransfer Pricing Survey.

In 2004, Albert was awarded the title of fellow of the Quebec Order of CharteredAccountants in recognition of distinguished services rendered to the profession.

37

Canada

Jack BernsteinAird & Berlis LLPBCE Place, 181 Bay StreetSuite 1800, Box 754Toronto, ON M5J 2T9Canada

Tel: (1) 416 865 7766Fax: (1) 416 863 1515Email: [email protected]: 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 andacquisitions 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 isexperienced in dealing with public and private corporations, hedge funds, venture capitalfunds, real estate funds and financial institutions. He appears in all editions of theLexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada and The CanadianLegal LEXPERT Directory of leading law firms and practitioners in Canada as a leadinglawyer 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, hehas been selected as a leader in corporate tax by The International Who’s Who of CorporateTax Lawyers – 2005 (4th edition) and Who’s Who Legal: The International Who’s Who ofBusiness 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 theprofessional standards of conduct, ethics, reliability and diligence.

Jack is a former governor of the Canadian Tax Foundation and a current member of theexecutive of the Taxation Committee of the International Bar Association. He is amember of Council of the International Fiscal Association (Canadian Branch) and formerchair 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’sTax Profile, a monthly newsletter distributed nationally and a Canadian correspondent forTax Notes International, a leading US tax publication. He is also a regular contributor toCanadian Tax Highlights, a newsletter published by the Canadian Tax Foundation. He haswritten 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 ofInternational Taxation, World Tax Report and Derivatives and Financial Instruments (IBFD).

Jack lectures extensively on domestic and international tax planning for the American BarAssociation, International Fiscal Association, Boston Bar Association, Young Presidents’Organization, Tax Executives Inc, Canadian Tax Foundation, International TaxAssociation, New York Bar Association, International Bar Association, MassachusettsContinuing Legal Education, Ontario Bar Admission Course, Law Society of UpperCanada, the Canadian Institute of Chartered Accountants, Ontario Institute of CharteredAccountants and the Canadian Bar Association.

Jack is a member of the American Bar Association, Canadian Bar Association, CanadianTax Foundation, International Bar Association, International Fiscal Association, QuebecBar Association and the Law Society of Upper Canada.


Canada

Brian R CarrFraser Milner Casgrain LLP1 First Canadian Place100 King Street WestToronto, ON M5X 1B2Canada

Tel: (1) 416 863 4366Fax: (1) 416 863 4592Email: [email protected]: www.fmc-law.com

Brian’s practice focuses on income tax matters with special emphasis on corporatereorganizations, oil and gas and mining taxation and tax litigation.

Brian was called to the Bar in 1975 (Ontario) and 2000 (Alberta). He attended theUniversity 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 hasassisted corporations in carrying out mergers and acquisitions, including acting for EchoBay on its merger with Kinross and TVX, and advising Barrick in connection with itsrecent acquisition of Placer Dome. He has developed a number of innovative uses forflow-through shares and other financing structures for oil and gas and miningcorporations. Brian has appeared on numerous occasions before the Tax Court ofCanada and the Federal Court of Appeal and has represented clients in matters that haveproceeded to the Supreme Court of Canada.

Brian is the current past-chair of the Canadian Tax Foundation, current past-chair of thenational taxation law section of the Canadian Bar Association, former co-chair andmember of the CBA/CICA Joint Committee on Taxation and a member of the editorialboard of the Canadian Tax Journal. He is a past-chair of the legislative subcommittee ofthe taxation section of the Ontario Bar Association.

He is the author of Canadian Taxation of Resource Industries (Carswell, 1987) and has co-authored and is co-editor-in-chief with C Anne Calverley of Canadian ResourceTaxation (Carswell, a loose-leaf service).

In 1996, he was co-winner of the Canadian Tax Foundation’s Douglas J SherbaniukDistinguished Writing Award as co-author of “Today’s Butterfly”, published in thefoundation’s 1994 conference report.

39

Canada

Howard Kellough, QCKellough & Partners LLP2800-1055 Dunsmuir St Vancouver, BC V7X 1P4Canada

Tel: (1) 604 640 3331Fax: (1) 604 681 4184Email: [email protected]: www.kelloughlaw.ca

Howard Kellough, QC, is a founding partner of Kellough & Partners LLP, a lawpractice that is affiliated with Deloitte & Touche LLP. He was formerly a senior partnerof Fraser Milner Casgrain LLP.

Mr Kellough’s practice is devoted to the domestic and international tax aspects ofcorporate tax, mergers and acquisitions, planning for high-net-worth individuals andthe resolution of disputes with Revenue authorities.

Mr Kellough is a past chairman of the Canadian Tax Foundation, past chairman of theNational Tax Section of the Canadian Bar Association and co-chairman of the JointCommittee on Taxation. Mr Kellough has written and spoken extensively on taxmatters. Some recent publications include “International Tax Problems ofPartnerships”, IFA Vol. LXXXa; “Integration Revisited: Coordinating the Corporateand Personal Tax Systems” 1998 CMTC (Canadian Tax Foundation) 22:1, “TheLegislative Process: Legislation by Press Release and The Need for a More OpenProcess”, 1998 Annual Conference (Canadian Tax Foundation); “Taxation of PrivateCorporations 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 ofSaskatchewan Law School in 1966 and is also a chartered accountant and a member ofthe Canadian Institute of Chartered Accountants, the Quebec Order of CharteredAccountants and the BC Institute of Chartered Accountants. He has lectured at theUniversity of British Columbia Law School and authoured and lectured for manyorganizations both domestically and internationally.

Mr Kellough has an AV rating in the Martindale-Hubbell Law Directory, is recognizedas one of the most frequently recommended corporate tax law practitioners in theCanadian Lexpert Directory (2000) and is included in Lexpert/American Lawyers’ Guideto the Leading 500 Lawyers in Canada and Law Business Research’s International Who’sWho 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 andrecognized in Legal Media Group’s Guide to the World’s Leading Tax Advisers.


Canada

Wilfrid Lefebvre QCOgilvy Renault LLPSuite 11001981 McGill College AvenueMontréal, QC H3A 3C1Canada

Tel: (1) 514 847 4440Fax: (1) 514 286 5474Email: [email protected]: www.ogilvyrenault.com

Mr Lefebvre is a senior partner at Ogilvy Renault, and practises in the areas of incometax, tax planning, corporate reorganizations and financing, and represents clientsbefore tax authorities, courts and administrative tribunals. He has extensive experiencein international transfer pricings and tax treaty-related matters.

Mr Lefebvre started his career at the Department of Justice in Ottawa where he heldthe position of legal adviser to the Department of Supply and Services, subsequentlyjoining the Tax Litigation Section of the Department of Justice. In 1976, he becamethe director of the Legal Services Branch of Revenue Canada and in 1978 wasappointed general counsel in charge of tax litigation in Canada.

Mr Lefebvre has extensive court experience and has been legal counsel in manycomplex and important cases. He was a member of the technical committee onbusiness taxation (Mintz Committee) appointed by the Minister of Finance of Canadato advise on changes to the current tax system.

Mr Lefebvre was a member of the executive committee and a former governor of theCanadian Tax Foundation and was the president of the Association de planificationfiscale et financière.

He has been a frequent speaker at conferences sponsored by the Canadian TaxFoundation and the Tax Executives Institute.

Mr Lefebvre has been a lecturer at the faculty of law of the University of Ottawa inboth the civil law and common law programmes, at the Université de Sherbrooke, atthe 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 theUniversité de Montréal in 1969. He was admitted to the Quebec Bar in 1970.

41

Canada

Janice McCartBlake, Cassels & Graydon LLP199 Bay Street, Suite 2800Commerce Court WestToronto, ON M5L 1A9Canada

Tel: (1) 416 863 2669Fax: (1) 416 863 2653Email: [email protected]: www.blakes.com

Janice McCart is a member of the national tax group in the Toronto office. Her practiceis devoted primarily to transfer-pricing planning and controversies and related mattersof international tax. The controversy practice involves all levels of dispute resolutionfrom pre-audit to litigation. Ms McCart has represented Canadian, US and Europeanmultinationals before Canadian and foreign governments throughout the course of hercareer, including competent authority and APA representations.

She has served as governor of the Canadian Tax Foundation and acts as an editor on thefoundation’s permanent editorial staff. Ms McCart is a founding member of the TransferPricing Advisory Group and a member of the Transfer Pricing Sub-committee of theJoint Committee on Taxation of the Canadian Bar Association and the CanadianInstitute of Chartered Accountants, the American Bar Association, the Canadian BarAssociation, and the International Fiscal Association. She is also a council member of theInternational Fiscal Association (Canadian branch). Ms McCart’s work has beenpublished in the Canadian Tax Journal, Tax Management International, International TaxReview, International Fiscal Association (Canadian Branch), Tax Planning International andthe International Transfer Pricing Journal. In 2005, she was named in Legal Media Group’sGuide to the World’s Leading Transfer Pricing Advisers and, in 2003 and 2005, in the Best ofthe Best in Transfer Pricing. In 2005 and 2006, she was named in Euromoney’s World Taxin transfer pricing.

Ms McCart received her Bachelor of Arts degree in 1976 from York University and herLLB from Osgoode Hall Law School in 1979.


Canada

Warren J A Mitchell, QCThorsteinssons LLP33rd Floor, Bay Wellington TowerPO Box 786181 Bay StreetToronto, ON M5J 2T3Canada

Tel: (1) 416 864 0829Fax: (1) 416 864 1106Email: [email protected]: www.thor.ca

Born in Regina, Saskatchewan, Mr Mitchell was educated at the University of BritishColumbia, from which he holds both Bachelor of Commerce and Bachelor of Lawdegrees. He was first admitted to the Bar of Alberta (1963) and has since been admittedto the Bars of British Columbia (1966) and Ontario (1990). Mr Mitchell served as asolicitor 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 TaxCourt of Canada; Federal Court Trial Division and the Federal Court of Appeal, theSupreme Court of Canada, as well as the Court of Appeal of British Columbia, theSupreme Court of British Columbia, the Ontario Court (General Division), and theCourt of Appeal for Ontario.

43

Canada

Leslie MorganBlake, Cassels & Graydon LLP199 Bay Street, Suite 2800Commerce Court WestToronto, ON M5L 1A9Canada


Leslie Morgan is a partner in the tax group of the Toronto office where she is involvedin all aspects of income taxation. Leslie specializes in corporate taxation focusing on thetax implications of corporate acquisitions, mergers and reorganizations, as well as privateand public financings, and debt and equity restructurings. Leslie has provided tax advicefor bidders and target companies on public mergers and acquisitions transactions, andfor issuers and underwriters in public securities offerings. She provides ongoing taxplanning for many public and private corporations, as well as commercial partnershipsand 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 amember of the Canadian Bar Association and the Canadian Tax Foundation and is apast member of the Minister’s Advisory Committee on Tax Administration and of theexecutive of the tax section of the Canadian Bar Association, Ontario division.

Leslie graduated from the University of British Columbia (BArch, 1973) and theUniversity of Toronto (LLB, 1977). She was admitted to the Ontario Bar in 1979.


Canada

Joel Alan NitikmanFraser Milner Casgrain LLP15th Floor1040 West Georgia StreetVancouver, V6E4H8Canada

Tel: (1) 604 443 7115Fax: (1) 604 683 5214Email: [email protected]: www.fmc-law.com

Joel is currently a tax partner with Fraser Milner Casgrain LLP, one of the largest lawfirms in Canada. For over 20 years Joel’s practice has focused on resolving tax disputesbetween tax payers and federal and provincial tax authorities. He has acted as counsel innumerous tax cases at all levels of courts both provincially and federally, and has alsosettled many cases out of court at the pre-assessment or objection stage. Joel is listed asone of Canada’s leading tax litigators by Lexpert and is AV peer-rated (the highest possiblerating) by Martindale-Hubbell.

Joel’s skills include organizing a complex set of data, analysing and structuring the data todetermine the relevant tax issues, preparing witnesses for court, drafting legal pleadingsand substantive arguments, excellent oral advocacy skills, excellent legal research, theability to persuade and reason in a complex environment and the ability to assimilate alarge number of facts quickly.

Joel has been involved in extensive provincial, federal and international income, GST andcommodity tax planning (including cross-border tax planning for the entertainmentindustry, offshore trusts, Canada-US corporate reorganizations, Canadian investment inthe US, US investment in Canada and cross-border estate planning). Joel is listed as oneof Canada’s leading corporate tax lawyers by Lexpert and has acted for numerous privateand public companies on complex, tax-efficient restructurings. Joel has obtainednumerous advance rulings from Revenue Canada and provincial tax authorities. Joel’sabilities include creativity and the ability to think “outside the box” in completing new taxstructures to achieve maximum tax efficiency. Joel has advised on non-profit and othertax-exempt entities, including Crown corporations and trusts.

Joel has had extensive involvement with structuring and opining on public offerings oftax-related securities. He has acted as an expert tax witness in civil litigation forplaintiffs and defendant and in expropriations. In doing so, Joel has developed theability to explain complex technical tax issues in “layman’s language” so that a non-taxjudge can understand them.

45

Canada

Rob O’ConnorDeloitteSuite 1400, BCE Place181 Bay StreetToronto, ON M5J 2V1Canada

Tel: (1) 416 601 6150; (1) 416 601 6316 (direct)Fax: (1) 416 601 6706Email: [email protected]: www.deloitte.ca

Rob O’Connor is the leader of the Deloitte Canada transfer pricing and competentauthority group. In this role, he is responsible both for client service and for thetransfer-pricing practice nationally.

Mr O’Connor is a tax partner in the Deloitte Toronto office. He has 21 years of publicaccounting experience, including 17 years with Deloitte providing corporate incometax planning and compliance services, primarily to Canadian corporations that aremembers of multinational corporate groups.

Mr O’Connor’s transfer-pricing experience includes numerous planning and APAengagements, dealing with the Canada Revenue Agency on transfer-pricing issues, andassisting clients in compiling and presenting information to support transfer prices anddeveloping audit defences. Mr O’Connor has assisted numerous clients in establishingand defending multinational cost-sharing and licensing arrangements. He has beeninvolved in many projects dealing with the reorganization or restructuring of globaloperations 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 inboundinvestment in Canada.

He is a former member of the faculty of the CICA international tax course, and is alsoa frequent speaker and author on international transfer pricing, tax risk managementand other tax issues.

Mr O’Connor is a chartered accountant and has a bachelor’s degree in mathematics.


Canada

Michael J O’KeefeThorsteinssons LLP33rd Floor, Bay Wellington TowerPO Box 786181 Bay StreetToronto, ON M5J 2T3Canada

Tel: (1) 416 864 0829Fax: (1) 416 864 1106Email: [email protected]: www.thor.ca

Michael J O’Keefe QC is a member of the Bars of British Columbia, Alberta andOntario, and is a senior partner in Thorsteinssons. He is a graduate of the Universityof British Columbia in commerce and law, and has a masters degree in law from theUniversity of California, Berkeley.

He regularly advises Canadian multinationals and foreign multinationals withCanadian interests on Canadian and international tax matters, and works extensivelyin the area of cross-border transactions. He has served as a special assistant to theminister of finance, government of Canada, and was a member of the Joint TaxationCommittee of the Canadian Bar Association and the Canadian Institute of CharteredAccountants and of the board of governors of the Canadian Tax Foundation.

He speaks and writes frequently on subjects relating to Canadian and international taxplanning matters.

47

Canada

Ron RichlerBlake, Cassels & Graydon LLP199 Bay Street, Suite 2800Commerce Court WestToronto, ON M5L 1A9Canada


Ron Richler is a partner in the Toronto office of Blake Cassels & Graydon, practisingexclusively 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 writtenwidely on tax matters and spoken at numerous tax-related conferences and seminarsincluding those sponsored by the Canadian Tax Foundation and the Tax ExecutivesInstitute. 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 andinternational surveys as a leading tax practitioner.

Ron received his LLB from Osgoode Hall Law School and was called to the Ontario Barin 1975.

Blake Cassels & Graydon is one of Canada’s leading law firms, with over 500 lawyersin offices in Montréal, Ottawa, Toronto, Calgary, Vancouver, New York, Chicago,London (England) and Beijing. In an environment where taxes can determine thecommercial viability of almost any transaction or activity, constructive, practical andunderstandable tax advice is required as a key component of effective legal services.Blakes Tax Group employs innovative and creative tax planning strategies to arrive atpractical solutions to deal with the particular needs of its clients. Blakes offers abreadth of experience and specialized expertise to ensure that its clients are able tomeet the challenges posed by an increasingly complex tax system.


Canada

Sandra SlaatsDeloitte181 Bay Street, BCE PlaceSuite 1400Toronto, ON M5J 2V1Canada

Tel: (1) 416 643 8227Fax: (1) 416 601 6703Email: [email protected]: 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 theCanadian Institute of Chartered Accountants, and is part of the committee’s workinggroup on the foreign affiliate rules. In that role, Sandra meets with Department ofFinance and Canada Revenue Agency officials to discuss technical issues and proposedlegislative changes.

Sandra has lectured for many years on inbound investment in Canada and the taxation offoreign affiliates at the CICA Part III tax course. In recent years, she has spoken at theannual conference of the Canadian Tax Foundation on the subject of the draft foreignaffiliate legislation and at the Canadian branch meeting of the International FiscalAssociation on the subject of the subsection 95(6) anti-avoidance rule. She has written anumber of articles for publication including articles recently published in the CanadianTax 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 ofFinance.

Sandra received her bachelor of laws degree from the University of Toronto in 1985and a master of laws (specializing in taxation) from Osgoode Hall Law School in 1997.

49

Canada

Paul K TamakiBlake, Cassels & Graydon LLP199 Bay Street, Suite 2800Commerce Court WestToronto, ON M5L 1A9Canada


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 jointventures, international tax and transfer pricing. He also acts for clients in administrativetax appeals and other representations to governments.

Paul is a frequent writer and speaker on tax matters. He is a governor of the CanadianTax Foundation. He is also secretary-treasurer of the national tax section of theCanadian Bar Association and a member of the Joint Committee on Taxation of theCanadian Bar Association and the Canadian Institute of Chartered Accountants.

Paul received his LLB from the University of Toronto in 1975, and was admitted to theOntario Bar in 1977.

Blake Cassels & Graydon is one of Canada’s leading law firms, with over 500 lawyers inoffices in Montréal, Ottawa, Toronto, Calgary, Vancouver, New York, Chicago, London(England) and Beijing.


Canada

Jeffrey C TrossmanBlake, Cassels & Graydon LLP199 Bay Street, Suite 2800Commerce Court WestToronto, ON M5L 1A9Canada


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 emphasison cross-border transactions, including mergers and acquisitions, corporatereorganizations, corporate financing transactions, private equity, partnerships and jointventures. In the course of his practice, he represents clients in connection with tax auditsand appeals.

Jeffrey has written and spoken widely in the area of tax. He has contributed articles toInternational Tax Review and the Canadian Tax Foundation conference reports on suchsubjects as going private transactions, triangular amalgamations and treaty shopping.Jeffrey was co-chair of the Department of Finance round table at the 2006 meeting ofthe Canadian branch of the International Fiscal Association. He is a member of theCommittee 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 theOntario Bar in 1991.

51

Canada

Scott WilkieOsler, Hoskin & Harcourt LLPPO Box 501 First Canadian PlaceToronto, ON M5X 1B8Canada

Tel: (1) 416 862 4252Fax: (1) 416 862 6666Email: [email protected]: [email protected]

Scott Wilkie is a senior partner in the taxation department of the Toronto office of OslerHoskin & Harcourt. He is one of the highest-profile tax practitioners in Canada, withparticular expertise in international taxation, corporate taxation, taxation of financialtransactions and transfer pricing.

Scott has written numerous publications and frequently delivers addresses oninternational and corporate tax, corporate finance, and transfer pricing. He is co-editorof the Canadian Tax Journal of the Canadian Tax Foundation. He is a past president ofthe Canadian branch of the International Fiscal Association and active in its affairs. Scottis a former governor of the Canadian Tax Foundation and former chair of the NationalTax Section of the Canadian Bar Association, the Joint Committee on Taxation of theCanadian Bar Association and the Canadian Institute of Chartered Accountants. He is aformer adjunct professor, international taxation, at the University of Toronto Faculty ofLaw, has taught international taxation for many years at Osgoode Hall Law School, YorkUniversity and has been a guest lecturer at the University of Western Ontario Faculty ofLaw and McGill University Faculty of Law. Scott is also a member of the InternationalAdvisory Council, International Bureau of Fiscal Documentation (The Netherlands) andis co-chair of the Tax Committee of the American Bar Association Section ofInternational Law.

Scott received his LLB from the University of Toronto in 1980 and was called to theOntario Bar in 1982.


Canada

Barbara WorndlAird & Berlis LLPBCE Place, 181 Bay StreetSuite 1800, Box 754Toronto, ON M5J 2T9Canada

Tel: (1) 416 865 7754Fax: (1) 416 863 1515Email: [email protected]: www.airdberlis.com

Barbara Worndl is practice group leader of the Aird & Berlis tax group and has been apartner of the firm since 1988. Her practice is focused on income tax with an emphasison corporate and partnership taxation. She has extensive experience in structuring cross-border acquisitions and reorganizations and regularly advises on derivative transactions,income trusts, resource taxation and syndications. She also has experience with thetaxation 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 aleading tax lawyer. She is a regular contributor to various publications includingCanadian Tax Highlights, Tax Profile, TaxLine and Tax Notes International and is a frequentpresenter 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 LLBand BA from the University of Toronto (1983 and 1980) and was admitted to the OntarioBar in 1985.

53

Canada

Gary ZedDeloitte 800-100 Queen StreetOttawa, ON K1P 5T8Canada


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 authoritypractice. Gary works closely with the firm’s Canadian and global transfer-pricingpractice, as well as with international tax specialists, and is responsible for handling inter-governmental relationships, issues involving double taxation, transfer pricing and themutual agreement procedure under tax treaties.

Gary held senior positions with both the Canada Revenue Agency (CRA) and theDepartment of Justice. He was the deputy director-general of the International TaxDirectorate and also the Canadian competent authority responsible for tax treatyadministration. He also served as the director of transfer pricing and competentauthority, where he had overall national responsibility for transfer-pricing issues, wasresponsible for directing all international audit matters and directed the advance-pricingarrangement (APA) and competent authority programmes.

Before joining the International Tax Directorate, Gary was an experienced justicecounsel in the legal services branch of the CRA. He advised senior management and staffon a broad range of legal and policy matters affecting the revenue portfolio.

Gary has extensive knowledge of CRA operations in both headquarters and the fieldfunctions. He was instrumental in enhancing the CRA’s transfer-pricing and competentauthority practice and was successful in building its international tax team. He directedand oversaw the development and implementation of the CRA’s new InformationCirculars on International Transfer Pricing (IC 87-2R) and International TransferPricing: Advance Pricing Arrangements (APAs) (IC 94-4).

Gary has been a frequent speaker at national and international forums and hasrepresented the CRA in numerous international venues. He is published, has authoredseveral articles and is frequently quoted in international journals concerning competentauthority and transfer-pricing issues, and the policies and practices of the CRA. He hasrepresented Canada before the OECD, Pacific Area Tax Administrators (PATA), and theInter-American Center of Tax Administrations (CIAT). Gary has been recognized in theprestigious Legal Media Group’s Guide to the World’s Leading Transfer Pricing Advisers andGuide to the World’s Leading Tax Advisers for his expertise in the field of transfer pricingand competent authority.

He has a BA in economics, an MBA in management and marketing, and an LLB inbusiness law.


Canada

Firoz AhmedOsler Hoskin & Harcourt, Toronto

Thomas B AkinMcCarthy Tétrault, Toronto

Albert Baker (see bio)Deloitte, Vancouver (see advert on inside front)

Jack Bernstein (see bio)Aird & Berlis, Toronto

William J BiesFasken Martineau DuMoulin, Toronto

Nathan BoidmanDavies Ward Phillips & Vineberg, Montréal

Stephen W BowmanBennett Jones, Toronto

John A BrussaBurnet Duckworth & Palmer, Calgary

Brian R Carr (see bio)Fraser Milner Casgrain, Toronto

Robert CouzinCouzin Taylor/Ernst & Young, Toronto

Guy Du PontDavies Ward Phillips & Vineberg, Montréal

Ronald K DurandStikeman Elliott, Toronto

Douglas S Ewens QCMcCarthy Tétrault, Calgary

Brian A Felesky QCFelesky Flynn, Calgary

Neil H HarrisGoodmans, Toronto

Robert HoganStikeman Elliott, Montréal

Sandra E Jack QCFelesky Flynn, Calgary

Elizabeth J JohnsonWilson & Partners, Toronto

Howard Kellough QC (see bio)Kellough & Partners, Vancouver

Edwin G KroftMcCarthy Tétrault, Vancouver

55

Canada

Wilfrid Lefebvre QC (see bio)Ogilvy Renault, Montréal

Norman C LovelandOsler Hoskin & Harcourt, Montréal

Charles P MarquetteBorden Ladner Gervais, Montréal

Janice McCart (see bio)Blake Cassels & Graydon, Toronto

Al MeghjiOsler Hoskin & Harcourt, Toronto

Warren J A Mitchell QC (see bio)Thorsteinssons, Toronto

Darcy D MochBennett Jones, Calgary

Leslie Morgan (see bio)Blake Cassels & Graydon, Toronto

D Bernard MorrisBennett Jones, Toronto

Evy MoskowitzKPMG, Toronto

Angelo NikolokakisCouzin 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 PantaleoPricewaterhouseCoopers, Toronto

Robert RaizenneOsler Hoskin & Harcourt, Montréal

Gabrielle M R RichardsMcCarthy Tétrault, Toronto

Elinore J RichardsonBorden Ladner Gervais, Toronto

Ron Richler (see bio)Blake Cassels & Graydon, Toronto

Stephen S RubyDavies Ward Phillips & Vineberg, Toronto


Canada

Alan M SchwartzFasken Martineau DuMoulin, Toronto

Mitchell ShermanGoodmans, Toronto

Sandra Slaats (see bio)Deloitte, Toronto (see advert on inside front)

Carrie SmitGoodmans, Toronto

David W SmithDavies Ward Phillips & Vineberg, Toronto

Paul Tamaki (see bio)Blake Cassels & Graydon, Toronto

Roger E TaylorErnst & Young, Ottawa

David TetraultOsler Hoskin & Harcourt, Toronto

Richard G TremblayOsler Hoskin & Harcourt, Toronto

Jeffrey C Trossman (see bio)Blake Cassels & Graydon, Toronto

John M UlmerDavies Ward Phillips & Vineberg, Toronto

John UngerTorys, Toronto

Francois VincentKPMG, Montréal

David A WardDavies Ward Phillips & Vineberg, Toronto

Donald H Watkins QCOsler Hoskin & Harcourt, Calgary

James W WelkoffTorys, Toronto

Rosemarie Wertschek QCMcCarthy Tétrault, Vancouver

Scott Wilkie (see bio)Osler Hoskin & Harcourt, Toronto

James R WilsonWilson & Partners, Toronto

Ronald S WilsonDavies Ward Phillips & Vineberg, Toronto

57

Canada

Barbara Worndl (see bio)Aird & Berlis, Toronto

Jerald M WortsmanMcCarthy Tétrault, Toronto

Gary Zed (see bio)Deloitte, Ottawa (see advert on inside front)


Chile

Anthony CookDeloitteAv Providencia 1760, Piso 7SantiagoChile

Tel: (56) 2 270 3126Fax: (56) 2 374 9147Email: [email protected]: www.deloitte.cl

During his career, Anthony has specialized as a consultant in various areas related tocorporate activity and business, such as: international tax issues, domestic taxation, foreigninvestment inside and outside Chile, foreign exchange operations, and structuringmergers and acquisitions, among other company reorganizations.

Over the past few years, a significant portion of his time has been devoted to internationaltax planning. Other areas in which he possesses extensive consulting expertise are antitrustlegislation, contracts, customs operations and tax aspects related to labour.

He has been distinguished by the International Tax Review as one of Chile’s top taxadvisers.

Anthony has taught various courses related to his specialism, including courses on doubletaxation treaties and Law of Corporations, and has attended courses on managementdevelopment, accounting for attorneys and others in his specialism. He has spokenfrequently on issues surrounding foreign investments in Chile and related tax planningopportunities.

Anthony is an attorney. He is a graduate of the Universidad Católica de Chile Faculty ofLaw. 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.

59

Chile

Alvaro MecklenburgDeloitteAvenida Providencia 1760, Piso 7SantiagoChile


Alvaro Mecklenburg is the partner in charge of the tax practice in the Santiago officeof 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 alsoattended continuing legal education courses offered by the Universidades Católica andAdolfo Ibáñez on the topics of tax and commercial law, banking law, credit instrumentsand 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, hewas assigned to the Deloitte office in Los Angeles, California, where he acquiredextensive experience in international tax matters.

Mr Mecklenburg is a member of the board of the Chilean Canadian Chamber ofCommerce, and the charity organization “Cerro Navia Joven”. He is frequentlynamed and interviewed by the media and technical magazines on tax matters.

He teaches at the Universidad Andrés Bello, at postgraduate level.


Chile

Julio PereiraPricewaterhouseCoopersAv Andres Bello 2711 – 4 pisoLas CondesSantiagoChile

Tel: (56) 2 9400151Fax: (56) 2 9400503Email: [email protected]: www.pwc.com

Julio Pereira joined Price Waterhouse’s Santiago office in 1990 with a juris doctor degreefrom the Catholic University of Chile, School of Law. In 1993, he obtained a master oflaws from Duke University, School of Law, Durham, North Carolina, where he attendedcourses in business associations, contracts and international taxation. He joined PriceWaterhouse’s international tax services department in New York City in 1993, and wasadmitted to partnership in 1998.

As a partner, Mr Pereira has been a tax and legal adviser for both local and multinationalcorporations. He has been in charge of PwC’s entertainment, media and communicationsgroup for the past two years. He has a wide range of experience in serving internationalclients, including foreign investment contracts, capital and loan structuring, expatriatestaxation, incorporation of companies, due diligence works, joint ventures, mergers andacquisitions, 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 UniversitySchool of Law board of visitors (1999 to 2002), a member of the Chilean Duke LawAlumni Club and an active member of the Chilean Bar Association.

61

Chile

Juan Manuel BaraonaBaraona Marré, Santiago

Fernando BarrosBarros & Errázuriz, Santiago

Jaime CareyCarey & Cia, Santiago

Anthony Cook (see bio)Deloitte, Santiago (see advert on inside front)

Sergio IllanesBaker & McKenzie, Santiago

Alvaro Mecklenburg (see bio)Deloitte, Santiago (see advert on inside front)

Sebastián ObachCariola Diez Perez-Cotapos & Cia, Santiago

Julio Pereira (see bio)PricewaterhouseCoopers, Santiago

Maria Eugenia SandovalPricewaterhouseCoopers, Santiago

Lisandro SerranoVial y Palma, Santiago

Rodrigo ValenzuelaErnst & Young, Santiago


China

Joseph TseDeloitte30/F Bund Center222 Yan An Road EastShanghai 200002China

Tel: (86) 21 6141 1006Fax: (86) 21 6335 0199Email: [email protected]: www.deloitte.com.cn

Joseph Tse is Deloitte’s country tax leader for China including Hong Kong andmainland. Prior to that, he was managing partner in mergers and acquisitions tax for theAsia-Pacific region. He is also concurrently serving as managing partner in tax for theeastern China region.

Mr Tse’s professional focus is the provision of tax advice to strategic and financial buyerson planning their China investments, structuring China investment holdings, managinglocal organizational and operational issues, and identifying practical solutions that bestachieve corporate objectives. Mr Tse also leads the firm’s World Trade Organization(WTO) practice group, providing clients with the most up-to-date information onChina’s regulatory developments complying with WTO requirements and assistingclients in evaluating how WTO will affect their business plans.

Mr Tse has served the firm’s leading international clients across a broad spectrum ofindustries 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 hismasters in business administration (finance) at York University. Mr Tse is a member ofthe Institute of Chartered Accountants of Canada and of the Canadian Tax Foundation.

63

China

Spencer ChongPricewaterhouseCoopers, Shanghai

Larry SussmanO’Melveny & Myers, Beijing

Joseph Tse (see bio)Deloitte, Shanghai (see advert on inside front)


Colombia

Jaime Vargas-CifuentesDeloitteCarrera 12 No 96-81. Piso 5BogotáColombia

Tel: (57) 1 6367902 ext 2003Fax: (57) 1 2560017Email: [email protected]: www.deloitte.com

Jaime Vargas is a tax partner in the Bogota office of Deloitte. He entered DeloitteAsesores & Consultores at the beginning of 2003 and is currently the partner in chargeof the tax and legal practices of Deloitte in Colombia.

Prior to working at Deloitte, he was a partner with Arthur Andersen and led itsColombian tax practice. From 1995 to 2000, he worked for Baker & McKenzie, wherehe 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 theUnited States and Latin America in general. At the same time he took courses ininternational taxation at the Kent School of Law, Illinois Institute of Technology, andparticipated 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 theFourth Section of the Council of State, where he was in charge of drafting judgmentson tax matters.

Mr Vargas has taken part in various projects on behalf of public and private sectorcompanies in the following industries: services, manufacturing, oil, construction,software, public utilities and telecommunications.

Mr Vargas has lectured in tax planning for international transactions (UniversityExternado de Colombia School of Finances and International Relations) and ininternational transactions and taxes specific to the oil industry (University Externado deColombia School of Economics). He has also lectured in tax planning at the PontificiaJaveriana University School of Economic Sciences, and was professor of internationaltaxation at the Universidad del Rosario School of Law. He has been a guest speaker forColombia in several tax seminars organized by the Council for International TaxEducation (CITE) and the Executive Enterprises Institute. He is the author of a bookon 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 ofthe Colombian Institute of Tax Law.

65

Colombia

Paul Cahn-Speyer WellsCahn-Speyer Paredes & Asociados, Bogota

John GuarinErnst & Young, Bogota

Luz Maria JaramilloErnst & Young, Bogota

Carlos Mario LafauriePricewaterhouseCoopers, Bogota

Alfredo LewinLewin & Wills Abogados, Bogota

Monica ReyesReyes Abogados Asociados, Bogota

Jaime Vargas-Cifuentes (see bio)Deloitte, Bogota (see advert on inside front)


Cyprus

Andreas NeocleousAndreas Neocleous & CoNeocleous House199 Archbishop Makarios III AvenueCY-3608 LimassolCyprus

Tel: (357) 25 362 818Fax: (357) 25 359 262Email: [email protected]: www.neocleous.com

Andreas Neocleous, born in 1939 in Paphos, Cyprus, is the founder and managingpartner of Andreas Neocleous & Co, the leading Cyprus international law firm, withoverseas offices in Moscow, Brussels, Budapest, Kiev and Prague. He graduated fromAthens University in 1964 and was admitted to the Cyprus Bar in 1965. He is a formermember of both the Cyprus parliament and the Cyprus Bar Council and is currently amember 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 LegalStudies and the Cyprus national reporter for the American Bar Association. He is vice-chairman of the Mediterranean Maritime Arbitration Association and a board memberof several major international companies.

Mr Neocleous is ranked as one of the leading lawyers of the world by reputable ratinghouses. His particular expertise lies in international corporate tax law and cross-borderinvestments. His clients include banks and financial institutions, multinationalcorporations and high net worth individuals in Western and Eastern European countriesand 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 theauthor of numerous contributions to leading law journals and publications, including theCyprus 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 ofthe Cyprus chapters of International Taxation of Low-Tax Transactions, published by TheBureau 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).

67

Cyprus

Elias NeocleousAndreas Neocleous & CoNeocleous House199 Archbishop Makarios III AvenueCY-3608 LimassolCyprus

Tel: (357) 25 362818Fax: (357) 25 359262Email: [email protected]: www.neocleous.com

Elias Neocleous was born in Limassol, Cyprus in 1968. He graduated in law fromOxford University in 1991 and is a barrister of the Inner Temple. He was admitted tothe 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 thespecialist 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 ofthe Cyprus Society of Trust and Estate Practitioners and serves on its committee. Heis a founder member of the Franchise Association of Greece, a member of theInternational Bar Association, the International Tax Planning Association, anhonorary member of the Association of Fellows of Legal Scholars of the Center forInternational Legal Studies and the honorary secretary of the Limassol Chamber ofCommerce and Industry.

The Chambers Global guide recommends Elias Neocleous as “‘an excellent person todeal with, a smart, resourceful performer’, according to his clients.”

Elias has a large number of publications to his credit, including: “Corporate tax residencefollowing the Cadbury-Schweppes decision”, Tax Business, November/December 2006;“The Cyprus Holding Company”, Offshore Investment, September 2006; Corporatetaxation in Cyprus – an ideal destination for holding companies, Euromoney Corporate TaxHandbook 2006; “Cyprus-Europe’s low-tax financial and business center”, OffshoreInvestment, September 2006.

Elias is also author of the Cyprus chapter in International Succession Laws, by LexisNexis Butterworths (2002), Planning and Administration of Offshore and Onshore Trusts,by Lexis Nexis Butterworths (2003), Mergers and Acquisitions Handbook 2003/04, byPractical Law Co, Tax Law Handbook 2004 by Practical Law Co and World Trust Survey2006, by Trusts & Trustees. He is co-author of Introduction to Cyprus Law, by AndreasNeocleous & Co (2000), Tax Planning in the New EU Countries: Malta & Cyprus, byBNA International (2005) and co-author of the Cyprus chapter of the Practitioner’sguide to Takeovers & Mergers in the EU, by City & Financial Limited 2005.


Cyprus

Andreas Neocleous (see bio)Andreas Neocleous & Co, Limassol

Elias Neocleous (see bio)Andreas Neocleous & Co, Limassol

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Czech Republic

Jan CapekErnst & YoungCharles Square Centre, Karlovo námestí 10120 00 Prague 2Czech Republic

Tel: (420) 22533 5111Fax: (420) 22533 5222Email: [email protected]: www.ey.com/cz

Jan Capek is a senior tax partner of Ernst & Young, the largest tax consulting firmoperating on the Czech market.

Jan Capek began his career with Arthur Andersen in 1991 and joined Ernst & Young in2002. His current client base includes 11 of the 50 largest Czech companies. Jan Capekgives lectures on tax matters and publishes articles in professional magazines.

Jan Capek has a master’s degree in business administration from the Prague School ofEconomics. He is a certified tax adviser and accounting expert. He is fluent in Czech andEnglish.

Ernst & Young provides a wide range of tax services to leading Czech corporations andinternational investors.


Czech Republic

Jan Capek (see bio)Ernst & Young, Prague

Ales CechelWhite & Case, Prague

Lucie VorlickovaVorlickova & Leitner, Prague

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Denmark

Erik JensenDeloitte Weidekampsgade 6 2300 Copenhagen SDenmark

Tel: (45) 36 10 25 38Fax: (45) 36 10 20 40Email: [email protected]: www.deloitte.com

Erik Jensen is an international tax partner based in Copenhagen, with more than 15years of international tax experience.

Erik practises in corporate tax, with a focus on providing international tax planning andtax advice to internationally based groups. His experience covers a wide range ofindustries, but has centred on industrial conglomerates, telecoms and the pharmaceuticalsector.

Erik has specialized experience in permanent establishment issues abroad, and inDenmark for industrial groups with construction tasks. He has had several US taxplanning assignments for Danish-based multinational groups, undertaken tax structureand due diligence assignments abroad and in Denmark for multinational groups,including dealing with tax issues related to share purchase agreements. Erik alsoundertakes due diligence assignments regarding investments in real estate funds.

He is a member of the Danish branch of IFA.


Denmark

Lars Loftager JørgensenDeloitteWeidekampsgade 6Box 16000900 Copenhagen CDenmark

Tel: (45) 36 10 20 30Email: [email protected]: www.deloitte.dk

Lars Loftager Jørgensen has been with Deloitte since 1999 and is the indirect tax serviceline 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 coversa wide range of industries but has been focused during recent years on large industrialcompanies and public limited companies and institutions.

Lars has worked on a number of significant inbound and outbound projects includingVAT issues in relation to cross-border implementation of ERP systems, VATstructuring, mergers and acquisitions and public infrastructure projects, includingprivate-public partnerships. In addition, Lars has strong experience in negotiations withthe tax authorities on special issues within indirect taxes for his customers.

Lars has been national reporter to the International Fiscal Association Congress, Sydney2000, and has since 1994 been a co-author of an extensive commentary on Danish VATlegislation and practice. He is a member of the indirect tax committee of the DanishAssociation of State-authorized Public Accountants, a member of the committee of theDanish Tax Scientific Association, and a member of the indirect tax working group ofFEE (the European Accountancy Association). Lars is officially appointed externalexaminer at the Copenhagen Business School.

Lars has a masters degree in law from the University of Copenhagen and a basiceducation from the Customs authorities.

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Denmark

Nikolaj BjørnholmBech-Bruun, Copenhagen

Jan BørjessonKromann Reumert, Aarhus

Tommy V ChristiansenTommy V Christiansen, Aarhus

Lasse Esbjerg ChristensenPlesner Svane Gronborg, Copenhagen

Anders Oreby HansenBech-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 JosephsenErnst & Young, Copenhagen

Tom Kári KristjánssonPlesner Svane Gronborg, Copenhagen

Susanne NørgaardPricewaterhouseCoopers, Copenhagen

Arne Møllin OttosenKromann Reumert, Copenhagen

Michael SerupBech-Bruun, Aarhus

Hans Severin HansenPlesner Svane Gronborg, Copenhagen

Michael SørensenKPMG C Jespersen StatsautoriseretRevisionsinteressentskab, Copenhagen


Finland

Arto KukkonenHH PartnersMannerheimintie 14 A00100 HelsinkiFinland

Tel: (358) 9 177 613Fax: (358) 9 653 873Email: [email protected]: www.hhpartners.fi

Arto Kukkonen is a partner at HH Partners and is in charge of the firm’s taxation lawpractice.

Mr Arto Kukkonen received his LLM from the University of Helsinki in 1986 and wasadmitted to the Bar in 1992. He works for Finnish companies and foreign companieswith business activities in Finland. He specializes in corporate reorganizations,mergers and acquisitions, personal taxation and tax litigation. He has written severalarticles on taxation law for international publications.

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Finland

Petri SalomaaDeloitte Porkkalankatu 24PO Box 12200181 HelsinkiFinland

Tel: (358) 20 755 500Fax: (358) 20 755 505Email: [email protected]: www.deloitte.fi

Petri Salomaa is a tax partner in the Helsinki office of Deloitte and leads the indirecttax practice of Deloitte Finland.

Petri has extensive experience in Finnish and international VAT matters. Before joiningDeloitte in February 2005, he worked as an internal tax adviser at Nokia Group, andfrom 1997 as a tax manager at Arthur Andersen and senior manager promoted to partnerat Ernst & Young.

Petri has acted as an adviser in numerous acquisitions and restructurings as well as inoutsourcing and cross-border supply chain projects. He also specializes in VAT issuesrelating to the financial sector, real estate and construction industries. Petri has servedseveral 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 advisersin the Finnish market.

Petri has published articles in Finnish tax and accounting magazines, co-authored taxplanning publications, and lectured in hundreds of tax seminars.

Petri has university degrees in law (LLM, taxation) and economics (accounting).


Finland

Outi UkkolaDeloitte Porkkalankatu 2400180 HelsinkiFinland

Tel: (358) 20 755 500Fax: (358) 20 755 505Email: [email protected]: www.deloitte.fi

Outi Ukkola is a partner in the international tax department at Deloitte. She joined thefirm in 2002 and is the head of tax at Deloitte Finland. Prior to joining Deloitte, Outiled 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 NationalTaxpayers’ Association.

Outi has served a wide range of industries. She has a special interest in financingstructures, corporate reorganizations and transfer pricing. She has participated in largepublic to private transactions involving significant coordination of activities and liaisonwith several specialist groups, spin-offs requiring complex pre-transaction measures, e-commerce structuring, etc., and has coordinated a large number of due diligences andrelated structuring work.

For many years, International Tax Review has named Outi as one of the leadinginternational tax advisers in Finland. She has also gained recognition in the area oftransfer pricing.

Outi has published books in the area of corporate taxation and is a frequent speaker intax 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), theFederation of Finnish Commerce (tax committee), and the Helsinki and EspooChamber of Commerce (tax and legal).

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Finland

Ilkka KajasPricewaterhouseCoopers, Helsinki

Arto Kukkonen (see bio)HH Partners, Helsinki

Timo MatikkalaKPMG, Helsinki

Outi RaitasuoHannes Snellman, Helsinki

Ola SaarinenPricewaterhouseCoopers, Helsinki

Petri Salomaa (see bio)Deloitte, Helsinki (see advert on inside front)

Outi Ukkola (see bio)Deloitte, Helsinki (see advert on inside front)

Gunnar WesterlundRoschier, Helsinki


France

Pierre-Jean DouvierCMS Bureau Francis Lefebvre1/3 Villa Emile-Bergerat92522 Neuilly-sur-SeineParisFrance

Tel: (33) 1 47 38 56 76Fax: (33) 1 47 45 86 75Email: [email protected]: www.cms-bfl.com

Pierre-Jean Douvier joined the international taxation department of CMS Bureau FrancisLefebvre in 1986 where he was co-opted as an equity partner in 1991. He formerly hadbeen with Coopers & Lybrand (1981 to 1984) and Ernst & Whinney (1984 to 1986). Heis specialized in transfer pricing, having 24 years’ experience in the area. The support ofa team of four economists within the firm is a major plus to assist clients in transferpricing. His other practice areas are cross-border transactions – including M&A,financing, refinancing, hybrid financing and restructuring, financial leasing, Europeanand international taxation. He is a lecturer in international taxation at University of ParisII-Assas. He is the author of several publications, including International taxation: 20 casestudies (LITEC), Tax law in international relationships (PEDONE), The regime of permanentestablishment (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 amember of STEP France. He is fluent in English and speaks German.

Pierre-Jean’s recent experience includes:

• assisting French and international key-pharmaceuticals groups (internationalreorganizations, 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 FrancisLefebvre);

• 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.

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France

Bruno GibertCMS Bureau Francis Lefebvre1/3 Villa Emile-Bergerat92522 Neuilly-sur-SeineParisFrance


Bruno Gibert joined CMS Bureau Francis Lefebvre as an equity partner in 2001. Hespecializes in international taxation. After graduating in political sciences at the IEPParis (Sciences-Po) in 1979, Bruno Gibert completed his education with a masters incorporate 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 ofinternational tax affairs (negotiation of tax treaties with foreign countries, OECD andEU work, and competent authority). He used to be co-chairman of the OECD Forumon Harmful Tax Practices (1996 to 2001). Chairman of the EU Joint Forum onTransfer 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 Francein 2004 and of the chapter on rulings of a book on French tax procedures published in2005. He regularly publishes articles on international tax matters in French andinternational publications. He is fluent in French and English.


France

Edouard MilhacCMS Bureau Francis Lefebvre1-3, villa Emile Bergerat92522 Neuilly-sur-Seine CedexFrance


Edouard Milhac joined CMS Bureau Francis Lefebvre in 1990 and was co-opted as apartner 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 FrancisLefebvre in 1998, specializing in international taxation, and between 1994 and 2000he was an associate of the New York office.

Edouard’s areas of specialization include cross-border restructuring and mergers andacquisitions, structured finance projects and private equity fund structuring. He is amember of the International Fiscal Association (IFA), the International Bar Association(IBA), the American Bar Association (ABA), the French Association for Corporate LegalAdvisers (ACE) and the Institut des Avocats Conseils Fiscaux (IACF).

He has contributed to OECD publications and published articles in the Journal ofInternational Taxation and the Tax Management International Journal.

Edouard holds a masters degree in business administration, finance and taxation, andreceived his postgraduate degee (DESS) in business taxation from the University ofParis IX Dauphine (1989).

Edouard speaks French and English.

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France

Jean-Marc TirardTirard Naudin10 rue Clément Marot75008 ParisFrance

Tel: (33) 1 53 57 36 00Fax: (33) 1 47 23 63 31Email: [email protected]

Jean-Marc Tirard co-founded his present firm, specializing solely in taxation matters, in1997. He began his career with the French tax administration. For 10 years, he was incharge of the tax department of Ernst and Whinney. In 1989, he joined Clifford Chancewhere he developed the French and international tax practice. He has more than 30years’ experience advising large French and foreign companies on domestic andinternational corporate tax issues as well as negotiating with tax authorities and handlingtax litigation. During his career he has been associated with numerous high-profilecorporate transactions. He has also had extensive experience in dealing with cross-borderuse of intellectual property, particularly in the context of transfer-pricing disputes. Hiscurrent practice involves a significant emphasis on international tax issues includingtransfer pricing. He is involved in several APA applications introduced by largemultinational firms following the recent introduction of this procedure in France andrepresented 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 LaFiscalité des Sociétés dans la CEE (7th edition, 2006) translated in English as CorporateTaxation in EU Countries (Longmans). He is a frequent speaker at seminars dealing withinternational tax planning in the context of various matters such as cross-border mergers,joint ventures, transfer of technology, assets financing or the consensual resolution oftransfer-pricing issues. He is chairman of the Tax Commission of the French Committeeof the International Chamber of Commerce and co-chairman of the International TaxCommittee of the same organization. He is a member of the IFA and of the LicensingExecutives Society (LES). He has been rated over the last years as one of the leadingFrench tax lawyers in the Euromoney International Tax Review survey.


