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The Legal Media Group Guide to the World’s Leading Tax Advisers

2 Methodology CONTENTS 3 Argentina editorial 5 Argentina Guide to the World’s Leading Australia Tax Advisers 10 15 Austria Belgium editorial Research manager 17 19 Belgium Tatiana Hlivka 26 Bolivia Brazil Sub-editors 27 34 Canada editorial Rebecca Skipwith 36 Canada Maria McGrady 58 Chile China Production manager 62 64 Colombia Richard Oliver 66 Cyprus Czech Republic Production editor 69 71 Denmark João Fernandes 74 Finland France Business manager 78 84 Germany editorial Matthew Lakin 86 Germany Hong Kong SAR Project manager 104 108 Hungary Jonathan McReynolds 110 India Ireland editorial Publisher 117 118 Ireland Danny Williams 120 Israel Italy Director 121 124 Japan Christopher Fordham 129 Lithuania Luxembourg editorial For additional copies of this publication 130 Luxembourg please contact: 132 136 Mexico 141 The Netherlands editorial Tatiana Hlivka The Netherlands Legal Media Group 143 New Zealand editorial Nestor House 151 New Zealand Playhouse Yard 153 Norway London, EC4V 5EX 156 Panama Tel: (44) 20 7779 8418 160 Poland Fax: (44) 20 7779 8678 161 Portugal Email: [email protected] 164 Russia RRP £65/e100/US$110 172 175 Singapore 179 South Africa editorial ©Euromoney Institutional Investor PLC 184 South Africa January 2007 195 South Korea No matter contained herein may be reproduced, 202 Spain editorial duplicated or copied by any means without the prior Spain consent of the holder of the copyright, requests for 204 which should be addressed to the publisher. Although 210 Sweden Euromoney Institutional Investor PLC has made 215 Switzerland every effort to ensure the accuracy of this publication, 224 United Kingdom neither it nor any contributor can accept any legal United States editorial responsibility whatsoever for consequences that may 245 arise from errors or omissions, or any opinions or 247 United States advice given. This publication is not a substitute for 332 Venezuela professional advice on specific transactions. Directors: Padraic Fallon, Lord Rothermere, Sir Patrick Sergeant, Charles Sinclair, Peter Williams, Index Richard Ensor, Chris Brown, Neil Osborn, Dan Cohen, Gerard Strahan, John Botts, Edoardo 334 Index of firms Bounous, Colin Jones, Simon Brady, Tom Lamont, Diane Alfano, John Bolsover, Gary Mueller, Mike Carroll, Christopher Fordham

Cover image © mjutabor/BigStockPhoto.com

The Queens Award for Export Achievement 1999

1 Methodology

Welcome to the 2007 Guide to the World’s Leading Tax Advisers, the international legal market’s leading guide to the top practitioners in the field of tax advice.

When first published in 1994, the Expert Guides were the first ever guides dedicated to leading individuals in the legal industry. Since then we have continued to focus on individuals considered by clients and peers to be the best in their field.

The guides for each practice area are updated every two years. Our research process involves sending over 4,000 questionnaires to senior practitioners or in-house counsel involved in each practice area in over 60 jurisdictions, asking them to nominate leading practitioners based on their work and reputation. The results are analysed and screened for firm, network and alliance bias. The list of experts is then discussed and refined with advisers in legal centres worldwide.

Our researchers have compiled a list of specialists in 42 jurisdictions for this guide. These specialists have been independently offered the opportunity to enhance their listing with a professional biography. The biographies give readers valuable, detailed information regarding each lawyer’s practice and, if appropriate, their work and clients.

We owe the success of this guide to all the in-house counsel and firms that completed questionnaires and met our researchers. Thank you. We hope you find the guide to be a useful tool.

Tatiana Hlivka Research manager

2 Guide to the World’s Leading Tax Advisers Argentina Argentina: time for comprehensive reform?

Only five years have elapsed since the crisis that rocked Argentina in late 2001 and early 2002, and yet the economic outlook has now entirely changed in ways not even the most optimistic forecaster could have predicted during those difficult years.

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

Despite concerns on several fronts, such as infrastructure needs in the energy sector, fears of over-regulation and other measures that would be required to enable sustainable growth, economists and businessmen are increasingly optimistic about the future performance of the country.

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

Diego Etchepare (top) The federal primary surplus that has been observed lately is and Andrés Edelstein due to high value-added tax receipts and a strong PricewaterhouseCoopers performance by income taxes, reflecting the recovery in Buenos Aires GDP and also a certain degree of success in the fight against tax evasion and the informal economy.

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

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

Collection of taxes at federal level

3 Argentina

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

How to reform There seems to be a consensus on the necessity of reducing or repealing these so-called distorting taxes through a major tax reform. The dilemma the government has to face is how to implement these changes without jeopardizing the current fiscal surplus, a crucial aspect to which the authorities have been paying close attention, and which makes a substantial reform a challenging exercise.

The government has so far been reluctant to consider eliminating these taxes in view of satisfactory performance. The enactment of special tax regimes to promote investments shows that the authorities are conscious of the high level of taxation and willing to encourage investment projects, although the budget devoted to that end is limited. We refer to the temporary regime for investments in capital assets and infrastructure works and the software promotion regime (Law 25,924 and 25,922 respectively, both enacted in 2004), and the special regimes for the production and use of Biofuel and Hydrocarbons (Law 26,093 and 26,154 respectively, both launched in 2006).

Although there are conflicting views on the impact of tax cuts on the flow of foreign direct investment (FDI) and no simple relationship seems to exist between the overall level of taxation and long-term economic growth, studies do find evidence of the negative influence of high levels of taxation. Moreover, there are clear signs that the level of taxation has significant influence on investment decisions.

In the context of fierce competition among countries to attract investments, the design and implementation of a tax system that encourages them, together with other sound measures aimed at improving the investment climate and the business environment, should be one of the main items of the Argentine Government’s agenda.

According to the World Bank publication mentioned above, tax reductions are possible when reforms target increasing compliance and the tax base. Three ways to start a good reform are discussed in the report: simplification of the tax legislation, which also implies the repeal of exemptions or special treatments; easing filing requirements, for instance by making electronic filing possible and eliminating excessive paperwork; and consolidating taxes. These general guidelines may well be taken into consideration in the establishment of a friendlier tax system in Argentina, together with other specific initiatives such as the alignment of tax policies among the different taxing jurisdictions (federal, provincial and municipal levels), and the expansion of the tax treaty network (composed of 18 treaties, most of them concluded with European and American countries).

In the meantime, to take advantage of the many opportunities that the Argentine economy offers, careful tax planning is essential, not only to ensure that all the tax implications and exposures have been duly addressed, but also to determine whether the project fits the scope of the various tax incentive regimes currently available.

4 Guide to the World’s Leading Tax Advisers Argentina Diego Etchepare PricewaterhouseCoopers Bouchard 557 C1106ABG – Buenos Aires Argentina

Tel: (54) 11 4850 4651 Fax: (54) 11 4850 4699 Email: [email protected] Website: www.pwc.com/ar

Diego Etchepare is an expert in all matters related to national and provincial taxation, and advises international corporations doing business in Argentina.

He was the partner in charge of the tax and legal practice in PricewaterhouseCoopers’s Buenos Aires office until July 2001, when he became the partner in charge of the Buenos Aires firm. With more than 20 years’ experience in the taxation area, he has been assisting multinational clients to structure their investments and acquisitions in Argentina.

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

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

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

He is a member of the Argentina Fiscal Association and of the Taxation Executive Committee of the Professional Association of CPAs. At present, he is a member of the consultative council of the School of Economic Sciences at the Universidad de Belgrano. He is also a member of the Advisory Council in Argentina of the IDEC – Universidad Pompeu Fabra, Spain.

5 Argentina Carlos Iannucci Deloitte Pte Gral J D Peron 646, 2nd Floor Ciudad Autónoma de Buenos C1038AAN Buenos Aires Argentina

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

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

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

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

6 Guide to the World’s Leading Tax Advisers Argentina Pablo F Tonina Deloitte Florida 234, 5th Floor C1005AAF Buenos Aires Argentina

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

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

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

Since 1988, Mr Tonina has consistently been listed among the leading tax advisers in Argentina in various market surveys. He is a regular lecturer at business institutions, universities and professional entities, sharing his expertise in various tax matters. He also is a contributor to a number of specialized technical publications.

Mr Tonina is a certified public accountant. He graduated from the School of Economics, Argentine Catholic University, and is a member of the Argentine Tax Association and the International Tax Association.

7 Argentina Alejandro Claudio Altamirano Estudio Beccar Varela, Buenos Aires

Francisco J Antognini Ernst & Young, Buenos Aires

Rubén O Asorey Asorey & Navarrine, Buenos Aires

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

Carlos Casanovas Ernst & Young, Buenos Aires

Marcelo A Castillo KPMG, Buenos Aires

Andrés M Edelstein PricewaterhouseCoopers, Buenos Aires

Diego Etchepare (see bio) PricewaterhouseCoopers, Buenos Aires

Jorge Gebhardt Ernst & Young, Buenos Aires

Eduardo Gil Roca PricewaterhouseCoopers, Buenos Aires

Gabriel Gotlib Marval O’Farell & Mairal, Buenos Aires

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

Susana C Navarrine Asorey & Navarrine, Buenos Aires

Matias Olivero Vila Bruchou Fernandez Madero Lombardi & Mitrani, Buenos Aires

Daniel Rybnik EnterPricing, Buenos Aires

Alberto Tarsitano Cárdenas Di Cio Romero & Tarsitano, Buenos Aires

Guillermo Orlando Teijeiro Negri & Teijeiro Abogados, Buenos Aires

Miguel Alejandro Máximo Tesón Estudio O’Farrell, Buenos Aires

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

8 Guide to the World’s Leading Tax Advisers Available in the Expert Guides series...

2006

2005

If you regularly interact with the legal profession in a specific practice area anywhere in the world, you should obtain a copy of the relevant Expert Guide for just £65/e100/US$110

ORDER FORM YOUR DETAILS e £65/ 100/US$110 per copy. Please Name: send me the following guides Position: Company: No. of copies Address: Best of the Best 2006 Aviation 2006 City/State: Post Code: Competition and Country: Email: Antitrust 2006 Tel: Fax: Commercial Arbitration 2006 METHOD OF PAYMENT Insurance and Please debit my credit card Reinsurance 2006 Amex Diners Club MasterCard Visa Mergers and Acquisitions 2006 Card No: _____/______Private Equity 2006 Expiry date: Project Finance 2006 Please find enclosed a cheque payable to Trade Mark 2006 ‘Euromoney Institutional Investor PLC’ Capital Markets 2005 Please invoice me/my company (Purchase Order Transfer Pricing 2005 Number: ______) US Healthcare 2005 ______/____/____ e Signature: Date: Total £/ /US$: 4 easy ways Tel: +44 (0) 20 7779 8418 Email: [email protected] Tatiana Hlivka, Expert Guides, Nestor House, to order: Fax: +44 (0) 20 7779 8678 Post to: Playhouse Yd, London EC4V 5EX, UK Australia Mark Green Minter Ellison Rialto Towers 525 Collins Street Melbourne, Victoria, 3000 Australia

Tel: (61) 3 8608 2380 Fax: (61) 3 8608 1000 Email: [email protected] Website: www.minterellison.com

Mark joined Minter Ellison in March 2002. He is a former senior tax partner in Ernst & Young’s corporate group and deputy managing partner of Ernst & Young’s tax practice. Mark is one of Victoria’s leading advisors on tax and related structuring issues, and is also managing partner of Minter Ellison Melbourne.

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

Mark also has significant experience advising on mergers and acquisitions for corporate entities, including tax effective financing. He has a strong background advising corporate and government entities generally on Australian State and Federal taxation and excise laws.

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

He is past president of the Australian New Zealand Chamber of Commerce and Industry and a guest lecturer in international taxation at Monash University Faculty of Law.

He is a fellow of the Tax Institute of Australia and a member of the Australian Institute of Company Directors, International Fiscal Association and The Law Institute of Victoria.

10 Guide to the World’s Leading Tax Advisers Australia Gordon Thring Deloitte 180 Lonsdale Street Melbourne VIC 3000 Australia

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

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

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

Gordon lectures extensively on international and corporate tax topics at seminars and has contributed many articles to publications dealing with international and Australian taxation.

Gordon is also the chair of the Australian CPA’s National Tax Committee and sits on several liaison groups with the Australian Treasury and Australian Taxation Office officials.

11 Australia Charles Armitage Allens Arthur Robinson, Sydney

Allan Blaikie Clayton Utz, Sydney

David Bloom QC Seven Wentworth Chambers, Sydney

Bill Cannon Blake Dawson Waldron, Sydney

Anthony Clemens PricewaterhouseCoopers, Sydney

Michael Clough Mallesons Stephen Jaques, Melbourne

Peter Collins PricewaterhouseCoopers, Melbourne

David Cominos Clayton Utz, Brisbane

Graeme Cotterill Mallesons Stephen Jaques, Perth

John W De Wijn QC Owen Dixon Chambers West, Melbourne

Richard Dukes Atanaskovic Hartnell, Sydney

John William Durack SC Ground Floor Wentworth Chambers, Sydney

Tony Frost Greenwoods & Freehills Pty Limited, Sydney

Peter Green Mallesons Stephen Jaques, Sydney

Mark Green (see bio) Minter Ellison, Melbourne

Michael Happell PricewaterhouseCoopers, Melbourne

Vik Khanna Ernst & Young, Melbourne

John C King Mallesons Stephen Jaques, Sydney

Larry Magid Allens Arthur Robinson, Sydney

James Hamilton Momsen Fifth Floor Selborne Chambers, Sydney

12 Guide to the World’s Leading Tax Advisers Australia Paul O’Donnell Ernst & Young, Sydney

G Tony Pagone QC Owen Dixon Chambers West, Melbourne

Kevin Pose Allens Arthur Robinson, Melbourne

Cameron Rider Allens Arthur Robinson, Melbourne

David Graham Russell QC Ground Floor Wentworth Chambers, Sydney

Richard Shaddick Shaddick & Spence, Melbourne

Tony Slater QC Ground Floor Wentworth Chambers, Sydney

Ken Spence Shaddick & Spence, Melbourne

Ian Stanley Mallesons Stephen Jaques, Sydney

Brendan James Sullivan SC Tenth Floor Selborne/Wentworth Chambers, Sydney

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

Michael H Wachtel Ernst & Young, Melbourne

David A Watkins KPMG, Sydney

Sue Williamson Allens Arthur Robinson, Melbourne

David Wood Mallesons Stephen Jaques, Melbourne

13 Commercial

Banking & finance and capital markets

Tax

Administrative business law

Real estate and project development

Commercial litigation and arbitration

Cerha Hempel Spiegelfeld Hlawati Partnerschaft von Rechtsanwälten Parkring 2, A-1010 Vienna Tel.: +43/1/514 35-0 Fax: +43/1/514 35-35 www.chsh.at CHSH Bratislava Brussels Bucharest Budapest Vienna [email protected] in alliance with BSJP Gdansk Katowice Poznan Warsaw Wroclaw Austria Clemens Hasenauer CHSH Cerha Hempel Spiegelfeld Hlawati Parkring 2 1010 Vienna Austria

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

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

Clemens Hasenauer graduated from the University of Vienna (Mag iur 1994, Dr iur 1996) and from New York University School of Law (LLM 1997) as a Fulbright Scholar. For more than three years he gained professional experience in New York and London and is also admitted to the Bar of New York. Clemens Hasenauer has written numerous publications in his areas of expertise and is a frequent speaker at seminars and lectures. He chairs one of the leading Austrian mergers and acquisitions conferences.

CHSH is one of Austria’s largest law firms, with strong international links and offices in Vienna, Bratislava, Brussels, Budapest, Bucharest, Warsaw, Gdansk, Katowice, Poznan and Wroc_aw. At present, there are 12 partners and 68 lawyers at the Vienna office.

15 Austria Wolf-Dieter Arnold ARNOLD Rechtsanwalts-Partnerschaft, Vienna

Nina Doralt Ernst & Young, Vienna

Florian Gibitz bpv Hügel Rechtsanwälte OEG, Vienna

Andreas Hable Binder Grösswang Rechtsanwälte, Vienna

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

Christian Hoenig Wolf Theiss, Vienna

Hanns F Hügel bpv Hügel Rechtsanwälte OEG, Vienna

Reinhard Leitner Leitner + Leitner, Linz

Johann Mühlehner KPMG Gruppe Österreich, Vienna

Roland Rief Ernst & Young, Vienna

Friedrich Roedler PricewaterhouseCoopers, Vienna

Niklas Schmidt Wolf Theiss, Vienna

Robert Schneider SchneideR’S Attorney at Law, Vienna

Claus Staringer Freshfields Bruckhaus Deringer, Vienna

Hellwig Torggler Schönherr, Vienna

Hans Zoechling KPMG Gruppe Österreich, Vienna

16 Guide to the World’s Leading Tax Advisers Belgium Belgium increases its scrutiny of transfer-pricing issues

In the 2004 edition of this Guide, we described the Belgian transfer-pricing regulations introduced on July 9 2004. The 2004 Act introduced the arm’s-length principle as the domestic legal basis, as well as the concept of correlative adjustments, which implied that the Belgian tax authorities would accept a downward adjustment to the taxable results of the Belgian taxpayer to the extent that it corresponded to a correct upwards foreign transfer-pricing adjustment.

The 2004 Act overwrote Article 26 of the Belgian Income Tax Code (BITC) in the case of cross-border transactions between two companies that are part of a multinational Patrick Cauwenbergh group of associated enterprises; or between two permanent Deloitte establishments (one being Belgian), a Belgian head office and Brussels its foreign permanent establishment, or a foreign head office and its Belgian permanent establishment. However, the domestic controlled transactions and the cross-border transactions between a company and a physical person are still covered by Article 26 of the BITC. The 2004 Act also introduced a more flexible and pragmatic advance-pricing agreement regime, allowing taxpayers to obtain advance security about all issues related to tax-aligned supply chain structures (such as exit charges, permanent establishment, relationship between transfer pricing and customs value, and so on).

In addition to the 2004 Act, in 2005 Belgium introduced a tax deduction for risk capital (notional interest deduction). Both the 2004 Act and the notional interest deduction are measures that have made Belgium especially attractive for foreign investments. Indeed, under the new advance-pricing agreement regime of the 2004 Act, it is possible to obtain a partial or even total tax exemption of the excess (operating) profit resulting from restructuring a business, while still respecting the arm’s-length principle. The second measure, the notional interest deduction, provides for a deduction from the taxpayer’s taxable base equal to a percentage of the entity’s (allocated) equity. In the right circumstances, the excessive profit ruling and the notional interest deduction could be combined and thus provide an effective way to substantially reduce the group’s effective tax rate. Furthermore, the absence of strict thin capitalization rules, the relative ease of implementing hybrid financing structures and the attractive holding company features further contribute to making the Belgian tax climate similar to, or even more enticing than, those found in more traditional conduit countries, such as Ireland, Luxembourg or Switzerland.

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

Most recently, on November 20 2006, the Belgian tax administration issued a new circular that provides the tax administration with general guidelines regarding the transfer-pricing documentation in the case of an audit. Although the circular does not impose any obligation to prepare transfer-pricing documentation in advance, it defines the factors and situations which make the audit likely for certain Belgian taxpayers. Among these are the following: the use of so-called tax haven countries when no economic value is added as well as direct and indirect payments to entities in tax havens; the use of back-to-back arrangements to hide the true nature of a transaction; complex arrangements and circular structures that produce little or no additional economic value; structural losses at a level of Belgian group entities; reorganization and relocation of affiliated entities, particularly involving the valuation and payment

17 Belgium for intellectual property; and the year-end invoicing of management fees. The circular also provides a detailed overview of items to be gathered by taxpayers for the preparation of the transfer-pricing documentation. These items include the description of the nature and the terms of the relevant tested and potentially comparable transactions, methods to determine pricing for such transactions, commercial contracts and the relevant financial information. Other items useful for the study are the factual information on the taxpayer and its parent multinational group, industry and market background, description of the contractual relations with the related parties for tangibles, services and loans, and the taxpayer’s detailed functional and risk overview.

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

18 Guide to the World’s Leading Tax Advisers Belgium Patrick Cauwenbergh Deloitte Berkenlaan 8A B-1831 Diegem Belgium

Tel: (32) 2 600 6927 Fax: (32) 2 600 6703 Email: [email protected] Website: www.deloitte.com

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

Mr Cauwenbergh has specialized in transfer pricing and international tax planning since 1992, as both practitioner and academic. He is a member of the Institute of Accountancy and Tax Advisers (IAB).

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

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

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

19 Belgium Jacques De Witte Deloitte Berkenlaan 8A B-1831 Diegem Belgium

Tel: (32) 2 600 6694 Fax: (32) 2 600 6703 Email: [email protected] Website: www.deloitte.com

Jacques De Witte is a tax partner in the Brussels office of Deloitte.

Mr De Witte began his career in 1976 with Mr Tinnemans, certified public auditor and founder of Deloitte & Touche in Belgium. He became a tax partner in 1988 and is a member of various business and professional organizations.

Mr De Witte advises mainly corporate but also private clients from all over the world, specializing in clients who have connections with Japan. His principal areas of activity are international tax and corporate structuring. He is also known in the field of personal income tax issues of expatriates.

Mr De Witte has been consistently recognized in Legal Media Group’s survey of clients and professionals as a leading international tax adviser, and has been named for several years as one of the top tax advisers in International Tax Review’s annual survey. He is a regular speaker at conferences, universities and management schools on various aspects of Belgian taxation.

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

20 Guide to the World’s Leading Tax Advisers Belgium Bernard Peeters Tiberghien Havenlaan 86C/419 Avenue du Port Wouwstraat 1 1000 Brussels 2640 Mortsel Belgium Belgium

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

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

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

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

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

He speaks Dutch, English, French and German

21 Belgium Jan A Roels Deloitte Berkenlaan 8A B-1831 Diegem Belgium

Tel: (32) 2 600 6726 Fax: (32) 2 600 6701 Email: [email protected] Website: www.deloitte.com

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

In 2004, Mr Roels was appointed European international tax service line leader for Europe. He also serves as the European liaison for a number of multinational enterprises and coordinates the European tax work for several Belgian MNCs and clients headquartered in Europe, the Americas and the Asia-Pacific region. Mr Roels is a member of the EU tax group at Deloitte, responsible for coordinating knowledge-sharing on EU direct tax developments and assisting offices worldwide on issues of EU direct taxation. He has been a member of various governmental, EU and industry tax task forces.

For many years International Tax Review has named Mr Roels as one of the leading international tax advisers in Belgium. He speaks fluent Dutch, English, French and German and is a frequent speaker in and outside Belgium on topics dealing with national and international taxation, including EU taxation. He is a guest lecturer at the Universities of Antwerp, Ghent and Leuven.

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

22 Guide to the World’s Leading Tax Advisers Belgium Marc Tahon KPMG Prins Boudewijnlaan 24d B - 2550 Kontich (Antwerp) Belgium

Tel: (32) 3 821 19 24 Fax: (32) 3 825 38 38 Email: mtahon@kpmg.com Website: www.kpmg.com

Marc Tahon is an international corporate tax partner in the Belgian tax and legal practice of KPMG. He joined the firm in 1977 and was admitted partner in 1985.

Marc is member of the Belgian Institute for Accountants and Tax Advisers (IAB) and member of the International Fiscal Association (IFA).

Marc is a lecturer at UAMS, the Universiteit Antwerpen Management School. He has published various articles on reorganization issues. He is a member of the KPMG global mergers and acquisitions tax network and representative of Belgium at the KPMG European Tax Centre (ETC).

Marc has extensive experience and expertise in matters such as financial structures, management buy-outs, mergers and acquisitions, corporate reorganizations, both on a national and an international level. His sector expertise comprises pharmaceuticals, chemicals, industrial products, consumer products and shipping. Marc works with both Belgian and foreign-based (that is in the US, UK, Germany and the Netherlands) multinational groups on an continuing basis as well as on special projects.

Marc holds a degree in law (University of Antwerp) and a special degree in fiscal sciences (Fiscale Hogeschool, Brussels). He is fluent in Dutch, French and English and has a good knowledge of German.

23 Belgium Dirk Van Stappen KPMG Prins Boudewijnlaan 24d Antwerpen (Kontich) 2550 Belgium

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

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

Dirk has conducted various transfer-pricing assignments, ranging from preparing European transfer-pricing documentation (including comparables searches), and domestic and international transfer-pricing audit defence and competent authority procedures to negotiating rulings and advance-pricing arrangements (APAs). Another area of focus is strategic transfer-pricing planning (agent/commissionaire-structures, contract or toll manufacturing arrangements, contract R&D arrangements, distribution and service centres, intellectual property planning). Dirk has also excellent relations with the Belgian central tax and APA authorities.

From an industry perspective, Dirk has a particular focus on the chemical, pharmaceutical, electronics, industrial equipment, consumer products and food and beverages industries.

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

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

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

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

24 Guide to the World’s Leading Tax Advisers Belgium Patrick Cauwenbergh (see bio) Deloitte, Brussels (see advert on inside front)

Thierry Charon Loyens, Brussels

Christian Chéruy Loyens, Brussels

Luc De Broe Stibbe, Brussels

Guido De Wit Linklaters De Bandt, Brussels

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

Thierry Denayer Linklaters De Bandt, Brussels

Frank Dierckx PricewaterhouseCoopers, Brussels

Daniel Garabedian Liedekerke Wolters Waelbroeck Kirkpatrick, Brussels

Axel Haelterman Freshfields Bruckhaus Deringer, Brussels

Werner Heyvaert Stibbe, Brussels

Philippe Hinnekens Eubelius, Brussels

Alain Huyghe Baker & McKenzie, Brussels

Patrick L Kelley Linklaters De Bandt, Brussels

John Kirkpatrick Liedekerke Wolters Waelbroeck Kirkpatrick, Brussels

Howard M Liebman Jones Day, Brussels

Jacques Malherbe Liedekerke Wolters Waelbroeck Kirkpatrick, Brussels

Philippe Malherbe Liedekerke Wolters Waelbroeck Kirkpatrick, Brussels

Ivo Onkelinx Linklaters De Bandt, Brussels

Bernard Peeters (see bio) Tiberghien, Brussels

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

Enrico Schoonvliet Loyens, Brussels

Marc Tahon (see bio) KPMG, Antwerp

Dirk Van Stappen (see bio) KPMG, Antwerp

Henk Vanhulle Linklaters De Bandt, Brussels

Isabel Verlinden PricewaterhouseCoopers, Brussels

Bolivia Jaime Araújo Ferrere Attorneys at Law, Santa Cruz

26 Guide to the World’s Leading Tax Advisers Brazil Cristina Arantes A Berry Deloitte Rua Alexandre Dumas 1981 Chácara Santo Antonio São Paulo – SP Brazil

Tel: (55) 11 5186 1013 Fax: (55) 11 5181 2911 Email: [email protected] Website: www.deloitte.com.br

Cristina Berry is a tax partner in the São Paulo office of Deloitte.

Cristina joined Arthur Andersen in 1989 and became a partner in 2000. She joined Deloitte & Touche in March 2002. Currently, Cristina leads the corporate tax division of the Sao Paulo office.

She specializes in international tax, with experience in corporate income tax, foreign capital legislation, corporate law, corporate reorganization and tax planning, and has participated in numerous projects such as: transfer pricing, advising multinational clients on tax and business related to multinational joint ventures, and counselled clients on structuring and restructuring complex national and international operations.

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

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

27 Brazil João Alfredo Branco Deloitte Rua Bela Cintra, 881 01415-910 – São Paulo – SP Brazil

Tel: (55) 11 3150 1800 Fax: (55) 11 3258 8456 Email: [email protected] Website: www.deloitte.com.br

João A Branco is a partner in Deloitte’s Brazil office and an international tax specialist. He has 30 years of experience in corporate and individual income tax, foreign capital legislation, corporate law, corporate reorganization, tax planning. He has participated in numerous projects, such as transfer pricing and advising multinational clients on tax and business related to multinational joint ventures, and has counselled clients on structuring and restructuring complex national and international transactions. He has extensive experience in the utilities, consumer, automotive, manufacturing and pharmaceutical industries.

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

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

He is fluent in English and Portuguese.

28 Guide to the World’s Leading Tax Advisers Brazil José Roberto Adelino da Silva KPMG Av Almirante Barroso n 52, 4th floor 20031-000 Rio de Janeiro Brazil

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

José Roberto Adelino da Silva is tax partner at KPMG in Brazil. He became a tax partner in 1992. José Roberto has a broad and proved experience in business tax services (including transfer pricing) and reorganization services of mergers and acquisitions. His professional experience comprises comprehensive support to foreign clients in the acquisition of Brazilian targets and control of local investments.

His areas of experience comprise: multiple banks, commercial and investment banks, leasing, insurance companies, metallurgy, steel, chemical, record manufacturers. He has participated in seminars of professional focus and in annual seminars within the KPMG professional development programme.

He graduated in administration at Universidade do Federal do Rio de Janeiro – UFRJ (1978) and in accounting at Faculdade de Ciências Contábeis e Administrativas Moraes Júnior do Rio de Janeiro (1982).

29 Brazil Gustavo Lian Haddad Lefosse Advogados in cooperation with Linklaters Rua General Furtado do Nascimento, 66 1 andar Sao Paulo SP 05465-070 Brazil

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

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

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

Gustavo was previously the head of international tax at KPMG in São Paulo and joined Lefosse Advogados in 2003 to lead the firm’s tax practice. He has recruited new associates, refocused the practice and significantly increased tax consultation work in high-profile transactional and international tax matters, taking advantage of integration with the corporate and finance practices of the firm and with the Linklaters network.

Gustavo has been named as one of the five leading individual tax advisers in Brazil by the International Tax Review magazine and World Tax 2005 and World Tax 2006, which ranked him as a leading individual in tax mergers and acquisitions and tax capital markets.

The tax practice of Lefosse Advogados currently comprises more than 12 fee earners, focusing on transactional tax work on mergers and acquisitions, capital markets and cross-border operations, tax advice on domestic and international matters and tax litigation. It has been involved in high profile transactions and tax matters for many years and is known for its international mindset and business-orientated approach.

30 Guide to the World’s Leading Tax Advisers Brazil Raquel Cristina Ribeiro Novais Machado, Meyer, Sendacz e Opice Advogados Avenida Brigadeiro Faria Lima, 3144 – 8º Floor 01451-000 São Paulo – SP Brazil

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

Raquel Cristina Ribeiro Novais has been a partner of Machado Meyer Sendacz and Opice Advogados, one of the leading law firms in Brazil, since 1990. She has particular expertise in corporate tax law, tax planning and foreign investments, mainly in relation to regulated industries (namely petroleum and natural gas, power and telecommunications). She acts as consultant to investors participating in privatization processes and provides tax advice on corporate restructuring and merger and acquisition transactions. Mrs Novais is also particularly known for her transfer pricing experience, which includes both planning and litigation.

Mrs Novais conducts a litigation practice focused on relevant tax matters. In that capacity, she has had charge of leading cases dealing with state federal and constitutional matters, judged by the higher courts in Brazil, including the Federal Supreme Court. Mrs Novais has also been firmly involved in litigation at the level of the Administrative Tax Courts.

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

Mrs Novais received her LLB from the Faculdade de Direito de Franca in 1983. In 1992 she gained a masters degree in tax law from de Pontifícia Universidade Católica. She has been a member of the Bar Association and the São Paulo Lawyers Association since 1985. In 1994 she was made a judge of the Administrative Court of São Paulo (TIT).

31 Brazil Cristina Arantes A Berry (see bio) Deloitte, São Paulo (see advert on inside front)

João Alfredo Branco (see bio) Deloitte, São Paulo (see advert on inside front)

José Luiz Bulhoes Pedreira Bulhoes Pedreira Bulhoes Carvalho Piva Rosman e Souza, Rio de Janeiro

Antonio Corrêa Meyer Machado Meyer Sendacz e Opice, São Paulo

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

Paulo De Barros Carvalho Barros Carvalho Advogados Associados, São Paulo

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

Hamilton Dias de Souza Dias de Souza Advogados, São Paulo

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

Luciana Galhardo Pinheiro Neto - Advogados, São Paulo

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

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

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

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

José Roberto Pisani Pinheiro Neto - Advogados, São Paulo

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

Diogo H Ruiz KPMG Tax Advisors-Assessores Tributários, São Paulo

Luis Eduardo Schoueri Lacaz Martins Halembeck Pereira Neto Gurevich, São Paulo

Abel Simao Amaro Veirano Advogados, São Paulo

32 Guide to the World’s Leading Tax Advisers Brazil Nelio Weiss PricewaterhouseCoopers, São Paulo

Alberto Xavier Xavier Bernardes & Bragança, Rio de Janeiro

33 Canada 2006 – a year of significant developments

The past year has seen important proposed legislation as well as a number of judicial decisions. The most important legislative proposals have been directed at the proliferation of income trusts and flow-through partnerships as business entities in Canada. The initial legislative proposal was to reduce personal taxes on eligible dividends paid after 2005, so as to provide taxable holders of public company shares with the same after-tax return as holders of income trust units. This would essentially eliminate double taxation on corporate profits distributed to such shareholders.

Despite this proposal, many large public companies Leslie Morgan announced plans to convert to income trusts and on October Blake, Cassels & Graydon 31 2006 much bigger changes were announced. These new Toronto proposals create a regime for publicly traded trusts and their investors which is similar, but not identical, to that for public corporations and their shareholders. The new rules apply to publicly traded Canadian trusts (other than certain narrowly defined real estate investment trusts and those that hold only portfolio investments). Under the proposals, the trust will be subject to a special tax on distributions of income attributable to non-portfolio investments, at a rate that will approximate the corporate tax rate. Investors will also be taxable on the distributions as if they were dividends from a taxable Canadian corporation. The new rules will apply to existing trusts publicly traded before November 2006 for taxation years that end after 2010 and to entities that became publicly traded after October 2006 for the later of their 2007 taxation year and the taxation year in which they began to be traded. Similar rules are proposed for publicly-traded partnerships. The proposals state that the hiatus in application may be revisited if there is “undue expansion”, as clarified in a subsequent release, of an existing entity. In addition, the proposals contained an unusually specific anti-avoidance statement to the effect that new structures designed to frustrate the policy of the proposals may result in immediately effective changes.

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

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

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

34 Guide to the World’s Leading Tax Advisers Canada

In addition, the Supreme Court of Canada considered foreign exchange gains and losses in the context of a foreign currency-denominated debt that was repaid at a time when the Canadian dollar had deteriorated. The court denied the taxpayer’s claim for a deduction under a provision of the Canadian Income Tax Act that is designed to allow full or partial deduction of discounts in respect of indebtedness. In denying the deduction, the court specifically stated that there was no overriding principle that all amounts must be translated into Canadian dollars in applying formulas contained in the Canadian Income Tax Act. The court also made some statements in the course of its judgement that raised issues as to the circumstances in which a borrower can have a foreign exchange gain or loss on repayment of a foreign currency loan. Doubt was also cast as to the validity of the Canada Revenue Agency’s longstanding practice regarding exchangeable debentures.

The Canada Revenue Agency has since stated that, pending further review in this case, they will continue to apply their existing administrative policies with regard to existing exchangeable debentures and the deductibility of foreign exchange gains and losses on debt.

35 Canada Albert Baker Deloitte 1055 Dunsmuir,Suite 2800 Four Bentall Centre Vancouver, BC V7X 1P4 Canada

Tel: (1) 604 640 3273 Fax: (1) 604 899 8183 Email: [email protected] Website: www.deloitte.com

Albert Baker, FCA, is the leader of Deloitte’s tax practice in Vancouver. He also leads Deloitte Canada’s international tax services practice and is a member of the Deloitte Canada tax leadership team. Mr Baker was previously based in the firm’s Montreal office.

Specializing in international tax, Albert has over 20 years of experience in structuring mergers and acquisitions, corporate financing, and corporate reorganizations.

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

Albert is a member of the executive and a member of council of the Canadian branch of the International Fiscal Association (IFA) and acts as its first vice-president. Previous posts include: member of the board of governors of the Canadian Tax Foundation (CTF) (2001 to 2004); member of the CTF board’s Transition Committee (2003); member of the CTF Quebec Organizing Committee (2001 to 2005); coordinator of the Montreal Senior Tax Practitioners Group (1994 to 2005); and past member of the Association de planification fiscale et financière (APFF) International Tax Committee. He was also a member of the CICA-CBA Joint Committee on Taxation’s subcommittee regarding foreign investment entities and non-resident trusts, and was a member of the Joint Committee’s foreign affiliate subcommittee. Albert also serves as co-chair of the organizing committee of the 2009 IFA Congress to be held in Vancouver. He is currently a member of the Department of Finance Advisory Committee on International Tax Matters.

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

Albert was the Canadian reporter at the 1998 IFA Congress in London. He has spoken and written on international tax matters for a number of organizations including the IFA, the CTF, the Canadian Institute of Chartered Accountants (CICA), the Tax Management International Journal, the APFF, the Tax Executives Institute (TEI), the Society of Trust and Estate Practitioners (STEP), Federated Press, and the International Tax Review. He is currently a member of the Canadian Tax Journal’s editorial board.

Albert has been selected as one of the top 10 tax advisers in Canada in each of International Tax Review’s surveys (2000 to 2003), and selected as one of the top tax advisers in Canada in the 2000 to 2005 Euromoney Legal Media Group Surveys. He was selected as one of the top cross-border structuring specialists in Canada in the ITR World Tax 2004 Survey and selected as one of the top mergers and acquisitions and cross-border structuring specialists in Canada in the ITR World Tax 2006 Survey. He was also selected as one of the top transfer-pricing advisers in Canada in the 2001 Euromoney Legal Media Group Transfer Pricing Survey.

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

36 Guide to the World’s Leading Tax Advisers Canada Jack Bernstein Aird & Berlis LLP BCE Place, 181 Bay Street Suite 1800, Box 754 Toronto, ON M5J 2T9 Canada

Tel: (1) 416 865 7766 Fax: (1) 416 863 1515 Email: [email protected] Website: www.airdberlis.com

Jack Bernstein is the senior tax partner and chair of the International Tax Practice at Aird & Berlis. Jack is also a member of the firm’s tax litigation group and mergers and acquisitions team. He holds a BCL and LLB from McGill University (1975 and 1976). He was admitted to the Ontario Bar in 1979 and the Quebec Bar in 1977.

Jack is well known in the area of international tax planning and corporate taxation. He is experienced in dealing with public and private corporations, hedge funds, venture capital funds, real estate funds and financial institutions. He appears in all editions of the Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada and The Canadian Legal LEXPERT Directory of leading law firms and practitioners in Canada as a leading lawyer in the areas of corporate tax. Jack is also listed in the prestigious Chambers Global: The World’s Leading Lawyers for Business as a leading Canadian tax lawyer. In addition, he has been selected as a leader in corporate tax by The International Who’s Who of Corporate Tax Lawyers – 2005 (4th edition) and Who’s Who Legal: The International Who’s Who of Business Lawyers. He also received an AV rating in the Martindale-Hubbell Law Directory, signifying the highest rating for legal ability as well as an extremely high adherence to the professional standards of conduct, ethics, reliability and diligence.

Jack is a former governor of the Canadian Tax Foundation and a current member of the executive of the Taxation Committee of the International Bar Association. He is a member of Council of the International Fiscal Association (Canadian Branch) and former chair of the Foreign Lawyers Forum, American Bar Association, Taxation Section.

Jack is the author of four and editor of two CCH books. He is also the editor of CCH’s Tax Profile, a monthly newsletter distributed nationally and a Canadian correspondent for Tax Notes International, a leading US tax publication. He is also a regular contributor to Canadian Tax Highlights, a newsletter published by the Canadian Tax Foundation. He has written many articles for a number of other contemporary tax-related publications, including The Canadian Tax Journal, C.A. Magazine, Tax Management International Journal, The Bulletin (a publication of the International Fiscal Association), The Journal of International Taxation, World Tax Report and Derivatives and Financial Instruments (IBFD).

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

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

37 Canada Brian R Carr Fraser Milner Casgrain LLP 1 First Canadian Place 100 King Street West Toronto, ON M5X 1B2 Canada

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

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

Brian was called to the Bar in 1975 (Ontario) and 2000 (Alberta). He attended the University of Toronto, LLB, from 1970 to 1973 and the University of Toronto, BSc (mathematics, physics and chemistry), from 1966 to 1970.

Brian has practised in the income tax area for over 30 years. During that time, he has assisted corporations in carrying out mergers and acquisitions, including acting for Echo Bay on its merger with Kinross and TVX, and advising Barrick in connection with its recent acquisition of Placer Dome. He has developed a number of innovative uses for flow-through shares and other financing structures for oil and gas and mining corporations. Brian has appeared on numerous occasions before the Tax Court of Canada and the Federal Court of Appeal and has represented clients in matters that have proceeded to the Supreme Court of Canada.

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

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

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

38 Guide to the World’s Leading Tax Advisers Canada Howard Kellough, QC Kellough & Partners LLP 2800-1055 Dunsmuir St Vancouver, BC V7X 1P4 Canada

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

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

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

Mr Kellough is a past chairman of the Canadian Tax Foundation, past chairman of the National Tax Section of the Canadian Bar Association and co-chairman of the Joint Committee on Taxation. Mr Kellough has written and spoken extensively on tax matters. Some recent publications include “International Tax Problems of Partnerships”, IFA Vol. LXXXa; “Integration Revisited: Coordinating the Corporate and Personal Tax Systems” 1998 CMTC (Canadian Tax Foundation) 22:1, “The Legislative Process: Legislation by Press Release and The Need for a More Open Process”, 1998 Annual Conference (Canadian Tax Foundation); “Taxation of Private Corporations and Their Shareholders, (3rd edition) Canadian Tax Foundation, Canada’s leading text on private corporations.

Mr Kellough graduated from the University of Denver in 1963, the University of Saskatchewan Law School in 1966 and is also a chartered accountant and a member of the Canadian Institute of Chartered Accountants, the Quebec Order of Chartered Accountants and the BC Institute of Chartered Accountants. He has lectured at the University of British Columbia Law School and authoured and lectured for many organizations both domestically and internationally.

Mr Kellough has an AV rating in the Martindale-Hubbell Law Directory, is recognized as one of the most frequently recommended corporate tax law practitioners in the Canadian Lexpert Directory (2000) and is included in Lexpert/American Lawyers’ Guide to the Leading 500 Lawyers in Canada and Law Business Research’s International Who’s Who of Corporate Tax Lawyers as well as being cited in Chambers & Partners Global, The World’s Leading Lawyers 2004-2005 as a leading Canadian corporate tax lawyer and recognized in Legal Media Group’s Guide to the World’s Leading Tax Advisers.

39 Canada Wilfrid Lefebvre QC Ogilvy Renault LLP Suite 1100 1981 McGill College Avenue Montréal, QC H3A 3C1 Canada

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

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

Mr Lefebvre started his career at the Department of Justice in Ottawa where he held the position of legal adviser to the Department of Supply and Services, subsequently joining the Tax Litigation Section of the Department of Justice. In 1976, he became the director of the Legal Services Branch of Revenue Canada and in 1978 was appointed general counsel in charge of tax litigation in Canada.

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

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

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

Mr Lefebvre has been a lecturer at the faculty of law of the University of Ottawa in both the civil law and common law programmes, at the Université de Sherbrooke, at the Quebec Bar admission course and at the Law Society of Upper Canada.

He received his BA from the Collège Saint-Laurent in 1966 and his LLL from the Université de Montréal in 1969. He was admitted to the Quebec Bar in 1970.

40 Guide to the World’s Leading Tax Advisers Canada Janice McCart Blake, Cassels & Graydon LLP 199 Bay Street, Suite 2800 Commerce Court West Toronto, ON M5L 1A9 Canada

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

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

She has served as governor of the Canadian Tax Foundation and acts as an editor on the foundation’s permanent editorial staff. Ms McCart is a founding member of the Transfer Pricing Advisory Group and a member of the Transfer Pricing Sub-committee of the Joint Committee on Taxation of the Canadian Bar Association and the Canadian Institute of Chartered Accountants, the American Bar Association, the Canadian Bar Association, and the International Fiscal Association. She is also a council member of the International Fiscal Association (Canadian branch). Ms McCart’s work has been published in the Canadian Tax Journal, Tax Management International, International Tax Review, International Fiscal Association (Canadian Branch), Tax Planning International and the International Transfer Pricing Journal. In 2005, she was named in Legal Media Group’s Guide to the World’s Leading Transfer Pricing Advisers and, in 2003 and 2005, in the Best of the Best in Transfer Pricing. In 2005 and 2006, she was named in Euromoney’s World Tax in transfer pricing.

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

41 Canada Warren J A Mitchell, QC Thorsteinssons LLP 33rd Floor, Bay Wellington Tower PO Box 786 181 Bay Street Toronto, ON M5J 2T3 Canada

Tel: (1) 416 864 0829 Fax: (1) 416 864 1106 Email: [email protected] Website: www.thor.ca Born in Regina, Saskatchewan, Mr Mitchell was educated at the University of British Columbia, from which he holds both Bachelor of Commerce and Bachelor of Law degrees. He was first admitted to the Bar of Alberta (1963) and has since been admitted to the Bars of British Columbia (1966) and Ontario (1990). Mr Mitchell served as a solicitor in the Taxation Division of the Department of National Revenue until 1965, when he became the second member of Thorsteinssons.

His practice focuses on large case tax litigation. He has appeared as counsel in the Tax Court of Canada; Federal Court Trial Division and the Federal Court of Appeal, the Supreme Court of Canada, as well as the Court of Appeal of British Columbia, the Supreme Court of British Columbia, the Ontario Court (General Division), and the Court of Appeal for Ontario.

42 Guide to the World’s Leading Tax Advisers Canada Leslie Morgan Blake, Cassels & Graydon LLP 199 Bay Street, Suite 2800 Commerce Court West Toronto, ON M5L 1A9 Canada

Tel: (1) 416 863 2696 Fax: (1) 416 863 2653 Email: [email protected] Website: www.blakes.com

Leslie Morgan is a partner in the tax group of the Toronto office where she is involved in all aspects of income taxation. Leslie specializes in corporate taxation focusing on the tax implications of corporate acquisitions, mergers and reorganizations, as well as private and public financings, and debt and equity restructurings. Leslie has provided tax advice for bidders and target companies on public mergers and acquisitions transactions, and for issuers and underwriters in public securities offerings. She provides ongoing tax planning for many public and private corporations, as well as commercial partnerships and mutual fund trusts including income trusts and Reits.

Leslie has written on a wide range of topics in the area of income taxation. She is a member of the Canadian Bar Association and the Canadian Tax Foundation and is a past member of the Minister’s Advisory Committee on Tax Administration and of the executive of the tax section of the Canadian Bar Association, Ontario division.

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

43 Canada Joel Alan Nitikman Fraser Milner Casgrain LLP 15th Floor 1040 West Georgia Street Vancouver, V6E4H8 Canada

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

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

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

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

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

44 Guide to the World’s Leading Tax Advisers Canada Rob O’Connor Deloitte Suite 1400, BCE Place 181 Bay Street Toronto, ON M5J 2V1 Canada

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

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

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

Mr O’Connor’s transfer-pricing experience includes numerous planning and APA engagements, dealing with the Canada Revenue Agency on transfer-pricing issues, and assisting clients in compiling and presenting information to support transfer prices and developing audit defences. Mr O’Connor has assisted numerous clients in establishing and defending multinational cost-sharing and licensing arrangements. He has been involved in many projects dealing with the reorganization or restructuring of global operations and the movement of functions, risks and ownership of assets.

Mr O’Connor has also been involved in many specialized tax consulting projects, particularly involving cross-border transactions, acquisitions, divestitures and inbound investment in Canada.

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

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

45 Canada Michael J O’Keefe Thorsteinssons LLP 33rd Floor, Bay Wellington Tower PO Box 786 181 Bay Street Toronto, ON M5J 2T3 Canada

Tel: (1) 416 864 0829 Fax: (1) 416 864 1106 Email: [email protected] Website: www.thor.ca Michael J O’Keefe QC is a member of the Bars of British Columbia, Alberta and Ontario, and is a senior partner in Thorsteinssons. He is a graduate of the University of British Columbia in commerce and law, and has a masters degree in law from the University of California, Berkeley.

He regularly advises Canadian multinationals and foreign multinationals with Canadian interests on Canadian and international tax matters, and works extensively in the area of cross-border transactions. He has served as a special assistant to the minister of finance, government of Canada, and was a member of the Joint Taxation Committee of the Canadian Bar Association and the Canadian Institute of Chartered Accountants and of the board of governors of the Canadian Tax Foundation.

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

46 Guide to the World’s Leading Tax Advisers Canada Ron Richler Blake, Cassels & Graydon LLP 199 Bay Street, Suite 2800 Commerce Court West Toronto, ON M5L 1A9 Canada

Tel: (1) 416 863 3854 Fax: (1) 416 863 2653 Email: [email protected] Website: www.blakes.com

Ron Richler is a partner in the Toronto office of Blake Cassels & Graydon, practising exclusively in the area of taxation. His specializations include corporate reorganization, mergers and acquisitions, financing and investment products.

He is a contributing editor of International Tax (published by CCH). Ron has also written widely on tax matters and spoken at numerous tax-related conferences and seminars including those sponsored by the Canadian Tax Foundation and the Tax Executives Institute. He is an instructor on mergers at the annual Tax Law for Lawyers course, sponsored by the Canadian Bar Association. Ron is recognized by several Canadian and international surveys as a leading tax practitioner.

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

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

47 Canada Sandra Slaats Deloitte 181 Bay Street, BCE Place Suite 1400 Toronto, ON M5J 2V1 Canada

Tel: (1) 416 643 8227 Fax: (1) 416 601 6703 Email: [email protected] Website: www.deloitte.ca

Sandra Slaats is a partner in the international tax group of the Toronto office of Deloitte. She specializes in the development and implementation of international tax solutions.

Sandra is a member of the Joint Tax Committee of the Canadian Bar Association and the Canadian Institute of Chartered Accountants, and is part of the committee’s working group on the foreign affiliate rules. In that role, Sandra meets with Department of Finance and Canada Revenue Agency officials to discuss technical issues and proposed legislative changes.

Sandra has lectured for many years on inbound investment in Canada and the taxation of foreign affiliates at the CICA Part III tax course. In recent years, she has spoken at the annual conference of the Canadian Tax Foundation on the subject of the draft foreign affiliate legislation and at the Canadian branch meeting of the International Fiscal Association on the subject of the subsection 95(6) anti-avoidance rule. She has written a number of articles for publication including articles recently published in the Canadian Tax Journal and The Tax Executive, the journal of the Tax Executives Institute.

From 1987 to 1990, Sandra was a Tax Policy Officer with the Canadian Department of Finance.

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

48 Guide to the World’s Leading Tax Advisers Canada Paul K Tamaki Blake, Cassels & Graydon LLP 199 Bay Street, Suite 2800 Commerce Court West Toronto, ON M5L 1A9 Canada

Tel: (1) 416 863 2697 Fax: (1) 416 863 2653 Email: [email protected] Website: www.blakes.com

Paul Tamaki is a member of the tax group in the Toronto office of Blake Cassels & Graydon. He practises in all areas of taxation law, including mergers and acquisitions, reorganizations, corporate finance, structured asset finance, partnerships and joint ventures, international tax and transfer pricing. He also acts for clients in administrative tax appeals and other representations to governments.

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

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

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

49 Canada Jeffrey C Trossman Blake, Cassels & Graydon LLP 199 Bay Street, Suite 2800 Commerce Court West Toronto, ON M5L 1A9 Canada

Tel: (1) 416 863 4290 Fax: (1) 416 863 2653 Email: [email protected] Website: www.blakes.com

Jeffrey Trossman is a partner in the tax group of the Toronto office of Blake Cassels & Graydon. His practice focuses on all aspects of income tax planning, with an emphasis on cross-border transactions, including mergers and acquisitions, corporate reorganizations, corporate financing transactions, private equity, partnerships and joint ventures. In the course of his practice, he represents clients in connection with tax audits and appeals.

Jeffrey has written and spoken widely in the area of tax. He has contributed articles to International Tax Review and the Canadian Tax Foundation conference reports on such subjects as going private transactions, triangular amalgamations and treaty shopping. Jeffrey was co-chair of the Department of Finance round table at the 2006 meeting of the Canadian branch of the International Fiscal Association. He is a member of the Committee on Taxation of Business Entities of the New York City Bar.

Jeffrey received his LLB from the University of Toronto in 1989, and was called to the Ontario Bar in 1991.

50 Guide to the World’s Leading Tax Advisers Canada Scott Wilkie Osler, Hoskin & Harcourt LLP PO Box 50 1 First Canadian Place Toronto, ON M5X 1B8 Canada

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

Scott Wilkie is a senior partner in the taxation department of the Toronto office of Osler Hoskin & Harcourt. He is one of the highest-profile tax practitioners in Canada, with particular expertise in international taxation, corporate taxation, taxation of financial transactions and transfer pricing.

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

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

51 Canada Barbara Worndl Aird & Berlis LLP BCE Place, 181 Bay Street Suite 1800, Box 754 Toronto, ON M5J 2T9 Canada

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

Barbara Worndl is practice group leader of the Aird & Berlis tax group and has been a partner of the firm since 1988. Her practice is focused on income tax with an emphasis on corporate and partnership taxation. She has extensive experience in structuring cross- border acquisitions and reorganizations and regularly advises on derivative transactions, income trusts, resource taxation and syndications. She also has experience with the taxation of mutual funds, hedge funds and the resolution of tax disputes.

Barbara is recognized by Chambers Global: The World’s Leading Lawyers for Business as a leading tax lawyer. She is a regular contributor to various publications including Canadian Tax Highlights, Tax Profile, TaxLine and Tax Notes International and is a frequent presenter on new developments relating to tax.

