17TH ANNUAL TAX PLANNING STRATEGIES U.S. AND EUROPE HOTEL ARTS • BARCELONA, SPAIN 6-7 APRIL 2017

WEALTH MANAGEMENT AND TAX EXECUTIVES WORKSHOPS CUATRECASAS • BARCELONA, SPAIN 5 APRIL 2017

CONFERENCE PROGRAM

USA Branch ORGANIZERS American Bar Association Section of Taxation 1050 Connecticut Avenue, NW, Suite. 400, Washington, DC 20036 www.americanbar.org/groups/taxation.html As the national representative of the legal profession, the mission of the ABA Section of Taxation is to serve our members and the public through education and leadership to achieve an equitable, efficient, and workable tax system. The Tax Section puts all of the latest information on administrative and procedural developments right at your fingertips. Our publications, programs, and expert advice help you navigate the constantly changing landscape of tax law.

International Fiscal Association – USA Branch 2604 Elmwood Avenue, Suite 347, Rochester, NY 14618, USA

www.ifausa.org USA Branch Formed in 1938, the International Fiscal Association is a leading non-governmental, international organization dealing with tax matters. The USA Branch is the largest national IFA branch, with approximately 1,000 members. The Branch hosts a two-day conference in late February/early March of each year with presentations by eminent international tax experts on topics, planning ideas and issues of current importance. The USA Branch also holds joint meetings each year with branches from other countries.

International Bar Association, Taxes Committee 4th Floor, 10 Saint Bride Street, London EC4A 4AD, England www.ibanet.org The International Bar Association (IBA) is the world’s leading organization of international legal practitioners, bar associations and law societies. The IBA influences the development of international law reform and shapes the future of the legal profession throughout the world. It has a membership of over 45,000 individual lawyers and 200 bar associations and law societies spanning all continents. It has considerable expertise in providing assistance to the global legal community as well as being a source of distinguished legal commentators for international news outlets.

Tax Executives Institute, Inc.

1200 G Street, NW, Suite 300, Washington, DC 20005, USA

www.tei.org

IFA Spanish Branch: Asociación Española de Derecho Financiero (AEDF)

http://www.aedf-ifa.org/

American Bar Association Section of International Law 1050 Connecticut Avenue, NW, Suite. 400, Washington, DC 20036 www.americanbar.org/groups/international_law

2 17th Annual Tax Planning Strategies – U.S. and Europe INFORMATION CONFERENCE CO-CHAIRS Albert Collado, Garrigues, Barcelona, Spain Carol P. Tello, Eversheds Sutherland (US) LLP, Washington, DC, USA Sonia Velasco, Cuatrecasas, Barcelona, Spain CONFERENCE PLANNING COMMITTEE Joan C. Arnold, Pepper Hamilton LLP, Philadelphia, PA, USA José Blasi, Monereo Meyer Marinel-lo Abogados, Barcelona, Spain Peter H. Blessing, KPMG LLP, New York, NY, USA Thierry Boitelle, Bonnard Lawson, Geneva, Switzerland Olga Boltenko, Boltenko Law, Zurich, Switzerland Guillermo Canalejo, Uría Menéndez, Madrid, Spain Francesco Capitta, Macchi di Cellere Gangemi, Rome, Italy Stuart Chessman, Vivendi S.A., New York, NY, USA Olivier Dauchez, Gide Loyrette Nouel, Paris, France Eli Dicker, Tax Executives Institute, Inc., Washington, DC, USA Peter H. M. Flipsen, Simmons & Simmons LLP, Amsterdam, Netherlands Anders Oreby Hansen, Bech-Bruun, Copenhagen, Denmark Hal Hicks, Skadden, Arps, Slate, Meagher & Flom LLP, Washington, DC, USA Michael Hirschfeld, Andersen Tax, New York, NY, USA Rachel D. Kleinberg, Davis Polk & Wardwell LLP, Menlo Park, CA, USA Sara Luder, Slaughter and May, London, England Jörg W. Lüttge, Flick Gocke Schaumburg, Bonn, Germany Peter Maher, A & L Goodbody, Dublin, Ireland Eduardo Martínez-Matosas, Gómez-Acebo & Pombo, Barcelona, Spain Raul-Angelo Papotti, Studio Legale Chiomenti, Milan, Italy Alain Ranger, Fasken Martineau DuMoulin LLP, Montreal, QC, Canada Dirk J.J. Suringa, Covington & Burling LLP, Washington, DC, USA PAST LOCAL CONFERENCE CHAIRS (2012-2016) Bruno Gangemi, Macchi di Cellere Gangemi, Rome, Italy Stefano Petrecca, Macchi di Cellere Gangemi, Rome, Italy Pia Dorfmueller, P+P Pöllath + Partners, Frankfurt am Main, Germany Thierry Boitelle, Bonnard Lawson, Geneva, Switzerland Jean-Blaise Eckert, Lenz & Staehelin, Geneva, Switzerland Gareth Amdor, King & Wood Mallesons LLP, London, England Peter Maher, A&L Goodbody, Dublin, Ireland Gerald Gahleitner, LeitnerLeitner, Linz, Austria Clemens Philipp Schindler, Schindler and Partners, Vienna, Austria Christian Wimpissinger, Binder Grösswang, Vienna, Austria