France

Claire AcardErnst & Young, Paris

Vincent AgulhonJones Day, Paris

Jean-Pierre AndrieuxCMS Bureau Francis Lefebvre, Paris

Henri BardetCabinet Henri Bardet, Paris

Richard BeauvaisGide Loyrette Nouel, Paris

Gauthier BlanluetSullivan & Cromwell, Paris

Jean-Claude BouchardTaj, Paris

Pierre-Yves BourtouraultBaker & McKenzie, Paris

Catherine CharpentierAshurst, Paris

Antoine Colonna d’IstriaFreshfields Bruckhaus Deringer, Paris

Pascal CoudinCleary Gottlieb Steen & Hamilton, Paris

Eric DavoudetClifford Chance, Paris

Allard de WaalPaul Hastings Janofsky & Walker, Paris

Philippe DerouinLinklaters, Paris

Patrick DiboutErnst & Young, Paris

Pierre-Jean Douvier (see bio)CMS Bureau Francis Lefebvre, Paris

Gilles EntrayguesCleary Gottlieb Steen & Hamilton, Paris

Bruno Gibert (see bio)CMS Bureau Francis Lefebvre, Paris

Bruno GouthièreCMS Bureau Francis Lefebvre, Paris

Bernard Le-PezronWillkie Farr & Gallagher, Paris

83

France

Edouard Milhac (see bio)CMS Bureau Francis Lefebvre, Paris

Philippe MoisandMoisand Boutin & Associés, Paris

Antoine MorterolBaker & McKenzie, Paris

Siamak MostafaviAllen & Overy, Paris

Marie-Helene RaffinWillkie Farr & Gallagher, Paris

Renaud StreichenbergerBredin Prat, Paris

Robert TarikaErnst & Young, Paris

Pierre-Sébastien ThillCMS Bureau Francis Lefebvre, Paris

Jean-Marc Tirard (see bio)Tirard Naudin, Paris

Jérôme TurotCabinet Turot, Paris

Pierre UllmannBrandford-Griffith & Associés, Paris

Eric ZellerClifford Chance, Paris


New directions for tax inGermany

Germany is changing. The economic upswing has increasedtax revenues and given the government room for taxreductions. Globalization, including international taxcompetition, has hit Germany, and the governmentproclaims its willingness to compete.

Corporate tax reducedThe government has committed to reducing the corporateincome tax rate to around 15%, in an effort to reduce thetotal corporate tax burden to below 30% (local businessincome tax plus federal income tax). For Germanshareholders, therefore, the personal income tax ondividends, now 1/2 of the regular rate, may go up to 1/1 (ofapproximately 45%).

The inter-company 95% exemptions will be maintained, both for dividends receivedby a corporation and for capital gains from the sale of any shares in anothercorporation. The latter is also relevant for foreign corporate shareholders notprotected by tax treaties, who otherwise would be fully taxable on gains from a 1% orhigher shareholding in German companies.

Interest cappedTo balance the revenue effect, and to fight interest deduction of German parentcompanies on loans from foreign-based low-taxed financing subsidiaries, thegovernment is seeking to broaden the tax basis, taxable corporate income, by, forexample, limiting interest deductions up to 30% EBIT. It would affect all Germancompanies and partnerships, whether or not foreign-owned. This is necessary underEU non-discrimination rules. The only escape from this cap would be evidence thatthe overall interest deduction of the worldwide group exceeds 30% of EBIT. Thedisallowed 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. Itsworking paper contemplates alternative legislative action such as further restrictionson shareholder (or shareholder-secured) loans. This move began with a general add-back of all or part of interest expense and moved on to US-type earnings-strippingconcepts. The present cap proposal will not be the last word.

Capital income, such as dividends, certain types of interest and share capital gains, maybe subject to final withholding at or around 25%. The 2006 tax reform limited bookvalue rollover for some merger scenarios, with the realized gain being taxed at 1/7 overseven 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 moreroutine ruling practices. Tax officials dislike the fee, fearing taxpayers may begin to feelentitled to a ruling since they pay for it, whereas it is discretionary.

For 2007, reflecting the upswing in mood, the government proposed an increase onthe cap on charitable deductions to 20% (instead of the current 5% or 10%) and, inaddition to this percentage, to double the maximum deduction when setting up afoundation to €750,000.

Inheritance and gift taxValuation rules have long been challenged as discriminating between real estate andother assets. The Constitutional Court is expected to render its judgment in early2007. The government now proposes a potentially more discriminatory tax benefit for

Reinhard PöllathP+P Pöllath + PartnersMunich

Germany

85

business owners (including partnerships and direct, indirect or constructive 25%shareholders). The tax would be payable only after 10 years, and it would be forgiven1/10 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 realestate, business, industrial property, 10% shareholdings, etc, was inadvertently createdby case law and an administrative follow-up decree. The holding of propertybeneficially through a nominee or trustee is examined for income tax purposes (as ithas always been), but no longer for inheritance and gift tax. The principal’s claimagainst the nominee being a separate asset, non-residents should be able to escapeGerman gift or inheritance tax in the underlying German assets.

REITsThe government has proposed legislation accepting a listed German corporation as aREIT. 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 realestate 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 (of3% or less per shareholder). Any one shareholder may not own more than 10%, butthis applies only directly, so indirect holdings should not be capped.

VAT for holdingsStill pending is a government proposal consolidating EU and other case law on upstreamVAT 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, forholdings rendering services to portfolio companies and for holdings with participationsunder an overall entrepreneurial concept, a nicely broad but vague definition.

Germany


Germany

Hubertus BaumhoffFlick Gocke SchaumburgJohanna-Kinkel-Str 2-4D-53175 BonnGermany

Tel: (49) 228 95 94 0Fax: (49) 228 95 94 100Email: [email protected]: www.fgs.de

Prof Dr Hubertus Baumhoff has been a tax partner in Flick Gocke Schaumburg’s Bonnoffice since 1991. His work focuses on transfer pricing, international group taxation,evaluation of enterprises and the performance of special audits. He is particularlyexperienced in defending transfer prices and transfer-price systems within the frameworkof tax audits of enterprises operating internationally with tax attachment points inGermany.

He studied at Münster University and graduated from Hamburg University, obtaining hisDoctor’s degree in Economics with a thesis on transfer pricing. After qualifying as a taxadviser he joined FGS. He qualified as a certified chartered accountant in 1991.

In 2004 Prof Dr Baumhoff was appointed professor for international taxation at SiegenUniversity. He has lectured for many years on international transfer-pricing issues at theFederal Finance Academy. He is an active member of national and internationalaccounting and tax organizations.

Prof Dr Baumhoff is the author of numerous publications on international transferpricing. These include: Transfer Pricing for Services (1986), Tax Aspects Concerning theTransfer Pricing Policies Involving Foreign Distributors (1993), and Principles of TransferPricing Documentation Under the New Documentation Regulations (2004 and 2005) (togetherwith Dr Ditz and Dr Greinert). His central transfer-pricing publications are theCommentary on the German Transfer Pricing Rules (Flick/Wassermeyer/Baumhoff, 2004)(together with Prof Dr Wassermeyer) and Transfer Prices between Internationally AffiliatedEnterprises (Wassermeyer/Baumhoff) (2001). His most recent works are Transfer PricingPolicy in the Relocation of Operational Functions Abroad and The Profit Allocation toInternationally Affiliated Enterprises, which were published in 2005.

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Germany

Hanno BergerDewey BallantineTaunusanlage 1Skyper60329 FrankfurtGermany

Tel: (49) 69 3639 3415Fax: (49) 69 3639 3333Email: [email protected]: www.deweyballantine.com

Hanno Berger is the managing partner in the Frankfurt office of Dewey Ballantine. Hehas a particular focus on the development of corporate, regulatory and tax-optimizedstructures for derivatives, certificates and other innovative financial products that aretailor-made for private and institutional investors. In the international asset managementarea, 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 theformation, purchase and sale, transformation, merger, demerger, split-up and liquidationof enterprises, including restructuring and joint ventures. He also advises internationalenterprises, banks and institutional investors, particularly regarding the formation ofpermanent establishments or subsidiaries within Germany and abroad, and in connectionwith real property investments in Germany. He develops tax-optimized successionstructures. In addition, he assists banks during tax audits, in administrative appeals andcourt procedures, and regarding the criminal law aspects of tax law.

Hanno Berger received his doctorate from the University of Frankfurt in 1979, and aJD from the University of Frankfurt Law School in 1975.


Germany

Michael BestP+P Pöllath + PartnersKardinal-Faulhaber-Strasse 10D-80333 MunichGermany

Tel: (49) 89 24 24 0470Fax: (49) 89 24 24 0986Email: [email protected]: www.pplaw.com

Dr Michael Best is a partner at P+P specializing in tax structuring, national andinternational 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 ofMunich and University of Augsburg (Dr jur 1991). He has been a tax consultant since1992, 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 focusingsolely on mergers and acquisitions, tax, private equity/venture capital, funds, assetmanagement 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 vonBraunschweig, Ralph Wagner, Andreas Wilhelm, Wolfgang Tischbirek, Uwe Bärenz,Stefan Lebek, Michael Inhester, Benedikt Hohaus and Julian Lemor. P+P has offices inBerlin, Frankfurt and Munich and is fully independent and not affiliated with any otherfirm or group.

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Germany

Matthias BruseP+P Pöllath + PartnersKardinal-Faulhaber-Strasse 10D-80333 MunichGermany

Tel: (49) 89 24 24 0 270Fax: (49) 89 24 24 0 996Email: [email protected]: www.pplaw.com

Dr Matthias Bruse is one of the founding partners of P+P Pöllath + Partners. He haspractised 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 andfinancing, with a special focus on private equity investments.

His publications include speeches and papers on the occasion of the International BarAssociation’s annual conference. He has authored numerous articles and chairedconferences, for example, M&A für Profis. He graduated from Munich Law School in1980, 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.

P+P is an independent corporate and tax firm with 75 lawyers and tax advisers focusingsolely on mergers and acquisitions, tax, private equity/venture capital, funds, assetmanagement and real estate. The firm has 20 partners, including Reinhard Pöllath,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,Stefan Lebek, Michael Inhester, Benedikt Hohaus and Julian Lemor. P+P has offices inBerlin, Frankfurt and Munich and is fully independent and not affiliated with any otherfirm or group.


Germany

Dieter EndresPricewaterhouseCoopers Marie-Curie-Straße 24 – 2860439 Frankfurt am MainGermany

Tel: (49) 69 9585 6459Fax: (49) 69 9585 6573Email: [email protected]: www.pwc.com

Dieter Endres is a tax partner at PricewaterhouseCoopers Frankfurt, head of the firm’stax and legal department in Germany, and member of PwC’s German Board. Hespecializes in international business transactions, transfer pricing, reorganizations,joint ventures, and M&A consulting. His key clients are US and UK multinationalsand private equity houses.

Dieter graduated from Mannheim University where he also obtained his Doctor’sdegree in economics. He was awarded a JF Kennedy scholarship at HarvardUniversity, Cambridge (US), in 1982/1983. After qualifying as a tax adviser(Steuerberater), Dieter joined Price Waterhouse in Frankfurt in 1986. He has been apartner since 1991. He is a member of the German Institute of Tax Advisers, of theinternational tax committee and the tax reform committee of the German Institute ofChartered Accountants, of the European-American Tax Institute, the tax committee ofthe Frankfurt Chamber of Commerce and of the International Fiscal Association.

Dieter is the author of numerous tax publications (including Corporate Taxation inGermany, an English language translation of the most important statutes, www.idw-verlag.com) and is a frequent speaker at tax conferences in Germany and abroad. Heis 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.

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Germany

Manfred GünkelDeloitte Schwannstrasse 640476 DüsseldorfGermany

Tel: (49) 211 8772 2578Fax: (49) 211 8772 112578Email: [email protected]: www.deloitte.de

Manfred Günkel has been an international tax partner with Deloitte & Touche since1977, 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 Germanentities regarding inbound and outbound investments. He is co-author of a commentaryon treaty law and author of numerous articles in tax magazines on domestic andinternational issues.

Mr Günkel is a member of the board of the Institute of Tax Advisers (Fachinstitut derSteuerberater) of the Tax Committee of the German Institute of Chartered Accountants,and a member of the Direct Tax Working Party of FEE (Fédération des ExpertsComptables Européenne).

Mr Günkel holds an economics degree from the University of Cologne. He is a Germantax adviser (Steuerberater) and a German chartered accountant (Wirtschaftsprüfer).


Germany

Wilhelm HaarmannHAARMANN PartnerschaftsgesellschaftNeue Mainzer Str 7560311 Frankfurt am MainGermany

Tel: (49) 69 9 20 59 105Fax: (49) 69 9 20 59 108Email: [email protected]: www.haarmann.com

Professor Dr Wilhelm Haarmann is a lawyer, certified public accountant and certifiedtax adviser. His practice focuses on transactions, in particular mergers and acquisitions,private equity and venture capital, tax law, corporate law, finance law (including fundstructuring) and arbitration.

On January 1 2006 he left his prior firm and with other partners foundedHAARMANN Partnerschaftsgesellschaft in Frankfurt. He was previously one of thefounding partners of Haarmann Hemmelrath & Partner. From 1979 to 1987 heworked for Peat Marwick Mitchell & Co, where he became a partner in 1983. From1977 to 1979 he worked at Arthur Young & Co in Frankfurt.

Wilhelm Haarmann is a member of the International Bar Association, InternationalFiscal Association: German board, Institute of German Chartered Accountants, IDW:chairman of Tax Experts Committee, Deutscher Anwaltsverein, and the GermanBritish Lawyers Association.

He is a member of the World Economic Forum and the supervisory boards of leadingcompanies in the IT and telecommunication industry (such as SAP). He is member ofthe board of the German private equity and venture capital association.

Wilhelm Haarmann is professor for tax law at the University of Bamberg. He holds aJD from the University of Münster (1979) and studied law and economics at theuniversities of Münster and Freiburg.

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Germany

Heinz-Klaus Kroppen Deloitte Schwannstrasse 640476 DüsseldorfGermany


Professor Dr Heinz-Klaus Kroppen is a partner of the international tax department ofDeloitte & Touche in Düsseldorf. He is the head of Deloitte’s European and Germantransfer-pricing practice. His work focuses exclusively on international matters, mainlycross-border transactions, acquisitions and multinational corporations’ tax issues.

Professor Kroppen has been selected several times for inclusion in the Guide to theWorld’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 ontransfer pricing. He is also co-author of the German chapter in the IBFD loose-leafpublication The Tax Treatment of Transfer Pricing, and in Robert Feinschreiber’s book,Transfer Pricing International. Professor Kroppen is also editor and co-author of aleading German publication on double-taxation treaties and co-author of the leadingGerman 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 hasbeen appointed to the EU Joint Transfer Pricing Forum by the EU Commission asone of 10 business experts in Europe.

Professor Kroppen studied law at the universities of Kiel, Hamburg, and Cologne, andlater clerked at the German Tax Court in Düsseldorf and at the German/KoreanChamber of Commerce and Industry in Seoul. During this time, he wrote adissertation on company and tax law problems for which he was awarded his PhD inlaw. 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. Heis also a licensed tax adviser (Steuerberater).


Germany

Jürgen LüdickePricewaterhouseCoopersNew-York-Ring 1322297 HamburgGermany


Prof Dr Jürgen Lüdicke is a tax partner at PricewaterhouseCoopers in Hamburg. Hismain areas of work include international tax planning, restructuring, mergers andacquisitions consulting, EU tax law and tax litigation. He also created Pricewaterhouse-Coopers’ German tax technical group, which he still leads.

Jürgen is a member of the international tax committee of the Federal Chamber of TaxConsultants, of the Institute of Tax Consultants (Fachinstitut der Steuerberater), of theInternational Fiscal Association and of the corporate tax committee of the GermanInstitute 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 Instituteof the Hamburg University (www.M-I-Tax.de). He is the author of numerouspublications on tax matters, mainly on international taxation, tax treaty law and Europeantax law. He is a frequent speaker at tax conferences and leads the annual Hamburg TaxConference on International Taxation.

Jürgen graduated from the University of Bonn where he also obtained his doctorate in taxlaw. He is a qualified lawyer and tax adviser. He joined PricewaterhouseCoopers in 1985and was admitted to partnership in 1992.

95

Germany

Reinhard PöllathP+P Pöllath + PartnersKardinal-Faulhaber-Strasse 10D-80333 MunichGermany


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 andacquisitions, private equity funds, structuring companies and investments, successions,trusts, foundations), he has written and lectured extensively to business, professional andacademic audiences. He is heavily involved in pro bono micro-loan projects in developingcountries, in promoting Chinese in German schools, in defending human rights, and inraising funds for Max Planck, the major German scientific organization.

Reinhard studied law in Regensburg, Cambridge, MA, and Munich. He has two lovelychildren.

P+P specialize in legal and tax advice in two areas: transactions (mainly mergers andacquisitions, private equity, real estate) and asset management (mainly investments,financial products, successions). Within these specialist areas of expertise, P+P assistcompanies, owners, investment banks, funds, family offices and others in handlingmergers and acquisitions transactions (including due diligence, post-acquisitionrestructuring, financing, syndication, de-listing, IPOs/secondary offerings); structuringand placing private equity, venture capital and other closed-end or public funds includingfunds 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 orproducts for institutional and private investors; organizing a family office, assisting in itsinvestment activities, advising on wills, trusts, and intra-family agreements; accompanyingreal 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 otherboards; or serving as a nominee, trustee or administrator.

In these specialized transactional and asset management areas, P+P partners cooperatefreely with leading professionals in the relevant practice areas. P+P are not affiliated withany other firm or group. P+P partners provide services only in specialized areas, but therethey provide full service, such as 24-hour office support, assistance in organizing a salesprocess or a family office or in providing book- or record-keeping services, running a so-called 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, AndresSchollmeier, Philipp von Braunschweig, Andreas Wilhelm, Dieter Birk, Otto Haberstock,Michael Best, Matthias Durst, Carsten Führling, Uwe Bärenz, Margot Gräfin vonWesterholt, Benedikt Hohaus, Michael Inhester, Stefan Lebek, Wolfgang Tischbirek andJulian Lemor.


Germany

Andreas RodinP+P Pöllath + PartnersPotsdamer PlatzLinkstrasse 210785 BerlinGermany


Dr Andreas Rodin is a founding partner of P+P Pöllath + Partners. He has practised taxand corporate law since 1986, for many of those years together with P+P partners, as apartner 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 financialproducts, negotiations of German tax rulings and tax litigations and mergers andacquisitions (representing sellers and buyers of German and international businesses).

His publications include the tax section of two partnership handbooks, articles ontaxation and investments, speeches and papers at national and international conferenceson mergers and acquisitions, financial products and privatization.

He graduated from Munich Law School in 1983, where he also obtained a Doctor jurisdegree.

P+P is an independent corporate and tax firm with 75 lawyers and tax advisers focusingsolely on mergers and acquisitions, tax, private equity/venture capital, funds, assetmanagement and real estate. The firm has 20 partners, including Reinhard Pöllath,Dieter Birk, Matthias Bruse, Andrea von Drygalski, Michael Best, Matthias Durst,Carsten Führling, Otto Haberstock, Andres Schollmeier, Thomas Töben, Philipp vonBraunschweig, Ralph Wagner, Andreas Wilhelm, Wolfgang Tischbirek, Uwe Bärenz,Stefan Lebek, Michael Inhester, Benedikt Hohaus and Julian Lemor. P+P has officesin Berlin, Frankfurt and Munich and is fully independent and not affiliated with anyother firm or group.

97

Germany

Otmar ThömmesDeloitteRosenheimer Platz 4D- 1669 MunichGermany


Otmar Thömmes has been a partner in the Deloitte’s Munich tax practice since 1995and is the leader of that office’s international tax practice. Otmar, with 20 years ofexperience in tax law (in both the public and private sectors), is responsible for serviceto clients on all aspects of cross-border taxation, including advising clients on corporatetax law, mergers, acquisitions, reorganizations, privatizations and MBOs.

From 1989 to 1991, Otmar was seconded to the Commission of the EuropeanCommunities 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 taxmatters.

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 ECDirect Tax Measures and Member States’ Implementation Laws, International Bureau ofFiscal Documentation (IBFD) Amsterdam (1991).

He lectures extensively on international tax topics at international seminars and at theUniversities of Augsburg, Hamburg, Vienna and Bonn.

Otmar is a member of the German Institute of Tax Consultants; the board of theInternational Fiscal Association (IFA), Bavarian section; the Finance and TaxCommittee of the Chamber of Industry and Commerce (IHK) for Munich and UpperBavaria; the board of trustees of the International Bureau of Fiscal Documentation(IBFD), Amsterdam.


Germany

Wolfgang TischbirekP+P Pöllath + PartnersZeil 12760313 Frankfurt/MainGermany


Wolfgang Tischbirek joined P+P Pöllath + Partners as a partner in 2004. He haspractised German and international tax law since 1983 and was formerly a partner in aleading 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 foreigncompanies and individuals, in particular tax structuring for mergers and acquisitions,including acquisition financing, reorganizations, real estate transactions andinternational funds (private equity and alternative investments).

Mr Tischbirek has co-authored major tax handbooks and frequently lectures on variousaspects of German and international taxation.

He studied law at the Universities of Cologne, Geneva and Freiburg, and interned at theEuropean Commission in Brussels. He graduated from the University of California,Berkeley (LLM), and worked in a research team on tax treaties at the University ofMunich.

P+P is an independent corporate and tax firm with 76 lawyers and tax advisers focusingsolely on mergers and acquisitions, tax, private equity/venture capital, funds, assetmanagement 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, Michael Best,Philipp von Braunschweig, Ralph Wagner, Andreas Wilhelm, Uwe Bärenz, StefanLebek, 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 orgroup.

99

Germany

Thomas TöbenP+P Pöllath + PartnersPotsdamer PlatzLinkstrasse 210785 BerlinGermany


Dr Thomas Töben is a partner with P+P Pöllath + Partners, a firm with over 70 lawyersand tax advisers specializing in mergers and acquisitions, tax, private equity, family officework and real estate. Dr Töben has 20 years of practice in tax law and advises onrestructuring 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 HamburgUniversity until 1987. He was a partner of a major German law firm from 1990 until1995, German resident partner of an international law firm from 1996 until 2000, andjoined Pöllath + Partners as a partner in April 2000. He has frequently lectured oninternational tax law and written numerous articles on tax matters. He is lecturer atWestfälische Wilhems-Universtität of Münster.

P+P is an independent corporate and tax firm with 75 lawyers and tax advisers focusingsolely on mergers and acquisitions, tax, private equity/venture capital, funds, assetmanagement 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, Michael Best, Philipp vonBraunschweig, Ralph Wagner, Andreas Wilhelm, Wolfgang Tischbirek, Uwe Bärenz,Stefan Lebek, Michael Inhester, Benedikt Hohaus and Julian Lemor. P+P has offices inBerlin, Frankfurt and Munich and is fully independent and not affiliated with any otherfirm or group.


Germany

Alexander VoegeleNERA Economic Consulting GmbHKonrad Adenauer Str 17D-60313 FrankfurtGermany

Tel: (49) 69 710 447 501; (49) 172 6767506Fax: (49) 69 710 447 505Email: [email protected]: www.nera.com

Dr Alexander Voegele is chairman of the advisory board of Nera Economic ConsultingGmbH, senior partner at Voegele Partner GmbH, and head of the advisory board ofArAnTax GmbH. During more than 25 years’ experience in advising internationalcorporations and leading law firms on transfer pricing issues, Alexander Voegele hasspecialized in the development of innovative economic structures for transfer pricingstrategies and for the defence of major international transfer pricing cases.

He has been a partner with Price Waterhouse and KPMG, in charge of their Germantransfer pricing practice. He has led hundreds of large transfer pricing projects andtransfer 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 ofthe largest German and international companies.

Dr Voegele regularly publishes articles and books on transfer pricing and international taxplanning, and is the author and editor of the leading German commentary on transferpricing and economic consulting (Handbook of Transfer Pricing). He is a regular speaker atmore than 250 conferences and seminars on transfer pricing and international taxation inGermany, Europe, the US and Asia.

He has received numerous awards as a transfer pricing adviser and has frequently beenranked as a leading tax and transfer pricing professional. The International Tax Review andEuromoney 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 ofthe best transfer pricing advisers in the world”.

He holds a doctorate in economics and a master’s degree in tax and business adminis-tration (both University of Mannheim). He is a certified German auditor and tax adviserand French commissaire aux comptes.

Dr Voegele and his Nera colleagues provide economic transfer pricing strategy, pricing ofIP and planning to clients for post mergers and acquisitions, dealing with organizationalstructuring and incentive management issues, as well as to those in need of market pricingevaluations. Having advised and negotiated numerous bilateral and multilateralagreements involving Germany, the UK, France, the US, Japan, Canada, Mexico andAustralia, they have particular expertise structuring European arbitration and advancepricing agreements (APAs) and specialize in worldwide documentation and the valuationof business and intellectual property.

101

Germany

Hubertus Baumhoff (see bio)Flick Gocke Schaumburg, Bonn

Stefanie BeinertGleiss Lutz, Stuttgart

Manfred BenkertClifford Chance, Frankfurt

Hanno Berger (see bio)Dewey Ballantine, Frankfurt

Michael Best (see bio)P+P Pöllath + Partners, Munich (see advert on inside back)

Jens BlumenbergLinklaters, Munich

Axel BödefeldLinklaters, Cologne

Eugen BogenschuetzAllen & Overy, Frankfurt

Gottfried E BreuningerShearman & Sterling, Munich

Christian BrodersenBaker & McKenzie, Frankfurt

Matthias Bruse (see bio)P+P Pöllath + Partners, Munich (see advert on inside back)

Manfred BurkertErnst & Young, Hamburg

Oliver DörflerKPMG, Frankfurt

Stephan EilersFreshfields Bruckhaus Deringer, Cologne

Dieter Endres (see bio)PricewaterhouseCoopers, Frankfurt

Richard L EnglRLE Gmbh, Munich

Rolf FügerMilbank Tweed Hadley & McCloy, Munich

Manfred Günkel (see bio)Deloitte, Düsseldorf (see advert on inside front)

Wilhelm Haarmann (see bio)Haarmann, Frankfurt

Jürgen HartmannJürgen Hartmann, Düsseldorf


Germany

Holger HäuselmannFreshfields Bruckhaus Deringer, Frankfurt

Friedrich HeyDebevoise & Plimpton, Frankfurt

Jurgen HoffmannMeilicke Hoffmann & Partner, Bonn

Friedhelm JacobHengeler Mueller, Frankfurt

Martin KleinHengeler Mueller, Frankfurt

Ernst-Thomas KraftHengeler Mueller, Frankfurt

Heinz-Klaus Kroppen (see bio)Deloitte, Düsseldorf (see advert on inside front)

Jochen LüdickeFreshfields Bruckhaus Deringer, Düsseldorf

Jürgen Lüdicke (see bio)PricewaterhouseCoopers, Hamburg

Asmus MihmAllen & Overy, Frankfurt

Wolfgang OhoErnst & Young, Frankfurt

Detlev J PiltzFlick Gocke Schaumburg, Bonn

Reinhard Pöllath (see bio)P+P Pöllath + Partners, Munich (see advert on inside back)

Ulrich PrinzFlick Gocke Schaumburg, Bonn

Norbert RiegerMilbank Tweed Hadley & McCloy, Munich

Thomas RödderFlick Gocke Schaumburg, Bonn

Andreas Rodin (see bio)P+P Pöllath + Partners, Berlin (see advert on inside back)

Michael SchadenErnst & Young, Stuttgart

Harald SchaumburgFlick Gocke Schaumburg, Bonn

Claus SchildRSM Hemmelrath, Munich

103

Germany

Hubert SchmidClifford Chance, Frankfurt

Stephan SchnorbergerBaker & McKenzie, Düsseldorf

Florian SchultzLinklaters, Frankfurt

Klaus SiekerFlick Gocke Schaumburg, Frankfurt

Michael StreckStreck 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 WieseLatham & Watkins, Hamburg


Hong Kong SAR

Kaiser KwanDeloitte28/F, Wing On Centre111 Connaught RoadCentralHong Kong

Tel: (852) 2852 5686Fax: (852) 2851 8005Email: [email protected]: www.deloitte.com.hk

Kaiser Kwan is a partner of Deloitte Hong Kong. He began his career with the HongKong Inland Revenue Department and worked for another big-four firm for a numberof years before joining Deloitte in 1992. He has been a partner since 1997.

Kaiser has extensive experience in providing tax-consulting advice for companiesoperating in Hong Kong and China as well as corporate restructuring for listing onthe Mainboard or the Growth Enterprise Market (GEM). He also has knowledge ofinternational taxes and has done a number of worldwide tax review projects forprestigious clients. Kaiser is the partner-in-charge of the national field audit and taxinvestigation team leading the firm’s development in this area.

Kaiser is a frequent speaker at seminars organized by professional bodies including theHong Kong Institute of Certified Public Accountants, CPA Australia and the Societyof Chinese Accountants and Auditors. He is frequently interviewed by the financialpress in Hong Kong on topics including Hong Kong and Chinese taxation, field auditand tax investigation matters. Kaiser regularly contributes articles on Hong Kongtaxation issues, and has written a regular tax column in the Hong Kong Economic Timesfor the last nine months.

Kaiser is a fellow of the Hong Kong Institute of Certified Public Accountants and theAssociation of Chartered Certified Accountants. International Tax Review named himas one of the top tax advisors in Hong Kong and the mainland in 2002 and 2003. In2004, ITR named him as a leading individual in Hong Kong in cross-borderstructuring in World Tax 2005.

105

Hong Kong SAR

Yvonne Law Shing Mo-hanDeloitte28/F, Wing On Centre111 Connaught RoadCentralHong Kong

Tel: (852) 2852 1667Fax: (852) 2541 8019Email: [email protected]: www.deloitte.com.hk

Yvonne has been a partner with the Hong Kong firm since 1990. She holds theposition of national chief knowledge officer, responsible for building a knowledge-sharing culture and assisting in strengthening an integrated national tax practice acrossthe firm’s China national practice.

Yvonne provides tax-consulting services to major corporations with internationalinvestments operating in various businesses in Hong Kong. She specializes in HongKong, PRC and international tax, including tax planning for group reorganization andcorporate restructuring, pre-flotation tax planning and tax controversy services.

Yvonne is a part-time member of the HKSAR government’s think tank, the central policyunit, since 2002. She is also a member of the selection committee for HKSAR delegatesto the 10th People’s Congress of PRC, the election committee of the HKSARrepresenting the accounting profession for selecting the HKSAR chief executive and thelegislative council member (accounting functional constituency). Other membershipsinclude: council member of the Taxation Institute of Hong Kong; deputy chairman of theHong Kong Institute of Certified Public Accountants Taxation Committee and memberof Admin & Finance Committee; member of the Hong Kong General Chamber ofCommerce China Committee.

She has been named as one of the top tax advisors in Hong Kong and mainland Chinain 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 inWorld Tax 2005.

Yvonne most recently authored the article “Hong Kong: Interest Expense DeductionRules” for the Tax Planning International Review (August 2004).

Yvonne is a certified public accountant; Fellow Member of the Hong Kong Instituteof Certified Public Accountants, the Association of Chartered Certified Accountants,the Taxation Institute of Hong Kong, and the Institute of Chartered Secretaries andAdministrators; and a member of the Society of Chinese Accountants and Auditors.


Hong Kong SAR

Vaughn BarberKPMG, Hong Kong

Agnes ChanErnst & Young, Hong Kong

Nick DignanPricewaterhouseCoopers, Hong Kong

Guy EllisPricewaterhouseCoopers, Hong Kong

Tracy HoErnst & Young, Hong Kong

Kaiser Kwan (see bio)Deloitte, Hong Kong (see advert on inside front)

Becky LaiPricewaterhouseCoopers, Hong Kong

Yvonne Law Shing Mo-han (see bio)Deloitte, Hong Kong (see advert on inside front)

Ayesha MacPhersonKPMG, Hong Kong

Michael A OlesnickyBaker & McKenzie, Hong Kong

Kwok Kay SoPricewaterhouseCoopers, Hong Kong

Marcellus WongPricewaterhouseCoopers, Hong Kong/Shanghai

Reprints

Reprints of biographies and articles provide a cost-

effective 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 8418Fax: +44 (0) 20 7779 8678

Email: [email protected]


Hungary

Péter OszkóDeloitteDózsa György út 84/C1068 BudapestHungary

Tel: (36) 1 428 6768Fax: (36) 1 428 6801Email: [email protected]: www.deloitte.hu

Péter Oszkó is a tax partner based in Budapest and has been with Deloitte since January2004. He has been the managing partner of Deloitte’s Hungarian tax practice sinceJanuary 2005.

Péter specializes in international taxation, mergers and acquisitions consultancy, VATand transfer pricing. He is the leading tax adviser for multinational investors from themanufacturing, energy, telecom and real estate sectors, as well as for financialinstitutions. He has publications in the field of the taxation of company acquisitions andtransformations, international taxation, financial transactions, taxation of venture capitalinvestments, and leasing and real estate transactions. He is the author of the publicationPractice Tax Guide and Comments on Tax Issues (Verlag Dashöffer).

Péter Oszkó studied law at the Eötvös Loránd University in Budapest. He is a taxattorney as well as a certified tax adviser with extensive experience in tax litigation beforelocal courts as well as before the European Court of Justice.

Mr Oszkó speaks fluent English, French and Hungarian. He is a lecturer at the facultyof law at the Eötvös Loránd University in Hungary.

109

Hungary

Gabriella ErdosPricewaterhouseCoopers, Budapest

Paul GrocottPricewaterhouseCoopers, Budapest

Robert HeinczingerErnst & Young, Budapest

Pál JalsovszkyJalsovszky Law Firm, Budapest

Péter Oszkó (see bio)Deloitte, Budapest (see advert on inside front)


India

Mukesh ButaniBMR & AssociatesThe Great Eastern Centre1st Floor, 70, Nehru PlaceNew Delhi 110019India

Tel: (91) 11 3081 5010Email: [email protected]: www.bmrtax.com

Mukesh Butani is co-founder of BMR & Associates and leads the tax practice of thefirm. He specializes in international tax and transfer-pricing matters. Mr Butani wastax practice leader and international tax partner of Ernst & Young India until August2004. 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 ona range of cross-border tax structuring, transfer pricing, mergers and acquisitions andinvestment structuring matters. He is an acknowledged expert in the area of transferpricing and has authored a treatise on Indian transfer pricing for LexisNexis Butterworthsand CCH’s Indian Transfer Pricing Guide. For the past 12 years, he has been advisingclients in the energy and technology industry and the Japanese business community.

Mr Butani interacts regularly with India’s Inland Revenue, CBDT, to monitor taxlegislative changes, trends on emerging tax regulations and tax policy/administrationmatters. 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, ParisTaxation Commission.

He is a regular speaker in significant national and international tax conferences, acolumnist with India’s leading business journals and a contributor to leadinginternational tax journals including International Tax Review (ITR), the Asia-Pacificguide of IBFD on a wide range of cross-border tax and transfer-pricing matters. Forthe past four consecutive years, he has been consistently rated by ITR as among theleading individual tax advisers in India. The World Tax 2006 and 2007 guide toleading tax firms has rated him as a leading tax adviser in the category of mergersand 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. Hejoined Arthur Andersen in 1986 and was made a partner in 1995. He plays an activerole in the Indian affairs of the International Fiscal Association and has served as itssecretary general. He chaired the Tariff on Tax Committee of the AmericanChamber of Commerce for a period of three years (2000 to 2003) and was co-chairman 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 EmpoweredCommittee on E-Commerce Taxation.

Mr Butani is featured in Legal Media Group’s Guide to the World’s Leading Tax andTransfer Pricing Advisers, and in June 2004, India’s leading business magazine,Business Today nominated Mukesh among the 25 top managers in the country in theunder-40 age category.

In 2002, ITR rated Andersen as the best tax advisory firm for cross-border work. Asleader of Ernst & Young’s tax practice, Mukesh was instrumental in integrating thetax practices of Andersen & EY. In 2003 and 2004, ITR rated Ernst & Young as thebest tax advisory firm. Recently in its inaugural Asia Tax awards 2006, ITRrecognized BMR as the best firm in India and Asia for addressing tax controversies.

BMR is a premier professional services firm focused on providing high quality services to its clients in the tax, M&A, cross borderstructuring and regulatory areas, and adding value by blending

practical business advice with tax and industry knowledge

The Tax Controversy firm in Asia – ITR Asia Awards 2006The Tax Controversy firm in India – ITR Asia Awards 2006

Best Tax brand in International Tax, Energy & Utilities and Taxcompliance & reporting – ITR Asia & Global tax surveys

Partners & Executive Directors

Abhishek Goenka Mukesh ButaniAjay Mehra Rajeshree Sabnavis

Bobby Parikh Rajeev DimriDivya Baweja Rohit Berry

Frank D’Souza Sujit GhoshGokul Chaudhri Vivek Gupta

Our partners have been consistently rated amongst the leading tax advisers

BMR is a member firm of Taxand

Corporate Indirect International M&A Transfer Pricing

www.bmrtax.com

New DelhiThe Great Eastern Centre1st Floor, 70 Nehru Place

New Delhi110019

Tel: +91 11 3081 5000

Mumbai3F, Contractor Building

41, R.Kamani Marg Ballard Estate, Mumbai

400001Tel: +91 22 3021 7000

Bangalore202, Sobha Alexander Plaza16/1, Commissariat Road,

Bangalore560001

Tel: +91 80 4032 0000

www.taxand.com


India

S MadhavanPricewaterhouseCoopers Pvt LtdSucheta Bhawan, 1st Floor, 11-A, Vishnu Digamber MargNew Delhi 110002India

Tel: (91) 11 41150505/41150000Fax: (91) 11 23210594/96Email: [email protected]: www.pwc.com

Madhavan is an executive director in PricewaterhouseCoopers and heads the indirect taxpractice in India. He is a fellow member of the Institute of Chartered Accountants ofIndia 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 experiencein 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 internationaland Indian clients on all aspects of indirect taxes ranging from customs duties to exciselaw to service taxes and sales taxes. He has also been significantly involved in the recentintroduction of VAT in India. He has advised state governments on the implementationof 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 ofcommerce and is an active participant in policy deliberations and discussions in relationto all indirect tax matters. Madhavan interacts regularly with India’s apex Indirect TaxBoard (CBEC) for monitoring the impact of legislative changes and to advise as well asrepresent on indirect tax policy. Madhavan also advises industry associations on taxationmatters and actively works with them in engaging with the authorities in relation to theannual budget-making exercise. Madhavan is a member of the International FiscalAssociation and of the Indirect Tax Appellate Tribunal Bar Association and the DelhiManagement Association.

Madhavan has made numerous presentations on indirect tax matters at various Indianand international seminars, particularly on VAT and service taxes, and is a regularcontributor of articles in the national press. He is also a frequent panelist/participant onindirect tax issues on national TV.

The International Tax Review has consistently rated Madhavan as among the leadingindirect tax practitioners in India.

113

India

Srinivasa RaoErnst & YoungDivyasree ChambersA Wing, Third Floor, Langford TownBangalore 560 025India

Tel: (91) 80 2223 0813Fax: (91) 80 4114 6677Email: [email protected]: 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 leadingmultinational companies in India. He has worked across direct tax specializations –corporate tax, expatriate tax and international tax – foreign investment policy andexchange control regulations, and now specializes in cross-border structuring andtransfer-pricing/supply-chain planning, focused on the technology industry.

Srini also has considerable experience in the India outbound sector. Over the last fewyears, he has worked with India’s leading companies, principally in the technologyindustry, structuring their investments and acquisitions overseas, and designing tax-efficient cross-border profit repatriation and transfer-pricing strategies for theiroperations.

Srini is a charter member of The Indus Entrepreneurs (TiE), Bangalore, and is aregular speaker at Indian and international conferences on international tax issues andon doing business in India. He is also a regular contributor to technical journals onIndian and international tax issues.

Srini has a bachelor’s degree in commerce, and is a chartered accountant.


India

Pranav N SaytaErnst & YoungExpress Towers, 18th FloorNariman PointMumbai 400 021India


Pranav Sayta is a partner with Ernst & Young India, and is based in Mumbai where heleads 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-Indialevel. He was also awarded the prize for the best paper on direct tax laws by the Instituteof Chartered Accountants of India.

Pranav has more than 20 years of experience in direct tax law. He has a wide range ofexperience 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 andinvestments, cross-border and domestic mergers and acquisitions, group financial andcorporate restructuring and international tax planning.

Pranav is also well known as an active academic, having been a part-time lecturer forthe final CA paper on direct tax laws for almost 15 years. He is a regular contributorof articles and features on diverse tax and regulatory issues in leading publications andprofessional journals. He co-authored the Transfer Pricing Manual published by theBombay Chartered Accountants’ Society and is also on the editorial board of theInternational Fiscal Association’s (IFA) India newsletter.

Pranav has addressed and presented papers at a range of seminars and conferencesorganised by various professional bodies including the IFA, the Confederation ofIndian Industry, the Indian Merchants’ Chamber (IMC), the Institute of CharteredAccountants of India, Bombay Chartered Accountants’ Society and the Chamber ofIncome Tax Consultants.

He is presently a member of the executive committee of the IFA India branch and amember of the managing committee of the western region chapter of IFA India. He isalso a member of the direct taxation committee of the IMC and a member of theinternational taxation committee of the Bombay Chartered Accountants’ Society.

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India

Gaurav TanejaErnst & YoungThe Capital Court LSC Phase III, Olof Palme MargNew Delhi 110 067India


Gaurav Taneja is the national director of Ernst & Young’s tax practice in India and is basedin New Delhi. With over 18 years of experience in tax and regulatory consulting, Gauravhas extensive experience in advising Indian and multinational companies on tax andinvestment structuring, double tax treaties, mergers and acquisitions and establishment ofa 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 accountingfirm and as CFO of Bacardi Martini India. He is a Commerce Graduate from DelhiUniversity and also participated in Bacardi Class 2000, an executive MBA program at theDarden Business School, University of Virginia.

Gaurav is a fellow of the Institute of Chartered Accountants of India and is also co-chairman on the Taxation Committee of the Federation of Indian Chambers ofCommerce and Industry (FICCI). He is also currently chairman of the Tax and TariffCommittee 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, foreigninvestment and regulatory issues both in India and overseas. He is a regular contributorto technical journals on tax issues and to the print and electronic media in India.


India

Mukesh H Butani (see bio)BMR & Associates, New Delhi (see advert on page 111)

Ketan DalalRSM & Co, Mumbai

Sohrab DasturIndependent counsel, Mumbai

Nishith M DesaiNishith Desai Associates, Mumbai

Shefali GoradiaNishith Desai Associates, Mumbai

Dinesh KanabarRSM & Co, Mumbai

Sudhir KapadiaBSR & Co, Mumbai

V Lakshmi KumaranLakshmikumaran & Sridharan, New Delhi

S Madhavan (see bio)PricewaterhouseCoopers, New Delhi

S S PalweDeloitte, 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 VaishVaish Associates, New Delhi

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US tax amendments bringaircraft lessors to Ireland

With few exceptions, aircraft lessors have been based either inthe United States (GECAS, ILFC, CIT, ACG, Pegasus) or inIreland (AerCap, RBS, Pembroke, Orix, Aergo, Babcock &Brown). The reasons for locating in Ireland are clear: a cor-porate tax rate of 12.5%, eight-year tax depreciation, access to44 double tax treaties, stamp duty exemptions and favourableVAT treatment. The more intriguing question is why lessorswould choose to locate aircraft ownership in the United Stateswhere the book tax rate is of the order of 35% to 40%.

The answer is to be found in the Subpart F provisions of theUS tax code. Before 2005 the net effect of these provisions wasthat the US parent of an Irish aircraft leasing company wouldhave had to treat the profits of its Irish subsidiary as taxable inthe United States, regardless of the level of activity carried onin Ireland. This meant that a low-tax Irish aircraft leasing

operation conferred no tax benefit on a US parent company. The result was that aircraftleasing was taxed less favourably in the United States than almost any other asset type. Forother assets, depending on the degree of activity in the controlled foreign company, it waspossible to avoid pick-up under Subpart F.

This all changed on January 1 2005, when changes to US tax law introduced by the2004 Jobs Creation Act came into effect. An Irish leasing platform with the requireddegree of substance will now provide substantial tax benefits to its US owner. It mayeven be possible to take part of the existing aircraft lease portfolio of the US parent outof the United States and into Ireland without crystallizing US taxable income. Thereally good news for tax directors, in an era when cross-border tax planning issomewhat 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 amendedThe context for the introduction of the new provisions in the United States was the repealof 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 usualtensions between Europe and the United States and to a number of determinationsunfavourable to the United States at the WTO. The elimination of the FSC and ETIregimes, combined with the long-standing unfavourable treatment of aircraft leasingunder the Subpart F regime, was felt to put US-owned aircraft lessors at a significantcommercial disadvantage. The relevant amendments to Subpart F are intended to dealwith this and this extract from the House Committee Report is telling:

The Committee anticipates that taxpayers now eligible for the benefits of the (ETI orFSC regimes) will find it appropriate, as a matter of sound business judgment, to structuretheir business operations to take into account the tax law changes brought about by thebill. The Committee notes that courts have recognised the validity of structuringoperations for the purpose of obtaining the benefit of tax regimes expressly intended byCongress. The Committee intends that structuring or restructuring of operations for thepurposes of adapting to the repeal of the (ETI of FSC regimes) will be considered to servea valid business purpose and will not constitute tax avoidance... For example, theCommittee intend that a restructuring undertaken to transfer aircraft subject to existingFSC or ETI leases to a CFC lessor, to take advantage of the amendments made by thisbill, would serve as a valid business purpose and would not constitute tax avoidance forpurposes of determining whether a particular tax treatment (such as non-recognition ofgain) applies to such restructuring.

Given the almost uniquely unfavourable treatment accorded previously to aircraft leasingunder the Subpart F provisions, this is a most welcome development and has already hadthe anticipated effect. The aircraft leasing community in Ireland now includes a numberof US-owned platforms.

Pat O’BrienKPMGDublin

Ireland


Ireland

Aidan FaganDeloitteDeloitte & Touche HouseEarlsfort TerraceDublin 2Ireland


Aidan Fagan is a tax partner in the Dublin office of Deloitte. He has over twenty fiveyears’ experience in VAT, having worked for the Irish Revenue Commissioners as aVAT inspector until 1992, when he joined Deloitte. He was made a partner in 2001and now heads up the Deloitte Ireland indirect tax practice. Aidan is also a member ofthe Deloitte international indirect practice leader’s forum.

Aidan’s focus is on reducing the indirect tax cost of doing business. He has designedand assisted in the implementation of cost-saving strategies across a wide range ofbusiness sectors including both the maximization of VAT recovery and availing oflower 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 andpractice for various industry sectors. He is also a member of the Irish TaxationInstitute’s VAT Committee.

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Ireland

Pat O’BrienKPMG

1 Harbourmaster PlaceIFSC, Dublin 1Ireland

Tel: (353) 1 4101212 (Dublin); (1) 212 872 7792 (New York)Email: [email protected]: www.kpmg.ie

Pat O’Brien became a partner of KPMG in Ireland in 1987 and advises internationalleasing, banking and corporate treasury clients with a particular emphasis on aircraftleasing and financing. Pat has represented the Irish practice on the KPMG LeasingTax Network and he is the co-author, with Charles Haccius, of a major work onIreland’s double taxation agreements. He spends 50% of his time in the New Yorkoffices of KPMG where he leads the firm’s Irish Tax Centre.