Barbara is a member of the American Bar Association, Canadian Bar Association, Canadian Tax Foundation and the International Fiscal Association. She holds an LLB and BA from the University of Toronto (1983 and 1980) and was admitted to the Ontario Bar in 1985.

52 Guide to the World’s Leading Tax Advisers Canada Gary Zed Deloitte 800-100 Queen Street Ottawa, ON K1P 5T8 Canada

Tel: (1) 613 751 5200 Fax: (1) 613 236 2328 Email: [email protected] Website: www.deloitte.com

Gary is a partner in Deloitte’s national transfer pricing and competent authority group. He is also the Canadian national director of Deloitte’s international competent authority practice. Gary works closely with the firm’s Canadian and global transfer-pricing practice, as well as with international tax specialists, and is responsible for handling inter- governmental relationships, issues involving double taxation, transfer pricing and the mutual agreement procedure under tax treaties.

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

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

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

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

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

53 Canada Firoz Ahmed Osler Hoskin & Harcourt, Toronto

Thomas B Akin McCarthy Tétrault, Toronto

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

Jack Bernstein (see bio) Aird & Berlis, Toronto

William J Bies Fasken Martineau DuMoulin, Toronto

Nathan Boidman Davies Ward Phillips & Vineberg, Montréal

Stephen W Bowman Bennett Jones, Toronto

John A Brussa Burnet Duckworth & Palmer, Calgary

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

Robert Couzin Couzin Taylor/Ernst & Young, Toronto

Guy Du Pont Davies Ward Phillips & Vineberg, Montréal

Ronald K Durand Stikeman Elliott, Toronto

Douglas S Ewens QC McCarthy Tétrault, Calgary

Brian A Felesky QC Felesky Flynn, Calgary

Neil H Harris Goodmans, Toronto

Robert Hogan Stikeman Elliott, Montréal

Sandra E Jack QC Felesky Flynn, Calgary

Elizabeth J Johnson Wilson & Partners, Toronto

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

Edwin G Kroft McCarthy Tétrault, Vancouver

54 Guide to the World’s Leading Tax Advisers Canada Wilfrid Lefebvre QC (see bio) Ogilvy Renault, Montréal

Norman C Loveland Osler Hoskin & Harcourt, Montréal

Charles P Marquette Borden Ladner Gervais, Montréal

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

Al Meghji Osler Hoskin & Harcourt, Toronto

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

Darcy D Moch Bennett Jones, Calgary

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

D Bernard Morris Bennett Jones, Toronto

Evy Moskowitz KPMG, Toronto

Angelo Nikolokakis Couzin Taylor/Ernst & Young, Montréal

Joel Alan Nitikman (see bio) Fraser Milner Casgrain, Vancouver

Rob O’Connor (see bio) Deloitte, Toronto (see advert on inside front)

Michael J O’Keefe QC (see bio) Thorsteinssons, Toronto

Nick Pantaleo PricewaterhouseCoopers, Toronto

Robert Raizenne Osler Hoskin & Harcourt, Montréal

Gabrielle M R Richards McCarthy Tétrault, Toronto

Elinore J Richardson Borden Ladner Gervais, Toronto

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

Stephen S Ruby Davies Ward Phillips & Vineberg, Toronto

55 Canada Alan M Schwartz Fasken Martineau DuMoulin, Toronto

Mitchell Sherman Goodmans, Toronto

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

Carrie Smit Goodmans, Toronto

David W Smith Davies Ward Phillips & Vineberg, Toronto

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

Roger E Taylor Ernst & Young, Ottawa

David Tetrault Osler Hoskin & Harcourt, Toronto

Richard G Tremblay Osler Hoskin & Harcourt, Toronto

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

John M Ulmer Davies Ward Phillips & Vineberg, Toronto

John Unger Torys, Toronto

Francois Vincent KPMG, Montréal

David A Ward Davies Ward Phillips & Vineberg, Toronto

Donald H Watkins QC Osler Hoskin & Harcourt, Calgary

James W Welkoff Torys, Toronto

Rosemarie Wertschek QC McCarthy Tétrault, Vancouver

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

James R Wilson Wilson & Partners, Toronto

Ronald S Wilson Davies Ward Phillips & Vineberg, Toronto

56 Guide to the World’s Leading Tax Advisers Canada Barbara Worndl (see bio) Aird & Berlis, Toronto

Jerald M Wortsman McCarthy Tétrault, Toronto

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

57 Chile Anthony Cook Deloitte Av Providencia 1760, Piso 7 Santiago Chile

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

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

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

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

Anthony has taught various courses related to his specialism, including courses on double taxation treaties and Law of Corporations, and has attended courses on management development, accounting for attorneys and others in his specialism. He has spoken frequently on issues surrounding foreign investments in Chile and related tax planning opportunities.

Anthony is an attorney. He is a graduate of the Universidad Católica de Chile Faculty of Law. He also studied in England between 1970 and 1973, first at Alvescot College, Oxfordshire, affiliated with New York State University, then at Southampton University, in the modern history, politics and economics programme.

Anthony speaks fluent English and Spanish.

58 Guide to the World’s Leading Tax Advisers Chile Alvaro Mecklenburg Deloitte Avenida Providencia 1760, Piso 7 Santiago Chile

Tel: (56) 2 270 3314 Fax: (56) 2 374 9109 Email: [email protected] Website: www.deloitte.com

Alvaro Mecklenburg is the partner in charge of the tax practice in the Santiago office of Deloitte.

Mr Mecklenburg is a tax attorney, graduate of the University of Chile Faculty of Law, with postgraduate degrees in tax legislation and advanced legal studies. He has also attended continuing legal education courses offered by the Universidades Católica and Adolfo Ibáñez on the topics of tax and commercial law, banking law, credit instruments and foreign trade.

Before joining Deloitte, he held a position as an attorney with the Banco de Santiago, in charge of the legal section of the Large Business Management Division. In 1997, he was assigned to the Deloitte office in Los Angeles, California, where he acquired extensive experience in international tax matters.

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

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

59 Chile Julio Pereira PricewaterhouseCoopers Av Andres Bello 2711 – 4 piso Las Condes Santiago Chile

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

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

As a partner, Mr Pereira has been a tax and legal adviser for both local and multinational corporations. He has been in charge of PwC’s entertainment, media and communications group for the past two years. He has a wide range of experience in serving international clients, including foreign investment contracts, capital and loan structuring, expatriates taxation, incorporation of companies, due diligence works, joint ventures, mergers and acquisitions, software contracts and reorganizations.

He is currently a professor of tax law at the Catholic University of Chile, School of Law, in the graduate and postgraduate programmes, a former member of the Duke University School of Law board of visitors (1999 to 2002), a member of the Chilean Duke Law Alumni Club and an active member of the Chilean Bar Association.

60 Guide to the World’s Leading Tax Advisers Chile Juan Manuel Baraona Baraona Marré, Santiago

Fernando Barros Barros & Errázuriz, Santiago

Jaime Carey Carey & Cia, Santiago

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

Sergio Illanes Baker & McKenzie, Santiago

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

Sebastián Obach Cariola Diez Perez-Cotapos & Cia, Santiago

Julio Pereira (see bio) PricewaterhouseCoopers, Santiago

Maria Eugenia Sandoval PricewaterhouseCoopers, Santiago

Lisandro Serrano Vial y Palma, Santiago

Rodrigo Valenzuela Ernst & Young, Santiago

61 China Joseph Tse Deloitte 30/F Bund Center 222 Yan An Road East Shanghai 200002 China

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

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

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

Mr Tse has served the firm’s leading international clients across a broad spectrum of industries and service sectors.

Legal Media Group named Mr Tse one of the world’s leading tax advisers in 2002.

He earned his degree in mathematics (honours) at the University of Waterloo, and his masters in business administration (finance) at York University. Mr Tse is a member of the Institute of Chartered Accountants of Canada and of the Canadian Tax Foundation.

62 Guide to the World’s Leading Tax Advisers China Spencer Chong PricewaterhouseCoopers, Shanghai

Larry Sussman O’Melveny & Myers, Beijing

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

63 Colombia Jaime Vargas-Cifuentes Deloitte Carrera 12 No 96-81. Piso 5 Bogotá Colombia

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

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

Prior to working at Deloitte, he was a partner with Arthur Andersen and led its Colombian tax practice. From 1995 to 2000, he worked for Baker & McKenzie, where he was a partner and leader of the firm’s Colombian tax practice.

Between August 1998 and June 1999, he worked for the Chicago office of Baker & McKenzie, where he advised clients on matters related to international tax subjects of the United States and Latin America in general. At the same time he took courses in international taxation at the Kent School of Law, Illinois Institute of Technology, and participated in seminars on transfer pricing.

Before joining Baker & McKenzie, he was a senior in the tax division of Andersen & Cía, Colombia (September 1992 to August 1995), and was a supporting attorney of the Fourth Section of the Council of State, where he was in charge of drafting judgments on tax matters.

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

Mr Vargas has lectured in tax planning for international transactions (University Externado de Colombia School of Finances and International Relations) and in international transactions and taxes specific to the oil industry (University Externado de Colombia School of Economics). He has also lectured in tax planning at the Pontificia Javeriana University School of Economic Sciences, and was professor of international taxation at the Universidad del Rosario School of Law. He has been a guest speaker for Colombia in several tax seminars organized by the Council for International Tax Education (CITE) and the Executive Enterprises Institute. He is the author of a book on Colombian taxes issued by the CCH in its Latin American tax library.

Mr Vargas studied law at the University Externado de Colombia and is a member of the Colombian Institute of Tax Law.

64 Guide to the World’s Leading Tax Advisers Colombia Paul Cahn-Speyer Wells Cahn-Speyer Paredes & Asociados, Bogota

John Guarin Ernst & Young, Bogota

Luz Maria Jaramillo Ernst & Young, Bogota

Carlos Mario Lafaurie PricewaterhouseCoopers, Bogota

Alfredo Lewin Lewin & Wills Abogados, Bogota

Monica Reyes Reyes Abogados Asociados, Bogota

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

65 Cyprus Andreas Neocleous Andreas Neocleous & Co Neocleous House 199 Archbishop Makarios III Avenue CY-3608 Limassol Cyprus

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

Andreas Neocleous, born in 1939 in Paphos, Cyprus, is the founder and managing partner of Andreas Neocleous & Co, the leading Cyprus international law firm, with overseas offices in Moscow, Brussels, Budapest, Kiev and Prague. He graduated from Athens University in 1964 and was admitted to the Cyprus Bar in 1965. He is a former member of both the Cyprus parliament and the Cyprus Bar Council and is currently a member of the Cyprus Bar Association and the International Academy of Tax Advisers. He is also a member of Congress of Fellows of the Center for International Legal Studies and the Cyprus national reporter for the American Bar Association. He is vice- chairman of the Mediterranean Maritime Arbitration Association and a board member of several major international companies.

Mr Neocleous is ranked as one of the leading lawyers of the world by reputable rating houses. His particular expertise lies in international corporate tax law and cross-border investments. His clients include banks and financial institutions, multinational corporations and high net worth individuals in Western and Eastern European countries and other jurisdictions. His practice is focused on cross-border commercial, banking, arbitration, tax and corporate law.

Mr Neocleous frequently participates as a speaker at international conferences. He is the author of numerous contributions to leading law journals and publications, including the Cyprus chapter of International Tax Planning 2nd edition, published by Longman (1991). He is co-author of Introduction to Cyprus Law by Andreas Neocleous & Co (2000) and of the Cyprus chapters of International Taxation of Low-Tax Transactions, published by The Bureau of National Affairs Inc (1996); International Execution Against Judgment Debtors, published by Sweet & Maxwell (1997); and International Banking Law & Regulation, published by FT Law & Tax (1998).

66 Guide to the World’s Leading Tax Advisers Cyprus Elias Neocleous Andreas Neocleous & Co Neocleous House 199 Archbishop Makarios III Avenue CY-3608 Limassol Cyprus

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

Elias Neocleous was born in Limassol, Cyprus in 1968. He graduated in law from Oxford University in 1991 and is a barrister of the Inner Temple. He was admitted to the Cyprus Bar in 1993 and has been a partner in Andreas Neocleous & Co since 1995. He currently heads the firm’s corporate and commercial department as well as the specialist banking and finance and tax groups.

His areas of practice are banking and finance, company matters, international trade, intellectual property, trusts and estate planning and tax. Elias is a founder member of the Cyprus Society of Trust and Estate Practitioners and serves on its committee. He is a founder member of the Franchise Association of Greece, a member of the International Bar Association, the International Tax Planning Association, an honorary member of the Association of Fellows of Legal Scholars of the Center for International Legal Studies and the honorary secretary of the Limassol Chamber of Commerce and Industry.

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

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

Elias is also author of the Cyprus chapter in International Succession Laws, by Lexis Nexis Butterworths (2002), Planning and Administration of Offshore and Onshore Trusts, by Lexis Nexis Butterworths (2003), Mergers and Acquisitions Handbook 2003/04, by Practical Law Co, Tax Law Handbook 2004 by Practical Law Co and World Trust Survey 2006, by Trusts & Trustees. He is co-author of Introduction to Cyprus Law, by Andreas Neocleous & Co (2000), Tax Planning in the New EU Countries: Malta & Cyprus, by BNA International (2005) and co-author of the Cyprus chapter of the Practitioner’s guide to Takeovers & Mergers in the EU, by City & Financial Limited 2005.

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

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

68 Guide to the World’s Leading Tax Advisers Czech Republic Jan Capek Ernst & Young Charles Square Centre, Karlovo námestí 10 120 00 Prague 2 Czech Republic

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

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

Jan Capek began his career with Arthur Andersen in 1991 and joined Ernst & Young in 2002. His current client base includes 11 of the 50 largest Czech companies. Jan Capek gives lectures on tax matters and publishes articles in professional magazines.

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

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

69 Czech Republic Jan Capek (see bio) Ernst & Young, Prague

Ales Cechel White & Case, Prague

Lucie Vorlickova Vorlickova & Leitner, Prague

70 Guide to the World’s Leading Tax Advisers Denmark Erik Jensen Deloitte Weidekampsgade 6 2300 Copenhagen S Denmark

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

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

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

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

He is a member of the Danish branch of IFA.

71 Denmark Lars Loftager Jørgensen Deloitte Weidekampsgade 6 Box 1600 0900 Copenhagen C Denmark

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

Lars Loftager Jørgensen has been with Deloitte since 1999 and is the indirect tax service line leader of Deloitte Denmark. Lars has more than 25 years of indirect tax experience, covering the whole range of Danish and international VAT issues. His experience covers a wide range of industries but has been focused during recent years on large industrial companies and public limited companies and institutions.

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

Lars has been national reporter to the International Fiscal Association Congress, Sydney 2000, and has since 1994 been a co-author of an extensive commentary on Danish VAT legislation and practice. He is a member of the indirect tax committee of the Danish Association of State-authorized Public Accountants, a member of the committee of the Danish Tax Scientific Association, and a member of the indirect tax working group of FEE (the European Accountancy Association). Lars is officially appointed external examiner at the Copenhagen Business School.

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

72 Guide to the World’s Leading Tax Advisers Denmark Nikolaj Bjørnholm Bech-Bruun, Copenhagen

Jan Børjesson Kromann Reumert, Aarhus

Tommy V Christiansen Tommy V Christiansen, Aarhus

Lasse Esbjerg Christensen Plesner Svane Gronborg, Copenhagen

Anders Oreby Hansen Bech-Bruun, Copenhagen

Erik Jensen (see bio) Deloitte, Copenhagen (see advert on inside front)

Lars Loftager Jørgensen (see bio) Deloitte, Copenhagen (see advert on inside front)

Niels Josephsen Ernst & Young, Copenhagen

Tom Kári Kristjánsson Plesner Svane Gronborg, Copenhagen

Susanne Nørgaard PricewaterhouseCoopers, Copenhagen

Arne Møllin Ottosen Kromann Reumert, Copenhagen

Michael Serup Bech-Bruun, Aarhus

Hans Severin Hansen Plesner Svane Gronborg, Copenhagen

Michael Sørensen KPMG C Jespersen Statsautoriseret Revisionsinteressentskab, Copenhagen

73 Finland Arto Kukkonen HH Partners Mannerheimintie 14 A 00100 Helsinki Finland

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

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

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

74 Guide to the World’s Leading Tax Advisers Finland Petri Salomaa Deloitte Porkkalankatu 24 PO Box 122 00181 Helsinki Finland

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

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

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

Petri has acted as an adviser in numerous acquisitions and restructurings as well as in outsourcing and cross-border supply chain projects. He also specializes in VAT issues relating to the financial sector, real estate and construction industries. Petri has served several EU, US and Asia-based multinationals in their Finnish indirect tax matters.

Since 2003, International Tax Review has ranked Petri as one of the leading tax advisers in the Finnish market.

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

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

75 Finland Outi Ukkola Deloitte Porkkalankatu 24 00180 Helsinki Finland

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

Outi Ukkola is a partner in the international tax department at Deloitte. She joined the firm in 2002 and is the head of tax at Deloitte Finland. Prior to joining Deloitte, Outi led the international and corporate tax service line at Arthur Andersen (1991 to 2002). Outi has also worked at PricewaterhouseCoopers (1990 to 1991) and at the National Taxpayers’ Association.

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

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

Outi has published books in the area of corporate taxation and is a frequent speaker in tax seminars.

She studied law at Helsinki University (LLM, 1987) and is trained on the bench (1989). Outi is a member of the International Chamber of Commerce in Helsinki (tax), the Federation of Finnish Commerce (tax committee), and the Helsinki and Espoo Chamber of Commerce (tax and legal).

76 Guide to the World’s Leading Tax Advisers Finland Ilkka Kajas PricewaterhouseCoopers, Helsinki

Arto Kukkonen (see bio) HH Partners, Helsinki

Timo Matikkala KPMG, Helsinki

Outi Raitasuo Hannes Snellman, Helsinki

Ola Saarinen PricewaterhouseCoopers, Helsinki

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

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

Gunnar Westerlund Roschier, Helsinki

77 France Pierre-Jean Douvier CMS Bureau Francis Lefebvre 1/3 Villa Emile-Bergerat 92522 Neuilly-sur-Seine Paris France

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

Pierre-Jean Douvier joined the international taxation department of CMS Bureau Francis Lefebvre in 1986 where he was co-opted as an equity partner in 1991. He formerly had been with Coopers & Lybrand (1981 to 1984) and Ernst & Whinney (1984 to 1986). He is specialized in transfer pricing, having 24 years’ experience in the area. The support of a team of four economists within the firm is a major plus to assist clients in transfer pricing. His other practice areas are cross-border transactions – including M&A, financing, refinancing, hybrid financing and restructuring, financial leasing, European and international taxation. He is a lecturer in international taxation at University of Paris II-Assas. He is the author of several publications, including International taxation: 20 case studies (LITEC), Tax law in international relationships (PEDONE), The regime of permanent establishment (IBFD Amsterdam 2005), The regime of groups (Ed F Lefebvre, co-author, 2005/2006), Treasury management (Ed F Lefebvre, 2002) and The regime of partnerships (IBFD Amsterdam 2005). He is an active member of the Institute for Tax Advisors (IACF), of the International Fiscal Association (IFA), of the International Bar Association (IBA) and is the honorary vice-president of the Trusts Committee of the IBA. He is a member of STEP France. He is fluent in English and speaks German.

Pierre-Jean’s recent experience includes:

• assisting French and international key-pharmaceuticals groups (international reorganizations, re-engineering of services, APA, transfer of functions); • assisting international distribution and manufacturing groups (transfer pricing); • assisting in transfer pricing litigations: domestic, competent authorities process and European convention; • review of transfer pricing methodologies to reduce risks in the event of future tax audits (preparation of key elements with the assistance of economists within Francis Lefebvre); • assistance in global trading with respect to transfer pricing; • assistance in M&A transactions, thin-cap rules connected to such M&A, followed by revisiting transfer pricing methodologies; • tax advice with respect to permanent establishment and the corresponding practicality to reduce or eliminate such tax risks; • transfer pricing and e-commerce: tax issues with respect to permanent establishment; • withholding tax aspects of the various cross-border flows (fees, software content, licensing of intangibles): domestic regime, income tax treaty aspects, EU law; • transfer pricing/allocation of taxable income and expenses; • issues with respect to effective seat of management of companies; and • localization of companies/assets/functions depending on the activities involved.

78 Guide to the World’s Leading Tax Advisers France Bruno Gibert CMS Bureau Francis Lefebvre 1/3 Villa Emile-Bergerat 92522 Neuilly-sur-Seine Paris France

Tel: (33) 1 47 38 43 78 Fax: (33) 1 47 45 86 75 Email: [email protected] Website: www.cms-bfl.com

Bruno Gibert joined CMS Bureau Francis Lefebvre as an equity partner in 2001. He specializes in international taxation. After graduating in political sciences at the IEP Paris (Sciences-Po) in 1979, Bruno Gibert completed his education with a masters in corporate and tax law at the University of Paris II (Assas) before entering the ENA. He has 16 years’ experience in the government service, where he was in charge of international tax affairs (negotiation of tax treaties with foreign countries, OECD and EU work, and competent authority). He used to be co-chairman of the OECD Forum on Harmful Tax Practices (1996 to 2001). Chairman of the EU Joint Forum on Transfer Pricing since 2002, he is also a member of the International Fiscal Association (IFA). He is the author of a report to the French government on tax security in France in 2004 and of the chapter on rulings of a book on French tax procedures published in 2005. He regularly publishes articles on international tax matters in French and international publications. He is fluent in French and English.

79 France Edouard Milhac CMS Bureau Francis Lefebvre 1-3, villa Emile Bergerat 92522 Neuilly-sur-Seine Cedex France

Tel: (33) 1 47 38 43 37 Fax: (33) 1 47 38 42 84 Email: [email protected] Website: www.cms-bfl.com

Edouard Milhac joined CMS Bureau Francis Lefebvre in 1990 and was co-opted as a partner in 2001. He is team manager of the international taxation department.

Edouard worked as a local partner in the New York office of CMS Bureau Francis Lefebvre in 1998, specializing in international taxation, and between 1994 and 2000 he was an associate of the New York office.

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

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

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

Edouard speaks French and English.

80 Guide to the World’s Leading Tax Advisers France Jean-Marc Tirard Tirard Naudin 10 rue Clément Marot 75008 Paris France

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

Jean-Marc Tirard co-founded his present firm, specializing solely in taxation matters, in 1997. He began his career with the French tax administration. For 10 years, he was in charge of the tax department of Ernst and Whinney. In 1989, he joined Clifford Chance where he developed the French and international tax practice. He has more than 30 years’ experience advising large French and foreign companies on domestic and international corporate tax issues as well as negotiating with tax authorities and handling tax litigation. During his career he has been associated with numerous high-profile corporate transactions. He has also had extensive experience in dealing with cross-border use of intellectual property, particularly in the context of transfer-pricing disputes. His current practice involves a significant emphasis on international tax issues including transfer pricing. He is involved in several APA applications introduced by large multinational firms following the recent introduction of this procedure in France and represented the first US multinational to conclude an APA between France and the US.

Mr Tirard has published many articles and books in French and English including La Fiscalité des Sociétés dans la CEE (7th edition, 2006) translated in English as Corporate Taxation in EU Countries (Longmans). He is a frequent speaker at seminars dealing with international tax planning in the context of various matters such as cross-border mergers, joint ventures, transfer of technology, assets financing or the consensual resolution of transfer-pricing issues. He is chairman of the Tax Commission of the French Committee of the International Chamber of Commerce and co-chairman of the International Tax Committee of the same organization. He is a member of the IFA and of the Licensing Executives Society (LES). He has been rated over the last years as one of the leading French tax lawyers in the Euromoney International Tax Review survey.

81 France Claire Acard Ernst & Young, Paris

Vincent Agulhon Jones Day, Paris

Jean-Pierre Andrieux CMS Bureau Francis Lefebvre, Paris

Henri Bardet Cabinet Henri Bardet, Paris

Richard Beauvais Gide Loyrette Nouel, Paris

Gauthier Blanluet Sullivan & Cromwell, Paris

Jean-Claude Bouchard Taj, Paris

Pierre-Yves Bourtourault Baker & McKenzie, Paris

Catherine Charpentier Ashurst, Paris

Antoine Colonna d’Istria Freshfields Bruckhaus Deringer, Paris

Pascal Coudin Cleary Gottlieb Steen & Hamilton, Paris

Eric Davoudet Clifford Chance, Paris

Allard de Waal Paul Hastings Janofsky & Walker, Paris

Philippe Derouin Linklaters, Paris

Patrick Dibout Ernst & Young, Paris

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

Gilles Entraygues Cleary Gottlieb Steen & Hamilton, Paris

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

Bruno Gouthière CMS Bureau Francis Lefebvre, Paris

Bernard Le-Pezron Willkie Farr & Gallagher, Paris

82 Guide to the World’s Leading Tax Advisers France Edouard Milhac (see bio) CMS Bureau Francis Lefebvre, Paris

Philippe Moisand Moisand Boutin & Associés, Paris

Antoine Morterol Baker & McKenzie, Paris

Siamak Mostafavi Allen & Overy, Paris

Marie-Helene Raffin Willkie Farr & Gallagher, Paris

Renaud Streichenberger Bredin Prat, Paris

Robert Tarika Ernst & Young, Paris

Pierre-Sébastien Thill CMS Bureau Francis Lefebvre, Paris

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

Jérôme Turot Cabinet Turot, Paris

Pierre Ullmann Brandford-Griffith & Associés, Paris

Eric Zeller Clifford Chance, Paris

83 Germany New directions for tax in Germany

Germany is changing. The economic upswing has increased tax revenues and given the government room for tax reductions. Globalization, including international tax competition, has hit Germany, and the government proclaims its willingness to compete.

Corporate tax reduced The government has committed to reducing the corporate income tax rate to around 15%, in an effort to reduce the total corporate tax burden to below 30% (local business income tax plus federal income tax). For German shareholders, therefore, the personal income tax on Reinhard Pöllath dividends, now 1/2 of the regular rate, may go up to 1/1 (of P+P Pöllath + Partners approximately 45%). Munich The inter-company 95% exemptions will be maintained, both for dividends received by a corporation and for capital gains from the sale of any shares in another corporation. The latter is also relevant for foreign corporate shareholders not protected by tax treaties, who otherwise would be fully taxable on gains from a 1% or higher shareholding in German companies.

Interest capped To balance the revenue effect, and to fight interest deduction of German parent companies on loans from foreign-based low-taxed financing subsidiaries, the government is seeking to broaden the tax basis, taxable corporate income, by, for example, limiting interest deductions up to 30% EBIT. It would affect all German companies and partnerships, whether or not foreign-owned. This is necessary under EU non-discrimination rules. The only escape from this cap would be evidence that the overall interest deduction of the worldwide group exceeds 30% of EBIT. The disallowed interest would be carried forward. A major victim could be private equity, unless a fund benefits from the escape clause (depending on the definition of group).

The government itself realizes the practical and juridical complexities involved. Its working paper contemplates alternative legislative action such as further restrictions on shareholder (or shareholder-secured) loans. This move began with a general add- back of all or part of interest expense and moved on to US-type earnings-stripping concepts. The present cap proposal will not be the last word.

Capital income, such as dividends, certain types of interest and share capital gains, may be subject to final withholding at or around 25%. The 2006 tax reform limited book value rollover for some merger scenarios, with the realized gain being taxed at 1/7 over seven years. The reform scrapped the general anti-abuse clause in the Merger Tax Act, which had faced much criticism as a source of uncertainty.

Tax rulings would carry a fee of e50 per half hour of work. This may lead to more routine ruling practices. Tax officials dislike the fee, fearing taxpayers may begin to feel entitled to a ruling since they pay for it, whereas it is discretionary.

For 2007, reflecting the upswing in mood, the government proposed an increase on the cap on charitable deductions to 20% (instead of the current 5% or 10%) and, in addition to this percentage, to double the maximum deduction when setting up a foundation to e750,000.

Inheritance and gift tax Valuation rules have long been challenged as discriminating between real estate and other assets. The Constitutional Court is expected to render its judgment in early 2007. The government now proposes a potentially more discriminatory tax benefit for

84 Guide to the World’s Leading Tax Advisers Germany business owners (including partnerships and direct, indirect or constructive 25% shareholders). The tax would be payable only after 10 years, and it would be forgiven 1/10 for every year the business has been continued in a comparable mode.

A little-noticed loophole for non-residents owning taxable domestic assets, such as real estate, business, industrial property, 10% shareholdings, etc, was inadvertently created by case law and an administrative follow-up decree. The holding of property beneficially through a nominee or trustee is examined for income tax purposes (as it has always been), but no longer for inheritance and gift tax. The principal’s claim against the nominee being a separate asset, non-residents should be able to escape German gift or inheritance tax in the underlying German assets.

REITs The government has proposed legislation accepting a listed German corporation as a REIT. It would not be taxable, and tax would be levied at the shareholder-level only (at full rates for residents and withholding rates for non-residents). Residential real estate is excepted, so its foreign buyers are left without German competition. Maximum leverage should be 60%. Fifteen percent of the shares must be free float (of 3% or less per shareholder). Any one shareholder may not own more than 10%, but this applies only directly, so indirect holdings should not be capped.

VAT for holdings Still pending is a government proposal consolidating EU and other case law on upstream VAT deductions by holdings. It would allow the deduction for private equity holdings (as a broad exception for the industry), and otherwise for securities trading firms, for holdings rendering services to portfolio companies and for holdings with participations under an overall entrepreneurial concept, a nicely broad but vague definition.

85 Germany Hubertus Baumhoff Flick Gocke Schaumburg Johanna-Kinkel-Str 2-4 D-53175 Bonn Germany

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

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

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

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

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

86 Guide to the World’s Leading Tax Advisers Germany Hanno Berger Dewey Ballantine Taunusanlage 1 Skyper 60329 Frankfurt Germany

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

Hanno Berger is the managing partner in the Frankfurt office of Dewey Ballantine. He has a particular focus on the development of corporate, regulatory and tax-optimized structures for derivatives, certificates and other innovative financial products that are tailor-made for private and institutional investors. In the international asset management area, he develops and structures private equity funds, hedge funds, real estate funds, pension funds and mutual funds; he also advises fund sponsors and asset managers.

Hanno Berger offers conceptual advice to domestic and foreign investors on the formation, purchase and sale, transformation, merger, demerger, split-up and liquidation of enterprises, including restructuring and joint ventures. He also advises international enterprises, banks and institutional investors, particularly regarding the formation of permanent establishments or subsidiaries within Germany and abroad, and in connection with real property investments in Germany. He develops tax-optimized succession structures. In addition, he assists banks during tax audits, in administrative appeals and court procedures, and regarding the criminal law aspects of tax law.

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

87 Germany Michael Best P+P Pöllath + Partners Kardinal-Faulhaber-Strasse 10 D-80333 Munich Germany

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

Dr Michael Best is a partner at P+P specializing in tax structuring, national and international tax law, tax planning, private equity and real property investments (funds). He has published numerous articles in professional journals on these subjects.

Dr Best was admitted to the German Bar in 1988 and studied at the University of Munich and University of Augsburg (Dr jur 1991). He has been a tax consultant since 1992, and from 1996 to 2001 was a partner in German law and tax firms.

P+P is an independent corporate and tax firm with 76 lawyers and tax advisers focusing solely on mergers and acquisitions, tax, private equity/venture capital, funds, asset management and real estate. The firm has 20 partners, including Reinhard Pöllath, Dieter Birk, Matthias Bruse, Andreas Rodin, Andrea von Drygalski, Matthias Durst, Carsten Führling, Otto Haberstock, Andres Schollmeier, Thomas Töben, Philipp von Braunschweig, Ralph Wagner, Andreas Wilhelm, Wolfgang Tischbirek, Uwe Bärenz, Stefan Lebek, Michael Inhester, Benedikt Hohaus and Julian Lemor. P+P has offices in Berlin, Frankfurt and Munich and is fully independent and not affiliated with any other firm or group.

88 Guide to the World’s Leading Tax Advisers Germany Matthias Bruse P+P Pöllath + Partners Kardinal-Faulhaber-Strasse 10 D-80333 Munich Germany

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

Dr Matthias Bruse is one of the founding partners of P+P Pöllath + Partners. He has practised tax and corporate law since 1984 as a partner in a leading German law firm (1990 to 1997), including many years with his present P+P partners.

His practice concentrates on mergers and acquisitions, joint ventures, reorganizations and financing, with a special focus on private equity investments.

His publications include speeches and papers on the occasion of the International Bar Association’s annual conference. He has authored numerous articles and chaired conferences, for example, M&A für Profis. He graduated from Munich Law School in 1980, obtained a Doctor juris degree from Bonn Law School in 1985 and a Master of Law (LLM) degree from the University of Miami in 1988.

P+P is an independent corporate and tax firm with 75 lawyers and tax advisers focusing solely on mergers and acquisitions, tax, private equity/venture capital, funds, asset management and real estate. The firm has 20 partners, including Reinhard Pöllath, Dieter Birk, 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 in Berlin, Frankfurt and Munich and is fully independent and not affiliated with any other firm or group.

89 Germany Dieter Endres PricewaterhouseCoopers Marie-Curie-Straße 24 – 28 60439 Frankfurt am Main Germany

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

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

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

Dieter is the author of numerous tax publications (including Corporate Taxation in Germany, an English language translation of the most important statutes, www.idw- verlag.com) and is a frequent speaker at tax conferences in Germany and abroad. He is a honorary professor at Mannheim University and lecturer on international taxation. He has frequently been ranked as a leading tax professional in the German market.

90 Guide to the World’s Leading Tax Advisers Germany Manfred Günkel Deloitte Schwannstrasse 6 40476 Düsseldorf Germany

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

Manfred Günkel has been an international tax partner with Deloitte & Touche since 1977, based in Düsseldorf. He is the managing partner of Deloitte’s German tax practice. During his almost 30 years with Deloitte, he has advised many international and German entities regarding inbound and outbound investments. He is co-author of a commentary on treaty law and author of numerous articles in tax magazines on domestic and international issues.

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

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

91 Germany Wilhelm Haarmann HAARMANN Partnerschaftsgesellschaft Neue Mainzer Str 75 60311 Frankfurt am Main Germany

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

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

On January 1 2006 he left his prior firm and with other partners founded HAARMANN Partnerschaftsgesellschaft in Frankfurt. He was previously one of the founding partners of Haarmann Hemmelrath & Partner. From 1979 to 1987 he worked for Peat Marwick Mitchell & Co, where he became a partner in 1983. From 1977 to 1979 he worked at Arthur Young & Co in Frankfurt.

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

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

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

92 Guide to the World’s Leading Tax Advisers Germany Heinz-Klaus Kroppen Deloitte Schwannstrasse 6 40476 Düsseldorf Germany

Tel: (49) 211 8772 2241 Fax: (49) 211 8772 2280 Email: [email protected] Website: www.deloitte.de

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

Professor Kroppen has been selected several times for inclusion in the Guide to the World’s Leading Tax Advisers and the Guide to the World’s Leading Transfer Pricing Advisers, published in conjunction with International Tax Review.

Professor Kroppen is editor and co-author of the leading German publication on transfer pricing. He is also co-author of the German chapter in the IBFD loose-leaf publication The Tax Treatment of Transfer Pricing, and in Robert Feinschreiber’s book, Transfer Pricing International. Professor Kroppen is also editor and co-author of a leading German publication on double-taxation treaties and co-author of the leading German personal and corporate income tax commentary.

He is a member of the tax board of the American Chamber of Commerce in Germany. He is a professor of international tax law at the Ruhr University in Bochum and has been appointed to the EU Joint Transfer Pricing Forum by the EU Commission as one of 10 business experts in Europe.

Professor Kroppen studied law at the universities of Kiel, Hamburg, and Cologne, and later clerked at the German Tax Court in Düsseldorf and at the German/Korean Chamber of Commerce and Industry in Seoul. During this time, he wrote a dissertation on company and tax law problems for which he was awarded his PhD in law. Professor Kroppen later attended Georgetown University Law School, Washington DC, receiving an LLM in international law.

Professor Kroppen is a lawyer (Rechtsanwalt) and a member of the Düsseldorf Bar. He is also a licensed tax adviser (Steuerberater).

93 Germany Jürgen Lüdicke PricewaterhouseCoopers New-York-Ring 13 22297 Hamburg Germany

Tel: (49) 40 6378 8423 Fax: (49) 40 6378 8125 Email: [email protected] Website: www.pwc.com

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

Jürgen is a member of the international tax committee of the Federal Chamber of Tax Consultants, of the Institute of Tax Consultants (Fachinstitut der Steuerberater), of the International Fiscal Association and of the corporate tax committee of the German Institute of Chartered Accountants. He is one of the editors of Internationales Steuerrecht, a leading tax journal.

Since 1999, Jürgen holds a chair in international taxation at the International Tax Institute of the Hamburg University (www.M-I-Tax.de). He is the author of numerous publications on tax matters, mainly on international taxation, tax treaty law and European tax law. He is a frequent speaker at tax conferences and leads the annual Hamburg Tax Conference on International Taxation.

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

94 Guide to the World’s Leading Tax Advisers Germany Reinhard Pöllath P+P Pöllath + Partners Kardinal-Faulhaber-Strasse 10 D-80333 Munich Germany

Tel: (49) 89 24 24 0220 Fax: (49) 89 24 24 0997 Email: [email protected] Website: www.pplaw.com

Dr Reinhard Pöllath, of P+P Pöllath + Partners, a firm with 75 attorneys and tax advisers, has advised in law and tax matters since 1975. He was a senior partner in the Frankfurt, Berlin and Munich offices of a major German and also of a major international firm, working with most of the present P+P partners. In his practice areas (mergers and acquisitions, private equity funds, structuring companies and investments, successions, trusts, foundations), he has written and lectured extensively to business, professional and academic audiences. He is heavily involved in pro bono micro-loan projects in developing countries, in promoting Chinese in German schools, in defending human rights, and in raising funds for Max Planck, the major German scientific organization.

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

P+P specialize in legal and tax advice in two areas: transactions (mainly mergers and acquisitions, private equity, real estate) and asset management (mainly investments, financial products, successions). Within these specialist areas of expertise, P+P assist companies, owners, investment banks, funds, family offices and others in handling mergers and acquisitions transactions (including due diligence, post-acquisition restructuring, financing, syndication, de-listing, IPOs/secondary offerings); structuring and placing private equity, venture capital and other closed-end or public funds including funds of funds (starting with the very first private equity funds for Germany in the 1970s). P+P also assists in structuring financial products for investment banks; screening funds or products for institutional and private investors; organizing a family office, assisting in its investment activities, advising on wills, trusts, and intra-family agreements; accompanying real estate projects for owners, developers and contractors from purchase through sale; restituting East German properties and defending investors against restitutions; negotiating tax rulings and audit settlements; sitting on arbitration, supervisory or other boards; or serving as a nominee, trustee or administrator.

In these specialized transactional and asset management areas, P+P partners cooperate freely with leading professionals in the relevant practice areas. P+P are not affiliated with any other firm or group. P+P partners provide services only in specialized areas, but there they provide full service, such as 24-hour office support, assistance in organizing a sales process or a family office or in providing book- or record-keeping services, running a 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, Andres Schollmeier, Philipp von Braunschweig, Andreas Wilhelm, Dieter Birk, Otto Haberstock, Michael Best, Matthias Durst, Carsten Führling, Uwe Bärenz, Margot Gräfin von Westerholt, Benedikt Hohaus, Michael Inhester, Stefan Lebek, Wolfgang Tischbirek and Julian Lemor.

95 Germany Andreas Rodin P+P Pöllath + Partners Potsdamer Platz Linkstrasse 2 10785 Berlin Germany

Tel: (49) 30 253 53 102 Fax: (49) 30 253 53 995 Email: [email protected] Website: www.pplaw.com

Dr Andreas Rodin is a founding partner of P+P Pöllath + Partners. He has practised tax and corporate law since 1986, for many of those years together with P+P partners, as a partner in a leading German law firm and as a partner in a major international law firm.

He focuses on inbound and outbound investment funds, corporate finance and financial products, negotiations of German tax rulings and tax litigations and mergers and acquisitions (representing sellers and buyers of German and international businesses).

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

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

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

96 Guide to the World’s Leading Tax Advisers Germany Otmar Thömmes Deloitte Rosenheimer Platz 4 D- 1669 Munich Germany

Tel: (49) 89290 36 8804 Fax: (49) 89290 36 8900 Email: [email protected] Website: www.deloitte.de

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

From 1989 to 1991, Otmar was seconded to the Commission of the European Communities in Brussels as National Expert in Directorate General XV, Division B-1 (direct taxation), where he was directly involved in drafting EC Directives on direct tax matters.

Otmar is a member of the editorial board of Intertax and Internationale Wirtschaftsbriefe, and general co-editor and author of EC Corporate Tax Law – Commentary on the EC Direct Tax Measures and Member States’ Implementation Laws, International Bureau of Fiscal Documentation (IBFD) Amsterdam (1991).

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

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

97 Germany Wolfgang Tischbirek P+P Pöllath + Partners Zeil 127 60313 Frankfurt/Main Germany

Tel: (49) 69 247 047 0 Fax: (49) 69 247 047 30 Email: [email protected] Website: www.pplaw.com

Wolfgang Tischbirek joined P+P Pöllath + Partners as a partner in 2004. He has practised German and international tax law since 1983 and was formerly a partner in a leading German law firm, as well as in a major international law firm.

He specializes in German and international tax law, tax planning for German and foreign companies and individuals, in particular tax structuring for mergers and acquisitions, including acquisition financing, reorganizations, real estate transactions and international funds (private equity and alternative investments).

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

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

P+P is an independent corporate and tax firm with 76 lawyers and tax advisers focusing solely on mergers and acquisitions, tax, private equity/venture capital, funds, asset management and real estate. The firm has 20 partners, including Reinhard Pöllath, Dieter Birk, Matthias Bruse, Andreas Rodin, Andrea von Drygalski, Matthias Durst, Carsten Führling, Otto Haberstock, Andres Schollmeier, Thomas Töben, Michael Best, Philipp von Braunschweig, Ralph Wagner, Andreas Wilhelm, Uwe Bärenz, Stefan Lebek, Michael Inhester, Benedikt Hohaus and Julian Lemor. It has offices in Berlin, Frankfurt and Munich and is fully independent and not affiliated with any other firm or group.

98 Guide to the World’s Leading Tax Advisers Germany Thomas Töben P+P Pöllath + Partners Potsdamer Platz Linkstrasse 2 10785 Berlin Germany

Tel: (49) 30 253 53 202 Fax: (49) 30 253 53 991 Email: [email protected] Website: www.pplaw.com

Dr Thomas Töben is a partner with P+P Pöllath + Partners, a firm with over 70 lawyers and tax advisers specializing in mergers and acquisitions, tax, private equity, family office work and real estate. Dr Töben has 20 years of practice in tax law and advises on restructuring and reorganising businesses, partnerships, mergers and acquisitions, taxation of real property investments and cross-border leasing.

He graduated from Hamburg University in 1981 and was assistant professor at Hamburg University until 1987. He was a partner of a major German law firm from 1990 until 1995, German resident partner of an international law firm from 1996 until 2000, and joined Pöllath + Partners as a partner in April 2000. He has frequently lectured on international tax law and written numerous articles on tax matters. He is lecturer at Westfälische Wilhems-Universtität of Münster.

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

99 Germany Alexander Voegele NERA Economic Consulting GmbH Konrad Adenauer Str 17 D-60313 Frankfurt Germany

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

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

He has been a partner with Price Waterhouse and KPMG, in charge of their German transfer pricing practice. He has led hundreds of large transfer pricing projects and transfer pricing defence cases for a variety of clients in a wide range of industries, including pharmaceutical, chemical, ICE, logistics, telecommunications, automotive, oil, gas, machinery, banking, insurance and service enterprises. His clients include many of the largest German and international companies.

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

He has received numerous awards as a transfer pricing adviser and has frequently been ranked as a leading tax and transfer pricing professional. The International Tax Review and Euromoney have recognized him repeatedly as one of the “World’s Leading Tax Advisers” as well as one of the “World’s Leading Transfer Pricing Advisers”, and one of the “Best of the best transfer pricing advisers in the world”.

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

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

100 Guide to the World’s Leading Tax Advisers Germany Hubertus Baumhoff (see bio) Flick Gocke Schaumburg, Bonn

Stefanie Beinert Gleiss Lutz, Stuttgart

Manfred Benkert Clifford Chance, Frankfurt

Hanno Berger (see bio) Dewey Ballantine, Frankfurt

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

Jens Blumenberg Linklaters, Munich

Axel Bödefeld Linklaters, Cologne

Eugen Bogenschuetz Allen & Overy, Frankfurt

Gottfried E Breuninger Shearman & Sterling, Munich

Christian Brodersen Baker & McKenzie, Frankfurt

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

Manfred Burkert Ernst & Young, Hamburg

Oliver Dörfler KPMG, Frankfurt

Stephan Eilers Freshfields Bruckhaus Deringer, Cologne

Dieter Endres (see bio) PricewaterhouseCoopers, Frankfurt

Richard L Engl RLE Gmbh, Munich

Rolf Füger Milbank Tweed Hadley & McCloy, Munich

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

Wilhelm Haarmann (see bio) Haarmann, Frankfurt

Jürgen Hartmann Jürgen Hartmann, Düsseldorf

101 Germany Holger Häuselmann Freshfields Bruckhaus Deringer, Frankfurt

Friedrich Hey Debevoise & Plimpton, Frankfurt

Jurgen Hoffmann Meilicke Hoffmann & Partner, Bonn

Friedhelm Jacob Hengeler Mueller, Frankfurt

Martin Klein Hengeler Mueller, Frankfurt

Ernst-Thomas Kraft Hengeler Mueller, Frankfurt

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

Jochen Lüdicke Freshfields Bruckhaus Deringer, Düsseldorf

Jürgen Lüdicke (see bio) PricewaterhouseCoopers, Hamburg

Asmus Mihm Allen & Overy, Frankfurt

Wolfgang Oho Ernst & Young, Frankfurt

Detlev J Piltz Flick Gocke Schaumburg, Bonn

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

Ulrich Prinz Flick Gocke Schaumburg, Bonn

Norbert Rieger Milbank Tweed Hadley & McCloy, Munich

Thomas Rödder Flick Gocke Schaumburg, Bonn

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

Michael Schaden Ernst & Young, Stuttgart

Harald Schaumburg Flick Gocke Schaumburg, Bonn

Claus Schild RSM Hemmelrath, Munich

102 Guide to the World’s Leading Tax Advisers Germany Hubert Schmid Clifford Chance, Frankfurt

Stephan Schnorberger Baker & McKenzie, Düsseldorf

Florian Schultz Linklaters, Frankfurt

Klaus Sieker Flick Gocke Schaumburg, Frankfurt

Michael Streck Streck Mack Schwedhelm, Cologne

Otmar Thömmes (see bio) Deloitte, Munich (see advert on inside front)

Wolfgang Tischbirek (see bio) P+P Pöllath + Partners, Frankfurt (see advert on inside back)

Thomas Töben (see bio) P+P Pöllath + Partners, Berlin (see advert on inside back)

Alexander Voegele (see bio) NERA Economic Consulting, Frankfurt

Götz T Wiese Latham & Watkins, Hamburg

103 Hong Kong SAR Kaiser Kwan Deloitte 28/F, Wing On Centre 111 Connaught Road Central Hong Kong

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

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

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

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

Kaiser is a fellow of the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants. International Tax Review named him as one of the top tax advisors in Hong Kong and the mainland in 2002 and 2003. In 2004, ITR named him as a leading individual in Hong Kong in cross-border structuring in World Tax 2005.

104 Guide to the World’s Leading Tax Advisers Hong Kong SAR Yvonne Law Shing Mo-han Deloitte 28/F, Wing On Centre 111 Connaught Road Central Hong Kong

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

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

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

Yvonne is a part-time member of the HKSAR government’s think tank, the central policy unit, since 2002. She is also a member of the selection committee for HKSAR delegates to the 10th People’s Congress of PRC, the election committee of the HKSAR representing the accounting profession for selecting the HKSAR chief executive and the legislative council member (accounting functional constituency). Other memberships include: council member of the Taxation Institute of Hong Kong; deputy chairman of the Hong Kong Institute of Certified Public Accountants Taxation Committee and member of Admin & Finance Committee; member of the Hong Kong General Chamber of Commerce China Committee.

She has been named as one of the top tax advisors in Hong Kong and mainland China in the International Tax Review for the past three years (2001, 2002, 2003) and in 2004, ITR named her as a leading individual in Hong Kong in cross-border structuring in World Tax 2005.

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

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

105 Hong Kong SAR Vaughn Barber KPMG, Hong Kong

Agnes Chan Ernst & Young, Hong Kong

Nick Dignan PricewaterhouseCoopers, Hong Kong

Guy Ellis PricewaterhouseCoopers, Hong Kong

Tracy Ho Ernst & Young, Hong Kong

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

Becky Lai PricewaterhouseCoopers, Hong Kong

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

Ayesha MacPherson KPMG, Hong Kong

Michael A Olesnicky Baker & McKenzie, Hong Kong

Kwok Kay So PricewaterhouseCoopers, Hong Kong

Marcellus Wong PricewaterhouseCoopers, Hong Kong/Shanghai

106 Guide to the World’s Leading Tax Advisers 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 8418 Fax: +44 (0) 20 7779 8678 Email: [email protected] Hungary Péter Oszkó Deloitte Dózsa György út 84/C 1068 Budapest Hungary

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

Péter Oszkó is a tax partner based in Budapest and has been with Deloitte since January 2004. He has been the managing partner of Deloitte’s Hungarian tax practice since January 2005.

Péter specializes in international taxation, mergers and acquisitions consultancy, VAT and transfer pricing. He is the leading tax adviser for multinational investors from the manufacturing, energy, telecom and real estate sectors, as well as for financial institutions. He has publications in the field of the taxation of company acquisitions and transformations, international taxation, financial transactions, taxation of venture capital investments, and leasing and real estate transactions. He is the author of the publication Practice Tax Guide and Comments on Tax Issues (Verlag Dashöffer).

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

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

108 Guide to the World’s Leading Tax Advisers Hungary Gabriella Erdos PricewaterhouseCoopers, Budapest

Paul Grocott PricewaterhouseCoopers, Budapest

Robert Heinczinger Ernst & Young, Budapest

Pál Jalsovszky Jalsovszky Law Firm, Budapest

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

109 India Mukesh Butani BMR & Associates The Great Eastern Centre 1st Floor, 70, Nehru Place New Delhi 110019 India

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

Mukesh Butani is co-founder of BMR & Associates and leads the tax practice of the firm. He specializes in international tax and transfer-pricing matters. Mr Butani was tax practice leader and international tax partner of Ernst & Young India until August 2004. Prior to joining Ernst & Young, Mr Butani led Andersen’s international tax, oil and gas and transfer pricing teams.

Mr Butani has over 23 years’ experience in advising several fortune 500 multinationals on a range of cross-border tax structuring, transfer pricing, mergers and acquisitions and investment structuring matters. He is an acknowledged expert in the area of transfer pricing and has authored a treatise on Indian transfer pricing for LexisNexis Butterworths and CCH’s Indian Transfer Pricing Guide. For the past 12 years, he has been advising clients in the energy and technology industry and the Japanese business community.

Mr Butani interacts regularly with India’s Inland Revenue, CBDT, to monitor tax legislative changes, trends on emerging tax regulations and tax policy/administration matters. He has been actively involved with several USA and Japan MAP proceedings. He is a member of OECD’s business restructuring advisory group and ICC, Paris Taxation Commission.

He is a regular speaker in significant national and international tax conferences, a columnist with India’s leading business journals and a contributor to leading international tax journals including International Tax Review (ITR), the Asia-Pacific guide of IBFD on a wide range of cross-border tax and transfer-pricing matters. For the past four consecutive years, he has been consistently rated by ITR as among the leading individual tax advisers in India. The World Tax 2006 and 2007 guide to leading tax firms has rated him as a leading tax adviser in the category of mergers and acquisitions and cross-border structuring.

Mr Butani has a bachelor’s degree in commerce (majoring in advanced accounting) from the University of Bombay, and qualified as a chartered accountant in 1985. He joined Arthur Andersen in 1986 and was made a partner in 1995. He plays an active role in the Indian affairs of the International Fiscal Association and has served as its secretary general. He chaired the Tariff on Tax Committee of the American Chamber of Commerce for a period of three years (2000 to 2003) and was 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 Empowered Committee on E-Commerce Taxation.

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

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

110 Guide to the World’s Leading Tax Advisers BMR is a premier professional services firm focused on providing high quality services to its clients in the tax, M&A, cross border structuring and regulatory areas, and adding value by blending practical business advice with tax and industry knowledge

Corporate Indirect International M&A Transfer Pricing

The Tax Controversy firm in Asia – ITR Asia Awards 2006 The Tax Controversy firm in India – ITR Asia Awards 2006 Best Tax brand in International Tax, Energy & Utilities and Tax compliance & reporting – ITR Asia & Global tax surveys

Partners & Executive Directors

Abhishek Goenka Mukesh Butani Ajay Mehra Rajeshree Sabnavis Bobby Parikh Rajeev Dimri Divya Baweja Rohit Berry Frank D’Souza Sujit Ghosh Gokul Chaudhri Vivek Gupta

Our partners have been consistently rated amongst the leading tax advisers

BMR is a member firm of Taxand

www.taxand.com

New Delhi Mumbai Bangalore The Great Eastern Centre 3F, Contractor Building 202, Sobha Alexander Plaza 1st Floor, 70 Nehru Place 41, R.Kamani Marg 16/1, Commissariat Road, New Delhi Ballard Estate, Mumbai Bangalore 110019 400001 560001 Tel: +91 11 3081 5000 Tel: +91 22 3021 7000 Tel: +91 80 4032 0000

www.bmrtax.com India S Madhavan PricewaterhouseCoopers Pvt Ltd Sucheta Bhawan, 1st Floor, 11-A, Vishnu Digamber Marg New Delhi 110002 India

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

Madhavan is an executive director in PricewaterhouseCoopers and heads the indirect tax practice in India. He is a fellow member of the Institute of Chartered Accountants of India and a management graduate from the prestigious Indian Institute of Management, Ahmedabad.