For more information, visit http://shopaba.org/17taxeurope 3 INFORMATION WORKSHOPS VENUE Cuatrecasas Diagonal, 191 08018 Barcelona Website: http://www.cuatrecasas.com/office/barcelona.html CONFERENCE VENUE Hotel Arts Carrer de la Marina, 19-21 08005 Barcelona Website: http://www.hotelartsbarcelona.com/en DESCRIPTION The Conference will focus on practical planning strategies for multinational corporations and their international advisors, as well as provide insight into how government tax officials may view the international tax landscape in light of important international developments that impact corporate taxpayers. As the United States introduced game changing debt-equity rules, the opening panel will examine the new U.S. regulations and how other countries are treating debt-equity issues and the resulting impact on cross-border transactions. Brexit has also raised numerous practical technical issues as to how it may impact taxation of cross-border transactions and relationships. A panel of Brexit experts will explore those technical issues in detail. State Aid proposed recoveries have continued to raise issues on both sides of the Atlantic. The U.S. Treasury issued a White Paper detailing its view of the application of State Aid to U.S. companies and also issued a notice that would impact potential claims of foreign tax credits that may result from payments made under State Aid requirements. Our State Aid panel will review the technical issues raised by the recent events. Two panels will tackle BEPS-related issues with one focusing on Action 7 that addresses permanent establishment issues and a second panel taking on the more general treaty issues, including the multilateral instrument. Designed for international tax professionals from industry and private practice, other sessions will cover: • Transfer pricing dispute resolution including APAs, tax litigation, and MAP settlements; • Start-up companies; venture capital; and remuneration of investors; • Structuring deals in funds and cross-border real estate investment strategies; • Developments in transparency and exchange of information; • M&A transactions and trends. Panelists will include industry leaders, senior government officials, and leading tax practitioners from the United States and Europe. As in past years, the Conference will be supplemented by half-day Private Wealth Management and Tax Executives Workshops on Wednesday, 5 April. Numerous networking opportunities will be provided and a conference reception will be held on Thursday evening.

4 17th Annual Tax Planning Strategies – U.S. and Europe INFORMATION CONFERENCE MATERIALS & APP Materials for the Workshops and Conference are available at the following website: http://www.americanbar.org/groups/taxation/events_cle/meeting_materials/17eur_materials.html Stay connected with our mobile conference application. Download the app by using your mobile device to visit the following URL: visit http://ambar.org/taxapps. CLE CREDIT The ABA directly applies for and ordinarily receives CLE credit for ABA programs in AK, AL, AR, AZ, CA, CO, DE, GA, GU, HI, IA, IL, IN, KS, KY, LA, MN, MS, MO, MT, NH, NM, NV, NY, NC, ND, OH, OK, OR, PA, PR, SC, TN, TX, UT, VT, VA, VI, WA, WI, and WV. These states sometimes do not approve a program for credit before the program occurs. This transitional program is approved for both newly admitted and experienced attorneys in NY. Attorneys may be eligible to receive CLE credit through reciprocity or attorney self-submission in other states. For more information about CLE accreditation in your state, visit http://www.americanbar.org/groups/taxation/ events_cle/fall_cle.html or email [email protected]. CPE CREDIT The American Bar Association is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: http://www.learningmarket.org. ABA OPEN MEETINGS POLICY In accordance with the American Bar Association Open Meetings Policy, all ABA programs are open to the media unless they are to conduct business sessions of a confidential nature. The Association encourages media coverage of its activities. If you have questions about this policy, please contact the ABA Tax Section at +1.202.662.8670. CONTENT DISCLAIMER All Workshop and Conference content, including live, recorded, and written presentations, represents the opinions of the authors and speakers and should not be construed to be those of either the American Bar Association or Section of Taxation unless adopted pursuant to the bylaws of the Association. Nothing contained herein is to be considered as the rendering of legal advice for specific cases, and readers are responsible for obtaining such advice from their own legal counsel. This Workshop and Conference content and any forms and agreements herein are intended for educational and informational purposes only. PHOTOGRAPHY AND VIDEO Note that by attending the Conference, attendees have agreed to the terms of the American Bar Association Image/Audio/Video Release which allows images, audio, and video recorded on site to be used for educational and promotional purposes by the American Bar Association.

For more information, visit http://shopaba.org/17taxeurope 5 5 APRIL 2017 WEDNESDAY WEALTH MANAGEMENT & TAX EXECUTIVES WORKSHOPS

Venue: Cuatrecasas, Diagonal, 191, 08018 Barcelona

1230 – 1700 Registration of Delegates Atrio

1315 – 1330 Workshop Introduction Sala Polivalente

1330 – 1500 Wealth Management Workshop 1 Auditori Life Is Short: Buy the Shoes and Plan for Your Inheritance This panel will discuss Inheritance Tax Planning Strategies for HNWIs that move from one country to another. Experts from selected jurisdictions will address the sometimes overlooked issues involved with migration, such as inheritance or estate taxes, and will provide the latest structural planning strategies to avoid such pitfalls. Co-Chairs José Blasi, Monereo Meyer Marinel-lo Abogados, Barcelona, Spain Thierry Boitelle, Bonnard Lawson, Geneva, Switzerland Speakers Bruno Gangemi, Macchi di Cellere Gangemi, Rome, Italy Line-Alexa Glotin, UGGC Avocats, Paris, France Dirk-Jan Maasland, Loyens & Loeff N.V., Amsterdam, Netherlands Michael G. Pfeifer, Caplin & Drysdale, Chartered, Washington, DC, USA

1330 – 1500 Tax Executives Workshop 1 A02.01 Inbound Company Toolkit – U.S. Tax Reform: What’s Come and What’s Coming? • Legislative Proposals • Planning Implications • Characterizing Inbound Debt – Section 385 and Beyond Co-Chairs Eli J. Dicker, Tax Executives Institute, Inc., Washington, DC, USA Speakers Peter Flynn, Director of Tax, Allergan, Dublin, Ireland Kimberly T. Majure, KPMG LLP, Washington, DC, USA Vance Sider, Thomson Reuters, Zurich, Switzerland Alden Y. Sonander, KPMG LLP, New York, NY, USA