Ireland

Fintan ClancyArthur Cox, Dublin

Caroline DevlinArthur Cox, Dublin

Aidan Fagan (see bio)Deloitte, Dublin (see advert on inside front)

Michael FarrellKPMG, Dublin

Michael GaffneyKPMG, Dublin

Turlough GalvinMatheson Ormsby Prentice, Dublin

John HicksonA&L Goodbody, Dublin

Conor HurleyArthur Cox, Dublin

Peter MaherA&L Goodbody, Dublin

Pat O’Brien (see bio)KPMG, Dublin

Michael O’ConnorWilliam Fry, Dublin

Martin PhelanWilliam Fry, Dublin

Liam QuirkeMatheson Ormsby Prentice, Dublin

Jim SomersErnst & Young, Dublin

Anthony WalshMatheson Ormsby Prentice, Dublin

Israel

Avraham AlterAvraham Alter & Co Law Offices, Tel Aviv

Gideon KlugmanD Potchebutzky Law Offices, Tel Aviv

Meir LinzenHerzog Fox & Neeman, Tel Aviv

Pinhas RubinI Gornitzky & Co, Tel Aviv

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Italy

Luca DezzaniDewey BallantineVia Fratelli Gabba 420121 MilanItaly


Luca Dezzani, partner, head of Dewey Ballantine’s Italian tax department, specializes innational and international tax law, developing novel tax-sensitive solutions andstructuring global financial businesses.

His practice covers mergers and acquisitions transactions, private equity, securitizations(ABS, ABCP, WBS and derivatives) capital markets (public tender offering, initial publicoffering 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 equityfunds in structuring their transactions in Italy, including financial products andstructured finance transactions.

He is the author of three books and more than 200 articles, comments and essays. Hisarticles are often recommended by the Italian Ministry of Economy And Finance in themonthly bulletin. He is a regular speaker at conferences, seminars and masters coursesin tax law.

He graduated in economics from the University of Turin in 1995 and received his JDfrom the University of Parma in 2002. He is a member of the Milan Bar Association, andis also an Italian chartered accountant and a registered auditor.


Italy

Enrico VitaliVitali Romagnoli Piccardi e AssociatiVia Crocefisso 1220122 MilanItaly

Tel: (39) 02 58313707Fax: (39) 02 58313714Email: [email protected]: www.virtax.it

Enrico Vitali has been a partner at Vitali Romagnoli Piccardi e Associati (formerlyStudio 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 ofItalian banks and companies; acting for bidders in take-over bids; acting on corporatefinance transactions and derivative structuring for investment banking clients; acting onbehalf of banking foundations on the sale of their banking businesses. He has beencoordinating partner on various domestic and international real estate transactions, andhas acted in various domestic and international acquisitions. Mr Vitali has worked as taxpartner for the global coordinators or the issuers/selling shareholders in various publicofferings and private placements and listings of shares in Italy; and as transaction taxpartner 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 diInvestimento). Mr Vitali spent the summer of 1994 as a visiting partner at CoudertBrothers in New York. He is currently member of the board of auditors and of the boardof directors of relevant Italian companies.

Mr Vitali graduated from the University of Florence in 1985. He is certified as a DottoreCommercialista and Revisore Contabile. Mr Vitali speaks Italian, English and French.

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Italy

Pietro AdonninoCMS Adonnino Ascoli & Cavasola Scamoni, Rome

Fabio BrunelliDi Tanno e Associati, Rome

Michele CarpinelliChiomenti Studio Legale, Milan

Giuseppe DeiureStudio Tributario Deiure, Milan

Luca Dezzani (see bio)Dewey Ballantine, Milan

Tommaso Di TannoDi Tanno e Associati, Rome

Gabriele EscalarStudio Legale Tributario F Gallo e Associati, Rome

Carlo GalliMaisto e Associati, Milan

Bruno GangemiMacchi di Cellere Gangemi, Rome

Paolo LudoviciMaisto e Associati, Milan

Guglielmo MaistoMaisto e Associati, Milan

Giuseppe MarinoMarino e Associati, Milan

Renato PaternolloFreshfields Bruckhaus Deringer, Milan

Lorenzo PiccardiVitali Romagnoli Piccardi e Associati, Milan

Dario RomagnoliVitali Romagnoli Piccardi e Associati, Milan

Victor UckmarStudio Uckmar, Genoa

Enrico Vitali (see bio)Vitali Romagnoli Piccardi e Associati, Milan


Japan

Setsuko FukushimaDeloitte Touche TohmatsuShin-Tokyo Building 5F3-3-1 MarunouchiChiyoda-ku, Tokyo 100-8305Japan

Tel: (81) 3 6213 3976Fax: (81) 3 4243 3522Email: [email protected]: www.tohmatsu.co.jp

Setsuko Fukushima is one of the lead partners in Deloitte Touche Tohmatsu’s Tokyotransfer-pricing team.

Her specialties include tax planning, audit defence, advance-pricing agreements andcompetent authority procedures for transfer-pricing audit cases. She served as an advisorfor 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, includingelectronics, machinery, pharmaceuticals, trading services and financial institutions.

In addition to her years of transfer-pricing experience, Ms Fukushima is recognized as aspecialist in a variety of international tax fields. She has worked on several globalrestructuring and supply chain management projects for Japanese multinationalcompanies associated with transfer-pricing planning, and has conducted researchprojects 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 hasconducted presentations on transfer pricing and other areas of taxation to largeorganizations, 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 NewYork at Albany and a BA in economics from International Christian University inTokyo. She is also a US-certified public accountant and is fluent in English.

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Japan

Peter MeenanDeloitte Touche Tohmatsu Tohmatsu Tax CompanyShin Tokyo Building 5F3-3-1, Marunouchi Chiyoda-ku, Tokyo 100-8305 Japan

Tel: (81) 3 6213 2472; (81) 80 3175 6680 (mobile)Fax: (81) 3 6213 3801Email: [email protected]: www.deloitte.com/japan

Dr Peter Meenan is the senior economist and an executive officer in Deloitte ToucheTohmatsu’s Japanese transfer-pricing team. He has been with Deloitte’s Japanese transfer-pricing team in Tokyo since 2004, where he works with a large team of economic and taxspecialists who consult and advise clients on all facets of transfer pricing.

Dr Meenan joined Deloitte Touche Tohmatsu in New York in 1993 and has beenspecializing in transfer-pricing consulting with Deloitte since then. He has extensiveexperience in global transfer pricing, having also worked in London and Düsseldorf forseven years in addition to his American and Asian assignments. Dr Meenan has wideexperience with advance-pricing arrangements, transfer-pricing planning andimplementation, documentation on a local regional and global basis, and transfer-pricingtax audit defences. Some of Dr Meenan’s recent projects include:

• transfer-pricing tax audit defence in Japan, successfully defending a consumer productscompany in a brand intangibles challenge;

• valuation of software and marketing intangibles for a leading software company andplanning/implementation of its transfer-pricing system;

• global planning and implementation of a residual profit split transfer-pricing model fora leading information services company;

• residual profit split analysis and a successful bilateral APA agreement for a majorpharmaceutical company; and

• acting as expert arbiter in a transfer-pricing shareholders’ rights dispute between anindustrial goods manufacturer and its minority shareholders.

Dr Meenan has contributed to many leading authorities on transfer pricing. His recentpublications include “Europe as One Market: A Transfer Pricing Economic Analysis ofPan-European Comparables Sets”, with Roman Dawid and Joerg Huelshorst, BNA TaxManagement Transfer Pricing Report (volume 12 no 23, April 14 2004) and “RecentDevelopments in European Transfer Pricing”, with Setsuko Fukushima, InternationalTaxation (May 2004, in Japanese).

Dr Meenan is a frequent speaker and lecturer on valuation and transfer pricing at internaland external conferences. He developed Deloitte’s pan-European and pan-Asian internaltransfer-pricing training courses (partner and manager levels), and has been consulted bythe tax authorities in Denmark, Malaysia and the Czech Republic on transfer-pricingmatters.

Before joining Deloitte in 1993, Dr Meenan was an economics professor at CaliforniaState University and Loyola College. He holds a PhD in economics from PurdueUniversity (W Lafayette, Indiana, US), MA and BA degrees in economics from FordhamUniversity (New York, US), and has been awarded the Chartered Financial AnalystsCharter.


Japan

Ken OkawaraShin Nihon Ernst & YoungHibiya Kokusai Building 20F2-2-3 Uchisaiwai-choChiyoda-ku, Tokyo 100-0011Japan


Ken Okawara is a PhD economist and tax partner in Ernst & Young’s Tokyo/Osakaoffice, where he leads the transfer-pricing practice.

Dr Okawara has assisted numerous multinational companies in their negotiations withthe tax authorities of Japan and other countries, and has helped clients to obtainresolution of transfer-pricing disputes at bilateral and multilateral competent authorityproceedings. He has been involved in over 40 APA cases covering the countries ofJapan, USA, UK, Germany, Switzerland, Australia, Singapore, Korea, Malaysia andChina. He is a frequent speaker on transfer pricing and international tax issues atvarious seminars in Japan and other countries. He has published a number of articlesand books on transfer pricing and international tax issues. He also teaches economicsat Gakushuin University.

He received a BA and MA from Gakushuin University, a masters degree ininternational affairs from Columbia University and a PhD from Chiba University ofCommerce. He is also a Japanese certified tax public accountant.

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Japan

Eric N RooseWhite & CaseKandabashi Park Building19-1, Kanda-nishikicho 1-chomeChiyoda-ku, Tokyo 101-0054Japan

Tel: (81) 3 3259 0152Fax: (81) 3 3259 0150Email: [email protected]: www.whitecase.com

Mr Roose is a tax partner in the Tokyo office of White & Case LLP, where his practicefocuses on international tax planning and general corporate and business advisory taxwork, 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 taxaspects of their business and investment activities in the Asia-Pacific region, particularlywith 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 high-net-worth foreign individuals, in tax controversies involving a range of international anddomestic tax issues.

Mr Roose’s recent experience includes:

• advising multinationals on their Asia-Pacific region tax strategies, including inboundinvestment tax structuring, the development, transfer and commercial use ofintellectual property, and the restructuring of their operations both within the regionas well as in Europe and the US;

• representing sellers and purchasers with respect to the local law tax aspects of theirM&A activities in Japan and China, and with regard to the taxation of their foreignactivities by the US;

• advising global financial institutions on the Japanese and Chinese tax treatment ofsophisticated financial products, tax structured financing, and financial transactions;

• advising foreign investment funds and hedge funds on the development of tax-efficientAsia-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 theirinvestments in Japanese real estate and non-performing assets;

• advising Asia-based multinationals with respect to the restructuring of their US debtsand business operations.

Mr Roose received his law degree from the University of Illinois, where he graduated firstin his law school class. He also holds an undergraduate degree in accounting, withdistinction, from the University of Hawaii.

Mr Roose is a certified public accountant as well as an attorney. He is also licensed inJapan 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 contributesarticles to leading tax journals.


Japan

Koichi SekiyaShin Nihon Ernst & YoungHibiya Kokusai Building 20F2-2-3 Uchisaiwai-choChiyoda-ku, Tokyo 100-0011Japan

Tel: (81) 3 3506 2447Fax: (81) 3 3506 2200Email: [email protected]: www.sney.com

Koichi Sekiya is a tax partner in Shin Nihon Ernst & Young, one of the largest taxprofessional firms in Japan. He is a leading partner of the firm’s transaction tax andinternational tax services groups. He has over 20 years of tax experience.

He currently focuses on cross-border mergers and acquisitions tax advisory services formultinationals and investment funds, both inbound to Japan and outbound from Japan.He specializes in mergers and acquisitions structuring, including tax due diligence, pre-and post-acquisition reorganizations, tax-effective financing, basis step-up planning,debt push down and thin-capitalization planning. He also provides structuring advicesfor private equity and real estate investment funds.

Koichi Sekiya has long and extensive experience in general international tax areas ofadvisory services including: corporate reorganizations (merger, corporate split, shareexchange); pass-through entities and investment vehicles (NK, TK, LP, LLP, TMK,LLC); withholding tax planning on royalties and interest; dividends and cashrepatriation planning; Japanese foreign tax credits; Japanese CFC rules (the tax havenrules); permanent establishment issues and commissionaire structure; and tax auditdefence.

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 avariety of industry groups. In addition to this role, he worked jointly with internationaltax 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).

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Japan

Eiji AkashiKPMG Tax Corp, Tokyo

Mark T CampbellErnst & Young, Tokyo

Atsushi FujiedaNagashima Ohno & Tsunematsu, Tokyo

Setsuko Fukushima (see bio)Deloitte Touche Tohmatsu, Tokyo (see advert on inside front)

Yukie KuwaharaShin Nihon Ernst & Young, Tokyo

Peter Meenan (see bio)Deloitte Touche Tohmatsu, Tokyo (see advert on inside front)

Toshio MiyatakeAdachi Henderson Miyatake & Fujita, Tokyo

Yuko MiyazakiNagashima Ohno & Tsunematsu, Tokyo

Ken Okawara (see bio)Shin Nihon Ernst & Young, Tokyo

Eric N Roose (see bio)White & Case, Tokyo

Koichi Sekiya (see bio)Shin Nihon Ernst & Young, Tokyo

Gary M ThomasWhite & Case, Tokyo

Ryutaro UchiyamaTokyo Kyodo Accounting Office, Tokyo

Yukinori WatanabeBaker & McKenzie, Tokyo

Lithuania

Kestutis LisauskasErnst & Young, Vilnius


Luxembourg on the move

Ever since 1929 when it introduced a participationexemption regime before the term was even coined,Luxembourg has always demonstrated that internationalstructures were right up its alley. Over time, Luxembourghas become a key player in investment funds and holding,financial or intellectual property structures.

For instance, Luxembourg is the second-largest investmentfund centre in the world after the USA based on the numberof assets under management. The country’s stock exchangehas branched out heavily in order to attract investors.Recently, it developed a new market geared mainly towardsless regulated investment funds (Mifid). The latter market isnow booming and is increasingly successful

Luxembourg’s location at the heart of Europe places the country as a gateway to thevast single market of the European Union. Through regulations, directives and otherinstruments, it levels the playing field for business exchanges and transfers across thesoon to be 27 member states. Luxembourg is the hub of an economic region that hasover five million German, French, Belgian and Luxembourg residents living close by.Highly skilled professionals from these four countries are the backbone of thecountry’s development.

Luxembourg relies on a successful participation exemption regime, the absence inmost cases of withholding tax on interest and royalties and an extensive double taxtreaty network to secure a neutral tax environment. But there is more: Luxembourg’sstable legislative framework facilitates the implementation of long-term structures andthe use of complex instruments such as hybrids. In other words, major internationalgroups can look to Luxembourg to optimize their consolidated tax position.

Therefore, many international groups have located in Luxembourg, where they haveholding companies or financial centres, which they use as an internal bank. A numberof international groups have also chosen to locate in Luxembourg their quotedcompany. Interestingly, 56% of issuers are European, 32% are American and a vastmajority of the remaining issuers are located in Asia.

Changes in certain techniques such as the migration of companies from one countryto the next, which has just been made easier by the introduction of the Europeancompany (Societas Europeae), or the more liberal rules for paying interim dividends are anadded incentive for structures looking to seize the opportunities offered by theLuxembourg tax and regulatory framework. In a world where most of the groups haveshareholders located in many different countries, with investments all over the world anda 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 equityplayers, to make a favourable arbitrage.

Further effort is still required in a number of areas. Luxembourg must abolish the oldfashioned 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 legislationhas 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 Luxembourggovernment 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 ofinvestment company reserved for natural persons. This vehicle will efficiently manage the

René BeltjensPricewaterhouseCoopersLuxembourg

Luxembourg

131

estate owned by a family or the pooled assets of a limited number of natural persons. Thisnew instrument is called a family asset management company (FAC). The FAC will beexempt from income tax and net wealth tax and its dividend distributions will be exemptfrom Luxembourg withholding tax. As a matter of fact, it will only be subject to a yearlysubscription tax capped at €125,000. This new regime, which seems to have received thego-ahead from the European authorities, is an attractive alternative to the 1929 holdingcompany regime which will be fully eliminated by December 31 2010. The regime shouldbe very popular with high-net-worth individuals, who sometimes even consider movingto Luxembourg and becoming residents. The absence of estate tax on lineal heirs and lowincome 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.

Luxembourg


Luxembourg

René BeltjensPricewaterhouseCoopersRoute d’Esch 400 – BP 1443L-1044 Luxembourg

Tel: (352) 49 48 48 3202; (352) 621 33 3001 (mobile)Fax: (352) 49 48 48 6905Email: [email protected]: www.pwc.com

René Beltjens is head of the tax practice in Luxembourg and a member of thePricewaterhouseCoopers international tax structuring network.

He is also the Eurofirms US outbound investment leader, a group whose main purposeis to align and coordinate the resources of the 20 Eurofirms countries in order to betterserve US-based clients.

He advises major international groups on the tax impact of reorganizations of theirstructures, 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 theInternational Fiscal Association and has written numerous tax articles in professionalpublications.

René holds a law degree from the Catholic University of Louvain la Neuve, a degree intax law from ICHEC in Brussels, and an MBA with a major in finance from the CatholicUniversity of Leuven.

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Luxembourg

Alain SteichenBonn Schmitt Steichen44, Rue de la ValléeL-2661 LuxembourgBP 522L-2015 Luxembourg

Tel: (352) 45 58 58 1Fax: (352) 45 58 59Email: [email protected]: www.bsslaw.net

Alain Steichen is partner at Bonn Schmitt Steichen, one of Luxembourg’s oldest, largestand leading business law firms. His main areas of expertise are mergers and acquisitions,corporate restructurings and tax-enhanced financial engineering. Before joining BonnSchmitt 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 cumlaude – 1994) and has been the chair of taxation at the Luxembourg University since1994. Alain Steichen has also been a visiting professor of comparative tax law at theUniversity of Valenciennes since 2002. Author of 10 books and 50 articles, mainly on taxlaw, and several times national reporter for IFA conferences, Alain Steichen is bothqualified as a chartered accountant in Luxembourg (réviseur d’entreprises, 1987) and asattorney-at-law (avocat à la cour de Paris – 1994; avocat à la cour de Luxembourg – 1996).


Luxembourg

Jean-Pierre WinandyLoyens Winandy

14 rue Edward SteichenL-2540 Luxembourg

Tel: (352) 466 230 420Fax: (352) 466 234Email: [email protected]: 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 joineda Big Eight firm where he became tax partner in 1988. In 1997 he changed to the legalprofession to become an avocat, and an avocat avoué in 1999.

In 2002 he joined Loyens & Loeff, which in 2003 opened a law office in Luxembourgunder 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 theUniversity of Luxembourg where he teaches tax law and corporate law. He has publishedsix books and roughly 70 articles (in French, English and German) in local and foreignpublications. He frequently delivers seminars in Luxembourg and abroad.

Mr Winandy is a member of the Luxembourg Bar Council, a member of the board ofthe Luxembourg IFA branch, a member of Association Luxembourgeoise des juristes debanque 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 veryactive in tax litigation and successfully handled the well-known La Coasta andEurobeton cases. He is a former chartered accountant and independent external auditor.

135

Luxembourg

René Beltjens (see bio)PricewaterhouseCoopers, Luxembourg

André ElvingerElvinger Hoss & Prussen, Luxembourg

Frédéric FeytenNauta Dutilh, Luxembourg

Thierry LesageArendt & Medernach, Luxembourg

Roger MolitorKPMG Tax, Luxembourg

Jean SchaffnerAllen & Overy, Luxembourg

Alain Steichen (see bio)Bonn Schmitt Steichen, Luxembourg

J Philip van HiltenLoyens & Loeff, Luxembourg

Jean-Pierre Winandy (see bio)Loyens Winandy, Luxembourg


Mexico

Jaime González-BendiksenBaker & McKenziePT de la Republica 3304, Piso 232330 Cd Juarez, ChihuahuaMexico

Tel: (52) 656 629 1307Fax: (52) 656 629 1399Email: [email protected]: www.bakernet.com

Jaime González-Bendiksen is an international partner at Baker & McKenzie. He joinedthe firm in 1965 and has been a partner since 1977. He first practised in the Mexico Cityoffice until 1979, when he moved to the Bogota, Colombia, office, where he establishedand headed the Tax Department. In 1992 he returned to Mexico, forming and headingthe Tax Department of the Juarez, Tijuana, Monterrey and Guadalajara offices. As anadviser to multinational corporations, Mr González-Bendiksen has extensive experiencein the areas of international tax planning, mergers and acquisitions, permanentestablishments, cross-border transactions, transfer pricing, taxation of non-residententities and individuals, corporate taxation, assets taxes and VAT.

He received an LLB from the Universidad Nacional Autonoma de Mexico in 1970, anMCJ from New York University and an LLB from ICFES in Colombia, SouthAmerica. He is a member of the International Fiscal Association, where he waspresident of the Colombia chapter, wrote a national report on Tax Treatment ofComputer Software and was a member of the discussion panels at the annual congressesof Amsterdam (1988) and Delhi (1997). He is also a member of the National TaxCommittee of the Mexican Institute of Financial Executives (IMEF). He is anhonorary member of the Colombian Institute of Tax Law.

Mr Gonzalez-Bendiksen speaks widely on domestic and international tax topics. Hispublications include a comprehensive book labeled Mexican Tax Guide and chapters ontransfer pricing and on mergers and acquisitions in other books. He contributesregularly to periodicals specialized in tax matters.

137

Mexico

Ricardo González OrtaDeloittePaseo de la Reforma 505Col Cuauthémoc06500 México, DFMéxico

Tel: (52) 55 50 80 70 23Fax: (52) 55 50 80 60 01Email: [email protected]: www.deloitte.com/mx

Ricardo González Orta is a partner in Deloitte’s Mexico City office. He advisesmultinational 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, andcoordinates the national and Latin American transfer-pricing practice.

Before joining Deloitte & Touche, Ricardo González spent eight years in a number of topexecutive 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 andcustoms policy at the Under Ministry of Income, where his duties included designing taxand customs policy. In this position, he negotiated the Mexico-US inter-governmentaltransfer-pricing agreement in the maquiladora industry. Before this, he acted as generaldirector of legislation and international negotiations (1998 to 1999), where his mainfunctions included drafting tax and customs legislation, negotiating double-taxationtreaties, and representing the Mexican government in international forums (especiallyOECD).

From March to June 1998, he was general director of international tax affairs at the TaxAdministration Service (formerly Under Ministry of Income of the Ministry of Financeand Public Credit). Primary responsibilities included transfer-pricing audits, thenegotiations of advance-pricing agreements, the issuance of private letter rulingsregarding foreign residents with Mexican source income, the exchange of tax and customsinformation with other countries and the performance of audits and issuance of rulings inline with Mexico’s free trade agreements.

Before this, he was assistant general director for international audits (1993 to 1998). Inthis position, Mr González created the international audit programme, which includedtransfer-pricing inspections, negotiating advance-pricing agreements, drafting the 1997tax reform on transfer pricing, the inspection of international transactions, audits of originpursuant to Mexico’s commercial agreements, acting as competent authority for theexchange of tax and customs information, and inspection of Mexican residents withinvestments in low-tax jurisdictions.

Mr González has been a frequent speaker in different national and international forumsand has represented his country before several international organizations such as theOECD Committee on Fiscal Affairs, Working Party no 6 (transfer pricing andmultinational companies) and Working Party no 8 (information exchange andinternational tax evasion).

He has written numerous articles and regularly contributes to the Tax ManagementInternational Journal on domestic and international tax matters, as well as transfer pricing.

Mr González Orta graduated from the Universidad Iberoamericana.


Mexico

Javier Goyeneche Deloitte Paseo de la Reforma 505, piso 28Colonia Cuauhtemoc06500 Mexico, DFMexico

Tel: (52) 55 5080 6480Fax: (52) 55 5080 6432Email: [email protected]: www.deloitte.com/mx

Javier Goyeneche is the tax managing partner in the Mexico office of Deloitte. He hasworked as a tax consultant for different companies, focusing on the financial sector andinternational investment projects.

He has been recognized by the International Tax Review as one of the leading tax advisersin Mexico, and by World Tax 2005 and 2006 as one of the best tax advisers in cross-borderstructuring and in mergers and acquisitions.

Mr Goyeneche is a member of the Instituto Mexicano de Contadores Publicos, andpresident of its Fiscal Commission; a member of the Colegio de Contadores Publicos deMexico, as vice-president of the Financial System Commission; and a member of theexecutive committee of the International Fiscal Association (IFA). Mr Goyeneche hasalso been a tax professor at the Instituto Tecnologico Autonomo de Mexico, and at theUniversidad Anahuac.

Mr Goyeneche is a certified public accountant. He graduated from the InstitutoTecnologico Autonomo de Mexico (ITAM) and has been a tax specialist since 1979.

139

Mexico

Luis Ortiz-HidalgoBasham, Ringe y Correa, SCPaseo de los Tamarindos 400 – A 9th FloorBosques de las Lomas05120 Mexico CityMexico

Tel: (52) 55 5261 0420Fax: (52) 55 5261 0496Email: [email protected]: www.basham.com.mx

Luis Ortiz-Hidalgo is a tax partner of Basham, Ringe y Correa, SC, a leading law firm inMexico. His areas of expertise include taxation, constitutional law, customs andinternational trade.

He is highly experienced in fiscal affairs and in advisory and litigation work for bothdomestic and international law. He is considered one of the most important experts onMexican tax issues.

He has published several articles in English and Spanish. He has just participated inMexico’s Final Webinar Series – Taxation Issues as a lecturer on Taxation Considerationswhen Doing Business in Mexico, organized by the US Embassy in Mexico where heprovided an overview of key aspects on taxation issues related to US exporters, explainedthe most relevant aspects of the tax treaty between the US and Mexico, and taxresponsibilities that an overseas company may have in Mexico.

He has participated as a speaker in national and international conferences of theInternational Bar Association, the National Business Lawyers Association, the MexicanInsitute of Finance Executives and the College of Public Accountants in tax andadministrative law.

He has a postgraduate degree in public finance from the Universidad Nacional Autonomade Mexico, a diploma from Harvard Law School and a JSD from UniversidadPanamericana.

Luis Ortiz Hidalgo is a member of several professional associatons: the NationalAssociation of Business Lawyers, the International Bar Association, the InternationalCorporate Taxation Committee of Lex Mundi, the Tax Law Academy of the State ofMexico and the Tax Committee of the American Chamber of Commerce (Amcham).

He was president of the National Association of Business Lawyers (1986-1988), co-chairof the Tax Committee of the International Bar Association (1998-2002), representativefor Mexico at the International Bar Association, regional vice president for Central andSouth America of the International Tax Committee of Lex Mundi, vice chair of the TaxAcademy of the State of Mexico and chair of the Tax Committee of the AmericanChamber of Commerce.

He participated as a lecturer in the postgraduate programme of tax law at UniversidadPanamericana and Universidad Anahuac. He has participated as a speaker in severalnational and internationl congresses concerning the most important fiscal and financeassociations worldwide.

In September 2005 he received the award for best corporate lawyer of Mexico from theAsociación Nacional de Abogados de Empresa, AC (National Business LawyersAssociation), 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 TribunalFiscal de la Federal (45 years of the Fiscal Court of the Federation); “Joint Venture” in apublication of the National Business Lawyers Association; “Tax Review Remedy” in thejournal of the Mexican Bar Association; and “Tax Payer Legal Defense and HumanRights” in Fiscal Practice.

He was born on July 18 1950 and attended the Universidad Nacional Autónoma deMéxico (1974).

Mr Ortiz-Hidalgo speaks Spanish and English fluently.


Mexico

Enrique Calvo NicolauCalvo González Luna Moreno y Revilla, Mexico City

Jorge Covarrubias BravoParás, Mexico City

Roberto Del ToroPricewaterhouseCoopers, Mexico

Jaime González-Bendiksen (see bio)Baker & McKenzie, Juárez

Ramiro González LunaCalvo 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 OrendainBasham Ringe y Correa, Mexico City

Gabriel Ortiz GómezOrtiz Sainz y Erreguerena, Mexico City

Luis Ortiz-Hidalgo (see bio)Basham Ringe y Correa, Mexico City

Fernando Ruiz SahagunChevez Ruiz Zamarripa y Cia, Mexico City

Manuel Sáinz OrantesChevez Ruiz Zamarripa y Cia, Mexico City

Oscar Soriano EscalonaPricewaterhouseCoopers, Mexico

Alejandro Torres RiveroChevez Ruiz Zamarripa y Cia, Mexico City

Manuel E TronTron y Natera, Mexico City

141

Protecting against tax risk

The public, investors and the tax authorities have becomeincreasingly impatient with manifestations of white-collarcrime, such as accounting scandals, options that are backdated,insider trading and tax schemes that are unable to stand up toofficial scrutiny. The climate created by this general disquietalso has implications for tax planning. While a sharpdistinction, based on the principle of legality, has traditionallybeen made between tax planning on the one hand and taxfraud on the other, this distinction may have become blurredin practice. More than ever, it is important for companies toask what they can do to protect themselves against both taxrisk and the risk of damage to their reputations.

New filing proceduresHistorically, 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 wasnot 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 orcould prove that the taxpayer had not acted in good faith, companies were encouragedto file extensive explanations and exhibits together with their returns. As long aspositions 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 forattaching exhibits and explanations. Now a tax inspector can impose penalties of up to100% of the under-reported tax due when raising an initial assessment. Although theNetherlands has no formal rules requiring the reporting of particular tax structures (asdo the US and the UK), in practice, companies should seriously consider whetherpositions adopted in their tax returns are sufficiently defensible.

Increased scrutinyThe tax authorities are increasingly focusing their attention on the substance ofstructures and transactions rather than their technical, formal merits. The authoritiesare aware that multinational enterprises engage in very complex transactions thatsometimes carry a substantial tax risk. While in the past the authorities were oftencontent almost to facilitate such transactions, they are now clearly concerned touncover the underlying tax issues. They have been successful in challenging certainoffshore structures on the grounds that those structures lacked substance. Transferpricing also has become the subject of much attention, and taxpayers are required bylaw to maintain full transfer-pricing documentation. Audits now encompass reviews ofdue 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 orstructure is so lacking in substance that it may be regarded as tax fraud rather thanlegitimate tax planning.

The tax authorities have a choice between imposing administrative penalties orreferring a case to the public prosecutor. More and more cases are considered forprosecution and the Ministry of Justice has made more resources available for publicprosecution, with the result that the number of high visibility cases that go to trial hasincreased over the last few years.

The Dutch tax authorities have adopted the US approach of dividing taxpayers intorisk categories to allow them to concentrate their enforcement efforts on thosedesignated as a high risk. However, the classification is quite arbitrary, and amounts tolittle more than a system for punishing aggressive tax planning without legal basis.

Frits BarnardDeloitte Amsterdam

The Netherlands


The rapid changes in both the law and the general attitude to financial and tax fraudhave had the effect of inclining tax and prosecuting officers to apply current standardsto actions and behaviour dating back five to six years, at which time they were oftenconsidered more acceptable than they are today.

The Dutch Ministry of Finance has taken the practical step of initiating discussionswith the largest Dutch-based multinationals in an attempt to persuade them tosubscribe to an undertaking on compliance. In accordance with the undertaking, thesetaxpayers 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 dealwith 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 iscurrently considering substantially extending the group of eligible participants.

Defensible positionsThe Dutch Supreme Court has ruled that, where a taxpayer has a defensible position,penalties cannot be levied, nor can criminal intent be concluded. Structures andpositions 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 andprior consultation with the tax authorities.

The Netherlands

143

The Netherlands

Frits G BarnardDeloitte Orlyplein 10NL-1043 DP AmsterdamThe Netherlands


Frits Barnard is an international tax partner in the Amsterdam office of Deloitte. Heis 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. InSeptember 2002 the Dutch tax practice of Arthur Andersen merged with Deloitte.

Mr Barnard has been responsible for international mergers and acquisitions and re-leverage and corporate tax reduction programmes, mainly for Dutch, UK and USmultinationals. He has been engaged in developing structures aimed at incomerepatriation and demerging international business units.

Frits has substantial experience in handling tax audits, conducting negotiations withDutch revenue authorities, and tax litigation. Recent cases relate to the deductibility ofearn-out payments in share acquisitions, the deductibility of services fees, the burden ofproof in tax matters, the statue of limitations, stock option payments, the extent andvalidity 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 financialproducts for tax purposes.

Mr Barnard is a graduate of Leiden University (1983) and holds a masters degree intax law. He has been a member of the board of examiners of the Federatie vanBelastingadviseurs since December 1999.


The Netherlands

Roderik BouwmanDLA Piper Nederland NVGebouw Meerparc Amstelveenseweg 638, 1081 JJ Amsterdam,The Netherlands

Tel: (31) 20 5419 894Fax: (31) 20 5419 941Email: [email protected]: 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 amember of the Netherlands Order of Tax Advisers, the Netherlands ScientificAssociation for Tax Law and the International Fiscal Association (IFA).

Roderik’s tax practice is focused on Dutch/international tax law aspects relating tocross-border mergers and acquisitions, private equity, corporate restructurings, capitalmarket transactions, transfer pricing and the Advance Pricing Agreement/Advance TaxRuling practice area. His clients include a wide range of EU and US multinationalsand Dutch companies listed on Euronext.

DLA Piper’s tax group in the Netherlands provides a full range of tax advisory servicesincluding transactional advice and planning on acquisitions, disposals, mergers,demergers, post-integration restructurings and capital markets transactions as well asreal estate tax, HR tax, VAT, customs and excise and anti-dumping duties. The Dutchtax group forms part of DLA Piper’s global tax practice. It works closely together withother specialist areas within DLA Piper, both nationally and internationally.

DLA Piper is an international legal services organization with over 7,600 people, ofwhom almost 3,200 are legal practitioners in 62 offices across 24 countries in Europe,the Middle East, Asia and the US.

145

The Netherlands

Daan B H de BruinDeloitte Admiraliteitskade 503063 ED RotterdamThe Netherlands

Tel: (31) 10 8801433Fax: (31) 10 8801433Email: [email protected]: www.deloitte.nl

Daan de Bruin has been an international tax partner in the Rotterdam office since 1989and has more than 20 years’ experience advising mid-sized and large multinationalcompanies in international tax matters. He is a member of the Dutch Association ofTax Advisers and the International Fiscal Association.

His clients include European, US and Asian multinational companies, primarily in themanufacturing industry. He has particular expertise in the areas of international taxstructuring, greenfield investments, and tax-efficient structuring of cross-bordersupply chain solutions.

Daan has authored many articles in the field of international taxation. He is co-authoron the IBFD publication The International Guide to Mergers and Acquisitions, and haswritten a number of articles on, among others subjects, tax aspects of anti-abuseregulations, as well as delivering lectures on the subject. Recent publications relate tothe deduction of interest charges for Dutch corporations and thin-capitalizationdevelopments in the Netherlands. Daan is also the author of the Dutch publication onrules for unilateral avoidance of double taxation.

Daan has been selected as one of the European top tax advisers by International TaxReview for many years. Legal Media Group ranks him as one of the world’s leadingadvisers.


The Netherlands

Rutger HafkenscheidDeloitteBusitel IIOrlyplein 501043 DP AmsterdamThe Netherlands

Tel: (31) 20 582 4414Fax: (31) 20 582 4025Email: [email protected]: www.deloitte.nl

Rutger Hafkenscheid is a tax partner in the Amsterdam office of DeloitteBelastingadviseurs, where he advises domestic and multinational clients on tax strategyand tax decision management.

To this end, Mr Hafkenscheid has developed TxDsysion, an innovative tax decisionmethodology that helps clients structure complex tax decisions through modelling theuncertainties that are inherent in tax decision situations.

147

The Netherlands

Monique van HerksenBaker & McKenzieClaude Debussylaan 541082 MD AmsterdamPO Box 27201000 CS AmsterdamThe Netherlands

Tel: (31) 20 551 7137Fax: (31) 20 626 7949Email: [email protected]: www.bakernet.com/amsterdam

Mrs Van Herksen is qualified both as civil law lawyer and common law lawyer andspecializes in international tax law with an emphasis on transfer pricing, exchange ofinformation, cross-border transactions, treaties, litigation and competent authority issues.She is experienced in legal and tax law matters between the US, the Netherlands and theNetherlands Antilles.

Monique van Herksen worked for a Big Five accounting firm and the Centre onTransnational Corporations of the United Nations before joining the US InternalRevenue 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 competentauthority process and transfer pricing. She also served at the IRS’s appeals office and inthe US APA programme.

After five years of service with the US government, Mrs Van Herksen moved to privatepractice, 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 includingrecently the planning/implementing of a CDM structure under the Kyoto Protocol.

Monique van Herksen has taught comparative transfer pricing at the Leiden LLM ininternational tax programme since its inception in 1998 and has been engaged to teach forforeign governments in countries such as the US, the Netherlands, India, Vietnam, Braziland Denmark. She frequently gives lectures on comparative international tax matters,transfer pricing and competent authority issues at international seminars and togovernmental bodies such as the OECD and EU, including the 2005 and 2006 FiscalisProgramme, which provides internal training to the tax authorities of EU membercountries. She represents the Netherlands at the 2007 International Fiscal AssociationConference.

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 BarOrganization of the Netherlands, the Bar of the Commonwealth of Virginia, the DutchAssociation of Tax Lawyers and the International Fiscal Association.

Monique van Herksen graduated from the University of Amsterdam Law School in 1988and received postgraduate degrees in 1989 (LLM in International Trade and Banking,American University, Washington DC) and 1994 (LLM in taxation, GeorgetownUniversity, Washington DC).

Baker & McKenzie is a leading global law firm with 69 offices in 38 jurisdictions. With amultinational network of more than 3,000 attorneys and a presence in virtually everyimportant financial and commercial centre in the world, the firm is able to offer its clientsa truly global service that no other law firm can match.

She speaks Dutch, English, Spanish and Papiamento.


The Netherlands

Peter WillemeDeloitteOrlyplein 10PO Box 581201040 HC AmsterdamThe Netherlands

Tel: (31) 20 5824278Fax: (31) 20 5824020Email: [email protected]: www.deloitte.com

Peter specializes in international taxation issues such as dual residents, hybrids andjoint ventures. Between 2002 and 2003, Peter headed the international tax practice ofDeloitte in Europe. He focuses on serving primarily large multinational clients in thetechnology and communication industry. Before joining Deloitte in 2002, Peter hadover 19 years’ experience in international tax with Andersen. He joined Andersen’sAmsterdam practice in 1983 and became partner in 1991. From 1993 until 2000 he ledthe tax division of the Amsterdam office and from 1999 until 2000 he was officemanaging partner in Amsterdam. In 1998 Peter was appointed as leader of theinternational tax service line in EMEIA (Europe, Middle East, India and Africa) andin 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 oneof the best tax advisers in the Netherlands. Peter has published several articles ontaxation in the technology and telecommunication industry in one of the leadingDutch computer magazines. Further, he was the co-author of an article on permanentagency in IBFD. Peter is a member of the Tax Committee of AMCHAM.

149

The Netherlands

Frits G Barnard (see bio)Deloitte, Amsterdam (see advert on inside front)

Andre BoekhoudtKPMG Meijburg & Co, Amsterdam

Robert BoonackerRobert Boonacker, Wilnis

Roderik Bouwman (see bio)DLA Piper, Amsterdam

Ton DanielsErnst & Young, Amsterdam

Daan B H de Bruin (see bio)Deloitte, Rotterdam (see advert on inside front)

Maarten de BruinStibbe, Amsterdam

Fred C de HossonBaker & McKenzie, Amsterdam

Marco de LignieLoyens & Loeff, Amsterdam

Frank de VosClifford Chance, Amsterdam

Guido DerckxLoyens & Loeff, Amsterdam

Frank EngelenPricewaterhouseCoopers, Rotterdam

Sicco FaberPricewaterhouseCoopers, Amsterdam

Maarten FeterisPricewaterhouseCoopers, Amsterdam

Peter FlipsenSimmons & Simmons Trenité, Rotterdam

Hans GalavaziFreshfields Bruckhaus Deringer, Amsterdam

Rutger Hafkenscheid (see bio)Deloitte, Amsterdam (see advert on inside front)

Dick HoflandDe Brauw Blackstone Westbroek, Amsterdam

Wilbert KannekensKPMG Meijburg & Co, Amsterdam

Machiel LambooijFreshfields Bruckhaus Deringer, Amsterdam


The Netherlands

Charles J LangereisSpigthoff, Amsterdam

Anton LouwingerLovells, Amsterdam

Wouter A PaardekooperBaker & McKenzie, Amsterdam

Marcel RomynErnst & Young, Rotterdam

Erik T H ScheerBaker & McKenzie, Amsterdam

Paul H M SimonisLoyens & Loeff, Rotterdam

Paul SleurinkDe Brauw Blackstone Westbroek, Amsterdam

Ewout van AsbeckVan Doorne, Amsterdam

Hessel van der KolkLoyens & Loeff, Amsterdam

Eelco van der StokFreshfields Bruckhaus Deringer, Amsterdam

Maarten J M van der WeijdenLoyens & Loeff, Amsterdam

Monique van Herksen (see bio)Baker & McKenzie, Amsterdam

Stef van WeeghelStibbe, Amsterdam

Willem C B van WettumBaker & McKenzie, Amsterdam

Bart van ZadelhoffKPMG Meijburg & Co, Amsterdam

Arnoud C J ViersenLoyens & Loeff, Amsterdam

Peter Willeme (see bio)Deloitte, Amsterdam (see advert on inside front)

151

The new tax paradigm... beatthe rate

New Zealand’s tax regime has been predicated on being fairand free from distortions. To minimize those distortionsregarding 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 byParliament, the FDR would be effective from April 1 2007.

Current rules result in material tax distortions for FPI asbetween direct and indirect (via a fund) investment, andbetween investment in and outside of certain jurisdictions,known as the grey list. The grey list includes many of NewZealand’s traditional trading partners that have a robust taxbase, including Australia, Canada, Germany, Japan, Norway,the UK and the US. Within a grey list jurisdiction, FPI isgenerally taxed only on dividends.

Outside the grey list jurisdictions, FPI is generally taxed onan unrealised mark-to-market basis, which goes further thanclawing back any tax preferences that may be enjoyed, and isdifficult to reconcile with the general premise of no capitalgains tax. The distortion is compounded in a managed fundscontext where, due to their scale and pattern of activity, fundsare generally viewed as holding all investments, includingFPI, on revenue account. The main exclusion is passivetracking funds.

A simple solution would be to extend the grey list to morecountries with robust tax systems and to remove theinvestment bias between direct investment and investmentthrough funds by taxing funds only on dividend income.

According to the government, however, this would not be fair in that not enoughincome 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 incomecalculated at 5% of the market value of investments held at the beginning of the taxyear. 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. Theexpectation 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 thanannual basis; and

• investments without a readily available market value would have notional incomecalculated at 5% of the cost, with the cost compounding by 5% annually withlimited options to review to a true market value.

Teresa FaracDeloitteAuckland

New Zealand

Thomas PipposDeloitteWellington


While the FDR proposals should result in a similar level of tax payable to what wouldbe 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 tobe 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, ifan 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 invalue 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 openingvalues in each income year, which represent no more than a recovery of economicvalue.

This will be difficult for many taxpayers to comprehend and unlikely to result inpositive views on the fairness of the system.

The approach also encourages a beat the rate mentality, where high-yieldinginvestments 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 investmentinto nonresident funds (to ultimately be exposed to an expected 3.5% FDR) ratherthan the 5% rate.

The impetus to remove investment distortions has been in part achieved. However, asthe FDR rules have a general disconnection to economic or traditional concepts ofincome, 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 likelyto engross investors and advisors for a considerable time to come. Outside of a fundscontext, the measures are only likely to be viewed positively by investors if they believethey can beat the rate.

New Zealand

153

New Zealand

Teresa FaracDeloitte Deloitte House, 8 Nelson Street, PO Box 33Shortland StreetAuckland New Zealand

Tel: (64) 9 303 0845Fax: (64) 4 309 4947Email: [email protected]: www.deloitte.co.nz

Teresa Farac, a specialist in international tax matters and mergers and acquisitions, hasover 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 theenergy and mining, and financial services sectors. She also has extensive experience incorporate structuring and tax investigations and disputes.

She is a fellow of the New Zealand Institute of Chartered Accountants.


New Zealand

Thomas PipposDeloitte Deloitte House, 10 Brandon StreetPO Box 1990 WellingtonNew Zealand

Tel: (64) 4 495 3921Fax: (64) 4 472 8023Email: [email protected]: www.deloitte.co.nz

Thomas Pippos has been with Deloitte since 1986 and currently leads the New Zealandtax practice.

Thomas predominantly acts for New Zealand’s largest corporates. He has broadcorporate tax experience including extensive international and transactional experience.

Thomas is also extensively involved in advising on tax policy matters, as he is the co-leadtax advisor to the Corporate Taxpayer Group. He was previously seconded to the officeof the Minister of Revenue to provide the New Zealand Government with independentpolicy advice.

Thomas is qualified in both law and accountancy.

155

New Zealand

Kevin BestPricewaterhouseCoopers, Wellington

Brendan BrownRussell McVeagh, Wellington

Niels CampbellBell Gully, Auckland

Teresa Farac (see bio)Deloitte, Auckland (see advert on inside front)

Richard GreenBarrister, Auckland

Geoff HarleyBarrister, Wellington

Lindsay McKay QCBarrister, Auckland

David J PattersonMinter Ellison Rudd Watts, Wellington

Thomas Pippos (see bio)Deloitte, Wellington (see advert on inside front)

Casey PlunketChapman Tripp, Auckland

Richard ScoularRussell McVeagh, Auckland

John ShewanPricewaterhouseCoopers, Wellington

David SimcockBell Gully, Auckland

Fred WardRussell McVeagh, Auckland


Norway

Svein G AndresenKPMGKPMG Huset – Sørkedalsveien 6Pb 7000 Majorstuen, N-0306 OsloNorway

Tel: (47) 21 09 2748; (47) 9161 9395Fax: (47) 21 09 2945Email: [email protected]: www.kpmg.no

Svein G Andresen is a partner at KPMG Law Advokatfirma. He graduated from theUniversity of Oslo in 1990.

Svein has been with KPMG for 12 years and has extensive experience within thebanking, insurance, shipping, oil service and processing industry. Before joiningKPMG, Svein worked for four years as a consultant in the Norwegian Directorate ofTaxes 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-pricingservices and global tax outsourcing in KPMG Norway. His professional experienceincludes international taxation (especially cross-border tax planning andreorganizations) and transfer pricing. His clients are mainly listed Norwegiancompanies and large foreign multinationals with operations in Norway. Sveinfrequently 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.

157

Norway

Bjørn KleivenBDO Noraudit Advokater DAMunkedamsveien 45PO Box 1704, VikaN-0121 OsloNorway

Tel: (47) 23 11 91 00Fax: (47) 23 11 92 30Email: [email protected]: www.bdonoraudit.no

Bjørn Kleiven is partner at BDO Noraudit Advokater DA.

Bjørn Kleiven advises Norwegian and foreign clients on domestic and international taxissues, as well as company law, accounting law and related areas. He has for many yearsspecialized in mergers, demergers, acquisitions and reorganizations of businessactivities, and planning and reorganization of family-owned businesses. He has beeninvolved in several large company takeovers and reorganizations.

Bjørn Kleiven graduated from the University of Oslo in 1976, and specialized intaxation. 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 alsobeen teaching tax law at the College of Economics in Oslo.

After two years with the tax authorities he joined Peat Marwick Mitchell & Co, firstas an assistant accountant in The Hague, and then as a tax lawyer in Oslo. He has beencounsel and legal adviser to the Accountants Tax Information Office (Institute ofChartered Accountants as well as Registered Accountants), and has been in charge oftax departments in AS Revision/Deloitte Haskins & Sells and Ernst & Whinney. Foreight years Bjørn Kleiven was a partner and led the tax practice at AdvokatfirmaetSelmer DA.

BDO Noraudit Advokater DA is an independent law firm. The firm specializes indomestic and international taxation, VAT and customs duties, company law andaccounting law and regulations. The companies law and accounting law effective from1999 raised a range of issues with regard to mergers and acquisitions andreorganizations of business activities in Norway, and so has the tax reform in 2004-2006. The firm can work in teams with other entities in BDO Noraudit throughoutNorway, 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.


Norway

Anders H LilandKPMG Law Advokatfirma DAKPMG Huset – Sørkedalsveien 6 PO Box 7000 Majorstuen, N-0306 OsloNorway

Tel: (47) 2109 2702; (47) 9074 4108 (mobile)Fax: (47) 2109 2942Email: [email protected]: www.kpmg.no

Anders H Liland is a partner and Norwegian country leader of KPMG GlobalInternational Corporate Tax. He is a specialist in both national and internationaltaxation, company law and mergers and acquisitions. He is also active as a litigator in thecourts.