Madhavan has a total experience of 24 years that includes six years’ industry experience in Hindustan Lever Limited, India’s largest multinational and subsidiary of Unilever Plc, UK. He has comprehensive experience in the application of indirect tax laws in industry. He has had practice experience of over 18 years serving a broad range of international and Indian clients on all aspects of indirect taxes ranging from customs duties to excise law to service taxes and sales taxes. He has also been significantly involved in the recent introduction of VAT in India. He has advised state governments on the implementation of VAT and has also carried out numerous VAT impact assessment studies for clients.

Madhavan is a member of the indirect tax committees of several national chambers of commerce and is an active participant in policy deliberations and discussions in relation to all indirect tax matters. Madhavan interacts regularly with India’s apex Indirect Tax Board (CBEC) for monitoring the impact of legislative changes and to advise as well as represent on indirect tax policy. Madhavan also advises industry associations on taxation matters and actively works with them in engaging with the authorities in relation to the annual budget-making exercise. Madhavan is a member of the International Fiscal Association and of the Indirect Tax Appellate Tribunal Bar Association and the Delhi Management Association.

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

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

112 Guide to the World’s Leading Tax Advisers India Srinivasa Rao Ernst & Young Divyasree Chambers A Wing, Third Floor, Langford Town Bangalore 560 025 India

Tel: (91) 80 2223 0813 Fax: (91) 80 4114 6677 Email: [email protected] Website: www.ey.com

Srinivasa Rao (Srini) is a tax partner with Ernst & Young India and is based in Bangalore. He is the national leader of Ernst & Young’s international tax services practice in India.

Srini has over 15 years of experience and has worked with some of the world’s leading multinational companies in India. He has worked across direct tax specializations – corporate tax, expatriate tax and international tax – foreign investment policy and exchange control regulations, and now specializes in cross-border structuring and transfer-pricing/supply-chain planning, focused on the technology industry.

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

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

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

113 India Pranav N Sayta Ernst & Young Express Towers, 18th Floor Nariman Point Mumbai 400 021 India

Tel: (91) 22 6665 5480 Fax: (91) 22 2282 0000 Email: [email protected] Website: www.ey.com

Pranav Sayta is a partner with Ernst & Young India, and is based in Mumbai where he leads the transaction tax practice and the media and entertainment industry tax practice. Previously, he was national head of the tax litigation and controversy practice in Ernst & Young India, and has also been a part of the knowledge and solutions team.

Pranav is a gold-medallist chartered accountant attaining the first rank at an all-India level. He was also awarded the prize for the best paper on direct tax laws by the Institute of Chartered Accountants of India.

Pranav has more than 20 years of experience in direct tax law. He has a wide range of experience in advising various large multinationals and leading Indian corporates, including many Fortune 500 companies on international and corporate tax matters. He specializes in advising on complex inbound and outbound transactions and investments, cross-border and domestic mergers and acquisitions, group financial and corporate restructuring and international tax planning.

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

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

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

114 Guide to the World’s Leading Tax Advisers India Gaurav Taneja Ernst & Young The Capital Court LSC Phase III, Olof Palme Marg New Delhi 110 067 India

Tel: (91) 11 2610 9003 Fax: (91) 11 4169 0000 Email: [email protected] Website: www.ey.com

Gaurav Taneja is the national director of Ernst & Young’s tax practice in India and is based in New Delhi. With over 18 years of experience in tax and regulatory consulting, Gaurav has extensive experience in advising Indian and multinational companies on tax and investment structuring, double tax treaties, mergers and acquisitions and establishment of a business in India. He also has extensive knowledge and expertise in the technology, communication and media industry.

Gaurav’s prior experience includes working as a partner with another Big 4 accounting firm and as CFO of Bacardi Martini India. He is a Commerce Graduate from Delhi University and also participated in Bacardi Class 2000, an executive MBA program at the Darden Business School, University of Virginia.

Gaurav is a fellow of the Institute of Chartered Accountants of India and is also co- chairman on the Taxation Committee of the Federation of Indian Chambers of Commerce and Industry (FICCI). He is also currently chairman of the Tax and Tariff Committee of the American Chamber of Commerce (AMCHAM).

Gaurav is a regular speaker at ICAI (Indian Chartered Accountants of India), IFA (International Fiscal Association), FICCI and other international seminars on tax, foreign investment and regulatory issues both in India and overseas. He is a regular contributor to technical journals on tax issues and to the print and electronic media in India.

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

Ketan Dalal RSM & Co, Mumbai

Sohrab Dastur Independent counsel, Mumbai

Nishith M Desai Nishith Desai Associates, Mumbai

Shefali Goradia Nishith Desai Associates, Mumbai

Dinesh Kanabar RSM & Co, Mumbai

Sudhir Kapadia BSR & Co, Mumbai

V Lakshmi Kumaran Lakshmikumaran & Sridharan, New Delhi

S Madhavan (see bio) PricewaterhouseCoopers, New Delhi

S S Palwe Deloitte, Mumbai (see advert on inside front)

Srinivasa Rao (see bio) Ernst & Young, Bangalore

Pranav Sayta (see bio) Ernst & Young, Mumbai

Gaurav Taneja (see bio) Ernst & Young, New Delhi

O P Vaish Vaish Associates, New Delhi

116 Guide to the World’s Leading Tax Advisers Ireland US tax amendments bring aircraft lessors to Ireland

With few exceptions, aircraft lessors have been based either in the United States (GECAS, ILFC, CIT, ACG, Pegasus) or in Ireland (AerCap, RBS, Pembroke, Orix, Aergo, Babcock & Brown). The reasons for locating in Ireland are clear: a cor- porate tax rate of 12.5%, eight-year tax depreciation, access to 44 double tax treaties, stamp duty exemptions and favourable VAT treatment. The more intriguing question is why lessors would choose to locate aircraft ownership in the United States where the book tax rate is of the order of 35% to 40%.

The answer is to be found in the Subpart F provisions of the US tax code. Before 2005 the net effect of these provisions was Pat O’Brien that the US parent of an Irish aircraft leasing company would KPMG have had to treat the profits of its Irish subsidiary as taxable in Dublin the United States, regardless of the level of activity carried on in Ireland. This meant that a low-tax Irish aircraft leasing operation conferred no tax benefit on a US parent company. The result was that aircraft leasing was taxed less favourably in the United States than almost any other asset type. For other assets, depending on the degree of activity in the controlled foreign company, it was possible to avoid pick-up under Subpart F.

This all changed on January 1 2005, when changes to US tax law introduced by the 2004 Jobs Creation Act came into effect. An Irish leasing platform with the required degree of substance will now provide substantial tax benefits to its US owner. It may even be possible to take part of the existing aircraft lease portfolio of the US parent out of the United States and into Ireland without crystallizing US taxable income. The really good news for tax directors, in an era when cross-border tax planning is somewhat frowned upon in the United States, is that the steps I have just described have – as near as one could ever hope to get – a stamp of approval from the US authorities.

Subpart F amended The context for the introduction of the new provisions in the United States was the repeal of the FSC and ETI regimes that had provided significant financial benefits to owners (including lessors) and users of US-manufactured aircraft. These benefits led to the usual tensions between Europe and the United States and to a number of determinations unfavourable to the United States at the WTO. The elimination of the FSC and ETI regimes, combined with the long-standing unfavourable treatment of aircraft leasing under the Subpart F regime, was felt to put US-owned aircraft lessors at a significant commercial disadvantage. The relevant amendments to Subpart F are intended to deal with this and this extract from the House Committee Report is telling:

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

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

117 Ireland Aidan Fagan Deloitte Deloitte & Touche House Earlsfort Terrace Dublin 2 Ireland

Tel: (353) 1 417 2467 Fax: (353) 1 417 2300 Email: [email protected] Website: www.deloitte.com

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

Aidan’s focus is on reducing the indirect tax cost of doing business. He has designed and assisted in the implementation of cost-saving strategies across a wide range of business sectors including both the maximization of VAT recovery and availing of lower VAT rates. He has extensive experience in advising on cross-border transactions, including assisting on the migration of businesses to Ireland.

For many years, he has lobbied government for beneficial changes in VAT law and practice for various industry sectors. He is also a member of the Irish Taxation Institute’s VAT Committee.

118 Guide to the World’s Leading Tax Advisers Ireland Pat O’Brien KPMG 1 Harbourmaster Place IFSC, Dublin 1 Ireland

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

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

119 Ireland Fintan Clancy Arthur Cox, Dublin

Caroline Devlin Arthur Cox, Dublin

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

Michael Farrell KPMG, Dublin

Michael Gaffney KPMG, Dublin

Turlough Galvin Matheson Ormsby Prentice, Dublin

John Hickson A&L Goodbody, Dublin

Conor Hurley Arthur Cox, Dublin

Peter Maher A&L Goodbody, Dublin

Pat O’Brien (see bio) KPMG, Dublin

Michael O’Connor William Fry, Dublin

Martin Phelan William Fry, Dublin

Liam Quirke Matheson Ormsby Prentice, Dublin

Jim Somers Ernst & Young, Dublin

Anthony Walsh Matheson Ormsby Prentice, Dublin

Israel Avraham Alter Avraham Alter & Co Law Offices, Tel Aviv

Gideon Klugman D Potchebutzky Law Offices, Tel Aviv

Meir Linzen Herzog Fox & Neeman, Tel Aviv

Pinhas Rubin I Gornitzky & Co, Tel Aviv

120 Guide to the World’s Leading Tax Advisers Italy Luca Dezzani Dewey Ballantine Via Fratelli Gabba 4 20121 Milan Italy

Tel: (39) 02 3030 9330 Fax: (39) 02 3030 9340 Email: [email protected] Website: www.deweyballantine.com

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

His practice covers mergers and acquisitions transactions, private equity, securitizations (ABS, ABCP, WBS and derivatives) capital markets (public tender offering, initial public offering and bonds), international and domestic group structuring, joint ventures, corporate reorganizations, accounting law and stock option plans (ESOP, EDOP, Synthetic e Phantom).

He also assists major multinational corporations, investment banks and private equity funds in structuring their transactions in Italy, including financial products and structured finance transactions.

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

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

121 Italy Enrico Vitali Vitali Romagnoli Piccardi e Associati Via Crocefisso 12 20122 Milan Italy

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

Enrico Vitali has been a partner at Vitali Romagnoli Piccardi e Associati (formerly Studio Tremonti) since 1990. Previously he was Senior Auditor at Deloitte Askins & Sells (1985-1987) before beginning his career as an associate at Studio Tremonti in 1987.

Mr Vitali’s experience includes: working as transaction partner on the privatization of Italian banks and companies; acting for bidders in take-over bids; acting on corporate finance transactions and derivative structuring for investment banking clients; acting on behalf of banking foundations on the sale of their banking businesses. He has been coordinating partner on various domestic and international real estate transactions, and has acted in various domestic and international acquisitions. Mr Vitali has worked as tax partner for the global coordinators or the issuers/selling shareholders in various public offerings and private placements and listings of shares in Italy; and as transaction tax partner on various privatizations.

Mr Vitali is the co-author of Pianificazione fiscale e investimenti all’estero (1989, IPSOA). Between 1990 and 1995 he taught at the AIFI (Associazione Italiana Finanziaria di Investimento). Mr Vitali spent the summer of 1994 as a visiting partner at Coudert Brothers in New York. He is currently member of the board of auditors and of the board of directors of relevant Italian companies.

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

122 Guide to the World’s Leading Tax Advisers Italy Pietro Adonnino CMS Adonnino Ascoli & Cavasola Scamoni, Rome

Fabio Brunelli Di Tanno e Associati, Rome

Michele Carpinelli Chiomenti Studio Legale, Milan

Giuseppe Deiure Studio Tributario Deiure, Milan

Luca Dezzani (see bio) Dewey Ballantine, Milan

Tommaso Di Tanno Di Tanno e Associati, Rome

Gabriele Escalar Studio Legale Tributario F Gallo e Associati, Rome

Carlo Galli Maisto e Associati, Milan

Bruno Gangemi Macchi di Cellere Gangemi, Rome

Paolo Ludovici Maisto e Associati, Milan

Guglielmo Maisto Maisto e Associati, Milan

Giuseppe Marino Marino e Associati, Milan

Renato Paternollo Freshfields Bruckhaus Deringer, Milan

Lorenzo Piccardi Vitali Romagnoli Piccardi e Associati, Milan

Dario Romagnoli Vitali Romagnoli Piccardi e Associati, Milan

Victor Uckmar Studio Uckmar, Genoa

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

123 Japan Setsuko Fukushima Deloitte Touche Tohmatsu Shin-Tokyo Building 5F 3-3-1 Marunouchi Chiyoda-ku, Tokyo 100-8305 Japan

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

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

Her specialties include tax planning, audit defence, advance-pricing agreements and competent authority procedures for transfer-pricing audit cases. She served as an advisor for early US-Japan APA cases, representing a client before the Japanese tax authority, and extended her experience to include other regions, such as Asia (including China), Australia and Europe. She has served clients in a broad range of industries, including electronics, machinery, pharmaceuticals, trading services and financial institutions.

In addition to her years of transfer-pricing experience, Ms Fukushima is recognized as a specialist in a variety of international tax fields. She has worked on several global restructuring and supply chain management projects for Japanese multinational companies associated with transfer-pricing planning, and has conducted research projects related to foreign taxation systems for the Japanese Ministry of Finance.

Ms Fukushima has published several articles in BNA’s Transfer Pricing Report (US), Kokusai Zeimu (Japan), Zeimu Kouhou (Japan), and International Tax Review (UK), and has conducted presentations on transfer pricing and other areas of taxation to large organizations, including the Japan Tax Association, Japan Machinery Center for Trade & Investment and the International Pharma Licensing Symposium.

Ms Fukushima has a master of science in taxation from the State University of New York at Albany and a BA in economics from International Christian University in Tokyo. She is also a US-certified public accountant and is fluent in English.

124 Guide to the World’s Leading Tax Advisers Japan Peter Meenan Deloitte Touche Tohmatsu Tohmatsu Tax Company Shin Tokyo Building 5F 3-3-1, Marunouchi Chiyoda-ku, Tokyo 100-8305 Japan

Tel: (81) 3 6213 2472; (81) 80 3175 6680 (mobile) Fax: (81) 3 6213 3801 Email: [email protected] Website: www.deloitte.com/japan Dr Peter Meenan is the senior economist and an executive officer in Deloitte Touche Tohmatsu’s Japanese transfer-pricing team. He has been with Deloitte’s Japanese transfer- pricing team in Tokyo since 2004, where he works with a large team of economic and tax specialists who consult and advise clients on all facets of transfer pricing.

Dr Meenan joined Deloitte Touche Tohmatsu in New York in 1993 and has been specializing in transfer-pricing consulting with Deloitte since then. He has extensive experience in global transfer pricing, having also worked in London and Düsseldorf for seven years in addition to his American and Asian assignments. Dr Meenan has wide experience with advance-pricing arrangements, transfer-pricing planning and implementation, documentation on a local regional and global basis, and transfer-pricing tax audit defences. Some of Dr Meenan’s recent projects include:

• transfer-pricing tax audit defence in Japan, successfully defending a consumer products company in a brand intangibles challenge; • valuation of software and marketing intangibles for a leading software company and planning/implementation of its transfer-pricing system; • global planning and implementation of a residual profit split transfer-pricing model for a leading information services company; • residual profit split analysis and a successful bilateral APA agreement for a major pharmaceutical company; and • acting as expert arbiter in a transfer-pricing shareholders’ rights dispute between an industrial goods manufacturer and its minority shareholders.

Dr Meenan has contributed to many leading authorities on transfer pricing. His recent publications include “Europe as One Market: A Transfer Pricing Economic Analysis of Pan-European Comparables Sets”, with Roman Dawid and Joerg Huelshorst, BNA Tax Management Transfer Pricing Report (volume 12 no 23, April 14 2004) and “Recent Developments in European Transfer Pricing”, with Setsuko Fukushima, International Taxation (May 2004, in Japanese).

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

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

125 Japan Ken Okawara Shin Nihon Ernst & Young Hibiya Kokusai Building 20F 2-2-3 Uchisaiwai-cho Chiyoda-ku, Tokyo 100-0011 Japan

Tel: (81) 3 3506 2461 Fax: (81) 3 3506 2413 Email: [email protected] Website: www.ey.com

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

Dr Okawara has assisted numerous multinational companies in their negotiations with the tax authorities of Japan and other countries, and has helped clients to obtain resolution of transfer-pricing disputes at bilateral and multilateral competent authority proceedings. He has been involved in over 40 APA cases covering the countries of Japan, USA, UK, Germany, Switzerland, Australia, Singapore, Korea, Malaysia and China. He is a frequent speaker on transfer pricing and international tax issues at various seminars in Japan and other countries. He has published a number of articles and books on transfer pricing and international tax issues. He also teaches economics at Gakushuin University.

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

126 Guide to the World’s Leading Tax Advisers Japan Eric N Roose White & Case Kandabashi Park Building 19-1, Kanda-nishikicho 1-chome Chiyoda-ku, Tokyo 101-0054 Japan

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

Mr Roose is a tax partner in the Tokyo office of White & Case LLP, where his practice focuses on international tax planning and general corporate and business advisory tax work, focusing on the Asia-Pacific region and the US.

Mr Roose has 25 years’ experience advising multinational and domestic businesses, international investment funds and venture capital funds, high-technology companies, financial institutions and financial service industry companies with respect to all tax aspects of their business and investment activities in the Asia-Pacific region, particularly with regard to Japan, China, Hong Kong, and Singapore, and also with regard to the US. He also has experience representing public and closely held businesses, as well as high- net-worth foreign individuals, in tax controversies involving a range of international and domestic tax issues.

Mr Roose’s recent experience includes:

• advising multinationals on their Asia-Pacific region tax strategies, including inbound investment tax structuring, the development, transfer and commercial use of intellectual property, and the restructuring of their operations both within the region as well as in Europe and the US; • representing sellers and purchasers with respect to the local law tax aspects of their M&A activities in Japan and China, and with regard to the taxation of their foreign activities by the US; • advising global financial institutions on the Japanese and Chinese tax treatment of sophisticated financial products, tax structured financing, and financial transactions; • advising foreign investment funds and hedge funds on the development of tax-efficient Asia-Pacific region investment structures, including investment structures for Japan, South Korea, and China; • advising global real estate investment funds on the US and Japan tax aspects of their investments in Japanese real estate and non-performing assets; • advising Asia-based multinationals with respect to the restructuring of their US debts and business operations.

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

Mr Roose is a certified public accountant as well as an attorney. He is also licensed in Japan as a gaikokuho jimu bengoshi.

Mr Roose is a former chairman of the Tax Section of the Inter-Pacific Bar Association.

Mr Roose is a frequent speaker at international tax seminars and frequently contributes articles to leading tax journals.

127 Japan Koichi Sekiya Shin Nihon Ernst & Young Hibiya Kokusai Building 20F 2-2-3 Uchisaiwai-cho Chiyoda-ku, Tokyo 100-0011 Japan

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

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

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

Koichi Sekiya has long and extensive experience in general international tax areas of advisory services including: corporate reorganizations (merger, corporate split, share exchange); pass-through entities and investment vehicles (NK, TK, LP, LLP, TMK, LLC); withholding tax planning on royalties and interest; dividends and cash repatriation planning; Japanese foreign tax credits; Japanese CFC rules (the tax haven rules); permanent establishment issues and commissionaire structure; and tax audit defence.

Between 1993 and 1997, he served on Ernst & Young’s Japanese tax desk in New York. While in New York, he provided tax advisory services to large multinational clients in a variety of industry groups. In addition to this role, he worked jointly with international tax professionals located throughout the United States and in other foreign countries.

Koichi Sekiya holds a LLB from Rikkyo University and is a licensed tax accountant (Zeirishi).

128 Guide to the World’s Leading Tax Advisers Japan Eiji Akashi KPMG Tax Corp, Tokyo

Mark T Campbell Ernst & Young, Tokyo

Atsushi Fujieda Nagashima Ohno & Tsunematsu, Tokyo

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

Yukie Kuwahara Shin Nihon Ernst & Young, Tokyo

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

Toshio Miyatake Adachi Henderson Miyatake & Fujita, Tokyo

Yuko Miyazaki Nagashima Ohno & Tsunematsu, Tokyo

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

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

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

Gary M Thomas White & Case, Tokyo

Ryutaro Uchiyama Tokyo Kyodo Accounting Office, Tokyo

Yukinori Watanabe Baker & McKenzie, Tokyo

Lithuania Kestutis Lisauskas Ernst & Young, Vilnius

129 Luxembourg Luxembourg on the move

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

For instance, Luxembourg is the second-largest investment fund centre in the world after the USA based on the number of assets under management. The country’s stock exchange has branched out heavily in order to attract investors. Recently, it developed a new market geared mainly towards René Beltjens less regulated investment funds (Mifid). The latter market is PricewaterhouseCoopers now booming and is increasingly successful Luxembourg Luxembourg’s location at the heart of Europe places the country as a gateway to the vast single market of the European Union. Through regulations, directives and other instruments, it levels the playing field for business exchanges and transfers across the soon to be 27 member states. Luxembourg is the hub of an economic region that has over five million German, French, Belgian and Luxembourg residents living close by. Highly skilled professionals from these four countries are the backbone of the country’s development.

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

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

Changes in certain techniques such as the migration of companies from one country to the next, which has just been made easier by the introduction of the European company (Societas Europeae), or the more liberal rules for paying interim dividends are an added incentive for structures looking to seize the opportunities offered by the Luxembourg tax and regulatory framework. In a world where most of the groups have shareholders located in many different countries, with investments all over the world and a top management geographically spread, a neutral headquarters becomes more relevant. If it is not the case, it leaves open the opportunity for a third party, such as private equity players, to make a favourable arbitrage.

Further effort is still required in a number of areas. Luxembourg must abolish the old fashioned capital duty and should consider getting rid of net wealth tax on companies, amending withholding tax on dividends (the reduction of the non-treaty rate from 20% to 15% goes in the right direction) or decreasing direct tax rates. Luxembourg legislation has always been quick to adapt and has kept up with the changes in international business. Now, in a fast moving world, and with several changes made in neighbouring countries, is the time to prove it once again. In this respect the announcement by the Luxembourg government that it will consider a number of positive tax changes in 2007 is welcome.

In a different area, the government has introduced a bill relating to a new type of investment company reserved for natural persons. This vehicle will efficiently manage the

130 Guide to the World’s Leading Tax Advisers Luxembourg estate owned by a family or the pooled assets of a limited number of natural persons. This new instrument is called a family asset management company (FAC). The FAC will be exempt from income tax and net wealth tax and its dividend distributions will be exempt from Luxembourg withholding tax. As a matter of fact, it will only be subject to a yearly subscription tax capped at e125,000. This new regime, which seems to have received the go-ahead from the European authorities, is an attractive alternative to the 1929 holding company regime which will be fully eliminated by December 31 2010. The regime should be very popular with high-net-worth individuals, who sometimes even consider moving to Luxembourg and becoming residents. The absence of estate tax on lineal heirs and low income taxes, combined with this new FAC, are likely to win over many of them.

All this leads us to believe that the growth story of Luxembourg belongs to the future, with many opportunities still to be seized.

131 Luxembourg René Beltjens PricewaterhouseCoopers Route d’Esch 400 – BP 1443 L-1044 Luxembourg

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

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

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

He advises major international groups on the tax impact of reorganizations of their structures, alerts them to tax planning opportunities and maps out mitigation strategies. René also assists these groups in their negotiations with national authorities.

René contributed a report on group taxation to the 2004 Vienna Congress of the International Fiscal Association and has written numerous tax articles in professional publications.

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

132 Guide to the World’s Leading Tax Advisers Luxembourg Alain Steichen Bonn Schmitt Steichen 44, Rue de la Vallée L-2661 Luxembourg BP 522 L-2015 Luxembourg

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

Alain Steichen is partner at Bonn Schmitt Steichen, one of Luxembourg’s oldest, largest and leading business law firms. His main areas of expertise are mergers and acquisitions, corporate restructurings and tax-enhanced financial engineering. Before joining Bonn Schmitt Steichen, Alain Steichen was the head of tax at Price Waterhouse Luxembourg (1988 to 1996).

Alain Steichen’s educational background is economics (maîtrise en sciences économiques – 1981) and law (maîtrise en droit – 1983). He also holds a doctorate in law (summa cum laude – 1994) and has been the chair of taxation at the Luxembourg University since 1994. Alain Steichen has also been a visiting professor of comparative tax law at the University of Valenciennes since 2002. Author of 10 books and 50 articles, mainly on tax law, and several times national reporter for IFA conferences, Alain Steichen is both qualified as a chartered accountant in Luxembourg (réviseur d’entreprises, 1987) and as attorney-at-law (avocat à la cour de Paris – 1994; avocat à la cour de Luxembourg – 1996).

133 Luxembourg Jean-Pierre Winandy Loyens Winandy 14 rue Edward Steichen L-2540 Luxembourg

Tel: (352) 466 230 420 Fax: (352) 466 234 Email: [email protected] Website: www.loyensloeff.com

Born and educated in Luxembourg, Mr Winandy obtained his degree in economics (maîtrise) at the University of Paris I (1977), a second degree in commercial law (1978), and a DESS (post-graduate qualification) in corporate finance (1978). In 1981 he joined a Big Eight firm where he became tax partner in 1988. In 1997 he changed to the legal profession to become an avocat, and an avocat avoué in 1999.

In 2002 he joined Loyens & Loeff, which in 2003 opened a law office in Luxembourg under the name Loyens Winandy.

He has a PhD in Tax law (cum laude) from the University of Paris II on the subject: “Abus de droit et simulation en droit fiscal luxembourgeois”. He is assistant professor at the University of Luxembourg where he teaches tax law and corporate law. He has published six books and roughly 70 articles (in French, English and German) in local and foreign publications. He frequently delivers seminars in Luxembourg and abroad.

Mr Winandy is a member of the Luxembourg Bar Council, a member of the board of the Luxembourg IFA branch, a member of Association Luxembourgeoise des juristes de banque and a member of the EATLP (European Association of Tax Law Professors).

He has more than 25 years of experience in national and international taxes. He is very active in tax litigation and successfully handled the well-known La Coasta and Eurobeton cases. He is a former chartered accountant and independent external auditor.

134 Guide to the World’s Leading Tax Advisers Luxembourg René Beltjens (see bio) PricewaterhouseCoopers, Luxembourg

André Elvinger Elvinger Hoss & Prussen, Luxembourg

Frédéric Feyten Nauta Dutilh, Luxembourg

Thierry Lesage Arendt & Medernach, Luxembourg

Roger Molitor KPMG Tax, Luxembourg

Jean Schaffner Allen & Overy, Luxembourg

Alain Steichen (see bio) Bonn Schmitt Steichen, Luxembourg

J Philip van Hilten Loyens & Loeff, Luxembourg

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

135 Mexico Jaime González-Bendiksen Baker & McKenzie PT de la Republica 3304, Piso 2 32330 Cd Juarez, Chihuahua Mexico

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

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

He received an LLB from the Universidad Nacional Autonoma de Mexico in 1970, an MCJ from New York University and an LLB from ICFES in Colombia, South America. He is a member of the International Fiscal Association, where he was president of the Colombia chapter, wrote a national report on Tax Treatment of Computer Software and was a member of the discussion panels at the annual congresses of Amsterdam (1988) and Delhi (1997). He is also a member of the National Tax Committee of the Mexican Institute of Financial Executives (IMEF). He is an honorary member of the Colombian Institute of Tax Law.

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

136 Guide to the World’s Leading Tax Advisers Mexico Ricardo González Orta Deloitte Paseo de la Reforma 505 Col Cuauthémoc 06500 México, DF México

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

Ricardo González Orta is a partner in Deloitte’s Mexico City office. He advises multinational companies on tax-related matters, including structuring new businesses, acquisitions, reorganizations, joint ventures, double taxation issues and transfer pricing. He joined the organization in 2001, has significant experience in transfer pricing, and coordinates the national and Latin American transfer-pricing practice.

Before joining Deloitte & Touche, Ricardo González spent eight years in a number of top executive posts with the Ministry of Finance and the Mexican Tax Administration Service.

From July 1999 to November 2000, Ricardo González was general director of tax and customs policy at the Under Ministry of Income, where his duties included designing tax and customs policy. In this position, he negotiated the Mexico-US inter-governmental transfer-pricing agreement in the maquiladora industry. Before this, he acted as general director of legislation and international negotiations (1998 to 1999), where his main functions included drafting tax and customs legislation, negotiating double-taxation treaties, and representing the Mexican government in international forums (especially OECD).

From March to June 1998, he was general director of international tax affairs at the Tax Administration Service (formerly Under Ministry of Income of the Ministry of Finance and Public Credit). Primary responsibilities included transfer-pricing audits, the negotiations of advance-pricing agreements, the issuance of private letter rulings regarding foreign residents with Mexican source income, the exchange of tax and customs information with other countries and the performance of audits and issuance of rulings in line with Mexico’s free trade agreements.

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

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

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

Mr González Orta graduated from the Universidad Iberoamericana.

137 Mexico Javier Goyeneche Deloitte Paseo de la Reforma 505, piso 28 Colonia Cuauhtemoc 06500 Mexico, DF Mexico

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

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

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

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

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

138 Guide to the World’s Leading Tax Advisers Mexico Luis Ortiz-Hidalgo Basham, Ringe y Correa, SC Paseo de los Tamarindos 400 – A 9th Floor Bosques de las Lomas 05120 Mexico City Mexico

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

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

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

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

He has participated as a speaker in national and international conferences of the International Bar Association, the National Business Lawyers Association, the Mexican Insitute of Finance Executives and the College of Public Accountants in tax and administrative law.

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

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

He was president of the National Association of Business Lawyers (1986-1988), co-chair of the Tax Committee of the International Bar Association (1998-2002), representative for Mexico at the International Bar Association, regional vice president for Central and South America of the International Tax Committee of Lex Mundi, vice chair of the Tax Academy of the State of Mexico and chair of the Tax Committee of the American Chamber of Commerce.

He participated as a lecturer in the postgraduate programme of tax law at Universidad Panamericana and Universidad Anahuac. He has participated as a speaker in several national and internationl congresses concerning the most important fiscal and finance associations worldwide.

In September 2005 he received the award for best corporate lawyer of Mexico from the Asociación Nacional de Abogados de Empresa, AC (National Business Lawyers Association), and presented by the president of the Supreme Court of Justice of Mexico.

He is author of “The Unification of Administrative Remedies” in 45 años del Tribunal Fiscal de la Federal (45 years of the Fiscal Court of the Federation); “Joint Venture” in a publication of the National Business Lawyers Association; “Tax Review Remedy” in the journal of the Mexican Bar Association; and “Tax Payer Legal Defense and Human Rights” in Fiscal Practice.

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

Mr Ortiz-Hidalgo speaks Spanish and English fluently.

139 Mexico Enrique Calvo Nicolau Calvo González Luna Moreno y Revilla, Mexico City

Jorge Covarrubias Bravo Parás, Mexico City

Roberto Del Toro PricewaterhouseCoopers, Mexico

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

Ramiro González Luna Calvo González Luna Moreno y Revilla, Mexico City

Ricardo González Orta (see bio) Deloitte, Mexico City (see advert on inside front)

Javier Goyeneche (see bio) Deloitte, Mexico City (see advert on inside front)

Ignacio Orendain Basham Ringe y Correa, Mexico City

Gabriel Ortiz Gómez Ortiz Sainz y Erreguerena, Mexico City

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

Fernando Ruiz Sahagun Chevez Ruiz Zamarripa y Cia, Mexico City

Manuel Sáinz Orantes Chevez Ruiz Zamarripa y Cia, Mexico City

Oscar Soriano Escalona PricewaterhouseCoopers, Mexico

Alejandro Torres Rivero Chevez Ruiz Zamarripa y Cia, Mexico City

Manuel E Tron Tron y Natera, Mexico City

140 Guide to the World’s Leading Tax Advisers The Netherlands Protecting against tax risk

The public, investors and the tax authorities have become increasingly impatient with manifestations of white-collar crime, such as accounting scandals, options that are backdated, insider trading and tax schemes that are unable to stand up to official scrutiny. The climate created by this general disquiet also has implications for tax planning. While a sharp distinction, based on the principle of legality, has traditionally been made between tax planning on the one hand and tax fraud on the other, this distinction may have become blurred in practice. More than ever, it is important for companies to ask what they can do to protect themselves against both tax risk and the risk of damage to their reputations. Frits Barnard Deloitte New filing procedures Amsterdam Historically, a company would file a corporate tax return in paper form, attaching as many clarifications and exhibits as it considered appropriate. The tax inspector reviewed the return and raised an assessment, but at that point was not able to impose a penalty. Because an additional assessment could only be made (and a penalty could only be imposed) when the tax inspector discovered new facts or could prove that the taxpayer had not acted in good faith, companies were encouraged to file extensive explanations and exhibits together with their returns. As long as positions were properly disclosed in the return, penalties were almost never imposed, regardless of the merits of the position.

Today, the requirement to file returns electronically leaves much less latitude for attaching exhibits and explanations. Now a tax inspector can impose penalties of up to 100% of the under-reported tax due when raising an initial assessment. Although the Netherlands has no formal rules requiring the reporting of particular tax structures (as do the US and the UK), in practice, companies should seriously consider whether positions adopted in their tax returns are sufficiently defensible.

Increased scrutiny The tax authorities are increasingly focusing their attention on the substance of structures and transactions rather than their technical, formal merits. The authorities are aware that multinational enterprises engage in very complex transactions that sometimes carry a substantial tax risk. While in the past the authorities were often content almost to facilitate such transactions, they are now clearly concerned to uncover the underlying tax issues. They have been successful in challenging certain offshore structures on the grounds that those structures lacked substance. Transfer pricing also has become the subject of much attention, and taxpayers are required by law to maintain full transfer-pricing documentation. Audits now encompass reviews of due diligence reports, minutes of board meetings and even e-mail correspondence. There may well be a point at which the tax authorities perceive that a transaction or structure is so lacking in substance that it may be regarded as tax fraud rather than legitimate tax planning.

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

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

141 The Netherlands

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

The Dutch Ministry of Finance has taken the practical step of initiating discussions with the largest Dutch-based multinationals in an attempt to persuade them to subscribe to an undertaking on compliance. In accordance with the undertaking, these taxpayers promise to file annual tax returns within the shortest possible time frame, and to disclose all relevant tax risks. In return, the tax authorities undertake to deal with these returns within a year, and to address all requests for prior approval, cooperation, etc, quickly and in a businesslike manner. The Ministry of Finance is currently considering substantially extending the group of eligible participants.

Defensible positions The Dutch Supreme Court has ruled that, where a taxpayer has a defensible position, penalties cannot be levied, nor can criminal intent be concluded. Structures and positions can be considered defensible if they meet the following requirements:

• The structure is properly implemented. • The substance of the structure and supporting documentation should accord with the intention of the structure. • The position should be carefully researched and should have a solid basis in case law and/or literature.

Last but not least, tax planning calls for a balanced approach to filing, disclosure and prior consultation with the tax authorities.

142 Guide to the World’s Leading Tax Advisers The Netherlands Frits G Barnard Deloitte Orlyplein 10 NL-1043 DP Amsterdam The Netherlands

Tel: (31) 20 582 4305 Fax: (31) 20 582 4025 Email: [email protected] Website: www.deloitte.com

Frits Barnard is an international tax partner in the Amsterdam office of Deloitte. He is currently a member of the TMT industry group and specializes in (international) corporate tax and tax litigation.

Mr Barnard joined Arthur Andersen in 1984 and was promoted to partner in 1993. In September 2002 the Dutch tax practice of Arthur Andersen merged with Deloitte.

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

Frits has substantial experience in handling tax audits, conducting negotiations with Dutch revenue authorities, and tax litigation. Recent cases relate to the deductibility of earn-out payments in share acquisitions, the deductibility of services fees, the burden of proof in tax matters, the statue of limitations, stock option payments, the extent and validity of rulings concluded with the revenue, and issues related to tax fraud.

Mr Barnard has contributed to a number of articles on the valuation of financial products for tax purposes.

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

143 The Netherlands Roderik Bouwman DLA Piper Nederland NV Gebouw Meerparc Amstelveenseweg 638, 1081 JJ Amsterdam, The Netherlands

Tel: (31) 20 5419 894 Fax: (31) 20 5419 941 Email: [email protected] Website: www.dlapiper.com

Roderik ALH Bouwman, born 1957, is based in the Amsterdam office of DLA Piper, and has 24 years of experience in Dutch corporate and international tax. He is a member of the Netherlands Order of Tax Advisers, the Netherlands Scientific Association for Tax Law and the International Fiscal Association (IFA).

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

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

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

144 Guide to the World’s Leading Tax Advisers The Netherlands Daan B H de Bruin Deloitte Admiraliteitskade 50 3063 ED Rotterdam The Netherlands

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

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

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

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

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

145 The Netherlands Rutger Hafkenscheid Deloitte Busitel II Orlyplein 50 1043 DP Amsterdam The Netherlands

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

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

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

146 Guide to the World’s Leading Tax Advisers The Netherlands Monique van Herksen Baker & McKenzie Claude Debussylaan 54 1082 MD Amsterdam PO Box 2720 1000 CS Amsterdam The Netherlands

Tel: (31) 20 551 7137 Fax: (31) 20 626 7949 Email: [email protected] Website: www.bakernet.com/amsterdam Mrs Van Herksen is qualified both as civil law lawyer and common law lawyer and specializes in international tax law with an emphasis on transfer pricing, exchange of information, cross-border transactions, treaties, litigation and competent authority issues. She is experienced in legal and tax law matters between the US, the Netherlands and the Netherlands Antilles.

Monique van Herksen worked for a Big Five accounting firm and the Centre on Transnational Corporations of the United Nations before joining the US Internal Revenue Service’s Office of Associate Chief Counsel (International) as an attorney adviser. There her areas of expertise included among others the US-NL treaty, the competent authority process and transfer pricing. She also served at the IRS’s appeals office and in the US APA programme.

After five years of service with the US government, Mrs Van Herksen moved to private practice, first in New York and subsequently in Amsterdam. In July 2001 she joined Baker & McKenzie’s Amsterdam office as a partner practising in the area of international tax.

She has been involved in a great variety of transfer pricing issues and APAs including recently the planning/implementing of a CDM structure under the Kyoto Protocol.

Monique van Herksen has taught comparative transfer pricing at the Leiden LLM in international tax programme since its inception in 1998 and has been engaged to teach for foreign governments in countries such as the US, the Netherlands, India, Vietnam, Brazil and Denmark. She frequently gives lectures on comparative international tax matters, transfer pricing and competent authority issues at international seminars and to governmental bodies such as the OECD and EU, including the 2005 and 2006 Fiscalis Programme, which provides internal training to the tax authorities of EU member countries. She represents the Netherlands at the 2007 International Fiscal Association Conference.

She regularly writes articles in the area of her expertise in international tax publications.

Monique van Herksen is a member of the American Bar Association, the Bar Organization of the Netherlands, the Bar of the Commonwealth of Virginia, the Dutch Association of Tax Lawyers and the International Fiscal Association.

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

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

She speaks Dutch, English, Spanish and Papiamento.

147 The Netherlands Peter Willeme Deloitte Orlyplein 10 PO Box 58120 1040 HC Amsterdam The Netherlands

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

Peter specializes in international taxation issues such as dual residents, hybrids and joint ventures. Between 2002 and 2003, Peter headed the international tax practice of Deloitte in Europe. He focuses on serving primarily large multinational clients in the technology and communication industry. Before joining Deloitte in 2002, Peter had over 19 years’ experience in international tax with Andersen. He joined Andersen’s Amsterdam practice in 1983 and became partner in 1991. From 1993 until 2000 he led the tax division of the Amsterdam office and from 1999 until 2000 he was office managing partner in Amsterdam. In 1998 Peter was appointed as leader of the international tax service line in EMEIA (Europe, Middle East, India and Africa) and in 2001 as global leader of the international tax service line of Andersen.

In 1996, 1999, 2000, 2001, 2003 and 2005 International Tax Review ranked Peter as one of the best tax advisers in the Netherlands. Peter has published several articles on taxation in the technology and telecommunication industry in one of the leading Dutch computer magazines. Further, he was the co-author of an article on permanent agency in IBFD. Peter is a member of the Tax Committee of AMCHAM.

148 Guide to the World’s Leading Tax Advisers The Netherlands Frits G Barnard (see bio) Deloitte, Amsterdam (see advert on inside front)

Andre Boekhoudt KPMG Meijburg & Co, Amsterdam

Robert Boonacker Robert Boonacker, Wilnis

Roderik Bouwman (see bio) DLA Piper, Amsterdam

Ton Daniels Ernst & Young, Amsterdam

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

Maarten de Bruin Stibbe, Amsterdam

Fred C de Hosson Baker & McKenzie, Amsterdam

Marco de Lignie Loyens & Loeff, Amsterdam

Frank de Vos Clifford Chance, Amsterdam

Guido Derckx Loyens & Loeff, Amsterdam

Frank Engelen PricewaterhouseCoopers, Rotterdam

Sicco Faber PricewaterhouseCoopers, Amsterdam

Maarten Feteris PricewaterhouseCoopers, Amsterdam

Peter Flipsen Simmons & Simmons Trenité, Rotterdam

Hans Galavazi Freshfields Bruckhaus Deringer, Amsterdam

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

Dick Hofland De Brauw Blackstone Westbroek, Amsterdam

Wilbert Kannekens KPMG Meijburg & Co, Amsterdam

Machiel Lambooij Freshfields Bruckhaus Deringer, Amsterdam

149 The Netherlands Charles J Langereis Spigthoff, Amsterdam

Anton Louwinger Lovells, Amsterdam

Wouter A Paardekooper Baker & McKenzie, Amsterdam

Marcel Romyn Ernst & Young, Rotterdam

Erik T H Scheer Baker & McKenzie, Amsterdam

Paul H M Simonis Loyens & Loeff, Rotterdam

Paul Sleurink De Brauw Blackstone Westbroek, Amsterdam

Ewout van Asbeck Van Doorne, Amsterdam

Hessel van der Kolk Loyens & Loeff, Amsterdam

Eelco van der Stok Freshfields Bruckhaus Deringer, Amsterdam

Maarten J M van der Weijden Loyens & Loeff, Amsterdam

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

Stef van Weeghel Stibbe, Amsterdam

Willem C B van Wettum Baker & McKenzie, Amsterdam

Bart van Zadelhoff KPMG Meijburg & Co, Amsterdam

Arnoud C J Viersen Loyens & Loeff, Amsterdam

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

150 Guide to the World’s Leading Tax Advisers New Zealand The new tax paradigm... beat the rate

New Zealand’s tax regime has been predicated on being fair and free from distortions. To minimize those distortions regarding the taxation of foreign portfolio investment (FPI), a new tax regime, known as the Fair Dividend Rate (FDR), is being introduced. Once it is finally approved by Parliament, the FDR would be effective from April 1 2007.

Current rules result in material tax distortions for FPI as between direct and indirect (via a fund) investment, and between investment in and outside of certain jurisdictions, known as the grey list. The grey list includes many of New Zealand’s traditional trading partners that have a robust tax Teresa Farac base, including Australia, Canada, Germany, Japan, Norway, Deloitte the UK and the US. Within a grey list jurisdiction, FPI is Auckland generally taxed only on dividends.

Outside the grey list jurisdictions, FPI is generally taxed on an unrealised mark-to-market basis, which goes further than clawing back any tax preferences that may be enjoyed, and is difficult to reconcile with the general premise of no capital gains tax. The distortion is compounded in a managed funds context where, due to their scale and pattern of activity, funds are generally viewed as holding all investments, including FPI, on revenue account. The main exclusion is passive tracking funds.

A simple solution would be to extend the grey list to more Thomas Pippos countries with robust tax systems and to remove the Deloitte Wellington investment bias between direct investment and investment through funds by taxing funds only on dividend income. According to the government, however, this would not be fair in that not enough income would flow back into the tax base.

The main features of the proposed regime include:

• no grey list for FPI; • FPI, other than investment into Australian tax-resident listed companies, would be subject to an FDR method; • Australian FPI not subject to FDR and equity investments in New Zealand would no longer be treated as being held on revenue account; and • the initial FDR rate would be 5%. Individuals and family trusts can reduce its impact in certain cases.

In short, the FDR methodology taxes investors at a flat level of gross income calculated at 5% of the market value of investments held at the beginning of the tax year. Nuances include:

• no ability to recognise and carry forward investment losses; • individuals and family trusts could pay tax at a lower rate if they undertake complex calculations to establish that their economic income is less than the 5% rate. The expectation is that for them their effective FDR will be around 3.5%; • managed funds would need to calculate the 5% gross income on a daily rather than annual basis; and • investments without a readily available market value would have notional income calculated at 5% of the cost, with the cost compounding by 5% annually with limited options to review to a true market value.

151 New Zealand

While the FDR proposals should result in a similar level of tax payable to what would be payable if only dividends were taxable, this will not always be the case.

FDR has elements of a capital gains tax to the extent that the FDR rate is perceived to be greater than what is fair. It could also be said that FDR is no more than an asset tax, given the complete disconnection to the actual income that is derived. For example, if an investor purchases $100,000 of shares. In the next year, the shares are worth $80,000, with no tax payable (for certain direct investors). If the shares then rise in value at the rate of 6% per annum, they will be worth $84,800, $89,888, $95,281 and $101,000 in the following income years. The investor is taxed on 5% of these opening values in each income year, which represent no more than a recovery of economic value.

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

The approach also encourages a beat the rate mentality, where high-yielding investments will be structured into the FDR approach to reduce their effective tax rate, resulting in guaranteed investment return type rules.

The effective FDR rate for some investors of 3.5% also incentivises direct investment into nonresident funds (to ultimately be exposed to an expected 3.5% FDR) rather than the 5% rate.

The impetus to remove investment distortions has been in part achieved. However, as the FDR rules have a general disconnection to economic or traditional concepts of income, they can result in inequities. They also create a beat the rate incentive.

The nuances, both positive and negative, that will flow from the new rules are likely to engross investors and advisors for a considerable time to come. Outside of a funds context, the measures are only likely to be viewed positively by investors if they believe they can beat the rate.

152 Guide to the World’s Leading Tax Advisers New Zealand Teresa Farac Deloitte Deloitte House, 8 Nelson Street, PO Box 33 Shortland Street Auckland New Zealand

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

Teresa Farac, a specialist in international tax matters and mergers and acquisitions, has over 26 years of experience in tax, including 16 years as a partner.

Teresa advises clients in a wide range of industries and has strong credentials in the energy and mining, and financial services sectors. She also has extensive experience in corporate structuring and tax investigations and disputes.

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

153 New Zealand Thomas Pippos Deloitte Deloitte House, 10 Brandon Street PO Box 1990 Wellington New Zealand

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

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

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

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

Thomas is qualified in both law and accountancy.

154 Guide to the World’s Leading Tax Advisers New Zealand Kevin Best PricewaterhouseCoopers, Wellington

Brendan Brown Russell McVeagh, Wellington

Niels Campbell Bell Gully, Auckland

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

Richard Green Barrister, Auckland

Geoff Harley Barrister, Wellington

Lindsay McKay QC Barrister, Auckland

David J Patterson Minter Ellison Rudd Watts, Wellington

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

Casey Plunket Chapman Tripp, Auckland

Richard Scoular Russell McVeagh, Auckland

John Shewan PricewaterhouseCoopers, Wellington

David Simcock Bell Gully, Auckland

Fred Ward Russell McVeagh, Auckland

155 Norway Svein G Andresen KPMG KPMG Huset – Sørkedalsveien 6 Pb 7000 Majorstuen, N-0306 Oslo Norway

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

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

Svein has been with KPMG for 12 years and has extensive experience within the banking, insurance, shipping, oil service and processing industry. Before joining KPMG, Svein worked for four years as a consultant in the Norwegian Directorate of Taxes and as an adviser at the Central Taxation Office of large entities.

Svein is the tax partner in charge of international corporate tax, global transfer-pricing services and global tax outsourcing in KPMG Norway. His professional experience includes international taxation (especially cross-border tax planning and reorganizations) and transfer pricing. His clients are mainly listed Norwegian companies and large foreign multinationals with operations in Norway. Svein frequently speaks at seminars on international corporate tax and transfer-pricing issues.

He was admitted to the Bar in 1997. He is also a member of IFA.

156 Guide to the World’s Leading Tax Advisers Norway Bjørn Kleiven BDO Noraudit Advokater DA Munkedamsveien 45 PO Box 1704, Vika N-0121 Oslo Norway

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

Bjørn Kleiven is partner at BDO Noraudit Advokater DA.

Bjørn Kleiven advises Norwegian and foreign clients on domestic and international tax issues, as well as company law, accounting law and related areas. He has for many years specialized in mergers, demergers, acquisitions and reorganizations of business activities, and planning and reorganization of family-owned businesses. He has been involved in several large company takeovers and reorganizations.

Bjørn Kleiven graduated from the University of Oslo in 1976, and specialized in taxation. He was admitted to the Bar in 1983. He is also a member of IFA.

Bjørn Kleiven has been lecturing and writing on tax issues for many years, and has also been teaching tax law at the College of Economics in Oslo.

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

BDO Noraudit Advokater DA is an independent law firm. The firm specializes in domestic and international taxation, VAT and customs duties, company law and accounting law and regulations. The companies law and accounting law effective from 1999 raised a range of issues with regard to mergers and acquisitions and reorganizations of business activities in Norway, and so has the tax reform in 2004- 2006. The firm can work in teams with other entities in BDO Noraudit throughout Norway, as well as with other law firms and international networks, BDO and others. BDO Noraudit is among the big five accounting and consulting groups in Norway.

157 Norway Anders H Liland KPMG Law Advokatfirma DA KPMG Huset – Sørkedalsveien 6 PO Box 7000 Majorstuen, N-0306 Oslo Norway

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

Anders H Liland is a partner and Norwegian country leader of KPMG Global International Corporate Tax. He is a specialist in both national and international taxation, company law and mergers and acquisitions. He is also active as a litigator in the courts.

He has wide experience of advising both Norwegian and multinational clients on cross- border investments, mergers and acquisitions and other national and international tax matters. 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 which advised on Norwegian tax reform in 1992.

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

158 Guide to the World’s Leading Tax Advisers Norway Rolf J Saastad Deloitte Karenslyst alle 20 PO Box 347 Skøyen 0213 Oslo Norway

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

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

Rolf advises larger Norwegian multinationals on their outbound investments. He also has extensive experience in advising various international clients on their inbound investments in Norway. As the lead client partner of several large multinational clients headquartered in Oslo, he has a large network within the international Deloitte organization.

Rolf has substantial experience in mergers and acquisitions tax services. He has provided tax services on several of the largest transactions in Norway over the last few years. In particular he has advised several foreign private equity funds with tax structuring and due diligence services on their investments into the Nordic region and acquisition of Norwegian targets. Rolf regularly advises several Norwegian financial institutions/insurance companies on investment in private equity and real estate funds.

For the second year, International Tax Review has named Rolf as one of the leading international tax advisers in Norway.

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

159 Norway Svein G Andresen (see bio) KPMG, Oslo

Morten Beck PricewaterhouseCoopers, Oslo

Christian Bruusgaard Thommessen Krefting Greve Lund, Oslo

Arne Haavind Haavind Vislie, Oslo

Einar Harboe Harboe & Co, Oslo

Marianne Iversen Wikborg Rein, Oslo

Jan B Jansen Arntzen de Besche, Oslo

Bjørn Kleiven (see bio) BDO Noraudit, Oslo

Sverre E Koch Thommessen Krefting Greve Lund, Oslo

Anders H Liland (see bio) KPMG, Oslo

Henning Naas Thommessen Krefting Greve Lund, Oslo

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

Trond Sanfelt Wiersholm Mellbye & Bech, Oslo

Arvid Aage Skaar Wiersholm Mellbye & Bech, Oslo

Per Oskar Tobiassen Ernst & Young, Oslo

Nicolay Vold Wiersholm Mellbye & Bech, Oslo

Hans Georg Wille Ernst & Young, Oslo

Panama Rogelio de la Guardia Arias Fabrega & Fabrega, Panama City

160 Guide to the World’s Leading Tax Advisers Poland Marek Metrycki Deloitte ul Piekna 18 00-549 Warsaw Poland

Tel: (22) 511 0811/12 Fax: (22) 511 0813 Email: [email protected] Website: 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 real estate, energy and gas, telecommunication and FMCG.

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

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

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

161 Poland Leszek Tokarski Deloitte ul Piekna 18 00-549 Warsaw Poland

Tel: (48) 22 511 06 62 Fax: (48) 22 511 08 13 Email: [email protected] Website: www.deloitte.com

Leszek Tokarski is a partner leading the financial institutions services group of Deloitte. He also heads the energy and fuel sector advisory team. Leszek specializes in the provision of ad hoc advisory services to clients on taxation of services and financial instruments, both on- and off-balance sheet items. He is also one of the few tax lawyers in Poland specializing in securization transactions. Leszek advises a number of leasing companies, both those dealing with small-ticket leasing and those engaged in structured transactions of leasing of real property and objects of high value. He conducts advisory services for many key banks, leasing firms and insurance companies, and also as a proxy in tax and court proceedings.

During his three-year tenure with the Ministry of Finance, Leszek Tokarski worked on a special team formed to establish new tax regulations in Poland after the transformation of 1989. In particular, he was involved in developing the provisions of the corporate income tax act, the act on tax on goods and services, and excise duty, as well as the executive acts. He actively participated in the legislative process of these acts and conducted training sessions in the legislation for fiscal authorities, state institutions and private entrepreneurs.