1500 – 1530 Networking Coffee Break

6 17th Annual Tax Planning Strategies – U.S. and Europe 5 APRIL 2017 WEDNESDAY 1530 – 1700 Wealth Management Workshop 2 Auditori Who Is Guilty? Initiatives Against Facilitators of Tax Evasion Countries globally are aggressively targeting the serious problem of tax evasion by their citizens and residents through the use of offshore accounts and structures. Apart from targeting the actual individuals, governments are focusing on foreign financial institutions and others that facilitate tax evasion. This panel will overview the current initiatives of the United States, the United Kingdom, Spain and Switzerland against the facilitation of tax evasion and actions that financial institutions and other intermediaries should take to prevent culpable conduct. Co-Chairs Olga Boltenko, Boltenko Law, Zurich, Switzerland Alan W. Granwell, Sharp Partners P.A., Washington, DC, USA Speakers Daniel Bader, Bär & Karrer, Zurich, Switzerland Patricia García Mediero, Avantia Asesoramiento Fiscal y Legal S.L., Bilbao, Spain Heather Gething, Herbert Smith Freehills, London, England Andrew Miller, Walkers, Cayman Islands

1530 – 1700 Tax Executives Workshop 2 A02.01 Inbound Company Toolkit – Tax Controversy Tools: What’s Left? • IRS Audit Campaigns • Foreign Activity in the United States (Federal) • State Tax Audit Activity Co-Chairs Eli J. Dicker, Tax Executives Institute, Inc., Washington, DC, USA Speakers Peter Flynn, Director of Tax, Allergan, Dublin, Ireland Kimberly T. Majure, KPMG LLP, Washington, DC, USA Vance Sider, Thomson Reuters, Zurich, Switzerland Alden Y. Sonander, KPMG LLP, New York, NY, USA

1700 – 1800 Workshop Reception Floor A07

The Wealth Management and Tax Executives Workshops are sponsored by:

For more information, visit http://shopaba.org/17taxeurope 7 6 APRIL 2017 THURSDAY TAX PLANNING STRATEGIES CONFERENCE — DAY 1

Venue: Hotel Arts, Carrer de la Marina, 19-21, 08005 Barcelona

0800 – 1730 Casals Prefunction Registration of Delegates

0800 – 0845 Casals Prefunction Continental Breakfast

0845 – 0900 Saló Pau Casals Conference Opens with Co-Chair’s Remarks Co-Chair Carol P. Tello, Eversheds Sutherland (US) LLP, Washington, DC, USA

0900 – 1030 Plenary Session Saló Pau Casals Cross-Border and Other Debt/Equity Issues and Considerations Determination of whether financial instruments are debt or equity for tax purposes has enormous implications for corporations, especially in the cross-border area, but also on a purely domestic level. This panel will address the issues and considerations raised in a variety of settings. Included in the discussion is an overview of highly controversial U.S. proposed debt-equity regulations under Section 385 and the more moderate final debt equity regulations issued in Fall 2016. Co-Chairs Hal Hicks, Skadden, Arps, Slate, Meagher & Flom LLP, Washington, DC, USA Sonia Velasco, Cuatrecasas, Barcelona, Spain Speakers Ewout van Asbeck, Van Doorne N.V., Amsterdam, Netherlands Damien Crossley, Macfarlanes LLP, London, England Marion Sangen-Emden, Heuking Kühn Lüer Wojtek, Düsseldorf, Germany Susanne Schreiber, Bär & Karrer AG, Zurich, Switzerland Gordon Warnke, Linklaters LLP, New York, NY, USA

1030 – 1100 Networking Coffee Break Casals Prefunction

8 17th Annual Tax Planning Strategies – U.S. and Europe 6 APRIL 2017 THURSDAY 1100 – 1230 Concurrent Session A Saló Granados Rewriting the Tax Rules This panel will look at how the changing political landscape in the United States and Europe might affect cross border tax planning strategies. In the U.S., business tax reform proposals made by the Administration and in Congress would represent a fundamental change for U.S. multinationals and foreign multinationals with U.S. operations or contacts. Within Europe, Brexit and other anti-EU sentiment sits alongside increasingly far-reaching EU tax policies, such as the State Aid challenges and a revised push for a common consolidated corporate tax base. Individual European States continue to enact legislation inspired by BEPS. Should multinationals wait and see or should they be taking steps now to future-proof their cross-border structures? Co-Chairs Peter M. Daub, Morgan, Lewis & Bockius LLP, Washington, DC, USA Sara Luder, Slaughter and May, London, England Speakers Olivier Dauchez, Gide Loyrette Nouel, Paris, France Jordi Domínguez, Latham & Watkins, Madrid, Spain John Gulliver, Mason Hayes Curran, Dublin, Ireland Wilhelm Haarmann, Linklaters LLP, Frankfurt am Main, Germany

1100 – 1230 Concurrent Session B Saló Clavé Transfer Pricing Controversy Multinational companies continue to face enhanced transfer pricing scrutiny with multiple jurisdictions regarding to TP audits. This will be an interactive session where the panelist will provide updates and informative examples regarding TP audits, Mutual Agreement Procedures (MAP) or Competent Authority (CA), Advance Pricing Agreements (unilateral and bilateral) Appeals, and TP litigation. The panelists will provide a government, company, and outside advisor perspective to handling various controversy matters and the pros and cons of the various approaches to resolving TP audits and adjustments. Co-Chairs Raul-Angelo Papotti, Studio Legale Chiomenti, Milan, Italy E. Miller Williams, Jr., EY, Washington, DC, USA Speakers J. Clark Armitage, Caplin & Drysdale, Chartered, Washington, DC, USA Sandy Bhogal, Mayer Brown International LLP, London, England Nikolaj Bjørnholm, Bjørnholm Law, Copenhagen, Denmark Bruno Gibert, CMS Bureau Francis Lefebvre, Paris, France Gauthier Halba, JCDecaux, Paris, France Montserrat Trapé, KPMG Abogados, Barcelona, Spain