He has wide experience of advising both Norwegian and multinational clients on cross-border investments, mergers and acquisitions and other national and international taxmatters. He is author of Fusjon av selskaper [Merger of Companies], and author or co-author 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 whichadvised on Norwegian tax reform in 1992.

Anders H Liland graduated from the University of Oslo in 1982 (jurisprudence), wherehe worked as a research assistant during the latter part of his study. Before joining KPMGin 1993, Mr Liland served as legal counsel in the Ministry of Finance and as a deputyjudge in a city court. He has also worked as an attorney-at-law in another law firm.

159

Norway

Rolf J SaastadDeloitteKarenslyst alle 20 PO Box 347 Skøyen0213 Oslo Norway

Tel: (47) 23 27 96 15Fax: (47) 23 27 96 01Email: [email protected]: www.deloitte.no

Rolf J Saastad is a tax partner in the Oslo office of Deloitte. From 1994 to 1996, Rolfworked for the Norwegian tax authorities, focusing specifically on the assessment ofinternational tax issues for large Norwegian multinationals. He joined Deloitte in 1996and became a partner in 2000. Today he heads the international tax service line ofDeloitte in Norway.

Rolf advises larger Norwegian multinationals on their outbound investments. He alsohas extensive experience in advising various international clients on their inboundinvestments in Norway. As the lead client partner of several large multinational clientsheadquartered in Oslo, he has a large network within the international Deloitteorganization.

Rolf has substantial experience in mergers and acquisitions tax services. He hasprovided tax services on several of the largest transactions in Norway over the last fewyears. In particular he has advised several foreign private equity funds with taxstructuring and due diligence services on their investments into the Nordic region andacquisition of Norwegian targets. Rolf regularly advises several Norwegian financialinstitutions/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 leadinginternational tax advisers in Norway.

Rolf studied law at the University of Oslo, graduating in 1994. He is a lawyer and wasadmitted to the bar in 1999. He is fluent in English and Norwegian.


Norway

Svein G Andresen (see bio)KPMG, Oslo

Morten BeckPricewaterhouseCoopers, Oslo

Christian BruusgaardThommessen Krefting Greve Lund, Oslo

Arne HaavindHaavind Vislie, Oslo

Einar HarboeHarboe & Co, Oslo

Marianne IversenWikborg Rein, Oslo

Jan B JansenArntzen de Besche, Oslo

Bjørn Kleiven (see bio)BDO Noraudit, Oslo

Sverre E KochThommessen Krefting Greve Lund, Oslo

Anders H Liland (see bio)KPMG, Oslo

Henning NaasThommessen Krefting Greve Lund, Oslo

Rolf J Saastad (see bio)Deloitte, Oslo (see advert on inside front)

Trond SanfeltWiersholm Mellbye & Bech, Oslo

Arvid Aage SkaarWiersholm Mellbye & Bech, Oslo

Per Oskar TobiassenErnst & Young, Oslo

Nicolay VoldWiersholm Mellbye & Bech, Oslo

Hans Georg WilleErnst & Young, Oslo

Panama

Rogelio de la GuardiaArias Fabrega & Fabrega, Panama City

161

Poland

Marek MetryckiDeloitte ul Piekna 1800-549 WarsawPoland

Tel: (22) 511 0811/12Fax: (22) 511 0813Email: [email protected]: www.deloitte.com

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 realestate, energy and gas, telecommunication and FMCG.

Marek is a certified tax adviser and has many years of experience in tax advisoryservices to top Polish and foreign companies operating on the Polish market. He hasprofound expertise in the field of planning domestic and international transactions,particularly in the area of indirect taxation. A substantial amount of his practiceinvolves finding solutions to strategic tax problems faced by clients, recommendingtax-effective structures and providing continuous advice. He represents clients inmajor disputes with tax authorities including tax court proceedings.

He has written a number of articles regarding the Polish tax law and is a recognizedspeaker at various tax conferences and forums.

Marek is president of the Polish Association of Consulting Employers at the PolishConfederation of Private Employers.


Poland

Leszek TokarskiDeloitte ul Piekna 1800-549 WarsawPoland


Leszek Tokarski is a partner leading the financial institutions services group ofDeloitte. He also heads the energy and fuel sector advisory team. Leszek specializes inthe provision of ad hoc advisory services to clients on taxation of services and financialinstruments, both on- and off-balance sheet items. He is also one of the few tax lawyersin Poland specializing in securization transactions. Leszek advises a number of leasingcompanies, both those dealing with small-ticket leasing and those engaged instructured transactions of leasing of real property and objects of high value. Heconducts 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 ona special team formed to establish new tax regulations in Poland after thetransformation of 1989. In particular, he was involved in developing the provisions ofthe corporate income tax act, the act on tax on goods and services, and excise duty, aswell as the executive acts. He actively participated in the legislative process of theseacts and conducted training sessions in the legislation for fiscal authorities, stateinstitutions 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 taxobligations in Poland, international tax law and business law. Between 1998 and 1999,after the financial sector became consolidated in Poland, he created a financialinstitutions’ division specializing in tax and legal services to banks, insurancecompanies, leasing companies, and so on. He joined Deloitte as a partner in 2001.

163

Poland

Mariusz AleksandrowiczLinklaters, Warsaw

Miroslaw BarszczBaker & McKenzie, Warsaw

Slawomir BorucBaker & McKenzie, Warsaw

Janusz FiszerWhite & Case, Warsaw

Tomasz GrunwaldKPMG Tax, Warsaw

Tomasz KacymirowDewey Ballantine, Warsaw

Robert KrasnodebskiWeil Gotshal & Manges, Warsaw

Janusz MarciniukMarciniuk & Partners, Warsaw

Mariusz MareckiPricewaterhouseCoopers, Warsaw

Jerzy MartiniBaker & McKenzie, Warsaw

Marek Metrycki (see bio)Deloitte, Warsaw (see advert on inside front)

Tomasz MichalikMDDP Michalik Dluska Dziedzic i Partnerzy, Warsaw

Dorota SzubielskaChadbourne & Parke, Warsaw

Leszek Tokarski (see bio)Deloitte, Warsaw (see advert on inside front)


Portugal

Luís BeloDeloittePraça Duque de Saldanha, 1 – 7ºEdifício Duque de Saldanha1050-094 LisbonPortugal


Luís Belo is the tax partner responsible for the manufacturing, consumer business, ATSand energy and resources groups within Deloitte Portugal. He is also the leader of themergers and acquisitions group of the Portuguese tax practice.

Prior to joining Deloitte in 2002, Luís was at Arthur Andersen, where he was promotedto 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 structuringand restructuring investments and operations. As a tax consultant, he has worked withseveral 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 hasspoken at many seminars held in Portugal and abroad. He has also lectured in tax aspart 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.

165

Portugal

Fernando Castro SilvaGarrigues PortugalAv Engº Duarte Pacheco, Torre 1 – 15º1070-101 LisbonPortugal

Tel: (351) 213 821 200Fax: (351) 213 821 290Email: [email protected]: www.garrigues.com

Fernando Castro Silva is the head of the tax practice of Garrigues in Portugal, wherehe joined in February 2006 as a partner.

He has been a member of the Portuguese Bar Association since 1984, where he holdsthe degree of expert in tax law (2005). He is a former member of the PortugueseChartered 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 taxlitigation and compliance. Some of his clients are major Portuguese and internationalbanks and finance companies, multinationals and real estate-related entities.

He was a member of the Tax Reform Commission (1999-2001), which introduced alarge number of reforms in tax law, namely the new legal framework of transferpricing, and also a member of the Tax Reform Commission for the Reform of TaxIncentives (2006) both by appointment of the Minister of Finance.

He is member of the jury for the aggregation of tax experts in the Portuguese BarAssociation.

He has spoken at several seminars and conferences on Portuguese tax law and haspublished several tax studies.


Portugal

Diogo Leite de CamposPLMJ – AM Pereira, Sáragga Leal, Oliveira Martins, Júdice e Associados –Sociedade de AdvogadosEdifício Eurolex, Av da Liberdade, 224 1250-148 LisbonPortugal

Tel: (351) 21 319 73 00Fax: (351) 21 319 74 00Email: [email protected]: www.plmj.com

Diogo Leite de Campos, born 1944, specializes in contracts law, corporate law, financiallaw and tax law.

Between 1994 and 200, he was a member of the board of Banco de Portugal andpresident of the council of the CMVM (Capital Markets Authority). He is a member ofthe management boards of several scientific associations in the fields of law andeconomics. On several occasions, Mr de Campos has been a board member of the facultyof law of Coimbra and other universities. He is also a member of several working groupswithin 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 FederalUniversities of Rio de Janeiro, Niterói, Paraná, Rio Grande do Sul, Minas Gerais,Fluminense (Brazil), Finance Academy (Moscow), Charles of Prague, and Harvard; andat the Portuguese Catholic University, Free University and the Autonomous Universityof Lisbon, among others. He has also taken part in conferences and chaired seminars atscientific and business associations in several countries. He is the author of preparatoryworks for legislative reform in private and fiscal law (leasing, securitization, banking lawof Macau, general tax law, family tax law, and so on). He has written more than 150 worksin law, published in Portugal, Spain, Brazil, Canada, France, the Netherlands, Russia, theCzech Republic, Argentina and Mexico.

Mr de Campos graduated in law from the University of Coimbra and received his MAin jurisprudence from the same university. He received a DEA masters in history fromthe University of Paris IV and from EHESS (Paris), a PhD in economics from theUniversity of Paris IX, PhDs in law from the University of Coimbra and from theUniversity of Paris II, and an aggregate in law from the University of Coimbra. Mr deCampos is professor of the faculty of law at the University of Coimbra.

167

Portugal

Francisco de Sousa da CâmaraMorais Leitão, Galvão Teles, Soares da Silva & AssociadosRua Castilho, 1651070-050 LisbonPortugal

Tel: (351) 21 381 74 35Fax: (351) 21 381 74 90Email: [email protected]

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 isnow head of the tax practice group. He represents major corporations andmultinationals in tax restructuring operations dealing with different types of taxes, aswell 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 ofagreements and litigation before the tax authorities and tax courts; the taxation ofderivatives and financial products; securitization; and the structure of internationaloperations using the International Business Center of Madeira. Tax litigation alsoplays a significant role in his professional activities, and he leads a team of lawyers withover 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 taxlegislation. 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 FiscaleEuropéenne.

He is author of several articles published on tax subjects and a correspondent inPortugal for the International Bureau of Fiscal Documentation, Tax Analysts and theEU Tax Journal.

He received his law degree in 1986, completed postgraduate studies in EU law in1987, and received his masters in tax and financial law in 1992 from the PortugueseCatholic University. He has been a member of the Portuguese Bar Association since1988 and is a specialist lawyer in tax law (2004).

Mr de Sousa da Câmara speaks Portuguese, English and French.


Portugal

Rosa FreitasDeloitteEdifício Atrium SaldanhaPraça Duque de Saldanha, 1 -6º 1050-094 LisbonPortugal


Rosa Freitas is a partner in the Portugal office of Deloitte, responsible for leading thetransfer-pricing practice within human resources consulting.

Prior to joining Deloitte in 2002, Rosa worked at Arthur Andersen, where she beganin 1988 as an assistant, was promoted to senior in 1990, to manager in 1993 and topartner in 1999.

She is in charge of a significant portfolio of clients, both at the national and internationallevel. In addition to providing tax advice on a continuous basis to clients, focusing on thetax planning aspects of their businesses and developing tax-efficient structures andproducts, she has participated in numerous projects involving the restructuring of bothPortuguese and international groups.

She has relevant experience in the banking/financial services sector, both in dealingwith the tax issues of banks/financial institutions and in the tax structuring of financialproducts. She has also developed expertise in individual income taxes, social securityregimes and wealth/estate tax planning issues. In 1999, she launched a new humanresources service in Portugal which covers expatriation and international assignmentservices.

Since June 2006, she has accepted another challenge: heading the Portuguese transfer-pricing practice.

She has attended several training courses in Portugal and abroad and has lectured at anumber of conferences on tax and human resource matters. Rosa has also writtenseveral articles on tax and human resource matters for newspapers and otherpublications.

Rosa received her law degree from the University of Lisbon Law School, in 1985.

169

Portugal

António Lobo XavierMorais Leitão, Galvão Teles, Soares da Silva & AssociadosAv da Boavista, 3265 – 5.2 Edifício Oceanvs4100-137 Porto Portugal

Tel: (351) 22 616 69 50Fax: (351) 22 616 38 10Email: [email protected]: www.mlgts.pt

António Lobo Xavier became a partner at MLGTS in 2006. He is now head of the taxlaw II practice group in Oporto.

From 1989 to 2005 he practised law at Osório de Castro Verde Pinho Vieira PeresLobo Xavier e Associados – Sociedade de Advogados.

Mr Lobo Xavier works with large national and multinational companies in the areasof 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 organizationaland restructuring operations, and mergers and acquisitions, mainly as an expert insubjects related to double taxation treaties, VAT and corporate income tax. He has alsoactively intervened in several arbitration proceedings.

Mr Lobo Xavier was a member of the Portuguese Parliament at various times between1983 and 1996, and was the leader of his party’s parliamentary group between 1992and 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 amember of the superior counsel of the Administrative and Fiscal Courts (1986 to1991), of the advisory board of ACEGE (Association of Managers and CatholicEntrepreneurs), of the board of the Commercial Association of Porto, and of the boardof Fundação de Serralves.


Portugal

Miguel Leónidas RochaDeloitteEdifício Atrium SaldanhaPr Duque de Saldanha, 1 – 6º1050-094 LisbonPortugal


Miguel Leónidas Rocha is the partner responsible for the financial services taxdepartment for Deloitte Portugal. Prior to joining Deloitte in 2002, he was a director atArthur Andersen.

Mr Rocha’s professional experience centres on tax strategy planning as regards thestructure of economic groups, compliance with fiscal and parafiscal obligations andadvising companies – in particular credit institutions, financial institutions and insurancecompanies – 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 creditinstitutions 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 intoa 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 inPortugal, and has published several articles in newspapers and specialist taxationmagazines.

Mr Rocha graduated in law from Lisbon Catholic University (1988). He has apostgraduate qualification in European studies from Lisbon Catholic University (1989),and a postgraduate degree in management and taxation from the Institute of Financialand Taxation Higher Studies (1992).

171

Portugal

Manuel Anselmo TorresGalhardo Vilão Torres, Lisbon

Rui BarreiraRui 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 EspanhaEspanha e Associados, Lisbon

Rogério M Fernandes FerreiraPLMJ - AM Pereira Sáragga Leal Oliveira Martins, Lisbon

Rosa Freitas (see bio)Deloitte, Lisbon (see advert on inside front)

António Lobo Xavier (see bio)Morais Leitão Galvão Teles Soares da Silva & Associados, Porto

Diogo Ortigão RamosGonçalves Pereira Castelo Branco e Associados, Lisbon

Miguel Leónidas Rocha (see bio)Deloitte, Lisbon (see advert on inside front)

Miguel Teixeira de AbreuAbreu Cardigos & Associados, Lisbon


Russia

Lioudmila MametPricewaterhouseCoopers

Kosmodamianskaya Nab 52, Bldg 5115054 MoscowRussia

Tel: (7) 495 967 6000Fax: (7) 495 967 6001Email: [email protected]: www.pwc.ru

Lioudmila Mamet is a senior partner and deputy general director of Pricewaterhouse-Coopers Russia. She is generally recognized as the leading adviser on the Russian taxsystem, a reputation grounded in her understanding of both the needs of internationalinvestors and the legal and cultural imperatives of the Russian authorities.

As a former senior government official with 15 years of experience in the RussianMinistry of Finance, Lioudmila maintains relationships with the Ministry of Finance,the Federal Tax Service and other state bodies on different levels. She represents thefirm in the Russian Union of Industrialists and Entrepreneurs and in the Chamber ofCommerce and Industry of the Leningrad region, delivering professional opinions onhow to develop the Russian tax system to ensure the stable growth of large and mid-sized 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 jointventures, and for negotiating double tax treaties. Lioudmila has been involved innegotiations for a great number of tax treaties, and is one of the few true experts in thisarea. She has participated in double tax treaty negotiations with the UK, theNetherlands, Denmark, Finland, Spain, Italy, Switzerland, Greece, Cyprus, Japan, theUSA, Malaysia, China, Korea, Brazil, Canada and a number of other countries.

After joining PricewaterhouseCoopers Russia in 1990, Lioudmila led the firm’s Russiantax and legal practice for 11 years. She has advised leading Russian enterprises,multinational corporations and joint ventures on elaborating inbound investmentstrategies, assessing the tax implications of reorganization and acquisitions, and managingnegotiations and disputes with the tax authorities. Her experience has ranged fromassisting in negotiations with a local tax office for manufacturing site permits to agreeingtax holidays, from obtaining orders for lifting arrest on bank accounts to negotiating onbehalf of clients following tax office inspections. Her client list has included largemultinationals and flagship Russian companies from such varied industries as theconsumer goods sector, the pharmaceutical industry, the transportation sector, the oil andgas sector, banking and insurance.

Lioudmila Mamet is a member of the Russian branch of the International FiscalAssociation. She is also a member of The Committee of 20, a non-profit organization ofthe most successful Russian businesswomen. In PricewaterhouseCoopers, Lioudmilaheads the charity committee and leads all charity activities of the firm in Russia.

173

Russia

Sergey G PepeliaevPepeliaev, Goltsblat & PartnersKrasnopresnenskaya nab. 12, Entrance 7, World Trade Center-IIMoscow 123610Russia

Tel: (7) 495 967 0007Fax: (7) 495 967 0008Email: [email protected]: www.pgplaw.ru

Sergey Pepeliaev, JD, is a managing partner of Pepeliaev, Goltsblat & Partners, thebiggest full-service law firm operating in Russia today. Sergey Pepeliaev specializes in taxlaw, constitutional law and arbitration proceedings.

Sergey Pepeliaev has vast expertise of providing legal support for major projects, ofdrafting legislation and handling tax disputes in arbitration courts, courts of generaljurisdiction, the Supreme Court and the Constitutional Court of the Russian Federation.He has, on numerous occasions, attended sessions of the Supreme Arbitration Court ofthe Russian Federation dealing with taxation and financial issues and has been invited bythe Russian Constitutional Court as an expert on taxation.

Mr Pepeliaev acts as adviser to the State Duma Budget and Tax Committee, was activelyinvolved in debating and finalizing the draft Tax Code of the Russian Federation and inprojects aimed at improving Russian tax legislation, including those under the auspicesof TACIS.

Mr Pepeliaev is on the Panel of Experts of the Federation Council Committee for Legaland Judicial Matters. He is a Themis Prize winner, a member of the Presidium of theRussian Tax Law Association and a fellow of the International Fiscal Association (IFA).He has written a number of training manuals, books and articles underlying currentRussian tax law.

Sergey Pepeliaev has frequently headed groups of lawyers involved in large-scale judicialdefence, auditing, management and legal consulting projects, both at the request ofmajor Russian and foreign companies across various sectors and as part of World Bankprogrammes. His project work consists of drafting of litigation documents,representation before courts, auditing procedures, appraisal of current and potentialliabilities of enterprises, development and improvement of cash flow controls, advice onbook-keeping and taxation, assessment of possibilities for debt restructuring andreduction, and other assignments.

Sergey Pepeliaev serves as editor-in-chief of Nalogoved (Tax Expert), a new professionalmagazine for tax practitioners, and as science editor of the book series Library of a TaxLawyer. He supervised five research students researching into tax law, all of whom havebeen awarded JD degrees.


Russia

Alexander A BychkovBaker & McKenzie, Moscow

Alexander ChmelevBaker & McKenzie, Moscow

Lioudmila Mamet (see bio)PricewaterhouseCoopers, Moscow

Sergey G Pepeliaev (see bio)Pepeliaev Goltsblat & Partners, Moscow

175

Singapore

Ajit C PrabhuDeloitte6 Shenton Way #32-00DBS Building Tower TwoSingapore 068809

Tel: (65) 65305522Fax: (65) 65386166Email: [email protected]: www.deloitte.com

Ajit Prabhu is a tax partner and partner in charge of the Singapore tax practice. He hasmore than 20 years of experience in public accounting with an industry specializationin real estate, banking and financial services and manufacturing. He serves many of thefirm’s largest clients and has worked as project leader on a wide variety of multinationalcorporate tax planning projects, including international mergers and acquisitions, andstructuring of inbound and outbound investments.

Ajit has been ranked as a leading tax adviser in Singapore for each of the past sevenyears by the Legal Media Group’s annual survey of leading tax advisers in the Asia-Pacific region. He has prepared and presented papers on investment and taxationtopics at numerous seminars in Singapore and overseas, including those conducted bythe Asian-Pacific Tax and Investment Research Centre, Institute for InternationalResearch and other seminar organizers.

He is also the author of several articles on investment and taxation, including taxationof electronic commerce in Singapore. He has been published in academic journals inSingapore and overseas, including the CCH Journal of Asian-Pacific Taxation, CCHSingapore Master Tax Guide Manual, Euromoney’s International Tax Review and TaxPlanning 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 ofHigher Education in UK. He is an associate with the Institute of CharteredAccountants in England and Wales and is a practising member of the Institute ofCertified Public Accountants of Singapore.


Singapore

Sum Yee-LoongDeloitte 6 Shenton Way #32-00DBS Building Tower TwoSingapore 068809


Yee-Loong is a partner based in Deloitte’s Singapore office. He has over 20 years ofexperience in Singapore taxation and has substantial experience in serving multinationaland local clients. He specializes in advisory tax services, including corporate structuringand restructuring on flotation, mergers and acquisitions and international tax planning.

Yee-Loong focuses on developing strategies and leading tax-review teams to create andidentify tax-saving opportunities as well as advise and negotiate tax incentives forcorporate clients.

He is the author of Singapore Tax Workbook (CCH), an examiner of the advance taxationpaper (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 thepermanent secretary of the Ministry of Finance (2004 to 2006); the GST WorkingCommittee (1993 to 1995); the Taxation and Levies Committees of ICPAS (1989 todate); and the Infocom Technology Committee (1999). He served as an adjunct professorat Nanyang Technological University between 1987 and 2003, and since 2004, has beenan adjunct professor at Singapore Management University. Yee-Loong is director of theTax Academy of Singapore.

He holds an MSc (UK) in taxation and public finance, and a certificate in managementconsultancy from the Japan Productivity Centre. He is a fellow of the CharteredAssociation of Certified Accountants (UK), a chartered tax adviser of the CharteredInstitute of Taxation (UK), and a certified public accountant of Singapore

177

Singapore

Steve TowersDeloitte 6 Shenton Way #32-00DBS Building Tower TwoSingapore 068809


Steve Towers is a senior international tax partner, with over 26 years’ experience ininternational tax planning for multinational corporations. He has worked in Deloitte’soffices in Sydney, Melbourne, London, New York and Singapore.

He has substantial experience in advising multinational corporations on corporatestructuring and restructuring, mergers and acquisitions, hybrid instruments, transferpricing, use of double-tax treaties, and international tax generally. He is particularlyknowledgeable on permanent establishment issues and supply chain planning.

Steve Towers has bachelor of economics and bachelor of laws degrees from theAustralian National University, and a master of laws (first class honours) degree fromthe University of Sydney. He is a member of the Institute of Chartered Accountantsin Australia, and is a fellow of the Taxation Institute of Australia.

Steve is the chairman of the International Fiscal Association (Singapore branch).


Singapore

Choy Wai CheongErnst & Young, Singapore

Pieter L De RidderLoyens & Loeff, Singapore

Paula EastwoodPricewaterhouseCoopers, Singapore

Nand Singh GandhiAllen & Gledhill, Singapore

Ong Sim HoOng Sim Ho Advocates & Solicitors, Singapore

Edmund LeowBaker & McKenzie, Singapore

Ajit C Prabhu (see bio)Deloitte, Singapore (see advert on inside front)

Gurbachan SinghKhattarWong, Singapore

Yee-Loong Sum (see bio)Deloitte, Singapore (see advert on inside front)

Peter TanPricewaterhouseCoopers, Singapore

Lian Ee TeohDrew & Napier, Singapore

Steve Towers (see bio)Deloitte, Singapore (see advert on inside front)

Pok Soy YongErnst & Young, Singapore

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International assignments:local vs foreign pension funds

The mobility of staff with specialized skills is often crucial tothe multinational companies that employ them, as such skillsmay only be required at a specific stage in the business cyclerather than on an ongoing basis. One obvious example wouldbe the skills of individuals involved in prospecting forresources, such as oil or precious metals.

Employees of whom mobility is required need to be lookedafter and secondments abroad should be arranged so as notto jeopardize their interests. Such employees need to beproperly funded on retirement and adequately covered bylife, disability and medical insurance.

Employees generally desire stability and, in any event, areunwilling to be placed at a disadvantage (tax and otherwise)

when moving countries. Mobile employees will resent having to shoulder greater riskthan their non-mobile colleagues, so the retirement funding of seconded employeesmust be protected as much as possible from fragmentation, currency fluctuations andpolitical upheaval.

Pension funds do not migrate readily across borders and it may not be possible to finda satisfactory solution to some of the pension problems to which cross-borderemployee movement gives rise. Certain countries are reluctant to grant taxconcessions for the pension contributions of highly mobile individuals because to doso may erode their tax base. For example, South Africa may be unwilling to give a taxdeduction 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 taxdeductible for South African tax purposes (subject to some limitations) and paymentsout 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 andfor people to retire there, proceeds from foreign pension funds are exempt from SouthAfrican tax, provided the respective contributions were paid when the recipient wasnot working in South Africa. Apportionment is required in cases where somecontributions are made in respect of services rendered in South Africa and some inrespect of foreign services.

Exchange control is really only a concern for South African residents and even theyenjoy generous concessions in this respect. Temporary residents of South Africa canrepatriate funds without restriction and outbound expatriates may retain foreignearnings 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 beavailable:

• 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 SouthAfrican tax consequences will be unfavourable. In any case, the facts must be examinedcarefully and the decision will ultimately depend on the individual’s plans andaspirations, and in particular on whether the individual intends to return to SouthAfrica.

Billy JoubertDeloitteJohannesburg

South Africa


It should also be noted that an individual who relinquishes his/her South African taxresidence will become subject to capital gains tax on all his/her assets. Provision mustbe made for group life, disability and medical cover for employees leaving South Africaand 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 Africanearnings, but should not be subject to South African tax on their foreign earnings orcapital gains unless they become South African tax residents. Until recently, anindividual acquired tax residence if he/she worked in South Africa for more than threeyears, but this period has been extended to five years, to encourage expatriates not toleave South Africa after three years.

As already noted, the government is keen to encourage retirement in South Africa, andfor that reason proceeds from offshore pension funds are not taxed, although this maychange in the future with the proposed revision of the tax treatment of retirementfinds. However, at least for now, proper planning may allow a person who can avoidtax on their foreign pension in the country from which it is paid to enjoy the best ofboth worlds.

Multinational groups have adopted a number of different approaches to the issue ofhow to provide pensions for highly mobile staff. One approach is to establish a fundfor such employees in a tax haven. While this may overcome the problem thatproviding for country-specific pension funds tends to be a cumbersome process, it maybe unattractive from a tax perspective – for example, if contributions to the fund arenot tax deductible (which is likely to be the case) but the member is ultimately subjectto 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 thecase of globally mobile employees, it is important not to overlook one of the majorbenefits of such funds, which is the forced saving element. Employer pension fundsensure that at least some provision is made for the retirement funding of employeeswho might otherwise lack the discipline to make such provision for themselves.

South Africa

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New advance tax rulingsystem promotes certainty

South Africa has a relatively sophisticated residence-based taxsystem. It incorporates many best-practice tax principles fromother jurisdictions, and many aspects of the system are unique.Some provisions, like the CFC rules, are also extremelycomplex. Due to the relative complexity of the legislation anda backlog of court cases, there are many areas of uncertaintyfor taxpayers. There also appears to be a trend by the courts tomove from a traditional, literal interpretation of statutes, to amore purposive interpretation, creating further uncertainty.

Until now, South African Revenue Service (SARS) rulingswere difficult to obtain and generally were not binding. Anexception was certain VAT Rulings, which were regarded aseffectively being of a binding nature. Practice andInterpretation Notes issued by the Service were also not

binding, and in some court cases the Service even argued against their own PracticeNotes when it suited them!

The implementation of the new advance tax ruling system, backdated to October 12006, was therefore generally welcomed by South African advisers and taxpayers. Theprevious system of non-binding rulings essentially remains as before, except thatcertain VAT Rulings previously issued change their status from January 1 2007, frombinding rulings to so-called opinions.

The implementation of the new ATR system follows international best practice. Forexample, Australia and New Zealand already have such a system, and on November 172006, the UK HMRC published a report on large-company tax administration thatincluded a recommendation to introduce a system of advance rulings for businesses bythe end of 2007.

The rationale behind the UK recommendations, as was the case in South Africa, is theneed for more certainty about the tax treatment of company transactions as well as thespeedier resolution of taxpayer issues. The argument is that if a binding ruling hasbeen obtained, an assessment can more quickly be issued and need not be questionedby a tax authority before the expiry of the relevant prescription period.

Key features of the new ATR systemThe Commissioner for the South African Revenue Service can issue two types ofrulings under the new ATR system: Binding Private Rulings and Binding GeneralRulings.

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 SouthAfrican tax law to a specific proposed transaction. A Binding General Ruling is anadvance tax ruling that is issued by the commissioner, at his discretion, regarding theapplication or interpretation of a provision of South African tax law in respect of issuesor matters of general interest or importance. The latter ruling is not issued in responseto any application. Both types of rulings are binding on the commissioner, but not onthe taxpayer. Furthermore, the binding effect of a Binding Private Ruling only appliesto the applicant who requested the ruling, and may not be cited as precedent by anyother taxpayer.

A Binding Private Ruling may be rendered void or lose its binding effect if the factsstated in the application are materially different from the transaction actuallyimplemented, if there is fraud or misrepresentation or if any condition stipulated onthe Ruling is not satisfied. Furthermore, if there is a subsequent change in the relevanttax law, or if the commissioner withdraws the ruling, it will cease to apply.

Michael HoniballKPMGJohannesburg

South Africa


A major advantage of the new ATR system for foreign investors is that non-residentsand non-taxpayers may apply for a Binding Private Ruling. An applicant need notapply in person, but may use an agent or advisor. In fact, the SARS Guide to the newATR system recommends that applicants engage a tax advisor to assist them in theirapplications. This is helpful because the pre-qualifying process includes therequirement that the applicant must make his own draft ruling. Engaging an advisorwould also be helpful in ensuring that the ruling obtained is as wide as possible.

ExclusionsThe new ATR System contains both mandatory and discretionary exclusions. Mandatoryexclusions 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 exclusionof the pricing of goods and services for transfer pricing purposes. The context is theabsence of an Advance Pricing Agreement system and it is therefore not possible tonegotiate or conclude unilateral, bilateral or multilateral APAs. Although South Africahas had transfer pricing legislation since 1995, there are no plans to implement an APAsystem any time soon.

In addition to the above mandatory exclusions, there is a long list of discretionaryexclusions, which include general and specific anti-avoidance provisions, factual issues,issues more suitable for Competent Authority procedures, and matters which wouldbe unduly time-consuming or resource-intensive. All these matters may be excludedfrom a Private Binding Ruling at the discretion of the Commission. Thesediscretionary 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 notunder Discretionary Exclusions because essentially to the Commissioner would use hisdiscretion 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 theATR system. The result, however, is a fairly limited ruling system, especially regardingthe mandatory exclusion of transfer pricing in the absence of an APA system.

Amended CFC rules also introduce new CFC ruling procedureCertain amendments to the South African CFC rules, passed by Parliament onNovember 16 2006, have far reaching consequences for South African outboundmultinationals. The consequences can be restricted to a limited extent by a new CFCruling procedure described below.

In a nutshell, the South African taxation of foreign subsidiaries applies as follows: SouthAfrican tax resident companies with CFCs – foreign resident companies in which SouthAfrican shareholders own more than 50% of the participation rights or control morethan 50% of the vote – are taxed on the income and capital gains of the CFC, unlessspecific exclusions apply. The most notable of these exclusions is income attributable toa 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 thehands of its South African shareholder.

Prior to the amendments, a business establishment was widely defined as including aplace of business with an office, shop, factory, warehouse or other structure used fornot less than one year which was suitably equipped with on-site operationalmanagement, employees, facilities and other equipment for purposes of conductingthe primary operations of that business.

While it was unclear from the previous definition how many employees constituted abusiness establishment, what was clear was that such employees were not required to

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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 nowneed to have both on-site management and operational employees (arguably thereforerequiring at least two employees), but such employees will also be required to renderservices on a full-time basis if the business establishment exclusion is to apply. Theserequirements are found in the definition of a foreign business establishment, whichreplaces the old business establishment definition.

Effectively, this means that two CFCs within the same multinational group will not beable to share the services of a single employee, either directly or via an employmentcompany, in the event that their South African shareholder wishes to rely on thebusiness establishment exclusion. It goes without saying that the cost andadministrative burden of staffing each CFC with two or more full-time employees inorder to enable the business establishment exclusion to be relied upon, could act as adeterrent for overseas expansion by South African multinationals and could makeSouth African multinationals uncompetitive when compared with their Australian, UKor Canadian counterparts. Further, this amendment makes South Africa even moreunfavourable as an intermediary holding company jurisdiction, preventing the use ofSouth Africa for investments into the rest of Africa and elsewhere.

The legislature has, to an extent, recognized the negative implications of theseamendments. Therefore, other amendments have simultaneously been enacted whichprovide for the commissioner to grant a ruling deeming that a business establishmentexists where two or more CFCs share employees, equipment and facilities. Taxpayerswishing to take advantage of this new CFC ruling must do so in terms of the ATRsystem (as discussed above). But there is a condition: a ruling will only be granted ifthe CFCs are in the same country and form part of the same group of companies, thelatter requirement effectively necessitating a 70% or more common shareholding.Consequently, for the business establishment exclusion to apply, two CFCs in differentcountries would both be required to have full-time employees, as would two CFCs inthe same jurisdiction that do not form part of a group of companies. So while the newCFC ruling limits the potential negative effect of the latest amendments, thecircumstances under which a ruling can be obtained are so restrictive that many SouthAfrican outbound multinational will no longer qualify for CFC exemption.

ConclusionThe new ruling procedures in South Africa have begun a new era in tax administrationand procedure. The possibility of more certainty regarding the interpretation of taxstatutes is a welcome development. Administrative execution of the procedures as wellas SARS and the courts adherence to Binding Private Rulings regarding the principleof the rule of law will, however, ultimately determine their success.

South Africa


South Africa

Anne BennettDeloittePrivate Bag X1Gallo Manor, 2052South Africa


Anne Bennett is the partner in charge for the international tax practice within SouthAfrica. In this role, she advises on the international tax implications of structuring cross-border investment and finance into and out of South Africa, the impact of SA domestictax 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, wasseconded to D&T London as a senior manager in the international tax division whereshe was also involved in coordinating tax strategies, technical training and practicedevelopment for the firm’s European practices. Throughout the late 1980s and early1990s, she gained practical working experience in Luxembourg, the UK and SouthAfrica, before being asked to join the partnership of Deloitte & Touche in 1993. Shortlyafter, Anne was appointed to head up the international tax group within the SouthAfrican tax practice.

Anne is currently a member of the board of Deloitte & Touche South Africa. Shecontinues to serve high-profile clients and is a trusted adviser to her practiceprofessionals and their clients.

Among her qualifications, Anne has a BA (honours) from the University of CapeTown; LLB (cum laude) from the University of South Africa; MPhil from OxfordUniversity; and H Dip Tax from the University of the Witwatersrand. AdditionallyAnne received her diploma in international law from the University of Harvard, is amember of the Institute of Taxation (ATII) in the UK, and was admitted as an attorneyof the Supreme Court of South Africa. She has professional qualifications in both SAand 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 BrinckerEdward Nathan Sonnenbergs150 West StreetSandown, Sandton, Johannesburg 2196South Africa

Tel: (27) 11 269 7600Fax: (27) 11 269 7899Email: [email protected]: www.problemsolved.co.za

Professor Emil Brincker’s experience includes the areas of corporate finance, corporatereorganization and restructuring, export finance, funding, general banking and com-mercial (including derivative) transactions, empowerment transactions, JSE Limited andSecurities Regulation Panel, project finance and tax law including income tax, value addedtax, 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 financialassistance by a company in relation to share acquisitions. In 1999 he was offered a part-time professorship from the Johannesburg University.

Emil was the first attorney to appear in the Supreme Court of Appeal in Erf 3183/1Ladysmith v CIR, has authored and co-authored numerous books and articles, and hasadvised on multi-billion-dollar structured finance transactions.

He is also a member of the Special Board for Income Tax Appeals, hearing tax mattersnot exceeding R20 million ($30 million), member of the executive committee of theSouth African Fiscal Association and has been involved in numerous empowermenttransactions. Emil was named by Global Counsel as the leading tax practitioner inSouth Africa from 2003 to 2006, as a leading individual by International Tax Review’sWorld Tax 2005 and 2006 and as an eminent individual by Legal 500 2006. The PLCWhich Lawyer Yearbook 2005 and 2006 also lists Emil as a leading individual and theLegal Media Group’s IFLR 1000 Guide to the World’s Leading Financial Law Firms 2006lists Emil as a key contact partner. Emil is named as the leading individual in tax inSouth Africa, in Chambers Global Guide 2005 and 2006.

Emil has been a guest lecturer for the LLM (tax) at the University of Pretoria, and wasa professor to the Hdip tax at the University of Johannesburg. He is author to anumber 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 LLDfrom 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 Courtof South Africa.


South Africa

David CleggErnst & Young

52 Corlett DriveWanderers Office ParkIllovo, Johannesburg 2196South Africa

Tel: (27) 21 443 0261Email: [email protected]: 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 topractise as an advocate (barrister).

He has been a partner in an associate firm of Ernst & Young South Africa for 26 yearsand is currently national technical director (tax) for that firm. He is the co-author ofIncome Tax in South Africa (ITSA) (Lexisnexis Butterworths) and the author of anumber of practical guides in niche areas of tax law. He also contributes the SouthAfrican chapter of the IBFD’s Taxation of Trusts.

His principal area of practice is currently domestic corporate tax but he has a particularinterest in the taxation of trusts and also heads up Ernst & Young’s oil and gas groupin South Africa (the only firm in the country to have a specialist unit) and for someyears was responsible for the firm’s international tax group. He is based in the firm’sCape Town office.

187

South Africa

Beric CroomeEdward Nathan Sonnenbergs150 West StreetSandown, Sandton, Johannesburg 2196South Africa


Beric has worked in the tax arena for 21 years and advises clients on income tax, value-added tax (VAT), Pay-As-You-Earn (PAYE), stamp duties and other fiscal statutes. Hehas advised foreign clients of the tax consequences of investing in South Africa. Heregularly assists clients with objections and appeals and represents clients in meetingswith the South African Revenue Service including Alternative Dispute Resolution(ADR) meetings. He acted as the chair of the National Taxation Committee of theSouth African Institute of Chartered Accountants (SAICA) from 1999 to 2002 andduring 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 AfricanChamber of Business Taxation Committee and during 2002 was a nominee for theUniversity of the Witwatersrand Convocation Honour Award for his contribution tocommerce and industry.

Beric is a well known tax advisor in South Africa, listed in the Who’s Who of SouthernAfrica 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 ofSouth 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 aHigher Diploma in Tax Law (with distinction). He is registered for his PhD Degreeat the University of Cape Town and his thesis deals with issues relating toconstitutional law, taxpayers’ rights and the powers of the South African RevenueService. He is regularly quoted in the press on tax issues in South Africa.


South Africa

Michael HoniballKPMGKPMG Crescent85 Empire RoadParktown 2193South Africa

Tel: (27) 11 647 5555Fax: (27) 11 647 5819Email: [email protected]: 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 intransfer-pricing issues. He is based in Johannesburg, although he has extensiveexperience of working elsewhere in Africa and overseas.

Michael has substantial tax advisory experience and has specialized in South Africandomestic and international corporate tax issues for over 14 years, advising manymultinational corporations on a wide range of tax compliance, structuring and financingmatters. He continues to build this experience daily, advising multinational clients ontheir often-complex international tax and transfer-pricing issues. Supported by his localteam at KPMG as well as by KPMG’s global transfer-pricing services team, he adviseson a broad spectrum of transfer-pricing issues, from documentation and planning todispute resolution, taking into account the unique circumstances of various Africanjurisdictions.

Michael is a lecturer at the Universities of Johannesburg, Pretoria and Witwatersrandwhere he has been instrumental in developing international tax-specific courses. He is aregular speaker at professional conferences, and is also a co-author of the bookInternational Tax: a South African Perspective 2005 (now in its third edition), together withProfessor Lynette Olivier of the University of Pretoria.

Michael is a well-known tax advisor in South Africa, being listed in The Guide to theWorld’s Leading Tax Advisers and Who’s Who of Southern Africa 2005. He is a member ofthe 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 admittedattorney 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 (withdistinction) degrees.

189

South Africa

Michael KatzEdward Nathan Sonnenbergs150 West StreetSandown, Sandton, Johannesburg 2196South Africa


Professor Michael Katz leads ENS as chairman. He has 38 years’ experience inprivatization and deregulation, project finance and non-recourse finance, publicprivate partnerships, empowerment ventures, banking and financial markets, takeoversand mergers, competition law and tax.

Michael was the chairman of the Commission of Inquiry to Investigate the TaxationSystem of South Africa, member of the Securities Regulation Panel, a director ofnumerous companies and a trustee of numerous trusts. In 1998, he was awarded anhonorary 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 affordablehousing, and is the chairperson of the Standing Committee on Company Law of theLaw Society of South Africa.

Michael is featured in the Guide to the World’s Leading M&A Lawyers 2006 and is listedas a leading individual in International Tax Review’s World Tax 2006 survey for mergersand acquisitions and cross-border structuring. He recently advised Gold Fieldsdefending the hostile takeover bid by Harmony, and had a key role on the Sasol/Engenmerger. 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 MvelaphandaResources. Michael is also rated as a leading practitioner in tax by the PLC WhichLawyer 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, hisLLM from Harvard Law School, and LLD (honoris causa) from the University of theWitwatersrand. He is admitted as an attorney of the High Court of South Africa.


South Africa

Sean KrugerErnst & YoungWanderers Office Park52 Corlett DriveJohannesburgSouth Africa

Tel: (27) 11 772 3996; (27) 83 611 1559 (cellular)Fax: (27) 11 772 4996Email: [email protected]: www.ey.com

Sean Kruger graduated from the University of the Witwatersrand (B Comm), receivedhis higher diploma in tax law from the University of Johannesburg), and his advanceddiploma 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 transferpricing partner/director of Ernst & Young Advisory Services Limited, having startedthe transfer pricing practice for the South African firm with a dedicated team. Sean iscurrently the regional tax director responsible for all tax services for the South Africanfirm of Ernst & Young, as well as the English-speaking Ernst & Young offices in therest of Africa.

Sean operates from the Johannesburg office.

191

South Africa

David LermerPricewaterhouseCoopersPrivate Bag X36 PO Box 27992 Eglin Road 2175 No 1 Waterhouse Place 7441Sunninghill, Johannesburg Century City, Cape TownSouth Africa South Africa

Tel: (27) 11 797 4097; Tel: (27) 21 529 2364(27) 82 445 2841 (mobile) Fax: (27) 21 529 3309

Fax: (27) 11 209 4097Email: [email protected]: www.pwc.com/za

David Lermer is the South Africa and Southern Africa Region leader for PwC GlobalTax 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 ofprofessional experience in advising large SA and foreign multinational groups withrespect to their international tax, transfer pricing and exchange control requirements.He has worked on numerous reorganizations of multinational groups and mergers andacquisitions, and is heavily involved in representations to the government on tax andexchange control policy and legislative changes.

David is also the managing partner of the tax practice in the Western Cape Region ofSouth Africa. He is one of the contributors to the South African section of the firm’sbooklet “International Transfer Pricing”, which is updated annually, and is a foundermember of Afritax, the PwC network of tax and exchange control specialists working insub-Saharan Africa. In addition to being a chartered tax adviser (UK), he is a charteredaccountant in both the UK and SA.

PwC Global Tax Services comprises international tax structuring, transfer pricing andcross-border mergers and acquisitions specialist divisions. These divisions consist ofdiverse multidisciplinary teams that combine home-grown and imported specialistswith local and international knowledge, skills and experience, to provide the bestpossible methodologies and solutions, appropriately tailored to the local tax andexchange control landscape of South Africa and/or the sub-Saharan Region.


South Africa

Mark LiningtonWebber Wentzel Bowens10 Fricker RoadIllovo BoulevardJohannesburg 2196South Africa

Tel: (27) 11 530 5834Fax: (27) 11 530 6834Email: [email protected]: www.wwb.co.za

Mark Linington’s area of expertise is mergers and acquisitions tax services, includingtax 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 recentyears has worked predominantly with private equity consortiums in designing andimplementing acquisition structures.

Before specializing in mergers and acquisition tax advisory services, Mark providedcorporate 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 financialstatement reporting purposes, preparing or reviewing submissions and dealing with taxdisputes, objections and appeals.

193

South Africa

Ian MacKenzieWebber Wentzel Bowens10 Fricker Road Illovo BoulevardJohannesburg 2196 South AfricaPO Box 61771 Marshalltown 2107Docex 26 JohannesburgSouth Africa

Tel: (27) 11 530 5000; (27) 11 530 5266 (direct)Fax: (27) 11 530 5111; (27) 11 530 5120 (direct)Email: [email protected]: www.wwb.co.za

Ian MacKenzie joined Webber Wentzel Bowens in 2003 as head of corporate tax. Hewas previously the head of the tax consulting practice of Ernst & Young, having been atax partner in that firm for 25 years.

He has had 29 years’ experience in advising major listed groups on tax issues, withparticular reference to mergers and acquisitions, corporate restructures, BEEtransactions, structured finance transactions, cross-border trade and investmentstructures, securitizations and objections and appeals. His industry experience coversbanking, manufacturing, mining and fast-moving consumer goods and services. He wasrecognized 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 lawfirms.

He has lectured on tax matters on various university courses and at public seminars, isa past chairman of the SA Chamber of Business tax committee and a past president ofthe Johannesburg Chamber of Commerce and Industry.

Ian qualified as a chartered accountant (SA) in 1973 and obtained a higher diploma intax law from the University of the Witwatersrand in 1975.


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)Edward Nathan Sonnenbergs, Sandton

Michael Honiball (see bio)KPMG, Johannesburg

Wally HorakBowman Gilfillan, Cape Town

Michael Katz (see bio)Edward Nathan Sonnenbergs, Sandton

Ernie Lai KingDeneys Reitz, Johannesburg

Des KrugerMallinicks, 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 MazanskyWerksmans, Johannesburg

Lionel ShaweDeneys Reitz, Johannesburg

Henry Vorster SrVorster Pereira Inc, Sandton

195

South Korea

Henry AnSamil PricewaterhouseCoopersKukje Center Building191 Hangangro 2ga, YongsankuSeoul 140-702Korea

Tel: (82) 2 3781 2594Fax: (82) 2 790 1907Email: [email protected]; [email protected]: www.samil.com

Henry An is a partner at Samil PricewaterhouseCoopers (Samil), the Korean memberfirm of PricewaterhouseCoopers, and serves as a client relationship partner for Samil’s keyinternational tax clients. He specializes in transfer pricing and currently serves as co-leader of the Transfer Pricing Practice. He has over 13 years of experience providing theseservices in the US (Washington National Tax, Chicago, New York Metro) and Korea.

Henry has prepared transfer pricing studies for the purposes of tax compliance, auditdefence and tax litigation, competent authority, tax planning and restructuring, andadvance pricing agreements. He has advised on the full range of inter-companytransactions including buy-sell, commission rates, transfers of intellectual property, costsharing and buy-in payments, service fees, and loans. Henry has worked for multinationalclients in a wide variety of industries including hardware, software, consumer products,industrial products, medical devices and logistics. Henry also has experience performingbusiness valuations and valuations of intellectual property in connection with strategicplanning, 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 afrequent speaker at seminars and has written numerous articles on the subject. Henry wasselected for inclusion in Legal Media Group’s Guide to the World’s Leading Tax Advisers andGuide to the World’s Leading Transfer Pricing Advisers in 2004, 2005 and 2006. He was alsoselected 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, October2006, No 30, page 44.

• “Korea Spotlights Transfer Pricing,” Asia Today International, Business Regulationand Taxation, Asia 2007, page 80.

• “Korea’s New Basic Tax Rulings on Transfer Pricing,” BNA Tax ManagementTransfer 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 Financeand Economy and Office of the Prime Minister. He also currently serves as treasurer andco-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 Businessat the University of Pennsylvania. He obtained his Masters in Business Administrationfrom the Kellogg School of Management at Northwestern University where hereceived recognition as a Jane Robertson Scholar and graduated Beta Gamma Sigma.