From 1994 to 2000 he worked in the tax department of KPMG Polska and, after 1999, as a partner in KPMG CEE. He advised clients from all industries on their tax obligations in Poland, international tax law and business law. Between 1998 and 1999, after the financial sector became consolidated in Poland, he created a financial institutions’ division specializing in tax and legal services to banks, insurance companies, leasing companies, and so on. He joined Deloitte as a partner in 2001.

162 Guide to the World’s Leading Tax Advisers Poland Mariusz Aleksandrowicz Linklaters, Warsaw

Miroslaw Barszcz Baker & McKenzie, Warsaw

Slawomir Boruc Baker & McKenzie, Warsaw

Janusz Fiszer White & Case, Warsaw

Tomasz Grunwald KPMG Tax, Warsaw

Tomasz Kacymirow Dewey Ballantine, Warsaw

Robert Krasnodebski Weil Gotshal & Manges, Warsaw

Janusz Marciniuk Marciniuk & Partners, Warsaw

Mariusz Marecki PricewaterhouseCoopers, Warsaw

Jerzy Martini Baker & McKenzie, Warsaw

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

Tomasz Michalik MDDP Michalik Dluska Dziedzic i Partnerzy, Warsaw

Dorota Szubielska Chadbourne & Parke, Warsaw

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

163 Portugal Luís Belo Deloitte Praça Duque de Saldanha, 1 – 7º Edifício Duque de Saldanha 1050-094 Lisbon Portugal

Tel: (351) 210 427 611 Fax: (351) 210 427 950 Email: [email protected] Website: www.deloitte.com

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

Prior to joining Deloitte in 2002, Luís was at Arthur Andersen, where he was promoted to partner in 1999.

Luís is experienced in advising international clients in all aspects of taxation planning. He has extensive experience advising national and multinational clients in structuring and restructuring investments and operations. As a tax consultant, he has worked with several international and Portuguese clients of various sizes in virtually all sectors.

He is the author of a number of tax articles published in various magazines and has spoken at many seminars held in Portugal and abroad. He has also lectured in tax as part of the IESF postgraduate programmes.

Luís is a member of the fiscal board of various companies.

He graduated in economics from the Lisbon New University in 1988.

164 Guide to the World’s Leading Tax Advisers Portugal Fernando Castro Silva Garrigues Portugal Av Engº Duarte Pacheco, Torre 1 – 15º 1070-101 Lisbon Portugal

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

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

He has been a member of the Portuguese Bar Association since 1984, where he holds the degree of expert in tax law (2005). He is a former member of the Portuguese Chartered Public Accountants Association.

Fernando Castro Silva specializes in tax, advising domestic and multinational groups, especially in the areas of tax planning, mergers, acquisitions and restructurings, transfer pricing and global tax minimization; he is also recognized as an expert in tax litigation and compliance. Some of his clients are major Portuguese and international banks and finance companies, multinationals and real estate-related entities.

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

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

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

165 Portugal Diogo Leite de Campos PLMJ – AM Pereira, Sáragga Leal, Oliveira Martins, Júdice e Associados – Sociedade de Advogados Edifício Eurolex, Av da Liberdade, 224 1250-148 Lisbon Portugal

Tel: (351) 21 319 73 00 Fax: (351) 21 319 74 00 Email: [email protected] Website: www.plmj.com Diogo Leite de Campos, born 1944, specializes in contracts law, corporate law, financial law and tax law.

Between 1994 and 200, he was a member of the board of Banco de Portugal and president of the council of the CMVM (Capital Markets Authority). He is a member of the management boards of several scientific associations in the fields of law and economics. On several occasions, Mr de Campos has been a board member of the faculty of law of Coimbra and other universities. He is also a member of several working groups within the Tax Affairs Committee of the OECD.

Mr de Campos holds diplomas of honour from scientific and professional associations. He is also the holder of several decorations.

He has taken part in conferences, or lectured, at the Universities of Paris II, Poitiers, Bordeaux I, Rome La Sapienza, Santiago de Compostella and Salamanca; at the Federal Universities of Rio de Janeiro, Niterói, Paraná, Rio Grande do Sul, Minas Gerais, Fluminense (Brazil), Finance Academy (Moscow), Charles of Prague, and Harvard; and at the Portuguese Catholic University, Free University and the Autonomous University of Lisbon, among others. He has also taken part in conferences and chaired seminars at scientific and business associations in several countries. He is the author of preparatory works for legislative reform in private and fiscal law (leasing, securitization, banking law of Macau, general tax law, family tax law, and so on). He has written more than 150 works in law, published in Portugal, Spain, Brazil, Canada, France, the Netherlands, Russia, the Czech Republic, Argentina and Mexico.

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

166 Guide to the World’s Leading Tax Advisers Portugal Francisco de Sousa da Câmara Morais Leitão, Galvão Teles, Soares da Silva & Associados Rua Castilho, 165 1070-050 Lisbon Portugal

Tel: (351) 21 381 74 35 Fax: (351) 21 381 74 90 Email: [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 is now head of the tax practice group. He represents major corporations and multinationals in tax restructuring operations dealing with different types of taxes, as well as matters related to the application of double taxation treaties and EC tax law. He has also actively worked in the areas of transfer pricing, in both the drafting of agreements and litigation before the tax authorities and tax courts; the taxation of derivatives and financial products; securitization; and the structure of international operations using the International Business Center of Madeira. Tax litigation also plays a significant role in his professional activities, and he leads a team of lawyers with over 200 judicial and administrative cases, dealing with a wide range of tax issues.

He is a member of several committees of experts in charge of drafting the revised tax legislation. He is also a visiting professor of international tax law at Nova University.

Mr de Sousa da Câmara is chairman of the Portuguese Association of Tax Consultants, and a member of the Portuguese Tax Association, International Fiscal Association, European Association of Tax Law Professors and the Confederation Fiscale Européenne.

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

He received his law degree in 1986, completed postgraduate studies in EU law in 1987, and received his masters in tax and financial law in 1992 from the Portuguese Catholic University. He has been a member of the Portuguese Bar Association since 1988 and is a specialist lawyer in tax law (2004).

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

167 Portugal Rosa Freitas Deloitte Edifício Atrium Saldanha Praça Duque de Saldanha, 1 -6º 1050-094 Lisbon Portugal

Tel: (351) 21 0427518 Fax: (351) 21 0427952 Email: [email protected] Website: www.deloitte.com

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

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

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

She has relevant experience in the banking/financial services sector, both in dealing with the tax issues of banks/financial institutions and in the tax structuring of financial products. She has also developed expertise in individual income taxes, social security regimes and wealth/estate tax planning issues. In 1999, she launched a new human resources service in Portugal which covers expatriation and international assignment services.

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

She has attended several training courses in Portugal and abroad and has lectured at a number of conferences on tax and human resource matters. Rosa has also written several articles on tax and human resource matters for newspapers and other publications.

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

168 Guide to the World’s Leading Tax Advisers Portugal António Lobo Xavier Morais Leitão, Galvão Teles, Soares da Silva & Associados Av da Boavista, 3265 – 5.2 Edifício Oceanvs 4100-137 Porto Portugal

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

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

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

Mr Lobo Xavier works with large national and multinational companies in the areas of finance, telecommunications and industry, as a member of the board of directors, and as an adviser on finance and tax law. He is responsible for several organizational and restructuring operations, and mergers and acquisitions, mainly as an expert in subjects related to double taxation treaties, VAT and corporate income tax. He has also actively intervened in several arbitration proceedings.

Mr Lobo Xavier was a member of the Portuguese Parliament at various times between 1983 and 1996, and was the leader of his party’s parliamentary group between 1992 and 1994. He was a participant in the Fiscal Reform Commission of 1998.

He has been a member of the Portuguese Bar Association since 2005. He was a member of the superior counsel of the Administrative and Fiscal Courts (1986 to 1991), of the advisory board of ACEGE (Association of Managers and Catholic Entrepreneurs), of the board of the Commercial Association of Porto, and of the board of Fundação de Serralves.

169 Portugal Miguel Leónidas Rocha Deloitte Edifício Atrium Saldanha Pr Duque de Saldanha, 1 – 6º 1050-094 Lisbon Portugal

Tel: (351) 21 042 75 30 Fax: (351) 21 042 79 52 Email: [email protected] Website: www.deloitte.com

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

Mr Rocha’s professional experience centres on tax strategy planning as regards the structure of economic groups, compliance with fiscal and parafiscal obligations and advising companies – in particular credit institutions, financial institutions and insurance companies – on tax matters.

He is also responsible for the tax audit of several companies in the financial sector, including commercial banks, investment banks, insurance companies, specialized credit institutions and securities and real estate investment funds.

Mr Rocha’s major projects include:

• tax due diligence in the integration of an important Portuguese insurance group into a European group; • tax due diligence in the acquisition of a big Portuguese financial group; • tax advice in several structured leasing operations, securitization tax and other structured transactions; and • coordination of transfer-pricing studies, with special emphasis on the financial area.

Mr Rocha has lectured and participated in various professional training courses in Portugal, and has published several articles in newspapers and specialist taxation magazines.

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

170 Guide to the World’s Leading Tax Advisers Portugal Manuel Anselmo Torres Galhardo Vilão Torres, Lisbon

Rui Barreira Rui Barreira Magalhães Correia Teresa Carregueiro, Lisbon

Luís Belo (see bio) Deloitte, Lisbon (see advert on inside front)

Fernando Castro Silva (see bio) Garrigues Portugal, Lisbon

Diogo Leite de Campos (see bio) PLMJ - AM Pereira Sáragga Leal Oliveira Martins, Lisbon

Francisco de Sousa da Câmara (see bio) Morais Leitão Galvão Teles Soares da Silva & Associados, Lisbon

Joao Espanha Espanha e Associados, Lisbon

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

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

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

Diogo Ortigão Ramos Gonçalves Pereira Castelo Branco e Associados, Lisbon

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

Miguel Teixeira de Abreu Abreu Cardigos & Associados, Lisbon

171 Russia Lioudmila Mamet PricewaterhouseCoopers Kosmodamianskaya Nab 52, Bldg 5 115054 Moscow Russia

Tel: (7) 495 967 6000 Fax: (7) 495 967 6001 Email: [email protected] Website: 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 tax system, a reputation grounded in her understanding of both the needs of international investors and the legal and cultural imperatives of the Russian authorities.

As a former senior government official with 15 years of experience in the Russian Ministry of Finance, Lioudmila maintains relationships with the Ministry of Finance, the Federal Tax Service and other state bodies on different levels. She represents the firm in the Russian Union of Industrialists and Entrepreneurs and in the Chamber of Commerce and Industry of the Leningrad region, delivering professional opinions on how to develop the Russian tax system to ensure the stable growth of large and 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 joint ventures, and for negotiating double tax treaties. Lioudmila has been involved in negotiations for a great number of tax treaties, and is one of the few true experts in this area. She has participated in double tax treaty negotiations with the UK, the Netherlands, Denmark, Finland, Spain, Italy, Switzerland, Greece, Cyprus, Japan, the USA, Malaysia, China, Korea, Brazil, Canada and a number of other countries.

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

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

172 Guide to the World’s Leading Tax Advisers Russia Sergey G Pepeliaev Pepeliaev, Goltsblat & Partners Krasnopresnenskaya nab. 12, Entrance 7, World Trade Center-II Moscow 123610 Russia

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

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

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

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

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

Sergey Pepeliaev has frequently headed groups of lawyers involved in large-scale judicial defence, auditing, management and legal consulting projects, both at the request of major Russian and foreign companies across various sectors and as part of World Bank programmes. His project work consists of drafting of litigation documents, representation before courts, auditing procedures, appraisal of current and potential liabilities of enterprises, development and improvement of cash flow controls, advice on book-keeping and taxation, assessment of possibilities for debt restructuring and reduction, and other assignments.

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

173 Russia Alexander A Bychkov Baker & McKenzie, Moscow

Alexander Chmelev Baker & McKenzie, Moscow

Lioudmila Mamet (see bio) PricewaterhouseCoopers, Moscow

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

174 Guide to the World’s Leading Tax Advisers Singapore Ajit C Prabhu Deloitte 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809

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

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

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

He is also the author of several articles on investment and taxation, including taxation of electronic commerce in Singapore. He has been published in academic journals in Singapore and overseas, including the CCH Journal of Asian-Pacific Taxation, CCH Singapore Master Tax Guide Manual, Euromoney’s International Tax Review and Ta x Planning International.

Ajit graduated from the University of Bombay with a bachelor degree in commerce (with honours). He holds a higher diploma in accounting from the Hull College of Higher Education in UK. He is an associate with the Institute of Chartered Accountants in England and Wales and is a practising member of the Institute of Certified Public Accountants of Singapore.

175 Singapore Sum Yee-Loong Deloitte 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809

Tel: (65) 6530 5538 Fax: (65) 6538 6166 Email: [email protected] Website: www.deloitte.com

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

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

He is the author of Singapore Tax Workbook (CCH), an examiner of the advance taxation paper (Singapore law) for ACCA, and a previous examiner of the taxation paper (Singapore law) of CIMA and ICSA.

Yee-Loong’s memberships include: the Tax Advisory Committee chaired by the permanent secretary of the Ministry of Finance (2004 to 2006); the GST Working Committee (1993 to 1995); the Taxation and Levies Committees of ICPAS (1989 to date); and the Infocom Technology Committee (1999). He served as an adjunct professor at Nanyang Technological University between 1987 and 2003, and since 2004, has been an adjunct professor at Singapore Management University. Yee-Loong is director of the Tax Academy of Singapore.

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

176 Guide to the World’s Leading Tax Advisers Singapore Steve Towers Deloitte 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809

Tel: (65) 6216 3227 Fax: (65) 6538 6166 Email: [email protected] Website: www.deloitte.com

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

He has substantial experience in advising multinational corporations on corporate structuring and restructuring, mergers and acquisitions, hybrid instruments, transfer pricing, use of double-tax treaties, and international tax generally. He is particularly knowledgeable on permanent establishment issues and supply chain planning.

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

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

177 Singapore Choy Wai Cheong Ernst & Young, Singapore

Pieter L De Ridder Loyens & Loeff, Singapore

Paula Eastwood PricewaterhouseCoopers, Singapore

Nand Singh Gandhi Allen & Gledhill, Singapore

Ong Sim Ho Ong Sim Ho Advocates & Solicitors, Singapore

Edmund Leow Baker & McKenzie, Singapore

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

Gurbachan Singh KhattarWong, Singapore

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

Peter Tan PricewaterhouseCoopers, Singapore

Lian Ee Teoh Drew & Napier, Singapore

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

Pok Soy Yong Ernst & Young, Singapore

178 Guide to the World’s Leading Tax Advisers South Africa International assignments: local vs foreign pension funds

The mobility of staff with specialized skills is often crucial to the multinational companies that employ them, as such skills may only be required at a specific stage in the business cycle rather than on an ongoing basis. One obvious example would be the skills of individuals involved in prospecting for resources, such as oil or precious metals.

Employees of whom mobility is required need to be looked after and secondments abroad should be arranged so as not to jeopardize their interests. Such employees need to be properly funded on retirement and adequately covered by life, disability and medical insurance. Billy Joubert Deloitte Employees generally desire stability and, in any event, are Johannesburg unwilling to be placed at a disadvantage (tax and otherwise) when moving countries. Mobile employees will resent having to shoulder greater risk than their non-mobile colleagues, so the retirement funding of seconded employees must be protected as much as possible from fragmentation, currency fluctuations and political upheaval.

Pension funds do not migrate readily across borders and it may not be possible to find a satisfactory solution to some of the pension problems to which cross-border employee movement gives rise. Certain countries are reluctant to grant tax concessions for the pension contributions of highly mobile individuals because to do so may erode their tax base. For example, South Africa may be unwilling to give a tax deduction for the pension contributions of an individual who will be a UK resident (and will therefore pay UK tax) when he or she ultimately receive a pension.

Both employee and employer contributions to a pension fund are generally tax deductible for South African tax purposes (subject to some limitations) and payments out of a pension fund are taxable (with relief provided for certain lump sum payments). As the government is keen to encourage skilled employees to come to South Africa and for people to retire there, proceeds from foreign pension funds are exempt from South African tax, provided the respective contributions were paid when the recipient was not working in South Africa. Apportionment is required in cases where some contributions are made in respect of services rendered in South Africa and some in respect of foreign services.

Exchange control is really only a concern for South African residents and even they enjoy generous concessions in this respect. Temporary residents of South Africa can repatriate funds without restriction and outbound expatriates may retain foreign earnings and pensions offshore.

An employee leaving South Africa who has a pension fund will need advice. Depending on the rules of the fund in question, the following options may be available:

• continue contributing to the South African scheme; • freeze contributions and make use of a preservation fund; or • cash out, if this is possible, and pay the tax up front.

If the last option is selected and the fund is cashed out before retirement, the South African tax consequences will be unfavourable. In any case, the facts must be examined carefully and the decision will ultimately depend on the individual’s plans and aspirations, and in particular on whether the individual intends to return to South Africa.

179 South Africa

It should also be noted that an individual who relinquishes his/her South African tax residence will become subject to capital gains tax on all his/her assets. Provision must be made for group life, disability and medical cover for employees leaving South Africa and as the costs of taking out such coverage in a foreign country can be prohibitive, this also requires careful consideration.

Inbound expatriates will be subject to South African tax on their South African earnings, but should not be subject to South African tax on their foreign earnings or capital gains unless they become South African tax residents. Until recently, an individual acquired tax residence if he/she worked in South Africa for more than three years, but this period has been extended to five years, to encourage expatriates not to leave South Africa after three years.

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

Multinational groups have adopted a number of different approaches to the issue of how to provide pensions for highly mobile staff. One approach is to establish a fund for such employees in a tax haven. While this may overcome the problem that providing for country-specific pension funds tends to be a cumbersome process, it may be unattractive from a tax perspective – for example, if contributions to the fund are not tax deductible (which is likely to be the case) but the member is ultimately subject to tax when he or she receive a pension from the fund.

Although it is often not possible to make pension funds operate tax efficiently in the case of globally mobile employees, it is important not to overlook one of the major benefits of such funds, which is the forced saving element. Employer pension funds ensure that at least some provision is made for the retirement funding of employees who might otherwise lack the discipline to make such provision for themselves.

180 Guide to the World’s Leading Tax Advisers South Africa New advance tax ruling system promotes certainty

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

Until now, South African Revenue Service (SARS) rulings were difficult to obtain and generally were not binding. An Michael Honiball exception was certain VAT Rulings, which were regarded as KPMG effectively being of a binding nature. Practice and Johannesburg Interpretation Notes issued by the Service were also not binding, and in some court cases the Service even argued against their own Practice Notes when it suited them!

The implementation of the new advance tax ruling system, backdated to October 1 2006, was therefore generally welcomed by South African advisers and taxpayers. The previous system of non-binding rulings essentially remains as before, except that certain VAT Rulings previously issued change their status from January 1 2007, from binding rulings to so-called opinions.

The implementation of the new ATR system follows international best practice. For example, Australia and New Zealand already have such a system, and on November 17 2006, the UK HMRC published a report on large-company tax administration that included a recommendation to introduce a system of advance rulings for businesses by the end of 2007.

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

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

A Binding Private Ruling is an advance tax ruling, issued in response to an application, that states how the commissioner would interpret and apply provisions of South African tax law to a specific proposed transaction. A Binding General Ruling is an advance tax ruling that is issued by the commissioner, at his discretion, regarding the application or interpretation of a provision of South African tax law in respect of issues or matters of general interest or importance. The latter ruling is not issued in response to any application. Both types of rulings are binding on the commissioner, but not on the taxpayer. Furthermore, the binding effect of a Binding Private Ruling only applies to the applicant who requested the ruling, and may not be cited as precedent by any other taxpayer.

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

181 South Africa

A major advantage of the new ATR system for foreign investors is that non-residents and non-taxpayers may apply for a Binding Private Ruling. An applicant need not apply in person, but may use an agent or advisor. In fact, the SARS Guide to the new ATR system recommends that applicants engage a tax advisor to assist them in their applications. This is helpful because the pre-qualifying process includes the requirement that the applicant must make his own draft ruling. Engaging an advisor would also be helpful in ensuring that the ruling obtained is as wide as possible.

Exclusions The new ATR System contains both mandatory and discretionary exclusions. Mandatory exclusions include the following:

• the market value of an asset; • the application or interpretation of foreign law; • the pricing of goods or services supplied by or rendered to a connected person in relation to the applicant; • the constitutionality of any tax law; • hypothetical transactions; and • issues to be listed by the commissioner and the so-called No uling list.

Concerns have been raised by South African taxpayers about the mandatory exclusion of the pricing of goods and services for transfer pricing purposes. The context is the absence of an Advance Pricing Agreement system and it is therefore not possible to negotiate or conclude unilateral, bilateral or multilateral APAs. Although South Africa has had transfer pricing legislation since 1995, there are no plans to implement an APA system any time soon.

In addition to the above mandatory exclusions, there is a long list of discretionary exclusions, which include general and specific anti-avoidance provisions, factual issues, issues more suitable for Competent Authority procedures, and matters which would be unduly time-consuming or resource-intensive. All these matters may be excluded from a Private Binding Ruling at the discretion of the Commission. These discretionary exclusions have been limited somewhat by a new CFC ruling procedure (see discussion below).

It is not clear why the No Ruling list is included under Mandatory Exclusions and not under Discretionary Exclusions because essentially to the Commissioner would use his discretion to place an issue on the No Ruling list.

All the above exclusions are intended to address concerns about limited resources, certain basic policy issues and the impossibility of addressing factual issues through the ATR system. The result, however, is a fairly limited ruling system, especially regarding the mandatory exclusion of transfer pricing in the absence of an APA system.

Amended CFC rules also introduce new CFC ruling procedure Certain amendments to the South African CFC rules, passed by Parliament on November 16 2006, have far reaching consequences for South African outbound multinationals. The consequences can be restricted to a limited extent by a new CFC ruling procedure described below.

In a nutshell, the South African taxation of foreign subsidiaries applies as follows: South African tax resident companies with CFCs – foreign resident companies in which South African shareholders own more than 50% of the participation rights or control more than 50% of the vote – are taxed on the income and capital gains of the CFC, unless specific exclusions apply. The most notable of these exclusions is income attributable to a so-called business establishment. If a CFC has a business establishment as defined, income and gains attributable to such a business establishment will not be taxed in the hands of its South African shareholder.

Prior to the amendments, a business establishment was widely defined as including a place of business with an office, shop, factory, warehouse or other structure used for not less than one year which was suitably equipped with on-site operational management, employees, facilities and other equipment for purposes of conducting the primary operations of that business.

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

182 Guide to the World’s Leading Tax Advisers South Africa be in full-time employment in order for the business establishment exclusion to apply. Following the amendments, however, not only does it appear that the CFC will now need to have both on-site management and operational employees (arguably therefore requiring at least two employees), but such employees will also be required to render services on a full-time basis if the business establishment exclusion is to apply. These requirements are found in the definition of a foreign business establishment, which replaces the old business establishment definition.

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

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

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

183 South Africa Anne Bennett Deloitte Private Bag X1 Gallo Manor, 2052 South Africa

Tel: (27) 11 806 5378 Fax: (27) 11 806 5333 Email: [email protected] Website: www.deloitte.com

Anne Bennett is the partner in charge for the international tax practice within South Africa. In this role, she advises on the international tax implications of structuring cross- border investment and finance into and out of South Africa, the impact of SA domestic tax law on foreign subsidiaries of SA companies, and SA exchange control regulations.

Having joined Deloitte in 1983, she qualified as an admitted attorney in 1986, was seconded to D&T London as a senior manager in the international tax division where she was also involved in coordinating tax strategies, technical training and practice development for the firm’s European practices. Throughout the late 1980s and early 1990s, she gained practical working experience in Luxembourg, the UK and South Africa, before being asked to join the partnership of Deloitte & Touche in 1993. Shortly after, Anne was appointed to head up the international tax group within the South African tax practice.

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

Among her qualifications, Anne has a BA (honours) from the University of Cape Town; LLB (cum laude) from the University of South Africa; MPhil from Oxford University; and H Dip Tax from the University of the Witwatersrand. Additionally Anne received her diploma in international law from the University of Harvard, is a member of the Institute of Taxation (ATII) in the UK, and was admitted as an attorney of the Supreme Court of South Africa. She has professional qualifications in both SA and UK tax law and continues to attend international tax training courses in the UK, the Netherlands and the USA.

184 Guide to the World’s Leading Tax Advisers South Africa Emil Brincker Edward Nathan Sonnenbergs 150 West Street Sandown, Sandton, Johannesburg 2196 South Africa

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

Professor Emil Brincker’s experience includes the areas of corporate finance, corporate reorganization and restructuring, export finance, funding, general banking and com- mercial (including derivative) transactions, empowerment transactions, JSE Limited and Securities Regulation Panel, project finance and tax law including income tax, value added tax, stamp duties, PAYE, capital gains tax and other fiscal statutes.

He obtained his doctorate in 1992 on company law and his thesis related to the financial assistance by a company in relation to share acquisitions. In 1999 he was offered a part- time professorship from the Johannesburg University.

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

He is also a member of the Special Board for Income Tax Appeals, hearing tax matters not exceeding R20 million ($30 million), member of the executive committee of the South African Fiscal Association and has been involved in numerous empowerment transactions. Emil was named by Global Counsel as the leading tax practitioner in South Africa from 2003 to 2006, as a leading individual by International Tax Review’s World Tax 2005 and 2006 and as an eminent individual by Legal 500 2006. The PLC Which Lawyer Yearbook 2005 and 2006 also lists Emil as a leading individual and the Legal Media Group’s IFLR 1000 Guide to the World’s Leading Financial Law Firms 2006 lists Emil as a key contact partner. Emil is named as the leading individual in tax in South Africa, in Chambers Global Guide 2005 and 2006.

Emil has been a guest lecturer for the LLM (tax) at the University of Pretoria, and was a professor to the Hdip tax at the University of Johannesburg. He is author to a number of publications, including:

• co-author of South African Principles of International Taxation (2004); • co-author on Edward Nathan/Grant Thornton Fiscal File publication on Business and Personal Taxation (2004, 2005 and 2006); • Taxation Principles of Interest and other Financing Transactions (2004 – 2006); • Global Counsel Handbook PLC Tax Law. Country Q&A: Republic of South Africa (2003, 2004, 2005 and 2006) (Co-authored with the rest of the tax team); and • a regular column Brinkmanship in Business Day Business Law and Tax Review.

Emil holds a BCom (cum laude), a LLB (cum laude) a LLM (cum laude), and a LLD from the University of Stellenbosch, as well as a Higher Diploma in tax law (cum laude) from The University of Johannesburg. He is an admitted attorney of the High Court of South Africa.

185 South Africa David Clegg Ernst & Young 52 Corlett Drive Wanderers Office Park Illovo, Johannesburg 2196 South Africa

Tel: (27) 21 443 0261 Email: [email protected] Website: www.ey.com

David Clegg graduated from the University of Cape Town (BComm LlB, BComm, hons, tax), and practised law as an attorney for some years before being admitted to practise as an advocate (barrister).

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

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

186 Guide to the World’s Leading Tax Advisers South Africa Beric Croome Edward Nathan Sonnenbergs 150 West Street Sandown, Sandton, Johannesburg 2196 South Africa

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

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. He has advised foreign clients of the tax consequences of investing in South Africa. He regularly assists clients with objections and appeals and represents clients in meetings with the South African Revenue Service including Alternative Dispute Resolution (ADR) meetings. He acted as the chair of the National Taxation Committee of the South African Institute of Chartered Accountants (SAICA) from 1999 to 2002 and during 2003 became a member of the Editorial Panel of SAICA’s tax publication, Integritax. During 2006 he became the author of a column entitled: “Dear SARS – Proper Procedure” in the magazine Accountancy SA, published by SAICA.

He was the 1999 South African reporter on “Taxation of Non-Profit Organisations” for the International Fiscal Association. He is a former vice chair of the South African Chamber of Business Taxation Committee and during 2002 was a nominee for the University of the Witwatersrand Convocation Honour Award for his contribution to commerce and industry.

Beric is a well known tax advisor in South Africa, listed in the Who’s Who of Southern Africa 2004 to 2006 and in Chambers Global’s The World’s Leading Lawyers for Business, The Client’s Guide 2006 and 2007.

He is a chartered accountant (South Africa) and an advocate of the High Court of South Africa. Beric is a fellow of the Chartered Institute of Management Accountants (United Kingdom). He holds BCom, CTA, BProc and LLB degrees as well as a Higher Diploma in Tax Law (with distinction). He is registered for his PhD Degree at the University of Cape Town and his thesis deals with issues relating to constitutional law, taxpayers’ rights and the powers of the South African Revenue Service. He is regularly quoted in the press on tax issues in South Africa.

187 South Africa Michael Honiball KPMG KPMG Crescent 85 Empire Road Parktown 2193 South Africa

Tel: (27) 11 647 5555 Fax: (27) 11 647 5819 Email: [email protected] Website: www.kpmg.co.za

Michael Honiball is the national leader of KPMG’s transfer-pricing team in South Africa – a strong multidisciplinary team of accountants, lawyers and economists specializing in transfer-pricing issues. He is based in Johannesburg, although he has extensive experience of working elsewhere in Africa and overseas.

Michael has substantial tax advisory experience and has specialized in South African domestic and international corporate tax issues for over 14 years, advising many multinational corporations on a wide range of tax compliance, structuring and financing matters. He continues to build this experience daily, advising multinational clients on their often-complex international tax and transfer-pricing issues. Supported by his local team at KPMG as well as by KPMG’s global transfer-pricing services team, he advises on a broad spectrum of transfer-pricing issues, from documentation and planning to dispute resolution, taking into account the unique circumstances of various African jurisdictions.

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

Michael is a well-known tax advisor in South Africa, being listed in The Guide to the World’s Leading Tax Advisers and Who’s Who of Southern Africa 2005. He is a member of the executive committee of the South African Fiscal Association (the local IFA branch) and is also a member of the Institute of Directors of Southern Africa. He is an admitted attorney and conveyancer of the High Court of South Africa (Cape Provincial Division) with the BA, LLB, LLM (international tax), H Dip tax and Dip Corp law (with distinction) degrees.

188 Guide to the World’s Leading Tax Advisers South Africa Michael Katz Edward Nathan Sonnenbergs 150 West Street Sandown, Sandton, Johannesburg 2196 South Africa

Tel: (27) 11 269 7700 Fax: (27) 11 269 7899 Email: [email protected] Website: www.problemsolved.co.za

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

Michael was the chairman of the Commission of Inquiry to Investigate the Taxation System of South Africa, member of the Securities Regulation Panel, a director of numerous companies and a trustee of numerous trusts. In 1998, he was awarded an honorary doctorate of laws by the University of the Witwatersrand.

He was appointed to the board of National Housing Finance Corporation Limited, which has been established by the government to facilitate the delivery of affordable housing, and is the chairperson of the Standing Committee on Company Law of the Law Society of South Africa.

Michael is featured in the Guide to the World’s Leading M&A Lawyers 2006 and is listed as a leading individual in International Tax Review’s World Tax 2006 survey for mergers and acquisitions and cross-border structuring. He recently advised Gold Fields defending the hostile takeover bid by Harmony, and had a key role on the Sasol/Engen merger. Michael also acted for Gold Fields in the acquisition of South Deep Mine, which included the offer to shareholders of Western Areas and Barrick South Africa. In addition, he acted for Afripalm in its recent transaction with Mvelaphanda Resources. Michael is also rated as a leading practitioner in tax by the PLC Which Lawyer Yearbook 2006.

He is co-author of Butterworths Company Law Precedents (four volumes).

Michael received his BCom and LLB from the University of the Witwatersrand, his LLM from Harvard Law School, and LLD (honoris causa) from the University of the Witwatersrand. He is admitted as an attorney of the High Court of South Africa.

189 South Africa Sean Kruger Ernst & Young Wanderers Office Park 52 Corlett Drive Johannesburg South Africa

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

Sean Kruger graduated from the University of the Witwatersrand (B Comm), received his higher diploma in tax law from the University of Johannesburg), and his advanced diploma in international tax from the Institute of Advanced Studies.

Following six years in banking and structured asset finance, Sean joined Ernst & Young, specializing in tax consulting. He is currently an international tax and transfer pricing partner/director of Ernst & Young Advisory Services Limited, having started the transfer pricing practice for the South African firm with a dedicated team. Sean is currently the regional tax director responsible for all tax services for the South African firm of Ernst & Young, as well as the English-speaking Ernst & Young offices in the rest of Africa.

Sean operates from the Johannesburg office.

190 Guide to the World’s Leading Tax Advisers South Africa David Lermer PricewaterhouseCoopers Private Bag X36 PO Box 2799 2 Eglin Road 2175 No 1 Waterhouse Place 7441 Sunninghill, Johannesburg Century City, Cape Town South 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 4097 Email: [email protected] Website: www.pwc.com/za David Lermer is the South Africa and Southern Africa Region leader for PwC Global Tax Services. His career with PwC spans two continents. Originally based in London, UK, and now based in Johannesburg and Cape Town, David has over 23 years of professional experience in advising large SA and foreign multinational groups with respect to their international tax, transfer pricing and exchange control requirements. He has worked on numerous reorganizations of multinational groups and mergers and acquisitions, and is heavily involved in representations to the government on tax and exchange control policy and legislative changes.

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

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

191 South Africa Mark Linington Webber Wentzel Bowens 10 Fricker Road Illovo Boulevard Johannesburg 2196 South Africa

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

Mark Linington’s area of expertise is mergers and acquisitions tax services, including tax due diligence reviews, the design and appraisal of acquisition/disposal transactions, group rationalizations, unbundlings, BEE structuring and liquidations.

Mark has 15 years of experience in South African domestic tax issues and in recent years has worked predominantly with private equity consortiums in designing and implementing acquisition structures.

Before specializing in mergers and acquisition tax advisory services, Mark provided corporate tax services to mainly listed clients in his capacity as a tax partner of Deloitte. These services included tax opinions, tax planning, tax provisioning for financial statement reporting purposes, preparing or reviewing submissions and dealing with tax disputes, objections and appeals.

192 Guide to the World’s Leading Tax Advisers South Africa Ian MacKenzie Webber Wentzel Bowens 10 Fricker Road Illovo Boulevard Johannesburg 2196 South Africa PO Box 61771 Marshalltown 2107 Docex 26 Johannesburg South Africa

Tel: (27) 11 530 5000; (27) 11 530 5266 (direct) Fax: (27) 11 530 5111; (27) 11 530 5120 (direct) Email: [email protected] Website: www.wwb.co.za Ian MacKenzie joined Webber Wentzel Bowens in 2003 as head of corporate tax. He was previously the head of the tax consulting practice of Ernst & Young, having been a tax partner in that firm for 25 years.

He has had 29 years’ experience in advising major listed groups on tax issues, with particular reference to mergers and acquisitions, corporate restructures, BEE transactions, structured finance transactions, cross-border trade and investment structures, securitizations and objections and appeals. His industry experience covers banking, manufacturing, mining and fast-moving consumer goods and services. He was recognized as one of the leading tax advisers in South Africa in World Tax 2005 and 2006, published by International Tax Review, and in Chambers and Partners’ 2006 survey of law firms.

He has lectured on tax matters on various university courses and at public seminars, is a past chairman of the SA Chamber of Business tax committee and a past president of the Johannesburg Chamber of Commerce and Industry.

Ian qualified as a chartered accountant (SA) in 1973 and obtained a higher diploma in tax law from the University of the Witwatersrand in 1975.

193 South Africa Anne Bennett (see bio) Deloitte, Sandton (see advert on inside front)

Emil Brincker (see bio) Edward Nathan Sonnenbergs, Sandton

David Clegg (see bio) Ernst & Young, Johannesburg

Beric Croome (see bio) Edward Nathan Sonnenbergs, Sandton

Michael Honiball (see bio) KPMG, Johannesburg

Wally Horak Bowman Gilfillan, Cape Town

Michael Katz (see bio) Edward Nathan Sonnenbergs, Sandton

Ernie Lai King Deneys Reitz, Johannesburg

Des Kruger Mallinicks, Cape Town

Sean Kruger (see bio) Ernst & Young, Johannesburg

David Lermer (see bio) PricewaterhouseCoopers, Johannesburg

Mark Linington (see bio) Webber Wentzel Bowens, Johannesburg

Ian MacKenzie (see bio) Webber Wentzel Bowens, Johannesburg

Ernest Mazansky Werksmans, Johannesburg

Lionel Shawe Deneys Reitz, Johannesburg

Henry Vorster Sr Vorster Pereira Inc, Sandton

194 Guide to the World’s Leading Tax Advisers South Korea Henry An Samil PricewaterhouseCoopers Kukje Center Building 191 Hangangro 2ga, Yongsanku Seoul 140-702 Korea

Tel: (82) 2 3781 2594 Fax: (82) 2 790 1907 Email: [email protected]; [email protected] Website: www.samil.com

Henry An is a partner at Samil PricewaterhouseCoopers (Samil), the Korean member firm of PricewaterhouseCoopers, and serves as a client relationship partner for Samil’s key international tax clients. He specializes in transfer pricing and currently serves as co- leader of the Transfer Pricing Practice. He has over 13 years of experience providing these services in the US (Washington National Tax, Chicago, New York Metro) and Korea.

Henry has prepared transfer pricing studies for the purposes of tax compliance, audit defence and tax litigation, competent authority, tax planning and restructuring, and advance pricing agreements. He has advised on the full range of inter-company transactions including buy-sell, commission rates, transfers of intellectual property, cost sharing and buy-in payments, service fees, and loans. Henry has worked for multinational clients in a wide variety of industries including hardware, software, consumer products, industrial products, medical devices and logistics. Henry also has experience performing business valuations and valuations of intellectual property in connection with strategic planning, M&A, financing, restructuring, audit defence and litigation.

Henry is recognized as a leading expert in the field of transfer pricing in Korea and is a frequent speaker at seminars and has written numerous articles on the subject. Henry was selected for inclusion in Legal Media Group’s Guide to the World’s Leading Tax Advisers and Guide to the World’s Leading Transfer Pricing Advisers in 2004, 2005 and 2006. He was also selected as a key tax adviser in International Tax Review’s 2006 Asia Pacific Client Poll.

Henry’s most recent publications include:

• “A Decade of Progress,” International Tax Review, Asia Transfer Pricing, October 2006, No 30, page 44. • “Korea Spotlights Transfer Pricing,” Asia Today International, Business Regulation and Taxation, Asia 2007, page 80. • “Korea’s New Basic Tax Rulings on Transfer Pricing,” BNA Tax Management Transfer Pricing Report, Volume 13, No 7, page 343, August 4 2004.

Henry serves as an external advisor to Korea’s National Tax Service, Ministry of Finance and Economy and Office of the Prime Minister. He also currently serves as treasurer and co-chair of the Taxation Committee of the American Chamber of Commerce in Korea.

Henry received a Bachelor of Economics degree from the Wharton School of Business at the University of Pennsylvania. He obtained his Masters in Business Administration from the Kellogg School of Management at Northwestern University where he received recognition as a Jane Robertson Scholar and graduated Beta Gamma Sigma.

195 South Korea So-Yong Kim Deloitte Hanwha Securities Building 23-5 Yoido-dong, Youngdeungpo-ku Seoul 150-717 Korea

Tel: (82) 2 6676 2430 Fax: (82) 2 6674 2500 Email: [email protected] Website: www.deloitte.com

So-Yong Kim is a tax partner in the Seoul office of Deloitte. He joined Deloitte & Touche in 1984 and became a partner in 1998.

Mr Kim has extensive experience in the areas of domestic and international taxation and serves as lead tax partner for many leading MNCs. He has assisted clients in various industries, including financial services, high-tech, and automotive with tax compliance, tax consulting and planning, tax due diligence for acquisitions and investment structuring, and tax controversies.

His particular expertise is in the financial services industry and he serves multinational securities companies, investment management companies, insurance companies and banks operating in Korea. Since June 2003, Mr Kim has been financial industry tax service line leader for Deloitte in Korea.

Mr Kim is bilingual in Korean and English, and is a frequent speaker on topics dealing with national and international taxation. He is a member of the Committee for Deliberation of Pre-assessment of the Seoul Regional Tax Office.

Mr Kim studied economics and finance at the Seoul National University and is a graduate of the MBA programme in Seoul. He is a member of the Korean Institute of Certified Public Accountants.

196 Guide to the World’s Leading Tax Advisers South Korea David Jin-Young Lee Samil PricewaterhouseCoopers Kukje Center Building 191 Hangangro 2ga, Yongsanku Seoul 140-702 Korea

Tel: (82) 2 709 0557 Fax: (82) 2 709 7977 Email: [email protected], [email protected] Website: www.samil.com

David Jin-Young Lee serves as the deputy vice chair of tax and head of the financial services tax practice of Samil PricewaterhouseCoopers, the Korean member firm of PricewaterhouseCoopers.

David Jin-Young has over 20 years of experience in providing tax advisory services to the financial services industry. He has extensive experience in advising on M&A, corporate restructuring and inbound investments into Korea.

David Jin-Young’s clients include most of the leading international financial services companies in the banking, capital markets, investment management, real estate and insurance sectors.

David Jin-Young is a member of the tax advisory committee of the Ministry of Finance and Economy (MOFE) and serves as the chair of the tax quality review committee of the National Tax Service (NTS). He is also a member of the external advisory committee of the Government Audit Bureau of the Board of Audit and Inspection.

David Jin-Young is a member of the Korean Institute of Certified Public Accountants (KICPA) and received his bachelors degree and masters in business administration from Seoul National University.

197 South Korea Il-Hwan Oh Samil PricewaterhouseCoopers Kukje Center Building 191 Hangangro 2ga, Yongsanku Seoul 140-702 Korea

Tel: (82) 2 709 0897 Fax: (82) 2 709 3333 Email: [email protected], [email protected] Website: www.samil.com

Il Hwan Oh is a partner at Samil PricewaterhouseCoopers, the Korean member firm of PricewaterhouseCoopers. Il Hwan has 21 years of experience advising US and European multinational companies doing business in Korea.

Il Hwan serves as an active member of the Tax Committee of the Korean Institute of Certified Public Accountants and was responsible for developing questions for the tax section of the KICPA examination. He is also a member of the Tax Policy Committee of the Ministry of Finance and Economy of Korea.

Il-Hwan is a member of the Korean Institute of Certified Public Accountants (KICPA) and received his bachelors degree from Yonsei University in Seoul, Korea.

198 Guide to the World’s Leading Tax Advisers South Korea Jae Jin (“Jay”) Shim Woo Yun Kang Jeong & Han Textile Center -12th Floor 944-31 Daechi3-dong Gangnam-Ku, Seoul 135-713 Korea

Tel: (82) 2 528 5484 (office); (82) 11 9705 9054 (mobile) Fax: (82) 2 528 5300 / 5228 Email: [email protected] Website: www.wooyun.co.kr

Jay Shim leads Woo Yun’s international tax planning and transactions practice. Jay also has extensive experience with inbound structuring, cross-border mergers and acquisitions and international project finance. Jay’s client base is largely comprised of foreign private equity, financial institutions and foreign MNCs doing business in Korea and the Asia-Pacific region. He has also assisted Korean companies and Korean government-invested companies in investing in large-infrastructure and oil and gas projects in Russia and the CIS.

Jay has previously worked in the US, Europe and Russia and advised Korean, US, Japanese, Chinese, European and Russian companies on cross-border structuring and raising capital in the offshore financial markets, in connection with joint ventures, acquisitions and infrastructure projects. Prior to joining Woo Yun, Jay was an international tax partner at global accounting firms in the US, Russia and Korea.

Jay is a recognized expert in the field of cross-border investment structuring and has published numerous articles on tax treaty structuring. He is a frequent speaker and has lectured on offshore and international tax planning in New York, Los Angeles, Houston, London, Amsterdam, Budapest, Vienna, Prague, Hong Kong, Singapore and Moscow.

Jay received his BA in economics from Hampshire College, Amherst, Massachusetts; his JD from Boston College Law School, where he served as an editor of UCC Reporter-Digest; and his LLM (taxation) from Boston University School of Law. Jay also received postgraduate tax law training at New York University School of Law.

Jay has been a member of the Massachusetts Bar since 1988 and passed the New York Bar Examination in 1991. Jay is also a member of the American Bar Association, International Fiscal Association and currently serves as co-chair of the taxation committee of the American Chamber of Commerce (AmCham) in Korea.

199 South Korea Sai Ree Yun Woo Yun Kang Jeong & Han Textile Centre 12th Floor 944-31 Daechi 3-dong, Gangnam-gu Seoul 135-713 Korea

Tel: (82) 2 528 5202 Fax: (82) 2 528 5300 Email: [email protected] Website: www.wooyun.co.kr

Sai Ree Yun, a founding partner of Woo Yun Kang Jeong & Han (Woo Yun), is a recognized leader for his expertise on international tax, including audit planning and tax controversies. He has written numerous articles on taxation for renowned publications, including “Tax Aspects of Derivative Financial Instruments” for the 49th Congress of the International Fiscal Association (1995), “Transfer Pricing for South Korea” published in CCH International Transfer Pricing Laws (1994), and “Cost- Sharing and Transfer Pricing” for Taxation and Inbound Investment in Pacific Rim Countries, International Bureau of Fiscal Documentation (1991).

Sai Ree was a member of the Local Tax Appeal Board and also served as a technical advisor for the Tax Policy Review Council, Ministry of Finance and Economy for nearly five years. In addition, Sai Ree has given numerous lectures at both the Judicial Research and Training Institute and Seoul National University Law School. Sai Ree is a recipient of a Deputy Prime Minister’s Award for Tax Administration and is also a recipient of numerous other awards and selections. In 2006 alone, Sai Ree was selected as a PLC cross-border mergers and acquisitions leading lawyer, as a Chambers Global leading banking and finance/corporate lawyer, as an International Who’s Who competition lawyer, as a Global Competition Review leading (competition) lawyer, and as an Asia leading (competition) lawyer by AsiaLaw.

Before founding Woo Yun, Sai Ree was a public prosecutor with the Pusan District Prosecutor’s Office, an associate with the law firms of Lee & Ko and Baker & McKenzie (Chicago and New York), and a partner at Yoon & Partners. Sai Ree is a co- head of Woo Yun’s corporate and finance groups and the head of the firm’s antitrust team and primarily practices in the areas of taxation, corporate (with an emphasis on M&A), antitrust, and governmental relations law. He received LLB and LLM degrees from Seoul National University, a JD degree from Hastings College of Law, University of California, and an LLM degree from Harvard University.

200 Guide to the World’s Leading Tax Advisers South Korea Henry An (see bio) Samil PricewaterhouseCoopers, Seoul

Woo Hyun Baik Kim & Chang, Seoul

Ken Cook Ernst & Young, Seoul

So-Yong Kim (see bio) Deloitte, Seoul (see advert on inside front)

Woo Taik Kim Kim & Chang, Seoul

David Jin-Young Lee (see bio) Samil PricewaterhouseCoopers, Seoul

John Lee Kim & Chang, Seoul

Jong Yul Lee Kim & Chang, Seoul

Il-Hwan Oh (see bio) Samil PricewaterhouseCoopers, Seoul

Jae Jin (“Jay”) Shim (see bio) Woo Yun Kang Jeong & Han, Seoul

Dong Jun Yeo Kim & Chang, Seoul

Ando Yun Samil PricewaterhouseCoopers, Seoul

Sai Ree Yun (see bio) Woo Yun Kang Jeong & Han, Seoul

201 Spain Tax reforms keep pace with economic growth

It has been said that you can only successfully reform a tax system during periods of economic expansion and growth and that changes implemented during periods of recession simply come too late. If this is the case, then Spain’s tax regulators have certainly done their job during the last ten years.

Over the last decade, Spain’s economy has done extremely well, outperforming that of its EU partners and growing at roughly twice their average rate. This prosperity has brought our economy straight to the front line of the international business arena, with our multinational enterprises becoming, Ángel Calleja for the first time, real actors on the global stage, completing Garrigues very significant deals in almost every part of the world. Madrid In the meantime, since 1994, intense behind-the-scenes work by our tax legislators has been carefully aimed at bringing our tax system into line with, and even beyond, that of more modernized countries. Thus, for example, the drive towards economic globalization set to engulf every developed economic system was well anticipated by our lawmakers, who, among other measures, effectively regulated such tax vehicles as ETVEs – foreign- securities holding companies – in a very competitive manner; a highly attractive exemption method for qualifying foreign-source dividends and gains, where expenses are deductible regardless of the tax exemption applicable to the main income; an additional exemption for profits earned by Spanish taxpayers from foreign-operating permanent establishments; an ambitious and well-targeted expansion of our international tax treaty network; and a provision enabling the tax deduction of goodwill on certain types of foreign acquisitions. One could well argue that the main driver behind all these changes was our legislators’ conviction that, since the times of Columbus, whenever the country has chosen to finance any form of ambitious major international expedition, a period of economic growth and prosperity in Spain has followed.

New income tax law 2006 has been no exception to the trend of recent years and tax reforms were once again on the agenda until, in November, the parliament finally approved highly significant new tax measures, including a new Personal Income Tax Law introducing a reduction and simplification of the rates, plus rules for a more neutral treatment of savings income. The new law is effective from January 1 2007.

If we focus our attention on the taxation of corporate profits, the amendments now approved, set to enter into force in 2007 and beyond, are again of great relevance since, for the first time ever, they influence essential aspects of the calculation of corporate income tax, such as the rate and the system of existing tax credits.

In this connection and particularly worthy of note, Spain’s general corporate income tax has now fallen by five points from 35% to 30% in only two years, while so-called non-technical tax credits and incentives, mainly aimed at the promotion of certain activities by Spanish corporations, such as export activities, are suppressed, either gradually or with immediate effect. The end result of all these measures, engendered by international competition for tax bases as well as the harmonization measures implemented to date in Brussels and Luxembourg, should be a more balanced and competitive tax system, effectively consolidating a framework which is attractive to both foreign concerns investing in Spain and Spanish entrepreneurs wishing to pursue a solid expansion of their operations abroad.

Finally, transfer pricing is the undisputed star of this year’s reform. For the first time ever, relevant changes have been introduced in this field, which had previously merely adhered to general OECD principles. From January 1 2007, the burden of proof will

202 Guide to the World’s Leading Tax Advisers Spain be shifted from the administration onto the taxpayer; strict documentation requirements, expected to be in line with the EU Joint Transfer Pricing Forum conclusions, will be introduced, subject to automatic penalties for non-compliance. So-called secondary adjustments are also predicted. All these changes will allow multinational enterprises with operations in Spain, including Spanish companies which already have widespread international presence in Latin America, Europe and Asia, to devote significant resources to analysis, validation and documentation tasks in the future.

The new income tax law, notwithstanding its importance, will, in all likelihood, not be an end station, but rather the gateway to further relevant changes in the years to come, linked not only to the mandatory introduction of new international accounting rules, but also to the pursuit of tax rate reduction and the elimination of credit. However this is probably a subject better suited to next edition’s article.

203 Spain Ángel Calleja Garrigues Hermosilla, 3 28001 Madrid Spain

Tel: (34) 91 5145200 Fax: (34) 91 3992408 Email: [email protected] Website: www.garrigues.com

Ángel Calleja joined the Spanish tax practice of Arthur Andersen, now Garrigues, in 1986, after obtaining degrees in Law and in Economy from Madrid’s Universidad Pontificia de Comillas – ICADE. He has been a partner since 1997.

Ángel is a specialist in international taxation and cross-border issues. He advises major multinationals, including US and EU groups, which have a business presence in Spain, as well as international institutions. He has been responsible in recent years for tax structuring and planning large investments made internationally by Spanish enterprises, with a strong focus on Latin America.

As an international tax practitioner and transfer pricing specialist, he is frequently appointed as a speaker at conferences and seminars, both in Spain and abroad. He contributes to a variety of tax publications, and for the past 10 years has taught international taxation at several Spanish business schools.

204 Guide to the World’s Leading Tax Advisers Spain Alex Escoda Cuatrecasas Paseo de Gracia 111 Velázquez, 63 08008 Barcelona 28001 Madrid Spain Spain

Tel: (34) 93 290 55 44 Tel: (34) 91 524 71 00 Fax: (34) 93 290 55 55 Fax: (34) 91 524 71 24 Email: [email protected] Website: www.cuatrecasas.com

Mr Escoda has extensive experience in international mergers and acquisitions, cross- border investments, international reorganizations, designing holding and financial structures for international groups and planning international assets.

He has been a speaker and participant at numerous seminars on international taxation and has also written several articles on the topic.

He is co-chairman of the Tax Section of the International Bar Association (IBA) and is considered as leading individual tax lawyer by Chambers (2001-2007), European Legal 500 (2002-2007), PLC Which Lawyer? (2007), International Tax Review (2005-2007), Who’s Who Legal (2002-2007) and European Legal Experts (2003-2007).

205 Spain Ricardo Gómez Garrigues Hermosilla, 3 28001 Madrid Spain

Tel: (34) 91 5145200 Fax: (34) 91 3992408 Email: [email protected] Website: www.garrigues.com

Ricardo Gómez graduated in 1981 in economics, business administration and in law from Universidad Comercial of Deusto. He joined Arthur Andersen in 1982, and in 1993 was promoted to partner of the tax advisory division. Since 1997 he has been a partner at Garrigues Abogados.

He specializes in counselling in the finance industry, multinational groups and in mergers and acquisitions.

His expertise includes group reorganizations and international deal structuring. He has worked on management buyouts and leveraged buyouts, project financings, acquisitions and product design for the banking industry. He is a frequent speaker at seminars and conferences on these matters in Spain and abroad. He has been a member of the editorial board of two of the Recoletos Group financial newspapers (Expansión and Actualidad Económica).