For more information, visit http://shopaba.org/17taxeurope 9 6 APRIL 2017 THURSDAY 1230 – 1400 Keynote Luncheon Saló Pau Casals Is International Tax Policy Losing Sense of Direction – Where Are We Heading? Keynote Introduction Albert Collado, Garrigues, Barcelona, Spain Keynote Speaker Kees van Raad, Professor Emeritus of International Tax Law, Leiden University, Leiden, Netherlands

1400 – 1530 Concurrent Session A Saló Granados Curbing Treaty Abuse in an Ever Changing World The panel will look at the state of affairs of the different anti-avoidance initiatives undertaken by the European Union, the OECD and the United States, mainly in the form of Principal Purpose Test and Limitation of Benefits provisions. The challenges faced by governments, tax advisors, income recipients and withholding agents when interpreting and applying these provisions will be discussed. The panel will also address alternatives to improve the practical application of the PPT and LoB provisions. Co-Chairs Guillermo Canalejo, Uría Menéndez, Madrid, Spain Danielle Rolfes, Washington, DC, USA Speakers Alberto Bermejo, Ferrovial, Madrid, Spain Kimberly S. Blanchard, Weil, Gotshal & Manges LLP, New York, NY, USA Jörg W. Lüttge, Flick Gocke Schaumburg, Bonn, Germany Riccardo Michelutti, Maisto e Associati, Milan, Italy Mark Stapleton, Dechert LLP, London, England Gesina van de Wetering, Van Campen Liem, Amsterdam, Netherlands

1400 – 1530 Concurrent Session B Saló Clavé Is More Sunshine Always Better? The Benefits, Risks, and Costs of International Tax Transparency Regimes and Exchange of Information The panel will focus on the impact of international tax transparency regimes. How will country by country reporting affect the tax planning and operations of multinational groups? Will the CRS be effective in reducing tax evasion? Will exchange of information actually work in an atmosphere of rising protectionism? How will governments use the information? These and other questions will be discussed amongst in-house tax experts, advisors and an outstanding representative from the Global Forum on Transparency.

10 17th Annual Tax Planning Strategies – U.S. and Europe 6 APRIL 2017 THURSDAY Co-Chairs Torsten Engers, Flick Gocke Schaumburg, Frankfurt am Main, Germany Michael H. Plowgian, KPMG LLP, Washington, DC, USA Speakers Walter H. Boss, Bratschi Wiederkehr & Buob Ltd., Zurich, Switzerland Agnès de l’Estoile Campi, CMS Bureau Francis Lefebvre, Paris, France Stefano M. Ceccacci, UniCredit S.p.A., Milan, Italy María José Garde, Deputy Director for International Taxation, Ministry of Finance, Madrid, Spain Philip Kerfs, Head, International Cooperation Unit, Centre for Tax Policy and Administration, OECD, Paris, France Clemens Philipp Schindler, Schindler Attorneys, Vienna, Austria Jan van den Tooren, Hamelink & Van den Tooren, The Hague, Netherlands

1530 – 1600 Networking Coffee Break Casals Prefunction

1600 – 1730 Concurrent Session A Saló Granados State Aid Technical Issues and Developments During this session, a panel of EU tax experts and state aid practitioners will explore technical aspects and recent developments in the European Union regarding fiscal state aid, including recent opening decisions by the European Commission and the judgment by the European Court of Justice in the Spanish goodwill cases. Co-Chairs Peter H. Blessing, KPMG LLP, New York, NY, USA Koen Morbée, Tiberghien, Brussels, Belgium Speakers José Luis Buendía, Garrigues, Brussels, Belgium Joe Duffy, Matheson, Dublin, Ireland Elisabetta Righini, Latham & Watkins, Brussels, Belgium Karl Soukup, Director, State Aid: General Scrutiny and Enforcement, Directorate- General for Competition, European Commission, Brussels, Belgium Robert B. Stack, Former Deputy Assistant Secretary (International Tax Affairs), U.S. Department of the Treasury, Washington, DC, USA

For more information, visit http://shopaba.org/17taxeurope 11 6 APRIL 2017 THURSDAY 1600 – 1730 Concurrent Session B Saló Clavé Structuring Cross Border Fund Investments in Real Estate The real estate market remains hot in many jurisdictions. And fund investors, including both taxable and tax-exempt investors, want to participate. This panel will focus on the ways that cross-border real estate investments should be structured for both taxable and tax-exempt funds, with an emphasis on (1) direct investment in real estate versus an investment in a (tax exempt or taxable) real estate company, (2) minimizing withholding tax (or getting a refund of taxes that must be withheld) and the use of an EU intermediate holding company ‎in this context given the anti-abuse provisions introduced in the EU Parent-Subsidiary Directive, (3) restrictions on the deduction of interest and the impact of the EU Anti-Tax Avoidance Directive, (4) reducing or eliminating VAT and/or real estate transfer tax liability, and (5) reducing or eliminating capital gains taxation. Co-Chairs Peter H. M. Flipsen, Simmons & Simmons LLP, Amsterdam, Netherlands Richard M. Lipton, Baker & McKenzie LLP, Chicago, IL, USA Speakers Bernadette Accili, Paul Hastings, Milan, Italy Kate Habershon, Morgan, Lewis & Bockius LLP, London, England Thierry Lesage, Arendt & Medernach, Luxembourg, Luxembourg Thomas Perrot, Skadden, Arps, Slate, Meagher & Flom LLP, Paris, France Jutta Schneider, Frankfurt am Main, Germany Pablo Serrano de Haro, Clifford Chance, Madrid, Spain