South Korea

So-Yong KimDeloitteHanwha Securities Building23-5 Yoido-dong, Youngdeungpo-kuSeoul 150-717Korea


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 andserves as lead tax partner for many leading MNCs. He has assisted clients in variousindustries, including financial services, high-tech, and automotive with tax compliance,tax consulting and planning, tax due diligence for acquisitions and investmentstructuring, and tax controversies.

His particular expertise is in the financial services industry and he serves multinationalsecurities companies, investment management companies, insurance companies andbanks operating in Korea. Since June 2003, Mr Kim has been financial industry taxservice line leader for Deloitte in Korea.

Mr Kim is bilingual in Korean and English, and is a frequent speaker on topics dealingwith national and international taxation. He is a member of the Committee forDeliberation of Pre-assessment of the Seoul Regional Tax Office.

Mr Kim studied economics and finance at the Seoul National University and is agraduate of the MBA programme in Seoul. He is a member of the Korean Institute ofCertified Public Accountants.

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South Korea

David Jin-Young LeeSamil PricewaterhouseCoopersKukje Center Building191 Hangangro 2ga, YongsankuSeoul 140-702Korea

Tel: (82) 2 709 0557Fax: (82) 2 709 7977Email: [email protected], [email protected]: www.samil.com

David Jin-Young Lee serves as the deputy vice chair of tax and head of the financialservices tax practice of Samil PricewaterhouseCoopers, the Korean member firm ofPricewaterhouseCoopers.

David Jin-Young has over 20 years of experience in providing tax advisory services tothe 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 servicescompanies in the banking, capital markets, investment management, real estate andinsurance sectors.

David Jin-Young is a member of the tax advisory committee of the Ministry of Financeand Economy (MOFE) and serves as the chair of the tax quality review committee ofthe National Tax Service (NTS). He is also a member of the external advisorycommittee 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 administrationfrom Seoul National University.


South Korea

Il-Hwan OhSamil PricewaterhouseCoopersKukje Center Building191 Hangangro 2ga, YongsankuSeoul 140-702Korea

Tel: (82) 2 709 0897Fax: (82) 2 709 3333Email: [email protected], [email protected]: www.samil.com

Il Hwan Oh is a partner at Samil PricewaterhouseCoopers, the Korean member firmof PricewaterhouseCoopers. Il Hwan has 21 years of experience advising US andEuropean multinational companies doing business in Korea.

Il Hwan serves as an active member of the Tax Committee of the Korean Institute ofCertified Public Accountants and was responsible for developing questions for the taxsection of the KICPA examination. He is also a member of the Tax Policy Committeeof 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.

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South Korea

Jae Jin (“Jay”) ShimWoo Yun Kang Jeong & HanTextile Center -12th Floor 944-31 Daechi3-dongGangnam-Ku, Seoul 135-713Korea

Tel: (82) 2 528 5484 (office); (82) 11 9705 9054 (mobile)Fax: (82) 2 528 5300 / 5228Email: [email protected]: www.wooyun.co.kr

Jay Shim leads Woo Yun’s international tax planning and transactions practice. Jay alsohas extensive experience with inbound structuring, cross-border mergers andacquisitions and international project finance. Jay’s client base is largely comprised offoreign private equity, financial institutions and foreign MNCs doing business inKorea and the Asia-Pacific region. He has also assisted Korean companies and Koreangovernment-invested companies in investing in large-infrastructure and oil and gasprojects 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 andraising capital in the offshore financial markets, in connection with joint ventures,acquisitions and infrastructure projects. Prior to joining Woo Yun, Jay was aninternational 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 haspublished numerous articles on tax treaty structuring. He is a frequent speaker and haslectured on offshore and international tax planning in New York, Los Angeles,Houston, London, Amsterdam, Budapest, Vienna, Prague, Hong Kong, Singaporeand 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 UCCReporter-Digest; and his LLM (taxation) from Boston University School of Law. Jayalso 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 YorkBar Examination in 1991. Jay is also a member of the American Bar Association,International Fiscal Association and currently serves as co-chair of the taxationcommittee of the American Chamber of Commerce (AmCham) in Korea.


South Korea

Sai Ree YunWoo Yun Kang Jeong & HanTextile Centre 12th Floor944-31 Daechi 3-dong, Gangnam-guSeoul 135-713Korea

Tel: (82) 2 528 5202 Fax: (82) 2 528 5300 Email: [email protected] Website: www.wooyun.co.kr

Sai Ree Yun, a founding partner of Woo Yun Kang Jeong & Han (Woo Yun), is arecognized leader for his expertise on international tax, including audit planning andtax controversies. He has written numerous articles on taxation for renownedpublications, including “Tax Aspects of Derivative Financial Instruments” for the 49thCongress of the International Fiscal Association (1995), “Transfer Pricing for SouthKorea” published in CCH International Transfer Pricing Laws (1994), and “Cost-Sharing and Transfer Pricing” for Taxation and Inbound Investment in Pacific RimCountries, International Bureau of Fiscal Documentation (1991).

Sai Ree was a member of the Local Tax Appeal Board and also served as a technicaladvisor for the Tax Policy Review Council, Ministry of Finance and Economy fornearly five years. In addition, Sai Ree has given numerous lectures at both the JudicialResearch and Training Institute and Seoul National University Law School. Sai Ree isa recipient of a Deputy Prime Minister’s Award for Tax Administration and is also arecipient of numerous other awards and selections. In 2006 alone, Sai Ree was selectedas a PLC cross-border mergers and acquisitions leading lawyer, as a Chambers Globalleading banking and finance/corporate lawyer, as an International Who’s Whocompetition 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 DistrictProsecutor’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 co-head of Woo Yun’s corporate and finance groups and the head of the firm’s antitrustteam and primarily practices in the areas of taxation, corporate (with an emphasis onM&A), antitrust, and governmental relations law. He received LLB and LLM degreesfrom Seoul National University, a JD degree from Hastings College of Law,University of California, and an LLM degree from Harvard University.

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South Korea

Henry An (see bio)Samil PricewaterhouseCoopers, Seoul

Woo Hyun BaikKim & Chang, Seoul

Ken CookErnst & Young, Seoul

So-Yong Kim (see bio)Deloitte, Seoul (see advert on inside front)

Woo Taik KimKim & Chang, Seoul

David Jin-Young Lee (see bio)Samil PricewaterhouseCoopers, Seoul

John LeeKim & Chang, Seoul

Jong Yul LeeKim & Chang, Seoul

Il-Hwan Oh (see bio)Samil PricewaterhouseCoopers, Seoul

Jae Jin (“Jay”) Shim (see bio)Woo Yun Kang Jeong & Han, Seoul

Dong Jun YeoKim & Chang, Seoul

Ando YunSamil PricewaterhouseCoopers, Seoul

Sai Ree Yun (see bio)Woo Yun Kang Jeong & Han, Seoul


Tax reforms keep pace witheconomic growth

It has been said that you can only successfully reform a taxsystem during periods of economic expansion and growthand that changes implemented during periods of recessionsimply come too late. If this is the case, then Spain’s taxregulators have certainly done their job during the last tenyears.

Over the last decade, Spain’s economy has done extremelywell, outperforming that of its EU partners and growing atroughly twice their average rate. This prosperity has broughtour economy straight to the front line of the internationalbusiness arena, with our multinational enterprises becoming,for the first time, real actors on the global stage, completingvery significant deals in almost every part of the world.

In the meantime, since 1994, intense behind-the-scenes work by our tax legislators hasbeen carefully aimed at bringing our tax system into line with, and even beyond, that ofmore modernized countries. Thus, for example, the drive towards economic globalizationset to engulf every developed economic system was well anticipated by our lawmakers,who, among other measures, effectively regulated such tax vehicles as ETVEs – foreign-securities holding companies – in a very competitive manner; a highly attractiveexemption method for qualifying foreign-source dividends and gains, where expenses aredeductible regardless of the tax exemption applicable to the main income; an additionalexemption for profits earned by Spanish taxpayers from foreign-operating permanentestablishments; an ambitious and well-targeted expansion of our international tax treatynetwork; and a provision enabling the tax deduction of goodwill on certain types offoreign acquisitions. One could well argue that the main driver behind all these changeswas our legislators’ conviction that, since the times of Columbus, whenever the countryhas chosen to finance any form of ambitious major international expedition, a period ofeconomic growth and prosperity in Spain has followed.

New income tax law2006 has been no exception to the trend of recent years and tax reforms were onceagain on the agenda until, in November, the parliament finally approved highlysignificant new tax measures, including a new Personal Income Tax Law introducinga reduction and simplification of the rates, plus rules for a more neutral treatment ofsavings income. The new law is effective from January 1 2007.

If we focus our attention on the taxation of corporate profits, the amendments nowapproved, set to enter into force in 2007 and beyond, are again of great relevancesince, for the first time ever, they influence essential aspects of the calculation ofcorporate 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 incometax has now fallen by five points from 35% to 30% in only two years, while so-callednon-technical tax credits and incentives, mainly aimed at the promotion of certainactivities by Spanish corporations, such as export activities, are suppressed, eithergradually or with immediate effect. The end result of all these measures, engenderedby international competition for tax bases as well as the harmonization measuresimplemented to date in Brussels and Luxembourg, should be a more balanced andcompetitive tax system, effectively consolidating a framework which is attractive toboth foreign concerns investing in Spain and Spanish entrepreneurs wishing to pursuea solid expansion of their operations abroad.

Finally, transfer pricing is the undisputed star of this year’s reform. For the first timeever, relevant changes have been introduced in this field, which had previously merelyadhered to general OECD principles. From January 1 2007, the burden of proof will

Ángel CallejaGarriguesMadrid

Spain

203

be shifted from the administration onto the taxpayer; strict documentationrequirements, expected to be in line with the EU Joint Transfer Pricing Forumconclusions, will be introduced, subject to automatic penalties for non-compliance.So-called secondary adjustments are also predicted. All these changes will allowmultinational enterprises with operations in Spain, including Spanish companieswhich already have widespread international presence in Latin America, Europe andAsia, to devote significant resources to analysis, validation and documentation tasks inthe future.

The new income tax law, notwithstanding its importance, will, in all likelihood, not bean 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 thisis probably a subject better suited to next edition’s article.

Spain


Spain

Ángel CallejaGarriguesHermosilla, 328001 MadridSpain

Tel: (34) 91 5145200Fax: (34) 91 3992408Email: [email protected]: www.garrigues.com

Ángel Calleja joined the Spanish tax practice of Arthur Andersen, now Garrigues, in1986, after obtaining degrees in Law and in Economy from Madrid’s UniversidadPontificia de Comillas – ICADE. He has been a partner since 1997.

Ángel is a specialist in international taxation and cross-border issues. He advises majormultinationals, 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 taxstructuring 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 frequentlyappointed as a speaker at conferences and seminars, both in Spain and abroad. Hecontributes to a variety of tax publications, and for the past 10 years has taughtinternational taxation at several Spanish business schools.

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Spain

Alex EscodaCuatrecasas

Paseo de Gracia 111 Velázquez, 6308008 Barcelona 28001 MadridSpain Spain

Tel: (34) 93 290 55 44 Tel: (34) 91 524 71 00Fax: (34) 93 290 55 55 Fax: (34) 91 524 71 24Email: [email protected]: www.cuatrecasas.com

Mr Escoda has extensive experience in international mergers and acquisitions, cross-border investments, international reorganizations, designing holding and financialstructures for international groups and planning international assets.

He has been a speaker and participant at numerous seminars on international taxationand has also written several articles on the topic.

He is co-chairman of the Tax Section of the International Bar Association (IBA) and isconsidered as leading individual tax lawyer by Chambers (2001-2007), European Legal 500(2002-2007), PLC Which Lawyer? (2007), International Tax Review (2005-2007), Who’sWho Legal (2002-2007) and European Legal Experts (2003-2007).


Spain

Ricardo GómezGarriguesHermosilla, 328001 MadridSpain

Tel: (34) 91 5145200Fax: (34) 91 3992408Email: [email protected]: www.garrigues.com

Ricardo Gómez graduated in 1981 in economics, business administration and in lawfrom Universidad Comercial of Deusto. He joined Arthur Andersen in 1982, and in1993 was promoted to partner of the tax advisory division. Since 1997 he has been apartner at Garrigues Abogados.

He specializes in counselling in the finance industry, multinational groups and inmergers and acquisitions.

His expertise includes group reorganizations and international deal structuring. He hasworked on management buyouts and leveraged buyouts, project financings, acquisitionsand product design for the banking industry. He is a frequent speaker at seminars andconferences on these matters in Spain and abroad. He has been a member of the editorialboard of two of the Recoletos Group financial newspapers (Expansión and ActualidadEconómica).

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Spain

José PalaciosGarriguesHermosilla, 328001 MadridSpain

Tel: (34) 91 514 52 00Fax: (34) 91 399 24 08Email: [email protected]: www.garrigues.com

José Palacios is a tax partner in Garrigues’ Madrid office. José graduated in law fromUniversidad Complutense de Madrid and has two master’s degrees in tax law fromInstituto 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, specializingin international tax planning. In 1986 he was temporarily transferred to the Brusselsoffice, where he specialized in EU law. He coordinates the international tax practice inSpain, and represents Garrigues on several international forums in the area ofinternational taxation.

He specializes in advising multinational groups, especially in the areas of international taxplanning, mergers, acquisitions and restructurings, transfer pricing, hospitality andleisure, agro-food industry and real estate.

José was named as one of the most highly regarded tax advisers in Europe in surveyspublished by Euromoney in December 1997, April 1999, January 2001, January 2003 andJanuary 2004, and the International Tax Review in September 1998 and June 2004, 2005and 2006, World Tax 2004, 2005 and 2006, and Tax Business 2004, 2005 and 2006, as wellas 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 FormaciónEmpresarial, a top Spanish business school.

He is co-author of the book Spain as a Platform for International Business Activity, awardedthe 1998 premio Círculo de Empresarios. He has participated in other specialist publications,including: The Handbook of International Taxation (first edition in 2001 and second editionin 2004) by the Tax Studies Institute; Studies on the Convention between Spain and the UnitedStates to Avoid Double Taxation (Gaceta Fiscal); and the International Tax Manual (secondedition 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 TheJournal of International Taxation, and coordinates Garrigues’ annual publication A Guide toBusiness in Spain published by the Spanish Ministry of Industry, Tourism and Trade.

He has also attended numerous tax specialization seminars and courses in Spain andabroad.


Spain

Antonio ValdiviaGarriguesAvda Diagonal 654, 1ºB08034 BarcelonaSpain

Tel: (34) 932533700Fax: (34) 932533790Email: [email protected]: www.garrigues.com

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 andfinancial 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 insurancesectors.

He works with large Spanish institutions in tax planning, coordinating teams of tax andlegal experts. Antonio frequently teaches taxation at ESADE and at various otherspecialized 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.

209

Spain

Felipe AlonsoBaker & McKenzie, Madrid

Luis BrionesBaker & McKenzie, Madrid

Ángel Calleja (see bio)Garrigues, Madrid

Miguel Cruz AmorósLandwell - PricewaterhouseCoopers, Madrid

Isidro del Saz CorderoRoca Junyent, Madrid

Alejandro Escoda Montal (see bio)Cuatrecasas, Barcelona

Rafael FusterUría Menéndez, Madrid

Rafael García LlanezaUría Menéndez, Madrid

Ricardo Gómez (see bio)Garrigues, Madrid

Jose Luis GonzaloErnst & Young, Madrid

Miguel KlingenbergFreshfields Bruckhaus Deringer, Madrid

Jesús López TelloUría Menéndez, Madrid

José Palacios (see bio)Garrigues, Madrid

Eduardo Ramírez MedinaCuatrecasas, Madrid

Gonzalo Rodés VilàRodés & Sala, Barcelona

Andrés Sánchez LópezCuatrecasas, Madrid

Antonio Valdivia (see bio)Garrigues, Barcelona


Sweden

Joachim AgrellDeloitte Rehnsgatan 11SE-113 79 StockholmSweden


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 aVAT lawyer at one of Sweden’s largest law firms. He was a member of the Swedish BarAssociation from 2003 to 2005, and in 2003, he was seconded to a large London-basedlaw firm.

Joachim has advised small and large companies, several listed on the stock exchange, incomplex VAT matters, M&A-related VAT issues, correspondence with the Tax Agencyetc. 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 onindirect taxes.

Joachim earned his LLM at the University of Uppsala in 1997 and is a member of theInternational Fiscal Association and FAR, the institute for the accountancy profession inSweden.

211

Sweden

Staffan EstbergErnst & Young Box 7850SE-103 99 StockholmSweden

Tel: (46) 8 520 59229Fax: (46) 8 520 51229Email: [email protected]: 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 employedby the Ministry of Finance, where for almost 10 years he was active with internationaltax questions within the legal department, especially tax treaty negotiations.

Before that Staffan was reporting and judging at the Administrative Court of Appealin Stockholm. Staffan has contributed as author to several publications and has alsopublished articles in Swedish as well as international professional literature. Twoongoing engagements are:

• Karnov (a commentary to Swedish laws) – responsible for the part dealing withinternational tax issues;

• Svensk skattetidning (a Swedish tax journal) – member of the editorial board.

Staffan specializes in international corporate taxation for corporations with globaloperations and focuses on capital market products.

Staffan has also been engaged in international reorganization and acquisitions as wellas in tax minimization studies.


Sweden

Ernst ForsbergPricewaterhouseCoopersÖhrlings PricewaterhouseCoopersSE-113 97 StockholmSweden

Tel: (46) 8 555 331 53Fax: (46) 8 5982 3156Email: [email protected]: www.pwc.com

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 andholds a Master of Laws from the University of Uppsala, 1977.

Ernst has been practicing for 25 years as a professional tax adviser and has extensiveexperience of Swedish and international corporate taxation working with Swedish andmultinational companies. Ernst joined PricewaterhouseCoopers in 1981 and became apartner 1986.

213

Sweden

Lennart StabergPricewaterhouseCoopersÖhrlings PricewaterhouseCoopersSE-113 97 StockholmSweden

Tel: (46) 8 555 33 169Fax: (46) 8 598 23 169Email: [email protected]: www.pwc.com

Lennart Staberg, who has a Master of Laws (LLM) degree from the University ofUppsala, joined PricewaterhouseCoopers in 1994. Before joining the firm, he wasassistant judge of the Administrative Court of Appeal in Gothenburg and also deputydirector with the National Council for Advance Tax Rulings. He has well over 15 yearsof experience from tax-related work.

Lennart, who is a tax partner, specializes in providing tax consultancy services to thefinancial sector in Sweden and abroad. He also has extensive experience of tax litigationand services in relation to the structuring of private equity funds.

Lennart’s principal clients are major Swedish companies and foreign companies withbusiness activities in Sweden.


Sweden

Joachim Agrell (see bio)Deloitte, Stockholm (see advert on inside front)

Bo AhlstrandKPMG Bohlins, Stockholm

Bill AndréassonAdvokatfirman Bill Andreasson, Stockholm

Staffan Estberg (see bio)Ernst & Young, Stockholm

Ernst Forsberg (see bio)PricewaterhouseCoopers, Stockholm

Lars JonssonLinklaters, Stockholm

Anders KöhlmarkKPMG Bohlins, Stockholm

Brita Munck-PerssonMannheimer Swartling, Stockholm

Peter NordquistMannheimer Swartling, Stockholm

Lennart Staberg (see bio)PricewaterhouseCoopers, Stockholm

Nils C Von KochKPMG Bohlins, Stockholm

215

Switzerland

Peter R AltenburgerAltenburger Attorneys at LawSeestrasse 39CH-8700 KüsnachtSwitzerland

Tel: (41) 44 914 88 88Fax: (41) 44 914 88 80Email: [email protected]: www.altenburger.ch

A founding member of Altenburger & Partners, Peter R Altenburger is specialized ininternational taxation and domestic corporate taxation, and has dealt extensively withtax matters relating to international corporate restructurings, mergers andacquisitions, international manufacturing and real estate entities. He co-founded thefirm in 1978 and became a partner in 1981. Before starting his legal practice, heworked 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 BarAssociation, a founding member of the tax chapter of the Swiss-American Chamber ofCommerce and a contributing member to the BNA Tax Management InternationalForum. He is on the executive committee of the MBL-HSG, an executivepostgraduate international business law programme at the University of St Gallen. Hewrites and speaks frequently on tax topics, an example of which is his contribution tothe BNA Tax Management Foreign Income Portfolio on Business Operations in Switzerland3rd edition (2007).

Mr Altenburger graduated from Zurich University in 1968, obtained a masters degreein comparative law from the University of Michigan in Ann Arbor, an MBA fromINSEAD, the European Institute of Business Administration in Fontainebleau, Franceand a Dr iur degree from the University of Basle.


Switzerland

Peter AthanasErnst & Young AGBleicherweg 21Post Office BoxCH-8022 ZürichSwitzerland

Tel: (41) 058 286 44 01Fax: (41) 058 286 30 05Email: [email protected]: www.ey.com/ch

Peter Athanas is Ernst & Young’s CEO for Switzerland. He is a member of the globalinternational tax services group of Ernst & Young and specializes in corporate nationaland international tax law, corporate finance/mergers and acquisitions, and cross-bordercorporate reorganizations and restructurings. He acts as external adviser to several largeSwiss 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 StGall and member of the board of directors at the Institute of Tax Law and Public Financeat the University of St Gall. In 1996 he was nominated general reporter to the IFA-Congress in Geneva. Peter Athanas is member of the board of the Swiss Institute ofCertified Accountants and Tax Consultants. He is co-editor and co-author of acommentary on Switzerland’s tax legislation and author of numerous publications onSwiss and international tax law. He is a frequent speaker at tax seminars and similar events.

Peter Athanas is married and has two children.

217

Switzerland

Maja Bauer-BalmelliPestalozzi Lachenal PatryLöwenstrasse 18001 ZürichSwitzerland

Tel: (41) 44 217 91 11Fax: (41) 44 217 92 17Email: [email protected]: www.plplaw.ch

Dr Bauer-Balmelli, a partner at Pestalozzi Lachenal Patry, specializes in corporate taxlaw, international taxation, mergers and acquisitions, corporate restructuring andbanking and financial market-related tax issues.

Maja Bauer-Balmelli graduated from University of St Gall (HSG) in 1984, wasadmitted as a certified tax expert in 1990 and earned a doctorate in law in 2000 withher thesis “The tax-claim safeguarding aspect of the federal withholding tax on incomefrom capital investments in Switzerland” from Zurich University. Before joiningPestalozzi 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 frequentspeaker at tax conferences and technical tax training seminars and has authored variousprofessional articles on international and corporate taxation, withholding taxes andstamp 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 servefor many years as a judge of the First Federal Tax Appeal Commission of the Cantonof Zurich and as a member of the board of the Swiss Tax Academy.


Switzerland

Walter H BossBlum Attorneys-at-LawUsteristrasse 148021 ZürichSwitzerland

Tel: (41) 43 443 8800Fax: (41) 43 443 8899Email: [email protected]: www.blumlegal.ch

Walter H Boss, a partner of Blum Attorneys-at-Law, practises domestic and internationaltax law and corporate law and has advised numerous Swiss and foreign clients with respectto corporate restructurings, mergers and acquisitions and new ventures.

Walter H Boss graduated from the University of Berne and New York UniversitySchool 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 andlater at a large Zurich firm, before joining Blum Attorneys-at-Law. He was a seniorcorrespondent of Tax Notes International and is a regular contributor to TaxManagement International Forum as well as co-author of a commentary on the US-Swiss 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 InternationalBar Association, the American Bar Association, the International Fiscal Associationand a member of the tax chapter board of the Swiss-American Chamber of Commerce.

219

Switzerland

Pierre-Olivier GehrigerKPMGBadenerstrasse 172CH-8026 ZurichSwitzerland

Tel: (41) 44 249 30 70Fax: (41) 44 249 31 30Email: [email protected]: www.kpmg.ch/tax

Pierre-Olivier Gehriger specializes in insurance taxation and advising foreign-ownedSwiss 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 ofthe Tax Chapter of the Swiss-American Chamber of Commerce.

Olivier has written and spoken frequently on several tax topics. Publications he haswritten include:

• “Internationale Steuerplanung mit Holdinggesellschaften, Finanzgesellschaften undCaptives”, 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.


Switzerland

Philip RobinsonErnst & Young AGBleicherweg 21Post Office BoxCH-8022 ZürichSwitzerland

Tel: (41) 058 286 31 97Fax: (41) 058 286 31 47Email: [email protected]: www.ey.com/ch

Dr Philip Robinson is Ernst & Young’s managing partner in tax for Switzerland and amember of the firm’s Swiss management committee. He is also the senior partner inthe Swiss indirect tax practice and actively involved in coordinating and deliveringhighly specialized tax services to Swiss and international clients.

Philip Robinson’s experience as a tax adviser covers most areas of taxation importantfor large corporations operating in an international environment, that is cross-borderplanning, transaction support, transfer pricing and indirect tax. In the area of valueadded 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 mastersdegree in business administration and economics from the University of St Gallen. Heis a certified Swiss tax expert and regularly publishes articles, acts as a seminar speakerand lectures at the University of Zurich. He is a member of the tax committee of theSwiss Fiduciary Chamber and of the executive board of the Swiss branch of theInternational Fiscal Association (IFA).

Philip Robinson is married and has one child.

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Switzerland

Pietro SansonettiSchellenberg Wittmer15bis, rue des AlpesPO Box CH-1211 Geneva 1Switzerland

Tel: (41) 22 707 8000Fax: (41) 22 707 8001Email: [email protected]: www.swlegal.ch

Pietro Sansonetti is a tax partner in the Geneva office of Schellenberg Wittmer. Hispractice focuses on domestic and international corporate tax matters, includingcomplex situations requiring discussions with tax authorities. He is also active onbehalf of individual clients, especially in tax issues related to partnerships and privateclients and in enforcement matters.

Mr Sansonetti is a former director of tax affairs (chief tax officer) at the Geneva TaxAuthority. He has also been chairman of the Swiss Examination Commission for TaxExperts. He joined Schellenberg Wittmer as a partner in 1999. Mr Sansonetti lecturesregularly at international and Swiss seminars sponsored by the IFA and various Swisstax and law societies, as well as at the Swiss Tax Academy (Tax Expert School). He haspublished 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 ofGeneva School of Law in 1982. He was admitted to the Geneva Bar in 1985 andbecame 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 withoffices in Zurich and Geneva offering the expertise and specialization of more than100 lawyers. The firm’s core practice areas are corporate/mergers and acquisitions,banking and finance, capital markets, tax, private capital/estate planning, and disputeresolution. Its corporate/mergers and acquisitions practice group, one of the largestand 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 iscomplemented by the firm’s litigation and arbitration practice group with extensiveexpertise in corporate and mergers and acquisition matters.


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 BöckliBöckli Bodmer & Partner, Basel

Walter H Boss (see bio)Blum Attorneys-at-Law, Zurich

Nico H BurkiBurki Attorneys-at-Law, Zurich

Yvon de CoulonDeloitte, Geneva (see advert on inside front)

Marcus DesaxPestalozzi Lachenal Patry, Zurich

Marco DussAltorfer Duss & Beilstein, Zurich

Pierre-Olivier Gehriger (see bio)KPMG, Zurich

Pierre GilliozGillioz Dorsaz & Associes, Geneva

Pierre Marie GlauserOberson & Partners, Geneva

Thomas GrafNiederer Kraft & Frey, Zurich

Carl HeggliBorel & Barbey, Geneva

Reto J KusterBratschi Emch Rechtsanwälte, Bern

Stephan NeidhardtPrager Dreifuss, Zurich

Markus NeuhausPricewaterhouseCoopers, Zurich

Xavier ObersonOberson & Partners, Geneva

Peter ReinarzBär & Karrer, Zurich

Peter RiedwegHomburger, Zurich

223

Switzerland

Philip Robinson (see bio)Ernst & Young, Zurich

Heini RuedisuehliLenz & Staehelin, Zurich

Pietro Sansonetti (see bio)Schellenberg Wittmer, Geneva

Eveline SaupperHomburger, Zurich

Henri TorrioneLenz & Staehelin, Geneva


United Kingdom

Chris AdamsDeloitte180 StrandLondon WC2R 1BLUK

Tel: (44) 20 7007 3763; (44) 7831 548106 (mobile)Fax: (44) 20 7007 3464Email: [email protected]: www.deloitte.co.uk

Chris Adams is an international tax partner based in London. He is the national directorof Deloitte’s transfer-pricing practice in the UK with his main concentration in globaland pan-European transfer pricing, primarily for US and European MNCs. Chris alsohas global responsibility within the Deloitte international tax service line for cross-border idea generation and dissemination and overall international tax knowledge.

Mr Adams has more than 20 years of international tax experience covering the gamut ofinternational and UK corporate tax issues. Over the last 10 years he has specialized intransfer pricing and is credited with founding Arthur Andersen’s UK and Europeantransfer-pricing practices. With a strong background in cross-border tax planning, Chrishas focused his transfer-pricing work in this area. His experience covers a wide range ofindustries, including extensive work in the technology, media and telecom sectors.

After gaining a doctorate at Cambridge University, Chris spent three years with theInland Revenue before joining a large accounting firm in 1984. He became a partner in1991 and joined Deloitte in 2002. He is a fellow of the Institute of CharteredAccountants.

Chris is a frequent speaker at conferences focusing on international tax planning issuesand transfer pricing. He is author of Global Transfer Pricing: Principles and Practice(LexisNexis, 2003) and contributes the annual chapters on transfer pricing to SimonsTaxes and Tolleys Tax Planning.

He served for several years as a member of the UK Chartered Institute of Taxation’sInternational Taxes Committee and is a member of the OECD BIAC Task Force onTransfer Pricing and Stock Options.

Chris is listed in the Guide to the World’s Leading Tax Advisers and the Guide to the World’sLeading Transfer Pricing Advisers surveys conducted by Legal Media Group and as aleading UK tax adviser in the International Tax Review survey.

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United Kingdom

Mark AtkinsonDeloitte180 StrandLondon WC2R 1BLUK


Mark Atkinson is a tax partner and leads the Deloitte & Touche UK transfer-pricinggroup. He has 12 years’ experience as a full-time UK transfer-pricing specialist. This hasincluded working both for the UK Inland Revenue international division as a seniorinvestigator on some of the division’s largest transfer-pricing cases and as a professionaladviser assisting clients in strategic planning, the preparation of transfer-pricingdocumentation and defending transfer prices from challenge by Revenue authorities. Hehas had experience with a wide variety of large European transfer-pricing planningprojects and works closely with clients and other tax and business consultants on aspectssuch as the implementation of commissionaire structures, securitizations and themovement of risks and intangibles to reflect business change. His clients have includedJapanese, 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 globaltransfer-pricing practice. The UK group consists of more than 50 specialists from avariety of international backgrounds, including economists, business analysts,accountants, revenue inspectors and industry experts. The senior members of thegroup (many of whom are listed in this publication) specialize in one or more of thefollowing areas: advance-pricing agreements and competent authority referrals,financial services, pharmaceuticals, telecommunications, business transformation andglobal earnings mobility, transfers of intangibles, and funding and thin-capitalization.

Mr Atkinson is co-author of International Transfer Pricing – A Practical Guide for FinanceDirectors, published by Financial Times Management, and is a frequent speaker atseminars. He is well known as a specialist in his field.


United Kingdom

Terry AwanDeloitteAthene Place66 Shoe LaneLondon EC4A 3BQUK


Terry Awan has been working as a tax professional for over 27 years, having joined theLondon 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 Chicagooffice of Arthur Andersen as part of an international exchange programme. He hasbeen a partner since 1985.

Terry serves a range of multinational clients, with particular focus on the private equityand consumer business sectors. He heads up the UK firm’s private equity industryteam 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 isa key figure with Deloitte’s leadership team.

227

United Kingdom

Richard A BoykinKPMG1-2 Dorset RiseLondon EC4V 8ENUK

Tel: (44) 20 7311 3379Fax: (44) 20 7311 2850Email: [email protected]: www.kpmg.com

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 inthe US and Europe, as a transfer pricing adviser.

Prior to assuming this role, Dr Boykin was Managing Principal of KPMG’s InternationalCorporate Services (ICS). ICS includes international tax, transfer pricing, valuations,trade and customs, and KPMG’s International Tax Centers of Excellence. He has alsomanaged the firm’s Global Transfer Pricing Services (GTPS) group. GTPS comprisesabout 300 economists, lawyers and tax and financial professionals located in variousKPMG offices in the United States, Europe, and Asia-Pacific.

Before joining KPMG, Dr Boykin worked for a large economic consulting firm wherehe provided consulting services and expert testimony on price, cost and labour marketissues, and managed the econometric modelling and forecasting efforts for keyproducts and engagements. He also taught graduate and undergraduate courses at theUniversity of Maryland, including microeconomics, macroeconomics, industrialorganization, time series statistical methods and strategic planning.

Dick’s experience in transfer pricing includes managing KPMG’s litigation supportefforts in several substantial inter-company pricing cases, dozens of transfer priceplanning and documentation projects, and the valuation of intangible assets in thefood, apparel, electronics, scientific instruments, hotel, restaurant and softwareindustries. He has written many articles on transfer pricing and is a frequent speakeron the subject and related issues.

Dr Boykin has a PhD in Economics from the University of Maryland, where he alsoobtained BSc and BA degrees (summa cum laude). He is a member of several professionalorganizations for economists.


United Kingdom

Andrew CasleyPricewaterhouseCoopers1 Embankment PlaceLondon WC2N 6RHUK


Andrew is a partner with the UK firm of PricewaterhouseCoopers LLP and is basedin London. He received an honours degree in economics from Bristol University in1987 and qualified as a chartered accountant in 1990. Originally an international taxspecialist, since qualifying he has worked in the firm’s offices in London, Budapest andAmsterdam where he dealt with transfer pricing issues as well as regular internationaltax work. On returning to London in 1995 he became a dedicated transfer pricingspecialist and has been working almost exclusively in this area ever since.

Andrew’s international experience covers both commercial and tax issues acrossEurope in a range of different industries. He has worked on a number of commercialrestructuring projects, acquisitions and privatization deals; he has managed large scaleinternational tax planning projects for a number of multinationals based in a range ofdifferent countries; and he has hands on experience of negotiating with the taxauthorities in the UK and abroad. Andrew focuses on both transfer pricing projectwork, including advance pricing agreements, and tax audit defence work.

Andrew is a regular contributor to a number of publications including the Tax PlanningInternational Review and the IBFD’s International Transfer Pricing Journal.

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United Kingdom

Annie DevoyPricewaterhouseCoopersSouthwark Towers32 London Bridge StreetLondon SE1 9SYUK


Annie is a partner with the UK firm of PricewaterhouseCoopers and is based inLondon. She has an MA in jurisprudence from Oxford University and qualified as achartered accountant in 1988. Annie, who has worked for the firm in London and NewYork, has an international tax background, specializing in transfer pricing for the last10 years. She has extensive experience across a wide range of sectors. Annie leads largeglobal transfer pricing planning assignments for multinationals, advance pricingagreement 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 anddefend their approach to transfer pricing. She advises on the effective and pragmaticimplementation of pricing strategies.

Annie speaks at conferences around the world on transfer pricing law and practice, andon the OECD’s pricing and branch profit attribution initiatives.


United Kingdom

Fred R GanderDewey BallantineOne London WallLondon EC2Y 5EZUK


Fred Gander is a member of Dewey Ballantine’s management committee. He specializesin international tax matters and is the managing partner of Dewey Ballantine’s Londonoffice. Mr Gander is a certified public accountant as well as a lawyer. He has beenresident in the firm’s London office since 1991, prior to which he was in the Washingtonoffice from 1986.

Mr Gander advises financial institutions and multinational corporations on the taxationof their cross-border transactions and business operations. In particular, he assists severalmultinational corporate groups in implementing cross-border structured financing andderivatives transactions; creating centralized treasury and foreign exchange managementcentres in Europe; developing tax-efficient profit repatriation strategies; and structuringcross-border reorganizations, joint ventures, mergers, dispositions and acquisitions.

Mr Gander also advises several multinational corporations with respect to a wide rangeof US international tax issues, including foreign tax credit utilization and planning, thesubpart F and passive foreign investment company rules, structuring US operations ofnon-US based groups, international tax treaty matters and the US taxation of complexfinancial products and hybrid instruments.

Mr Gander is a regular speaker at international tax conferences in Europe and theUnited States.

He obtained a BS in accounting at Georgetown University in 1981, and received his JDfrom Georgetown University Law Center in 1986.

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United Kingdom

Ron HaighDeloitte180 StrandLondon WC2R 1BLUK


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 competentauthority practice and a member of each of the International Direct Taxes sub-committee of the Confederation of British Industry, OECD’s Business and IndustryAdvisory Committee and of the Confederation Fiscale Europeenne. Ron is also businessco-chair of OECD’s Transfer Pricing Experts group. He features both in Legal MediaGroup’s 2001 and 2004 Guide to the World’s Leading Transfer Pricing Advisers and its 2002Guide to the World’s Leading Tax Advisers. He is a frequent speaker and published authoron international tax matters.

Before joining Deloitte & Touche in April 2001, Mr Haigh was the deputy director ofthe Inland Revenue’s international division, responsible for all business tax areas withan international dimension, including transfer pricing, international financial matters,residence issues relating to the corporate sector, Treasury consents under Section 765and the UK’s controlled foreign companies legislation. In this role, he was responsiblefor introducing major changes to the transfer-pricing and CFC legislation containedin the 1998 Finance Act and for the introduction in the 1999 Finance Act of thedomestic advanced-pricing agreement process.

During his years in the international division, Mr Haigh was the UK’s competentauthority for the purposes of its double-taxation agreements in the transfer-pricing areaand played a prominent role in the renegotiation of the UK’s double-taxation agreementwith the US. Additionally, until early 2001 and for eight years before that, he chaired theOECD’s Working Party and its Steering Group on the Taxation of MultinationalEnterprises. This group was responsible for producing the 1995 document, TransferPricing Guidelines for Multinational Enterprises and Tax Administrations and for thediscussion draft issued in February 2001 on the attribution of profits to permanentestablishments.

With a career spanning 40 years, including time with the Inland Revenue and privatepractice, Mr Haigh has had over 24 years’ international tax experience at the highestlevel. He now represents both UK and foreign-based multinational clients inoptimizing group structures, planning transactions with international implications,advising on advance-pricing agreements, and in building and conducting defencestrategies, including ensuring adequate transfer-pricing documentation. He alsoadvises on handling government contacts and specific negotiations – in particular,those between competent authorities under the mutual agreement procedure oftreaties and EU Arbitration Convention – and in lobbying for change.


United Kingdom

Steve HassonPricewaterhouseCoopers1 Embankment PlaceLondon WC2N 6RHUK


Steve Hasson is an international tax partner in the London office of Pricewaterhouse-Coopers. He has over 25 years’ experience in international taxation and is a nationally-recognized expert in his field of structuring and defending transfer pricing strategies. Hehas often been recognized as one of the leading transfer pricing advisers and was recentlyincluded in Euromoney’s Best of the Best.

Steve’s practice focuses on resolving transfer pricing controversies through directnegotiation with tax authorities, advance pricing agreements, litigation and the use ofdouble tax treaty procedures.

Steve has represented a wide range of clients and has successfully negotiated conclusionsto numerous complex transfer pricing disputes and competent authority matters in theUK. His recent cases include high-profile operations in the semiconductor and high-tech sectors.

In addition to his work with large corporate clients he has worked with a number ofgovernments and tax authorities in emerging markets to create a satisfactoryinvestment climate.

Steve ran his own specialist tax consultancy for a number of years before joining apredecessor 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 pricingtrends and issues.

Steve is a graduate in Business Economics and is a fellow of the Institute of CharteredAccountants in England and Wales.

233

United Kingdom

John HenshallDeloitte 180 StrandLondon WC2R 1BLUK

Tel: (44) 20 7007 3793; (44) 20 7778 266 206 (mobile)Fax: (44) 20 7007 4075Email: [email protected]: www.deloitte.co.uk

John Henshall is an international tax partner based in London, specializing in transferpricing and supply-chain reorganizations. His experience covers all aspects of cross-border planning, pricing, implementation, and tax audit defence.

Mr Henshall first engaged in business transformation work in 1991. More recently, hehas assisted companies in the FMCG, electronics, chemicals, financial, retail,biotechnology, defence, finance and medical industries in the development and/or taxaudit defence of their tax-optimized business structures.

Mr Henshall is a leading expert in the transfer pricing of intellectual property. Hisexperience covers brands, business names, trade marks, patents, know-how and mostother forms of intellectual property. His work in this field includes both planning (suchas migration from UK ownership and using franchise models to optimize group taxcharge) and defence (both of licence fees or of the absence of a licence fee) for largemultinationals.

Mr Henshall’s project work includes:

• acting as lead partner on feasibility, design and implementation of several supply-chain projects covering commissionaire, stripped buy-sell, contract and tollmanufacturing, 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 andaerospace sectors.

Training initially with the UK’s Inland Revenue, Mr Henshall went into privatepractice in 1988. He is published regularly in international tax journals and is soughtfor comment in articles concerning supply-chain reorganizations. Mr Henshallsubmits material to the OECD on the transfer pricing and permanent establishmentissues raised by these structures. He also lectures in the UK and Europe on transferpricing, intellectual property taxation and business transformations. Foreigngovernments (including the People’s Republic of China and the Islamic Republic ofIran) have consulted him regarding the modernization of their approach tointernational taxation.


United Kingdom

Andrew HickmanKPMG1 Puddle DockLondon EC4V 3PDUK


Andrew Hickman leads coordination of KPMG’s global transfer pricing resolutionnetwork, focusing on development, implementation, and documentation of transferpricing strategies, effective dispute resolution, elimination of double taxation throughcompetent authority/arbitration procedures, and managing transfer-pricing riskthrough advance-pricing agreements (APAs).

Before joining KPMG LLP (UK), he was responsible for introducing and managingHMRC’s APA programme. Andrew also acted as delegated competent authority fornegotiating with other tax administrations and seeking to eliminate under the mutualagreement procedure of tax treaties and under the European Arbitration Conventiondouble taxation arising from transfer pricing adjustments. He was UK delegate atOECD during the production of the influential OECD Transfer Pricing Guidelinesand contributed significantly to the drafting of the revised international consensus ontransfer pricing. He participates in the EU Joint Transfer Pricing Forum.

Leading the coordination of KPMG member firm colleagues internationally, he hasdirected responses to transfer pricing audits, participated in numerous APAs andcompetent authority negotiations and has obtained bilateral and unilateral APAs acrossa range of business sectors, including engineering, automotive, electronics,pharmaceuticals, chemicals, construction, high-tech, and financial. Countries involvedcover the UK, France, Ireland, The Netherlands, Belgium, Germany, Japan, US,Australia and Canada.

235

United Kingdom

Erica HowardKPMG1 Puddle DockLondon EC4V 3PDUK


Erica is a partner in the KPMG LLP’s (UK firm) London-based global transfer pricinggroup. After being recruited to the Inland Revenue in 1987 Erica trained as an inspectorof taxes and worked on a wide range of tax issues. In 1995 she joined the InlandRevenue’s international division and spent three years working as part of its transfer-pricing team.

While in the international division, Erica was involved in a number of transfer-pricinginvestigations into large multi-national enterprises. She was also responsible foradvising network inspectors on transfer-pricing issues, dealing with treaty clearanceapplications in respect of royalty payments to overseas associates, and writing andpresenting transfer-pricing training material.

Since her arrival at KPMG in 1998, Erica has provided a range of clients with transfer-pricing tax audit advice as well as providing tax input into economic reviews undertakenby the transfer-pricing group. Erica Howard has been involved in a wide range oftransfer-pricing assignments covering Inland Revenue inquiries, advance-pricingagreements, and preparation of documents to support international intragroup pricing.Ms Howard has also worked closely with clients who have licensed KPMG’s Interpretertransfer pricing software. The industries in which Ms Howard has specific experienceinclude the financial sector, industrial product manufacturing and distribution and retail.Her principal focus is on transfer pricing for financial sector clients. Erica is heading upthe KPMG in the UK group responsible for responding to the draft OECD papers onthe attribution of profits to permanent establishments.

Before embarking upon a career in tax, Erica worked as a research scientist for theUnited Kingdom Atomic Energy Authority.


United Kingdom

Charles G LubarMorgan, Lewis & Bockius LLP2 Gresham StreetLondon EC2V 7PEUK

Tel: (44) 20 7710 5531Fax: (44) 20 7710 5600Email: [email protected]: www.morganlewis.com

Charles G Lubar is the senior partner in the London office of Morgan Lewis. Hispractice focuses on all aspects of corporate and international taxation coveringinbound investment into the UK and the US and outbound investment from the USinto Europe. He also has had extensive experience in international estate planning,high-net-worth tax planning, and the international taxation of the entertainmentindustry. Over the years he has represented many well-known names in theentertainment industry including Michael Jackson, the Muppets, John Cleese, DuranDuran, Ivo Pogorelich, Erich Segal, John Barry, Jane Seymour and others.

Mr Lubar has been a frequent speaker at international tax conferences and hascontributed numerous articles to various legal and tax publications. He has recentlyretired after 13 years as president of the Yale Club of London and was, for 11 years, amember 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 hislaw degree from Harvard Law School in 1966, and an LLM in taxation fromGeorgetown Law Centre in 1967.

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United Kingdom

Ben ReganDeloitte180 StrandLondon WC2R 1BLUK

Tel: (44) 20 7007 0603; (44) 7740 246200 (mobile)Fax: (44) 20 7007 4075Email: [email protected]: www.deloitte.com

Ben Regan is a senior manager in Deloitte’s London transfer-pricing practice. WhileBen’s main specialization is in transfer pricing, he also has a broad background inprofessional 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’sparticular interest is in the development and application of financial and economicmodelling techniques for pricing complex transactions.

Ben is the co-author with Chris Adams (who is also listed in this publication) of thechapter on transfer pricing in Tolleys Tax Planning. He holds a doctorate from CambridgeUniversity.


United Kingdom

Chris RolfePricewaterhouseCoopers1 Embankment PlaceLondon WC2N 6RHUK


Chris has specialized in international corporate tax issues for over 25 years and hasadvised many corporations on a wide range of structuring and financing matters. Hisleading position in the professional world is evidenced by his listings in both The Guideto the World’s Leading Tax Advisers and The Guide to the World’s Leading Transfer PricingAdvisers since these annual publications began in 1998. In a special publication Best ofthe Best 2003, Chris was named as one of the top 25 transfer-pricing advisers worldwide.

As worldwide head of PricewaterhouseCoopers’ transfer-pricing services team, Chrisleads a multi-disciplinary team of lawyers, accountants and economists specializing intransfer-pricing issues. The team helps multinational companies to deal with the issuesthat arise from the ever-growing level of cross-border trade at a time when governmentsare establishing increasingly complex tax law to monitor transfer-pricing policies.

A regular speaker in professional conferences, Chris has, since 1993, editedInternational Transfer Pricing. The 2004 edition includes, in addition to a generaltreatment of transfer-pricing issues, detailed commentary on transfer-pricing mattersin over 40 countries.

Based with PricewaterhouseCoopers in London, Chris has travelled widely onbusiness and has extensive experience of working overseas, having spent several yearsbased in Brussels and then Paris.

Chris was recently appointed as one of the 10 business members of the Joint TransferPricing Forum established in 2002 by the European Union as part of its tax reformprogramme.

239

United Kingdom

John SheerPricewaterhouseCoopers1 Embankment PlaceLondon WC2N 6RHUK


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 internationaltax specialist. He has focused exclusively on transfer pricing since 1991. Since then hehas been one of the firm’s leading transfer-pricing partners and is listed in both The Guideto the World’s Leading Tax Advisers and The Guide to the World’s Leading Transfer PricingAdvisers.

John has extensive experience in all areas of transfer pricing, working with clients acrossa wide range of industries. He delivers value to his clients by matching their specificcommercial realities and needs with deep economic analysis and the practicalities ofdealing with Revenue authorities. Over the years John has had to tackle several missionimpossible problems in both the dispute resolution and planning areas. These challengeshave been overcome by applying a combination of creativity, determination and hardwork – not always in that order.

John is a regular presenter at transfer-pricing conferences and seminars.


United Kingdom

Eric TomsettDeloitte180 StrandLondon WC2R 1BLUK

Tel: (44) 20 7007 0899Fax: (44) 20 7007 0169Email: [email protected]: www.deloitte.co.uk

Eric Tomsett has been an international tax partner in the London office of the DeloitteTouche Tohmatsu member firm since 1983 and has more than 30 years’ experience intaxation. He is a fellow of the Institute of Chartered Accountants and a chartered taxadviser.

