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Global Guide to M&A

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Global Guide to M&A GLOBAL GUIDE TO M&A TAX 2018 EDITION CONTENTS FOREWORD ...........................................................................................................................................................................3 COUNTRY OVERVIEWS .....................................................................................................................................................5 ARGENTINA ..........................................................................................................................................................................6 AUSTRIA .................................................................................................................................................................................19 BELGIUM .............................................................................................................................................................................. 32 BRAZIL ................................................................................................................................................................................. 42 CANADA ............................................................................................................................................................................... 51 CHILE ....................................................................................................................................................................................61 COLOMBIA ..........................................................................................................................................................................70 CYPRUS ................................................................................................................................................................................80 DENMARK ...........................................................................................................................................................................90 FINLAND ..............................................................................................................................................................................99 FRANCE ................................................................................................................................................................................111 GERMANY ..........................................................................................................................................................................127 GREECE ..............................................................................................................................................................................140 INDONESIA ....................................................................................................................................................................... 150 IRELAND .............................................................................................................................................................................157 ITALY ......................................................................................................................................................................................171 KOREA ..................................................................................................................................................................................185 LUXEMBOURG ................................................................................................................................................................. 195 MALAYSIA ........................................................................................................................................................................ 205 MALTA ..................................................................................................................................................................................212 MEXICO ...............................................................................................................................................................................221 THE NETHERLANDS ....................................................................................................................................................232 NORWAY .......................................................................................................................................................................... 244 POLAND .............................................................................................................................................................................253 PORTUGAL .......................................................................................................................................................................263 ROMANIA ..........................................................................................................................................................................275 RUSSIA .............................................................................................................................................................................. 286 SOUTH AFRICA .............................................................................................................................................................. 294 SPAIN ................................................................................................................................................................................. 303 SWEDEN .............................................................................................................................................................................317 SWITZERLAND ...............................................................................................................................................................329 UNITED KINGDOM .........................................................................................................................................................339 UNITED STATES ............................................................................................................................................................. 348 GLOBAL M&A TAX TEAM ............................................................................................................................................358 GLOBAL GUIDE TO M&A TAX: 2018 EDITION 2 FOREWORD The M&A global market remained vibrant in 2017 Private Equity Dry Powder: High levels of dry with transactional volume coming in just under powder available to financial buyers will also the 2016 level - 2017 was the fifth most active year continue to contribute to the deluge of M&A in terms of global deal volume.1 Global interest activity. Data from Preqin suggest that PE funds rates remain at historical lows, notwithstanding held roughly USD1.1 trillion in cash at the 2018 mid- the slight increase in US rates. Roughly 15,000 year mark. With such a cash hoard, funds should be deals transpired in the US, the most in a year well-positioned for the foreseeable future in M&A, since the beginning of the new millennium, with whether competing with corporate buyers or making cross-border deals accounting for 30% of total opportunistic investments in the event that a trade deal volume (down slightly from 36% in 2016). In war or other market turbulence materializes. its May 2018 global outlook, the Organisation for Brexit and European Elections: Notwithstanding Economic Cooperation and Development (“OECD”) continued media noise around the UK vote to exit forecasted G20 growth rates of 4% and 4.1%, the European Union (“EU”) and the need for the respectively, for 2018 and 2019 and forecasted various governments to agree on the details of non-G20 country growth slightly under 4% — their prospective trade relationships, the powers encouraging forecasts all around. that be appear to have constructed at least an The unprecedented M&A cycle in which we find outline of the path forward and largely alleviated ourselves shows no signs of slowing halfway through the main concerns. The dissipation of such fears and 2018, either. According to Thomson Reuters, the the anticipation of a strong UK economy, should number of deals exceeding USD5 billion in value in boost the European markets in the near- to mid- 2018 will double from 2017. Relative to 2017, overall term. Further, recent election wins in key European M&A deal volume may have declined so far this year, countries by political parties espousing conventional but deal values have risen. views should encourage and provide confidence to the markets as the European economic recovery Although global economic strength clearly continues. is providing fuel to this hot deal market, the following key factors are also fanning these flames, Base Erosion Profit Shifting Initiative (“BEPS”): encouraging active market participants to continue The OECD has provided additional clarity into its engaging in M&A and those sitting on the sidelines to BEPS project and its prospective administration. This abandon their wait-and-see approaches: has allowed multinationals to focus on compliance and to make relevant changes to their systems United States Tax Reform: The largest US tax and processes. As companies’ grasp on BEPS overhaul in more than 30 years provides a reduced compliance
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