1830 – 2030 Conference Reception Fundació Antoni Tàpies Join your fellow delegates for an offsite reception at Fundació Antoni Tàpies, a cultural center and museum dedicated to the life and works of the painter Antoni Tàpies. Round trip transportation will be available at the group entrance on the ground floor of Hotel Arts departing at 1800. Location: Fundació Antoni Tàpies, Carrer d’Aragó, 255, 08007 Barcelona

12 17th Annual Tax Planning Strategies – U.S. and Europe 7 APRIL 2017 FRIDAY TAX PLANNING STRATEGIES CONFERENCE — DAY 2

Venue: Hotel Arts, Carrer de la Marina, 19-21, 08005 Barcelona

0800 – 1530 Casals Prefunction Registration of Delegates

0800 – 0845 Casals Prefunction Continental Breakfast

0845 – 0900 Saló Clavé Conference Opens with Co-Chair’s Remarks (Concurrent Session A) Co-Chair Alain Ranger, Fasken Martineau DuMoulin LLP, Montreal, QC, Canada

0845 – 0900 Saló Granados Conference Opens with Co-Chair’s Remarks (Concurrent Session B) Co-Chair Sonia Velasco, Cuatrecasas, Barcelona, Spain

0900 – 1030 Concurrent Session A Saló Clavé Investing in Startup Companies: Tax Planning for the Founders, VCs and Employees For a startup, the choice of entity to minimize taxes, limit liability and allow for new investors is crucial and it has to allow for expansion and growth including a possible IPO lurking in the minds of all involved if successful. Capitalization of the company and ways to reward the founder, management, employees and venture capitalists in a tax efficient manner also lurk high on the list of what needs to be done. Popular structures in Ireland and elsewhere will be explored as well as possible tax legislation such as the United States‘ intermittent attempts to thwart carried interests and limit related party debt usage as well as the impact of the new Trump administration tax proposals. The panel also features a senior in-house person familiar with assisting start-ups who will raise some opportunities and ways to overcome obstacles and pitfalls that can occur.

For more information, visit http://shopaba.org/17taxeurope 13 7 APRIL 2017 FRIDAY Co-Chairs Ailish Finnerty, Arthur Cox, Dublin, Ireland Michael Hirschfeld, Andersen Tax, New York, NY, USA Speakers Pia Dorfmueller, P+P Pöllath + Partners, Frankfurt am Main, Germany Carlos Gabarró, ALTALEX, SL, Barcelona, Spain Kristin Konschnik, Withers LLP, London, England Marco Melisse, Eversheds Sutherland, Milan, Italy Max Tertinegg, Coinfinity GmbH, Graz, Austria Christian Wimpissinger, Binder Grösswang, Vienna, Austria

0900 – 1030 Concurrent Session B Saló Granados IP Incentive Regimes The panel will discuss various IP incentive regimes being introduced by countries to attract high value activity, including research and development, and how the design of such regimes is being influenced by developments in the EU and by the OECD. The panel will also discuss recent cross border IP planning which companies are implementing in connection with corporate acquisitions and JVs and how such transactions may be an early stage alternative to a later inversion. Additionally, the panel of experts will also address the potential impact of U.S. Tax Reform proposals on IP planning by U.S. MNCs. Co-Chairs Patrick Brown, General Electric Company, Stamford, CT, USA Peter Maher, A & L Goodbody, Dublin, Ireland Speakers Antonio Barba de Alba, Cuatrecasas, Gonçalves Pereira, Madrid, Spain Francesco Capitta, Macchi di Cellere Gangemi, Rome, Italy Luzius U. Cavelti, Altenburger Ltd, Zurich, Switzerland Stuart Chessman, Vivendi S.A., New York, NY, USA Margriet Lukkien, Loyens & Loeff N.V., Amsterdam, Netherlands Wolf-Georg von Rechenberg, CMS Hasche Sigle, Berlin, Germany

1030 – 1100 Networking Coffee Break Casals Prefunction

14 17th Annual Tax Planning Strategies – U.S. and Europe 7 APRIL 2017 FRIDAY 1100 – 1230 Concurrent Session A Saló Granados Structuring Cross Border Business After BEPS Action 7 – the New P.E. Challenges Through the use of case studies, the panel will examine how the proposed changes to Art. 5 (Permanent Establishment) of the OECD Model Convention based on BEPS Action 7 are (or should be) modifying inter-company cross border planning, including commissionaire and distributor arrangements and “preparatory and ancillary” planning. We will discuss how different countries are approaching the issue and how taxpayers are responding. The panel will also discuss whether the modifications will be a solution to the issues raised by abusive practices adopted by some multinational companies or, on the contrary, if it will give rise to new conflicts with the local tax authorities about the existence of a Permanent Establishment. Co-Chairs Joan C. Arnold, Pepper Hamilton LLP, Philadelphia, PA, USA Stefano Petrecca, Macchi di Cellere Gangemi, Rome, Italy Speakers Fabio Chiarenza, Gianni, Origoni, Grippo, Cappelli & Partners, Rome, Italy Anders Oreby Hansen, Bech-Bruun, Copenhagen, Denmark Antti Lehtimaja, Krogerus, Helsinki, Finland Andrew Loan, Fieldfisher LLP, London, England Eduardo Martínez-Matosas, Gómez-Acebo & Pombo, Barcelona, Spain Floran Ponce, Lenz & Staehelin, Geneva, Switzerland