Mr Tomsett is engaged in planning international structures and cross-border mergers andacquisitions transactions for large multinational corporations based in Asia, Europe andthe US. He specializes in tax-efficient international financial structures, intellectualproperty tax planning, transfer pricing, thin capitalization and the taxation of electroniccommerce, and international telecommunication activities. Mr Tomsett is also engaged inplanning tax-efficient remuneration structures for international executives.

Mr Tomsett lectures extensively on international tax topics and has contributed manyarticles to publications dealing with international taxation and international investment.He is the general editor of the IBFD publication The International Guide to Mergers andAcquisitions, and has written the UK chapter of the IBFD publication EC Corporate TaxLaw, the UK chapter of the Widman/Mayer Commentary on Corporate Reorganisations, andthe chapter on offshore tax planning in Simon’s Tax Planning.

Mr Tomsett is a member of the general council of the International Fiscal Association, thechairman of the European branch of the Chartered Institute of Taxation and a memberof the Taxation Committee of the International Chamber of Commerce in the UK.

241

United Kingdom

Graham Aaronson QCPump Court Tax Chambers, London

Chris Adams (see bio)Deloitte, London (see advert on inside front)

Graham J AirsSlaughter and May, London

Mark Atkinson (see bio)Deloitte, London (see advert on inside front)

Terry Awan (see bio)Deloitte, London (see advert on inside front)

Philip Baker QCGray’s Inn Tax Chambers, London

Mark BaldwinMacfarlanes, London

Susan BallClyde & Co, London

Richard BallardFreshfields Bruckhaus Deringer, London

Tony BeareSlaughter and May, London

Richard A Boykin (see bio)KPMG, London

Guy BrannanLinklaters, London

Andrew BunchDeloitte, London (see advert on inside front)

Andrew Casley (see bio)PricewaterhouseCoopers, London

Murray ClaysonFreshfields Bruckhaus Deringer, London

Jonathan ConderMacfarlanes, London

Peter CussonsPricewaterhouseCoopers, London

Annie Devoy (see bio)PricewaterhouseCoopers, London

Alasdair F DouglasTravers Smith Braithwaite, London

James DuncanCleary Gottlieb Steen & Hamilton, London


United Kingdom

Steve EdgeSlaughter and May, London

Peter ElliottClifford Chance, London

Jonathan ElmanClifford Chance, London

Sarah FalkFreshfields Bruckhaus Deringer, London

Michael Flesch QCGray’s Inn Tax Chambers, London

Douglas FrenchClifford Chance, London

Malcolm Gammie QCOne Essex Court, London

Fred R Gander (see bio)Dewey Ballantine, London

John Gardiner QC11 New Square, London

Philip GershunyLovells, London

Heather GethingHerbert Smith, London

Julian GhoshPump Court Tax Chambers, London

Ashley GreenbankMacfarlanes, London

Ron Haigh (see bio)Deloitte, London (see advert on inside front)

Steve Hasson (see bio)PricewaterhouseCoopers, London

John Henshall (see bio)Deloitte, London (see advert on inside front)

Andrew Hickman (see bio)KPMG, London

John HobsterErnst & Young, London

Erica Howard (see bio)KPMG, London

Russell L JacobsMilbank Tweed Hadley & McCloy, London

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United Kingdom

Marc CW KlerksLoyens & Loeff, London

David LewisAllen & Overy, London

Charles G Lubar (see bio)Morgan Lewis & Bockius, London

Sara LuderSlaughter and May, London

James E MacLachlanBaker & McKenzie, London

Patrick MearsAllen & Overy, London

Nikhil MehtaCleary Gottlieb Steen & Hamilton, London

Philip MossOsborne Clarke, Bristol

Peter M NiasMcDermott Will Emery, London

John D PatonDavis Polk & Wardwell, London

Ben Regan (see bio)Deloitte, London (see advert on inside front)

Chris Rolfe (see bio)PricewaterhouseCoopers, London

Yash RupalLinklaters, London

David R RyderMcDermott Will Emery, London

Jonathan S Schwarz3 Temple Gardens Tax Chambers, London

John Sheer (see bio)PricewaterhouseCoopers, London

Richard StrattonTravers Smith Braithwaite, London

David TaylorFreshfields Bruckhaus Deringer, London

Stephen TaylorLinklaters, London

Eric Tomsett (see bio)Deloitte, London (see advert on inside front)


United Kingdom

Eelco van der StokFreshfields Bruckhaus Deringer, London

Jayne VaughanKPMG, London

John WatsonAshurst, London

Patrick WayGray’s Inn Tax Chambers, London

Peter Whiteman QCHollis Whiteman Chambers, London

245

A year in US international tax

The year 2006 saw the passage of the Tax IncreasePrevention and Reconciliation Act (TIPRA) and theintroduction of a slew of major tax regulatory changes andaccounting for income tax changes. The changes introducedand proposed reflect a trend towards heightened regulatoryscrutiny, pressure for transparency and accuracy in financialreporting, and more demanding compliance burdens, thecombination of which creates tremendous new pressures fortax and finance departments.

The news isn’t all bad, however. TIPRA provides for a three-year exclusion from Subpart F income for related partydividends, interest, rents and royalties, provided theunderlying 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) withoutcreating Subpart F income. However, Congress subsequently passed legislation(awaiting the President’s signature) to add the requirement that payments also not beattributable or properly allocable to the payor’s US effectively connected income.

The bulk of the year’s most significant developments, however, are at the regulatorylevel.

FIN 48The Financial Accounting Standards Board (FASB) issued new rules (known as FIN48) that radically change how companies account for uncertain income tax positions intheir financial statements. FIN 48, effective for tax years beginning after December 152006, changes the threshold that tax benefits must meet before they can be recognizedin a company’s financial statements. FIN 48 will substantially increase the disclosure/documentation burden on companies. The impact of FIN 48 in the internationalcontext, where uncertainty is often the norm, will be considerable and will result inmultinationals changing the amount of their reserves for tax liabilities.

Calculation of branch incomeThe IRS issued highly anticipated proposed regulations governing the translation ofincome of foreign branches, disregarded entities and partnerships, and the calculation ofgains/losses upon remittances from such entities where they carry out business in acurrency other than the taxpayer’s functional currency. The regulations completely alterthe prescribed approach of rules proposed in 1991, adopting a foreign exchange exposurepool method for computing exchange gains and losses on remittances, a method that willresult in more complexity and an increased compliance burden. The proposedregulations, however, generally provide favourable transition rules.

Interest deduction of foreign banksTemporary regulations were issued dealing with the determination of deductibleinterest expense of a US branch of a foreign bank. The regulations liberalize theelection in the branch profits tax rules to reduce US liabilities, so that the election canbe used to entirely eliminate branch profits tax liability in many instances.

Services regulationsFinal and temporary regulations were issued relating to the treatment of inter-companyservice transactions and the allocation of income from intangibles, as well as rulesrelating to stewardship expenses. The regulations replace 1968-era guidance, andinclude many changes to 2003 proposed regulations. A particularly negative effect is therestricted definition of stewardship costs, potentially increasing the expenses that willhave to be charged out. Although the intent of the rules is to reduce the documentationrequirement burden on taxpayers, they likely will have the opposite effect.

Dan LangeDeloitteMilwaukee

United States


Foreign tax creditFollowing an adverse decision of the Court of Federal Claims in the GuardianIndustries case, the IRS issued proposed regulations clarifying and amending thetechnical taxpayer rule, which determines who the taxpayer is with respect to foreignincome taxes and, therefore, which person is entitled to claim credits for such taxesunder US tax law. The proposed regulations would apply, in particular, to foreignconsolidated groups, hybrid entities and reverse hybrids.

Killer B transactionsThe IRS announced its intent to issue regulations that target perceived abuses ofcertain triangular reorganizations involving one or more foreign corporations. Knownas Killer B transactions, such reorganizations allow CFCs or US subsidiaries of foreignparent companies to repatriate earnings free from US tax to the parent company. Theregulations would put an end to Killer B transactions.

Allocation of foreign taxFinal regulations provide rules for properly allocating partnership expenditures forforeign taxes. The regulations generally adopt a safe harbour, under which partnershipallocations of foreign tax expenditures will be respected if they match the partnership’sallocation of underlying income. However, they also add many details and specific andcomplex rules.

Portfolio interestProposed regulations were issued on the exclusion from gross income of portfoliointerest paid to a non-resident foreign corporation or alien individual, clarifying howthe 10% shareholder test in the portfolio interest rules applies.

Tax sheltersThe IRS issued proposed amendments to the tax shelter disclosure regulations,including the creation of a new transactions of interest category of reportabletransactions. Current rules impose significant penalties on taxpayers and advisers whofail to disclose reportable transactions.

While none of the year’s developments could be described as radically altering the USinternational tax landscape, taken as a whole, they undeniably add to its complexityand mean that multinationals will need to modify certain international tax planningstrategies. 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 ofreducing the compliance burden.

United States

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United States

Melvin S AdessKPMG

303 E Wacker DriveChicago, IL 60601-5255US


Mel Adess is a partner in the federal tax practice and a member of KPMG’s Midwest taxleadership. He received his BS from Northwestern University with highest distinction in1966, majoring in accounting and economics, and passed the Illinois CPA exam inNovember 1966. While at Northwestern, Mr Adess was inducted into Phi Eta Sigma(Freshman National Honor Society), Beta Gamma Sigma (National Business HonorSociety) and Beta Alpha Psi (National Accounting Honor Society). He also won theHaskins and Sells Award in 1966 and the State Farm Exceptional Student Fellowship thesame 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 nineyears. His practice consists of foreign tax planning, inter-company transfer pricing, cross-border mergers and acquisitions, international joint ventures, contested tax matters, andexecutive compensation.

Mr Adess has taught various international tax and reorganization subjects atNorthwestern University Law School, DePaul Law School, and DePaul Graduate Schoolof Business. In addition, he has lectured frequently at various conferences including TheUniversity of Chicago Federal Income Tax Conference, Colorado Springs Tax Institute,Practising Law Institute, Illinois Institute on Continuing Legal Education, Chicago BarAssociation, World Trade Institute, Tax Executives Institute, International FiscalAssociation, the George Washington University/IRS Sixth Annual Institute on CurrentIssues in International Taxation, the American Conference Institute on Transfer Pricing,and numerous other groups. Mr Adess has also published articles on a variety of technicaltax subjects.

He served as a consultant to the American Law Institute on the International Aspects ofUS Income Taxation Project, which resulted in a number of important changes to theInternal Revenue Code made by the 1986 Tax Reform Bill. Mr Adess has been includedin The Best Lawyers in America and has been listed in the International Tax Review annualsurvey of leading tax advisers as among the top tax advisers in the central US.


United States

William J AmonDeloitte Tax LLPTwo California Plaza350 South Grand Avenue, Suite 200Los Angeles, CA 90071-3462US


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 tothe firm’s large multinational clients.

Mr Amon rejoined Deloitte & Touche in 1996 after 12 years as a partner at anotherBig Five firm. Mr Amon began his career in Silicon Valley serving high-technologyclients, where he earned a reputation for bringing aggressive and strategic tax servicesto his clients. Since rejoining Deloitte & Touche, Mr Amon has advised the firm’s mostprestigious 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 ofFortune 500 multinational clients. Mr Amon is a frequent speaker at firm-sponsoredseminars 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, includingAmerican and California Bar association events.

Mr Amon actively participates in his profession. He is a member of the California BarAssociation, the American Bar Association, and the American Institute of CertifiedPublic Accountants. He is also a sub-committee member of the American BarAssociation tax committee for affiliated corporations, a member of the EntertainmentTax Institute, and a member of the Los Angeles International Tax Forum. He wasrecently selected as one of North America’s Top Tax Advisers for 1998-2000 by theInternational Tax Review. Mr Amon attended the University of Santa Clara, where hereceived a BS degree, with honours, and a JD, with highest honours.

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United States

Lawrence M AxelrodDeloitte Tax LLP555 12th Street, NW, Suite 500 Washington, DC 20004-1207 US


Lawrence Axelrod is a tax services principal with the Washington national tax group ofDeloitte Tax. He directs Deloitte Tax’s consolidated return practice and serves as atechnical resource for practitioners and clients with problems concerning consolidatedreturns, corporate/shareholder relations and LLCs.

Lawrence also prepares comments on proposed regulations for Deloitte in his areas ofexpertise, conducts the annual consolidated return public seminar (since 1985), and is aninstructor for Deloitte Tax’s in-house consolidated return training program.

Previously, as an attorney/adviser with the Legislation and Regulations Division, Officeof Chief Counsel at the Internal Revenue Service, he was assigned to draftingconsolidated return regulations, bad debt reserves for thrift institutions, and investmenttax credits for movies (1977 to 1981). His professional activities include membership ofthe District of Columbia Bar; he is former chairman of the Committee on Affiliated andRelated Corporations, Tax Section of the American Bar Association and formerchairman of the Subcommittee on Consolidated Returns.

His publications include:

• “The Supreme Court, Consolidated Returns, and 10-year Carrybacks” 90 Tax Notes1383 (March 5, 2001), cited by the Supreme Court in United Dominion v. US, 121 SCt 1934 (2001);

• “Issues and Uncertainties in Consolidated AMT” 305 PLI/Tax 141 (1990), cited bythe 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).


United States

J Gregory BallentineThe Ballentine Barbera Group, A CRA InternationalCompany1201 F Street, NWSuite 700Washington, DC 20004-1204US

Tel: (1) 202 662 3800Email: [email protected]: www.ballentinebarbera.com

Dr J Gregory Ballentine is widely recognized as one of the foremost experts in theeconomics of taxation, transfer pricing and public finance. He is a vice-president atCRA International and leads the firm’s transfer pricing practice. With more than 20years of broad consulting experience, Dr Ballentine is well known for his extensivework in obtaining advance pricing agreements and on a wide range of internationaltransfer pricing issues and transactions across a variety of technology and traditionalindustries. He is a prominent economic litigation consultant for some of the leadinglaw firms in the United States, and has significant experience in presenting testimony,preparing expert witness reports and consulting on economic lines of argument relatedto 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 RiceUniversity.

Dr Ballentine was a co-founder of the transfer pricing consultancy The BallentineBarbera Group LLC, which was acquired by CRA International in May 2006.

CRA, a leading global provider of economic and financial expertise and managementconsulting services, offers a full range of transfer pricing services through TheBallentine Barbera Group, a CRA International Company.


United States

Herbert N BellerSutherland Asbill & Brennan LLP1275 Pennsylvania Avenue, NWWashington, DC 20004US

Tel: (1) 202 383 0120Fax: (1) 202 637 3593Email: [email protected]: www.sablaw.com

Herb Beller has practised federal tax law in Washington since 1969, with an emphasis oncorporate and other transactional tax planning, tax controversies, IRS national officerepresentations and exempt organization matters. He has significant experience with taxissues arising in connection with taxable and tax-free acquisitions, dispositions, spin-offsand other restructurings involving both domestic and foreign entities. In the taxcontroversy area, Mr Beller has negotiated settlements with IRS appeals officesthroughout the country and litigated cases at both the trial and appellate court levels. Inthe exempt organizations area, he has represented numerous private foundations, publiccharities and other non-profit entities on a broad range of planning and controversymatters.

Mr Beller is a frequent speaker at federal tax institutes, conferences and other taxprogrammes throughout the US. He has taught corporate tax courses at GeorgetownUniversity Law School and authored numerous articles on corporate tax and othersubjects. 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. Hepreviously served as a Tax Section vice-chair and council member, as section liaison to theAICPA, and as chair of the section’s committees on government submissions and closelyheld corporations. Mr Beller has also served as co-chair of the National Conference ofLawyers and CPAs, a regent of the American College of Tax Counsel and a trustee of theAmerican Tax Policy Institute. He is a fellow of the American Bar Foundation andpresident of the Tannenwald Foundation for Excellence in Tax Scholarship.

Following his graduation from Northwestern University School of Law, Mr Beller servedas a law clerk for Judge Theodore Tannenwald, Jr of the United States Tax Court. Also aCPA, he is listed in The Best Lawyers in America, Chambers USA, The International Who’sWho of Corporate Tax Lawyers and Euromoney’s US Best of the Best (tax).

253

United States

Henry J BirnkrantAlston & Bird LLPThe Atlantic Building 950 F Street, NWWashington, DC 20004-1404 US

Tel: (1) 202 756 3319 Fax: (1) 202 654 4929 Email: [email protected] Website: www.alston.com

Mr Birnkrant is a member of Alston & Bird and co-chairs its tax section. His practice isfocused on transfer-pricing matters and US taxation of various types of domestic andcross-border transactions.

Mr Birnkrant has resolved numerous transfer-pricing disputes with the IRS at theexamination and appeals levels. His practice has also included securing competentauthority relief from transfer-pricing adjustments initiated by both the IRS and foreigntax authorities. He helped to develop the APA programme by filing a request for an APAeight months before the IRS released the Revenue Procedure that created the APAprogram. He is at the forefront of helping multinationals secure innovative APAs thatsatisfy both their business objectives and the requirements of the tax authorities.

Mr Birnkrant also advises multinationals on minimizing the tax burden of cross-bordertransactions and operations. Examples of such matters include acquisitions anddispositions of US and foreign business operations, structures for the financing,development and ownership of intangible property, and reorganization of cross-borderbusiness operations.

Mr Birnkrant is chair of the competent authority subcommittee of the transfer-pricingcommittee of the ABA Tax Section, chair of the tax treaty subcommittee of the taxationcommittee of the United States Council for International Business, a member of theboard of advisers of the Journal of International Taxation, a member of the Thomson WestTax Advisory Board, a member of the Washington International Tax Study Group, aninvited participant in the OECD Transfer Pricing Experts advisory meetings, and amember of the American College of Tax Counsel.

He is co-author of A Practical Guide to US Transfer Pricing and author or co-author ofnumerous articles on cross-border taxation and transfer pricing. He is listed in the 11thedition of Who’s Who in American Law, the 19th edition of Who’s Who in the World, the2005 edition of Who’s Who in America, the 4th edition of Who’s Who of Emerging Leadersin America, Euromoney Legal Media Group’s Best of the Best 2005, Euromoney LegalMedia Group 2004 Guide to the World’s Leading Transfer Pricing Advisers, and the 11thedition of The Best Lawyers in America.

Mr Birnkrant is a Phi Beta Kappa graduate of the University of Rochester, from whichhe received his BA, magna cum laude, with high distinction in economics. He received hisJD from Columbia University School of Law and an LLM in taxation from New YorkUniversity School of Law. He is admitted to the District of Columbia Bar and the Barsof the US District Court for the District of Columbia, the US Court of Appeals for theDistrict of Columbia Circuit, the US Tax Court and the US Court of Federal Claims.


United States

Kimberly S BlanchardWeil, Gotshal & Manges LLP767 Fifth AvenueNew York, NY 10153US

Tel: (1) 212 310 8799Fax: (1) 212 310 8007Email: [email protected]: www.weil.com

Kim Blanchard is a partner in Weil Gotshal’s tax department whose practiceencompasses a variety of largely international transactions involving corporateacquisitions and mergers, internal restructurings, business formations and joint ventures.Ms Blanchard also advises domestic, foreign and multinational clients in connection withventure capital investment and fund formation, partnerships, real estate, executivecompensation and exempt organization issues.

Ms Blanchard has lectured and published extensively on topics ranging frominternational tax planning for US businesses to the special tax issues facing foreignpersons, pension plans and other exempt investors who invest in US private equitypartnerships and in US real estate.

Ms Blanchard is currently chair of the New York State Bar Association Tax Section. Asa member of the Tax Section since 1996, she has authored several reports and hasparticipated in the preparation of many others. She is also active with the AmericanBar Association’s international tax committees and is a member of both the Tax Forumand the Tax Review paper and discussion groups.

Ms Blanchard holds a JD from the New York University School of Law, an MS fromthe University of Wisconsin and a BA from Dartmouth College.

255

United States

David H BrockwayMcKee Nelson LLP1919 M Street NWSuite 200Washington, DC 20036US

Tel: (1) 202 775 4121Fax: (1) 202 775 8586Email: [email protected]: www.mckeenelson.com

Mr Brockway’s career has spanned more than 30 years and he has been engaged in anactive general business tax practice, concentrating on corporate acquisitions anddispositions, cross-border structured finance and asset-based finance transactions, andinternational tax planning.

Mr Brockway is a former chief of staff of the Joint Committee on Taxation of the USCongress, serving from 1983 to 1987. In that capacity, he had overall responsibility forthe activities of the staff in the formulation of congressional tax policy, legislative draftingand revenue estimating. He joined the joint committee staff in 1976 as a legislationattorney, 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. Hehas served as a member of the executive committee of the tax section of the New YorkState Bar Association, the advisory board of the American Tax Institute in Europe, theboard of directors of the National Foreign Trade Council, the advisory group for theAmerican Law Institute Project on Subchapter C, and as a consultant on the AmericanLaw Institute project on tax treaties.

In 1998, the Tax Society of New York University presented him with its award foroutstanding achievement. He has been selected for listing in various expert guides suchas the Euromoney Guide to Leading US Tax Lawyers, the Euromoney Guide to theWorld’s Leading Tax Lawyers, Who’s Who Legal, the International Who’s Who of CorporateTax Lawyers, and the Best of the Best Expert Guide.

Mr Brockway received his JD from Harvard Law School in 1971, and his BA fromCornell University in 1968. He was on active duty in the US Army from 1963 to 1966.


United States

Peter C CanellosWachtell, Lipton, Rosen & Katz51 West 52nd StreetNew York, NY 10019US

Tel: (1) 212 403 1241Fax: (1) 212 403 2241Email: [email protected]: www.wlrk.com

Peter C Canellos practises in the tax department of Wachtell Lipton Rosen & Katz. Heis responsible for the tax aspects of the corporate acquisitions, dispositions and financingsthat constitute the firm’s major practice areas. These large and complex transactionsfrequently involve multinational tax considerations.

After graduating from Columbia Law School in 1967, Mr Canellos clerked for thehonourable Judge Charles D Breitel of the New York Court of Appeals and was aFulbright scholar at the University of Amsterdam in the Netherlands. Mr Canellos hasserved as chairman of the New York State Bar Association Tax Section, and is afrequent writer and lecturer on tax matters. His published articles include“Contingency and the Debt/Equity Continuum” (with Deborah Paul, Journal ofFinancial Products, 2002); “A Tax Practitioner’s Perspective on Substance, Form andBusiness Purpose in Structuring Business Transactions and in Tax Shelters” (SMU LawReview, 2001); “Reasonable Expectations and the Taxation of Contingencies” (TaxLawyer, 1997); “Dividend Access Shares” (49th IFA Congress, Cannes, 1995); and“Corporate Inversions and Similar Transactions” (54th NYU Annual Institute on FederalTaxation, 1995). Mr Canellos served as general report on the subject of internationalmergers and acquisitions at the 2005 congress of the International Fiscal Association.

Mr Canellos is a graduate of Columbia University, where he earned his bachelor’sdegree summa cum laude and was elected to Phi Beta Kappa. He also attendedColumbia Law School, where he was editor-in-chief of Law Review, and received hisLLB magna cum laude.

257

United States

Richard A ClarkDeloitte Tax LLP555 12th Street, NWWashington, DC 20004-1207US


Dick Clark is a principal with Deloitte. He serves as co-leader of the firm’s UStransfer-pricing team and heads the transfer-pricing group in Washington, DC. He isa member of the firm’s global earnings mobility strategies (GEMS) team. Dick hasspecialized in transfer pricing during his 17 years with Deloitte and has been aprofessional economist for 30 years.

Dick assists multinational companies in developing inter-company pricing strategies fortax planning and provides economic expertise in APAs, tax audits and competentauthority proceedings involving tangible and intangible property transfers and services.

Dick served as an editor-in-chief and columnist for the Journal of Global TransferPricing and has published more than a dozen articles on transfer pricing. He has beena frequent speaker on transfer-pricing issues and has served as a guest lecturer at IRSinternal transfer-pricing training. He also has been recognized in Legal Media Group’sGuide to the World’s Leading Transfer Pricing Advisors. Recently, Dick testified in theSuperior Court of Ontario as an expert witness in transfer-pricing litigation involvingthe US/Canada cross-border transactions of one of the big-three automotivecompanies.

Dick holds a PhD in economics from Cornell University, an MPA from the Universityof Colorado, and a BA from Cornell University.


United States

N Jerold CohenSutherland Asbill & Brennan LLP999 Peachtree Street, NEAtlanta, GA 30309US


Jerry Cohen is a partner at Sutherland Asbill & Brennan, and represents a number of USand foreign clients in all aspects of domestic and international tax planning andcontroversy matters.

Mr Cohen has been involved in planning and structuring major corporate acquisitionsand dispositions. He has successfully litigated federal and state tax cases and has handlednumerous matters before the Internal Revenue Service, state revenue departments andthe Treasury Department. Mr Cohen has also handled legislative matters for clients, hastestified on a number of occasions before the two Congressional tax writing committeesand 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 theInternal Revenue Service, a position he held until 1981. That same year, he received theCommissioner’s Award for outstanding service to the Internal Revenue Service and theGeneral Counsel of the Treasury’s Award for outstanding service to the TreasuryDepartment. He is a former chair of the Internal Revenue Service Advisory Council, of theAmerican 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 pastmember of the Little Brown and Commerce Clearing House tax advisory boards. Heserved as a member of the board of advisers of the Internal Revenue Service’s continuingprofessional education programme, and as a member of the advisory group to the staff ofthe Senate Finance Committee on its Subchapter C Revision Act, and is now a memberof the American Law Institute and its tax advisory board. He has served as an adviser tothe institute’s Subchapter C Project, and a consultant to its Tax Integration Project. He isa member of the board of the American Tax Policy Institute.

Mr Cohen has published in the Journal of Taxation, The Tax Lawyer, Practicing LawInstitute publications, the journal of the American Bar Association publications and theNYU Tax Institute publications. He has spoken at numerous tax institutes such as theAmerican Law Institute, Practicing Law Institute, state bar and university tax programmes.

Mr Cohen’s appointments include: Internal Revenue Service advisory counsel (1979 to1981); chair, ABA Tax Section (1995 to 1996); chair elect, ABA Tax Section (1994 to1995); 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, CorporateStockholder Relationships Committee, ABA Section of Taxation (1977 to 1979); vice-chair, Committee on Taxation, ABA Section of Individual Rights and HumanResponsibilities (1976 to 1979); Adjunct Professor of Law, Emory University (1967 to1976); former chair and member of the board of regents, American College of TaxCounsel; board member, American Tax Policy Institute; former chair, InternationalRevenue Service Advisory Counsel; and member, board of trustees of The American TaxPolicy 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 GeorgiaSuper Lawyers, Guide to the World’s Leading Tax Advisers, An International Who’s Who ofCorporate Tax Lawyers, International Tax Review magazine’s Survey of North America’s TopTax Advisers, The National Law Journal’s List of Top Corporate Tax Lawyers, The Best Lawyersin 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 theHarvard Law Review.

259

United States

Robert T ColeAlston & Bird LLPThe Atlantic Building950 F Street, NW Washington DC 20004-1404US

Tel: (1) 202 756 3306Fax: (1) 202 654 4926Email: [email protected] Website: www.alston.com

Bob Cole is a member of the firm’s international tax practice group, of which he was thefounding chair, and concentrates his practice on transfer pricing, tax treaties and otherinternational tax issues for US business operations abroad and foreign businessoperations in the US.

Mr Cole served in the US Treasury from 1967 to 1973 and was appointed its firstinternational tax counsel in 1971. At the Treasury he negotiated tax and other treaties forthe US, developed the US competent authority procedure for resolving issues under taxtreaties, and led the development of the rules for the allocation of expenses in cross-border situations.

In his transfer pricing and general international tax practice he assists multinationals ina variety of contexts, including: representation in competent authority proceedingsunder tax treaties; representation in securing advance pricing agreements (APAs) fromthe IRS and from other countries; the development and contractual implementation ofworldwide transfer-pricing systems; advising on transfer-pricing issues in connectionwith mergers and acquisitions and spin-offs; advising and implementing cost sharingarrangements; advising on the self-compliance and documentation process needed toavoid transfer-pricing penalties in the US and other countries; counselling with respectto US and foreign tax audits; representation in other administrative dispute resolutionproceedings; 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 lawyersin the country, many of whom continue to work closely with him at Alston & Bird. Hehas developed close working arrangements with tax professionals and tax officials inother counties, enabling him and his colleagues to provide seamless representation oninternational transactions.

Mr Cole is the editor and principal author of Practical Guide to US Transfer Pricingpublished by Matthew Bender; a co-author of the Tax Management (BNA) Portfolio on“Income Tax Treaties – Administrative and Competent Authority Aspects”. He is listedin Who’s Who in America and similar publications.

Mr Cole received a LLB, magna cum laude, in 1956 from Harvard Law School where hewas an editor of the Harvard Law Review; a BS (Econ), in 1953 from the WhartonSchool; and an Academic Postgraduate Diploma in Law in 1959 from the LondonSchool of Economics. He is a member of the American College of Tax Counsel, theCouncil of the USA Branch of the International Fiscal Association; a past vice-chair ofthe Tax Committee of the National Foreign Trade Council and a member of the TaxSection of the American Bar Association.

He is admitted to practise in the District of Columbia (1972) and New York (1956).


United States

Peter J ConnorsOrrick, Herrington & Sutcliffe LLP666 Fifth Avenue New York, NY 10103US

Tel: (1) 212 506 5120Fax: (1) 212 501 5151Email: [email protected]: www.orrick.com

Peter Connors is a partner in the New York office of Orrick Herrington & Sutcliffe. Hispractice focuses on cross-border transactions, particularly those involving banks andinsurance companies. He also has extensive experience in related areas of tax law,including asset securitization, financial transactions, and corporate acquisitions. Heregularly represents issuers of complex financial instruments, derivative products andCDOs.

Mr Connors’ holds a number of leadership positions in the tax bar including:American Bar Association, Section of Taxation, member of council, 2005 to thepresent; chair, Government Submissions Committee, 1997 to 1999; chair, FinancialTransactions Committee, 1990 to 1992; member, Tax Shelter Task Force, 2005 to thepresent; International Fiscal Association, member of council, 2006 to the present;New York State Bar Association, executive committee, 2006 to the present; andAmerican College of Tax Counsel, fellow, 2002 to the present. In addition, he was therecipient of BNA Tax Management’s 2004 distinguished author award (foreign).

A prolific author, Mr Connors is a frequent lecturer for a variety of majororganizations, including the IFA, and has published over 100 articles and reports ontax planning subjects. He is a co-author of BNA TM Portfolio 543 (The Mark toMarket Rules of Section 475) and the author of BNA TM Portfolio 909-3d (TheBranch-Related Taxes of Section 884). He is the principal author of the New YorkState 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 fromthe University of Richmond, and a BA from Catholic University where he was amember 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.

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United States

Philip C CookAlston & Bird LLPOne Atlantic Center Washington office:1201 West Peachtree Street The Atlantic BuildingAtlanta, GA 30309-3424 950 F Stsreet, NWUS Washington, DC 20004-1404

USTel: (1) 404 881 7491Fax: (1) 404 881 7777 Tel: (1) 202 756 3300Email: [email protected]: www.alston.com

Philip Cook is deputy managing partner of Alston & Bird and practises in the Atlantaand Washington offices. He is a member of the Federal Income Tax Group andconcentrates his practice on federal tax and Erisa controversies.

Philip is a nationally prominent tax litigator with broad experience representing clientsin major disputes with the Internal Revenue Service – often taking the lead in litigatingrecurring industry issues. He has handled significant tax controversy matters for banksand other financial institutions and his clients include many of the best known financialinstitutions in America. Philip successfully represented clients in the telecommuni-cations industry in a major recurring industry tax issue for wireless communicationscompanies. He also has an active Erisa litigation practice representing plan sponsorsand corporate fiduciaries in Iitigation against the IRS, DOL, PBGC and private class-action plaintiffs.

Philip is a frequent speaker at national tax conferences and seminars and has publisheddozens of articles on a wide array of tax topics. He is a member of the board of editorsof Mergers and Acquisitions, the Monthly Tax Joumal and The Joumal of Taxation ofFinancial Institutions. He has served as chair of the Committee on Banking and SavingsInstitutions of the American Bar Association tax section, chair of the tax section of thestate Bar of Georgia, chair of the tax section of the Atlanta Bar Association, presidentof the Atlanta Tax Forum, and president of the Southern Employee BenefitsConference. He is also a fellow of the American College of Tax Counsel, and a memberof the American Law Institute. He is Iisted in The Best Lawyers in America and Guide tothe World’s Leading Tax Lawyers.

Philip led the Alston & Bird team that investigated Enron’s tax transactions as part ofthe examiner’s investigation. He testified before the Senate Finance Committee aboutthis investigation.

Philip has been active in management of the firm throughout his career. Prior to hisappointment as deputy managing partner in 2001, he served as the long-time leader ofthe 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 eachterm.

Philip received a JD, cum laude, from Harvard University and a BS, with honors, fromthe Georgia Institute of Technology. Prior to joining Alston & Bird in 1972, he servedas a law clerk to The Honorable Lewis R Morgan at the US Court of Appeals for theFifth Circuit. He is admitted to practice in the District of Columbia, Georgia.


United States

William DodgeDeloitte Tax LLP555 12th Street, NWWashington, DC 20004-1207US


William Dodge is a partner with Deloitte Tax, and director of the global and UStransfer-pricing team. He has worked in New York, London and Tokyo, where he servedmany of the firm’s largest US and non-US clients. His industry experience includes thepharmaceutical, chemical, telecommunications, automotive, electronic components andfinished goods, and consumer product sectors.

While in Tokyo, Mr Dodge worked extensively in transfer pricing, both with respect toJapanese companies investing in the United States and US and European corporationsoperating in Japan. Mr Dodge managed a special study carried out for a consortium ofJapanese trading companies and, following the study, prepared their submission forpublic hearings. He then represented them in private meetings with the IRS concerningUS 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 andadvance-pricing agreements. He managed a US-Japan competent-authority proceedinginvolving the use of secret comparables for an automotive industry company. Mr Dodgerecently managed an engagement in which the firm’s Washington and Tokyo transfer-pricing teams assisted an industry coalition of multinational companies in devisingdefence strategies against transfer-pricing audits by the tax authorities in Japan.

Before his Tokyo assignment, Mr Dodge was the partner in charge of the UScorporate tax group in the London office, where he was responsible for tax services tomany significant foreign-based multinationals investing in the United States.

Mr Dodge has been selected for inclusion in the 2002, 2004 and 2006 editions of theGuide to the World’s Leading Transfer Pricing Advisers, has been published inEuromoney’s International Tax Review, and was selected for the 2003, 2005 and 2007editions of the Guide to the World’s Leading Tax Advisers. Mr Dodge is a member ofthe BNA Tax Management board of advisers (transfer pricing) and a regular speaker atseminars. His publications in professional journals include: Kokusai Zeimu(International Taxation), Walganjose (The Korean Tax Monthly Journal), BNA’sTransfer Pricing Report, IBFD International Transfer Pricing Journal, Tax NotesInternational, BNA Tax Management Portfolio 891 (chapter 12 of Transfer Pricing:Records and Information), Transfer Pricing – An International Guide (InternationalTax Review), Journal of Taxation, and Intertax.

Mr Dodge holds a masters degree in accountancy (tax) from the University of Georgiaand a BA in accounting and history from Walsh College.

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United States

Maurice EmmerDeloitte Tax LLP225 W Santa Clara StSan Jose, CA 95113US


Maurice Emmer is a principal in the international tax practice of Deloitte. He is amember 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 mobilitystrategy (GEMS) practice and the tax-aligned supply chain (TASC) practice, and, assuch, assists multinational enterprises in identifying and implementing strategies forminimizing global taxation, principally in connection with intellectual property andbusiness 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 foreignmultinational organizations in tax matters, including substantial tax controversies. Hisclients are engaged in such diverse industries as retail, motor vehicles, motion pictureand other entertainment enterprises, computers and computer storage systems,semiconductors, software, e-commerce, consumer electronics, medical products anddevices, biotechnology and pharmaceuticals, natural resources, commercial real estatedevelopment, marine exploration, and venture capital. Mr Emmer has resolved manyimportant and sensitive tax controversy matters for clients.

In recent years, Mr Emmer has been selected by the International Tax Review as one ofthe most prominent tax advisers in the western United States. He is featured in theGuide to the World’s Leading Tax Advisers, appears in Strathmore’s Who’s Who in theUnited States, and has been selected as a life member of the National Registry of Who’sWho, published in the 1999 edition. Euromoney also has selected Mr Emmer for itsGuide 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 1969graduate (BS degree in accounting) of the Wharton School of Finance and Commerce,University of Pennsylvania.


United States

David L ForstFenwick & West LLPSilicon Valley Center801 California StreetMountain View, CA 94041US

Tel: (1) 650 335 7254Fax: (1) 650 938 5200Email: [email protected]: www.fenwick.com

David L Forst is included in Legal Media Group’s Guide to the World’s Leading TaxAdvisers and was named one of the top tax advisers in the western US by the InternationalTax Review.

Mr Forst’s practice focuses on international corporate and partnership taxation. He isan editor of and regular contributor to the Journal of Taxation, having published articleson, among other topics, international joint ventures, international tax aspects ofmergers 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 andspeaker at tax conferences, including the NYU Tax Institute, the Tax ExecutivesInstitute, and the International Fiscal Association.

Mr Forst received his JD, with distinction, from Stanford Law School, and his AB, cumlaude, Phil Beta Kappa, from Princeton University’s Woodrow Wilson School ofPublic and International Affairs.

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James P FullerFenwick & West LLP801 California StreetMountain View, CA 94041US


Mr Fuller was named a top tax adviser by Euromoney and International Tax Review. Healso 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. MrFuller is the author of a widely read monthly column in Tax Notes International. He alsoappears 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 circuitcourts of appeal, certain federal district courts, the United States Court of FederalClaims, 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 vCommissioner, __ 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 TC39 (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.


United States

Jennifer L FullerFenwick & West LLPSilicon Valley Center801 California StreetMountain View, CA 94041US


Jennifer L Fuller is a partner with the law firm of Fenwick & West, a law firmspecializing in high technology matters. Ms Fuller practises in the firm’s Mountain Viewoffice 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 USTax Lawyers, and Euromoney’s World’s Best Tax Lawyers and International Tax Review’s BestTax Advisors in North America. Ms Fuller has served as the Northern California Chair forthe California State Bar International Tax Committee. She has spoken at and chairednumerous seminars on international tax subjects. Articles Ms Fuller has written or co-authored have appeared in Tax Notes International magazine: “Rev. Rul. 97-48 and theRevocation of Rev. Rul. 75-7” (1997); and in Tax Notes magazine: “The ProposedSections 367(a) and (b) Regulations” (1991).

Ms Fuller is admitted to practise before several circuit courts of appeals, the United StatesTax Court, and the California Supreme Court. She is a member of the California Bar andis a California CPA. Ms Fuller received a BA in accounting from Whittier College andwas a Lowell Memorial Merit Scholar recipient. She obtained her JD from Loyola LawSchool and received an LLM in taxation from Georgetown University Law Center.

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United States

Jorge A GrossPricewaterhouseCoopers1441 Brickell Ave - 11th FloorMiami, FL 33131 US

Tel: (1) 305 381 7641 Fax: (1) 813 375 7168Email: [email protected] Website: www.pwc.com

Jorge A Gross is the partner in charge of the South Florida tax practice ofPricewaterhouseCoopers. In this role he is responsible for the management of the entireSouth Florida tax practice as well as partner in charge of PwC’s Latin American taxpractice (Latax) in the US.

With over 25 years’ experience, Mr Gross provides tax and business consulting servicesto many publicly traded and privately held companies in a number of industries. Hespecializes in international tax and business matters relating to Latin America and hasadvised 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 hereceived his BS degree in industrial management and engineering. He continued hisgraduate studies in accounting and finance at the University of Miami and was certifiedas a CPA by the State of Florida in 1973. He is a member of the American Institute ofCertified Public Accountants and the Florida Institute of Certified Public Accountants.

Mr Gross is a frequent speaker and author and has presented numerous lectures on LatinAmerican tax and business issues to such organizations as Insight, American ConferenceInstitute, The Counsel for International Tax Education, The Economist ConferenceSeries, The World Trade Institute, Comdex and Florida International University amongothers. Mr Gross is also an instructor in PricewaterhouseCoopers’ continuing educationprogrammes in matters relating to Latin American taxation.

He has written several articles published in such leading publications as the InternationalTax Review, The Tax Adviser, the Florida Bar Journal, Tax Notes International, PracticalLatin American Tax Strategies and others. He has been named five years in a row by theInternational Tax Review and by Mondaq Publications as one of the leading LatinAmerican tax advisers in the US. Legal Media Group has also named him for fourconsecutive years as one of the world’s leading tax advisers.


United States

Harry GutmanKPMG LLP2001 M Street NWWashington, DC 20036-3310US


Mr Gutman, a former chief of staff for the Joint Committee on Taxation, heads thefederal tax legislative and regulatory services group at Washington national tax. UnderMr Gutman’s leadership, the practice gives clients immediate notification about breakingdevelopments in tax legislation or federal tax regulations; coordinates the earlyidentification of specific client issues concerning legislation, regulations, rulings, andother administrative pronouncements; helps clients prioritize their responses toproposed legislation and regulations; provides insight and advice to clients inanticipation of possible legislative or regulatory changes and the impact of such changeson client tax planning techniques; represents clients in the legislative and regulatoryprocess; manages the formation of industry coalitions; and conducts roundtable briefingsand discussions.

As Joint Committee Chief of Staff from 1991 through 1993, Mr Gutman was theprimary non-partisan advisor to the House Ways and Means and Senate FinanceCommittees concerning the technical, economic and revenue aspects of tax legislation.Mr Gutman also served as deputy tax legislative counsel in the Treasury DepartmentOffice of Tax Policy. Throughout his career, Mr Gutman has counselled multinationalcorporations on various implications of tax legislative change. He represented clients inlegislative and administrative matters before the Congress, the Treasury Departmentand the Internal Revenue Service. Before joining KPMG LLP (US), Mr Gutman was apartner in the Washington DC office of a large international law firm.

Mr Gutman taught at the University of Pennsylvania and Virginia Law Schools. He hasserved as chairman of the Tax Policy and Government Relations Committees of the ABATax Section and has been a member of the board of advisors of the NYU/IRSContinuing Legal Education Program. He is a member of the tax advisory group of theAmerican Law Institute, the American College of Tax Counsel, the Taxation Committeeof the US Chamber of Commerce, and was a Trustee of the American Tax PolicyInstitute. He is frequently quoted on federal tax legislative matters by The Wall StreetJournal and The New York Times, as well as in the tax press.

Mr Gutman received his undergraduate degree from the Woodrow Wilson School ofPublic and International Affairs at Princeton University, a BA degree in Jurisprudencefrom University College, Oxford University and his LLB from Harvard Law School.

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United States

Steven D HarrisKPMG345 Park AvenueNew York, NY 10154-0102US

Tel: (1) 212 872 6718 (NY); (1) 202 533 3110 (DC); (1) 917) 406 4425 (mobile)

Fax: (1) 212 872 5576Email: [email protected]: www.kpmg.com

Steve Harris heads KPMG’s transfer-pricing practice for the eastern US, as well as thefirm’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 ona global basis and identifying and implementing strategies to manage such transfer-pricing risk.

Mr Harris provides strategic advice in transfer pricing planning, documentation andcontroversy resolution situations. His current clients represent a vast cross-section ofmultinational businesses, including companies in the consumer goods, industrialmachinery, pharmaceutical, telecommunications, automotive, electronics, semiconductorand technology sectors. He actively manages complex cases involving difficult substantiveand procedural issues through the APA and competent authority processes, resulting inelimination of double taxation.

Mr Harris came to KPMG from the IRS APA programme, where he served as branchchief and acting director. During his tenure, he also served as the APA coordinator forCanadian and Japanese cases. While with the IRS, Mr Harris established IRS policy onsubstantive transfer-pricing matters and managed a multidisciplinary staff of attorneys,accountants and economists. He participated in numerous bilateral APA discussions andnegotiations with tax authorities around the world to resolve transfer-pricing disputes. Hejoined 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 since2000, he has consistently been selected by International Tax Review as a leading tax andtransfer-pricing adviser. He is a member of the American Bar Association tax section’sTransfer Pricing Committee and the International Fiscal Association (IFA).

During his career, Mr Harris has been an attorney in private practice, an Appalachian-based oil field entrepreneur, a manager for a Texas-based multinational petroleumproducer, 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 inColumbus, Ohio. He received a BA degree from Bowling Green State University, andundertook additional studies at the University of Salzburg, Austria.


United States

Ronald B HarveyKPMG LLP345 Park AvenueNew York, NY 10154-0102US


Ron Harvey is an international tax partner in KPMG LLP (US)’s New York office. Heis also a member of the board of directors of KPMG LLP.

Mr Harvey is one of KPMG’s most experienced international tax partners. He hasassisted clients with a broad range of international tax planning initiatives, and is afrequent speaker on international tax and treasury matters. He served for three yearsas president of the International Tax Institute and is a member of the New YorkCouncil of the International Fiscal Association, the Wall Street Tax Association andthe Tax Committee of the National Foreign Trade Council. Mr Harvey served for twoyears in KPMG France’s Paris office.

Mr Harvey is a graduate of Florida State University, where he received a Bachelor ofScience degree in accounting and finance. He is a CPA in the state of Florida and is amember of the AICPA.

271

United States

Kenneth H HeitnerWeil, Gotshal & Manges LLP767 Fifth AvenueNew York, NY 10153US


Kenneth Heitner is a tax partner in the New York office of Weil Gotshal & Manges andco-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; AmericanBar Association, Tax Section; and the Association of the Bar of the City of New York. Heis a former member of the executive committee of the New York State Bar AssociationTax Section and formerly was the chairman of committees on reorganizations,corporations, practice and procedure and net operating losses of the New York State BarAssociation Tax Section. Mr Heitner is the past president of the Tax Club. He hasauthored articles for The Tax Lawyer and the Journal of Partnership Taxation. Mr Heitneris general counsel and a member of the board of trustees of the Central ParkConservancy.

Mr Heitner holds an LLM and a JD from New York University School of Law, and aBA from Rutgers University.


United States

Kai HielscherDeloitte Tax LLPc/o Deloitte, 111 S Wacker DriveChicago, IL 60101-6438US

Tel: (1) 312 486 9336 (o) / (1) 312 375 6336 (c)Fax: (1) 312 247 9336Email: [email protected]: www.deloitte.com

Kai Hielscher is in charge of Deloitte’s life sciences global industry practice in transferpricing, 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 Japanby the bi-annual Euromoney survey in 2000, as one of the World’s Leading TransferPricing Advisers for the US by Euromoney in 2002, 2004 and 2006, and as a HighlyRecommended Adviser for the US in the 2003 International Tax Review survey.

Building on his tri-cultural background, Dr Hielscher has worked as project leader oncomplex transfer-pricing projects for both North American and foreignmultinationals. He also serves as relationship leader for some of the organization’slargest clients. Examples of his recent projects include:

• transfer-pricing exam defence assistance in the US and various EU and Asiancountries;

• 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 inthe US, Asia and Europe at conferences sponsored by, among others, the AmericanBar Association (ABA), the Tax Executives Institute (TEI), Alliance for Tax, Legal andAccounting Seminars (Atlas), Council for International Tax Education (Cite), AICConferences (Great Britain), the International Chamber of Commerce (France), andDeloitte (US, Asia and Europe). His publications include articles in BNA’s TransferPricing 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 microeconomicsat both college and graduate-school levels.

As a result of his upbringing in Japan, Germany and the US, Dr Hierscher is tri-lingual at the native level in each of the three country languages. He holds a doctoratein economics from the University of Washington and conducted undergraduatestudies at the University of Tübingen, Germany.

273

United States

Nancy L IredalePaul, Hastings, Janofsky & Walker LLP

515 South Flower StreetLos Angeles, CA 90071US

Tel: (1) 213 683 6232Fax: (1) 213 627 0705Email: [email protected]: www.paulhastings.com

Nancy Iredale is a partner specializing in tax controversy in the international law firmof Paul Hastings Janofsky & Walker LLP. She has provided tax advice to internationaland domestic clients in all types of commercial transactions, focusing principally oninternational tax transactions. Among others, Ms Iredale has counseled numerousinternational and domestic clients on transfer-pricing issues, has handled IRS auditsrelating to transfer pricing, has negotiated advance pricing agreements, participated incompetent authority consideration, and has represented international clients in settlingand/or trying tax litigation involving transfer-pricing and other foreign and domesticissues. 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 Courtwhen she was invited to participate in the US Tax Court Judicial Conference. Over thelast few years, she has spoken at NYU’s prestigious Tax Controversies Conference andGeorgetown University’s Tax Litigation: Civil and Criminal. She is well acquainted withthe legal personnel at the top levels of the federal taxing authorities. She was appointedby the commissioner of the Internal Revenue Service to the Advisory Group for thecommissioner 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 BarAssociation Tax Section.