206 Guide to the World’s Leading Tax Advisers Spain José Palacios Garrigues Hermosilla, 3 28001 Madrid Spain

Tel: (34) 91 514 52 00 Fax: (34) 91 399 24 08 Email: [email protected] Website: www.garrigues.com

José Palacios is a tax partner in Garrigues’ Madrid office. José graduated in law from Universidad Complutense de Madrid and has two master’s degrees in tax law from Instituto de Empresa, Madrid. He is a member of the Madrid Bar Association.

After working for a firm of tax lawyers, José joined Garrigues in January 1983, specializing in international tax planning. In 1986 he was temporarily transferred to the Brussels office, where he specialized in EU law. He coordinates the international tax practice in Spain, and represents Garrigues on several international forums in the area of international taxation.

He specializes in advising multinational groups, especially in the areas of international tax planning, mergers, acquisitions and restructurings, transfer pricing, hospitality and leisure, agro-food industry and real estate.

José was named as one of the most highly regarded tax advisers in Europe in surveys published by Euromoney in December 1997, April 1999, January 2001, January 2003 and January 2004, and the International Tax Review in September 1998 and June 2004, 2005 and 2006, World Tax 2004, 2005 and 2006, and Tax Business 2004, 2005 and 2006, as well as by other reputable institutions (such as Chambers and Mondaq).

José is a frequent speaker on international tax-related issues, both in Spain and abroad. He teaches international taxation at the Centro Europeo de Estudios y Formación Empresarial, a top Spanish business school.

He is co-author of the book Spain as a Platform for International Business Activity, awarded the 1998 premio Círculo de Empresarios. He has participated in other specialist publications, including: The Handbook of International Taxation (first edition in 2001 and second edition in 2004) by the Tax Studies Institute; Studies on the Convention between Spain and the United States to Avoid Double Taxation (Gaceta Fiscal); and the International Tax Manual (second edition 2004 and third edition 2007) by Centro de Estudios Financieros.

He has also written many articles in Spanish and foreign tax law journals and publications, including International Tax Review (Legal Media Group), European Taxation and The Journal of International Taxation, and coordinates Garrigues’ annual publication A Guide to Business in Spain published by the Spanish Ministry of Industry, Tourism and Trade.

He has also attended numerous tax specialization seminars and courses in Spain and abroad.

207 Spain Antonio Valdivia Garrigues Avda Diagonal 654, 1ºB 08034 Barcelona Spain

Tel: (34) 932533700 Fax: (34) 932533790 Email: [email protected] Website: 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 and financial matters. He is a member of the Barcelona Bar Association.

After working in the financial sector, Antonio joined Arthur Andersen in 1988, specializing in corporate tax. He also advises clients in the financial and insurance sectors.

He works with large Spanish institutions in tax planning, coordinating teams of tax and legal experts. Antonio frequently teaches taxation at ESADE and at various other specialized public and private institutions.

He speaks at seminars on finance, insurance and tax matters, as well as pension plans. He has also written articles in Spain in relation to his specialization.

208 Guide to the World’s Leading Tax Advisers Spain Felipe Alonso Baker & McKenzie, Madrid

Luis Briones Baker & McKenzie, Madrid

Ángel Calleja (see bio) Garrigues, Madrid

Miguel Cruz Amorós Landwell - PricewaterhouseCoopers, Madrid

Isidro del Saz Cordero Roca Junyent, Madrid

Alejandro Escoda Montal (see bio) Cuatrecasas, Barcelona

Rafael Fuster Uría Menéndez, Madrid

Rafael García Llaneza Uría Menéndez, Madrid

Ricardo Gómez (see bio) Garrigues, Madrid

Jose Luis Gonzalo Ernst & Young, Madrid

Miguel Klingenberg Freshfields Bruckhaus Deringer, Madrid

Jesús López Tello Uría Menéndez, Madrid

José Palacios (see bio) Garrigues, Madrid

Eduardo Ramírez Medina Cuatrecasas, Madrid

Gonzalo Rodés Vilà Rodés & Sala, Barcelona

Andrés Sánchez López Cuatrecasas, Madrid

Antonio Valdivia (see bio) Garrigues, Barcelona

209 Sweden Joachim Agrell Deloitte Rehnsgatan 11 SE-113 79 Stockholm Sweden

Tel: (46) 8 506 711 27 Fax: (46) 8 506 724 01 Email: [email protected] Website: www.deloitte.com

Joachim Agrell is a tax partner and the head of Deloitte’s VAT practice in Stockholm.

Before joining Deloitte, Joachim worked as a tax adviser at Arthur Andersen and as a VAT lawyer at one of Sweden’s largest law firms. He was a member of the Swedish Bar Association from 2003 to 2005, and in 2003, he was seconded to a large London-based law firm.

Joachim has advised small and large companies, several listed on the stock exchange, in complex VAT matters, M&A-related VAT issues, correspondence with the Tax Agency etc. He is frequently engaged as legal representative in litigation.

Joachim is a frequent lecturer at VAT seminars and has authored several articles on VAT, published in trade journals.

For three years in a row, Joachim has been ranked as one of Sweden’s leading experts on indirect taxes.

Joachim earned his LLM at the University of Uppsala in 1997 and is a member of the International Fiscal Association and FAR, the institute for the accountancy profession in Sweden.

210 Guide to the World’s Leading Tax Advisers Sweden Staffan Estberg Ernst & Young Box 7850 SE-103 99 Stockholm Sweden

Tel: (46) 8 520 59229 Fax: (46) 8 520 51229 Email: [email protected] Website: www.ey.com/se

Staffan Estberg gained his LLM in 1975, has been working as a tax lawyer at Ernst & Young since 1987 and has been a tax partner since 1991. Staffan was earlier employed by the Ministry of Finance, where for almost 10 years he was active with international tax questions within the legal department, especially tax treaty negotiations.

Before that Staffan was reporting and judging at the Administrative Court of Appeal in Stockholm. Staffan has contributed as author to several publications and has also published articles in Swedish as well as international professional literature. Two ongoing engagements are:

• Karnov (a commentary to Swedish laws) – responsible for the part dealing with international tax issues; • Svensk skattetidning (a Swedish tax journal) – member of the editorial board.

Staffan specializes in international corporate taxation for corporations with global operations and focuses on capital market products.

Staffan has also been engaged in international reorganization and acquisitions as well as in tax minimization studies.

211 Sweden Ernst Forsberg PricewaterhouseCoopers Öhrlings PricewaterhouseCoopers SE-113 97 Stockholm Sweden

Tel: (46) 8 555 331 53 Fax: (46) 8 5982 3156 Email: [email protected] Website: 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 and holds a Master of Laws from the University of Uppsala, 1977.

Ernst has been practicing for 25 years as a professional tax adviser and has extensive experience of Swedish and international corporate taxation working with Swedish and multinational companies. Ernst joined PricewaterhouseCoopers in 1981 and became a partner 1986.

212 Guide to the World’s Leading Tax Advisers Sweden Lennart Staberg PricewaterhouseCoopers Öhrlings PricewaterhouseCoopers SE-113 97 Stockholm Sweden

Tel: (46) 8 555 33 169 Fax: (46) 8 598 23 169 Email: [email protected] Website: www.pwc.com

Lennart Staberg, who has a Master of Laws (LLM) degree from the University of Uppsala, joined PricewaterhouseCoopers in 1994. Before joining the firm, he was assistant judge of the Administrative Court of Appeal in Gothenburg and also deputy director with the National Council for Advance Tax Rulings. He has well over 15 years of experience from tax-related work.

Lennart, who is a tax partner, specializes in providing tax consultancy services to the financial sector in Sweden and abroad. He also has extensive experience of tax litigation and services in relation to the structuring of private equity funds.

Lennart’s principal clients are major Swedish companies and foreign companies with business activities in Sweden.

213 Sweden Joachim Agrell (see bio) Deloitte, Stockholm (see advert on inside front)

Bo Ahlstrand KPMG Bohlins, Stockholm

Bill Andréasson Advokatfirman Bill Andreasson, Stockholm

Staffan Estberg (see bio) Ernst & Young, Stockholm

Ernst Forsberg (see bio) PricewaterhouseCoopers, Stockholm

Lars Jonsson Linklaters, Stockholm

Anders Köhlmark KPMG Bohlins, Stockholm

Brita Munck-Persson Mannheimer Swartling, Stockholm

Peter Nordquist Mannheimer Swartling, Stockholm

Lennart Staberg (see bio) PricewaterhouseCoopers, Stockholm

Nils C Von Koch KPMG Bohlins, Stockholm

214 Guide to the World’s Leading Tax Advisers Switzerland Peter R Altenburger Altenburger Attorneys at Law Seestrasse 39 CH-8700 Küsnacht Switzerland

Tel: (41) 44 914 88 88 Fax: (41) 44 914 88 80 Email: [email protected] Website: www.altenburger.ch

A founding member of Altenburger & Partners, Peter R Altenburger is specialized in international taxation and domestic corporate taxation, and has dealt extensively with tax matters relating to international corporate restructurings, mergers and acquisitions, international manufacturing and real estate entities. He co-founded the firm in 1978 and became a partner in 1981. Before starting his legal practice, he worked for one of the large chemical firms in Basle.

Mr Altenburger is a member of the Zurich Bar Association, the Swiss Bar Association, the International Fiscal Association; he is an associate member of the American Bar Association, a founding member of the tax chapter of the Swiss-American Chamber of Commerce and a contributing member to the BNA Tax Management International Forum. He is on the executive committee of the MBL-HSG, an executive postgraduate international business law programme at the University of St Gallen. He writes and speaks frequently on tax topics, an example of which is his contribution to the BNA Tax Management Foreign Income Portfolio on Business Operations in Switzerland 3rd edition (2007).

Mr Altenburger graduated from Zurich University in 1968, obtained a masters degree in comparative law from the University of Michigan in Ann Arbor, an MBA from INSEAD, the European Institute of Business Administration in Fontainebleau, France and a Dr iur degree from the University of Basle.

215 Switzerland Peter Athanas Ernst & Young AG Bleicherweg 21 Post Office Box CH-8022 Zürich Switzerland

Tel: (41) 058 286 44 01 Fax: (41) 058 286 30 05 Email: [email protected] Website: www.ey.com/ch

Peter Athanas is Ernst & Young’s CEO for Switzerland. He is a member of the global international tax services group of Ernst & Young and specializes in corporate national and international tax law, corporate finance/mergers and acquisitions, and cross-border corporate reorganizations and restructurings. He acts as external adviser to several large Swiss and non-Swiss multinationals as well as large family-owned businesses.

Peter Athanas is professor for corporate and international tax law at the University of St Gall and member of the board of directors at the Institute of Tax Law and Public Finance at the University of St Gall. In 1996 he was nominated general reporter to the IFA- Congress in Geneva. Peter Athanas is member of the board of the Swiss Institute of Certified Accountants and Tax Consultants. He is co-editor and co-author of a commentary on Switzerland’s tax legislation and author of numerous publications on Swiss and international tax law. He is a frequent speaker at tax seminars and similar events.

Peter Athanas is married and has two children.

216 Guide to the World’s Leading Tax Advisers Switzerland Maja Bauer-Balmelli Pestalozzi Lachenal Patry Löwenstrasse 1 8001 Zürich Switzerland

Tel: (41) 44 217 91 11 Fax: (41) 44 217 92 17 Email: [email protected] Website: www.plplaw.ch

Dr Bauer-Balmelli, a partner at Pestalozzi Lachenal Patry, specializes in corporate tax law, international taxation, mergers and acquisitions, corporate restructuring and banking and financial market-related tax issues.

Maja Bauer-Balmelli graduated from University of St Gall (HSG) in 1984, was admitted as a certified tax expert in 1990 and earned a doctorate in law in 2000 with her thesis “The tax-claim safeguarding aspect of the federal withholding tax on income from capital investments in Switzerland” from Zurich University. Before joining Pestalozzi Lachenal Patry in 2002 she was a long-standing partner at Andersen.

She is a lecturer for international tax law at the University of Zurich and a frequent speaker at tax conferences and technical tax training seminars and has authored various professional articles on international and corporate taxation, withholding taxes and stamp taxes, as well as on various tax aspects specific to the finance market.

Dr Maja Bauer-Balmelli is a member of the Swiss Takeover Board and used to serve for many years as a judge of the First Federal Tax Appeal Commission of the Canton of Zurich and as a member of the board of the Swiss Tax Academy.

217 Switzerland Walter H Boss Blum Attorneys-at-Law Usteristrasse 14 8021 Zürich Switzerland

Tel: (41) 43 443 8800 Fax: (41) 43 443 8899 Email: [email protected] Website: www.blumlegal.ch

Walter H Boss, a partner of Blum Attorneys-at-Law, practises domestic and international tax law and corporate law and has advised numerous Swiss and foreign clients with respect to corporate restructurings, mergers and acquisitions and new ventures.

Walter H Boss graduated from the University of Berne and New York University School of Law (LLM, tax). He was legal counsel to the Federal Tax Administration, international department, and a delegate to the OECD Committee on Fiscal Affairs. He was also a partner at Ernst & Young’s international services office in New York and later at a large Zurich firm, before joining Blum Attorneys-at-Law. He was a senior correspondent of Tax Notes International and is a regular contributor to Ta x Management 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 International Bar Association, the American Bar Association, the International Fiscal Association and a member of the tax chapter board of the Swiss-American Chamber of Commerce.

218 Guide to the World’s Leading Tax Advisers Switzerland Pierre-Olivier Gehriger KPMG Badenerstrasse 172 CH-8026 Zurich Switzerland

Tel: (41) 44 249 30 70 Fax: (41) 44 249 31 30 Email: [email protected] Website: www.kpmg.ch/tax

Pierre-Olivier Gehriger specializes in insurance taxation and advising foreign-owned Swiss subsidaries and Swiss-based international groups in mergers and acquisitions, demergers and restructuring.

He is a graduate of Hochschule St Gallen in Switzerland with Dr oec (1979).

Olivier is a member of the Swiss branch of the International Fiscal Association and of the Tax Chapter of the Swiss-American Chamber of Commerce.

Olivier has written and spoken frequently on several tax topics. Publications he has written include:

• “Internationale Steuerplanung mit Holdinggesellschaften, Finanzgesellschaften und Captives”, Steuer Revue 1999; • “Besteuerung von Captives und Steuerplanung mit Captives”, Steuer Revue 2001; • “Holding- und Finanzgesellschaften als Instrumente der internationalen Steuerplanung”, Archiv für Abgaberecht 2003; and • “Praxisfragen im Zusammenhang mit Art. 15 des Zinsbesteuerungsabkommens”, Steuer Revue 2005.

219 Switzerland Philip Robinson Ernst & Young AG Bleicherweg 21 Post Office Box CH-8022 Zürich Switzerland

Tel: (41) 058 286 31 97 Fax: (41) 058 286 31 47 Email: [email protected] Website: www.ey.com/ch

Dr Philip Robinson is Ernst & Young’s managing partner in tax for Switzerland and a member of the firm’s Swiss management committee. He is also the senior partner in the Swiss indirect tax practice and actively involved in coordinating and delivering highly specialized tax services to Swiss and international clients.

Philip Robinson’s experience as a tax adviser covers most areas of taxation important for large corporations operating in an international environment, that is cross-border planning, transaction support, transfer pricing and indirect tax. In the area of value added tax, he is considered to be one of the top advisers in Switzerland.

Philip Robinson has a doctorate in history from the University of Zurich and a masters degree in business administration and economics from the University of St Gallen. He is a certified Swiss tax expert and regularly publishes articles, acts as a seminar speaker and lectures at the University of Zurich. He is a member of the tax committee of the Swiss Fiduciary Chamber and of the executive board of the Swiss branch of the International Fiscal Association (IFA).

Philip Robinson is married and has one child.

220 Guide to the World’s Leading Tax Advisers Switzerland Pietro Sansonetti Schellenberg Wittmer 15bis, rue des Alpes PO Box CH-1211 Geneva 1 Switzerland

Tel: (41) 22 707 8000 Fax: (41) 22 707 8001 Email: [email protected] Website: www.swlegal.ch

Pietro Sansonetti is a tax partner in the Geneva office of Schellenberg Wittmer. His practice focuses on domestic and international corporate tax matters, including complex situations requiring discussions with tax authorities. He is also active on behalf of individual clients, especially in tax issues related to partnerships and private clients and in enforcement matters.

Mr Sansonetti is a former director of tax affairs (chief tax officer) at the Geneva Tax Authority. He has also been chairman of the Swiss Examination Commission for Tax Experts. He joined Schellenberg Wittmer as a partner in 1999. Mr Sansonetti lectures regularly at international and Swiss seminars sponsored by the IFA and various Swiss tax and law societies, as well as at the Swiss Tax Academy (Tax Expert School). He has published on a range of tax and legal issues within his professional expertise.

Mr Sansonetti was born in 1960 in Switzerland. He graduated from the University of Geneva School of Law in 1982. He was admitted to the Geneva Bar in 1985 and became a Swiss certified tax expert in 1990, while a tax manager with Arthur Andersen. He is fluent in English, French, German and Italian.

Schellenberg Wittmer is one of the leading business law firms in Switzerland with offices in Zurich and Geneva offering the expertise and specialization of more than 100 lawyers. The firm’s core practice areas are corporate/mergers and acquisitions, banking and finance, capital markets, tax, private capital/estate planning, and dispute resolution. Its corporate/mergers and acquisitions practice group, one of the largest and most specialized in Switzerland, is supported by experienced teams in tax, IP/IT, real estate and merger control, as well as insolvency and restructuring, and is complemented by the firm’s litigation and arbitration practice group with extensive expertise in corporate and mergers and acquisition matters.

221 Switzerland Peter R Altenburger (see bio) Altenburger, Küsnacht-Zurich

Peter Athanas (see bio) Ernst & Young, Zurich

Maja Bauer-Balmelli (see bio) Pestalozzi Lachenal Patry, Zurich

Peter Böckli Böckli Bodmer & Partner, Basel

Walter H Boss (see bio) Blum Attorneys-at-Law, Zurich

Nico H Burki Burki Attorneys-at-Law, Zurich

Yvon de Coulon Deloitte, Geneva (see advert on inside front)

Marcus Desax Pestalozzi Lachenal Patry, Zurich

Marco Duss Altorfer Duss & Beilstein, Zurich

Pierre-Olivier Gehriger (see bio) KPMG, Zurich

Pierre Gillioz Gillioz Dorsaz & Associes, Geneva

Pierre Marie Glauser Oberson & Partners, Geneva

Thomas Graf Niederer Kraft & Frey, Zurich

Carl Heggli Borel & Barbey, Geneva

Reto J Kuster Bratschi Emch Rechtsanwälte, Bern

Stephan Neidhardt Prager Dreifuss, Zurich

Markus Neuhaus PricewaterhouseCoopers, Zurich

Xavier Oberson Oberson & Partners, Geneva

Peter Reinarz Bär & Karrer, Zurich

Peter Riedweg Homburger, Zurich

222 Guide to the World’s Leading Tax Advisers Switzerland Philip Robinson (see bio) Ernst & Young, Zurich

Heini Ruedisuehli Lenz & Staehelin, Zurich

Pietro Sansonetti (see bio) Schellenberg Wittmer, Geneva

Eveline Saupper Homburger, Zurich

Henri Torrione Lenz & Staehelin, Geneva

223 United Kingdom Chris Adams Deloitte 180 Strand London WC2R 1BL UK

Tel: (44) 20 7007 3763; (44) 7831 548106 (mobile) Fax: (44) 20 7007 3464 Email: [email protected] Website: www.deloitte.co.uk

Chris Adams is an international tax partner based in London. He is the national director of Deloitte’s transfer-pricing practice in the UK with his main concentration in global and pan-European transfer pricing, primarily for US and European MNCs. Chris also has global responsibility within the Deloitte international tax service line for 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 of international and UK corporate tax issues. Over the last 10 years he has specialized in transfer pricing and is credited with founding Arthur Andersen’s UK and European transfer-pricing practices. With a strong background in cross-border tax planning, Chris has focused his transfer-pricing work in this area. His experience covers a wide range of industries, including extensive work in the technology, media and telecom sectors.

After gaining a doctorate at Cambridge University, Chris spent three years with the Inland Revenue before joining a large accounting firm in 1984. He became a partner in 1991 and joined Deloitte in 2002. He is a fellow of the Institute of Chartered Accountants.

Chris is a frequent speaker at conferences focusing on international tax planning issues and transfer pricing. He is author of Global Transfer Pricing: Principles and Practice (LexisNexis, 2003) and contributes the annual chapters on transfer pricing to Simons Taxes and Tolleys Tax Planning.

He served for several years as a member of the UK Chartered Institute of Taxation’s International Taxes Committee and is a member of the OECD BIAC Task Force on Transfer Pricing and Stock Options.

Chris is listed in the Guide to the World’s Leading Tax Advisers and the Guide to the World’s Leading Transfer Pricing Advisers surveys conducted by Legal Media Group and as a leading UK tax adviser in the International Tax Review survey.

224 Guide to the World’s Leading Tax Advisers United Kingdom Mark Atkinson Deloitte 180 Strand London WC2R 1BL UK

Tel: (44) 20 7007 3797 Fax: (44) 20 7007 3464 Email: [email protected] Website: www.deloitte.com

Mark Atkinson is a tax partner and leads the Deloitte & Touche UK transfer-pricing group. He has 12 years’ experience as a full-time UK transfer-pricing specialist. This has included working both for the UK Inland Revenue international division as a senior investigator on some of the division’s largest transfer-pricing cases and as a professional adviser assisting clients in strategic planning, the preparation of transfer-pricing documentation and defending transfer prices from challenge by Revenue authorities. He has had experience with a wide variety of large European transfer-pricing planning projects and works closely with clients and other tax and business consultants on aspects such as the implementation of commissionaire structures, securitizations and the movement of risks and intangibles to reflect business change. His clients have included Japanese, European and US multinational corporations in a wide range of industries.

The Deloitte & Touche UK transfer-pricing group is a key part of Deloitte’s global transfer-pricing practice. The UK group consists of more than 50 specialists from a variety of international backgrounds, including economists, business analysts, accountants, revenue inspectors and industry experts. The senior members of the group (many of whom are listed in this publication) specialize in one or more of the following areas: advance-pricing agreements and competent authority referrals, financial services, pharmaceuticals, telecommunications, business transformation and global earnings mobility, transfers of intangibles, and funding and thin-capitalization.

Mr Atkinson is co-author of International Transfer Pricing – A Practical Guide for Finance Directors, published by Financial Times Management, and is a frequent speaker at seminars. He is well known as a specialist in his field.

225 United Kingdom Terry Awan Deloitte Athene Place 66 Shoe Lane London EC4A 3BQ UK

Tel: (44) 20 7007 1817 Fax: (44) 20 7007 1067 Email: [email protected] Website: www.deloitte.com

Terry Awan has been working as a tax professional for over 27 years, having joined the London office of Arthur Andersen in 1977. He has, from an early stage in his career, specialized serving global businesses and in this context spent a year in the Chicago office of Arthur Andersen as part of an international exchange programme. He has been a partner since 1985.

Terry serves a range of multinational clients, with particular focus on the private equity and consumer business sectors. He heads up the UK firm’s private equity industry team and is a member of the tax executive responsible for clients and markets.

Specializing in cross-border mergers, acquisitions, reorganizations, disposals, financing and related capital flows, including capitalizations and repatriations, Terry is a key figure with Deloitte’s leadership team.

226 Guide to the World’s Leading Tax Advisers United Kingdom Richard A Boykin KPMG 1-2 Dorset Rise London EC4V 8EN UK

Tel: (44) 20 7311 3379 Fax: (44) 20 7311 2850 Email: [email protected] Website: 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 in the US and Europe, as a transfer pricing adviser.

Prior to assuming this role, Dr Boykin was Managing Principal of KPMG’s International Corporate Services (ICS). ICS includes international tax, transfer pricing, valuations, trade and customs, and KPMG’s International Tax Centers of Excellence. He has also managed the firm’s Global Transfer Pricing Services (GTPS) group. GTPS comprises about 300 economists, lawyers and tax and financial professionals located in various KPMG offices in the United States, Europe, and Asia-Pacific.

Before joining KPMG, Dr Boykin worked for a large economic consulting firm where he provided consulting services and expert testimony on price, cost and labour market issues, and managed the econometric modelling and forecasting efforts for key products and engagements. He also taught graduate and undergraduate courses at the University of Maryland, including microeconomics, macroeconomics, industrial organization, time series statistical methods and strategic planning.

Dick’s experience in transfer pricing includes managing KPMG’s litigation support efforts in several substantial inter-company pricing cases, dozens of transfer price planning and documentation projects, and the valuation of intangible assets in the food, apparel, electronics, scientific instruments, hotel, restaurant and software industries. He has written many articles on transfer pricing and is a frequent speaker on the subject and related issues.

Dr Boykin has a PhD in Economics from the University of Maryland, where he also obtained BSc and BA degrees (summa cum laude). He is a member of several professional organizations for economists.

227 United Kingdom Andrew Casley PricewaterhouseCoopers 1 Embankment Place London WC2N 6RH UK

Tel: (44) 20 7213 3685 Fax: (44) 20 7804 4938 Email: [email protected] Website: www.pwc.com

Andrew is a partner with the UK firm of PricewaterhouseCoopers LLP and is based in London. He received an honours degree in economics from Bristol University in 1987 and qualified as a chartered accountant in 1990. Originally an international tax specialist, since qualifying he has worked in the firm’s offices in London, Budapest and Amsterdam where he dealt with transfer pricing issues as well as regular international tax work. On returning to London in 1995 he became a dedicated transfer pricing specialist and has been working almost exclusively in this area ever since.

Andrew’s international experience covers both commercial and tax issues across Europe in a range of different industries. He has worked on a number of commercial restructuring projects, acquisitions and privatization deals; he has managed large scale international tax planning projects for a number of multinationals based in a range of different countries; and he has hands on experience of negotiating with the tax authorities in the UK and abroad. Andrew focuses on both transfer pricing project work, including advance pricing agreements, and tax audit defence work.

Andrew is a regular contributor to a number of publications including the Tax Planning International Review and the IBFD’s International Transfer Pricing Journal.

228 Guide to the World’s Leading Tax Advisers United Kingdom Annie Devoy PricewaterhouseCoopers Southwark Towers 32 London Bridge Street London SE1 9SY UK

Tel: (44) 20 7212 5572 Fax: (44) 20 7212 5452 Email: [email protected] Website: www.pwc.com

Annie is a partner with the UK firm of PricewaterhouseCoopers and is based in London. She has an MA in jurisprudence from Oxford University and qualified as a chartered accountant in 1988. Annie, who has worked for the firm in London and New York, has an international tax background, specializing in transfer pricing for the last 10 years. She has extensive experience across a wide range of sectors. Annie leads large global transfer pricing planning assignments for multinationals, advance pricing agreement negotiations and defence projects.

Annie leads the firm’s financial services transfer pricing practice and works with banks, insurance companies and investment management operations to develop, plan and defend their approach to transfer pricing. She advises on the effective and pragmatic implementation of pricing strategies.

Annie speaks at conferences around the world on transfer pricing law and practice, and on the OECD’s pricing and branch profit attribution initiatives.

229 United Kingdom Fred R Gander Dewey Ballantine One London Wall London EC2Y 5EZ UK

Tel: (44) 20 7456 6021 Fax: (44) 20 7456 6001 Email: [email protected] Website: www.deweyballantine.com

Fred Gander is a member of Dewey Ballantine’s management committee. He specializes in international tax matters and is the managing partner of Dewey Ballantine’s London office. Mr Gander is a certified public accountant as well as a lawyer. He has been resident in the firm’s London office since 1991, prior to which he was in the Washington office from 1986.

Mr Gander advises financial institutions and multinational corporations on the taxation of their cross-border transactions and business operations. In particular, he assists several multinational corporate groups in implementing cross-border structured financing and derivatives transactions; creating centralized treasury and foreign exchange management centres in Europe; developing tax-efficient profit repatriation strategies; and structuring cross-border reorganizations, joint ventures, mergers, dispositions and acquisitions.

Mr Gander also advises several multinational corporations with respect to a wide range of US international tax issues, including foreign tax credit utilization and planning, the subpart F and passive foreign investment company rules, structuring US operations of non-US based groups, international tax treaty matters and the US taxation of complex financial products and hybrid instruments.

Mr Gander is a regular speaker at international tax conferences in Europe and the United States.

He obtained a BS in accounting at Georgetown University in 1981, and received his JD from Georgetown University Law Center in 1986.

230 Guide to the World’s Leading Tax Advisers United Kingdom Ron Haigh Deloitte 180 Strand London WC2R 1BL UK

Tel: (44) 20 7007 3783 Fax: (44) 20 7007 3430 Email: [email protected] Website: www.deloitte.com

Ron Haigh is a partner in the London office international tax group of Deloitte & Touche. He is also global director of the Deloitte & Touche international competent authority practice and a member of each of the International Direct Taxes sub- committee of the Confederation of British Industry, OECD’s Business and Industry Advisory Committee and of the Confederation Fiscale Europeenne. Ron is also business co-chair of OECD’s Transfer Pricing Experts group. He features both in Legal Media Group’s 2001 and 2004 Guide to the World’s Leading Transfer Pricing Advisers and its 2002 Guide to the World’s Leading Tax Advisers. He is a frequent speaker and published author on international tax matters.

Before joining Deloitte & Touche in April 2001, Mr Haigh was the deputy director of the Inland Revenue’s international division, responsible for all business tax areas with an international dimension, including transfer pricing, international financial matters, residence issues relating to the corporate sector, Treasury consents under Section 765 and the UK’s controlled foreign companies legislation. In this role, he was responsible for introducing major changes to the transfer-pricing and CFC legislation contained in the 1998 Finance Act and for the introduction in the 1999 Finance Act of the domestic advanced-pricing agreement process.

During his years in the international division, Mr Haigh was the UK’s competent authority for the purposes of its double-taxation agreements in the transfer-pricing area and played a prominent role in the renegotiation of the UK’s double-taxation agreement with the US. Additionally, until early 2001 and for eight years before that, he chaired the OECD’s Working Party and its Steering Group on the Taxation of Multinational Enterprises. This group was responsible for producing the 1995 document, Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations and for the discussion draft issued in February 2001 on the attribution of profits to permanent establishments.

With a career spanning 40 years, including time with the Inland Revenue and private practice, Mr Haigh has had over 24 years’ international tax experience at the highest level. He now represents both UK and foreign-based multinational clients in optimizing group structures, planning transactions with international implications, advising on advance-pricing agreements, and in building and conducting defence strategies, including ensuring adequate transfer-pricing documentation. He also advises on handling government contacts and specific negotiations – in particular, those between competent authorities under the mutual agreement procedure of treaties and EU Arbitration Convention – and in lobbying for change.

231 United Kingdom Steve Hasson PricewaterhouseCoopers 1 Embankment Place London WC2N 6RH UK

Tel: (44) 20 7804 5393 Fax: (44) 20 7804 4449 Email: [email protected] Website: www.pwc.com

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. He has often been recognized as one of the leading transfer pricing advisers and was recently included in Euromoney’s Best of the Best.

Steve’s practice focuses on resolving transfer pricing controversies through direct negotiation with tax authorities, advance pricing agreements, litigation and the use of double tax treaty procedures.

Steve has represented a wide range of clients and has successfully negotiated conclusions to numerous complex transfer pricing disputes and competent authority matters in the UK. His recent cases include high-profile operations in the semiconductor and high- tech sectors.

In addition to his work with large corporate clients he has worked with a number of governments and tax authorities in emerging markets to create a satisfactory investment climate.

Steve ran his own specialist tax consultancy for a number of years before joining a predecessor firm to PricewaterhouseCoopers in 1991.

Steve is a regular speaker both in the UK and internationally on transfer pricing issues. He is also a regular contributor to professional journals on emerging transfer pricing trends and issues.

Steve is a graduate in Business Economics and is a fellow of the Institute of Chartered Accountants in England and Wales.

232 Guide to the World’s Leading Tax Advisers United Kingdom John Henshall Deloitte 180 Strand London WC2R 1BL UK

Tel: (44) 20 7007 3793; (44) 20 7778 266 206 (mobile) Fax: (44) 20 7007 4075 Email: [email protected] Website: www.deloitte.co.uk

John Henshall is an international tax partner based in London, specializing in transfer pricing 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, he has assisted companies in the FMCG, electronics, chemicals, financial, retail, biotechnology, defence, finance and medical industries in the development and/or tax audit defence of their tax-optimized business structures.

Mr Henshall is a leading expert in the transfer pricing of intellectual property. His experience covers brands, business names, trade marks, patents, know-how and most other forms of intellectual property. His work in this field includes both planning (such as migration from UK ownership and using franchise models to optimize group tax charge) and defence (both of licence fees or of the absence of a licence fee) for large multinationals.

Mr Henshall’s project work includes:

• acting as lead partner on feasibility, design and implementation of several supply- chain projects covering commissionaire, stripped buy-sell, contract and toll manufacturing, contract research and development, IP licensing, franchising, central purchasing, and shared service centres; • tax audit defence review and advocacy; • transfer pricing on supply-chain structures. • experience in the telecommunications, biotech, medical device, manufacturing, oil and gas, fast-moving consumer goods, financial, pharmaceutical, automotive and aerospace sectors.

Training initially with the UK’s Inland Revenue, Mr Henshall went into private practice in 1988. He is published regularly in international tax journals and is sought for comment in articles concerning supply-chain reorganizations. Mr Henshall submits material to the OECD on the transfer pricing and permanent establishment issues raised by these structures. He also lectures in the UK and Europe on transfer pricing, intellectual property taxation and business transformations. Foreign governments (including the People’s Republic of China and the Islamic Republic of Iran) have consulted him regarding the modernization of their approach to international taxation.

233 United Kingdom Andrew Hickman KPMG 1 Puddle Dock London EC4V 3PD UK

Tel: (44) 20 7694 4478 Fax: (44) 20 7311 2850 Email: [email protected] Website: www.kpmg.com

Andrew Hickman leads coordination of KPMG’s global transfer pricing resolution network, focusing on development, implementation, and documentation of transfer pricing strategies, effective dispute resolution, elimination of double taxation through competent authority/arbitration procedures, and managing transfer-pricing risk through advance-pricing agreements (APAs).

Before joining KPMG LLP (UK), he was responsible for introducing and managing HMRC’s APA programme. Andrew also acted as delegated competent authority for negotiating with other tax administrations and seeking to eliminate under the mutual agreement procedure of tax treaties and under the European Arbitration Convention double taxation arising from transfer pricing adjustments. He was UK delegate at OECD during the production of the influential OECD Transfer Pricing Guidelines and contributed significantly to the drafting of the revised international consensus on transfer pricing. He participates in the EU Joint Transfer Pricing Forum.

Leading the coordination of KPMG member firm colleagues internationally, he has directed responses to transfer pricing audits, participated in numerous APAs and competent authority negotiations and has obtained bilateral and unilateral APAs across a range of business sectors, including engineering, automotive, electronics, pharmaceuticals, chemicals, construction, high-tech, and financial. Countries involved cover the UK, France, Ireland, The Netherlands, Belgium, Germany, Japan, US, Australia and Canada.

234 Guide to the World’s Leading Tax Advisers United Kingdom Erica Howard KPMG 1 Puddle Dock London EC4V 3PD UK

Tel: (44) 20 7311 2549 Fax: (44) 20 7311 2850 Email: [email protected] Website: www.kpmg.com

Erica is a partner in the KPMG LLP’s (UK firm) London-based global transfer pricing group. After being recruited to the Inland Revenue in 1987 Erica trained as an inspector of taxes and worked on a wide range of tax issues. In 1995 she joined the Inland Revenue’s international division and spent three years working as part of its transfer- pricing team.

While in the international division, Erica was involved in a number of transfer-pricing investigations into large multi-national enterprises. She was also responsible for advising network inspectors on transfer-pricing issues, dealing with treaty clearance applications in respect of royalty payments to overseas associates, and writing and presenting transfer-pricing training material.

Since her arrival at KPMG in 1998, Erica has provided a range of clients with transfer- pricing tax audit advice as well as providing tax input into economic reviews undertaken by the transfer-pricing group. Erica Howard has been involved in a wide range of transfer-pricing assignments covering Inland Revenue inquiries, advance-pricing agreements, and preparation of documents to support international intragroup pricing. Ms Howard has also worked closely with clients who have licensed KPMG’s Interpreter transfer pricing software. The industries in which Ms Howard has specific experience include the financial sector, industrial product manufacturing and distribution and retail. Her principal focus is on transfer pricing for financial sector clients. Erica is heading up the KPMG in the UK group responsible for responding to the draft OECD papers on the attribution of profits to permanent establishments.

Before embarking upon a career in tax, Erica worked as a research scientist for the United Kingdom Atomic Energy Authority.

235 United Kingdom Charles G Lubar Morgan, Lewis & Bockius LLP 2 Gresham Street London EC2V 7PE UK

Tel: (44) 20 7710 5531 Fax: (44) 20 7710 5600 Email: [email protected] Website: www.morganlewis.com

Charles G Lubar is the senior partner in the London office of Morgan Lewis. His practice focuses on all aspects of corporate and international taxation covering inbound investment into the UK and the US and outbound investment from the US into Europe. He also has had extensive experience in international estate planning, high-net-worth tax planning, and the international taxation of the entertainment industry. Over the years he has represented many well-known names in the entertainment industry including Michael Jackson, the Muppets, John Cleese, Duran Duran, Ivo Pogorelich, Erich Segal, John Barry, Jane Seymour and others.

Mr Lubar has been a frequent speaker at international tax conferences and has contributed numerous articles to various legal and tax publications. He has recently retired after 13 years as president of the Yale Club of London and was, for 11 years, a member of the Fulbright Commission in the UK where he chaired several committees.

Mr Lubar graduated, magna cum laude, from Yale University in 1963. He obtained his law degree from Harvard Law School in 1966, and an LLM in taxation from Georgetown Law Centre in 1967.

236 Guide to the World’s Leading Tax Advisers United Kingdom Ben Regan Deloitte 180 Strand London WC2R 1BL UK

Tel: (44) 20 7007 0603; (44) 7740 246200 (mobile) Fax: (44) 20 7007 4075 Email: [email protected] Website: www.deloitte.com

Ben Regan is a senior manager in Deloitte’s London transfer-pricing practice. While Ben’s main specialization is in transfer pricing, he also has a broad background in professional services, including strategy consulting and economic consulting.

Ben has worked with UK, European and US multinationals in a wide range of industries, with extensive experience in pharmaceuticals, healthcare, and the oil industry. Ben’s particular interest is in the development and application of financial and economic modelling techniques for pricing complex transactions.

Ben is the co-author with Chris Adams (who is also listed in this publication) of the chapter on transfer pricing in Tolleys Tax Planning. He holds a doctorate from Cambridge University.

237 United Kingdom Chris Rolfe PricewaterhouseCoopers 1 Embankment Place London WC2N 6RH UK

Tel: (44) 20 7213 1198 Fax: (44) 20 7804 4449 Email: [email protected] Website: www.pwc.com

Chris has specialized in international corporate tax issues for over 25 years and has advised many corporations on a wide range of structuring and financing matters. His leading position in the professional world is evidenced by his listings in both The Guide to the World’s Leading Tax Advisers and The Guide to the World’s Leading Transfer Pricing Advisers since these annual publications began in 1998. In a special publication Best of the Best 2003, Chris was named as one of the top 25 transfer-pricing advisers worldwide.

As worldwide head of PricewaterhouseCoopers’ transfer-pricing services team, Chris leads a multi-disciplinary team of lawyers, accountants and economists specializing in transfer-pricing issues. The team helps multinational companies to deal with the issues that arise from the ever-growing level of cross-border trade at a time when governments are establishing increasingly complex tax law to monitor transfer-pricing policies.

A regular speaker in professional conferences, Chris has, since 1993, edited International Transfer Pricing. The 2004 edition includes, in addition to a general treatment of transfer-pricing issues, detailed commentary on transfer-pricing matters in over 40 countries.

Based with PricewaterhouseCoopers in London, Chris has travelled widely on business and has extensive experience of working overseas, having spent several years based in Brussels and then Paris.

Chris was recently appointed as one of the 10 business members of the Joint Transfer Pricing Forum established in 2002 by the European Union as part of its tax reform programme.

238 Guide to the World’s Leading Tax Advisers United Kingdom John Sheer PricewaterhouseCoopers 1 Embankment Place London WC2N 6RH UK

Tel: (44) 20 7804 5848 Fax: (44) 20 7804 4449 Email: [email protected] Website: www.pwc.com

After graduating with a degree in economics from the University of Cambridge in 1979, John qualified as a chartered accountant and worked for many years as an international tax specialist. He has focused exclusively on transfer pricing since 1991. Since then he has been one of the firm’s leading transfer-pricing partners and is listed in both The Guide to the World’s Leading Tax Advisers and The Guide to the World’s Leading Transfer Pricing Advisers.

John has extensive experience in all areas of transfer pricing, working with clients across a wide range of industries. He delivers value to his clients by matching their specific commercial realities and needs with deep economic analysis and the practicalities of dealing with Revenue authorities. Over the years John has had to tackle several mission impossible problems in both the dispute resolution and planning areas. These challenges have been overcome by applying a combination of creativity, determination and hard work – not always in that order.

John is a regular presenter at transfer-pricing conferences and seminars.

239 United Kingdom Eric Tomsett Deloitte 180 Strand London WC2R 1BL UK

Tel: (44) 20 7007 0899 Fax: (44) 20 7007 0169 Email: [email protected] Website: www.deloitte.co.uk

Eric Tomsett has been an international tax partner in the London office of the Deloitte Touche Tohmatsu member firm since 1983 and has more than 30 years’ experience in taxation. He is a fellow of the Institute of Chartered Accountants and a chartered tax adviser.

Mr Tomsett is engaged in planning international structures and cross-border mergers and acquisitions transactions for large multinational corporations based in Asia, Europe and the US. He specializes in tax-efficient international financial structures, intellectual property tax planning, transfer pricing, thin capitalization and the taxation of electronic commerce, and international telecommunication activities. Mr Tomsett is also engaged in planning tax-efficient remuneration structures for international executives.

Mr Tomsett lectures extensively on international tax topics and has contributed many articles to publications dealing with international taxation and international investment. He is the general editor of the IBFD publication The International Guide to Mergers and Acquisitions, and has written the UK chapter of the IBFD publication EC Corporate Tax Law, the UK chapter of the Widman/Mayer Commentary on Corporate Reorganisations, and the chapter on offshore tax planning in Simon’s Tax Planning.

Mr Tomsett is a member of the general council of the International Fiscal Association, the chairman of the European branch of the Chartered Institute of Taxation and a member of the Taxation Committee of the International Chamber of Commerce in the UK.

240 Guide to the World’s Leading Tax Advisers United Kingdom Graham Aaronson QC Pump Court Tax Chambers, London

Chris Adams (see bio) Deloitte, London (see advert on inside front)

Graham J Airs Slaughter and May, London

Mark Atkinson (see bio) Deloitte, London (see advert on inside front)

Terry Awan (see bio) Deloitte, London (see advert on inside front)

Philip Baker QC Gray’s Inn Tax Chambers, London

Mark Baldwin Macfarlanes, London

Susan Ball Clyde & Co, London

Richard Ballard Freshfields Bruckhaus Deringer, London

Tony Beare Slaughter and May, London

Richard A Boykin (see bio) KPMG, London

Guy Brannan Linklaters, London

Andrew Bunch Deloitte, London (see advert on inside front)

Andrew Casley (see bio) PricewaterhouseCoopers, London

Murray Clayson Freshfields Bruckhaus Deringer, London

Jonathan Conder Macfarlanes, London

Peter Cussons PricewaterhouseCoopers, London

Annie Devoy (see bio) PricewaterhouseCoopers, London

Alasdair F Douglas Travers Smith Braithwaite, London

James Duncan Cleary Gottlieb Steen & Hamilton, London

241 United Kingdom Steve Edge Slaughter and May, London

Peter Elliott Clifford Chance, London

Jonathan Elman Clifford Chance, London

Sarah Falk Freshfields Bruckhaus Deringer, London

Michael Flesch QC Gray’s Inn Tax Chambers, London

Douglas French Clifford Chance, London

Malcolm Gammie QC One Essex Court, London

Fred R Gander (see bio) Dewey Ballantine, London

John Gardiner QC 11 New Square, London

Philip Gershuny Lovells, London

Heather Gething Herbert Smith, London

Julian Ghosh Pump Court Tax Chambers, London

Ashley Greenbank Macfarlanes, London

Ron Haigh (see bio) 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 Hobster Ernst & Young, London

Erica Howard (see bio) KPMG, London

Russell L Jacobs Milbank Tweed Hadley & McCloy, London

242 Guide to the World’s Leading Tax Advisers United Kingdom Marc CW Klerks Loyens & Loeff, London

David Lewis Allen & Overy, London

Charles G Lubar (see bio) Morgan Lewis & Bockius, London

Sara Luder Slaughter and May, London

James E MacLachlan Baker & McKenzie, London

Patrick Mears Allen & Overy, London

Nikhil Mehta Cleary Gottlieb Steen & Hamilton, London

Philip Moss Osborne Clarke, Bristol

Peter M Nias McDermott Will Emery, London

John D Paton Davis Polk & Wardwell, London

Ben Regan (see bio) Deloitte, London (see advert on inside front)

Chris Rolfe (see bio) PricewaterhouseCoopers, London

Yash Rupal Linklaters, London

David R Ryder McDermott Will Emery, London

Jonathan S Schwarz 3 Temple Gardens Tax Chambers, London

John Sheer (see bio) PricewaterhouseCoopers, London

Richard Stratton Travers Smith Braithwaite, London

David Taylor Freshfields Bruckhaus Deringer, London

Stephen Taylor Linklaters, London

Eric Tomsett (see bio) Deloitte, London (see advert on inside front)

243 United Kingdom Eelco van der Stok Freshfields Bruckhaus Deringer, London

Jayne Vaughan KPMG, London

John Watson Ashurst, London

Patrick Way Gray’s Inn Tax Chambers, London

Peter Whiteman QC Hollis Whiteman Chambers, London

244 Guide to the World’s Leading Tax Advisers United States A year in US international tax

The year 2006 saw the passage of the Tax Increase Prevention and Reconciliation Act (TIPRA) and the introduction of a slew of major tax regulatory changes and accounting for income tax changes. The changes introduced and proposed reflect a trend towards heightened regulatory scrutiny, pressure for transparency and accuracy in financial reporting, and more demanding compliance burdens, the combination of which creates tremendous new pressures for tax and finance departments.

The news isn’t all bad, however. TIPRA provides for a three- year exclusion from Subpart F income for related party Dan Lange dividends, interest, rents and royalties, provided the Deloitte underlying earnings of the parties are not Subpart F income. Milwaukee The temporary exception will afford multinationals more freedom to move cash among their controlled foreign corporations (CFCs) without creating Subpart F income. However, Congress subsequently passed legislation (awaiting the President’s signature) to add the requirement that payments also not be attributable or properly allocable to the payor’s US effectively connected income.

The bulk of the year’s most significant developments, however, are at the regulatory level.

FIN 48 The Financial Accounting Standards Board (FASB) issued new rules (known as FIN 48) that radically change how companies account for uncertain income tax positions in their financial statements. FIN 48, effective for tax years beginning after December 15 2006, changes the threshold that tax benefits must meet before they can be recognized in a company’s financial statements. FIN 48 will substantially increase the disclosure/ documentation burden on companies. The impact of FIN 48 in the international context, where uncertainty is often the norm, will be considerable and will result in multinationals changing the amount of their reserves for tax liabilities.

Calculation of branch income The IRS issued highly anticipated proposed regulations governing the translation of income of foreign branches, disregarded entities and partnerships, and the calculation of gains/losses upon remittances from such entities where they carry out business in a currency other than the taxpayer’s functional currency. The regulations completely alter the prescribed approach of rules proposed in 1991, adopting a foreign exchange exposure pool method for computing exchange gains and losses on remittances, a method that will result in more complexity and an increased compliance burden. The proposed regulations, however, generally provide favourable transition rules.

Interest deduction of foreign banks Temporary regulations were issued dealing with the determination of deductible interest expense of a US branch of a foreign bank. The regulations liberalize the election in the branch profits tax rules to reduce US liabilities, so that the election can be used to entirely eliminate branch profits tax liability in many instances.

Services regulations Final and temporary regulations were issued relating to the treatment of inter-company service transactions and the allocation of income from intangibles, as well as rules relating to stewardship expenses. The regulations replace 1968-era guidance, and include many changes to 2003 proposed regulations. A particularly negative effect is the restricted definition of stewardship costs, potentially increasing the expenses that will have to be charged out. Although the intent of the rules is to reduce the documentation requirement burden on taxpayers, they likely will have the opposite effect.

245 United States

Foreign tax credit Following an adverse decision of the Court of Federal Claims in the Guardian Industries case, the IRS issued proposed regulations clarifying and amending the technical taxpayer rule, which determines who the taxpayer is with respect to foreign income taxes and, therefore, which person is entitled to claim credits for such taxes under US tax law. The proposed regulations would apply, in particular, to foreign consolidated groups, hybrid entities and reverse hybrids.

Killer B transactions The IRS announced its intent to issue regulations that target perceived abuses of certain triangular reorganizations involving one or more foreign corporations. Known as Killer B transactions, such reorganizations allow CFCs or US subsidiaries of foreign parent companies to repatriate earnings free from US tax to the parent company. The regulations would put an end to Killer B transactions.

Allocation of foreign tax Final regulations provide rules for properly allocating partnership expenditures for foreign taxes. The regulations generally adopt a safe harbour, under which partnership allocations of foreign tax expenditures will be respected if they match the partnership’s allocation of underlying income. However, they also add many details and specific and complex rules.

Portfolio interest Proposed regulations were issued on the exclusion from gross income of portfolio interest paid to a non-resident foreign corporation or alien individual, clarifying how the 10% shareholder test in the portfolio interest rules applies.

Tax shelters The IRS issued proposed amendments to the tax shelter disclosure regulations, including the creation of a new transactions of interest category of reportable transactions. Current rules impose significant penalties on taxpayers and advisers who fail to disclose reportable transactions.

While none of the year’s developments could be described as radically altering the US international tax landscape, taken as a whole, they undeniably add to its complexity and mean that multinationals will need to modify certain international tax planning strategies. It is hard to envisage this complexity decreasing in the foreseeable future, when it is actually compounded by measures that purport to have the intent of reducing the compliance burden.

246 Guide to the World’s Leading Tax Advisers United States Melvin S Adess KPMG 303 E Wacker Drive Chicago, IL 60601-5255 US

Tel: (1) 312 665 5704 Email: [email protected] Website: www.kpmg.com

Mel Adess is a partner in the federal tax practice and a member of KPMG’s Midwest tax leadership. He received his BS from Northwestern University with highest distinction in 1966, majoring in accounting and economics, and passed the Illinois CPA exam in November 1966. While at Northwestern, Mr Adess was inducted into Phi Eta Sigma (Freshman National Honor Society), Beta Gamma Sigma (National Business Honor Society) and Beta Alpha Psi (National Accounting Honor Society). He also won the Haskins and Sells Award in 1966 and the State Farm Exceptional Student Fellowship the same year. He received his JD, cum laude, from The University of Chicago Law School, where he was a member of the Order of the Coif, and passed the Illinois Bar exam in 1969.

He joined KPMG LLP (US) in August 1999, after a 30-year career at Kirkland & Ellis, where he was a senior tax partner and a member of the management committee for nine years. His practice consists of foreign tax planning, inter-company transfer pricing, cross- border mergers and acquisitions, international joint ventures, contested tax matters, and executive compensation.

Mr Adess has taught various international tax and reorganization subjects at Northwestern University Law School, DePaul Law School, and DePaul Graduate School of Business. In addition, he has lectured frequently at various conferences including The University of Chicago Federal Income Tax Conference, Colorado Springs Tax Institute, Practising Law Institute, Illinois Institute on Continuing Legal Education, Chicago Bar Association, World Trade Institute, Tax Executives Institute, International Fiscal Association, the George Washington University/IRS Sixth Annual Institute on Current Issues in International Taxation, the American Conference Institute on Transfer Pricing, and numerous other groups. Mr Adess has also published articles on a variety of technical tax subjects.

He served as a consultant to the American Law Institute on the International Aspects of US Income Taxation Project, which resulted in a number of important changes to the Internal Revenue Code made by the 1986 Tax Reform Bill. Mr Adess has been included in The Best Lawyers in America and has been listed in the International Tax Review annual survey of leading tax advisers as among the top tax advisers in the central US.

247 United States William J Amon Deloitte Tax LLP Two California Plaza 350 South Grand Avenue, Suite 200 Los Angeles, CA 90071-3462 US

Tel: (1) 213 688 3290 Fax: (1) 213 673 6733 Email: [email protected] Website: www.deloitte.com

Bill Amon is a client service partner in the Los Angeles office of Deloitte & Touche, bringing more than 28 years of experience in corporate and international taxation to the firm’s large multinational clients.

Mr Amon rejoined Deloitte & Touche in 1996 after 12 years as a partner at another Big Five firm. Mr Amon began his career in Silicon Valley serving high-technology clients, where he earned a reputation for bringing aggressive and strategic tax services to his clients. Since rejoining Deloitte & Touche, Mr Amon has advised the firm’s most prestigious clients on such issues as mergers and acquisitions, initial public offerings, joint ventures, and repatriation strategies. He is the lead tax partner on a number of Fortune 500 multinational clients. Mr Amon is a frequent speaker at firm-sponsored seminars and conferences, and is co-author of Tax Issues for High Technology Businesses. He is also a frequent speaker at seminars sponsored by outside organizations, including American and California Bar association events.