1100 – 1230 Concurrent Session B Saló Clavé Trends in Cross-Border M&A Transactions The panel will discuss recent trends and interesting issues in cross-border M&A transactions, including corporate migration/inversion transactions, spin-offs as an M&A technique, the increasing use of warranty and indemnity insurance, contractual protections with respect to State Aid risks, changing rules on debt financing, other impacts of BEPS on acquisition structures, and post-acquisition integration. Co-Chairs Lydia Challen, Allen & Overy LLP, London, England Rachel Kleinberg, Davis Polk & Wardwell LLP, Menlo Park, CA, USA Speakers Pierre-Henri Durand, Bredin Prat, Paris, France Reto Heuberger, Homburger AG, Zurich, Switzerland Sam Kaywood, Alston & Bird LLP, Atlanta, GA, USA Sonya Manzor, William Fry, Dublin, Ireland Jean Schaffner, Allen & Overy LLP, Luxembourg, Luxembourg Andrea Silvestri, Bonelli Erede Pappalardo Studio Legale, Milan, Italy

For more information, visit http://shopaba.org/17taxeurope 15 7 APRIL 2017 FRIDAY 1230 – 1400 Networking Luncheon Saló Pau Casals

1400 – 1530 Plenary Session Saló Granados Government Roundtable Government implementation of the BEPS’ action items is underway and the text of the Multilateral Instrument (MLI) to modify bilateral has been agreed. Implementation of BEPS and the MLI is likely to reveal unanswered questions and the possibility of disagreements not just among governments and taxpayers, but also among governments. With a continuing focus on eliminating tax avoidance opportunities, European Union countries are facing the implementation of the Anti- Tax Avoidance Directive and debating re-launch of the proposed CCCTB directive. At the same time, the European Commission has undertaken a number of investigations of state aid purportedly granted through EU member states’ income tax regimes. Meanwhile, the United States is debating fundamental income tax reform that could dramatically reshape the taxation of U.S. companies’ international operations. All of these will pose great challenges to governments and business alike, and will have a dramatic impact on the way multinational groups structure their cross border investments and transactions. A panel of government representatives will discuss how EU member states and the United States are managing the changes as well as what they see ahead for the taxation of cross border investment and transactions. Co-Chairs Albert Collado, Garrigues, Barcelona, Spain Pamela F. Olson, PwC, Washington, DC, USA Speakers María José Garde, Deputy Director for International Taxation, Ministry of Finance, Madrid, Spain Martin Kreienbaum, Director General - International Taxation, Federal Ministry of Finance, Berlin, Germany and Chair, Committee on Fiscal Affairs, OECD Achim Pross, Head, International Co-operation and Tax Administration Division, OECD, Paris, France Robert B. Stack, Former Deputy Assistant Secretary (International Tax Affairs), U.S. Department of the Treasury, Washington, DC, USA Mike Williams, Director, Business and International Tax, HM Treasury, London, England and Chair, BEPS Multilateral Instrument Ad Hoc Group, OECD

1530 Conference Closes

16 17th Annual Tax Planning Strategies – U.S. and Europe CONFERENCE DELEGATES as of 28 March

Panel co-chairs are designated with a double asterisk, speakers with a single asterisk.

Bernadette Accili* Sandy Bhogal* Olga Boltenko** Paul Hastings LLP Mayer Brown Boltenko Law Milan, Italy International LLP Zurich, Switzerland London, England Egle Akele Willem Bongaerts Magnusson Eric Biehl Bird & Bird Vilnius, Lithuania Church Harris Johnson & The Hague, Netherlands Williams Pedro Amat Walter H. Boss* Great Falls, MT, USA Cuatrecasas Bratschi Wiederkehr & Barcelona, Spain Jaroslaw Bieronski Buob Ltd. J. Clark Armitage* Soltysinski Kawecki & Zurich, Switzerland Szlezak Caplin & Drysdale, Chtd. Patrick Brown** Warsaw, Poland Washington, DC, USA General Electric Company Joan C. Arnold** Joachim M. Bjerke Stamford, CT, USA BA-HR Pepper Hamilton LLP José Luis Buendía* Oslo, Norway Philadelphia, PA, USA Garrigues Susana Arroyo Nikolaj Bjørnholm* Brussels, Belgium Bjørnholm Law Finreda UAB Andreas Bussman Copenhagen, Denmark Vilnius, Lithuania Roschier, Attorneys Ltd Ewout van Asbeck* Kimberly S. Blanchard* Helsinki, Finland Weil, Gotshal & Manges LLP Van Doorne N.V. Guillermo Canalejo New York, NY, USA Amsterdam, Netherlands Lasarte** Daniel Bader* José Blasi** Uría Menéndez Bär & Karrer Monereo Meyer Marinel-lo Madrid, Spain Abogados Zurich, Switzerland Francesco Capitta* Barcelona, Spain Antonio Barba de Alba* Macchi di Cellere Cuatrecasas Peter H. Blessing** Gangemi Madrid, Spain KPMG LLP Rome, Italy New York, NY, USA Daniel Beeton Delicia M. Capocasale Duff & Phelps David te Boekhorst Cuatrecasas London, England The Corpag Group Barcelona, Spain Amsterdam, Netherlands Alberto Bermejo* Stefano Carmini Ferrovial Michiel Boeren Studio Legale Carmini & Madrid, Spain Tiberghien Luxembourg Associati Sàrl Milan, Italy Jack Bernstein Luxembourg, Luxembourg Aird & Berlis LLP Raffaele Castaldo Toronto, ON, Canada Thierry Boitelle** Studio Legale Carmini & Bonnard Lawson Associati Geneva, Switzerland Milan, Italy

For more information, visit http://shopaba.org/17taxeurope 17 CONFERENCE DELEGATES as of 28 March

Panel co-chairs are designated with a double asterisk, speakers with a single asterisk.