Ms Iredale graduated first in her class from the School of Foreign Service ofGeorgetown University, where she was elected to Phi Beta Kappa in her junior year. Shereceived her law degree from Yale Law School, where she published in the Review of Lawand Social Action and was a member of the Board of Governors of the Yale LegislativeServices. Beginning her tax career in Washington DC, she served as tax counsel toSenator William Brock on the Senate Finance Committee while the committee waswriting 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 lawyerin the state of California. Several years ago, she completed a term as the only womanpresident of the 107 year+ Jonathan Club. Recently, Ms Iredale was cited by the LosAngeles Business Journal as one of the most powerful woman in Los Angeles law and hasoften been a speaker on resolving controversies with the taxing authorities.


United States

Stephen M KadenacyKPMG LLPKPMG TowerSuite 2000, 355 S Grand AvenueLos Angeles, CA 90071-1568US


Mr Kadenacy is the partner-in-charge of KPMG’s economic and valuation services forthe west area, consisting of a team of professionals providing business valuation andtransfer-pricing services to KPMG’s clients in every major industry. Previously he hasbeen partner-in-charge of tax for the Pacific southwest area (2002 to 2005), and partner-in-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, NJoffice as a senior consultant, and joined the partnership in 2000. In 1997 he moved toLos 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 varietyof 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 well-developed technical knowledge, a dedication to client relationship building, and strongleadership skills.

His client experience includes:

• analysing the transfer-pricing policy of a $75 billion information technologycompany, including in-depth analysis of intellectual property associated with thecompany’s 26 divisions;

• assisting numerous entertainment companies with transfer-pricing policy anddocumentation, including working through complex intangible asset issues commonto this industry;

• preparing intellectual property valuations for numerous companies in a variety ofindustries;

• 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 beenrecognized by the International Tax Review as a leading global transfer-pricing adviser. Heis also on the board of trustees of the California Science Center in Los Angeles and amember 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 ofCalifornia, Los Angeles.

275

United States

John P KennedyDeloitte Tax LLP2 Hilton CourtParsippany, NJ 07078US


John P Kennedy is a partner in the northeast international tax services group and isbased in the Parsippany, New Jersey office. After starting his career in the Atlantaoffice, 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 globalclients in tax matters involving cross-border transaction planning, financing, internalrestructuring, repatriation of earnings, joint venture formation and supply chainoptimization. His principal clients are some of the world’s leading companies in thepharmaceutical, medical device, high-technology, and other intangibles-intensiveindustries.

John is a frequent speaker on mergers and acquisition topics and international taxplanning, 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 Collegeat the University of Michigan, of whose advisory board he is currently a member. He alsohas an MBA from Emory University. John is married and has two children.


United States

Kenneth H KralPricewaterhouseCoopers LLP300 Madison AvenueNew York, NY 10017US


Kenneth H Kral is a tax partner in the international tax services practice ofPricewaterhouseCoopers, New York. Before joining Price Waterhouse in 1986, Kenserved as the technical advisor to the associate chief counsel of the Internal RevenueService in Washington, DC. Ken specializes in providing international tax consultingservices to large multinational corporations with a particular emphasis on internationaltax planning both for inbound and outbound investments. Ken also has significantexperience in cross-border mergers and acquisitions. He is a frequent speaker oninternational tax issues and the taxation of mergers and acquisitions. He is a member ofthe American Bar Association, Tax Section, Committee on the Foreign Activities of USTaxpayers; International Fiscal Association; and American Institute of Certified PublicAccountants; and a director and past president of the International Tax Institute.

277

United States

Felix B LaughlinDewey Ballantine LLP1775 Pennsylvania Avenue NWWashington, DC 20006-4605US


A partner in the Washington DC office of Dewey Ballantine, Felix Laughlin advisescorporations on tax matters and handles large-case tax controversies before theInternal Revenue Service and the US federal courts.

For the past 30 years, Mr Laughlin has worked extensively as an advocate on behalf ofDewey Ballantine’s corporate clients in large-case tax disputes with the IRS. He hasbeen the lead tax controversy adviser for a number of large US corporations, and hashandled some of the most significant tax cases litigated in recent times. In addition, MrLaughlin has been retained by the International Monetary Fund as a consultant oninternational legal reform, and assisted the government of Indonesia in drafting newguidelines to facilitate mergers and acquisitions there.

He recently co-hosted (with Mark Allison) a continuing legal education programmeon the IRS’s current alternative dispute resolution programmes. His most recentpublished articles on tax-related topics are “Accounting Methods – Which Retroactive‘Corrections’ Require IRS Consent?” (56 ABA Tax Lawyer 103, 2002, with KathleenDale); and “The IRS Reorganization: Programs and Initiatives of the New Large CaseDivision” (53 Administrative Law Review 679, 2001, with Mark Allison).

Mr Laughlin became a partner at Dewey Ballantine in 1975. In the early 1970s, hepractised in Dewey Ballantine’s New York office, and in 1974, he opened the firm’sWashington DC office. Before joining Dewey Ballantine, Mr Laughlin served in severalsenior positions in the National Office of the Internal Revenue Service, where he hadpolicy 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 LawCenter in 1971, and a JD degree from the University of Tennessee College of Law in1967 where he was an editor of the Tennessee Law Review. He is a past chairman of theTax Section of the Federal Bar Association.


United States

Brian E LebowitzAlston & Bird LLPThe Atlantic Building950 F Street, NWWashington, DC 20004-1404US

Tel: (1) 202 756 3394Fax: (1) 202 654 4934Email: [email protected]: www.alston.com

Brian E Lebowitz is a member of the firm’s international tax group and its federal incometax group.

His practice over the past 25 years has been devoted primarily to representingcorporations in both international and domestic tax matters. He has extensive experiencein international transfer pricing (including the negotiation of advance pricingagreements), structuring business transactions of various types, the taxation of debtinstruments and other financial products, tax accounting issues, and tax valuations. Inaddition to helping clients conduct their business affairs intelligently in light of theirsurrounding tax environment, he assists them in improving that environment bynegotiating advance agreements or obtaining advance rulings that expand the areaswithin which they can operate with relative certainty. When controversies with the IRSor other tax administrators arise, Mr Lebowitz helps clients to resolve them. He alsoadvises both clients and colleagues on the application of economic analysis in tax andother legal matters.

Mr Lebowitz has published articles on a variety of subjects. His publications include “InSearch of the Perfect Code” (Legal Times, July 5 1999, at S25) and “Transfer Pricing andthe End of International Taxation” (84 Tax Notes 1523 (1999)). The latter article wasreprinted in a Tax Management Transfer Pricing Special Report (Nov 1 2000). Mr Lebowitzalso co-wrote with two economists “Using Tax Exempt Bonds to Finance ProfessionalSports Stadiums” (78 Tax Notes 1663 (1998)).

Mr Lebowitz received his JD in 1980 from Stanford Law School, where he was an articleeditor for the Stanford Law Review. He also received a PhD in economics in 1977, as wellas an M Phil in 1975 and an MA in 1974, from Yale University. He earned his BA, summacum laude, in 1972 from Amherst College and was elected to Phi Beta Kappa in his junioryear. After law school, he clerked for the Honourable Thomas Gibbs Gee of the USCourt of Appeals for the Fifth Circuit. Before joining Alston & Bird, he practised atCovington & Burling in Washington DC, where he was of counsel.

Mr Lebowitz is a member of the tax sections of both the American Bar Association andthe District of Columbia Bar Association and is admitted to practise before the USCourt of Appeals for the DC Circuit and the US Tax Court. He is a member of theNational Tax Association, the American Economic Association, the American Law andEconomics Association, the International Fiscal Association, and the Committee onTaxation of the US Council for International Business.

279

United States

Marc M LeveyBaker & McKenzie LLP805 Third AvenueNew York, NY 10022US


Marc Levey is a partner in the New York office of Baker & McKenzie. He has over 25years of experience in international taxation and is a nationally recognized expert in hisfield, particularly in structuring and defending transfer-pricing strategies. He hasfrequently been acknowledged by Legal Media Group as one of the world’s leading taxadvisors, and was included in the Best of the Best, global tax experts. Mr Levey has also beenrecognized in the Best Lawyers in America and in New York Magazine as among “The NewYork Area’s Best Lawyers.”

His practice focuses on transfer pricing and cross-border transactions and mergers andacquisitions; tax controversies and litigation; and general corporate, international andpartnership taxation, and multinational restructurings. Mr Levey previously served as atax attorney with the International Tax Ruling Group of the National Office of the IRSfrom 1975 to 1977. He acted as senior trial attorney with the Tax Division of the USDepartment of Justice from 1977 to 1981, was the special attorney to the Attorney-General of the US Department of Justice in 1982, and was formerly a partner in a big-five firm, where he headed the transfer-pricing practice for the greater metropolitan NewYork area and was member of the firm’s international task force. In addition, he was a taxpartner at a prominent New York-based law firm.

Mr Levey represents a wide range of clients in proceedings before the IRS and federalcourts 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 vCommissioner; Astra USA Inc v Commissioner; Saint Gobain Corporation et al v Commissioner;Frette SA v Commissioner; Andres Courrage Inc v Commissioner; Framatome Connectors USAv Commissioner; and El Paso Maquila Sales Inc v Commissioner. He has also successfullynegotiated conclusions to numerous IRS tax audits, appeals controversies, fast-trackappeals, competent authority matters and advance-pricing agreements.

He has been a featured speaker at numerous international tax seminars throughout theworld, such as Tax Executive Institute, Practicing Law Institute, International FiscalAssociation, International Tax Review, Canadian Tax Foundation, College Colegio deContadores 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 ofForeign Controlled Business, co-author of International Transfer Pricing OECD Guidelines,Warren Gorman Lamont treatises, the co-author of Transfer Pricing: Rules, Compliance andControversy, CCH Incorporated, and the co-author of “Transfer Pricing: AlternatePractical Strategies” 890 Tax Management Foreign Income Portfolios (2001). Mr Levey hasalso 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, TransferPricing Committee, and prior vice chairman of the Affiliated and Related Tax PartyCommittee, director of International Tax Institute Inc, and member of the advisory boardof numerous leading tax journals such as Journal of International Taxation, International TaxJournal 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 LawSchool (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 BarAssociation.


United States

Patricia Gimbel LewisCaplin & DrysdaleOne Thomas Circle, NWWashington, DC 20005US

Tel: (1) 202 862 5017Fax: (1) 202 429 3301Email: [email protected]: www.caplindrysdale.com

Patricia Gimbel Lewis is a member of Caplin & Drysdale, a 60-attorney law firm inWashington DC that focuses on tax matters. Ms Lewis’ practice centres on internationaltransfer-pricing issues, competent authority matters, and other aspects of internationaltaxation, including tax audits and other administrative controversies. A particularemphasis is the negotiation of advance pricing agreements (APAs) between taxpayers, theIRS, and foreign tax authorities. In this context, she has represented US subsidiaries oflarge 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 onInternational Taxation for 2000 and 2001 and serves on its advisory board. Recent articlesby Ms Lewis include:

• “Play It Again, Sam – The IRS (More or Less) Finishes the Section 482 ServicesRegulations” 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 ManagementInternational Journal (December 2003);

• “Option Wars: Upping the Ante for Cost Sharing Arrangements” Tax ManagementInternational 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 AnnualTransfer Pricing Forum, ABA Taxation Section, and Tax Executives Institute).

Ms Lewis received her law degree (JD cum laude) from Harvard Law School in 1971. Inthe same year she also received an MBA, with high distinction, from the HarvardUniversity 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 BarFoundation, and the American College of Employee Benefits Counsel. She served on theIRS Commissioner’s advisory group from 1994 through 1996. Ms Lewis co-chaired theDC 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 onmatters such as the section 482 regulations, advance pricing agreements, competentauthority procedures, cost-sharing agreements and penalties.

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United States

Jerome B LibinSutherland Asbill & Brennan LLP1275 Pennsylvania Avenue, NWWashington, DC 20004US


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 andinternational corporate taxation for a broad range of US and foreign clients. His principalareas of concentration are tax controversy, tax planning (including transfer pricing),corporate acquisitions, dispositions and restructurings, and financial transactionsinvolving domestic and/or international tax considerations. Mr Libin has successfullylitigated a number of important federal tax cases. He also handles constitutionalchallenges to state tax statutes.

Mr Libin has extensive experience in dealing with the Treasury Department in matterssuch as the revision of proposed regulations and the negotiation of tax treaty provisions.He has handled legislative matters involving presentations to the Congressional tax-writing committees and the Joint Committee on Taxation. As a consultant to theAmerican Law Institute International Tax Study Project, Mr Libin participated in thedevelopment of a number of international tax proposals that became part of the InternalRevenue Code of 1986. He has also served as an informal adviser to the staff of the SenateFinance Committee.

From 2001 to 2005, Mr Libin was president of the 10,000-member International FiscalAssociation (IFA), the largest professional organization in the world devoted exclusivelyto the study of international tax matters. He is currently a member of the executivecommittee of the US branch of IFA. Mr Libin has also served as a member of the councilof the Tax Section of the American Bar Association and as chair of its Special Committeeon Standing to Sue, Committee on Integration, Special Projects Committee andGlobalization Task Force. A past chair of the Taxation Division of the District ofColumbia Bar; he is also a fellow of the American College of Tax Counsel and a masterof the bench of the J Edgar Murdock American Inn of Court, the only inn of courtdealing with federal tax matters. He has been a professorial lecturer on advancedcorporate taxation at the George Washington University National Law Center. He is afrequent 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 TaxAdvisers, Chambers USA – America’s Leading Business Lawyers, Chambers Global – World’sLeading Lawyers, the International Tax Review World Tax Guide, and various otherpublications listing prominent tax practitioners.

Mr Libin graduated from University of Michigan Law School, where he was editor-in-chief of the Law Review. Before joining the firm in 1961, he served as a law clerk toAssociate Justice Charles E Whittaker of the United States Supreme Court.


United States

John B MageeMcKee Nelson LLP1919 M Street, NWSuite 200Washington, DC 20036US


Mr Magee focuses on tax controversy and international tax issues, including transferpricing. He has extensive experience in all aspects of income tax planning, InternalRevenue Service administrative proceedings, and tax litigation. Mr Magee has tried casesin 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 lawfirm Miller & Chevalier.

Mr Magee has spoken extensively in a variety of tax forums. He is an adjunct professorin the graduate tax programme of the Georgetown Law Center, teaching “InternationalTransfer Pricing: Theory vs Practice”.

Mr Magee received an LLM in taxation from the Georgetown University Law Centerin 1977 and a JD in 1972 from the University of Washington School of Law, where heserved on the law review and received the Order of the Coif distinction. He received aBA from Pomona College in 1966.

Mr Magee has been named one of the world’s leading practitioners in the field oftaxation by Chambers Global – The World’s Leading Lawyers for Business since 2001 andChambers USA – America’s Leading Lawyers for Business since 2002. He has been listedin The Best Lawyers in America for the past 10 years.

Representative cases in which Mr Magee has served as either lead counsel or aprincipal 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).

283

United States

Carlyn S McCaffreyWeil, Gotshal & Manges LLP767 Fifth AvenueNew York, NY 10153US


Carlyn McCaffrey is a partner and co-head of Weil Gotshal & Manges’ trusts andestates department and an adjunct professor of law at New York University School ofLaw and at the University of Miami School of Law. She received her LLB and herLLM from the New York University School of Law.

Mrs McCaffrey is a fellow and a past president of the American College of Trust & EstateCounsel, a fellow and regent of the American College of Tax Counsel and a member andpast 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 TrustSection of the American Bar Association, a current representative of the section on theJoint Editorial Board for Uniform Trusts and Estate Acts, the former chair of the section’sGeneration-Skipping Transfer Tax Committee, a member of the Tax Section of the NewYork State Bar Association and the co-chair of the section’s Estates and TrustsCommittees, a member of the advisory board of Tax Analysts, and a member of theadvisory committee of the University of Miami’s Philip E Heckerling Institute on EstatePlanning. She is a member of the New York Archdiocese Planned Gifts BequestsCommittee, a member and the secretary of the board of directors of the CatholicCommunal Fund, a member of the board of trustees of Blythedale Children’s Hospital, amember of the board of directors of the Breast Cancer Research Fund, the chair of theCentral Park Professional Advisory Committee, a member of The Metropolitan Museumof Art’s Professional Advisory Council, a member of The Museum of Modern Art’sPlanned Giving Advisory Committee, and a member of the Professional Advisors CouncilCommittee 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 isthe co-author of Structuring the Tax Consequences of Marriage and Divorce.


United States

William S McKeeMcKee Nelson LLP1919 M Street, NWSuite 200Washington, DC 20036US


Mr McKee is one of the founding partners of McKee Nelson. His practice encompassesall areas of federal taxation, with a special emphasis on partnership taxation.

Mr McKee served as tax legislative counsel at the US Treasury Department from 1981to 1983. He is a member of the American Law Institute, the American College of TaxCounsel, and the National Institute for Tax Professionals.

Mr McKee was a law professor at the University of Virginia School of Law from 1969to 1981. He also was a visiting professor in the graduate tax programme at the New YorkUniversity 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: Structuringand Drafting Agreements (Warren, Gorham & Lamont, 2nd edition, 1993). Mr McKee isa frequent speaker at seminars around the country on partnership taxation and haswritten 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 LawReview.

Mr McKee has been named one of the world’s leading practitioners in the field oftaxation by Chambers Global – America’s Leading Lawyers for Business since 2000 andChambers USA – America’s Leading Lawyers for Business since 2002. He has been listed inThe Best Lawyers in America for the past 20 years.

285

United States

Philip D MorrisonDeloitte Tax LLP555 Twelfth Street, NW, Suite 500Washington, DC 20004US


Philip D Morrison is a principal with Deloitte Tax in Washington DC. He leads Deloitte’sinternational tax quality control function. Mr Morrison has over 25 years of experience asa tax lawyer, with the last 17 years exclusively in international tax, including inbound andoutbound planning, treaty issues, transfer pricing and controversy work. He joinedDeloitte in 1999, and was previously a partner at Baker & McKenzie.

Mr Morrison provides tax planning and compliance advice to international taxpractitioners in Deloitte offices across the country and around the world, and to theirclients. As leader of the international tax quality function, he leads the committee thatdetermines the firm’s positions on US international tax questions. He also contributes tothe 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 thegovernment.

Mr Morrison served from 1989 to 1992 as the US Treasury’s international tax counsel, theUS government’s chief legal adviser on international tax matters (including internationaltax legislation and regulations), and chief negotiator of tax treaties and director of theOffice of International Tax Counsel. He also represented the US at the OECD and othermultilateral tax forums. Earlier in his career he served as counsel to the US SenateFinance Committee.

Mr Morrison is a member of the committee on US activities of foreigners and tax treatiesof the American Bar Association tax section, the tax committee of the National ForeignTrade Council, the International Fiscal Association, and two Washington-basedinternational tax study groups.

He is an honours graduate of the Harvard Law School, and graduated from PrincetonUniversity with high honours. He has spoken and published widely on variousinternational tax subjects.


United States

Clifford E Muller Sutherland Asbill & Brennan LLP 1275 Pennsylvania Avenue, NWWashington, DC 20004US


Cliff Muller practises exclusively in the area of federal tax law and concentratesprimarily on transactions with international tax implications.

Mr Muller’s practice focuses on analysing and structuring international transactions,including acquisitions, dispositions, reorganizations, transfer pricing, repatriationtechniques, currency transactions and finance company arrangements. He is experiencedin the taxation of financial transactions, including interest rate swaps, currency swaps,commodity swaps, debt offerings and hedging transactions. Mr Muller works regularlywith the Internal Revenue Service and Treasury Department regarding regulationprojects, formal rulings and informal advice and with Congressional Committee staffsregarding the technical operation of statutory and bill language.

Mr Muller is a member of the American Bar Association’s Committee on FinancialTransactions and was the committee chairman for the Subcommittee on InternationalFinancial Transactions. He is the author of numerous writings on international taxsubjects, including the BNA portfolio on Tax Aspects of Foreign Currency, and speaksfrequently before TEI, the American Conference Institute, the World Trade Instituteand other professional and trade associations. He was an associate professor of law atthe George Washington University National Law Center and taught a course entitled“Special Problems in Corporate Taxation”, which addressed the issues involved withtaxable 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 highhonours, and from Bucknell University, magna cum laude, in 1978.

287

United States

Dan MungerDeloitte Tax LLP111 S Wacker DriveChicago, IL 60606US

Tel: (1) 312 486 8930Fax: Email: [email protected]: www.deloitte.com

Daniel Munger, the leader of Deloitte Tax’s global strategies group, has more than 25years of tax and accounting experience. His focus is on strategic international taxplanning and consulting for multinational organizations in various matters, includingmergers and acquisitions, US and local county tax planning, foreign tax creditplanning, cash utilization strategies and transfer pricing.

The Global Strategies Group (GSG), a national practice within Deloitte & Touche USAled by Mr Munger, delivers comprehensive strategic planning to ensure long-termsustainable effective tax rate reduction. The GSG group has assisted many USmultinationals in designing integrated tax and treasury strategic plans and executingmulti-year strategies. The approach and methodology of the GSG practice has beensuccessfully 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 multinationalswhere project management and team coordination played a key role in successfulproject implementation. He has played a key role in various international think-tankefforts and has been a contributor to the development of creative solutions. He is afrequent lecturer on a variety of international topics and tax accounting matters withgroups 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 Instituteof Certified Public Accountants and the Illinois CPA Society. He has served theChicago civic and professional community for many years.


United States

Mark NehorayDeloitte Tax LLP350 South Grand Avenue, Suite 200Los Angeles, CA 90071US

Tel: (1) 213 688 4104Email: [email protected] Website: www.deloitte.com

Mark Nehoray is a senior partner in the Los Angeles office of Deloitte and the partner-in-charge of transfer pricing services for the Pacific Southwest.

He has been consistently recognized by International Tax Review as one of the leadingtransfer pricing advisers in the United States and by Euromoney Legal Media Group asone 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 withmultinational clients on cross-border transactions, assists multinational companies withtransfer pricing studies, and consults with clients on restructuring foreign royalties andother foreign income streams. Mr Nehoray led the team that successfully negotiatedMexico’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 studiesin a variety of industry sectors. These projects have included both defensive work withrespect to on-going IRS audits and competent authority assistance, as well as planningstudies and APAs. Some of these projects have involved the restructuring of a UScompany to minimize US federal, state and foreign income taxes, and US and foreigncustoms 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’sTransfer Pricing Dbriefs, a monthly Internet programme. He is a frequent speaker atUS transfer pricing conferences sponsored by CITE, Tax Executives Institute, andCalifornia Society of CPAs. He has also served as a transfer-pricing instructor at thefirm’s various national and international tax training programs and has authoredseveral articles and publications on transfer pricing and tax strategy.

He has a bachelor’s degree in business administration from the University of SouthernCalifornia and a master’s degree in business taxation from the University of SouthernCalifornia.

289

United States

William F NelsonMcKee Nelson LLP1919 M Street, NWSuite 200Washington, DC 20036US


Mr Nelson is a co-founder of McKee Nelson. His practice encompasses all areas offederal taxation, with a special emphasis on partnership taxation and tax controversymatters.

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: Structuringand Drafting Agreements (Warren, Gorham & Lamont, 2nd edition, 1993). Mr Nelsonhas written articles on tax law for numerous journals and institutes. Mr Nelson is afrequent lecturer at various tax institutes.

Mr Nelson received a JD from the University of Virginia School of Law in 1972, wherehe was editor-in-chief of the Virginia Law Review and was named to the Order of theCoif. 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 oftaxation by Chambers Global – America’s Leading Lawyers for Business since 2001 andChambers USA – America’s Leading Lawyers for Business since 2002. He has been listed inThe Best Lawyers in America for the past 10 years.


United States

Andrew C Newman Deloitte Tax LLP111 South Wacker DriveChicago, IL 60606-4301US


Andrew Newman specializes in international tax matters of multinational companies,and is a member of Deloitte’s international tax service line. He serves US multinationalclients in a variety of industries, including specialty chemicals, manufacturing, foodprocessing and distribution, and franchising. As an active member of Deloitte’sworldwide network, he has performed numerous global tax studies for multinationalcompanies with the purpose of reducing their worldwide effective tax rate. Mr Newmanhas been intimately involved in the development of a new approach to managing theeffective tax rate of a global company and optimizing its use of offshore cash, and hassuccessfully implemented these so-called Global ST2EPS principles for many US-basedmultinational companies.

Mr Newman was recently recognized in a leading international survey of tax advisersas the leading international tax service professional in the central region of the US.The study, conducted by the prestigious International Tax Review, gathers and assessesfeedback on accounting and law firm tax advisers from 2,000 in-house tax experts andCFOs at leading companies and financial institutions throughout North America.

Mr Newman has published numerous articles on international tax matters in suchmagazines as The Tax Executive, Investment USA and The International Tax ManagementJournal. He has co-written BNA Portfolios on international tax topics, includingAllocation and Apportionment of Expenses – Reg §1.861-8 and Foreign Corporation Earningand Profits. He has addressed various tax groups, including the Chicago Tax Club, theTax Executives Institute, and the National Chamber Foundation on international taxmatters. He is a member of the International Fiscal Association, the Chicago Councilon Foreign Relations, the AICPA and the Illinois CPA Society.

Mr Newman graduated from the University of Wisconsin-Madison with a bachelor ofbusiness administration degree in 1980. He joined Arthur Andersen in July 1980, waspromoted to manager in July 1984 and partner in September 1990. In 1985, he spentthe year with the international tax specialty group in Arthur Andersen’s office offederal tax services in Washington DC. In May 2002, Mr Newman joined the Chicagooffice of Deloitte as a partner.

291

United States

David Z NirenbergMcKee Nelson LLPOne Battery Park Plaza34th FloorNew York, NY 10004US


David Nirenberg’s practice focuses on tax work related to structured finance andderivative products. He has played a significant role in the structuring of a wide varietyof innovative financial products in both domestic and cross-border markets.

Mr Nirenberg has written and lectured extensively in the area of financial products. Heis 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, revised1994; and

• Covered Bonds – a global taxation perspective, The Euromoney Corporate TaxHandbook 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 aHarlan Fiske Stone Scholar. He received his MBA with honours from Boston UniversityGraduate School of Management in 1985 and a BS from Cornell University in 1981.


United States

Edwin L NorrisSidley Austin LLP

555 West Fifth StreetLos Angeles, CA 90013US

Tel: (1) 213 896 6026Fax: (1) 213 896 6600Email: [email protected]: www.sidley.com

Edwin L Norris is the partner in charge of the tax group in the Los Angeles office. Hepractises primarily in the areas of federal and state business taxation and entertainmentventures, focusing on the planning and implementation of complicated, tax-intensivetransactions. He also handles complex tax controversies.

Mr Norris has extensive experience in resolving the complex tax issues presented by largebusiness transactions, especially transactions involving acquisitions and dispositions andinternational joint ventures and investments (both inbound and outbound).

Mr Norris has been heavily involved in international transactions for nearly 30 years. Forthe past 15 years, he has represented a major motion picture studio as its principal outsidetax counsel, advising the studio in connection with a variety of domestic and internationaljoint ventures, film financing transactions, acquisitions and dispositions. Recently, MrNorris has been the studio’s outside counsel principally responsible for the design andimplementation of a complex international joint venture for the production of up to $5billion of theatrical motion pictures.

Mr Norris has also represented a number of other clients on a variety of transactions. Hisrecent projects include a large film securitization transaction on behalf of a majorinvestment bank and many other types of acquisition, film financing and joint venturetransactions.

Mr Norris is a member of the Tax Section of the American Bar Association. He serves onthe Tax Section’s Committee on Foreign Activities of United States Taxpayers and servedas chairman of the subcommittee on the anti-conduit regulations. In that capacity, he wasco-author of the American Bar Association Tax Section’s formal comments in 1995 on theproposed anti-conduit regulations. Mr Norris has lectured on a variety of federal and statetax matters, has authored numerous tax articles and has taught a law school course oninternational business transactions. Mr Norris spoke in January 1999 on “Tax Aspects ofFilm Company Acquisitions” at the 51st Annual Institute on Federal Taxation sponsoredby the University of Southern California School of Law

Mr Norris graduated from New York University School of Law (LLM in taxation) in1978, from Yale Law School (JD) in 1972, and from Duke University (BA) in 1968. Headmitted to practise in California (1987), New York (1973), Oklahoma, and at the US TaxCourt.

293

United States

Amin NosratDeloitte Tax LLP

333 Clay Street, Suite 2300Houston, TX 77002US


Amin Nosrat is an international tax partner serving multinational corporations in a varietyof industries, including energy (upstream, midstream and downstream, and powergeneration and transmission), oil field services, manufacturing and distribution, wasteservices and real estate.

Since he began practising in 1984, Amin has advised clients in all areas of outboundinternational taxation including acquisition and disposition planning, initial structuringfor new country investments, tax-efficient financing structures, foreign tax credit planningincluding expense apportionment and overall foreign loss planning, earnings and profitscomputations, transfer pricing and repatriation strategies. Amin also has extensiveexperience 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 Houstoninternational tax practice. He has extensive experience with domestic corporate tax issuesincluding accounting methods and inventories, entity structuring and restructuring froma 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 Forumof Houston, and is a frequent lecturer at internal and external international tax seminarsand conferences. In 2004 and 2005, Amin was recognized as one of Houston’s leadinginternational tax practitioners in cross-border structuring by the Legal Media Group’sInternational Tax Journal.

Amin received his BBA (magna cum laude) from Baylor University and is a certified publicaccountant.


United States

James M O’BrienBaker & McKenzie LLP130 E Randolph Drive, Suite 3700Chicago, IL 60601US

Tel: (1) 312 861 8602Fax: (1) 312 616 7345 Email: [email protected]: www.bakernet.com

James M O’Brien is a partner in the Chicago office of Baker & McKenzie. The firm hasover 150 tax attorneys in North America and over 500 tax attorneys globally. Mr O’Brienjoined Baker & McKenzie upon graduating from law school in 1981. He became apartner in 1988. Between 1999 and 2002, he served as chair of Baker & Mckenzie’sNorth American tax practice group. He currently serves as chair of its Tax Controversysub-practice.

Since 1981, Mr O’Brien’s practice has focused on federal tax controversies, internationaltax planning and transfer pricing. Representing clients in disputes with the IRS orforeign tax authorities makes up the majority of his practice.

Mr O’Brien’s tax litigation experience has concentrated on large tax (so-calledcoordinated industry case or CIC) controversies on behalf of US and foreignmultinationals with the IRS. His litigation experience covers diverse US tax issues,including satisfaction of the subpart F manufacture or production test; the eligibility ofcomputer software masters and germplasm for FSC benefits; deductibility of hostiletakeover 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 litigatedissues often involve high profile subjects (for example tax consequences of the Bhopal gasdisaster) or issues designated for litigation by the IRS.

He has litigated to opinion several inter-company pricing cases, including Eli Lilly & Cov. Commissioner 84 TC 996 (1985), rev’d in part, aff’d in part, and rem’d, 856 F2d 855 (7thCir 1988); Sundstrand Corporation v Commissioner 96 TC 226 (1991); The Perkin-ElmerCorp v Commissioner 66 TCM (CCH) 634 (1993); and Compaq Computer Corporation vCommissioner 78 TCM (CCH) 20 (1999). In 2002, Mr O’Brien successfully arguedbefore the Ninth Circuit that export licences of computer software masters qualified forFSC tax benefits, thereby ending a two-decade battle between the IRS and the softwareindustry over the scope of the FSC statute and regulations: Microsoft Corp. vCommissioner, 311 F.3d 1178 (9th Cir 2002).

Mr O’Brien has represented numerous clients in IRS audit, appeals, competent authorityand APA proceedings for the past 25 years. Given Baker & McKenzie’s broad networkof foreign offices, he often has worked closely with the firm’s foreign tax lawyers ondouble tax cases arising from transfer-pricing or business profits adjustments proposedby the IRS or a foreign tax authority.

Mr O’Brien is the lead author of a 600-page international tax treatise, US CorporationsDoing Business Abroad (RIA). He has published a number of articles in US, Japanese andEuropean 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 AidSociety and was invited to join the Harvard Law Review.

295

United States

Jeffrey O’DonnellDeloitte Tax LLP555 Twelfth St, NW, Suite 500Washington, DC 20004US


Jeffrey O’Donnell is an active member of the Washington international tax servicesgroup. He has extensive experience in, and his practice concentrates on, the internationaltax aspects of cross-border tax planning, joint ventures, financial products and derivativesand cross-border mergers, acquisitions and restructurings.

Mr O’Donnell specializes in the development and implementation of business strategiesto reduce the tax inefficiencies faced by the largest US- and foreign-based multinationalcorporations in their conduct of global business operations, including global taxminimization and tax-efficient financing and repatriation. He is a frequent speaker andauthor of articles addressing international tax issues.

Mr O’Donnell graduated with honours from Harvard Law School, and has a mastersdegree in international management from the American Graduate School ofInternational Management and a BS degree, with honours, from Miami University.


United States

Joseph M PariDewey Ballantine LLP1775 Pennsylvania Avenue, NWWashington, DC 20006-4605US


Joseph M Pari is a partner in the Washington DC office of Dewey Ballantine. Hispractice relates to the federal income taxation of mergers, acquisitions, spin-offs, otherdivisive strategies, restructurings, bankruptcy and non-bankruptcy workouts, acquisitionfinancing, and the use of pass-through entities in acquisitive and divisive transactions,with a particular emphasis on corporate tax planning, the utilization of net operatinglosses and other tax attributes, and consolidated return matters.

Joe is the former council director for the American Bar Association Tax Section’scorporate tax committee, committee on affiliated and related corporations, andbankruptcy and workouts committee, an adjunct faculty member at the GeorgetownUniversity Law Center, and the former chair of the American Bar Association TaxSection’s committee on affiliated and related corporations and its subcommittee onconsolidated returns. In addition, Joe is on the advisory boards of the New YorkUniversity Institute on Federal Taxation, the Federal Bar Association, and the NationalForeign Trade Council, Inc. He is on the editorial advisory boards of Corporate Taxationand Corporate Business Taxation Monthly, was the co-chair of the 1998-2004 Federal BarAssociation Domestic Corporate Tax Symposia, and is a frequent speaker on tax issuesrelating to mergers and acquisitions, spin-offs and other divestiture strategies, corporatetax planning, workouts, and consolidated return matters. Joe has also been selected forinclusion in Chambers Global’s The World’s Leading Lawyers and The Best Lawyers inAmerica 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, fromProvidence College. He is admitted to practise in the District of Columbia,Massachusetts, New York, Rhode Island, and at the United States Tax Court.

297

United States

Lawrence A PollackKPMG LLP345 Park AvenueNew York, NY 10154-0102US


Lawrence A Pollack has been a partner at KPMG (US) in New York since 1993. MrPollack is an international tax partner and specializes in all aspects of corporateinternational 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 theeast coast.

Mr Pollack is a frequent speaker at New York University’s Institute on InternationalTaxation, the NYU Law School/KPMG Tax Lecture Series, the European-American TaxInstitute, the Council for International Tax Education, Tax Executives Institute, NewYork State Society of CPAs and other international tax symposiums on a variety ofinternational 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 InternationalOperations;

• “Analysis of the New US-Luxembourg Income Tax Treaty,” Tax ManagementInternational Journal, July 1996, co-authored;

• “Last-Minute Changes and Technical Explanation Highlight Latest Developments onPending US/Luxembourg Income Tax Treaty” Tax Management International Journal,December 1996, co-authored;

• “Analysis of the New US-Switzerland Income Tax Treaty” Tax ManagementInternational Journal, February 1997, co-authored;

• “US Planning for ACT – Part One – Focus on UK perspective” International TaxReview, 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, co-authored chapter 3, “Tax Treaties”.

Mr Pollack is an active member of the International Tax Institute (director), the New YorkState Society of Certified Public Accountants (International Tax Committee) and theNew York State Bar Association.

He is editor of the CPA Journal’s international taxation column and member of the CPAJournal’s editorial board.

He holds a JD from St John’s University School of Law (1982) and an LLM in taxationfrom the New York University School of Law (1988).


United States

Martin D PollackWeil, Gotshal & Manges LLP

767 Fifth Avenue New York, NY 10153 US


Martin D Pollack is one of the two chairmen of the firm’s Global Tax practice and isnationally recognized in federal income tax matters. He has extensive experience in thestructuring and documentation of private equity and merger and acquisitiontransactions and he regularly advises clients on the formation and operation of privateequity funds and other investment vehicles. His practice also involves the tax aspectsof bankruptcy and insolvency, leasing transactions, and planning for technologyintensive enterprises.

Mr Pollack is a frequent lecturer at tax seminars and the author of numerous articleson federal income tax issues. He is the co-author of a treatise published by LittleBrown, analyzing the federal income, estate, gift and other transfer tax consequencesof partnership buy/sell agreements.

He has served as an adjunct associate professor of tax law at the New York UniversitySchool of Law; he is a member of the advisory boards of Tax Management and theEquipment Leasing Newsletter; and he is a subcommittee chair in the Partnerships andLLCs 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 2006issue of New York magazine. He was also selected for inclusion in the 2006 and 2007editions of The Best Lawyers in America. He is listed as highly recommended for tax lawby PLC Which Lawyer? Yearbook 2006 and is recognized as a leading tax lawyer byChambers USA 2006 America’s Leading Business Lawyers. Mr Pollack was also named tothe 2006 list of New York Super Lawyers.

Mr Pollack is a graduate of the University of Pennsylvania Law School (1976), wherehe served on the board of officers of the University of Pennsylvania Law Review, theJohns Hopkins University, where he earned a BA (1973) and a graduate degree ineconomics (1973), and the New York University School of Law, where he earned agraduate degree in taxation (1979). He joined the firm in 1976.

299

United States

Walter T RaineriFenwick & West LLPSilicon Valley Center801 California StreetMountain View, CA 94041US


Mr Raineri is a partner in the tax group of Fenwick & West, a full-service law firmspecializing in high technology and sophisticated tax matters. Fenwick & West hasoffices in Mountain View and San Francisco, California. The firm’s clients are locatedthroughout the United States and around the world.

Mr Raineri’s practice focuses on handling sophisticated tax planning and complianceissues with regard to domestic and multinational corporate taxation matters. He hasbeen named one of the outstanding tax lawyers in the US by a variety of national andinternational publications, including, International Tax Review’s Best Tax Lawyers,Euromoney’s Guide to Leading US Tax Lawyers, Euromoney’s Guide to Leading TransferPricing 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 internationalmerger, reorganization and joint-venture transactions, as well as with planning tooptimize foreign tax credit, Subpart F, and other pure international tax issues. He alsohas extensive experience handling tax controversy matters associated with the IRS.

Mr Raineri has been an assistant adjunct professor at Golden Gate University, Schoolof Law/Graduate School of Taxation in San Francisco/Los Altos/San Jose, where helectured in advanced corporate (mergers and acquisitions and consolidated returns)and international taxation. He has chaired advanced corporate and international taxprogrammes and seminars for New York University, the Tax Executives Institute, theInternational Bar Association, the International Fiscal Association and other nationaland international organizations. He has published a number of articles on domesticand 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 theUniversity of California at Berkeley (summa cum laude, 1982). Mr Raineri is admittedto practise before the US Supreme Court, Ninth and Federal Circuit Courts ofAppeals, US Court of Claims, federal district courts in several locations, CaliforniaSupreme Court and the US Tax Court. He is a member of the California Bar and is acertified public accountant (CPA) in California.


United States

Keith ReamsDeloitte 50 Fremont Street, Suite 3100San Francisco, CA 94105-2230US


Keith Reams is the lead economist for the western region and a client services principalin the international economic consulting practice of Deloitte’s global transfer-pricinggroup. Mr Reams is also a member of Deloitte’s global executive technology, media andtelecommunications industry tax management team as the global leader for transferpricing. In this capacity, he works extensively with large multinational companies in awide variety of industries on major business enterprise restructurings and global taxoptimization projects.

Mr Reams has over two decades of extensive experience in the area of economicconsulting in connection with mergers and acquisitions, highly complex international taxplanning, supply chain realignment, as well as controversy management and disputeresolution. He has advised many large multinational companies in a variety of industries,including many companies engaged in the research and development, manufacture andmarketing of innovative and cutting-edge high technology and communication productsand services. His expert reports have been translated into several foreign languages andused many times for tax and other purposes all around the world.

Mr Reams has testified as a qualified expert in numerous valuation and transfer-pricingdisputes, including testifying before the US Tax Court in the cases of DHL Corp vCommissioner and Nestle Holdings Inc v Commissioner. He is one of only three economistsin the US approved by the New York State Department of Taxation and Finance toprovide transfer-pricing expertise and testimony in cases involving cross-border trans-actions within commonly controlled affiliated groups. He has also helped many clientsto successfully resolve valuation and transfer-pricing disputes before they reach trial.

Mr Reams has authored numerous articles, lectured on international tax and valuationplanning issues, and commented and testified on emerging tax regulatory issues. Heholds a BS in chemical engineering from Stanford University, an MA in economicsfrom California State University, Sacramento, and has completed course requirementsfor a PhD in international finance at New York University.

301

United States

Ronald D SaakeDeloitte Tax LLP50 Fremont St # 31San Francisco, CA 94105US

Tel: (1) 415 783 6589; (1) 415 250 6757 (cell)Fax: (1) 415 783 8603Email: [email protected]: www.deloitte.com

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 BayArea and the Pacific Northwest. Ron has been a tax practitioner since 1986 andbecame a partner with another international accounting firm in 1996. He has workedin the international tax area his entire career.

Ron works with both public and private companies in structuring new internationaloperations and in optimizing existing operations. He has significant experience inhelping clients move intangible assets offshore in order to optimize their worldwidetax position and to minimize their worldwide effective tax rate. Ron has deep expertisein tax accounting matters (FAS 109), mergers and acquisitions, foreign tax creditplanning, 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 andthe Tax Executives Institute.

Ron graduated from the University of California at Berkeley with an MBA in 1985 andfrom the University of California at Riverside with a BS in administrative studies in1982. He is a California CPA.


United States

Ronald B SchrotenboerFenwick & West LLPSilicon Valley Center801 California StreetMountain View, CA 94041US


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 bothdomestic and international federal income tax as well as state income and sales tax. Asignificant part of his practice includes tax planning for pending transactions. Herepresents both US-based companies in domestic and international transactions, as wellas foreign-based companies with operations in the US. He also has been and is currentlyinvolved with many IRS and state income tax audits, appeals and tax court cases, includingChapter 482 transfer-pricing cases.

His published decisions include Xilinx Inc v Commissioner, 125 TC No 4 (2005), stockoption amounts not required to be cost shared under Chapter 482; Sun Microsystems vCommissioner, 69 TCM 1884 (1995), incentive stock option deduction qualifies for R & Dcredit; Appeal of Finnigan Corporation, CCH 401-797 (1990), throwback rule is applied ona 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, TaxNotes, Taxes International, the Journal of State Taxation and other periodicals. He has spokenfor many tax groups, including the Alliance for Tax Legal and Accounting Seminars, TheCouncil on International Tax Education and Tax Executives’ Institute. Mr Schrotenboerhas also taught a graduate course at Golden Gate University on the taxation of hightechnology 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 inGrand Rapids, Michigan. He received his JD degree, magna cum laude, from theUniversity of Michigan in 1980. He graduated as a member of the Order of the Coif andwas an editor on the Michigan Law Review for two years.

303

United States

Jodi J SchwartzWachtell, Lipton, Rosen & Katz51 West 52nd StreetNew York, NY 10019US

Tel: (1) 212 403 1212Fax: (1) 212 403 2212Email: [email protected]; vptvw.wlrk.comWebsite: www.wlrk.com

Jodi J Schwartz specializes in the tax aspects of corporate transactions, including mergersand acquisitions, joint ventures, spin-offs and financial instruments. Ms Schwartz hasbeen the principal tax lawyer on numerous domestic and cross-border transactions in awide range of industries. She was elected partner in 1991.

Ms Schwartz is an active member of the executive committee of the tax section of theNew York State Bar Association.

Ms Schwartz received her BS in economics (magna cum laude) from the University ofPennsylvania 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 in1984, and her LLM in taxation from the New York University Law School in 1987.


United States

Alan M ShapiroDeloitte Tax LLP111 S Wacker DriveChicago, IL 60606-7002US


Alan Shapiro is a partner in the Chicago office of Deloitte and a member of the nationaltransfer-pricing team. He works with the firm’s largest US and non-US multinationalcompanies to develop and implement transfer-pricing strategies. He has over 30 yearsof experience, of which the last 20 have been devoted to specializing in the full range oftransfer-pricing issues.

Mr Shapiro is one of the firm’s leading experts on the cross-border taxation ofintangible property, including the development of transfer-pricing regimes that focuson minimizing the worldwide tax imposed on intangible property. He has representedclients in controversies with the Internal Revenue Service (IRS) and in competentauthority proceedings between the US and foreign tax authorities. His industryexperience 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 andTransfer Pricing Report, and he has been recognized by Euromoney as one of the leadingtransfer-pricing specialists in the world. He has authored or co-authored numerousarticles on transfer pricing, including: “New Services and Intangible Regulations: IRSChanges the Mix” 15 BNA Transfer Pricing Report 308 (August 16 2006); “ProposedCost Sharing Regulations: Are They a Realistic Alternative?” 109 Tax Notes 239(October 10 2005); several chapters for Intellectual Property (International Tax Review’sTax 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); “PlanningOpportunities Under the Final US Cost-Sharing Regulations” IBFD InternationalTransfer Pricing Journal (March/April 1998); and “Lost in Cyberspace: Transfer PricingAspects of Proposed §861 Computer Software Regulations” BNA Transfer PricingReport (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. MrShapiro is a member of the Bar of the State of Pennsylvania and is a certified publicaccountant.

305

United States

Abraham N M ShashyDewey Ballantine LLP1775 Pennsylvania Avenue NWWashington, DC 20006-4605US


Hap Shashy is a partner in the Washington DC office of Dewey Ballantine. His practiceincludes transactional tax planning for, and tax controversy representation of,multinational corporations in a variety of domestic and international contexts. Thosecontexts include partnerships and joint ventures, capital market and financetransactions, 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 forinclusion 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 theInternal Revenue Service from February 1990 to January 1993.

Mr Shashy received his LLM degree in taxation from New York University School ofLaw in 1975, where he was managing editor of the Tax Law Review, and a JD degreefrom the University of Florida School of Law in 1973, where he was a member of theUniversity of Florida Law Review, and received the Order of the Coif.


United States

Stanley G SherwoodSherwood Associates445 Park Avenue, 9th FloorNew York, NY 10022US

Tel: (1) 212 644 1429; 501 3883Fax: (1) 212 980 9357Email: [email protected]: www.sherwoodlaw.com

Stan Sherwood is an international tax attorney, certified public accountant and transferpricing adviser. Until January 2000, he was an international tax and legal partner atPricewaterhouseCoopers in New York for 19 years.

In 2000, Mr Sherwood established Sherwood Associates to provide international tax andfinancial and business consulting services to multinational businesses and investors oncross-border transactions including: transfer pricing planning and documentation;mergers and acquisitions; structuring international affiliates; integrating acquiredcompanies; capitalization and financing; forming US holding companies; structuringtrading companies; foreign investment in the US, including real estate; foreign countrytax reduction and foreign tax credit planning; tax treaty planning; transfers of intellectualproperty; joint ventures; management of IRS audits and foreign country tax controversies;development of transfer-pricing policies; related-party contracts; cost sharing; competentauthority and APAs; and global e-commerce planning.

Mr Sherwood has experience in numerous industries and has advised senior managementof a large number of multinational companies as well as emerging internationalcompanies. He has also been involved with many matters involving transfer pricing in thecontext of US state and local taxation, including intangible holding companies.

Mr Sherwood advises high-net-worth international families with respect to the taxationand holding of US assets. This includes advice with respect to the maintenance of non-residency status.