Mr Amon actively participates in his profession. He is a member of the California Bar Association, the American Bar Association, and the American Institute of Certified Public Accountants. He is also a sub-committee member of the American Bar Association tax committee for affiliated corporations, a member of the Entertainment Tax Institute, and a member of the Los Angeles International Tax Forum. He was recently selected as one of North America’s Top Tax Advisers for 1998-2000 by the International Tax Review. Mr Amon attended the University of Santa Clara, where he received a BS degree, with honours, and a JD, with highest honours.

248 Guide to the World’s Leading Tax Advisers United States Lawrence M Axelrod Deloitte Tax LLP 555 12th Street, NW, Suite 500 Washington, DC 20004-1207 US

Tel: (1) 202 879 4969 Fax: (1) 202 220 2192 Email: [email protected] Website: www.deloitte.com

Lawrence Axelrod is a tax services principal with the Washington national tax group of Deloitte Tax. He directs Deloitte Tax’s consolidated return practice and serves as a technical resource for practitioners and clients with problems concerning consolidated returns, corporate/shareholder relations and LLCs.

Lawrence also prepares comments on proposed regulations for Deloitte in his areas of expertise, conducts the annual consolidated return public seminar (since 1985), and is an instructor for Deloitte Tax’s in-house consolidated return training program.

Previously, as an attorney/adviser with the Legislation and Regulations Division, Office of Chief Counsel at the Internal Revenue Service, he was assigned to drafting consolidated return regulations, bad debt reserves for thrift institutions, and investment tax credits for movies (1977 to 1981). His professional activities include membership of the District of Columbia Bar; he is former chairman of the Committee on Affiliated and Related Corporations, Tax Section of the American Bar Association and former chairman of the Subcommittee on Consolidated Returns.

His publications include:

• “The Supreme Court, Consolidated Returns, and 10-year Carrybacks” 90 Tax Notes 1383 (March 5, 2001), cited by the Supreme Court in United Dominion v. US, 121 S Ct 1934 (2001); • “Issues and Uncertainties in Consolidated AMT” 305 PLI/Tax 141 (1990), cited by the Tax Court in State Farm Insurance Co, 119 TC 342 (2002); • “Rite Aid – Prescription for Reversal” I Mergers and Acquisitions 2 (December 2000); • “Consolidated Returns and SLLs: Praying for Intermet’s Appeal” 81 Tax Notes 1570 (December 21, 1998); • “Consolidated Return Intercompany Transaction Regulations: Clearly Reflecting Income Is Clearly Not Simple” The Tax Executive (July-August 1994); • “Section 304, Excess Loss Accounts, and Other Consolidated Return Gallimaufry” 36 Tax Notes 729 (August 17, 1987); • “The Basis for Using E&P in Consolidated Return Basis Adjustments” 12 J Corp Tax 227 (Autumn 1985); • “Esmark’s Tax-free Disposition of a Subsidiary: Too Good to be True?” 9 J Corp Tax 232 (Autumn 1982); and • “The Accumulated Earnings Tax and the Deductions for Dividends in Property: Market Value or Basis?” 4 J Corp Tax 232 (Autumn 1977).

Lawrence received his LLM in taxation from Georgetown University Law Center (1980), his JD from USC Law Center (1975), and his BA from SUNY Stony Brook (1971).

249 United States J Gregory Ballentine The Ballentine Barbera Group, A CRA International Company 1201 F Street, NW Suite 700 Washington, DC 20004-1204 US

Tel: (1) 202 662 3800 Email: [email protected] Website: www.ballentinebarbera.com Dr J Gregory Ballentine is widely recognized as one of the foremost experts in the economics of taxation, transfer pricing and public finance. He is a vice-president at CRA International and leads the firm’s transfer pricing practice. With more than 20 years of broad consulting experience, Dr Ballentine is well known for his extensive work in obtaining advance pricing agreements and on a wide range of international transfer pricing issues and transactions across a variety of technology and traditional industries. He is a prominent economic litigation consultant for some of the leading law firms in the United States, and has significant experience in presenting testimony, preparing expert witness reports and consulting on economic lines of argument related to transfer pricing, valuation and related economic matters.

Dr Ballentine has been chosen by Euromoney and International Tax Review as a “World’s Leading Transfer Pricing Adviser”. He holds a PhD in economics from Rice University.

Dr Ballentine was a co-founder of the transfer pricing consultancy The Ballentine Barbera Group LLC, which was acquired by CRA International in May 2006.

CRA, a leading global provider of economic and financial expertise and management consulting services, offers a full range of transfer pricing services through The Ballentine Barbera Group, a CRA International Company.

250 Guide to the World’s Leading Tax Advisers

United States Herbert N Beller Sutherland Asbill & Brennan LLP 1275 Pennsylvania Avenue, NW Washington, DC 20004 US

Tel: (1) 202 383 0120 Fax: (1) 202 637 3593 Email: [email protected] Website: www.sablaw.com

Herb Beller has practised federal tax law in Washington since 1969, with an emphasis on corporate and other transactional tax planning, tax controversies, IRS national office representations and exempt organization matters. He has significant experience with tax issues arising in connection with taxable and tax-free acquisitions, dispositions, spin-offs and other restructurings involving both domestic and foreign entities. In the tax controversy area, Mr Beller has negotiated settlements with IRS appeals offices throughout the country and litigated cases at both the trial and appellate court levels. In the exempt organizations area, he has represented numerous private foundations, public charities and other non-profit entities on a broad range of planning and controversy matters.

Mr Beller is a frequent speaker at federal tax institutes, conferences and other tax programmes throughout the US. He has taught corporate tax courses at Georgetown University Law School and authored numerous articles on corporate tax and other subjects. From 1993 to 1996, he served as editor-in-chief of The Tax Lawyer.

In 2002 to 2003 he was chair of the American Bar Association’s Section of Taxation. He previously served as a Tax Section vice-chair and council member, as section liaison to the AICPA, and as chair of the section’s committees on government submissions and closely held corporations. Mr Beller has also served as co-chair of the National Conference of Lawyers and CPAs, a regent of the American College of Tax Counsel and a trustee of the American Tax Policy Institute. He is a fellow of the American Bar Foundation and president of the Tannenwald Foundation for Excellence in Tax Scholarship.

Following his graduation from Northwestern University School of Law, Mr Beller served as a law clerk for Judge Theodore Tannenwald, Jr of the United States Tax Court. Also a CPA, he is listed in The Best Lawyers in America, Chambers USA, The International Who’s Who of Corporate Tax Lawyers and Euromoney’s US Best of the Best (tax).

252 Guide to the World’s Leading Tax Advisers United States Henry J Birnkrant Alston & Bird LLP The Atlantic Building 950 F Street, NW Washington, 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 is focused on transfer-pricing matters and US taxation of various types of domestic and cross-border transactions.

Mr Birnkrant has resolved numerous transfer-pricing disputes with the IRS at the examination and appeals levels. His practice has also included securing competent authority relief from transfer-pricing adjustments initiated by both the IRS and foreign tax authorities. He helped to develop the APA programme by filing a request for an APA eight months before the IRS released the Revenue Procedure that created the APA program. He is at the forefront of helping multinationals secure innovative APAs that satisfy both their business objectives and the requirements of the tax authorities.

Mr Birnkrant also advises multinationals on minimizing the tax burden of cross-border transactions and operations. Examples of such matters include acquisitions and dispositions of US and foreign business operations, structures for the financing, development and ownership of intangible property, and reorganization of cross-border business operations.

Mr Birnkrant is chair of the competent authority subcommittee of the transfer-pricing committee of the ABA Tax Section, chair of the tax treaty subcommittee of the taxation committee of the United States Council for International Business, a member of the board of advisers of the Journal of International Taxation, a member of the Thomson West Tax Advisory Board, a member of the Washington International Tax Study Group, an invited participant in the OECD Transfer Pricing Experts advisory meetings, and a member of the American College of Tax Counsel.

He is co-author of A Practical Guide to US Transfer Pricing and author or co-author of numerous articles on cross-border taxation and transfer pricing. He is listed in the 11th edition of Who’s Who in American Law, the 19th edition of Who’s Who in the World, the 2005 edition of Who’s Who in America, the 4th edition of Who’s Who of Emerging Leaders in America, Euromoney Legal Media Group’s Best of the Best 2005, Euromoney Legal Media Group 2004 Guide to the World’s Leading Transfer Pricing Advisers, and the 11th edition of The Best Lawyers in America.

Mr Birnkrant is a Phi Beta Kappa graduate of the University of Rochester, from which he received his BA, magna cum laude, with high distinction in economics. He received his JD from Columbia University School of Law and an LLM in taxation from New York University School of Law. He is admitted to the District of Columbia Bar and the Bars of the US District Court for the District of Columbia, the US Court of Appeals for the District of Columbia Circuit, the US Tax Court and the US Court of Federal Claims.

253 United States Kimberly S Blanchard Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 US

Tel: (1) 212 310 8799 Fax: (1) 212 310 8007 Email: [email protected] Website: www.weil.com

Kim Blanchard is a partner in Weil Gotshal’s tax department whose practice encompasses a variety of largely international transactions involving corporate acquisitions and mergers, internal restructurings, business formations and joint ventures. Ms Blanchard also advises domestic, foreign and multinational clients in connection with venture capital investment and fund formation, partnerships, real estate, executive compensation and exempt organization issues.

Ms Blanchard has lectured and published extensively on topics ranging from international tax planning for US businesses to the special tax issues facing foreign persons, pension plans and other exempt investors who invest in US private equity partnerships and in US real estate.

Ms Blanchard is currently chair of the New York State Bar Association Tax Section. As a member of the Tax Section since 1996, she has authored several reports and has participated in the preparation of many others. She is also active with the American Bar Association’s international tax committees and is a member of both the Tax Forum and the Tax Review paper and discussion groups.

Ms Blanchard holds a JD from the New York University School of Law, an MS from the University of Wisconsin and a BA from Dartmouth College.

254 Guide to the World’s Leading Tax Advisers United States David H Brockway McKee Nelson LLP 1919 M Street NW Suite 200 Washington, DC 20036 US

Tel: (1) 202 775 4121 Fax: (1) 202 775 8586 Email: [email protected] Website: www.mckeenelson.com

Mr Brockway’s career has spanned more than 30 years and he has been engaged in an active general business tax practice, concentrating on corporate acquisitions and dispositions, cross-border structured finance and asset-based finance transactions, and international tax planning.

Mr Brockway is a former chief of staff of the Joint Committee on Taxation of the US Congress, serving from 1983 to 1987. In that capacity, he had overall responsibility for the activities of the staff in the formulation of congressional tax policy, legislative drafting and revenue estimating. He joined the joint committee staff in 1976 as a legislation attorney, subsequently serving as international tax counsel and deputy chief of staff.

Mr Brockway is a member of the Bars of the District of Columbia and New York. He has served as a member of the executive committee of the tax section of the New York State Bar Association, the advisory board of the American Tax Institute in Europe, the board of directors of the National Foreign Trade Council, the advisory group for the American Law Institute Project on Subchapter C, and as a consultant on the American Law Institute project on tax treaties.

In 1998, the Tax Society of New York University presented him with its award for outstanding achievement. He has been selected for listing in various expert guides such as the Euromoney Guide to Leading US Tax Lawyers, the Euromoney Guide to the World’s Leading Tax Lawyers, Who’s Who Legal, the International Who’s Who of Corporate Tax Lawyers, and the Best of the Best Expert Guide.

Mr Brockway received his JD from Harvard Law School in 1971, and his BA from Cornell University in 1968. He was on active duty in the US Army from 1963 to 1966.

255 United States Peter C Canellos Wachtell, Lipton, Rosen & Katz 51 West 52nd Street New York, NY 10019 US

Tel: (1) 212 403 1241 Fax: (1) 212 403 2241 Email: [email protected] Website: www.wlrk.com

Peter C Canellos practises in the tax department of Wachtell Lipton Rosen & Katz. He is responsible for the tax aspects of the corporate acquisitions, dispositions and financings that constitute the firm’s major practice areas. These large and complex transactions frequently involve multinational tax considerations.

After graduating from Columbia Law School in 1967, Mr Canellos clerked for the honourable Judge Charles D Breitel of the New York Court of Appeals and was a Fulbright scholar at the University of Amsterdam in the Netherlands. Mr Canellos has served as chairman of the New York State Bar Association Tax Section, and is a frequent writer and lecturer on tax matters. His published articles include “Contingency and the Debt/Equity Continuum” (with Deborah Paul, Journal of Financial Products, 2002); “A Tax Practitioner’s Perspective on Substance, Form and Business Purpose in Structuring Business Transactions and in Tax Shelters” (SMU Law Review, 2001); “Reasonable Expectations and the Taxation of Contingencies” (Ta x Lawyer, 1997); “Dividend Access Shares” (49th IFA Congress, Cannes, 1995); and “Corporate Inversions and Similar Transactions” (54th NYU Annual Institute on Federal Taxation, 1995). Mr Canellos served as general report on the subject of international mergers and acquisitions at the 2005 congress of the International Fiscal Association.

Mr Canellos is a graduate of Columbia University, where he earned his bachelor’s degree summa cum laude and was elected to Phi Beta Kappa. He also attended Columbia Law School, where he was editor-in-chief of Law Review, and received his LLB magna cum laude.

256 Guide to the World’s Leading Tax Advisers United States Richard A Clark Deloitte Tax LLP 555 12th Street, NW Washington, DC 20004-1207 US

Tel: (1) 202 879 5307 Fax: (1) 202 638 7313 Email: [email protected] Website: www.deloitte.com

Dick Clark is a principal with Deloitte. He serves as co-leader of the firm’s US transfer-pricing team and heads the transfer-pricing group in Washington, DC. He is a member of the firm’s global earnings mobility strategies (GEMS) team. Dick has specialized in transfer pricing during his 17 years with Deloitte and has been a professional economist for 30 years.

Dick assists multinational companies in developing inter-company pricing strategies for tax planning and provides economic expertise in APAs, tax audits and competent authority proceedings involving tangible and intangible property transfers and services.

Dick served as an editor-in-chief and columnist for the Journal of Global Transfer Pricing and has published more than a dozen articles on transfer pricing. He has been a frequent speaker on transfer-pricing issues and has served as a guest lecturer at IRS internal transfer-pricing training. He also has been recognized in Legal Media Group’s Guide to the World’s Leading Transfer Pricing Advisors. Recently, Dick testified in the Superior Court of Ontario as an expert witness in transfer-pricing litigation involving the US/Canada cross-border transactions of one of the big-three automotive companies.

Dick holds a PhD in economics from Cornell University, an MPA from the University of Colorado, and a BA from Cornell University.

257 United States N Jerold Cohen Sutherland Asbill & Brennan LLP 999 Peachtree Street, NE Atlanta, GA 30309 US

Tel: (1) 404 853 8038 Fax: (1) 404 853 8806 Email: [email protected] Website: www.sablaw.com

Jerry Cohen is a partner at Sutherland Asbill & Brennan, and represents a number of US and foreign clients in all aspects of domestic and international tax planning and controversy matters.

Mr Cohen has been involved in planning and structuring major corporate acquisitions and dispositions. He has successfully litigated federal and state tax cases and has handled numerous matters before the Internal Revenue Service, state revenue departments and the Treasury Department. Mr Cohen has also handled legislative matters for clients, has testified on a number of occasions before the two Congressional tax writing committees and has worked with the Joint Committee on Taxation on tax legislative matters.

In 1979, Mr Cohen was appointed by President Carter to serve as chief counsel for the Internal Revenue Service, a position he held until 1981. That same year, he received the Commissioner’s Award for outstanding service to the Internal Revenue Service and the General Counsel of the Treasury’s Award for outstanding service to the Treasury Department. He is a former chair of the Internal Revenue Service Advisory Council, of the American College of Tax Counsel, and of the Tax Section of the American Bar Association.

Mr Cohen is a member of the board of advisers of the Virginia Tax Review, and a past member of the Little Brown and Commerce Clearing House tax advisory boards. He served as a member of the board of advisers of the Internal Revenue Service’s continuing professional education programme, and as a member of the advisory group to the staff of the Senate Finance Committee on its Subchapter C Revision Act, and is now a member of the American Law Institute and its tax advisory board. He has served as an adviser to the institute’s Subchapter C Project, and a consultant to its Tax Integration Project. He is a member of the board of the American Tax Policy Institute.

Mr Cohen has published in the Journal of Taxation, The Tax Lawyer, Practicing Law Institute publications, the journal of the American Bar Association publications and the NYU Tax Institute publications. He has spoken at numerous tax institutes such as the American Law Institute, Practicing Law Institute, state bar and university tax programmes.

Mr Cohen’s appointments include: Internal Revenue Service advisory counsel (1979 to 1981); chair, ABA Tax Section (1995 to 1996); chair elect, ABA Tax Section (1994 to 1995); former vice-chair and member of council, ABA Section of Taxation; chair, Formation of Tax Policy Committee, ABA Section of Taxation (1982 to 1986); chair, Taxation Committee, ABA Section of Litigation (1981 to 1983); chair, Corporate Stockholder Relationships Committee, ABA Section of Taxation (1977 to 1979); vice- chair, Committee on Taxation, ABA Section of Individual Rights and Human Responsibilities (1976 to 1979); Adjunct Professor of Law, Emory University (1967 to 1976); former chair and member of the board of regents, American College of Tax Counsel; board member, American Tax Policy Institute; former chair, International Revenue Service Advisory Counsel; and member, board of trustees of The American Tax Policy Institute.

Mr Cohen has been nominated by his peers for inclusion in several publications, including Chambers USA America’s Leading Business Lawyers, Atlanta magazine’s Georgia Super Lawyers, Guide to the World’s Leading Tax Advisers, An International Who’s Who of Corporate Tax Lawyers, International Tax Review magazine’s Survey of North America’s Top Tax Advisers, The National Law Journal’s List of Top Corporate Tax Lawyers, The Best Lawyers in America, and Marquis Who’s Who in America and Who’s Who in the South and Southwest.

Mr Cohen graduated from Harvard Law School, where he was book review editor for the Harvard Law Review.

258 Guide to the World’s Leading Tax Advisers United States Robert T Cole Alston & Bird LLP The Atlantic Building 950 F Street, NW Washington DC 20004-1404 US

Tel: (1) 202 756 3306 Fax: (1) 202 654 4926 Email: [email protected] Website: www.alston.com

Bob Cole is a member of the firm’s international tax practice group, of which he was the founding chair, and concentrates his practice on transfer pricing, tax treaties and other international tax issues for US business operations abroad and foreign business operations in the US.

Mr Cole served in the US Treasury from 1967 to 1973 and was appointed its first international tax counsel in 1971. At the Treasury he negotiated tax and other treaties for the US, developed the US competent authority procedure for resolving issues under tax treaties, and led the development of the rules for the allocation of expenses in cross- border situations.

In his transfer pricing and general international tax practice he assists multinationals in a variety of contexts, including: representation in competent authority proceedings under tax treaties; representation in securing advance pricing agreements (APAs) from the IRS and from other countries; the development and contractual implementation of worldwide transfer-pricing systems; advising on transfer-pricing issues in connection with mergers and acquisitions and spin-offs; advising and implementing cost sharing arrangements; advising on the self-compliance and documentation process needed to avoid transfer-pricing penalties in the US and other countries; counselling with respect to US and foreign tax audits; representation in other administrative dispute resolution proceedings; lobbying on regulations, on tax treaties and agreements, and on legislation.

Mr Cole has participated in hiring and training some of the best international tax lawyers in the country, many of whom continue to work closely with him at Alston & Bird. He has developed close working arrangements with tax professionals and tax officials in other counties, enabling him and his colleagues to provide seamless representation on international transactions.

Mr Cole is the editor and principal author of Practical Guide to US Transfer Pricing published by Matthew Bender; a co-author of the Tax Management (BNA) Portfolio on “Income Tax Treaties – Administrative and Competent Authority Aspects”. He is listed in Who’s Who in America and similar publications.

Mr Cole received a LLB, magna cum laude, in 1956 from Harvard Law School where he was an editor of the Harvard Law Review; a BS (Econ), in 1953 from the Wharton School; and an Academic Postgraduate Diploma in Law in 1959 from the London School of Economics. He is a member of the American College of Tax Counsel, the Council of the USA Branch of the International Fiscal Association; a past vice-chair of the Tax Committee of the National Foreign Trade Council and a member of the Tax Section of the American Bar Association.

He is admitted to practise in the District of Columbia (1972) and New York (1956).

259 United States Peter J Connors Orrick, Herrington & Sutcliffe LLP 666 Fifth Avenue New York, NY 10103 US

Tel: (1) 212 506 5120 Fax: (1) 212 501 5151 Email: [email protected] Website: www.orrick.com

Peter Connors is a partner in the New York office of Orrick Herrington & Sutcliffe. His practice focuses on cross-border transactions, particularly those involving banks and insurance companies. He also has extensive experience in related areas of tax law, including asset securitization, financial transactions, and corporate acquisitions. He regularly represents issuers of complex financial instruments, derivative products and CDOs.

Mr Connors’ holds a number of leadership positions in the tax bar including: American Bar Association, Section of Taxation, member of council, 2005 to the present; chair, Government Submissions Committee, 1997 to 1999; chair, Financial Transactions Committee, 1990 to 1992; member, Tax Shelter Task Force, 2005 to the present; International Fiscal Association, member of council, 2006 to the present; New York State Bar Association, executive committee, 2006 to the present; and American College of Tax Counsel, fellow, 2002 to the present. In addition, he was the recipient of BNA Tax Management’s 2004 distinguished author award (foreign).

A prolific author, Mr Connors is a frequent lecturer for a variety of major organizations, including the IFA, and has published over 100 articles and reports on tax planning subjects. He is a co-author of BNA TM Portfolio 543 (The Mark to Market Rules of Section 475) and the author of BNA TM Portfolio 909-3d (The Branch-Related Taxes of Section 884). He is the principal author of the New York State Tax Association Report on Section 954(c)(6). He is also editor, special industries, of the Journal of Taxation.

Mr Connors received an LLM from New York University School of Law, a JD from the University of Richmond, and a BA from Catholic University where he was a member of Phi Eta Sigma. Prior to joining Orrick, Mr Connors was a partner at Baker & McKenzie and a principal in Ernst & Young’s international tax services office.

260 Guide to the World’s Leading Tax Advisers United States Philip C Cook Alston & Bird LLP One Atlantic Center Washington office: 1201 West Peachtree Street The Atlantic Building Atlanta, GA 30309-3424 950 F Stsreet, NW US Washington, DC 20004-1404 US Tel: (1) 404 881 7491 Fax: (1) 404 881 7777 Tel: (1) 202 756 3300 Email: [email protected] Website: www.alston.com

Philip Cook is deputy managing partner of Alston & Bird and practises in the Atlanta and Washington offices. He is a member of the Federal Income Tax Group and concentrates his practice on federal tax and Erisa controversies.

Philip is a nationally prominent tax litigator with broad experience representing clients in major disputes with the Internal Revenue Service – often taking the lead in litigating recurring industry issues. He has handled significant tax controversy matters for banks and other financial institutions and his clients include many of the best known financial institutions in America. Philip successfully represented clients in the telecommuni- cations industry in a major recurring industry tax issue for wireless communications companies. He also has an active Erisa litigation practice representing plan sponsors and corporate fiduciaries in Iitigation against the IRS, DOL, PBGC and private class- action plaintiffs.

Philip is a frequent speaker at national tax conferences and seminars and has published dozens of articles on a wide array of tax topics. He is a member of the board of editors of Mergers and Acquisitions, the Monthly Tax Joumal and The Joumal of Taxation of Financial Institutions. He has served as chair of the Committee on Banking and Savings Institutions of the American Bar Association tax section, chair of the tax section of the state Bar of Georgia, chair of the tax section of the Atlanta Bar Association, president of the Atlanta Tax Forum, and president of the Southern Employee Benefits Conference. He is also a fellow of the American College of Tax Counsel, and a member of the American Law Institute. He is Iisted in The Best Lawyers in America and Guide to the World’s Leading Tax Lawyers.

Philip led the Alston & Bird team that investigated Enron’s tax transactions as part of the examiner’s investigation. He testified before the Senate Finance Committee about this investigation.

Philip has been active in management of the firm throughout his career. Prior to his appointment as deputy managing partner in 2001, he served as the long-time leader of the tax section of the firm. He also has served two terms on the partners’ committee (executive committee) of the firm, and served as chair of the committee during each term.

Philip received a JD, cum laude, from Harvard University and a BS, with honors, from the Georgia Institute of Technology. Prior to joining Alston & Bird in 1972, he served as a law clerk to The Honorable Lewis R Morgan at the US Court of Appeals for the Fifth Circuit. He is admitted to practice in the District of Columbia, Georgia.

261 United States William Dodge Deloitte Tax LLP 555 12th Street, NW Washington, DC 20004-1207 US

Tel: (1) 202 879 5610 Fax: (1) 202 638 7313 Email: [email protected] Website: www.deloitte.com

William Dodge is a partner with Deloitte Tax, and director of the global and US transfer-pricing team. He has worked in New York, London and Tokyo, where he served many of the firm’s largest US and non-US clients. His industry experience includes the pharmaceutical, chemical, telecommunications, automotive, electronic components and finished goods, and consumer product sectors.

While in Tokyo, Mr Dodge worked extensively in transfer pricing, both with respect to Japanese companies investing in the United States and US and European corporations operating in Japan. Mr Dodge managed a special study carried out for a consortium of Japanese trading companies and, following the study, prepared their submission for public hearings. He then represented them in private meetings with the IRS concerning US transfer-pricing regulations.

Since his return to the United States, he has worked exclusively in transfer pricing, including planning and documentation studies, audit defence, competent authority and advance-pricing agreements. He managed a US-Japan competent-authority proceeding involving the use of secret comparables for an automotive industry company. Mr Dodge recently managed an engagement in which the firm’s Washington and Tokyo transfer- pricing teams assisted an industry coalition of multinational companies in devising defence strategies against transfer-pricing audits by the tax authorities in Japan.

Before his Tokyo assignment, Mr Dodge was the partner in charge of the US corporate tax group in the London office, where he was responsible for tax services to many significant foreign-based multinationals investing in the United States.

Mr Dodge has been selected for inclusion in the 2002, 2004 and 2006 editions of the Guide to the World’s Leading Transfer Pricing Advisers, has been published in Euromoney’s International Tax Review, and was selected for the 2003, 2005 and 2007 editions of the Guide to the World’s Leading Tax Advisers. Mr Dodge is a member of the BNA Tax Management board of advisers (transfer pricing) and a regular speaker at seminars. His publications in professional journals include: Kokusai Zeimu (International Taxation), Walganjose (The Korean Tax Monthly Journal), BNA’s Transfer Pricing Report, IBFD International Transfer Pricing Journal, Tax Notes International, BNA Tax Management Portfolio 891 (chapter 12 of Transfer Pricing: Records and Information), Transfer Pricing – An International Guide (International Tax Review), Journal of Taxation, and Intertax.

Mr Dodge holds a masters degree in accountancy (tax) from the University of Georgia and a BA in accounting and history from Walsh College.

262 Guide to the World’s Leading Tax Advisers United States Maurice Emmer Deloitte Tax LLP 225 W Santa Clara St San Jose, CA 95113 US

Tel: (1) 408 704 4418 Fax: (1) 408 704 8417 Email: [email protected] Website: www.deloitte.com

Maurice Emmer is a principal in the international tax practice of Deloitte. He is a member of the Washington national office and is based in the firm’s San Jose, California office. Mr Emmer is the leader of the firm’s global earnings mobility strategy (GEMS) practice and the tax-aligned supply chain (TASC) practice, and, as such, assists multinational enterprises in identifying and implementing strategies for minimizing global taxation, principally in connection with intellectual property and business process and supply chain transformations.

For 23 years before joining Deloitte & Touche, Mr Emmer practised law in Baker & McKenzie’s international tax group where he represented both domestic and foreign multinational organizations in tax matters, including substantial tax controversies. His clients are engaged in such diverse industries as retail, motor vehicles, motion picture and other entertainment enterprises, computers and computer storage systems, semiconductors, software, e-commerce, consumer electronics, medical products and devices, biotechnology and pharmaceuticals, natural resources, commercial real estate development, marine exploration, and venture capital. Mr Emmer has resolved many important and sensitive tax controversy matters for clients.

In recent years, Mr Emmer has been selected by the International Tax Review as one of the most prominent tax advisers in the western United States. He is featured in the Guide to the World’s Leading Tax Advisers, appears in Strathmore’s Who’s Who in the United States, and has been selected as a life member of the National Registry of Who’s Who, published in the 1999 edition. Euromoney also has selected Mr Emmer for its Guide to the World’s Leading Transfer Pricing Advisers on several occasions.

Mr Emmer is a 1978 graduate of the University of Chicago Law School and a 1969 graduate (BS degree in accounting) of the Wharton School of Finance and Commerce, University of Pennsylvania.

263 United States David L Forst Fenwick & West LLP Silicon Valley Center 801 California Street Mountain View, CA 94041 US

Tel: (1) 650 335 7254 Fax: (1) 650 938 5200 Email: [email protected] Website: www.fenwick.com

David L Forst is included in Legal Media Group’s Guide to the World’s Leading Tax Advisers and was named one of the top tax advisers in the western US by the International Tax Review.

Mr Forst’s practice focuses on international corporate and partnership taxation. He is an editor of and regular contributor to the Journal of Taxation, having published articles on, among other topics, international joint ventures, international tax aspects of mergers and acquisitions and the business purpose and economic substance doctrines. He is a lecturer at Stanford Law School on international tax, and a regular chair and speaker at tax conferences, including the NYU Tax Institute, the Tax Executives Institute, and the International Fiscal Association.

Mr Forst received his JD, with distinction, from Stanford Law School, and his AB, cum laude, Phil Beta Kappa, from Princeton University’s Woodrow Wilson School of Public and International Affairs.

264 Guide to the World’s Leading Tax Advisers United States James P Fuller Fenwick & West LLP 801 California Street Mountain View, CA 94041 US

Tel: (1) 650 335 7205 Fax: (1) 650 919 0942 Email: [email protected] Website: www.fenwick.com

Mr Fuller was named a top tax adviser by Euromoney and International Tax Review. He also appears in Euromoney’s World’s Top 25 Tax Advisers (2006).

He has spoken, or will speak, at 14 TEI chapter and national meetings this year. Mr Fuller is the author of a widely read monthly column in Tax Notes International. He also appears in Woodward and White’s prestigious Best Lawyers in America.

Mr Fuller is admitted and has had cases in the US Supreme Court, eight federal circuit courts of appeal, certain federal district courts, the United States Court of Federal Claims, and the United States Tax Court.

Mr Fuller and his firm have represented corporate clients in nearly 70 federal tax cases. Selected federal cases include: Xilinx v Commissioner, 125 TC 37 (2005); Chrysler v Commissioner, __ F.3d __ (6th Cir, 2006); Textron v Commissioner, 336 F.3d 26 (1st Cir, 2003); The Limited v Commissioner, 286 F.3d 324 (6th Cir, 2002); Del Commercial v. Commissioner, 251 F.3d 210 (DC Cir, 2001); Illinois Tool Works v Commissioner, 117 TC 39 (2001); and CMI v Commissioner, 113 TC 1 (1999).

In 2006, Fenwick & West was named as “Americas Tax Litigation Firm of the Year” and “San Francisco Tax Firm of the Year” by International Tax Review.

265 United States Jennifer L Fuller Fenwick & West LLP Silicon Valley Center 801 California Street Mountain View, CA 94041 US

Tel: (1) 650 335 7284 Fax: (1) 650 938 5200 Email: [email protected] Website: www.fenwick.com

Jennifer L Fuller is a partner with the law firm of Fenwick & West, a law firm specializing in high technology matters. Ms Fuller practises in the firm’s Mountain View office in California.

Ms Fuller has been included in Euromoney’s Guide to the World’s Leading Tax Advisors, Euromoney’s Leading Lawyers in the Western US, Euromoney’s Guide to the Leading US Tax Lawyers, and Euromoney’s World’s Best Tax Lawyers and International Tax Review’s Best Tax Advisors in North America. Ms Fuller has served as the Northern California Chair for the California State Bar International Tax Committee. She has spoken at and chaired numerous seminars on international tax subjects. Articles Ms Fuller has written or co- authored have appeared in Tax Notes International magazine: “Rev. Rul. 97-48 and the Revocation of Rev. Rul. 75-7” (1997); and in Tax Notes magazine: “The Proposed Sections 367(a) and (b) Regulations” (1991).

Ms Fuller is admitted to practise before several circuit courts of appeals, the United States Tax Court, and the California Supreme Court. She is a member of the California Bar and is a California CPA. Ms Fuller received a BA in accounting from Whittier College and was a Lowell Memorial Merit Scholar recipient. She obtained her JD from Loyola Law School and received an LLM in taxation from Georgetown University Law Center.

266 Guide to the World’s Leading Tax Advisers United States Jorge A Gross PricewaterhouseCoopers 1441 Brickell Ave - 11th Floor Miami, FL 33131 US

Tel: (1) 305 381 7641 Fax: (1) 813 375 7168 Email: [email protected] Website: www.pwc.com

Jorge A Gross is the partner in charge of the South Florida tax practice of PricewaterhouseCoopers. In this role he is responsible for the management of the entire South Florida tax practice as well as partner in charge of PwC’s Latin American tax practice (Latax) in the US.

With over 25 years’ experience, Mr Gross provides tax and business consulting services to many publicly traded and privately held companies in a number of industries. He specializes in international tax and business matters relating to Latin America and has advised some of the largest corporations in the world with respect to structuring, financing, mergers and acquisitions and foreign tax credit and repatriation planning.

Mr Gross is a graduate of Rensselaer Polytechnic Institute in Troy, New York where he received his BS degree in industrial management and engineering. He continued his graduate studies in accounting and finance at the University of Miami and was certified as a CPA by the State of Florida in 1973. He is a member of the American Institute of Certified Public Accountants and the Florida Institute of Certified Public Accountants.

Mr Gross is a frequent speaker and author and has presented numerous lectures on Latin American tax and business issues to such organizations as Insight, American Conference Institute, The Counsel for International Tax Education, The Economist Conference Series, The World Trade Institute, Comdex and Florida International University among others. Mr Gross is also an instructor in PricewaterhouseCoopers’ continuing education programmes in matters relating to Latin American taxation.

He has written several articles published in such leading publications as the International Tax Review, The Tax Adviser, the Florida Bar Journal, Tax Notes International, Practical Latin American Tax Strategies and others. He has been named five years in a row by the International Tax Review and by Mondaq Publications as one of the leading Latin American tax advisers in the US. Legal Media Group has also named him for four consecutive years as one of the world’s leading tax advisers.

267 United States Harry Gutman KPMG LLP 2001 M Street NW Washington, DC 20036-3310 US

Tel: (1) 202 533 3044 Email: [email protected] Website: www.kpmg.com

Mr Gutman, a former chief of staff for the Joint Committee on Taxation, heads the federal tax legislative and regulatory services group at Washington national tax. Under Mr Gutman’s leadership, the practice gives clients immediate notification about breaking developments in tax legislation or federal tax regulations; coordinates the early identification of specific client issues concerning legislation, regulations, rulings, and other administrative pronouncements; helps clients prioritize their responses to proposed legislation and regulations; provides insight and advice to clients in anticipation of possible legislative or regulatory changes and the impact of such changes on client tax planning techniques; represents clients in the legislative and regulatory process; manages the formation of industry coalitions; and conducts roundtable briefings and discussions.

As Joint Committee Chief of Staff from 1991 through 1993, Mr Gutman was the primary non-partisan advisor to the House Ways and Means and Senate Finance Committees concerning the technical, economic and revenue aspects of tax legislation. Mr Gutman also served as deputy tax legislative counsel in the Treasury Department Office of Tax Policy. Throughout his career, Mr Gutman has counselled multinational corporations on various implications of tax legislative change. He represented clients in legislative and administrative matters before the Congress, the Treasury Department and the Internal Revenue Service. Before joining KPMG LLP (US), Mr Gutman was a partner in the Washington DC office of a large international law firm.

Mr Gutman taught at the University of Pennsylvania and Virginia Law Schools. He has served as chairman of the Tax Policy and Government Relations Committees of the ABA Tax Section and has been a member of the board of advisors of the NYU/IRS Continuing Legal Education Program. He is a member of the tax advisory group of the American Law Institute, the American College of Tax Counsel, the Taxation Committee of the US Chamber of Commerce, and was a Trustee of the American Tax Policy Institute. He is frequently quoted on federal tax legislative matters by The Wall Street Journal and The New York Times, as well as in the tax press.

Mr Gutman received his undergraduate degree from the Woodrow Wilson School of Public and International Affairs at Princeton University, a BA degree in Jurisprudence from University College, Oxford University and his LLB from Harvard Law School.

268 Guide to the World’s Leading Tax Advisers United States Steven D Harris KPMG 345 Park Avenue New York, NY 10154-0102 US

Tel: (1) 212 872 6718 (NY); (1) 202 533 3110 (DC); (1) 917) 406 4425 (mobile) Fax: (1) 212 872 5576 Email: [email protected] Website: www.kpmg.com

Steve Harris heads KPMG’s transfer-pricing practice for the eastern US, as well as the firm’s global transfer pricing resolution (GTPR) practice. A key focus of Mr Harris’ practice is to assist clients in identifying areas of potential transfer-pricing exposure on a global basis and identifying and implementing strategies to manage such transfer- pricing risk.

Mr Harris provides strategic advice in transfer pricing planning, documentation and controversy resolution situations. His current clients represent a vast cross-section of multinational businesses, including companies in the consumer goods, industrial machinery, pharmaceutical, telecommunications, automotive, electronics, semiconductor and technology sectors. He actively manages complex cases involving difficult substantive and procedural issues through the APA and competent authority processes, resulting in elimination of double taxation.

Mr Harris came to KPMG from the IRS APA programme, where he served as branch chief and acting director. During his tenure, he also served as the APA coordinator for Canadian and Japanese cases. While with the IRS, Mr Harris established IRS policy on substantive transfer-pricing matters and managed a multidisciplinary staff of attorneys, accountants and economists. He participated in numerous bilateral APA discussions and negotiations with tax authorities around the world to resolve transfer-pricing disputes. He joined the IRS in 1990 as an attorney with the IRS’s Office of Assistant Chief Counsel (disclosure litigation), before joining the IRS Office of Associate Chief Counsel (international) and the APA programme in 1994.

Mr Harris is a frequent global speaker and writer on transfer-pricing matters, and since 2000, he has consistently been selected by International Tax Review as a leading tax and transfer-pricing adviser. He is a member of the American Bar Association tax section’s Transfer Pricing Committee and the International Fiscal Association (IFA).

During his career, Mr Harris has been an attorney in private practice, an Appalachian- based oil field entrepreneur, a manager for a Texas-based multinational petroleum producer, and a senior state energy official in Ohio and Kansas.

Mr Harris earned his JD degree and his LLM degree in taxation at Capital University in Columbus, Ohio. He received a BA degree from Bowling Green State University, and undertook additional studies at the University of Salzburg, Austria.

269 United States Ronald B Harvey KPMG LLP 345 Park Avenue New York, NY 10154-0102 US

Tel: (1) 212 872 6729 Email: [email protected] Website: www.kpmg.com

Ron Harvey is an international tax partner in KPMG LLP (US)’s New York office. He is also a member of the board of directors of KPMG LLP.

Mr Harvey is one of KPMG’s most experienced international tax partners. He has assisted clients with a broad range of international tax planning initiatives, and is a frequent speaker on international tax and treasury matters. He served for three years as president of the International Tax Institute and is a member of the New York Council of the International Fiscal Association, the Wall Street Tax Association and the Tax Committee of the National Foreign Trade Council. Mr Harvey served for two years in KPMG France’s Paris office.

Mr Harvey is a graduate of Florida State University, where he received a Bachelor of Science degree in accounting and finance. He is a CPA in the state of Florida and is a member of the AICPA.

270 Guide to the World’s Leading Tax Advisers United States Kenneth H Heitner Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 US

Tel: (1) 212 310 8288 Fax: (1) 212 310 8007 Email: [email protected] Website: www.weil.com

Kenneth Heitner is a tax partner in the New York office of Weil Gotshal & Manges and co-head of the firm’s tax department. He has been a partner with the firm since 1981.

Mr Heitner is a member of the New York State Bar Association, Tax Section; American Bar Association, Tax Section; and the Association of the Bar of the City of New York. He is a former member of the executive committee of the New York State Bar Association Tax Section and formerly was the chairman of committees on reorganizations, corporations, practice and procedure and net operating losses of the New York State Bar Association Tax Section. Mr Heitner is the past president of the Tax Club. He has authored articles for The Tax Lawyer and the Journal of Partnership Taxation. Mr Heitner is general counsel and a member of the board of trustees of the Central Park Conservancy.

Mr Heitner holds an LLM and a JD from New York University School of Law, and a BA from Rutgers University.

271 United States Kai Hielscher Deloitte Tax LLP c/o Deloitte, 111 S Wacker Drive Chicago, IL 60101-6438 US

Tel: (1) 312 486 9336 (o) / (1) 312 375 6336 (c) Fax: (1) 312 247 9336 Email: [email protected] Website: www.deloitte.com

Kai Hielscher is in charge of Deloitte’s life sciences global industry practice in transfer pricing, as well as Deloitte Tax’s US transfer-pricing team, based in Chicago. Previously, he had helped build a managing function for the transfer-pricing team in Japan.

He has been recognized as one of the World’s Leading Transfer Pricing Advisers for Japan by the bi-annual Euromoney survey in 2000, as one of the World’s Leading Transfer Pricing Advisers for the US by Euromoney in 2002, 2004 and 2006, and as a Highly Recommended Adviser for the US in the 2003 International Tax Review survey.

Building on his tri-cultural background, Dr Hielscher has worked as project leader on complex transfer-pricing projects for both North American and foreign multinationals. He also serves as relationship leader for some of the organization’s largest clients. Examples of his recent projects include:

• transfer-pricing exam defence assistance in the US and various EU and Asian countries; • ground-breaking profit-split-based US APAs for leading pharmaceutical companies; • intangibles migration and supply chain restructuring projects involving Asia, Europe and North America for various leading manufacturers of medical products; and • global documentation and planning projects for Fortune 100 companies.

Dr Hielscher has been invited to speak at, or chair, various transfer-pricing sessions in the US, Asia and Europe at conferences sponsored by, among others, the American Bar Association (ABA), the Tax Executives Institute (TEI), Alliance for Tax, Legal and Accounting Seminars (Atlas), Council for International Tax Education (Cite), AIC Conferences (Great Britain), the International Chamber of Commerce (France), and Deloitte (US, Asia and Europe). His publications include articles in BNA’s Transfer Pricing Report (US), Nihon Keizai Sangyou Shinbun (Japan), Kokusai Zeimu (Japan), International Tax Review (Europe) and Süddeutsche Zeitung (Germany).

Dr Hielscher has previous work experience as a university instructor of microeconomics at both college and graduate-school levels.

As a result of his upbringing in Japan, Germany and the US, Dr Hierscher is tri- lingual at the native level in each of the three country languages. He holds a doctorate in economics from the University of Washington and conducted undergraduate studies at the University of Tübingen, Germany.

272 Guide to the World’s Leading Tax Advisers United States Nancy L Iredale Paul, Hastings, Janofsky & Walker LLP 515 South Flower Street Los Angeles, CA 90071 US

Tel: (1) 213 683 6232 Fax: (1) 213 627 0705 Email: [email protected] Website: www.paulhastings.com

Nancy Iredale is a partner specializing in tax controversy in the international law firm of Paul Hastings Janofsky & Walker LLP. She has provided tax advice to international and domestic clients in all types of commercial transactions, focusing principally on international tax transactions. Among others, Ms Iredale has counseled numerous international and domestic clients on transfer-pricing issues, has handled IRS audits relating to transfer pricing, has negotiated advance pricing agreements, participated in competent authority consideration, and has represented international clients in settling and/or trying tax litigation involving transfer-pricing and other foreign and domestic issues. She has been cited by her peers as one of the state’s most prominent tax litigators.

Ms Iredale’s litigation experience was recognized by the chief judge of the US Tax Court when she was invited to participate in the US Tax Court Judicial Conference. Over the last few years, she has spoken at NYU’s prestigious Tax Controversies Conference and Georgetown University’s Tax Litigation: Civil and Criminal. She is well acquainted with the legal personnel at the top levels of the federal taxing authorities. She was appointed by the commissioner of the Internal Revenue Service to the Advisory Group for the commissioner of the Internal Revenue Service (CAG) for the year 1990-1991.

Ms Iredale has lectured on both Section 482 and Section 6038A in the US and overseas. She has participated in the Section 482 Regulations Task Forces of the American Bar Association Tax Section.

Ms Iredale graduated first in her class from the School of Foreign Service of Georgetown University, where she was elected to Phi Beta Kappa in her junior year. She received her law degree from Yale Law School, where she published in the Review of Law and Social Action and was a member of the Board of Governors of the Yale Legislative Services. Beginning her tax career in Washington DC, she served as tax counsel to Senator William Brock on the Senate Finance Committee while the committee was writing the Tax Reform Act of 1976.

Ms Iredale has served on the Planning Committee of the USC Tax Institute since 1988. Ms Iredale was presented the V Judson Klein award as the outstanding young tax lawyer in the state of California. Several years ago, she completed a term as the only woman president of the 107 year+ Jonathan Club. Recently, Ms Iredale was cited by the Los Angeles Business Journal as one of the most powerful woman in Los Angeles law and has often been a speaker on resolving controversies with the taxing authorities.

273 United States Stephen M Kadenacy KPMG LLP KPMG Tower Suite 2000, 355 S Grand Avenue Los Angeles, CA 90071-1568 US

Tel: (1) 213 593 6767 Fax: (1) 213 593 6768 Email: [email protected] Website: www.kpmg.com

Mr Kadenacy is the partner-in-charge of KPMG’s economic and valuation services for the west area, consisting of a team of professionals providing business valuation and transfer-pricing services to KPMG’s clients in every major industry. Previously he has been partner-in-charge of tax for the Pacific southwest area (2002 to 2005), and 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, NJ office as a senior consultant, and joined the partnership in 2000. In 1997 he moved to Los Angeles with the firm and has successfully taken on a number of leadership roles. Prior to joining KPMG, Mr Kadenacy was an associate with Putnam Hayes and Bartlett, an economic consulting boutique where he worked closely with Amgen Inc on a variety of accounting and economic issues.

Mr Kadenacy has served some of KPMG’s most valued clients, including Time Warner, IBM, Clorox, ASML, Microsoft, Insight, Viacom and many more. He possesses well- developed technical knowledge, a dedication to client relationship building, and strong leadership skills.

His client experience includes:

• analysing the transfer-pricing policy of a $75 billion information technology company, including in-depth analysis of intellectual property associated with the company’s 26 divisions; • assisting numerous entertainment companies with transfer-pricing policy and documentation, including working through complex intangible asset issues common to this industry; • preparing intellectual property valuations for numerous companies in a variety of industries; • assisting a major pharmaceutical company in IP planning for a new drug release; • assisting two diverse major entertainment and media companies with their Sarbanes Oxley 404 compliance in the transfer-pricing area.

Mr Kadenacy is a frequent speaker on transfer pricing and related topics and has been recognized by the International Tax Review as a leading global transfer-pricing adviser. He is also on the board of trustees of the California Science Center in Los Angeles and a member of the Bel Air chapter of the Young Presidents Organization.

Mr Kadenacy earned his MBA in finance from the University of Southern California, Los Angeles. He earned his bachelor of arts degree in economics from the University of California, Los Angeles.

274 Guide to the World’s Leading Tax Advisers United States John P Kennedy Deloitte Tax LLP 2 Hilton Court Parsippany, NJ 07078 US

Tel: (1) 973 912 8977 Fax: (1) 973 202 4251 Email: [email protected] Website: www.deloitte.com

John P Kennedy is a partner in the northeast international tax services group and is based in the Parsippany, New Jersey office. After starting his career in the Atlanta office, he was assigned for three years to the US corporate tax group in London, serving UK and foreign-based multinationals in the manufacturing, aviation, shipping, and financial services industries.

A partner for 13 years, John consults with the firm’s largest and most complex global clients in tax matters involving cross-border transaction planning, financing, internal restructuring, repatriation of earnings, joint venture formation and supply chain optimization. His principal clients are some of the world’s leading companies in the pharmaceutical, medical device, high-technology, and other intangibles-intensive industries.

John is a frequent speaker on mergers and acquisition topics and international tax planning, such as those organized by the Tax Executives Institute. His commentary on, and analysis of, tax developments has been published in many of the leading tax journals.

John graduated with degrees in English literature and history from the Honors College at the University of Michigan, of whose advisory board he is currently a member. He also has an MBA from Emory University. John is married and has two children.

275 United States Kenneth H Kral PricewaterhouseCoopers LLP 300 Madison Avenue New York, NY 10017 US

Tel: (1) 646 471 2759 Fax: (1) 813 329 5098 Email: [email protected] Website: www.pwc.com

Kenneth H Kral is a tax partner in the international tax services practice of PricewaterhouseCoopers, New York. Before joining Price Waterhouse in 1986, Ken served as the technical advisor to the associate chief counsel of the Internal Revenue Service in Washington, DC. Ken specializes in providing international tax consulting services to large multinational corporations with a particular emphasis on international tax planning both for inbound and outbound investments. Ken also has significant experience in cross-border mergers and acquisitions. He is a frequent speaker on international tax issues and the taxation of mergers and acquisitions. He is a member of the American Bar Association, Tax Section, Committee on the Foreign Activities of US Taxpayers; International Fiscal Association; and American Institute of Certified Public Accountants; and a director and past president of the International Tax Institute.

276 Guide to the World’s Leading Tax Advisers United States Felix B Laughlin Dewey Ballantine LLP 1775 Pennsylvania Avenue NW Washington, DC 20006-4605 US

Tel: (1) 202 862 1040 Fax: (1) 202 862 1093 Email: [email protected] Website: www.deweyballantine.com

A partner in the Washington DC office of Dewey Ballantine, Felix Laughlin advises corporations on tax matters and handles large-case tax controversies before the Internal Revenue Service and the US federal courts.

For the past 30 years, Mr Laughlin has worked extensively as an advocate on behalf of Dewey Ballantine’s corporate clients in large-case tax disputes with the IRS. He has been the lead tax controversy adviser for a number of large US corporations, and has handled some of the most significant tax cases litigated in recent times. In addition, Mr Laughlin has been retained by the International Monetary Fund as a consultant on international legal reform, and assisted the government of Indonesia in drafting new guidelines to facilitate mergers and acquisitions there.

He recently co-hosted (with Mark Allison) a continuing legal education programme on the IRS’s current alternative dispute resolution programmes. His most recent published articles on tax-related topics are “Accounting Methods – Which Retroactive ‘Corrections’ Require IRS Consent?” (56 ABA Tax Lawyer 103, 2002, with Kathleen Dale); and “The IRS Reorganization: Programs and Initiatives of the New Large Case Division” (53 Administrative Law Review 679, 2001, with Mark Allison).

Mr Laughlin became a partner at Dewey Ballantine in 1975. In the early 1970s, he practised in Dewey Ballantine’s New York office, and in 1974, he opened the firm’s Washington DC office. Before joining Dewey Ballantine, Mr Laughlin served in several senior positions in the National Office of the Internal Revenue Service, where he had policy and technical responsibility for corporate transactions (including reorganizations, redemptions, incorporations and liquidations) and tax accounting issues.

Mr Laughlin received his LLM degree in taxation from Georgetown University Law Center in 1971, and a JD degree from the University of Tennessee College of Law in 1967 where he was an editor of the Tennessee Law Review. He is a past chairman of the Tax Section of the Federal Bar Association.

277 United States Brian E Lebowitz Alston & Bird LLP The Atlantic Building 950 F Street, NW Washington, DC 20004-1404 US

Tel: (1) 202 756 3394 Fax: (1) 202 654 4934 Email: [email protected] Website: www.alston.com

Brian E Lebowitz is a member of the firm’s international tax group and its federal income tax group.

His practice over the past 25 years has been devoted primarily to representing corporations in both international and domestic tax matters. He has extensive experience in international transfer pricing (including the negotiation of advance pricing agreements), structuring business transactions of various types, the taxation of debt instruments and other financial products, tax accounting issues, and tax valuations. In addition to helping clients conduct their business affairs intelligently in light of their surrounding tax environment, he assists them in improving that environment by negotiating advance agreements or obtaining advance rulings that expand the areas within which they can operate with relative certainty. When controversies with the IRS or other tax administrators arise, Mr Lebowitz helps clients to resolve them. He also advises both clients and colleagues on the application of economic analysis in tax and other legal matters.

Mr Lebowitz has published articles on a variety of subjects. His publications include “In Search of the Perfect Code” (Legal Times, July 5 1999, at S25) and “Transfer Pricing and the End of International Taxation” (84 Tax Notes 1523 (1999)). The latter article was reprinted in a Tax Management Transfer Pricing Special Report (Nov 1 2000). Mr Lebowitz also co-wrote with two economists “Using Tax Exempt Bonds to Finance Professional Sports Stadiums” (78 Tax Notes 1663 (1998)).

Mr Lebowitz received his JD in 1980 from Stanford Law School, where he was an article editor for the Stanford Law Review. He also received a PhD in economics in 1977, as well as an M Phil in 1975 and an MA in 1974, from Yale University. He earned his BA, summa cum laude, in 1972 from Amherst College and was elected to Phi Beta Kappa in his junior year. After law school, he clerked for the Honourable Thomas Gibbs Gee of the US Court of Appeals for the Fifth Circuit. Before joining Alston & Bird, he practised at Covington & Burling in Washington DC, where he was of counsel.

Mr Lebowitz is a member of the tax sections of both the American Bar Association and the District of Columbia Bar Association and is admitted to practise before the US Court of Appeals for the DC Circuit and the US Tax Court. He is a member of the National Tax Association, the American Economic Association, the American Law and Economics Association, the International Fiscal Association, and the Committee on Taxation of the US Council for International Business.