Luzius U. Cavelti* Matthew Cullen Joe Duffy* Altenburger Ltd Sharp Partners P.A. Matheson Ormsby Zurich, Switzerland Zurich, Switzerland Prentice Stefano M. Ceccacci* Peter M. Daub** Dublin, Ireland UniCredit S.p.A. Morgan, Lewis & Melissa Dunkley Milan, Italy Bockius LLP MD Advisory Ltd Lydia Challen** Washington, DC, USA Leicester, England Allen & Overy LLP Olivier Dauchez* Carlos Durán London, England Gide Loyrette Nouel Uría Menéndez Stuart Chessman* Paris, France Barcelona, Spain Vivendi S.A. Thomas Day Pierre-Henri Durand* New York, NY, USA EY Bredin Prat Fabio Chiarenza* Munich, Germany Paris, France Gianni, Origoni, Grippo, Alicia de Carlos Torsten Engers** Cappelli & Partners Cuatrecasas Flick Gocke Schaumburg Rome, Italy Barcelona, Spain Frankfurt am Main, Silvio Cilia Agnès de l’Estoile Campi* Germany Corrieri Cilia Legal CMS Bureau Francis Beate Erwin Ta’ Xbiex, Malta Lefebvre Ruchelman PLLC Michele Citarella Paris, France New York, NY, USA CBA Studio Legale E Raymond De Looze Alejandro Escoda Tributario Red the Network BV Cuatrecasas Milan, Italy Den Bosch, Netherlands Barcelona, Spain Matthias Clement Eli J. Dicker** Álvaro Escuder Van Doorne N.V. Tax Executives Institute, Inc. Cuatrecasas Amsterdam, Netherlands Washington, DC, USA Barcelona, Spain Albert Collado** Jordi Domínguez* Marina Esquerra Garrigues Latham & Watkins Arco Abogados y Asesores Barcelona, Spain Madrid, Spain Tributarios Michel Collet Paul Doralt Barcelona, Spain CMS Bureau Francis Dorda Brugger Jordis Belen Fernandez Lefebvre Vienna, Austria Finreda UAB Paris, France Pia Dorfmueller* Vilnius, Lithuania Ceriel Coppus P+P Pöllath + Partners Ailish Finnerty** Kraaijeveld Coppus Legal Frankfurt am Main, Arthur Cox Amsterdam, Netherlands Germany Dublin, Ireland Damien Crossley* Peter H. M. Flipsen** Macfarlanes LLP Simmons & Simmons LLP London, England Amsterdam, Netherlands

18 17th Annual Tax Planning Strategies – U.S. and Europe CONFERENCE DELEGATES as of 28 March

Panel co-chairs are designated with a double asterisk, speakers with a single asterisk.

Peter Flynn* Bruno Gibert* Reto Heuberger* Allergan CMS Bureau Francis Homburger AG Dublin, Ireland Lefebvre Zurich, Switzerland Paris, France Ramon Fontanilles Hal Hicks** IGMASA Management Line-Alexa Glotin* Skadden, Arps, Slate, Andorra La Vella, Andorra UGGC Avocats Meagher & Flom LLP Eric Fort Paris, France Washington, DC, USA Arendt & Medernach Collette C. Goodman Michael Hirschfeld** Luxembourg, Luxembourg Goodwin Andersen Tax William M. Funk Washington, DC, USA New York, NY, USA Law Office of William M. Shefali Goradia Joan Hortala Funk BMR Advisors LLP Cuatrecasas New York, NY, USA Mumbai, India Barcelona, Spain Carlos Gabarró* Alan W. Granwell** Marius Ionescu ALTALEX, S.L. Sharp Partners P.A. Nestor Nestor Diculescu Barcelona, Spain Washington, DC, USA Kingston Petersen Gerald Gahleitner Raquel Guevara Bucharest, Romania Leitnerleitner MNKS Hervé Israel Linz, Austria Luxembourg, Luxembourg Cabinet Bornhauser Bruno Gangemi* John Gulliver* Paris, France Macchi di Cellere Mason Hayes & Curran Deborah J. Jacobs Gangemi Dublin, Ireland Law Office of Deborah J. Rome, Italy Wilhelm Haarmann* Jacobs Patricia García Mediero* Linklaters LLP New York, NY, USA Avantia Asesoramiento Frankfurt am Main, Thomas Jacobsen Fiscal y Legal Germany Papilio Services Limited Bilbao, Spain Kate Habershon* Valletta, Malta Monica Garcia-Perrote Morgan, Lewis & Casper Jensen Cuatrecasas Bockius LLP Kromann Reumert Barcelona, Spain London, England Copenhagen, Denmark María José Garde* Gauthier Halba* Ove Jenssen Ministry of Finance JCDecaux Sarpsborg, Norway Madrid, Spain Paris, France David Jervis José Luis Gaudier Christina Hammarstrand Eversheds Sutherland Cuatrecasas Swedish Tax Agency London, England Barcelona, Spain Gothenburg, Sweden Sam Kaywood* Heather Gething* Anders Oreby Hansen* Alston & Bird LLP Herbert Smith Freehills LLP Bech-Bruun Atlanta, GA, USA London, England Copenhagen, Denmark

For more information, visit http://shopaba.org/17taxeurope 19 CONFERENCE DELEGATES as of 28 March

Panel co-chairs are designated with a double asterisk, speakers with a single asterisk.