Mr Sherwood is a frequent speaker on international tax and business subjects and theauthor of numerous articles. Mr Sherwood is the author of BNA’s Tax ManagementPortfolio “Transfer Pricing: Records and Information”. In 1996, he was a nationalreporter for the International Fiscal Association (IFA). He is a board member of theInternational 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 involvingtransfer pricing and has been a consultant to the Chinese State Administration ofTaxation, Beijing.

He obtained his LLM from New York University Graduate School of Law, his lawdegree from Suffolk University Law School and is an adjunct professor at FordhamUniversity’s Graduate School of Business.

In 2001 Mr Sherwood was listed in the Mondaq.com Guide to the World’s Leading TaxLawyers 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.

307

United States

Richard W SkillmanCaplin & DrysdaleOne Thomas Circle, NWWashington, DC 20005US


Richard W Skillman is a member of Caplin & Drysdale’s Washington, DC office. Herejoined the firm in May 2002 after serving first as deputy chief counsel and mostrecently as acting chief counsel of the Internal Revenue Service.

As acting chief counsel, Mr Skillman was the chief legal official of the IRS having finalauthority for all legal and litigating positions of the IRS and management responsibilityfor approximately 2500 chief counsel employees in more than 50 offices nationwide. Asdeputy chief counsel, he oversaw all technical divisions in the Office of Chief Counseland 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 allsignificant legal developments in the IRS, including the development of regulations andother administrative actions relating to corporate tax shelters.

Prior to his government experience, Mr Skillman practised tax law for 27 years atCaplin & Drysdale. His practice covered a broad cross-section of domestic andinternational tax issues and involved both tax planning and representation in taxcontroversies. His areas of tax concentration included executive compensation andother employee benefit matters, insurance companies and products, corporate tax, taxaccounting, and international tax.

Mr Skillman is a member of the tax sections of the ABA and of the DC Bar. Heformerly taught corporate tax as an adjunct professor of law at Georgetown UniversityLaw 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 UniversityLaw School, where he served as editor-in-chief of the NYU Law Review. After lawschool, he served as law clerk to Judge Gibbons of the US Court of Appeals for theThird Circuit and to Chief Justice Burger of the US Supreme Court.


United States

Manuel F SolanoErnst & Young5 Times SquareNew York, NY 10036US

Tel: (52) 55 2122 6437 (E&Y Mexico); (1) 212 773 8114 (E&Y, New York)

Fax: (1) 866 480 8869Email: [email protected]: www.ey.com

Manuel is the partner in charge of Ernst & Young’s international tax services (ITS) groupin 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, hasextensive work experience in international tax consulting and planning matters. Hisexperience encompasses advising multinational corporations on the tax and legalimplications of cross-border acquisitions and the establishment of foreign operationsin Latin America.

International Tax Review has selected Manuel as one of the leading Mexican tax advisersfor the past nine consecutive years. The Euromoney Legal Media Group has alsoidentified Manuel as one of the world’s 25 leading international tax law practitionersin its guide The Best of the Best.

Manuel has a BS from Youngstown State University and a JD from GeorgetownUniversity Law Center. Manuel also studied finance and economics at the UniversidadAutónoma de Centro America.

309

United States

Giovanna T Sparagna Sutherland Asbill & Brennan LLP 1275 Pennsylvania Avenue, NWWashington, DC 20004US

Tel: (1) 202 383 0183 Fax: (1) 202 637 3593Email: [email protected] Website: www.sablaw.com

Giovanna Sparagna is a partner in the tax group at Sutherland Asbill & Brennan, andfocuses her practice on international financing structures, cross-border mergers andacquisitions and international tax controversies (including transfer pricing).

Before joining the firm, Ms Sparagna served in the office of the chief counsel to theInternal Revenue Service where she issued opinions for the government on domestic andinternational mergers, acquisitions and dispositions.

In private practice, Ms Sparagna advises multinational corporations on cross-bordertransactions including planning and controversy matters involving international financingstructures, mergers and acquisitions, and Subpart F issues.

As a consequence of her large multinational practice, Ms Sparagna also handles transfer-pricing issues for Fortune 500 companies and foreign-owned clients, working closely witheconomic experts in tax planning (for example, establishing cost sharing and related partylicensing arrangements), assessing multi-jurisdictional transfer-pricing exposure,complying with documentation requirements, and developing audit, litigation, advance-pricing agreement and competent authority strategies. She has been recognized in theInternational Tax Review Expert Guides, including The Guide to World’s Leading TaxAdvisers and the World Tax Guide, and in Euromoney Institutional Investor’s World’sLeading Transfer Pricing Advisers.

Ms Sparagna regularly publishes on wide variety of international subjects. Her recentpublications include:

• “The Administration’s Corporate Tax Shelter Proposals: What are the Limits ofAppropriate 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 theInternational 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 GlobalTransactions (Summer 2003);

• “IRS Closes Technical Loophole to Eliminate Foreign Tax Credit Planning withStapled 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 theLawyers’ Committee for Shakespeare Theatre and co-chair of the GW/IRS AnnualInstitute for International Taxation. She is a frequent speaker for the GeorgetownUniversity American Bar Association International Fiscal Association, Tax ExecutiveInstitute, Structured Finance Institute and National Foreign Trade Counsel.

Ms Sparagna is an adjunct professor of law at the Georgetown University (LLM taxprogramme) and frequently lectures on international strategies at conferences hosted bygroups such as the America Bar Association, the International Fiscal Association, the TaxExecutives Institute, the Structured Finance Institute and the National Foreign TradeCouncil.


United States

Richard C StarkMcKee Nelson LLP1919 M Street, NWSuite 200Washington, DC 20036US


Mr Stark focuses on federal income tax matters. He has extensive experience in taxcontroversy matters, including audits, appeals, and litigation.

Mr Stark began his career in private practice in Dallas, Texas in 1976, where he practisedfor 10 years. From 1986 to 1989, he served as assistant to the commissioner of theInternal Revenue Service. Before joining McKee Nelson, he was a partner in theWashington DC office of Miller & Chevalier.

Mr Stark is a past chair of the Taxation Section of the District of Columbia BarAssociation, 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 ofLaw in 1976, where he served as special projects editor for the Vanderbilt Law Review. Heis 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 principalparticipant include:

• The Dow Chemical Company v United States, 250 F Supp 2d 748, modified by 278 FSupp 2d 844 (ED Mich 2003) (on appeal);

• GlaxoSmithKline Holdings Inc v Commissioner, 117 TC 1 (2001) (perpetuation oftestimony 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, 37F3d 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 (consolidatedreturns).

311

United States

Steven SurdellErnst & Young LLPSears Tower, 233 S Wacker Drive17th floorChicago, IL 60606US


Steven Surdell is a partner in the national office of the accounting firm of Ernst & YoungLLP. He concentrates on Federal income tax matters with a special emphasis on thetaxation 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 publicM&A and financing transactions over the past few years.

Mr Surdell is also a frequent speaker before a variety of tax organizations including theAmerican Bar Association, the Tax Executives Institute, the International FiscalAssociation, Risk Training Courses, the Council for International Tax Education, andthe Structured Finance Institute, among others.

Mr. Surdell was named as one of the world’s leading international tax advisers byEuromoney Magazine from 1999 through 2006. In 1998, Mr Surdell was named as one ofthe top tax advisers in North America by International Tax Review. Mr Surdell is anhonours graduate of St Ambrose College and the University of Notre Dame Law Schoolwhere he was an editor of the Law Journal. He has also done work on his MBA at the JLKellogg School at Northwestern University and is a certified public accountant. MrSurdell is also an adjunct Professor of Law at Northwestern University Law Schoolwhere he teaches a course on advanced international transaction. He was admitted to thepractice by the Illinois Bar (1985). Mr Surdell is on the Editorial Advisory Board of theDerivatives Report, the Capital Markets editor of the Journal of Financial Products, and amember of the Advisory Board of the Journal of Taxation of Global Transactions.


United States

Edward TanenbaumAlston & Bird LLP90 Park AvenueNew York, NY 10016US

Tel: (1) 212 210 9425Fax: (1) 212 210 9444Email: [email protected]: www.alston.com

Edward Tanenbaum is chair of the firm’s International Tax Group and a member of itsFederal Income Tax Group. His practice is concentrated on domestic and cross-bordermergers and acquisitions and business transactions. Mr Tanenbaum’s practice consistsprimarily of planning and structuring for US investments by foreign multinationalcorporations and high net worth individuals.

Mr Tanenbaum has worked on numerous international joint ventures and acquisitionsinvolving cross-border spin-offs and ‘basis’ step-up elections. He has also structured across-border sale/leaseback transaction involving different accounting and tax treatmentin the US and Germany.

Mr Tanenbaum has made significant contributions in the drafting of recentlypromulgated tax regulations affecting withholding taxes on payments of US income tonon-resident aliens and foreign corporations and has been instrumental in the creationof the new IRS Qualified Intermediary regime applicable to foreign financialinstitutions. He has also secured a favourable Article 26(7) (treaty shopping) tax rulingunder 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 theauthor of a number of publications. He has spoken on the topics of international taxwithholding, treaty eligibility, limited liability companies and hybrid entities, businessorganizations used in cross-border transactions, branch level taxes and foreign controlledUS corporations. Also, he has spoken before numerous professional organizations,including the International Fiscal Association, Bank Tax Institute, International TaxInstitute, American Bar Association, and New York State Bar Association. He has writtennumerous publications relating to international tax matters on topics such as withholdingtaxes, transfer pricing and effectively connected income of foreign corporations.

Mr Tanenbaum is on the National Council of the International Fiscal Association and isthe vice-chair of the committee on US activities of Foreign Taxpayers and Tax Treatiesof the Tax Section of the American Bar Association. He is a director and past presidentof the International Tax Institute and is a member of the Tax Section of the AmericanBar Association, the New York State Bar Association and the Association of the Bar ofthe City of New York.

Mr Tanenbaum received his LLM degree in Taxation from New York University Schoolof Law in 1980, and his JD degree from Fordham University School of Law in 1974 andhis BA degree, magna cum laude, from Queens College and the City University of NewYork in 1971. He is admitted to practise in the State of New York and in the US TaxCourt.

313

United States

Leonard B TerrBaker & McKenzie LLP815 Connecticut Avenue, NWWashington, DC 20006-4078US


Leonard B Terr is a partner in the Washington DC office of Baker & McKenzie. Hispractice focuses on domestic and international taxation of multinational corporations,with emphasis on international tax planning, transfer pricing, and tax controversies. MrTerr has over 25 years of experience representing US-based and foreign-basedmultinationals, foreign governments, international organizations and trade associationsin all phases of international tax practice.

Representative client matters include planning, obtaining rulings on, andimplementing, multi-country restructurings, mergers and acquisitions, divestituresand joint ventures, global supply chain and business model reorganizations, post-merger integration and other international transactions. Typically his clients arecompanies 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 pricingagreements; interacting with tax treaty negotiators to obtain favorable provisions inpending new treaties and protocols on behalf of companies and industry groups;testifying on proposed international tax regulations; achieving favorable settlements oftax cases involving a wide variety of issues; and obtaining favorable competentauthority 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 taxtreaties, and as a current or former editorial board member on Tax Notes International,Tax Management International Journal, The Journal of Corporate Taxation, and HartfordInstitute on Insurance Taxation. Mr Terr currently serves on Baker & McKenzie’s NorthAmerican tax practice group management committee. He is a member of theInternational Fiscal Association, sits on the IFA-USA council, and was US NationalReporter. He sits on the American Bar Association tax section’s Foreign Activities ofUS Taxpayers Committee, has served as chairman of the Section 367 sub-committeeand currently chairs the Source sub-committee. Mr Terr serves on the tax section’s taskforce on Global Tax Policy. He has chaired the Washington International Tax StudyGroup since 1990.

Mr Terr served as international tax counsel of the US Treasury Department from 1987to 1989. He headed the US delegation in the negotiation of the current US-Germanytax treaty, in addition to over a dozen other US tax treaties and protocols. He directedthe treasury’s work on international tax legislation and regulations, the transfer pricingWhite Paper and other US and OECD international tax policy initiatives. Hepreviously served as law clerk to Chief Judge Wilson Cowen of the US Court ofAppeals for the Federal Circuit. He is currently adjunct professor of international taxlaw at the Georgetown University Law Center.

Mr Terr holds an AB from LaSalle College, an AM and PhD from Brown Universityand a JD from Cornell University.


United States

Richard E TimbieCaplin & DrysdaleOne Thomas Circle, NWWashington, DC 20005US


Richard Timbie is a member of Caplin & Drysdale, Chartered, a 50-attorney tax andlitigation firm in Washington, DC. Mr Timbie’s practice consists primarily ofrepresenting domestic and foreign clients in controversies relating to United Statestaxation. He has more than 30 years of experience resolving Internal Revenue Serviceaudits, administrative appeals, and tax collection disputes. His practice focusesprimarily on large cases that are procedurally and technically complex. He has litigatedtax cases in the US Tax Court and has represented clients in IRS summonsenforcement proceedings, tax collection lawsuits, and tax fraud prosecutions in federalcourts.

Mr Timbie is a frequent lecturer on tax procedure and international tax topics. He hastaught as an adjunct professor in the Georgetown University Law Center masters intaxation programme and has served on the board of advisers of the New YorkUniversity Institute on Federal Taxation.

315

United States

T Timothy TuerffDeloitte Tax LLP555 12th St NW # 500Washington, DC 20004US


T Timothy Tuerff is an international tax partner in Deloitte Tax’s Washington nationaloffice, serving US-based multinational clients involved in cross-border transactions.His practice involves consulting related to the structuring of international businessoperations, mergers and acquisitions, financing international operations, repatriationand utilization of foreign tax credits.

Mr Tuerff formerly served as special assistant to the chief counsel and special assistantto the associate chief counsel (international) of the Internal Revenue Service. He is afrequent 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’sInternational 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 BarAssociation and is also a District of Columbia certified public accountant.


United States

Karl T WalliWeil, Gotshal & Manges LLP1501 K Street NW Suite 100Washington, DC 20005US


Karl Walli joined Weil, Gotshal & Manges’ Washington office in November 1996, afteralmost 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 andfinancial products, participating in the development of both domestic and internationalcases and issues. The taxation of derivative financial products was one of his primary areasof interest and expertise. He is one of the principal authors of the income tax regulationson notional principal contracts (§ 1.446-3), was the reviewer on the interest allocationregulations for foreign corporations (§ 1.882-5), and was a member of the original teamthat developed the global dealing regulations. In addition to his work on the globaldealing regulations, Mr Walli worked closely with members of the Internal RevenueService’s advance pricing agreement programme, serving as technical advisor for APAspertaining to dealers in financial products.

At Weil Gotshal, Mr Walli has worked on a wide variety of domestic and cross-bordertransactions, including structured debt instruments, convertible debt and equity, andderivative financial instruments. He has advised both financial service entities and endusers on tax-advantaged methods for structuring and employing financial instruments,with an emphasis on cross-border tax arbitrage transactions and tax-efficient hedgingstrategies. Mr Walli’s practice also includes the taxation of foreign entities andinvestments in the US.

Mr Walli received his BA from the University of Tennessee, a JD from the University ofNorth Carolina, and a master’s in law and taxation from the College of William and Mary.

317

United States

David R WarcoDeloitte Tax LLPTwo World Financial CenterNew York, NY 10281-1414US


Dave Warco is a partner in the international tax practice of Deloitte Tax, located in theNew York office. Dave has over 26 years of public accounting experience withDeloitte, seven of which involved assignments outside the US.

Dave specializes in international taxation, with a focus on assisting US multinationalcorporations structure and manage their tax affairs for their international operations. Inthis regard, he has focused on international corporate mergers and acquisitions, tax-efficient cross-border financing, cash repatriation techniques, and internationalcorporate mergers and acquisitions. Dave is a specialist on FAS 109, “Accounting forIncome Taxes”, and plays a national role in assisting various firm clients and Deloitteclient teams to deal with this accounting standard. Recently, Dave has been spendingconsiderable 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 theirUS 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 TaxReview in 2002, and in the “World’s Leading Tax Adviser Survey” published by theLegal Media Group in 2004.

Dave holds a BS degree in accounting from Duquesne University and an MS intaxation from Robert Morris University. He is a certified public accountant.


United States

Gordon E WarnkeDewey Ballantine LLP1301 Avenue of the AmericasNew York, NY 10019US


Gordon Warnke is a partner in the New York office of Dewey Ballantine, and is co-chairman of the firm’s tax and private clients department. Mr Warnke advisescorporations and other organizations, both domestic and foreign, with respect to allareas of federal income taxation, with a particular emphasis on mergers andacquisitions, spin-offs and other divisive strategies, restructurings and consolidatedreturn matters. His practice also encompasses advising clients with respect to financialproducts 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 Committeeon Affiliated and Related Corporations and is currently co-chair of the Committee onCorporations of the Tax Section of the New York State Bar Association. He has authoreda number of articles and papers on federal tax topics, including consolidated return andspin-off issues, and is a frequent speaker on federal tax matters.

Mr Warnke received an LLB from the University of Alberta in 1981, graduating firstin his class, and an SJD from Harvard University in 1984, where he wrote a doctoraldissertation on international tax matters. He has been a partner at Dewey Ballantinesince 1990.

319

United States

Thomas F WesselKPMG

2001 M Street, NW Washington, DC 20036US


Thomas F Wessel is a principal in KPMG’s Washington National Tax corporate taxgroup. Mr Wessel is a former law clerk in a US district court, private attorney and officialat the Internal Revenue Service and the US Treasury Department, and practices innumerous areas of federal income taxation. Mr Wessel is a member of the WNT SeniorTax Partner Advisory Committee and also serves as the Tax Advisory Principal – LargeTransactions / FAS 109 where he is responsible for working with audit leadership withrespect 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 theKing & Spalding DC office. He joined KPMG in 1991. From 1990 to 1991, Mr Wesselwas special counsel to the chief counsel for the Internal Revenue Service and served asthe principal legal adviser to the chief counsel on the development of regulations, rulingsand designated tax litigation. From 1985 to 1990, he served as Associate Tax LegislativeCounsel and an Attorney-Advisor in the US Treasury Department’s Office of TaxLegislative Counsel, with primary responsibility for developing corporate tax legislationand regulatory guidance. From 1980 to 1982, Mr Wessel served as a law clerk to theHonorable 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 asa co-chair of the Corporate Tax Subcommittee for Policy and Special Projects, thechair of the Corporate Tax Subcommittee on Tax-Free Reorganizations, chair of theCorporate Tax Subcommittee on Affiliated Group Acquisitions, and vice-chair for theCommittee on Corporate Tax. He currently serves as chair of the Corporate TaxSubcommittee on Tax Free Distributions. He regularly speaks on subjects in hispractice areas. Mr Wessel is listed in the International Who’s Who of Corporate TaxLawyers, The Best Lawyers in America, International Tax Review’s Expert Guide to theWorld’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 Lawin 1985. He earned his JD, cum laude, in 1980 from the New York University Schoolof Law, where he served on the New York University Law Review and was a member ofthe Order of the Coif. Mr Wessel graduated, magna cum laude, in 1976 with a BSEfrom the University of Pennsylvania, the Wharton School, where he was elected toBeta Alpha Phi.


United States

Thomas ZolloKPMG LLP303 E Wacker DriveChicago, IL 60601-5255US


Thomas Zollo is a principal in the international corporate services group in theChicago office of KPMG LLP (US). Before joining KPMG five years ago, Tom spent16 years with a large international law firm, the last six as the senior tax partner in thefirm’s New York office.

Mr Zollo focuses primarily on structuring the operations of multinationalcorporations. He has advised clients on issues related to financing their operations,deferring recognition of their offshore income, maximizing their foreign tax creditsand establishing and defending inter-company transfer prices. He has also advisedclients on scores of taxable and tax-free acquisitions and dispositions.

Mr Zollo has considerable experience on tax controversy matters, particularly thoseinvolving transfer pricing. He has represented taxpayers before IRS Appealsthroughout the US, in the US Tax Court and in competent authority proceedings.

Mr Zollo has rendered professional services for a large number of national andmultinational 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 aformer adjunct professor at the DePaul University College of Law, where he taughtadvanced corporate reorganizations, and is a frequent speaker and writer on USfederal income tax issues.

321

United States

Bob AckermanErnst & Young, Washington

Melvin S Adess (see bio)KPMG, Chicago

Val J AlbrightGardere Wynne Sewell, Dallas

Donald C AlexanderAkin Gump Strauss Hauer & Feld, Washington

William J Amon (see bio)Deloitte Tax, Los Angeles (see advert on inside front)

Tim AnsonPricewaterhouseCoopers, Washington

Lawrence M Axelrod (see bio)Deloitte Tax, Washington (see advert on inside front)

Mike BaldasaroErnst & Young, New York

J Gregory Ballentine (see bio)The Ballentine Barbera Group, Washington (see advert onpage 251)

Sheldon I BanoffKatten Muchin Rosenman, Chicago

Gregory L BartonMayer Brown Rowe & Maw, Chicago

Peter M BelangerPricewaterhouseCoopers, Los Angeles

Herbert N Beller (see bio)Sutherland Asbill & Brennan, Washington

Andrew N BergDebevoise & Plimpton, New York

Stuart M BerksonMcDermott Will Emery, Chicago

Kenneth K BezozoHaynes and Boone, New York

Henry J Birnkrant (see bio)Alston & Bird, Washington

Kimberly S Blanchard (see bio)Weil Gotshal & Manges, New York

Peter H BlessingShearman & Sterling, New York


United States

William E BonanoPillsbury Winthrop Shaw Pittman, San Francisco

Stephen S BowenLatham & Watkins, Chicago

Peter L BrigerBriger & Associates, New York

David H Brockway (see bio)McKee Nelson, Washington

Richard J BronsteinPaul Weiss Rifkind Wharton & Garrison, New York

James R BrownWillkie Farr & Gallagher, New York

Saul T CaismanKPMG, Chicago

Peter C Canellos (see bio)Wachtell Lipton Rosen & Katz, New York

Robert CassanosFried Frank Harris Shriver & Jacobson, New York

William G CavanaghChadbourne & Parke, New York

Michael P CenkoPricewaterhouseCoopers, Detroit

Frederick R Chilton JrMcDermott Will Emery, Palo Alto

Richard A Clark (see bio)Deloitte Tax, Washington (see advert on inside front)

R Brent CliftonLocke Liddell & Sapp, Dallas

Edmund S CohenWinston & Strawn, New York

N Jerold Cohen (see bio)Sutherland Asbill & Brennan, Atlanta

Robert T Cole (see bio)Alston & Bird, Washington

Peter J Connors (see bio)Orrick Herrington & Sutcliffe, New York

Philip C Cook (see bio)Alston & Bird, Atlanta

John J CreedSimpson Thacher & Bartlett, New York

323

United States

Robert E CulbertsonKing & Spalding, Washington

Bruce N DavisWhite & Case, Washington

Hans de GrootLoyens & Loeff, New York

Nicasio J Del CastilloPricewaterhouseCoopers, New York

Samuel DimonDavis Polk & Wardwell, New York

Barry A DinaburgChadbourne & Parke, New York

William Dodge (see bio)Deloitte Tax, Washington (see advert on inside front)

Dennis B DrapkinJones Day, Dallas

H Stewart DunnIvins Phillips & Barker Chartered, Washington

Maurice Emmer (see bio)Deloitte Tax, San Jose (see advert on inside front)

Peter L FaberMcDermott Will Emery, New York

Patrick B FennAkin Gump Strauss Hauer & Feld, New York

Richard M FijolekHaynes and Boone, Dallas

David L Forst (see bio)Fenwick & West, Mountain View

Sam FouadErnst & Young, New York

Paul H FrankelMorrison & Foerster, New York

Louis S FreemanSkadden Arps Slate Meagher & Flom, Chicago

Gary M FriedmanDebevoise & Plimpton, New York

James P Fuller (see bio)Fenwick & West, Mountain View

Jennifer L Fuller (see bio)Fenwick & West, Mountain View


United States

James C GarahanMcDermott Will Emery, Palo Alto

Stephen D GardnerCooley Godward Kronish, New York

Gary J GartnerKaye Scholer, New York

Frank J Gaudio JrPricewaterhouseCoopers, Chicago

Kenneth W GideonSkadden Arps Slate Meagher & Flom, Washington

Martin D GinsburgFried Frank Harris Shriver & Jacobson, Washington

Peter A GlicklichDavies Ward Phillips & Vineberg, New York

David G GlickmanBaker & McKenzie, Dallas

Fred T Goldberg JrSkadden Arps Slate Meagher & Flom, Washington

Edward E GonzalezSkadden Arps Slate Meagher & Flom, New York

Stephen L GordonCravath Swaine & Moore, New York

Alan Winston GranwellIvins Phillips & Barker Chartered, Washington

Jorge A Gross (see bio)PricewaterhouseCoopers, Miami

Harry Gutman (see bio)KPMG, Washington

Bruce D HaimsDebevoise & Plimpton, New York

Charles W HallFulbright & Jaworski, Houston

David R HardyMcDermott Will Emery, New York

Steven D Harris (see bio)KPMG, New York

John HartSimpson Thacher & Bartlett, New York

Chip HarterPricewaterhouseCoopers, Washington

325

United States

Ronald B Harvey (see bio)KPMG, New York

Kenneth H Heitner (see bio)Weil Gotshal & Manges, New York

Kai Hielscher (see bio)Deloitte Tax, Chicago (see advert on inside front)

Robert F Hudson JrBaker & McKenzie, Miami

Milton B HymanIrell & Manella, Los Angeles

Nancy L Iredale (see bio)Paul Hastings Janofsky & Walker, Los Angeles

Alan S KadenFried Frank Harris Shriver & Jacobson, Washington

Stephen M Kadenacy (see bio)KPMG, Los Angeles

C Ronald KalteyerLocke Liddell & Sapp, Dallas

Bruce KayleMilbank Tweed Hadley & McCloy, New York

Karl L KellarJones Day, Washington

John P Kennedy (see bio)Deloitte Tax, Parsippany (see advert on inside front)

Kenneth KleinMayer Brown Rowe & Maw, Washington

Edward D KleinbardCleary Gottlieb Steen & Hamilton, New York

Peter KloetErnst & Young, New York

Kenneth H Kral (see bio)PricewaterhouseCoopers, New York

Kenneth J KrupskyJones Day, Washington

Steven R LainoffKPMG, Washington

Felix B Laughlin (see bio)Dewey Ballantine, Washington

Robert C Lawrence IIICadwalader Wickersham & Taft, New York


United States

Brian E Lebowitz (see bio)Alston & Bird, Washington

Richard M LederChadbourne & Parke, New York

Marc M Levey (see bio)Baker & McKenzie, New York

Jack S LevinKirkland & Ellis, Chicago

Patricia Gimbel Lewis (see bio)Caplin & Drysdale, Washington

Jerome B Libin (see bio)Sutherland Asbill & Brennan, Washington

Richard M LiptonBaker & McKenzie, Chicago

Cym H LowellGardere Wynne Sewell, Dallas

John B Magee (see bio)McKee Nelson, Washington

Gary B MandelSimpson Thacher & Bartlett, New York

Phillip L MannMiller & Chevalier Chartered, Washington

Gregory MayFreshfields Bruckhaus Deringer, Washington

David J MayoPaul Weiss Rifkind Wharton & Garrison, New York

Carlyn S McCaffrey (see bio)Weil Gotshal & Manges, New York

Douglas R McFadyenShearman & Sterling, New York

William S McKee (see bio)McKee Nelson, Washington

Daniel J MiccicheAkin Gump Strauss Hauer & Feld, Dallas

David S MillerCadwalader Wickersham & Taft, New York

Robert L Moore IIMiller & Chevalier Chartered, Washington

Charles MorganSkadden Arps Slate Meagher & Flom, New York

327

United States

Philip D Morrison (see bio)Deloitte Tax, Washington (see advert on inside front)

Clifford E Muller (see bio)Sutherland Asbill & Brennan, Washington

Dan Munger (see bio)Deloitte Tax, Chicago (see advert on inside front)

Arthur M NathanHaynes and Boone, Houston

Mark Nehoray (see bio)Deloitte Tax, Los Angeles (see advert on inside front)

William F Nelson (see bio)McKee Nelson, Washington

Andrew C Newman (see bio)Deloitte Tax, Chicago (see advert on inside front)

Erika W NijenhuisCleary Gottlieb Steen & Hamilton, New York

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 OdellMiller & Chevalier Chartered, West Conshohocken

Stuart I OdellDewey Ballantine, New York

Jeffrey O’Donnell (see bio)Deloitte Tax, Washington (see advert on inside front)

Pamela OlsonSkadden Arps Slate Meagher & Flom, Washington

Paul W OosterhuisSkadden Arps Slate Meagher & Flom, Washington

Joseph M Pari (see bio)Dewey Ballantine, Washington

James M PeasleeCleary Gottlieb Steen & Hamilton, New York

John M Peterson JrBaker & McKenzie, Palo Alto


United States

Barnet Phillips IVSkadden Arps Slate Meagher & Flom, New York

Lawrence A Pollack (see bio)KPMG, New York

Martin D Pollack (see bio)Weil Gotshal & Manges, New York

Michael QuigleyWhite & Case, Washington

Walter T Raineri (see bio)Fenwick & West, Mountain View

Charles O RappaportSimpson Thacher & Bartlett, New York

Keith Reams (see bio)Deloitte Tax, San Francisco (see advert on inside front)

Yaron Z ReichCleary Gottlieb Steen & Hamilton, New York

Richard L ReinholdWillkie Farr & Gallagher, New York

William M RichardsonHunton & Williams, Richmond

James RiedyMcDermott Will Emery, Washington

Burt RosenDebevoise & Plimpton, New York

Matthew A RosenSkadden Arps Slate Meagher & Flom, New York

H David RosenbloomCaplin & Drysdale, Washington

Stanley RuchelmanRuchelman Law Firm, New York

Robert A RudnickShearman & Sterling, Washington

Ronald D Saake (see bio)Deloitte Tax, San Francisco (see advert on inside front)

Jeffrey B SamuelsPaul Weiss Rifkind Wharton & Garrison, New York

Leslie B SamuelsCleary Gottlieb Steen & Hamilton, New York

Michael L SchlerCravath Swaine & Moore, New York

329

United States

Leslie J SchneiderIvins Phillips & Barker Chartered, Washington

Leslie J SchreyerChadbourne & Parke, New York

Ronald B Schrotenboer (see bio)Fenwick & West, Mountain View

Jodi J Schwartz (see bio)Wachtell Lipton Rosen & Katz, New York

Alan M Shapiro (see bio)Deloitte Tax, Chicago (see advert on inside front)

Abraham N M Shashy (see bio)Dewey Ballantine, Washington

Stephen E ShayRopes & Gray, Boston

Jeffrey T SheffieldKirkland & Ellis, Chicago

Timothy C SherckMayer Brown Rowe & Maw, Chicago

Stanley G Sherwood (see bio)Sherwood Associates, New York

David R SicularPaul Weiss Rifkind Wharton & Garrison, New York

Mark J SilvermanSteptoe & Johnson, Washington

Richard W Skillman (see bio)Caplin & Drysdale, Washington

Manuel F Solano (see bio)Ernst & Young, New York

Giovanna Terese Sparagna (see bio)Sutherland Asbill & Brennan, Washington

Gary D SpragueBaker & McKenzie, Palo Alto

Robert J StaffaroniDebevoise & Plimpton, New York

Richard C Stark (see bio)McKee Nelson, Washington

N Susan StoneBaker & McKenzie, Houston

Steven Surdell (see bio)Ernst & Young, Chicago


United States

C David SwensonBaker & McKenzie, Washington

Edward Tanenbaum (see bio)Alston & Bird, New York

Willard B TaylorSullivan & Cromwell, New York

Leonard B Terr (see bio)Baker & McKenzie, Washington

David R TillinghastBaker & McKenzie, New York

Richard E Timbie (see bio)Caplin & Drysdale, Washington

James J TobinErnst & Young, New York

Steven C TodrysSimpson Thacher & Bartlett, New York

Dana L TrierDavis Polk & Wardwell, New York

Charles S TriplettMayer Brown Rowe & Maw, Washington

T Timothy Tuerff (see bio)Deloitte Tax, Washington (see advert on inside front)

Sonia Velasco MenalCuatrecasas, New York

Mary F VoceGreenberg Traurig, New York

Charles H WagnerBaker & McKenzie, New York

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 WeirAkin Gump Strauss Hauer & Feld, New York

Richard L WeismanBaker & McKenzie, New York

Joel C WeissMiller & Chevalier Chartered, Philadelphia

331

United States

Robert WellenIvins Phillips & Barker Chartered, Washington

Benjamin G WellsBaker Botts, Houston

Thomas F Wessel (see bio)KPMG, Washington

Philip R WestSteptoe & Johnson, Washington

Raymond J WiacekJones Day, Washington

Gary B WilcoxMorgan Lewis & Bockius, Philadelphia

B John Williams JrSkadden Arps Slate Meagher & Flom, Washington

Joel V WilliamsonMayer Brown Rowe & Maw, Chicago

Steven C WrappeMayer Brown Rowe & Maw, Washington

Deloris R WrightAnalysis Group, Denver

Lowell D YoderMcDermott Will Emery, Chicago

Alfred D YoungwoodPaul Weiss Rifkind Wharton & Garrison, New York

George E ZeitlinChadbourne & Parke, New York

Jay H ZimblerSidley Austin, Chicago

Thomas M Zollo (see bio)KPMG, Chicago


Venezuela

Humberto Romero-MuciDeloitteTorre Corp Banmca Piso 18Av Blandín, La Castellana Caracas Venezuela

Tel: (58) 212 206 87 47 Fax: (58) 212 206 87 40 Email: [email protected] Website: www.deloitte.com

Humberto Romero-Muci is a tax partner in the Caracas office of Deloitte.

Humberto Romero-Muci graduated summa cum laude in law from UniversidadCatólica Andrés Bello. He graduated with a Master’s in law from Harvard Universityin 1986, a PhD in law from Universidad Central de Venezuela in 2003 and a diplomain international tax from Harvard Law School in 1986. He is the former associatedmagistrate of the political administrative chamber at the Venezuelan Supreme Court.Recently, among other distinguished positions, he has been chosen as member of thePolitical 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-Mucispecializes in legal tax advice and litigation; he has contributed to the interpretationand implementation of the legislation applicable to inflation adjustment, businessassets, and municipal taxes, and he has contributed to legal and tax aspects ofaccounting principals.

He has been an associated professor and ex-chief in charge of the financial law chairin the Universidad Católica Andrés Bello since 1997, as well as ex-professor ofadministrative economic law in the same university.

Dr Romero-Muci has written 10 books (three of which are award-winning) and 112monographic works related to tax, constitutional, and administrative matters. DrRomero-Muci has been named as one of the most distinguished specialists andtalented professionals regarding tax issues by the International Tax Review and otherinternational 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 servesas the liaison for a number of multinational enterprises and coordinates tax work fornumerous clients headquartered abroad. His experience covers a wide range ofindustries, particularly service industries.

He speaks English and Spanish, and is a frequent guest speaker on topics related tonational and international taxation.

333

Venezuela

Oswaldo AnzolaRodríguez & Mendoza, Caracas

Frederico Araujo MedinaTorres Plaz Araujo & Asociados, Caracas

Manuel Candal IglesiasCandal & Asociados, Caracas

Juan C CarmonaAlcaraz Cabrera Vazquez (KPMG in Venezuela), Caracas

Ronald E EvansBaker & McKenzie, Caracas

Luis OcandoErnst & Young, Caracas

Leonardo PalaciosTorres Plaz Araujo & Asociados, Caracas

Katherine S Pinzón MErnst & Young/Mendoza Delgado Labrador y Asociados, Caracas

Humberto Romero-Muci (see bio)Deloitte, Caracas (see advert on inside front)

Gabriel Ruan SantosAraque Reyna Sosa Viso & Pittier, Caracas

Alfredo Travieso PassiosTinoco Travieso Planchart & Núñez, Caracas

INDEX


11 New Square, 2423 Temple Gardens Tax Chambers, 243A&L Goodbody, 120Abreu Cardigos & Associados, 171Adachi Henderson Miyatake & Fujita, 129Advokatfirman Bill Andreasson, 214Aird & Berlis, 37, 52, 54, 57Akin Gump Strauss Hauer & Feld, 321, 323,

326, 330Alcaraz Cabrera Vazquez (KPMG in

Venezuela), 333Allen & Gledhill, 178Allen & Overy, 83, 101, 102, 135, 243Allens Arthur Robinson, 12, 13Alston & Bird, 253, 259, 261, 278, 312, 321,

322, 326, 330Altenburger, 215, 222Altorfer Duss & Beilstein, 222Analysis Group, 331Andreas Neocleous & Co, 66, 67, 68Araque Reyna Sosa Viso & Pittier, 333Arendt & Medernach, 135Arias Fabrega & Fabrega, 160ARNOLD Rechtsanwalts-Partnerschaft, 16Arntzen de Besche, 160Arthur Cox, 120Ashurst, 82, 244Asorey & Navarrine, 8Atanaskovic Hartnell, 12Avraham Alter & Co Law Offices, 120Baker & 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, 331Bär & Karrer, 222Baraona Marré, 61Barros & Errázuriz, 61Barros Carvalho Advogados Associados, 32Basham Ringe y Correa, 139, 140BDO Noraudit, 157, 160Bech-Bruun, 73Bell Gully, 155Bennett Jones, 54, 55Binder Grösswang Rechtsanwälte, 16Blake Cassels & Graydon, 34, 41, 43, 47, 49,

50, 55, 56Blake Dawson Waldron, 12Blum Attorneys-at-Law, 218, 222BMR & Associates, 110, 116Böckli Bodmer & Partner, 222Bonn Schmitt Steichen, 133, 135Borden Ladner Gervais, 55Borel & Barbey, 222Bowman Gilfillan, 194bpv Hügel Rechtsanwälte OEG, 16Brandford-Griffith & Associés, 83Bratschi Emch Rechtsanwälte, 222Bredin Prat, 83

Briger & Associates, 322Bruchou Fernandez Madero Lombardi &

Mitrani, 8BSR & Co, 116Bulhoes Pedreira Bulhoes Carvalho Piva

Rosman e Souza, 32Burki Attorneys-at-Law, 222Burnet Duckworth & Palmer, 54Cabinet Henri Bardet, 82Cabinet Turot, 83Cadwalader Wickersham & Taft, 325, 326Cahn-Speyer Paredes & Asociados, 65Calvo González Luna Moreno y Revilla, 140Candal & Asociados, 333Caplin & Drysdale, 280, 307, 314, 326, 328,

329, 330Cárdenas Di Cio Romero & Tarsitano, 8Carey & Cia, 61Cariola Diez Perez-Cotapos & Cia, 61Chadbourne & Parke, 163, 322, 323, 326,

329, 331Chapman Tripp, 155Chevez Ruiz Zamarripa y Cia, 140Chiomenti Studio Legale, 123CHSH Cerha Hempel Spiegelfeld Hlawati,

15, 16Clayton Utz, 12Cleary Gottlieb Steen & Hamilton, 82, 241,

243, 325, 327, 328Clifford Chance, 82, 83, 101, 103, 149, 242Clyde & Co, 241CMS Adonnino Ascoli & Cavasola Scamoni,

123CMS Bureau Francis Lefebvre, 78, 79, 80,

82, 83Cooley Godward Kronish, 324Couzin Taylor/Ernst & Young, 54, 55Cravath Swaine & Moore, 324, 328Cuatrecasas, 205, 209, 330D Potchebutzky Law Offices, 120Davies Ward Phillips & Vineberg, 54, 55, 56,

324Davis Polk & Wardwell, 243, 323, 330De Brauw Blackstone Westbroek, 149, 150Debevoise & Plimpton, 102, 321, 323, 324,

328, 329Deloitte, 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 of firms

INDEX

335

Deneys Reitz, 194Dewey Ballantine, 87, 101, 121, 123, 163,

230, 242, 277, 296, 305, 318, 325, 327,329, 330

Di Tanno e Associati, 123Dias de Souza Advogados, 32DLA Piper, 144, 149Drew & Napier, 178Edward Nathan Sonnenbergs, 185, 187, 189,

194Elvinger Hoss & Prussen, 135EnterPricing, 8Ernst & 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 Labradory Asociados, 333

Espanha e Associados, 171Estudio Beccar Varela, 8Estudio O’Farrell, 8Eubelius, 25Fasken Martineau DuMoulin, 54, 56Felesky Flynn, 54Fenwick & West, 264, 265, 266, 299, 302,

323, 328, 329Ferrere Attorneys at Law, 26Flick Gocke Schaumburg, 86, 101, 102, 103Fraser Milner Casgrain, 38, 44, 54, 55Freshfields 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, 324Galhardo Vilão Torres, 171Gardere Wynne Sewell, 321, 326Garrigues, 202, 204, 206, 207, 208, 209Garrigues Portugal, 165, 171Gibbs Chambers, 13Gide Loyrette Nouel, 82Gillioz Dorsaz & Associes, 222Gleiss Lutz, 101Gonçalves Pereira Castelo Branco e

Associados, 171Goodmans, 54, 56Gray’s Inn Tax Chambers, 241, 242, 244Greenberg Traurig, 330Greenwoods & Freehills Pty Limited, 12Haarmann, 92, 101Haavind Vislie, 160Hannes Snellman, 77Harboe & Co, 160Haynes and Boone, 321, 323, 327Hengeler Mueller, 102Herbert Smith, 242Herzog Fox & Neeman, 120HH Partners, 74, 77Hollis Whiteman Chambers, 244Homburger, 222, 223Hunton & Williams, 328I Gornitzky & Co, 120Irell & Manella, 325Ivins Phillips & Barker Chartered, 323, 324,

329, 331Jalsovszky Law Firm, 109Jones Day, 25, 82, 323, 325, 331Jürgen Hartmann, 101Katten Muchin Rosenman, 321Kaye Scholer, 324Kellough & Partners, 39, 54

KhattarWong, 178Kim & Chang, 201King & Spalding, 323Kirkland & Ellis, 326, 329KPMG, 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, 214KPMG C Jespersen Statsautoriseret

Revisionsinteressentskab, 73KPMG Gruppe Österreich, 16KPMG Law Advokatfirma DA, 158KPMG Meijburg & Co, 149, 150KPMG Tax, 135, 163KPMG Tax Advisors-Assessores Tributários,

32KPMG Tax Corp, 129Kromann Reumert, 73Lacaz Martins Halembeck Pereira Neto

Gurevich, 32Lakshmikumaran & Sridharan, 116Landwell - PricewaterhouseCoopers, 209Latham & Watkins, 103, 322Lefosse Advogados in cooperation with

Linklaters, 30, 32Leitner + Leitner, 16Lenz & Staehelin, 223Lewin & Wills Abogados, 65Liedekerke Wolters Waelbroeck

Kirkpatrick, 25Linklaters, 82, 101, 103, 163, 214, 241, 243Linklaters De Bandt, 25, 26Locke Liddell & Sapp, 322, 325Lovells, 150, 242Loyens, 25, 26Loyens & Loeff, 135, 149, 150, 178, 243,

323Loyens Winandy, 134, 135Macchi di Cellere Gangemi, 123Macfarlanes, 241, 242Machado Meyer Sendacz e Opice, 31, 32Maisto e Associati, 123Mallesons Stephen Jaques, 12, 13Mallinicks, 194Mannheimer Swartling, 214Marciniuk & Partners, 163Marino e Associati, 123Mariz de Oliveira Siqueira Campos e

Bianco, 32Marval O’Farell & Mairal, 8Matheson Ormsby Prentice, 120Mattos Filho Veiga Filho Marrey Jr e

Quiroga, 32Mayer Brown Rowe & Maw, 321, 325, 329,

330, 331McCarthy Tétrault, 54, 55, 56, 57McDermott Will Emery, 243, 321, 322, 323,

324, 328, 331McKee Nelson, 255, 282, 284, 289, 291,

310, 322, 326, 327, 329MDDP Michalik Dluska Dziedzic i

Partnerzy, 163Meilicke Hoffmann & Partner, 102Milbank Tweed Hadley & McCloy, 101,

102, 242, 325Miller & Chevalier Chartered, 326, 327, 330Minter Ellison, 10, 12Minter Ellison Rudd Watts, 155Moisand Boutin & Associés, 83Morais Leitão Galvão Teles Soares da Silva

& Associados, 167, 169, 171

INDEX


Morgan Lewis & Bockius, 236, 243, 331Morrison & Foerster, 323Nagashima Ohno & Tsunematsu, 129Nauta Dutilh, 135Negri & Teijeiro Abogados, 8NERA Economic Consulting, 100, 103Niederer Kraft & Frey, 222Nishith Desai Associates, 116O’Melveny & Myers, 63Oberson & Partners, 222Ogilvy Renault, 40, 55One Essex Court, 242Ong Sim Ho Advocates & Solicitors, 178Orrick Herrington & Sutcliffe, 260, 322Ortiz Sainz y Erreguerena, 140Osborne Clarke, 243Osler Hoskin & Harcourt, 51, 54, 55, 56Owen Dixon Chambers, 13Owen Dixon Chambers West, 12P+P Pöllath + Partners, 84, 88, 89, 95, 96,

98, 99, 101, 102, 103Parás, 140Paul Hastings Janofsky & Walker, 82, 273,

325Paul Weiss Rifkind Wharton & Garrison,

322, 326, 328, 329, 331Pepeliaev Goltsblat & Partners, 173, 174Pérez Alati Grondona Benites Arntsen &

Martinez, 8Pestalozzi Lachenal Patry, 217, 222Pillsbury Winthrop Shaw Pittman, 322Pinheiro Neto - Advogados, 32Plesner Svane Gronborg, 73PLMJ - AM Pereira Sáragga Leal Oliveira

Martins, 166, 171Prager Dreifuss, 222PricewaterhouseCoopers, 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, 242Reyes Abogados Asociados, 65RLE Gmbh, 101Robert Boonacker, 149Roca Junyent, 209Rodés & Sala, 209Rodríguez & Mendoza, 333Ropes & Gray, 329Roschier, 77RSM & Co, 116RSM Hemmelrath, 102Ruchelman Law Firm, 328Rui Barreira Magalhães Correia Teresa

Carregueiro, 171Russell McVeagh, 155Samil PricewaterhouseCoopers, 195, 197,

198, 201Schellenberg Wittmer, 221, 223SchneideR’S Attorney at Law, 16Schönherr, 16Selborne Chambers, 12Shaddick & Spence, 13Shearman & Sterling, 101, 321, 326, 328Sherwood Associates, 306, 329Shin Nihon Ernst & Young, 126, 128, 129Sidley Austin, 292, 327, 331Simmons & Simmons Trenité, 149Simpson Thacher & Bartlett, 322, 324, 326,

328, 330

Skadden Arps Slate Meagher & Flom, 323,324, 326, 327, 328, 331

Slaughter and May, 241, 242, 243Spigthoff, 150Steptoe & Johnson, 329, 331Stibbe, 25, 149, 150Stikeman Elliott, 54Streck Mack Schwedhelm, 103Studio Legale Tributario F Gallo e Associati,

123Studio Tributario Deiure, 123Studio Uckmar, 123Sullivan & Cromwell, 82, 330Sutherland Asbill & Brennan, 252, 258, 281,

286, 309, 321, 322, 326, 327, 329Taj, 82The Ballentine Barbera Group, 250, 321Thommessen Krefting Greve Lund, 160Thorsteinssons, 42, 46, 55Tiberghien, 21, 25Tinoco Travieso Planchart & Núñez, 333Tirard Naudin, 81, 83Tokyo Kyodo Accounting Office, 129Tommy V Christiansen, 73Torres Plaz Araujo & Asociados, 333Torys, 56Travers Smith Braithwaite, 241, 243Trench Rossi e Watanabe/Baker &

McKenzie, 32Tron y Natera, 140Ulhoa Canto Rezende e Guerra Advogados,

32Uría Menéndez, 209Vaish Associates, 116Van Doorne, 150Veirano Advogados, 32Vial y Palma, 61Vitali Romagnoli Piccardi e Associati, 122,

123Vorlickova & Leitner, 70Vorster Pereira Inc, 194Wachtell Lipton Rosen & Katz, 256, 303,

322, 329Webber Wentzel Bowens, 192, 193, 194Weil Gotshal & Manges, 163, 254, 271, 283,

298, 316, 321, 325, 326, 328, 330Wentworth Chambers, 12, 13Werksmans, 194White & Case, 70, 127, 129, 163, 323, 328Wiersholm Mellbye & Bech, 160Wikborg Rein, 160William Fry, 120Willkie Farr & Gallagher, 82, 83, 322, 328Wilson & Partners, 54, 56Winston & Strawn, 322Wolf Theiss, 16Woo Yun Kang Jeong & Han, 199, 200, 201Xavier Bernardes & Bragança, 33

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