278 Guide to the World’s Leading Tax Advisers United States Marc M Levey Baker & McKenzie LLP 805 Third Avenue New York, NY 10022 US

Tel: (1) 212 891 3944 Fax: (1) 212 310 1644 Email: [email protected] Website: www.bakernet.com

Marc Levey is a partner in the New York office of Baker & McKenzie. He has over 25 years of experience in international taxation and is a nationally recognized expert in his field, particularly in structuring and defending transfer-pricing strategies. He has frequently been acknowledged by Legal Media Group as one of the world’s leading tax advisors, and was included in the Best of the Best, global tax experts. Mr Levey has also been recognized in the Best Lawyers in America and in New York Magazine as among “The New York Area’s Best Lawyers.”

His practice focuses on transfer pricing and cross-border transactions and mergers and acquisitions; tax controversies and litigation; and general corporate, international and partnership taxation, and multinational restructurings. Mr Levey previously served as a tax attorney with the International Tax Ruling Group of the National Office of the IRS from 1975 to 1977. He acted as senior trial attorney with the Tax Division of the US Department of Justice from 1977 to 1981, was the special attorney to the 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 New York area and was member of the firm’s international task force. In addition, he was a tax partner at a prominent New York-based law firm.

Mr Levey represents a wide range of clients in proceedings before the IRS and federal courts and has substantial experience in handling tax controversies. He has been, and is, tax counsel on numerous high-profile tax court cases, including Club Med Sales Inc v Commissioner; Astra USA Inc v Commissioner; Saint Gobain Corporation et al v Commissioner; Frette SA v Commissioner; Andres Courrage Inc v Commissioner; Framatome Connectors USA v Commissioner; and El Paso Maquila Sales Inc v Commissioner. He has also successfully negotiated conclusions to numerous IRS tax audits, appeals controversies, fast-track appeals, competent authority matters and advance-pricing agreements.

He has been a featured speaker at numerous international tax seminars throughout the world, such as Tax Executive Institute, Practicing Law Institute, International Fiscal Association, International Tax Review, Canadian Tax Foundation, College Colegio de Contadores de Pubicio Mexico, Counsel for Tax Education, American Bar Association, and NYU Tax Institute. He is also the editor and author of the tax treatise US Taxation of Foreign Controlled Business, co-author of International Transfer Pricing OECD Guidelines, Warren Gorman Lamont treatises, the co-author of Transfer Pricing: Rules, Compliance and Controversy, CCH Incorporated, and the co-author of “Transfer Pricing: Alternate Practical Strategies” 890 Tax Management Foreign Income Portfolios (2001). Mr Levey has also authored over 100 publications over the last 10 years in leading global tax publications.

Mr Levey is founding chairman of the American Bar Association’s Tax Section, Transfer Pricing Committee, and prior vice chairman of the Affiliated and Related Tax Party Committee, director of International Tax Institute Inc, and member of the advisory board of numerous leading tax journals such as Journal of International Taxation, International Tax Journal and BNA Foreign Tax Portfolio.

Mr Levey is a graduate of Wilkes University (BS economics and accounting, 1969), University of Cincinnati College of Law (JD 1972) and the University of Miami Law School (LLM taxation, with honours, 1973). He is a member of the New York, California, District of Columbia, Pennsylvania and Illinois Bar Associations and the American Bar Association.

279 United States Patricia Gimbel Lewis Caplin & Drysdale One Thomas Circle, NW Washington, DC 20005 US

Tel: (1) 202 862 5017 Fax: (1) 202 429 3301 Email: [email protected] Website: www.caplindrysdale.com

Patricia Gimbel Lewis is a member of Caplin & Drysdale, a 60-attorney law firm in Washington DC that focuses on tax matters. Ms Lewis’ practice centres on international transfer-pricing issues, competent authority matters, and other aspects of international taxation, including tax audits and other administrative controversies. A particular emphasis is the negotiation of advance pricing agreements (APAs) between taxpayers, the IRS, and foreign tax authorities. In this context, she has represented US subsidiaries of large Japanese corporations, as well as affiliates of corporations in the UK, Sweden, Germany, Israel, and other foreign countries.

Ms Lewis co-chaired the IRS/George Washington University Annual Institute on International Taxation for 2000 and 2001 and serves on its advisory board. Recent articles by Ms Lewis include:

• “Play It Again, Sam – The IRS (More or Less) Finishes the Section 482 Services Regulations” The Tax Executive (October 2006); • “The Law of Unintended Consequences: International Implications of Section 409A” The Tax Executive (March/April 2005); • “What’s New? What’s Missing? The IRS Updates APA Procedures” The Tax Executive (July/August 2004); • “Markers and Musings on the Proposed § 482 Services Regulations” The Tax Executive (December 2003); • “The Final Word on Stock Options in Cost Sharing Arrangements?” Tax Management International Journal (December 2003); • “Option Wars: Upping the Ante for Cost Sharing Arrangements” Tax Management International Journal (November 2002); • “Second First? Transfer Pricing in Secondment of Personnel” The Tax Executive (July/August 2002); • “Cost Sharing Arrangements Come of Age” BNA Tax Management Memorandum (2000); • “Mining for Nuggets in the IRS APA Report” The Tax Executive (May/June 2000); • “Now What? Collateral Consequences of Transfer Pricing Adjustments” The Tax Executive (1995); and • “Strategic Choices for Transfer-Pricing Controversies” The Tax Executive (1992).

She has also presented speeches on these topics to many audiences (the ITR Annual Transfer Pricing Forum, ABA Taxation Section, and Tax Executives Institute).

Ms Lewis received her law degree (JD cum laude) from Harvard Law School in 1971. In the same year she also received an MBA, with high distinction, from the Harvard University Graduate School of Business Administration, where she was a Baker Scholar. Her undergraduate degree is from Wellesley College.

Ms Lewis is a fellow of the American College of Tax Counsel, the American Bar Foundation, and the American College of Employee Benefits Counsel. She served on the IRS Commissioner’s advisory group from 1994 through 1996. Ms Lewis co-chaired the DC Bar Taxation Section from 1992 through 1995, and has been a regular participant in, and co-drafter of, various projects of the ABA taxation section’s foreign committees on matters such as the section 482 regulations, advance pricing agreements, competent authority procedures, cost-sharing agreements and penalties.

280 Guide to the World’s Leading Tax Advisers United States Jerome B Libin Sutherland Asbill & Brennan LLP 1275 Pennsylvania Avenue, NW Washington, DC 20004 US

Tel: (1) 202 383 0145 Fax: (1) 202 637 3593 Email: [email protected] Website: www.sablaw.com

Jerry Libin is the firm-wide chair of the 80-lawyer tax group at Sutherland Asbill & Brennan LLP. He handles matters involving virtually every aspect of domestic and international corporate taxation for a broad range of US and foreign clients. His principal areas of concentration are tax controversy, tax planning (including transfer pricing), corporate acquisitions, dispositions and restructurings, and financial transactions involving domestic and/or international tax considerations. Mr Libin has successfully litigated a number of important federal tax cases. He also handles constitutional challenges to state tax statutes.

Mr Libin has extensive experience in dealing with the Treasury Department in matters such as the revision of proposed regulations and the negotiation of tax treaty provisions. He has handled legislative matters involving presentations to the Congressional tax- writing committees and the Joint Committee on Taxation. As a consultant to the American Law Institute International Tax Study Project, Mr Libin participated in the development of a number of international tax proposals that became part of the Internal Revenue Code of 1986. He has also served as an informal adviser to the staff of the Senate Finance Committee.

From 2001 to 2005, Mr Libin was president of the 10,000-member International Fiscal Association (IFA), the largest professional organization in the world devoted exclusively to the study of international tax matters. He is currently a member of the executive committee of the US branch of IFA. Mr Libin has also served as a member of the council of the Tax Section of the American Bar Association and as chair of its Special Committee on Standing to Sue, Committee on Integration, Special Projects Committee and Globalization Task Force. A past chair of the Taxation Division of the District of Columbia Bar; he is also a fellow of the American College of Tax Counsel and a master of the bench of the J Edgar Murdock American Inn of Court, the only inn of court dealing with federal tax matters. He has been a professorial lecturer on advanced corporate taxation at the George Washington University National Law Center. He is a frequent speaker at tax programmes and a contributor to tax periodicals.

Mr Libin is listed in the Best Lawyers in America, the Guide to the World’s Leading Tax Advisers, Chambers USA – America’s Leading Business Lawyers, Chambers Global – World’s Leading Lawyers, the International Tax Review World Tax Guide, and various other publications listing prominent tax practitioners.

Mr Libin graduated from University of Michigan Law School, where he was editor- in-chief of the Law Review. Before joining the firm in 1961, he served as a law clerk to Associate Justice Charles E Whittaker of the United States Supreme Court.

281 United States John B Magee McKee Nelson LLP 1919 M Street, NW Suite 200 Washington, DC 20036 US

Tel: (1) 202 775 8671 Fax: (1) 202 775 8586 Email: [email protected] Website: www.mckeenelson.com

Mr Magee focuses on tax controversy and international tax issues, including transfer pricing. He has extensive experience in all aspects of income tax planning, Internal Revenue Service administrative proceedings, and tax litigation. Mr Magee has tried cases in the US Tax Court, the US Court of Federal Claims, and the US district courts.

Before joining McKee Nelson in January 2000, Mr Magee was a partner in the DC law firm Miller & Chevalier.

Mr Magee has spoken extensively in a variety of tax forums. He is an adjunct professor in the graduate tax programme of the Georgetown Law Center, teaching “International Transfer Pricing: Theory vs Practice”.

Mr Magee received an LLM in taxation from the Georgetown University Law Center in 1977 and a JD in 1972 from the University of Washington School of Law, where he served on the law review and received the Order of the Coif distinction. He received a BA from Pomona College in 1966.

Mr Magee has been named one of the world’s leading practitioners in the field of taxation by Chambers Global – The World’s Leading Lawyers for Business since 2001 and Chambers USA – America’s Leading Lawyers for Business since 2002. He has been listed in The Best Lawyers in America for the past 10 years.

Representative cases in which Mr Magee has served as either lead counsel or a principal participant include:

• BF Goodrich Co v United States, Docket No 5:98CV0846 (ND Ohio) (COLI); • Boeing Co v United States, 98-2 USTC ¶50,722 (WD Wash 1998), rev’d, 123 S Ct 1099 (2003), aff’g 258 F3d 958 (9th Cir 2001)(DISC/R&D); • The Dow Chemical Company v United States, 250 F Supp 2d 748 (ED Mich 2003), appeal pending 6th Circuit; • Exxon Corp v Commissioner, 66 TCM (CCH) 1707 (1993) (§482, transfer pricing); • Exxon Corp v United States, 931 F2d 874 (Fed Cir 1991) (bad debts); • General Electric Co v Commissioner, Tax Ct No 14715-92 (R&D); • GlaxoSmithKline Holdings (Americas) Inc v Commissioner, 117 TC 1 (2001) (§482 preservation of testimony); • GlaxoSmithKline Holdings (Americas) Inc v Commissioner, US Tax Court Docket No 005750-04 (§482); • Host Marriott Corp v United States, 267 F3d 363 (4th Cir 2001)(§172(f)); and • Weyerhaeuser Co v United States, 92 F3d 1148 (Fed Cir 1996) (timber loss).

282 Guide to the World’s Leading Tax Advisers United States Carlyn S McCaffrey Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 US

Tel: (1) 212 310 8136 Fax: (1) 212 310 8007 Email: [email protected] Website: www.weil.com

Carlyn McCaffrey is a partner and co-head of Weil Gotshal & Manges’ trusts and estates department and an adjunct professor of law at New York University School of Law and at the University of Miami School of Law. She received her LLB and her LLM from the New York University School of Law.

Mrs McCaffrey is a fellow and a past president of the American College of Trust & Estate Counsel, a fellow and regent of the American College of Tax Counsel and a member and past vice-president of the International Academy of Trust & Estate Counsel. In addition, Mrs McCaffrey is a former member of the council of the Real Property Probate and Trust Section of the American Bar Association, a current representative of the section on the Joint Editorial Board for Uniform Trusts and Estate Acts, the former chair of the section’s Generation-Skipping Transfer Tax Committee, a member of the Tax Section of the New York State Bar Association and the co-chair of the section’s Estates and Trusts Committees, a member of the advisory board of Tax Analysts, and a member of the advisory committee of the University of Miami’s Philip E Heckerling Institute on Estate Planning. She is a member of the New York Archdiocese Planned Gifts Bequests Committee, a member and the secretary of the board of directors of the Catholic Communal Fund, a member of the board of trustees of Blythedale Children’s Hospital, a member of the board of directors of the Breast Cancer Research Fund, the chair of the Central Park Professional Advisory Committee, a member of The Metropolitan Museum of Art’s Professional Advisory Council, a member of The Museum of Modern Art’s Planned Giving Advisory Committee, and a member of the Professional Advisors Council Committee of Lincoln Center for the Performing Arts, Inc.

Mrs McCaffrey frequently lectures on subjects relating to tax law, trusts and estates, foreign trusts and matrimonial law. She also writes extensively on these topics, and is the co-author of Structuring the Tax Consequences of Marriage and Divorce.

283 United States William S McKee McKee Nelson LLP 1919 M Street, NW Suite 200 Washington, DC 20036 US

Tel: (1) 202 775 8580 Fax: (1) 202 775 8586 Email: [email protected] Website: www.mckeenelson.com

Mr McKee is one of the founding partners of McKee Nelson. His practice encompasses all areas of federal taxation, with a special emphasis on partnership taxation.

Mr McKee served as tax legislative counsel at the US Treasury Department from 1981 to 1983. He is a member of the American Law Institute, the American College of Tax Counsel, and the National Institute for Tax Professionals.

Mr McKee was a law professor at the University of Virginia School of Law from 1969 to 1981. He also was a visiting professor in the graduate tax programme at the New York University School of Law from 1975 to 1977.

He is co-author of Federal Taxation of Partnerships and Partners (Warren, Gorham & Lamont, 3rd edition, 1997), and Federal Taxation of Partnerships and Partners: Structuring and Drafting Agreements (Warren, Gorham & Lamont, 2nd edition, 1993). Mr McKee is a frequent speaker at seminars around the country on partnership taxation and has written numerous articles.

A 1966 cum laude graduate of Yale University, Mr McKee received a JD, magna cum laude, in 1969 from the Harvard Law School, where he was an editor of the Harvard Law Review.

Mr McKee has been named one of the world’s leading practitioners in the field of taxation by Chambers Global – America’s Leading Lawyers for Business since 2000 and Chambers USA – America’s Leading Lawyers for Business since 2002. He has been listed in The Best Lawyers in America for the past 20 years.

284 Guide to the World’s Leading Tax Advisers United States Philip D Morrison Deloitte Tax LLP 555 Twelfth Street, NW, Suite 500 Washington, DC 20004 US

Tel: (1) 202 879 4977 Fax: (1) 202 661 1095 Email: [email protected] Website: www.deloitte.com

Philip D Morrison is a principal with Deloitte Tax in Washington DC. He leads Deloitte’s international tax quality control function. Mr Morrison has over 25 years of experience as a tax lawyer, with the last 17 years exclusively in international tax, including inbound and outbound planning, treaty issues, transfer pricing and controversy work. He joined Deloitte in 1999, and was previously a partner at Baker & McKenzie.

Mr Morrison provides tax planning and compliance advice to international tax practitioners in Deloitte offices across the country and around the world, and to their clients. As leader of the international tax quality function, he leads the committee that determines the firm’s positions on US international tax questions. He also contributes to the Washington office’s work to develop or refine international tax planning strategies, provide training and information on international tax, and act as a liaison with the government.

Mr Morrison served from 1989 to 1992 as the US Treasury’s international tax counsel, the US government’s chief legal adviser on international tax matters (including international tax legislation and regulations), and chief negotiator of tax treaties and director of the Office of International Tax Counsel. He also represented the US at the OECD and other multilateral tax forums. Earlier in his career he served as counsel to the US Senate Finance Committee.

Mr Morrison is a member of the committee on US activities of foreigners and tax treaties of the American Bar Association tax section, the tax committee of the National Foreign Trade Council, the International Fiscal Association, and two Washington-based international tax study groups.

He is an honours graduate of the Harvard Law School, and graduated from Princeton University with high honours. He has spoken and published widely on various international tax subjects.

285 United States Clifford E Muller Sutherland Asbill & Brennan LLP 1275 Pennsylvania Avenue, NW Washington, DC 20004 US

Tel: (1) 202 383 0207 Fax: (1) 202 637 3593 Email: [email protected] Website: www.sablaw.com

Cliff Muller practises exclusively in the area of federal tax law and concentrates primarily on transactions with international tax implications.

Mr Muller’s practice focuses on analysing and structuring international transactions, including acquisitions, dispositions, reorganizations, transfer pricing, repatriation techniques, currency transactions and finance company arrangements. He is experienced in the taxation of financial transactions, including interest rate swaps, currency swaps, commodity swaps, debt offerings and hedging transactions. Mr Muller works regularly with the Internal Revenue Service and Treasury Department regarding regulation projects, formal rulings and informal advice and with Congressional Committee staffs regarding the technical operation of statutory and bill language.

Mr Muller is a member of the American Bar Association’s Committee on Financial Transactions and was the committee chairman for the Subcommittee on International Financial Transactions. He is the author of numerous writings on international tax subjects, including the BNA portfolio on Tax Aspects of Foreign Currency, and speaks frequently before TEI, the American Conference Institute, the World Trade Institute and other professional and trade associations. He was an associate professor of law at the George Washington University National Law Center and taught a course entitled “Special Problems in Corporate Taxation”, which addressed the issues involved with taxable and non-taxable mergers, intra-group sales, consolidated returns, liquidations, net operating loss carryovers and other corporate tax issues.

Mr Muller graduated from George Washington Law School in 1981 with high honours, and from Bucknell University, magna cum laude, in 1978.

286 Guide to the World’s Leading Tax Advisers United States Dan Munger Deloitte Tax LLP 111 S Wacker Drive Chicago, IL 60606 US

Tel: (1) 312 486 8930 Fax: Email: [email protected] Website: www.deloitte.com

Daniel Munger, the leader of Deloitte Tax’s global strategies group, has more than 25 years of tax and accounting experience. His focus is on strategic international tax planning and consulting for multinational organizations in various matters, including mergers and acquisitions, US and local county tax planning, foreign tax credit planning, cash utilization strategies and transfer pricing.

The Global Strategies Group (GSG), a national practice within Deloitte & Touche USA led by Mr Munger, delivers comprehensive strategic planning to ensure long-term sustainable effective tax rate reduction. The GSG group has assisted many US multinationals in designing integrated tax and treasury strategic plans and executing multi-year strategies. The approach and methodology of the GSG practice has been successfully deployed to assist in the design and execution of large complex restructuring.

Mr Munger has served as the engagement partner on a number of large multinationals where project management and team coordination played a key role in successful project implementation. He has played a key role in various international think-tank efforts and has been a contributor to the development of creative solutions. He is a frequent lecturer on a variety of international topics and tax accounting matters with groups such as the Tax Executives Institute, MAPI, and the World Trade Institute.

A graduate of Purdue University, Mr Munger is a member of the American Institute of Certified Public Accountants and the Illinois CPA Society. He has served the Chicago civic and professional community for many years.

287 United States Mark Nehoray Deloitte Tax LLP 350 South Grand Avenue, Suite 200 Los Angeles, CA 90071 US

Tel: (1) 213 688 4104 Email: [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 leading transfer pricing advisers in the United States and by Euromoney Legal Media Group as one of the world’s leading transfer pricing advisers.

Mr Nehoray has over 25 years of public accounting and private industry experience, primarily in the international tax and transfer pricing areas. He consults with multinational clients on cross-border transactions, assists multinational companies with transfer pricing studies, and consults with clients on restructuring foreign royalties and other foreign income streams. Mr Nehoray led the team that successfully negotiated Mexico’s first ever transfer pricing ruling.

Mr Nehoray is the transfer pricing advisor to three of the world’s largest multinationals, and over the past 15 years has conducted a significant number of transfer pricing studies in a variety of industry sectors. These projects have included both defensive work with respect to on-going IRS audits and competent authority assistance, as well as planning studies and APAs. Some of these projects have involved the restructuring of a US company to minimize US federal, state and foreign income taxes, and US and foreign customs duties. Over the past 10 years, he has been responsible for the firm’s largest APA.

Since 2002, Mr Nehoray has been the executive producer and the host of Deloitte’s Transfer Pricing Dbriefs, a monthly Internet programme. He is a frequent speaker at US transfer pricing conferences sponsored by CITE, Tax Executives Institute, and California Society of CPAs. He has also served as a transfer-pricing instructor at the firm’s various national and international tax training programs and has authored several articles and publications on transfer pricing and tax strategy.

He has a bachelor’s degree in business administration from the University of Southern California and a master’s degree in business taxation from the University of Southern California.

288 Guide to the World’s Leading Tax Advisers United States William F Nelson McKee Nelson LLP 1919 M Street, NW Suite 200 Washington, DC 20036 US

Tel: (1) 202 775 8582 Fax: (1) 202 775 8586 Email: [email protected] Website: www.mckeenelson.com

Mr Nelson is a co-founder of McKee Nelson. His practice encompasses all areas of federal taxation, with a special emphasis on partnership taxation and tax controversy matters.

From 1986 to 1988, Mr Nelson served as chief counsel for the Internal Revenue Service.

He is co-author of Federal Taxation of Partnerships and Partners (Warren, Gorham & Lamont, 3rd edition, 1997), and Federal Taxation of Partnerships and Partners: Structuring and Drafting Agreements (Warren, Gorham & Lamont, 2nd edition, 1993). Mr Nelson has written articles on tax law for numerous journals and institutes. Mr Nelson is a frequent lecturer at various tax institutes.

Mr Nelson received a JD from the University of Virginia School of Law in 1972, where he was editor-in-chief of the Virginia Law Review and was named to the Order of the Coif. He graduated from Mississippi State University with highest honours in 1969.

Mr Nelson has been named one of the world’s leading practitioners in the field of taxation by Chambers Global – America’s Leading Lawyers for Business since 2001 and Chambers USA – America’s Leading Lawyers for Business since 2002. He has been listed in The Best Lawyers in America for the past 10 years.

289 United States Andrew C Newman Deloitte Tax LLP 111 South Wacker Drive Chicago, IL 60606-4301 US

Tel: (1) 312 486 9846 Fax: (1) 312 247 9846 Email: [email protected] Website: www.deloitte.com

Andrew Newman specializes in international tax matters of multinational companies, and is a member of Deloitte’s international tax service line. He serves US multinational clients in a variety of industries, including specialty chemicals, manufacturing, food processing and distribution, and franchising. As an active member of Deloitte’s worldwide network, he has performed numerous global tax studies for multinational companies with the purpose of reducing their worldwide effective tax rate. Mr Newman has been intimately involved in the development of a new approach to managing the effective tax rate of a global company and optimizing its use of offshore cash, and has successfully implemented these so-called Global ST2EPS principles for many US-based multinational companies.

Mr Newman was recently recognized in a leading international survey of tax advisers as the leading international tax service professional in the central region of the US. The study, conducted by the prestigious International Tax Review, gathers and assesses feedback on accounting and law firm tax advisers from 2,000 in-house tax experts and CFOs at leading companies and financial institutions throughout North America.

Mr Newman has published numerous articles on international tax matters in such magazines as The Tax Executive, Investment USA and The International Tax Management Journal. He has co-written BNA Portfolios on international tax topics, including Allocation and Apportionment of Expenses – Reg §1.861-8 and Foreign Corporation Earning and Profits. He has addressed various tax groups, including the Chicago Tax Club, the Tax Executives Institute, and the National Chamber Foundation on international tax matters. He is a member of the International Fiscal Association, the Chicago Council on Foreign Relations, the AICPA and the Illinois CPA Society.

Mr Newman graduated from the University of Wisconsin-Madison with a bachelor of business administration degree in 1980. He joined Arthur Andersen in July 1980, was promoted to manager in July 1984 and partner in September 1990. In 1985, he spent the year with the international tax specialty group in Arthur Andersen’s office of federal tax services in Washington DC. In May 2002, Mr Newman joined the Chicago office of Deloitte as a partner.

290 Guide to the World’s Leading Tax Advisers United States David Z Nirenberg McKee Nelson LLP One Battery Park Plaza 34th Floor New York, NY 10004 US

Tel: (1) 917 777 4395 Fax: (1) 917 777 4299 Email: [email protected] Website: www.mckeenelson.com

David Nirenberg’s practice focuses on tax work related to structured finance and derivative products. He has played a significant role in the structuring of a wide variety of innovative financial products in both domestic and cross-border markets.

Mr Nirenberg has written and lectured extensively in the area of financial products. He is co-author of the following:

• Federal Income Taxation of Securitization Transactions, Frank J Fabozzi Associates 2001 – with annual supplement; • Federal Income Taxation of Mortgage-Backed Securities, Probus Publishing 1989, revised 1994; and • Covered Bonds – a global taxation perspective, The Euromoney Corporate Tax Handbook 2006

Prior to joining McKee Nelson, Mr Nirenberg was a partner at Orrick, Herrington & Sutcliffe LLP. He received his JD from Columbia Law School in 1985 where he was a Harlan Fiske Stone Scholar. He received his MBA with honours from Boston University Graduate School of Management in 1985 and a BS from Cornell University in 1981.

291 United States Edwin L Norris Sidley Austin LLP 555 West Fifth Street Los Angeles, CA 90013 US

Tel: (1) 213 896 6026 Fax: (1) 213 896 6600 Email: [email protected] Website: www.sidley.com

Edwin L Norris is the partner in charge of the tax group in the Los Angeles office. He practises primarily in the areas of federal and state business taxation and entertainment ventures, focusing on the planning and implementation of complicated, tax-intensive transactions. He also handles complex tax controversies.

Mr Norris has extensive experience in resolving the complex tax issues presented by large business transactions, especially transactions involving acquisitions and dispositions and international joint ventures and investments (both inbound and outbound).

Mr Norris has been heavily involved in international transactions for nearly 30 years. For the past 15 years, he has represented a major motion picture studio as its principal outside tax counsel, advising the studio in connection with a variety of domestic and international joint ventures, film financing transactions, acquisitions and dispositions. Recently, Mr Norris has been the studio’s outside counsel principally responsible for the design and implementation of a complex international joint venture for the production of up to $5 billion of theatrical motion pictures.

Mr Norris has also represented a number of other clients on a variety of transactions. His recent projects include a large film securitization transaction on behalf of a major investment bank and many other types of acquisition, film financing and joint venture transactions.

Mr Norris is a member of the Tax Section of the American Bar Association. He serves on the Tax Section’s Committee on Foreign Activities of United States Taxpayers and served as chairman of the subcommittee on the anti-conduit regulations. In that capacity, he was co-author of the American Bar Association Tax Section’s formal comments in 1995 on the proposed anti-conduit regulations. Mr Norris has lectured on a variety of federal and state tax matters, has authored numerous tax articles and has taught a law school course on international business transactions. Mr Norris spoke in January 1999 on “Tax Aspects of Film Company Acquisitions” at the 51st Annual Institute on Federal Taxation sponsored by the University of Southern California School of Law

Mr Norris graduated from New York University School of Law (LLM in taxation) in 1978, from Yale Law School (JD) in 1972, and from Duke University (BA) in 1968. He admitted to practise in California (1987), New York (1973), Oklahoma, and at the US Tax Court.

292 Guide to the World’s Leading Tax Advisers United States Amin Nosrat Deloitte Tax LLP 333 Clay Street, Suite 2300 Houston, TX 77002 US

Tel: (1) 713 982 4057 Fax: (1) 713 427 4057 Email: [email protected] Website: www.deloitte.com

Amin Nosrat is an international tax partner serving multinational corporations in a variety of industries, including energy (upstream, midstream and downstream, and power generation and transmission), oil field services, manufacturing and distribution, waste services and real estate.

Since he began practising in 1984, Amin has advised clients in all areas of outbound international taxation including acquisition and disposition planning, initial structuring for new country investments, tax-efficient financing structures, foreign tax credit planning including expense apportionment and overall foreign loss planning, earnings and profits computations, transfer pricing and repatriation strategies. Amin also has extensive experience in inbound international taxation including inbound financing, FIRPTA, branch profits taxes, and disposition planning.

Amin is a member of the firm’s international tax think tank and leads the firm’s Houston international tax practice. He has extensive experience with domestic corporate tax issues including accounting methods and inventories, entity structuring and restructuring from a national and international perspective, and consolidated return engagement experience, as well as expertise in individual and partnership taxation.

He currently serves as a member of the board of directors of the International Tax Forum of Houston, and is a frequent lecturer at internal and external international tax seminars and conferences. In 2004 and 2005, Amin was recognized as one of Houston’s leading international tax practitioners in cross-border structuring by the Legal Media Group’s International Tax Journal.

Amin received his BBA (magna cum laude) from Baylor University and is a certified public accountant.

293 United States James M O’Brien Baker & McKenzie LLP 130 E Randolph Drive, Suite 3700 Chicago, IL 60601 US

Tel: (1) 312 861 8602 Fax: (1) 312 616 7345 Email: [email protected] Website: www.bakernet.com

James M O’Brien is a partner in the Chicago office of Baker & McKenzie. The firm has over 150 tax attorneys in North America and over 500 tax attorneys globally. Mr O’Brien joined Baker & McKenzie upon graduating from law school in 1981. He became a partner in 1988. Between 1999 and 2002, he served as chair of Baker & Mckenzie’s North American tax practice group. He currently serves as chair of its Tax Controversy sub-practice.

Since 1981, Mr O’Brien’s practice has focused on federal tax controversies, international tax planning and transfer pricing. Representing clients in disputes with the IRS or foreign tax authorities makes up the majority of his practice.

Mr O’Brien’s tax litigation experience has concentrated on large tax (so-called coordinated industry case or CIC) controversies on behalf of US and foreign multinationals with the IRS. His litigation experience covers diverse US tax issues, including satisfaction of the subpart F manufacture or production test; the eligibility of computer software masters and germplasm for FSC benefits; deductibility of hostile takeover costs; eligibility for, and quantification of, the section 936 possession tax credit; research credit qualification and computation issues; unrelated business income; employment tax; and section 861 expense allocation and apportionment. The litigated issues often involve high profile subjects (for example tax consequences of the Bhopal gas disaster) or issues designated for litigation by the IRS.

He has litigated to opinion several inter-company pricing cases, including Eli Lilly & Co v. Commissioner 84 TC 996 (1985), rev’d in part, aff’d in part, and rem’d, 856 F2d 855 (7th Cir 1988); Sundstrand Corporation v Commissioner 96 TC 226 (1991); The Perkin-Elmer Corp v Commissioner 66 TCM (CCH) 634 (1993); and Compaq Computer Corporation v Commissioner 78 TCM (CCH) 20 (1999). In 2002, Mr O’Brien successfully argued before the Ninth Circuit that export licences of computer software masters qualified for FSC tax benefits, thereby ending a two-decade battle between the IRS and the software industry over the scope of the FSC statute and regulations: Microsoft Corp. v Commissioner, 311 F.3d 1178 (9th Cir 2002).

Mr O’Brien has represented numerous clients in IRS audit, appeals, competent authority and APA proceedings for the past 25 years. Given Baker & McKenzie’s broad network of foreign offices, he often has worked closely with the firm’s foreign tax lawyers on double tax cases arising from transfer-pricing or business profits adjustments proposed by the IRS or a foreign tax authority.

Mr O’Brien is the lead author of a 600-page international tax treatise, US Corporations Doing Business Abroad (RIA). He has published a number of articles in US, Japanese and European tax journals. He is a regular speaker at TEI, ATLAS and other tax seminars. Between 1990 and 1993, he was an adjunct professor at IIT Chicago Kent Law School, teaching the international tax course in the graduate tax program.

Mr O’Brien is a 1978 graduate (summa cum laude) of the University of Notre Dame, where he competed on the varsity track team. He is a 1981 graduate (magna cum laude) of the Harvard Law School, where he was president of the Harvard Defenders Legal Aid Society and was invited to join the Harvard Law Review.

294 Guide to the World’s Leading Tax Advisers United States Jeffrey O’Donnell Deloitte Tax LLP 555 Twelfth St, NW, Suite 500 Washington, DC 20004 US

Tel: (1) 202 879 4932 Fax: (1) 202 661 1094 Email: [email protected] Website: www.deloitte.com

Jeffrey O’Donnell is an active member of the Washington international tax services group. He has extensive experience in, and his practice concentrates on, the international tax aspects of cross-border tax planning, joint ventures, financial products and derivatives and cross-border mergers, acquisitions and restructurings.

Mr O’Donnell specializes in the development and implementation of business strategies to reduce the tax inefficiencies faced by the largest US- and foreign-based multinational corporations in their conduct of global business operations, including global tax minimization and tax-efficient financing and repatriation. He is a frequent speaker and author of articles addressing international tax issues.

Mr O’Donnell graduated with honours from Harvard Law School, and has a masters degree in international management from the American Graduate School of International Management and a BS degree, with honours, from Miami University.

295 United States Joseph M Pari Dewey Ballantine LLP 1775 Pennsylvania Avenue, NW Washington, DC 20006-4605 US

Tel: (1) 202 862 4516 Fax: (1) 202 862 1093 Email: [email protected] Website: www.deweyballantine.com

Joseph M Pari is a partner in the Washington DC office of Dewey Ballantine. His practice relates to the federal income taxation of mergers, acquisitions, spin-offs, other divisive strategies, restructurings, bankruptcy and non-bankruptcy workouts, acquisition financing, and the use of pass-through entities in acquisitive and divisive transactions, with a particular emphasis on corporate tax planning, the utilization of net operating losses and other tax attributes, and consolidated return matters.

Joe is the former council director for the American Bar Association Tax Section’s corporate tax committee, committee on affiliated and related corporations, and bankruptcy and workouts committee, an adjunct faculty member at the Georgetown University Law Center, and the former chair of the American Bar Association Tax Section’s committee on affiliated and related corporations and its subcommittee on consolidated returns. In addition, Joe is on the advisory boards of the New York University Institute on Federal Taxation, the Federal Bar Association, and the National Foreign Trade Council, Inc. He is on the editorial advisory boards of Corporate Taxation and Corporate Business Taxation Monthly, was the co-chair of the 1998-2004 Federal Bar Association Domestic Corporate Tax Symposia, and is a frequent speaker on tax issues relating to mergers and acquisitions, spin-offs and other divestiture strategies, corporate tax planning, workouts, and consolidated return matters. Joe has also been selected for inclusion in Chambers Global’s The World’s Leading Lawyers and The Best Lawyers in America 2006, as a leader in the field of tax law.

Joe received his LLM (taxation) from the New York University School of Law, his JD, magna cum laude, from Boston College Law School, and his BS, cum laude, from Providence College. He is admitted to practise in the District of Columbia, Massachusetts, New York, Rhode Island, and at the United States Tax Court.

296 Guide to the World’s Leading Tax Advisers United States Lawrence A Pollack KPMG LLP 345 Park Avenue New York, NY 10154-0102 US

Tel: (1) 212 872 6840 Email: [email protected] Website: www.kpmg.com

Lawrence A Pollack has been a partner at KPMG (US) in New York since 1993. Mr Pollack is an international tax partner and specializes in all aspects of corporate international taxation, including foreign tax credits, corporate reorganizations, Subpart F, passive foreign investment companies, income tax treaties, and global tax planning.

He was the primary drafter of KPMG’s Permanent Establishment Exposure Review Checklist. International Tax Review rates him among the leading US international tax advisers on the east coast.

Mr Pollack is a frequent speaker at New York University’s Institute on International Taxation, the NYU Law School/KPMG Tax Lecture Series, the European-American Tax Institute, the Council for International Tax Education, Tax Executives Institute, New York State Society of CPAs and other international tax symposiums on a variety of international tax topics.

Articles he has written include:

• “Earnings Stripping: The Proposed Regulations” The CPA Journal, October 1992; • “RRA ‘93 Tightens Earnings Stripping Provisions” The Journal of International Taxation, July 1994; • “Individual Investors in CFCs May Benefit From Electing to Be Taxed as Corporations” Journal of Taxation, August 1994; • “Tax Court’s Taisei Case Sheds Light on the Definition of Permanent Establishment” The Tax Adviser, January 1996; • “Foreign Source Taxable Income, Foreign Taxes and Foreign Tax Credits of US Corporations” Warren Gorham & Lamont, US Tax Planning for International Operations; • “Analysis of the New US-Luxembourg Income Tax Treaty,” Tax Management International Journal, July 1996, co-authored; • “Last-Minute Changes and Technical Explanation Highlight Latest Developments on Pending US/Luxembourg Income Tax Treaty” Tax Management International Journal, December 1996, co-authored; • “Analysis of the New US-Switzerland Income Tax Treaty” Tax Management International Journal, February 1997, co-authored; • “US Planning for ACT – Part One – Focus on UK perspective” International Tax Review, September 1998, co-authored; • “US Planning for ACT – Part Two, Focus on US perspective” International Tax Review, October 1998, co-authored; and • US Taxation of Foreign Controlled Businesses, Warren Gorham & Lamont treatise, co- authored chapter 3, “Tax Treaties”.

Mr Pollack is an active member of the International Tax Institute (director), the New York State Society of Certified Public Accountants (International Tax Committee) and the New York State Bar Association.

He is editor of the CPA Journal’s international taxation column and member of the CPA Journal’s editorial board.

He holds a JD from St John’s University School of Law (1982) and an LLM in taxation from the New York University School of Law (1988).

297 United States Martin D Pollack Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 US

Tel: (1) 212 310 8461 Fax: (1) 212 310 8007 Email: [email protected] Website: www.weil.com

Martin D Pollack is one of the two chairmen of the firm’s Global Tax practice and is nationally recognized in federal income tax matters. He has extensive experience in the structuring and documentation of private equity and merger and acquisition transactions and he regularly advises clients on the formation and operation of private equity funds and other investment vehicles. His practice also involves the tax aspects of bankruptcy and insolvency, leasing transactions, and planning for technology intensive enterprises.

Mr Pollack is a frequent lecturer at tax seminars and the author of numerous articles on federal income tax issues. He is the co-author of a treatise published by Little Brown, analyzing the federal income, estate, gift and other transfer tax consequences of partnership buy/sell agreements.

He has served as an adjunct associate professor of tax law at the New York University School of Law; he is a member of the advisory boards of Tax Management and the Equipment Leasing Newsletter; and he is a subcommittee chair in the Partnerships and LLCs Committee of the American Bar Association tax section.

Mr Pollack was named as one of the New York area’s best lawyers in the July 3 2006 issue of New York magazine. He was also selected for inclusion in the 2006 and 2007 editions of The Best Lawyers in America. He is listed as highly recommended for tax law by PLC Which Lawyer? Yearbook 2006 and is recognized as a leading tax lawyer by Chambers USA 2006 America’s Leading Business Lawyers. Mr Pollack was also named to the 2006 list of New York Super Lawyers.

Mr Pollack is a graduate of the University of Pennsylvania Law School (1976), where he served on the board of officers of the University of Pennsylvania Law Review, the Johns Hopkins University, where he earned a BA (1973) and a graduate degree in economics (1973), and the New York University School of Law, where he earned a graduate degree in taxation (1979). He joined the firm in 1976.

298 Guide to the World’s Leading Tax Advisers United States Walter T Raineri Fenwick & West LLP Silicon Valley Center 801 California Street Mountain View, CA 94041 US

Tel: (1) 650 335 7264 Fax: (1) 650 919 0942 Email: [email protected] Website: www.fenwick.com

Mr Raineri is a partner in the tax group of Fenwick & West, a full-service law firm specializing in high technology and sophisticated tax matters. Fenwick & West has offices in Mountain View and San Francisco, California. The firm’s clients are located throughout the United States and around the world.

Mr Raineri’s practice focuses on handling sophisticated tax planning and compliance issues with regard to domestic and multinational corporate taxation matters. He has been named one of the outstanding tax lawyers in the US by a variety of national and international publications, including, International Tax Review’s Best Tax Lawyers, Euromoney’s Guide to Leading US Tax Lawyers, Euromoney’s Guide to Leading Transfer Pricing Lawyers, San Jose Magazine’s Best Lawyers, and American Lawyer’s Best of the Best, among others. He has extensive experience with large domestic and international merger, reorganization and joint-venture transactions, as well as with planning to optimize foreign tax credit, Subpart F, and other pure international tax issues. He also has extensive experience handling tax controversy matters associated with the IRS.

Mr Raineri has been an assistant adjunct professor at Golden Gate University, School of Law/Graduate School of Taxation in San Francisco/Los Altos/San Jose, where he lectured in advanced corporate (mergers and acquisitions and consolidated returns) and international taxation. He has chaired advanced corporate and international tax programmes and seminars for New York University, the Tax Executives Institute, the International Bar Association, the International Fiscal Association and other national and international organizations. He has published a number of articles on domestic and international taxation issues in a variety of national and international publications.

Mr Raineri received his Juris Doctor degree from Georgetown University (cum laude, 1987), and his Bachelor of Science degree in business administration from the University of California at Berkeley (summa cum laude, 1982). Mr Raineri is admitted to practise before the US Supreme Court, Ninth and Federal Circuit Courts of Appeals, US Court of Claims, federal district courts in several locations, California Supreme Court and the US Tax Court. He is a member of the California Bar and is a certified public accountant (CPA) in California.

299 United States Keith Reams Deloitte 50 Fremont Street, Suite 3100 San Francisco, CA 94105-2230 US

Tel: (1) 415 783 6088 Fax: (1) 415 783 8574 Email: [email protected] Website: www.deloitte.com

Keith Reams is the lead economist for the western region and a client services principal in the international economic consulting practice of Deloitte’s global transfer-pricing group. Mr Reams is also a member of Deloitte’s global executive technology, media and telecommunications industry tax management team as the global leader for transfer pricing. In this capacity, he works extensively with large multinational companies in a wide variety of industries on major business enterprise restructurings and global tax optimization projects.

Mr Reams has over two decades of extensive experience in the area of economic consulting in connection with mergers and acquisitions, highly complex international tax planning, supply chain realignment, as well as controversy management and dispute resolution. He has advised many large multinational companies in a variety of industries, including many companies engaged in the research and development, manufacture and marketing of innovative and cutting-edge high technology and communication products and services. His expert reports have been translated into several foreign languages and used many times for tax and other purposes all around the world.

Mr Reams has testified as a qualified expert in numerous valuation and transfer-pricing disputes, including testifying before the US Tax Court in the cases of DHL Corp v Commissioner and Nestle Holdings Inc v Commissioner. He is one of only three economists in the US approved by the New York State Department of Taxation and Finance to provide transfer-pricing expertise and testimony in cases involving cross-border trans- actions within commonly controlled affiliated groups. He has also helped many clients to successfully resolve valuation and transfer-pricing disputes before they reach trial.

Mr Reams has authored numerous articles, lectured on international tax and valuation planning issues, and commented and testified on emerging tax regulatory issues. He holds a BS in chemical engineering from Stanford University, an MA in economics from California State University, Sacramento, and has completed course requirements for a PhD in international finance at New York University.

300 Guide to the World’s Leading Tax Advisers United States Ronald D Saake Deloitte Tax LLP 50 Fremont St # 31 San Francisco, CA 94105 US

Tel: (1) 415 783 6589; (1) 415 250 6757 (cell) Fax: (1) 415 783 8603 Email: [email protected] Website: 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 Bay Area and the Pacific Northwest. Ron has been a tax practitioner since 1986 and became a partner with another international accounting firm in 1996. He has worked in the international tax area his entire career.

Ron works with both public and private companies in structuring new international operations and in optimizing existing operations. He has significant experience in helping clients move intangible assets offshore in order to optimize their worldwide tax position and to minimize their worldwide effective tax rate. Ron has deep expertise in tax accounting matters (FAS 109), mergers and acquisitions, foreign tax credit planning, and other tax areas. He is a frequent speaker on international tax matters, involved with groups such as Atlas, the Council of International Tax Executives and the Tax Executives Institute.

Ron graduated from the University of California at Berkeley with an MBA in 1985 and from the University of California at Riverside with a BS in administrative studies in 1982. He is a California CPA.

301 United States Ronald B Schrotenboer Fenwick & West LLP Silicon Valley Center 801 California Street Mountain View, CA 94041 US

Tel: (1) 650 335 7207 Fax: (1) 650 938 5200 Email: [email protected] Website: www.fenwick.com

Ronald B Schrotenboer is a partner at Fenwick & West, practising in the area of taxation. Mr Schrotenboer practises in the firm’s Mountain View office. His practice includes both domestic and international federal income tax as well as state income and sales tax. A significant part of his practice includes tax planning for pending transactions. He represents both US-based companies in domestic and international transactions, as well as foreign-based companies with operations in the US. He also has been and is currently involved with many IRS and state income tax audits, appeals and tax court cases, including Chapter 482 transfer-pricing cases.

His published decisions include Xilinx Inc v Commissioner, 125 TC No 4 (2005), stock option amounts not required to be cost shared under Chapter 482; Sun Microsystems v Commissioner, 69 TCM 1884 (1995), incentive stock option deduction qualifies for R & D credit; Appeal of Finnigan Corporation, CCH 401-797 (1990), throwback rule is applied on a unitary basis; Appeal of Joyce overruled; Petition of Intel Corporation, CCH 402-675 (1992), technology transfers are not subject to California sales tax.

Mr Schrotenboer has written articles on various tax topics for the Journal of Taxation, Ta x Notes, Taxes International, the Journal of State Taxation and other periodicals. He has spoken for many tax groups, including the Alliance for Tax Legal and Accounting Seminars, The Council on International Tax Education and Tax Executives’ Institute. Mr Schrotenboer has also taught a graduate course at Golden Gate University on the taxation of high technology and a graduate course at San Jose State University on Sales Taxation.

Mr Schrotenboer received his BA degree with honors in 1977 from Calvin College in Grand Rapids, Michigan. He received his JD degree, magna cum laude, from the University of Michigan in 1980. He graduated as a member of the Order of the Coif and was an editor on the Michigan Law Review for two years.

302 Guide to the World’s Leading Tax Advisers United States Jodi J Schwartz Wachtell, Lipton, Rosen & Katz 51 West 52nd Street New York, NY 10019 US

Tel: (1) 212 403 1212 Fax: (1) 212 403 2212 Email: [email protected]; vptvw.wlrk.com Website: www.wlrk.com

Jodi J Schwartz specializes in the tax aspects of corporate transactions, including mergers and acquisitions, joint ventures, spin-offs and financial instruments. Ms Schwartz has been the principal tax lawyer on numerous domestic and cross-border transactions in a wide range of industries. She was elected partner in 1991.

Ms Schwartz is an active member of the executive committee of the tax section of the New York State Bar Association.

Ms Schwartz received her BS in economics (magna cum laude) from the University of Pennsylvania in 1981, her MBA from the University of Pennsylvania (Wharton School) in 1984, her JD (magna cum laude) from the University of Pennsylvania Law School in 1984, and her LLM in taxation from the New York University Law School in 1987.

303 United States Alan M Shapiro Deloitte Tax LLP 111 S Wacker Drive Chicago, IL 60606-7002 US

Tel: (1) 312 486 9112 Fax: (1) 202 638 7313 Email: [email protected] Website: www.deloitte.com

Alan Shapiro is a partner in the Chicago office of Deloitte and a member of the national transfer-pricing team. He works with the firm’s largest US and non-US multinational companies to develop and implement transfer-pricing strategies. He has over 30 years of experience, of which the last 20 have been devoted to specializing in the full range of transfer-pricing issues.

Mr Shapiro is one of the firm’s leading experts on the cross-border taxation of intangible property, including the development of transfer-pricing regimes that focus on minimizing the worldwide tax imposed on intangible property. He has represented clients in controversies with the Internal Revenue Service (IRS) and in competent authority proceedings between the US and foreign tax authorities. His industry experience includes automotive, pharmaceuticals, electronic components, high tech, software and consumer products.

Mr Shapiro is widely quoted on transfer-pricing topics in BNA’s Daily Tax Report and Transfer Pricing Report, and he has been recognized by Euromoney as one of the leading transfer-pricing specialists in the world. He has authored or co-authored numerous articles on transfer pricing, including: “New Services and Intangible Regulations: IRS Changes the Mix” 15 BNA Transfer Pricing Report 308 (August 16 2006); “Proposed Cost Sharing Regulations: Are They a Realistic Alternative?” 109 Tax Notes 239 (October 10 2005); several chapters for Intellectual Property (International Tax Review’s Tax Reference Library 12, 2003); “Proposed Cost Sharing Stock Option Regulations” Tax Planning International: Transfer Pricing (February 2003); “Proposed Rev Proc 65-17: Update Raises Many Issues” BNA Transfer Pricing Report (January 13 1999); “Planning Opportunities Under the Final US Cost-Sharing Regulations” IBFD International Transfer Pricing Journal (March/April 1998); and “Lost in Cyberspace: Transfer Pricing Aspects of Proposed §861 Computer Software Regulations” BNA Transfer Pricing Report (December 12 1996).

Mr Shapiro holds an LLM (tax) and a JD from Georgetown University Law School, and an MA (economics) and a BS (business administration) from Boston University. Mr Shapiro is a member of the Bar of the State of Pennsylvania and is a certified public accountant.

304 Guide to the World’s Leading Tax Advisers United States Abraham N M Shashy Dewey Ballantine LLP 1775 Pennsylvania Avenue NW Washington, DC 20006-4605 US

Tel: (1) 202 862 4567 Fax: (1) 202 862 1093 Email: [email protected] Website: www.deweyballantine.com

Hap Shashy is a partner in the Washington DC office of Dewey Ballantine. His practice includes transactional tax planning for, and tax controversy representation of, multinational corporations in a variety of domestic and international contexts. Those contexts include partnerships and joint ventures, capital market and finance transactions, business combinations and reorganizations, and mergers and acquisitions. Mr Shashy’s clients comprise companies from the energy, finance, technology, telecommunications, media, real estate and industrial sectors. He has been selected for inclusion in The Best Lawyers in America 2006 as a leader in tax law.

In addition to his career in private practice, Mr Shashy served as chief counsel for the Internal Revenue Service from February 1990 to January 1993.

Mr Shashy received his LLM degree in taxation from New York University School of Law in 1975, where he was managing editor of the Tax Law Review, and a JD degree from the University of Florida School of Law in 1973, where he was a member of the University of Florida Law Review, and received the Order of the Coif.

305 United States Stanley G Sherwood Sherwood Associates 445 Park Avenue, 9th Floor New York, NY 10022 US

Tel: (1) 212 644 1429; 501 3883 Fax: (1) 212 980 9357 Email: [email protected] Website: www.sherwoodlaw.com

Stan Sherwood is an international tax attorney, certified public accountant and transfer pricing adviser. Until January 2000, he was an international tax and legal partner at PricewaterhouseCoopers in New York for 19 years.

In 2000, Mr Sherwood established Sherwood Associates to provide international tax and financial and business consulting services to multinational businesses and investors on cross-border transactions including: transfer pricing planning and documentation; mergers and acquisitions; structuring international affiliates; integrating acquired companies; capitalization and financing; forming US holding companies; structuring trading companies; foreign investment in the US, including real estate; foreign country tax reduction and foreign tax credit planning; tax treaty planning; transfers of intellectual property; joint ventures; management of IRS audits and foreign country tax controversies; development of transfer-pricing policies; related-party contracts; cost sharing; competent authority and APAs; and global e-commerce planning.

Mr Sherwood has experience in numerous industries and has advised senior management of a large number of multinational companies as well as emerging international companies. He has also been involved with many matters involving transfer pricing in the context of US state and local taxation, including intangible holding companies.

Mr Sherwood advises high-net-worth international families with respect to the taxation and holding of US assets. This includes advice with respect to the maintenance of non- residency status.

Mr Sherwood is a frequent speaker on international tax and business subjects and the author of numerous articles. Mr Sherwood is the author of BNA’s Tax Management Portfolio “Transfer Pricing: Records and Information”. In 1996, he was a national reporter for the International Fiscal Association (IFA). He is a board member of the International Tax Institute and past chairman of the New York State Society of CPAs, International Tax Committee. He has served as an expert witness in tax cases involving transfer pricing and has been a consultant to the Chinese State Administration of Taxation, Beijing.

He obtained his LLM from New York University Graduate School of Law, his law degree from Suffolk University Law School and is an adjunct professor at Fordham University’s Graduate School of Business.

In 2001 Mr Sherwood was listed in the Mondaq.com Guide to the World’s Leading Tax Lawyers and in Legal Media Group’s Guide to World’s Leading Transfer Pricing Advisers. In 2006, he was listed in Legal Media Group’s The Best of the Best.

306 Guide to the World’s Leading Tax Advisers United States Richard W Skillman Caplin & Drysdale One Thomas Circle, NW Washington, DC 20005 US

Tel: (1) 202 862 5034 Fax: (1) 202 429 3301 Email: [email protected] Website: www.caplindrysdale.com

Richard W Skillman is a member of Caplin & Drysdale’s Washington, DC office. He rejoined the firm in May 2002 after serving first as deputy chief counsel and most recently as acting chief counsel of the Internal Revenue Service.

As acting chief counsel, Mr Skillman was the chief legal official of the IRS having final authority for all legal and litigating positions of the IRS and management responsibility for approximately 2500 chief counsel employees in more than 50 offices nationwide. As deputy chief counsel, he oversaw all technical divisions in the Office of Chief Counsel and had primary IRS responsibility for all tax regulations and other published guidance. During Mr Skillman’s period of government service, he was centrally involved in all significant legal developments in the IRS, including the development of regulations and other administrative actions relating to corporate tax shelters.

Prior to his government experience, Mr Skillman practised tax law for 27 years at Caplin & Drysdale. His practice covered a broad cross-section of domestic and international tax issues and involved both tax planning and representation in tax controversies. His areas of tax concentration included executive compensation and other employee benefit matters, insurance companies and products, corporate tax, tax accounting, and international tax.

Mr Skillman is a member of the tax sections of the ABA and of the DC Bar. He formerly taught corporate tax as an adjunct professor of law at Georgetown University Law Center and has lectured and written articles on a broad range of tax subjects.

Mr Skillman holds a BA from Amherst College and a JD from New York University Law School, where he served as editor-in-chief of the NYU Law Review. After law school, he served as law clerk to Judge Gibbons of the US Court of Appeals for the Third Circuit and to Chief Justice Burger of the US Supreme Court.

307 United States Manuel F Solano Ernst & Young 5 Times Square New York, NY 10036 US

Tel: (52) 55 2122 6437 (E&Y Mexico); (1) 212 773 8114 (E&Y, New York) Fax: (1) 866 480 8869 Email: [email protected] Website: www.ey.com

Manuel is the partner in charge of Ernst & Young’s international tax services (ITS) group in Latin America and is also the tax managing partner for Ernst & Young Mexico.

Manuel, a member of the American Bar Association and the New York State Bar, has extensive work experience in international tax consulting and planning matters. His experience encompasses advising multinational corporations on the tax and legal implications of cross-border acquisitions and the establishment of foreign operations in Latin America.

International Tax Review has selected Manuel as one of the leading Mexican tax advisers for the past nine consecutive years. The Euromoney Legal Media Group has also identified Manuel as one of the world’s 25 leading international tax law practitioners in its guide The Best of the Best.

Manuel has a BS from Youngstown State University and a JD from Georgetown University Law Center. Manuel also studied finance and economics at the Universidad Autónoma de Centro America.

308 Guide to the World’s Leading Tax Advisers United States Giovanna T Sparagna Sutherland Asbill & Brennan LLP 1275 Pennsylvania Avenue, NW Washington, DC 20004 US

Tel: (1) 202 383 0183 Fax: (1) 202 637 3593 Email: [email protected] Website: www.sablaw.com

Giovanna Sparagna is a partner in the tax group at Sutherland Asbill & Brennan, and focuses her practice on international financing structures, cross-border mergers and acquisitions and international tax controversies (including transfer pricing).

Before joining the firm, Ms Sparagna served in the office of the chief counsel to the Internal Revenue Service where she issued opinions for the government on domestic and international mergers, acquisitions and dispositions.

In private practice, Ms Sparagna advises multinational corporations on cross-border transactions including planning and controversy matters involving international financing structures, mergers and acquisitions, and Subpart F issues.

As a consequence of her large multinational practice, Ms Sparagna also handles transfer- pricing issues for Fortune 500 companies and foreign-owned clients, working closely with economic experts in tax planning (for example, establishing cost sharing and related party licensing arrangements), assessing multi-jurisdictional transfer-pricing exposure, complying with documentation requirements, and developing audit, litigation, advance- pricing agreement and competent authority strategies. She has been recognized in the International Tax Review Expert Guides, including The Guide to World’s Leading Tax Advisers and the World Tax Guide, and in Euromoney Institutional Investor’s World’s Leading Transfer Pricing Advisers.

Ms Sparagna regularly publishes on wide variety of international subjects. Her recent publications include:

• “The Administration’s Corporate Tax Shelter Proposals: What are the Limits of Appropriate Tax Planning?” 40 Tax Management International Journal (special edition, March 29 1999, S-99); • “Further IRS Guidance on the Treatment of Section 304 Related Party Sales in the International Setting” 20 Tax Management International Journal 353; • “Allocating Foreign Stock Attributes Through Partnerships Under Subpart F – Planners Beware” Taxation of Global Transactions (Fall 2002); • “CCA Recasts Sale of Partnership Assets to Trigger Subpart F” CCH Taxation of Global Transactions (Summer 2003); • “IRS Closes Technical Loophole to Eliminate Foreign Tax Credit Planning with Stapled Stock” CCH Taxation of Global Transactions (Winter 2004); and • “Related Party Stock Sales: Recasting Out of Code Sec 304 Under Rev Rul 2004-83” CCH Taxation of Global Transactions (Fall 2005).

Ms Sparagna is the chair of ABA FAUST, a member of the executive council for the Lawyers’ Committee for Shakespeare Theatre and co-chair of the GW/IRS Annual Institute for International Taxation. She is a frequent speaker for the Georgetown University American Bar Association International Fiscal Association, Tax Executive Institute, Structured Finance Institute and National Foreign Trade Counsel.

Ms Sparagna is an adjunct professor of law at the Georgetown University (LLM tax programme) and frequently lectures on international strategies at conferences hosted by groups such as the America Bar Association, the International Fiscal Association, the Tax Executives Institute, the Structured Finance Institute and the National Foreign Trade Council.

309 United States Richard C Stark McKee Nelson LLP 1919 M Street, NW Suite 200 Washington, DC 20036 US

Tel: (1) 202 775 8673 Fax: (1) 202 775 8586 Email: [email protected] Website: www.mckeenelson.com

Mr Stark focuses on federal income tax matters. He has extensive experience in tax controversy matters, including audits, appeals, and litigation.

Mr Stark began his career in private practice in Dallas, Texas in 1976, where he practised for 10 years. From 1986 to 1989, he served as assistant to the commissioner of the Internal Revenue Service. Before joining McKee Nelson, he was a partner in the Washington DC office of Miller & Chevalier.

Mr Stark is a past chair of the Taxation Section of the District of Columbia Bar Association, and of the ABA Section of Taxation’s Administrative Practice Committee. He is a Fellow of the American College of Tax Counsel.

Mr Stark received a JD, with first honours, from the Vanderbilt University School of Law in 1976, where he served as special projects editor for the Vanderbilt Law Review. He is a member of the Order of the Coif and Phi Beta Kappa.

Representative cases in which Mr Stark was either counsel of record or a principal participant include:

• The Dow Chemical Company v United States, 250 F Supp 2d 748, modified by 278 F Supp 2d 844 (ED Mich 2003) (on appeal); • GlaxoSmithKline Holdings Inc v Commissioner, 117 TC 1 (2001) (perpetuation of testimony in transfer-pricing dispute); • American States Insurance Co v Bower, Dkt 01-L-50940 (Ill App, appeal pending) (characterization of § 338 (h) (10) gain as non-business income); • Peerless Industries v United States, 94-1 USTC ¶50,043 (ED Pa), aff’d per curiam, 37 F3d 1488 (3d Cir 1994) (business purpose doctrine); • Mobil Exploration & Producing North America, Inc v United States, 27 Fed Cl 463 (1993) (windfall profit tax); and • Woods Investment Co v Commissioner, 85 TC 274 (1985), acq 1986-2 CB 1 (consolidated returns).

310 Guide to the World’s Leading Tax Advisers United States Steven Surdell Ernst & Young LLP Sears Tower, 233 S Wacker Drive 17th floor Chicago, IL 60606 US

Tel: (1) 312 879 4123 Fax: (1) 312 879 4028 Email: [email protected] Website: www.ey.com

Steven Surdell is a partner in the national office of the accounting firm of Ernst & Young LLP. He concentrates on Federal income tax matters with a special emphasis on the taxation of complex cross-border financial transactions, international tax planning, derivative financial instruments, and cross-border merger and acquisition transactions. Mr Surdell has been a tax adviser to large public corporations on a number of big public M&A and financing transactions over the past few years.

Mr Surdell is also a frequent speaker before a variety of tax organizations including the American Bar Association, the Tax Executives Institute, the International Fiscal Association, Risk Training Courses, the Council for International Tax Education, and the Structured Finance Institute, among others.

Mr. Surdell was named as one of the world’s leading international tax advisers by Euromoney Magazine from 1999 through 2006. In 1998, Mr Surdell was named as one of the top tax advisers in North America by International Tax Review. Mr Surdell is an honours graduate of St Ambrose College and the University of Notre Dame Law School where he was an editor of the Law Journal. He has also done work on his MBA at the JL Kellogg School at Northwestern University and is a certified public accountant. Mr Surdell is also an adjunct Professor of Law at Northwestern University Law School where he teaches a course on advanced international transaction. He was admitted to the practice by the Illinois Bar (1985). Mr Surdell is on the Editorial Advisory Board of the Derivatives Report, the Capital Markets editor of the Journal of Financial Products, and a member of the Advisory Board of the Journal of Taxation of Global Transactions.

311 United States Edward Tanenbaum Alston & Bird LLP 90 Park Avenue New York, NY 10016 US

Tel: (1) 212 210 9425 Fax: (1) 212 210 9444 Email: [email protected] Website: www.alston.com

Edward Tanenbaum is chair of the firm’s International Tax Group and a member of its Federal Income Tax Group. His practice is concentrated on domestic and cross-border mergers and acquisitions and business transactions. Mr Tanenbaum’s practice consists primarily of planning and structuring for US investments by foreign multinational corporations and high net worth individuals.

Mr Tanenbaum has worked on numerous international joint ventures and acquisitions involving cross-border spin-offs and ‘basis’ step-up elections. He has also structured a cross-border sale/leaseback transaction involving different accounting and tax treatment in the US and Germany.

Mr Tanenbaum has made significant contributions in the drafting of recently promulgated tax regulations affecting withholding taxes on payments of US income to non-resident aliens and foreign corporations and has been instrumental in the creation of the new IRS Qualified Intermediary regime applicable to foreign financial institutions. He has also secured a favourable Article 26(7) (treaty shopping) tax ruling under the former US-Netherlands Income Tax Treaty valued in millions of dollars.

Mr Tanenbaum is a frequent lecturer on a variety of international tax issues and is the author of a number of publications. He has spoken on the topics of international tax withholding, treaty eligibility, limited liability companies and hybrid entities, business organizations used in cross-border transactions, branch level taxes and foreign controlled US corporations. Also, he has spoken before numerous professional organizations, including the International Fiscal Association, Bank Tax Institute, International Tax Institute, American Bar Association, and New York State Bar Association. He has written numerous publications relating to international tax matters on topics such as withholding taxes, transfer pricing and effectively connected income of foreign corporations.

Mr Tanenbaum is on the National Council of the International Fiscal Association and is the vice-chair of the committee on US activities of Foreign Taxpayers and Tax Treaties of the Tax Section of the American Bar Association. He is a director and past president of the International Tax Institute and is a member of the Tax Section of the American Bar Association, the New York State Bar Association and the Association of the Bar of the City of New York.

Mr Tanenbaum received his LLM degree in Taxation from New York University School of Law in 1980, and his JD degree from Fordham University School of Law in 1974 and his BA degree, magna cum laude, from Queens College and the City University of New York in 1971. He is admitted to practise in the State of New York and in the US Tax Court.

312 Guide to the World’s Leading Tax Advisers United States Leonard B Terr Baker & McKenzie LLP 815 Connecticut Avenue, NW Washington, DC 20006-4078 US

Tel: (1) 202 452 7087 Fax: (1) 202 835 1889 Email: [email protected] Website: www.bakernet.com

Leonard B Terr is a partner in the Washington DC office of Baker & McKenzie. His practice focuses on domestic and international taxation of multinational corporations, with emphasis on international tax planning, transfer pricing, and tax controversies. Mr Terr has over 25 years of experience representing US-based and foreign-based multinationals, foreign governments, international organizations and trade associations in all phases of international tax practice.

Representative client matters include planning, obtaining rulings on, and implementing, multi-country restructurings, mergers and acquisitions, divestitures and joint ventures, global supply chain and business model reorganizations, post- merger integration and other international transactions. Typically his clients are companies in the automobile, aerospace, consumer products, electronics, insurance, natural resources, pharmaceutical, services, telecommunications and other industries. Mr Terr’s practice also includes securing bilateral and multilateral advance pricing agreements; interacting with tax treaty negotiators to obtain favorable provisions in pending new treaties and protocols on behalf of companies and industry groups; testifying on proposed international tax regulations; achieving favorable settlements of tax cases involving a wide variety of issues; and obtaining favorable competent authority and other agreements in tax controversies involving most major European, Asia-Pacific, Latin and North American jurisdictions.

Mr Terr has served as a consultant on the American Law Institute project on tax treaties, and as a current or former editorial board member on Tax Notes International, Tax Management International Journal, The Journal of Corporate Taxation, and Hartford Institute on Insurance Taxation. Mr Terr currently serves on Baker & McKenzie’s North American tax practice group management committee. He is a member of the International Fiscal Association, sits on the IFA-USA council, and was US National Reporter. He sits on the American Bar Association tax section’s Foreign Activities of US Taxpayers Committee, has served as chairman of the Section 367 sub-committee and currently chairs the Source sub-committee. Mr Terr serves on the tax section’s task force on Global Tax Policy. He has chaired the Washington International Tax Study Group since 1990.

Mr Terr served as international tax counsel of the US Treasury Department from 1987 to 1989. He headed the US delegation in the negotiation of the current US-Germany tax treaty, in addition to over a dozen other US tax treaties and protocols. He directed the treasury’s work on international tax legislation and regulations, the transfer pricing White Paper and other US and OECD international tax policy initiatives. He previously served as law clerk to Chief Judge Wilson Cowen of the US Court of Appeals for the Federal Circuit. He is currently adjunct professor of international tax law at the Georgetown University Law Center.

Mr Terr holds an AB from LaSalle College, an AM and PhD from Brown University and a JD from Cornell University.

313 United States Richard E Timbie Caplin & Drysdale One Thomas Circle, NW Washington, DC 20005 US

Tel: (1) 202 862 5042 Fax: (1) 202 429 3301 Email: [email protected] Website: www.caplindrysdale.com

Richard Timbie is a member of Caplin & Drysdale, Chartered, a 50-attorney tax and litigation firm in Washington, DC. Mr Timbie’s practice consists primarily of representing domestic and foreign clients in controversies relating to United States taxation. He has more than 30 years of experience resolving Internal Revenue Service audits, administrative appeals, and tax collection disputes. His practice focuses primarily on large cases that are procedurally and technically complex. He has litigated tax cases in the US Tax Court and has represented clients in IRS summons enforcement proceedings, tax collection lawsuits, and tax fraud prosecutions in federal courts.

Mr Timbie is a frequent lecturer on tax procedure and international tax topics. He has taught as an adjunct professor in the Georgetown University Law Center masters in taxation programme and has served on the board of advisers of the New York University Institute on Federal Taxation.

314 Guide to the World’s Leading Tax Advisers United States T Timothy Tuerff Deloitte Tax LLP 555 12th St NW # 500 Washington, DC 20004 US

Tel: (1) 202 378 5223 Fax: (1) 202 661 1934 Email: [email protected] Website: www.deloitte.com

T Timothy Tuerff is an international tax partner in Deloitte Tax’s Washington national office, serving US-based multinational clients involved in cross-border transactions. His practice involves consulting related to the structuring of international business operations, mergers and acquisitions, financing international operations, repatriation and utilization of foreign tax credits.

Mr Tuerff formerly served as special assistant to the chief counsel and special assistant to the associate chief counsel (international) of the Internal Revenue Service. He is a frequent contributor to tax periodicals, including Tax Notes and Tax Notes International, the Practicing Law Institute journal, Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances, and the American Bar Association’s International Franchising Journal.

Mr Tuerff is a graduate of Indiana University School of Law and School of Business. He is a member of the American Bar Association and the District of Columbia Bar Association and is also a District of Columbia certified public accountant.

315 United States Karl T Walli Weil, Gotshal & Manges LLP 1501 K Street NW Suite 100 Washington, DC 20005 US

Tel: (1) 202 682 7177 Fax: (1) 202 857 0940 Email: [email protected] Website: www.weil.com

Karl Walli joined Weil, Gotshal & Manges’ Washington office in November 1996, after almost 10 years with the Internal Revenue Service and the US Treasury Department. While in the government, Mr Walli worked primarily in the areas of banking and financial products, participating in the development of both domestic and international cases and issues. The taxation of derivative financial products was one of his primary areas of interest and expertise. He is one of the principal authors of the income tax regulations on notional principal contracts (§ 1.446-3), was the reviewer on the interest allocation regulations for foreign corporations (§ 1.882-5), and was a member of the original team that developed the global dealing regulations. In addition to his work on the global dealing regulations, Mr Walli worked closely with members of the Internal Revenue Service’s advance pricing agreement programme, serving as technical advisor for APAs pertaining to dealers in financial products.

At Weil Gotshal, Mr Walli has worked on a wide variety of domestic and cross-border transactions, including structured debt instruments, convertible debt and equity, and derivative financial instruments. He has advised both financial service entities and end users on tax-advantaged methods for structuring and employing financial instruments, with an emphasis on cross-border tax arbitrage transactions and tax-efficient hedging strategies. Mr Walli’s practice also includes the taxation of foreign entities and investments in the US.

Mr Walli received his BA from the University of Tennessee, a JD from the University of North Carolina, and a master’s in law and taxation from the College of William and Mary.

316 Guide to the World’s Leading Tax Advisers United States David R Warco Deloitte Tax LLP Two World Financial Center New York, NY 10281-1414 US

Tel: (1) 212 436 6281 Fax: (1) 212 653 6281 Email: [email protected] Website: www.deloitte.com

Dave Warco is a partner in the international tax practice of Deloitte Tax, located in the New York office. Dave has over 26 years of public accounting experience with Deloitte, seven of which involved assignments outside the US.

Dave specializes in international taxation, with a focus on assisting US multinational corporations structure and manage their tax affairs for their international operations. In this regard, he has focused on international corporate mergers and acquisitions, tax- efficient cross-border financing, cash repatriation techniques, and international corporate mergers and acquisitions. Dave is a specialist on FAS 109, “Accounting for Income Taxes”, and plays a national role in assisting various firm clients and Deloitte client teams to deal with this accounting standard. Recently, Dave has been spending considerable time assisting large multinationals with the adoption of FIN 48, “Accounting for Uncertainty in Income Taxes”.

Dave also has extensive experience in helping foreign multinationals to structure their US operations (inbound tax planning), international transfer pricing and tax treaties, as well as other areas of US and international taxation in a wide variety of industries.

Dave is a frequent speaker and writer on international tax and transfer-pricing issues. He has been recognized as one of the country’s leading tax advisers by International Tax Review in 2002, and in the “World’s Leading Tax Adviser Survey” published by the Legal Media Group in 2004.

Dave holds a BS degree in accounting from Duquesne University and an MS in taxation from Robert Morris University. He is a certified public accountant.

317 United States Gordon E Warnke Dewey Ballantine LLP 1301 Avenue of the Americas New York, NY 10019 US

Tel: (1) 212 259 6070 Fax: (1) 212 259 6333 Email: [email protected] Website: www.deweyballantine.com

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 advises corporations and other organizations, both domestic and foreign, with respect to all areas of federal income taxation, with a particular emphasis on mergers and acquisitions, spin-offs and other divisive strategies, restructurings and consolidated return matters. His practice also encompasses advising clients with respect to financial products and representing clients before the Internal Revenue Service and the courts.

Mr Warnke is a former chair of the American Bar Association Tax Section’s Committee on Affiliated and Related Corporations and is currently co-chair of the Committee on Corporations of the Tax Section of the New York State Bar Association. He has authored a number of articles and papers on federal tax topics, including consolidated return and spin-off issues, and is a frequent speaker on federal tax matters.

Mr Warnke received an LLB from the University of Alberta in 1981, graduating first in his class, and an SJD from Harvard University in 1984, where he wrote a doctoral dissertation on international tax matters. He has been a partner at Dewey Ballantine since 1990.

318 Guide to the World’s Leading Tax Advisers United States Thomas F Wessel KPMG 2001 M Street, NW Washington, DC 20036 US

Tel: (1) 202 533 5700 Email: [email protected] Website: www.kpmg.com

Thomas F Wessel is a principal in KPMG’s Washington National Tax corporate tax group. Mr Wessel is a former law clerk in a US district court, private attorney and official at the Internal Revenue Service and the US Treasury Department, and practices in numerous areas of federal income taxation. Mr Wessel is a member of the WNT Senior Tax Partner Advisory Committee and also serves as the Tax Advisory Principal – Large Transactions / FAS 109 where he is responsible for working with audit leadership with respect to the financial audit of large transactions from a tax perspective.

Prior to joining KPMG, Mr Wessel was a founding partner of McKee Nelson, Ernst & Young LLP. Before that time, he was the lead merger & acquisition tax partner in the King & Spalding DC office. He joined KPMG in 1991. From 1990 to 1991, Mr Wessel was special counsel to the chief counsel for the Internal Revenue Service and served as the principal legal adviser to the chief counsel on the development of regulations, rulings and designated tax litigation. From 1985 to 1990, he served as Associate Tax Legislative Counsel and an Attorney-Advisor in the US Treasury Department’s Office of Tax Legislative Counsel, with primary responsibility for developing corporate tax legislation and regulatory guidance. From 1980 to 1982, Mr Wessel served as a law clerk to the Honorable Jacob Mishler, US District Court for the Eastern District of New York.

Mr Wessel is an active member of the ABA section of taxation where he has served as a co-chair of the Corporate Tax Subcommittee for Policy and Special Projects, the chair of the Corporate Tax Subcommittee on Tax-Free Reorganizations, chair of the Corporate Tax Subcommittee on Affiliated Group Acquisitions, and vice-chair for the Committee on Corporate Tax. He currently serves as chair of the Corporate Tax Subcommittee on Tax Free Distributions. He regularly speaks on subjects in his practice areas. Mr Wessel is listed in the International Who’s Who of Corporate Tax Lawyers, The Best Lawyers in America, International Tax Review’s Expert Guide to the World’s Leading Tax Advisers and The Washington DC Area’s Best Lawyers.

Mr Wessel earned an LLM in taxation from the New York University School of Law in 1985. He earned his JD, cum laude, in 1980 from the New York University School of Law, where he served on the New York University Law Review and was a member of the Order of the Coif. Mr Wessel graduated, magna cum laude, in 1976 with a BSE from the University of Pennsylvania, the Wharton School, where he was elected to Beta Alpha Phi.

319 United States Thomas Zollo KPMG LLP 303 E Wacker Drive Chicago, IL 60601-5255 US

Tel: (1) 312 665 8387 Email: [email protected] Website: www.kpmg.com

Thomas Zollo is a principal in the international corporate services group in the Chicago office of KPMG LLP (US). Before joining KPMG five years ago, Tom spent 16 years with a large international law firm, the last six as the senior tax partner in the firm’s New York office.

Mr Zollo focuses primarily on structuring the operations of multinational corporations. He has advised clients on issues related to financing their operations, deferring recognition of their offshore income, maximizing their foreign tax credits and establishing and defending inter-company transfer prices. He has also advised clients on scores of taxable and tax-free acquisitions and dispositions.

Mr Zollo has considerable experience on tax controversy matters, particularly those involving transfer pricing. He has represented taxpayers before IRS Appeals throughout the US, in the US Tax Court and in competent authority proceedings.

Mr Zollo has rendered professional services for a large number of national and multinational enterprises. He has an economics degree from Columbia University, summa cum laude, and a law degree from the Harvard Law School, cum laude. He is a former adjunct professor at the DePaul University College of Law, where he taught advanced corporate reorganizations, and is a frequent speaker and writer on US federal income tax issues.

320 Guide to the World’s Leading Tax Advisers United States Bob Ackerman Ernst & Young, Washington

Melvin S Adess (see bio) KPMG, Chicago

Val J Albright Gardere Wynne Sewell, Dallas

Donald C Alexander Akin Gump Strauss Hauer & Feld, Washington

William J Amon (see bio) Deloitte Tax, Los Angeles (see advert on inside front)

Tim Anson PricewaterhouseCoopers, Washington

Lawrence M Axelrod (see bio) Deloitte Tax, Washington (see advert on inside front)

Mike Baldasaro Ernst & Young, New York

J Gregory Ballentine (see bio) The Ballentine Barbera Group, Washington (see advert on page 251)

Sheldon I Banoff Katten Muchin Rosenman, Chicago

Gregory L Barton Mayer Brown Rowe & Maw, Chicago

Peter M Belanger PricewaterhouseCoopers, Los Angeles

Herbert N Beller (see bio) Sutherland Asbill & Brennan, Washington

Andrew N Berg Debevoise & Plimpton, New York

Stuart M Berkson McDermott Will Emery, Chicago

Kenneth K Bezozo Haynes and Boone, New York

Henry J Birnkrant (see bio) Alston & Bird, Washington

Kimberly S Blanchard (see bio) Weil Gotshal & Manges, New York

Peter H Blessing Shearman & Sterling, New York

321 United States William E Bonano Pillsbury Winthrop Shaw Pittman, San Francisco

Stephen S Bowen Latham & Watkins, Chicago

Peter L Briger Briger & Associates, New York

David H Brockway (see bio) McKee Nelson, Washington

Richard J Bronstein Paul Weiss Rifkind Wharton & Garrison, New York

James R Brown Willkie Farr & Gallagher, New York

Saul T Caisman KPMG, Chicago

Peter C Canellos (see bio) Wachtell Lipton Rosen & Katz, New York

Robert Cassanos Fried Frank Harris Shriver & Jacobson, New York

William G Cavanagh Chadbourne & Parke, New York

Michael P Cenko PricewaterhouseCoopers, Detroit

Frederick R Chilton Jr McDermott Will Emery, Palo Alto

Richard A Clark (see bio) Deloitte Tax, Washington (see advert on inside front)

R Brent Clifton Locke Liddell & Sapp, Dallas

Edmund S Cohen Winston & Strawn, New York

N Jerold Cohen (see bio) Sutherland Asbill & Brennan, Atlanta

Robert T Cole (see bio) Alston & Bird, Washington

Peter J Connors (see bio) Orrick Herrington & Sutcliffe, New York

Philip C Cook (see bio) Alston & Bird, Atlanta

John J Creed Simpson Thacher & Bartlett, New York

322 Guide to the World’s Leading Tax Advisers United States Robert E Culbertson King & Spalding, Washington

Bruce N Davis White & Case, Washington

Hans de Groot Loyens & Loeff, New York

Nicasio J Del Castillo PricewaterhouseCoopers, New York

Samuel Dimon Davis Polk & Wardwell, New York

Barry A Dinaburg Chadbourne & Parke, New York

William Dodge (see bio) Deloitte Tax, Washington (see advert on inside front)

Dennis B Drapkin Jones Day, Dallas

H Stewart Dunn Ivins Phillips & Barker Chartered, Washington

Maurice Emmer (see bio) Deloitte Tax, San Jose (see advert on inside front)

Peter L Faber McDermott Will Emery, New York

Patrick B Fenn Akin Gump Strauss Hauer & Feld, New York

Richard M Fijolek Haynes and Boone, Dallas

David L Forst (see bio) Fenwick & West, Mountain View

Sam Fouad Ernst & Young, New York

Paul H Frankel Morrison & Foerster, New York

Louis S Freeman Skadden Arps Slate Meagher & Flom, Chicago

Gary M Friedman Debevoise & Plimpton, New York

James P Fuller (see bio) Fenwick & West, Mountain View

Jennifer L Fuller (see bio) Fenwick & West, Mountain View

323 United States James C Garahan McDermott Will Emery, Palo Alto

Stephen D Gardner Cooley Godward Kronish, New York

Gary J Gartner Kaye Scholer, New York

Frank J Gaudio Jr PricewaterhouseCoopers, Chicago

Kenneth W Gideon Skadden Arps Slate Meagher & Flom, Washington

Martin D Ginsburg Fried Frank Harris Shriver & Jacobson, Washington

Peter A Glicklich Davies Ward Phillips & Vineberg, New York

David G Glickman Baker & McKenzie, Dallas

Fred T Goldberg Jr Skadden Arps Slate Meagher & Flom, Washington

Edward E Gonzalez Skadden Arps Slate Meagher & Flom, New York

Stephen L Gordon Cravath Swaine & Moore, New York

Alan Winston Granwell Ivins Phillips & Barker Chartered, Washington

Jorge A Gross (see bio) PricewaterhouseCoopers, Miami

Harry Gutman (see bio) KPMG, Washington

Bruce D Haims Debevoise & Plimpton, New York

Charles W Hall Fulbright & Jaworski, Houston

David R Hardy McDermott Will Emery, New York

Steven D Harris (see bio) KPMG, New York

John Hart Simpson Thacher & Bartlett, New York

Chip Harter PricewaterhouseCoopers, Washington

324 Guide to the World’s Leading Tax Advisers 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 Jr Baker & McKenzie, Miami

Milton B Hyman Irell & Manella, Los Angeles

Nancy L Iredale (see bio) Paul Hastings Janofsky & Walker, Los Angeles

Alan S Kaden Fried Frank Harris Shriver & Jacobson, Washington

Stephen M Kadenacy (see bio) KPMG, Los Angeles

C Ronald Kalteyer Locke Liddell & Sapp, Dallas

Bruce Kayle Milbank Tweed Hadley & McCloy, New York

Karl L Kellar Jones Day, Washington

John P Kennedy (see bio) Deloitte Tax, Parsippany (see advert on inside front)

Kenneth Klein Mayer Brown Rowe & Maw, Washington

Edward D Kleinbard Cleary Gottlieb Steen & Hamilton, New York

Peter Kloet Ernst & Young, New York

Kenneth H Kral (see bio) PricewaterhouseCoopers, New York

Kenneth J Krupsky Jones Day, Washington

Steven R Lainoff KPMG, Washington

Felix B Laughlin (see bio) Dewey Ballantine, Washington

Robert C Lawrence III Cadwalader Wickersham & Taft, New York

325 United States Brian E Lebowitz (see bio) Alston & Bird, Washington

Richard M Leder Chadbourne & Parke, New York

Marc M Levey (see bio) Baker & McKenzie, New York

Jack S Levin Kirkland & Ellis, Chicago

Patricia Gimbel Lewis (see bio) Caplin & Drysdale, Washington

Jerome B Libin (see bio) Sutherland Asbill & Brennan, Washington

Richard M Lipton Baker & McKenzie, Chicago

Cym H Lowell Gardere Wynne Sewell, Dallas

John B Magee (see bio) McKee Nelson, Washington

Gary B Mandel Simpson Thacher & Bartlett, New York

Phillip L Mann Miller & Chevalier Chartered, Washington

Gregory May Freshfields Bruckhaus Deringer, Washington

David J Mayo Paul Weiss Rifkind Wharton & Garrison, New York

Carlyn S McCaffrey (see bio) Weil Gotshal & Manges, New York

Douglas R McFadyen Shearman & Sterling, New York

William S McKee (see bio) McKee Nelson, Washington

Daniel J Micciche Akin Gump Strauss Hauer & Feld, Dallas

David S Miller Cadwalader Wickersham & Taft, New York

Robert L Moore II Miller & Chevalier Chartered, Washington

Charles Morgan Skadden Arps Slate Meagher & Flom, New York

326 Guide to the World’s Leading Tax Advisers 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 Nathan Haynes 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 Nijenhuis Cleary 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 Odell Miller & Chevalier Chartered, West Conshohocken

Stuart I Odell Dewey Ballantine, New York

Jeffrey O’Donnell (see bio) Deloitte Tax, Washington (see advert on inside front)

Pamela Olson Skadden Arps Slate Meagher & Flom, Washington

Paul W Oosterhuis Skadden Arps Slate Meagher & Flom, Washington

Joseph M Pari (see bio) Dewey Ballantine, Washington

James M Peaslee Cleary Gottlieb Steen & Hamilton, New York

John M Peterson Jr Baker & McKenzie, Palo Alto

327 United States Barnet Phillips IV Skadden 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 Quigley White & Case, Washington

Walter T Raineri (see bio) Fenwick & West, Mountain View

Charles O Rappaport Simpson Thacher & Bartlett, New York

Keith Reams (see bio) Deloitte Tax, San Francisco (see advert on inside front)

Yaron Z Reich Cleary Gottlieb Steen & Hamilton, New York

Richard L Reinhold Willkie Farr & Gallagher, New York

William M Richardson Hunton & Williams, Richmond

James Riedy McDermott Will Emery, Washington

Burt Rosen Debevoise & Plimpton, New York

Matthew A Rosen Skadden Arps Slate Meagher & Flom, New York

H David Rosenbloom Caplin & Drysdale, Washington

Stanley Ruchelman Ruchelman Law Firm, New York

Robert A Rudnick Shearman & Sterling, Washington

Ronald D Saake (see bio) Deloitte Tax, San Francisco (see advert on inside front)

Jeffrey B Samuels Paul Weiss Rifkind Wharton & Garrison, New York

Leslie B Samuels Cleary Gottlieb Steen & Hamilton, New York

Michael L Schler Cravath Swaine & Moore, New York

328 Guide to the World’s Leading Tax Advisers United States Leslie J Schneider Ivins Phillips & Barker Chartered, Washington

Leslie J Schreyer Chadbourne & 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 Shay Ropes & Gray, Boston

Jeffrey T Sheffield Kirkland & Ellis, Chicago

Timothy C Sherck Mayer Brown Rowe & Maw, Chicago

Stanley G Sherwood (see bio) Sherwood Associates, New York

David R Sicular Paul Weiss Rifkind Wharton & Garrison, New York

Mark J Silverman Steptoe & 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 Sprague Baker & McKenzie, Palo Alto

Robert J Staffaroni Debevoise & Plimpton, New York

Richard C Stark (see bio) McKee Nelson, Washington

N Susan Stone Baker & McKenzie, Houston

Steven Surdell (see bio) Ernst & Young, Chicago

329 United States C David Swenson Baker & McKenzie, Washington

Edward Tanenbaum (see bio) Alston & Bird, New York

Willard B Taylor Sullivan & Cromwell, New York

Leonard B Terr (see bio) Baker & McKenzie, Washington

David R Tillinghast Baker & McKenzie, New York

Richard E Timbie (see bio) Caplin & Drysdale, Washington

James J Tobin Ernst & Young, New York

Steven C Todrys Simpson Thacher & Bartlett, New York

Dana L Trier Davis Polk & Wardwell, New York

Charles S Triplett Mayer Brown Rowe & Maw, Washington

T Timothy Tuerff (see bio) Deloitte Tax, Washington (see advert on inside front)

Sonia Velasco Menal Cuatrecasas, New York

Mary F Voce Greenberg Traurig, New York

Charles H Wagner Baker & 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 Weir Akin Gump Strauss Hauer & Feld, New York

Richard L Weisman Baker & McKenzie, New York

Joel C Weiss Miller & Chevalier Chartered, Philadelphia

330 Guide to the World’s Leading Tax Advisers United States Robert Wellen Ivins Phillips & Barker Chartered, Washington

Benjamin G Wells Baker Botts, Houston

Thomas F Wessel (see bio) KPMG, Washington

Philip R West Steptoe & Johnson, Washington

Raymond J Wiacek Jones Day, Washington

Gary B Wilcox Morgan Lewis & Bockius, Philadelphia

B John Williams Jr Skadden Arps Slate Meagher & Flom, Washington

Joel V Williamson Mayer Brown Rowe & Maw, Chicago

Steven C Wrappe Mayer Brown Rowe & Maw, Washington

Deloris R Wright Analysis Group, Denver

Lowell D Yoder McDermott Will Emery, Chicago

Alfred D Youngwood Paul Weiss Rifkind Wharton & Garrison, New York

George E Zeitlin Chadbourne & Parke, New York

Jay H Zimbler Sidley Austin, Chicago

Thomas M Zollo (see bio) KPMG, Chicago

331 Venezuela Humberto Romero-Muci Deloitte Torre Corp Banmca Piso 18 Av Blandín, La Castellana Caracas Venezuela

Tel: (58) 212 206 87 47 Fax: (58) 212 206 87 40 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 Universidad Católica Andrés Bello. He graduated with a Master’s in law from Harvard University in 1986, a PhD in law from Universidad Central de Venezuela in 2003 and a diploma in international tax from Harvard Law School in 1986. He is the former associated magistrate of the political administrative chamber at the Venezuelan Supreme Court. Recently, among other distinguished positions, he has been chosen as member of the Political and Social Sciences Academy in Venezuela, chair number 14.

Dr Romero-Muci has been a co-founder and administrative partner of Romero-Muci & Associates Law Firm since 1997, a member of Deloitte. Dr Romero-Muci specializes in legal tax advice and litigation; he has contributed to the interpretation and implementation of the legislation applicable to inflation adjustment, business assets, and municipal taxes, and he has contributed to legal and tax aspects of accounting principals.

He has been an associated professor and ex-chief in charge of the financial law chair in the Universidad Católica Andrés Bello since 1997, as well as ex-professor of administrative economic law in the same university.

Dr Romero-Muci has written 10 books (three of which are award-winning) and 112 monographic works related to tax, constitutional, and administrative matters. Dr Romero-Muci has been named as one of the most distinguished specialists and talented professionals regarding tax issues by the International Tax Review and other international law reviews.

As a partner, Dr Romero-Muci participates in all projects developed by the law firm. He has been appointed as a legal tax service line leader for Venezuela, and also serves as the liaison for a number of multinational enterprises and coordinates tax work for numerous clients headquartered abroad. His experience covers a wide range of industries, particularly service industries.

He speaks English and Spanish, and is a frequent guest speaker on topics related to national and international taxation.

332 Guide to the World’s Leading Tax Advisers Venezuela Oswaldo Anzola Rodríguez & Mendoza, Caracas

Frederico Araujo Medina Torres Plaz Araujo & Asociados, Caracas

Manuel Candal Iglesias Candal & Asociados, Caracas

Juan C Carmona Alcaraz Cabrera Vazquez (KPMG in Venezuela), Caracas

Ronald E Evans Baker & McKenzie, Caracas

Luis Ocando Ernst & Young, Caracas

Leonardo Palacios Torres Plaz Araujo & Asociados, Caracas

Katherine S Pinzón M Ernst & Young/Mendoza Delgado Labrador y Asociados, Caracas

Humberto Romero-Muci (see bio) Deloitte, Caracas (see advert on inside front)

Gabriel Ruan Santos Araque Reyna Sosa Viso & Pittier, Caracas

Alfredo Travieso Passios Tinoco Travieso Planchart & Núñez, Caracas

333 INDEX

Index of firms

11 New Square, 242 Briger & Associates, 322 3 Temple Gardens Tax Chambers, 243 Bruchou Fernandez Madero Lombardi & A&L Goodbody, 120 Mitrani, 8 Abreu Cardigos & Associados, 171 BSR & Co, 116 Adachi Henderson Miyatake & Fujita, 129 Bulhoes Pedreira Bulhoes Carvalho Piva Advokatfirman Bill Andreasson, 214 Rosman e Souza, 32 Aird & Berlis, 37, 52, 54, 57 Burki Attorneys-at-Law, 222 Akin Gump Strauss Hauer & Feld, 321, 323, Burnet Duckworth & Palmer, 54 326, 330 Cabinet Henri Bardet, 82 Alcaraz Cabrera Vazquez (KPMG in Cabinet Turot, 83 Venezuela), 333 Cadwalader Wickersham & Taft, 325, 326 Allen & Gledhill, 178 Cahn-Speyer Paredes & Asociados, 65 Allen & Overy, 83, 101, 102, 135, 243 Calvo González Luna Moreno y Revilla, 140 Allens Arthur Robinson, 12, 13 Candal & Asociados, 333 Alston & Bird, 253, 259, 261, 278, 312, 321, Caplin & Drysdale, 280, 307, 314, 326, 328, 322, 326, 330 329, 330 Altenburger, 215, 222 Cárdenas Di Cio Romero & Tarsitano, 8 Altorfer Duss & Beilstein, 222 Carey & Cia, 61 Analysis Group, 331 Cariola Diez Perez-Cotapos & Cia, 61 Andreas Neocleous & Co, 66, 67, 68 Chadbourne & Parke, 163, 322, 323, 326, Araque Reyna Sosa Viso & Pittier, 333 329, 331 Arendt & Medernach, 135 Chapman Tripp, 155 Arias Fabrega & Fabrega, 160 Chevez Ruiz Zamarripa y Cia, 140 ARNOLD Rechtsanwalts-Partnerschaft, 16 Chiomenti Studio Legale, 123 Arntzen de Besche, 160 CHSH Cerha Hempel Spiegelfeld Hlawati, Arthur Cox, 120 15, 16 Ashurst, 82, 244 Clayton Utz, 12 Asorey & Navarrine, 8 Cleary Gottlieb Steen & Hamilton, 82, 241, Atanaskovic Hartnell, 12 243, 325, 327, 328 Avraham Alter & Co Law Offices, 120 Clifford Chance, 82, 83, 101, 103, 149, 242 Baker & McKenzie, 25, 61, 82, 83, 101, 103, Clyde & Co, 241 106, 129, 136, 140, 147, 149, 150, 163, 174, CMS Adonnino Ascoli & Cavasola Scamoni, 178, 209, 243, 279, 294, 313, 324, 325, 326, 123 327, 329, 330, 333 CMS Bureau Francis Lefebvre, 78, 79, 80, Baker Botts, 331 82, 83 Bär & Karrer, 222 Cooley Godward Kronish, 324 Baraona Marré, 61 Couzin Taylor/Ernst & Young, 54, 55 Barros & Errázuriz, 61 Cravath Swaine & Moore, 324, 328 Barros Carvalho Advogados Associados, 32 Cuatrecasas, 205, 209, 330 Basham Ringe y Correa, 139, 140 D Potchebutzky Law Offices, 120 BDO Noraudit, 157, 160 Davies Ward Phillips & Vineberg, 54, 55, 56, Bech-Bruun, 73 324 Bell Gully, 155 Davis Polk & Wardwell, 243, 323, 330 Bennett Jones, 54, 55 De Brauw Blackstone Westbroek, 149, 150 Binder Grösswang Rechtsanwälte, 16 Debevoise & Plimpton, 102, 321, 323, 324, Blake Cassels & Graydon, 34, 41, 43, 47, 49, 328, 329 50, 55, 56 Deloitte, 6, 7, 8, 11, 13, 17, 19, 20, 22, 25, Blake Dawson Waldron, 12 26, 27, 28, 32, 36, 45, 48, 53, 54, 55, 56, Blum Attorneys-at-Law, 218, 222 57, 58, 59, 61, 62, 63, 64, 65, 71, 72, 73, BMR & Associates, 110, 116 75, 76, 77, 91, 93, 97, 101, 102, 103, 104, 105, 106, 108, 109, 116, 118, 120, 124, 125, Böckli Bodmer & Partner, 222 129, 137, 138, 140, 141, 143, 145, 146, 148, Bonn Schmitt Steichen, 133, 135 149, 150, 151, 153, 154, 155, 159, 160, 161, Borden Ladner Gervais, 55 162, 163, 164, 168, 170, 171, 175, 176, 177, Borel & Barbey, 222 178, 179, 184, 194, 196, 201, 210, 214, 222, Bowman Gilfillan, 194 224, 225, 226, 231, 233, 237, 240, 241, 242, bpv Hügel Rechtsanwälte OEG, 16 243, 245, 248, 249, 257, 262, 263, 272, 275, Brandford-Griffith & Associés, 83 285, 287, 288, 290, 293, 295, 300, 301, 304, Bratschi Emch Rechtsanwälte, 222 315, 317, 321, 322, 323, 325, 327, 328, 329, Bredin Prat, 83 330, 332, 333

334 Guide to the World’s Leading Tax Advisers INDEX

Deneys Reitz, 194 KhattarWong, 178 Dewey Ballantine, 87, 101, 121, 123, 163, Kim & Chang, 201 230, 242, 277, 296, 305, 318, 325, 327, King & Spalding, 323 329, 330 Kirkland & Ellis, 326, 329 Di Tanno e Associati, 123 KPMG, 8, 13, 23, 24, 26, 29, 55, 56, 77, Dias de Souza Advogados, 32 101, 106, 117, 119, 120, 156, 160, 181, DLA Piper, 144, 149 188, 194, 219, 222, 227, 234, 235, 241, Drew & Napier, 178 242, 244, 247, 268, 269, 270, 274, 297, Edward Nathan Sonnenbergs, 185, 187, 189, 319, 320, 321, 322, 324, 325, 328, 331 194 KPMG Bohlins, 214 Elvinger Hoss & Prussen, 135 KPMG C Jespersen Statsautoriseret EnterPricing, 8 Revisionsinteressentskab, 73 Ernst & Young, 8, 12, 13, 16, 56, 61, 65, 69, KPMG Gruppe Österreich, 16 70, 73, 82, 83, 101, 102, 106, 109, 113, KPMG Law Advokatfirma DA, 158 114, 115, 116, 120, 129, 149, 150, 160, KPMG Meijburg & Co, 149, 150 178, 186, 190, 194, 201, 209, 211, 214, KPMG Tax, 135, 163 216, 220, 222, 223, 242, 308, 311, 321, KPMG Tax Advisors-Assessores Tributários, 323, 325, 329, 330, 333 32 Ernst & Young/Mendoza Delgado Labrador KPMG Tax Corp, 129 y Asociados, 333 Kromann Reumert, 73 Espanha e Associados, 171 Lacaz Martins Halembeck Pereira Neto Estudio Beccar Varela, 8 Gurevich, 32 Estudio O’Farrell, 8 Lakshmikumaran & Sridharan, 116 Eubelius, 25 Landwell - PricewaterhouseCoopers, 209 Fasken Martineau DuMoulin, 54, 56 Latham & Watkins, 103, 322 Felesky Flynn, 54 Lefosse Advogados in cooperation with Fenwick & West, 264, 265, 266, 299, 302, Linklaters, 30, 32 323, 328, 329 Leitner + Leitner, 16 Ferrere Attorneys at Law, 26 Lenz & Staehelin, 223 Flick Gocke Schaumburg, 86, 101, 102, 103 Lewin & Wills Abogados, 65 Fraser Milner Casgrain, 38, 44, 54, 55 Liedekerke Wolters Waelbroeck Freshfields Bruckhaus Deringer, 16, 25, 82, Kirkpatrick, 25 101, 102, 123, 149, 150, 209, 241, 242, Linklaters, 82, 101, 103, 163, 214, 241, 243 243, 244, 326 Linklaters De Bandt, 25, 26 Fried Frank Harris Shriver & Jacobson, 322, Locke Liddell & Sapp, 322, 325 324, 325 Lovells, 150, 242 Fulbright & Jaworski, 324 Loyens, 25, 26 Galhardo Vilão Torres, 171 Loyens & Loeff, 135, 149, 150, 178, 243, Gardere Wynne Sewell, 321, 326 323 Garrigues, 202, 204, 206, 207, 208, 209 Loyens Winandy, 134, 135 Garrigues Portugal, 165, 171 Macchi di Cellere Gangemi, 123 Gibbs Chambers, 13 Macfarlanes, 241, 242 Gide Loyrette Nouel, 82 Machado Meyer Sendacz e Opice, 31, 32 Gillioz Dorsaz & Associes, 222 Maisto e Associati, 123 Gleiss Lutz, 101 Mallesons Stephen Jaques, 12, 13 Gonçalves Pereira Castelo Branco e Mallinicks, 194 Associados, 171 Mannheimer Swartling, 214 Goodmans, 54, 56 Marciniuk & Partners, 163 Gray’s Inn Tax Chambers, 241, 242, 244 Marino e Associati, 123 Greenberg Traurig, 330 Mariz de Oliveira Siqueira Campos e Greenwoods & Freehills Pty Limited, 12 Bianco, 32 Haarmann, 92, 101 Marval O’Farell & Mairal, 8 Haavind Vislie, 160 Matheson Ormsby Prentice, 120 Hannes Snellman, 77 Mattos Filho Veiga Filho Marrey Jr e Harboe & Co, 160 Quiroga, 32 Haynes and Boone, 321, 323, 327 Mayer Brown Rowe & Maw, 321, 325, 329, Hengeler Mueller, 102 330, 331 Herbert Smith, 242 McCarthy Tétrault, 54, 55, 56, 57 Herzog Fox & Neeman, 120 McDermott Will Emery, 243, 321, 322, 323, HH Partners, 74, 77 324, 328, 331 Hollis Whiteman Chambers, 244 McKee Nelson, 255, 282, 284, 289, 291, Homburger, 222, 223 310, 322, 326, 327, 329 Hunton & Williams, 328 MDDP Michalik Dluska Dziedzic i I Gornitzky & Co, 120 Partnerzy, 163 Irell & Manella, 325 Meilicke Hoffmann & Partner, 102 Ivins Phillips & Barker Chartered, 323, 324, Milbank Tweed Hadley & McCloy, 101, 329, 331 102, 242, 325 Jalsovszky Law Firm, 109 Miller & Chevalier Chartered, 326, 327, 330 Jones Day, 25, 82, 323, 325, 331 Minter Ellison, 10, 12 Jürgen Hartmann, 101 Minter Ellison Rudd Watts, 155 Katten Muchin Rosenman, 321 Moisand Boutin & Associés, 83 Kaye Scholer, 324 Morais Leitão Galvão Teles Soares da Silva Kellough & Partners, 39, 54 & Associados, 167, 169, 171

335 INDEX

Morgan Lewis & Bockius, 236, 243, 331 Skadden Arps Slate Meagher & Flom, 323, Morrison & Foerster, 323 324, 326, 327, 328, 331 Nagashima Ohno & Tsunematsu, 129 Slaughter and May, 241, 242, 243 Nauta Dutilh, 135 Spigthoff, 150 Negri & Teijeiro Abogados, 8 Steptoe & Johnson, 329, 331 NERA Economic Consulting, 100, 103 Stibbe, 25, 149, 150 Niederer Kraft & Frey, 222 Stikeman Elliott, 54 Nishith Desai Associates, 116 Streck Mack Schwedhelm, 103 O’Melveny & Myers, 63 Studio Legale Tributario F Gallo e Associati, Oberson & Partners, 222 123 Ogilvy Renault, 40, 55 Studio Tributario Deiure, 123 One Essex Court, 242 Studio Uckmar, 123 Ong Sim Ho Advocates & Solicitors, 178 Sullivan & Cromwell, 82, 330 Orrick Herrington & Sutcliffe, 260, 322 Sutherland Asbill & Brennan, 252, 258, 281, Ortiz Sainz y Erreguerena, 140 286, 309, 321, 322, 326, 327, 329 Osborne Clarke, 243 Taj, 82 Osler Hoskin & Harcourt, 51, 54, 55, 56 The Ballentine Barbera Group, 250, 321 Owen Dixon Chambers, 13 Thommessen Krefting Greve Lund, 160 Owen Dixon Chambers West, 12 Thorsteinssons, 42, 46, 55 P+P Pöllath + Partners, 84, 88, 89, 95, 96, Tiberghien, 21, 25 98, 99, 101, 102, 103 Tinoco Travieso Planchart & Núñez, 333 Parás, 140 Tirard Naudin, 81, 83 Paul Hastings Janofsky & Walker, 82, 273, Tokyo Kyodo Accounting Office, 129 325 Tommy V Christiansen, 73 Paul Weiss Rifkind Wharton & Garrison, Torres Plaz Araujo & Asociados, 333 322, 326, 328, 329, 331 Torys, 56 Pepeliaev Goltsblat & Partners, 173, 174 Travers Smith Braithwaite, 241, 243 Pérez Alati Grondona Benites Arntsen & Trench Rossi e Watanabe/Baker & Martinez, 8 McKenzie, 32 Pestalozzi Lachenal Patry, 217, 222 Tron y Natera, 140 Pillsbury Winthrop Shaw Pittman, 322 Ulhoa Canto Rezende e Guerra Advogados, Pinheiro Neto - Advogados, 32 32 Plesner Svane Gronborg, 73 Uría Menéndez, 209 PLMJ - AM Pereira Sáragga Leal Oliveira Vaish Associates, 116 Martins, 166, 171 Van Doorne, 150 Prager Dreifuss, 222 Veirano Advogados, 32 PricewaterhouseCoopers, 3, 5, 8, 12, 16, 25, Vial y Palma, 61 26, 33, 55, 60, 61, 63, 65, 73, 77, 90, 94, Vitali Romagnoli Piccardi e Associati, 122, 101, 102, 106, 109, 112, 116, 130, 132, 123 135, 140, 149, 155, 160, 163, 172, 174, Vorlickova & Leitner, 70 178, 191, 194, 212, 213, 214, 222, 228, Vorster Pereira Inc, 194 229, 232, 238, 239, 241, 242, 243, 267, Wachtell Lipton Rosen & Katz, 256, 303, 276, 321, 322, 323, 324, 325 322, 329 Pump Court Tax Chambers, 241, 242 Webber Wentzel Bowens, 192, 193, 194 Reyes Abogados Asociados, 65 Weil Gotshal & Manges, 163, 254, 271, 283, RLE Gmbh, 101 298, 316, 321, 325, 326, 328, 330 Robert Boonacker, 149 Wentworth Chambers, 12, 13 Roca Junyent, 209 Werksmans, 194 Rodés & Sala, 209 White & Case, 70, 127, 129, 163, 323, 328 Rodríguez & Mendoza, 333 Wiersholm Mellbye & Bech, 160 Ropes & Gray, 329 Wikborg Rein, 160 Roschier, 77 William Fry, 120 RSM & Co, 116 Willkie Farr & Gallagher, 82, 83, 322, 328 RSM Hemmelrath, 102 Wilson & Partners, 54, 56 Ruchelman Law Firm, 328 Winston & Strawn, 322 Rui Barreira Magalhães Correia Teresa Wolf Theiss, 16 Carregueiro, 171 Woo Yun Kang Jeong & Han, 199, 200, 201 Russell McVeagh, 155 Xavier Bernardes & Bragança, 33 Samil PricewaterhouseCoopers, 195, 197, 198, 201 Schellenberg Wittmer, 221, 223 SchneideR’S Attorney at Law, 16 Schönherr, 16 Selborne Chambers, 12 Shaddick & Spence, 13 Shearman & Sterling, 101, 321, 326, 328 Sherwood Associates, 306, 329 Shin Nihon Ernst & Young, 126, 128, 129 Sidley Austin, 292, 327, 331 Simmons & Simmons Trenité, 149 Simpson Thacher & Bartlett, 322, 324, 326, 328, 330

336 Guide to the World’s Leading Tax Advisers www.expertguides.com