Philip Kerfs* Kim D. Lexner Josep Marsal OECD Zurich, Switzerland Cuatrecasas Paris, France Sanna Linna-Aro Barcelona, Spain Rachel D. Kleinberg** Castrén & Snellman Sylvan Martha Davis Polk & Wardwell LLP Attorneys Ltd HBM Group Menlo Park, CA, USA Helsinki, Finland Amsterdam, Netherlands Oksana Kneychuk Richard M. Lipton** Juan Martinez Martinez Eterna Law Baker & McKenzie LLP Reynal Kyiv, Ukraine Chicago, IL, USA Grant Thornton Asesores Kristin Konschnik* Andrew Loan* SLP Withers LLP Fieldfisher LLP Madrid, Spain London, England London, England Eduardo Martínez- Friggo Kraaijeveld Sara Luder** Matosas* Kraaijeveld Coppus Legal Slaughter and May Gómez-Acebo & Pombo Amsterdam, Netherlands London, England Barcelona, Spain Paul Kraan Margriet Lukkien* Rezarta Mataj Van Campen Liem Loyens & Loeff N.V. Tirana, Albania Amsterdam, Netherlands Amsterdam, Netherlands Katrin Maziul Martin Kreienbaum* Jörg W. Lüttge* Broseta Abogados Federal Ministry of Flick Gocke Schaumburg Zurich, Switzerland Finance Bonn, Germany Marco Melisse* Berlin, Germany Dirk-Jan Maasland* Eversheds Sutherland Ernesto Lacambra Loyens & Loeff N.V. Milan, Italy Cases & Lacambra Amsterdam, Netherlands Riccardo Michelutti* Barcelona, Spain Peter Maher** Maisto e Associati Aija Lasmane A & L Goodbody Milan, Italy SORAINEN Dublin, Ireland Andrew Miller* Riga, Latvia Kimberly J. Tan Majure* Walkers Antti Lehtimaja* KPMG LLP Tortola, British Virgin Krogerus Washington, DC, USA Islands Helsinki, Finland Dainius Malinauskas Wendela Moes Thierry Lesage* Finreda UAB Hamelink & Van den Arendt & Medernach Vilnius, Lithuania Tooren Luxembourg, Luxembourg The Hague, Netherlands Sonya Manzor* Patricia Lesser William Fry Lorenzo Molè Buchanan Ingersoll & Dublin, Ireland Ferrero International SA Rooney PC Luxembourg, Luxembourg Gerben Markink Washington, DC, USA Red the Network BV Den Bosch, Netherlands

20 17th Annual Tax Planning Strategies – U.S. and Europe CONFERENCE DELEGATES as of 28 March

Panel co-chairs are designated with a double asterisk, speakers with a single asterisk.

Monika Molnar Jenni Parviainen Alain Ranger MME Tax AG Castrén & Snellman Fasken Martineau Zug, Switzerland Attorneys Ltd Dumoulin LLP Koen Morbée** Helsinki, Finland Montreal, QC, Canada Tiberghien Thomas Perrot* Elisabetta Righini* Brussels, Belgium Skadden, Arps, Slate, Latham & Watkins Andreas Müller Meagher & Flom LLP Brussels, Belgium Paris, France MME Tax AG Arne Riis Zug, Switzerland François Petit Accura Honore Ndondjie Mayfair Trust S.À R.L. Advokatpartnerselskab Gainesville, FL, USA Walferdange, Luxembourg Hellerup, Denmark Boudewijn Niels Stefano Petrecca** Leendert Johannes Atlas Tax Lawyers Macchi di Cellere Rijnhout Amsterdam, Netherlands Gangemi Nautadutilh N.V. Rome, Italy Rotterdam, Netherlands William Norman Ord & Norman Michael G. Pfeifer* Marina Rincon Los Angeles, CA, USA Caplin & Drysdale, Chtd. Gomez-Acebo & Pombo Washington, DC, USA Madrid, Spain Michael Norremark Kromann Reumert Helmut Pikmets Javier Rodriguez Copenhagen, Denmark TGS Varul Cuatrecasas Tallinn, Estonia New York, NY, USA Michal Nowacki Wardynski & Partners Wayne Pisani Danielle Rolfes** Warsaw, Poland Grant Thornton LLP Washington, DC, USA Swatar, Malta Mika Ohtonen Takashi Saida Roschier, Attorneys Ltd. Michael H. Plowgian** Tokyo, Japan KPMG LLP Helsinki, Finland Emma Sánchez Washington, DC, USA Pamela F. Olson** Cuatrecasas PwC Floran Ponce* Barcelona, Spain Lenz & Staehelin Washington, DC, USA Marion Sangen-Emden* Geneva, Switzerland James T. O’Neal, III Heuking Kühn Lüer AMMC Law SA Achim Pross* Wojtek Luxembourg, Luxembourg OECD Düsseldorf, Germany Paris, France Frederic Paget Sinan Sar UBS Wealth Management Yves Prussen United Trust Luxembourg, Luxembourg Elvinger Hoss & Prussen Luxembourg, Luxembourg Luxembourg, Luxembourg Raul-Angelo Papotti** Jean Schaffner* Studio Legale Chiomenti Allen & Overy LLP Milan, Italy Luxembourg, Luxembourg

For more information, visit http://shopaba.org/17taxeurope 21 CONFERENCE DELEGATES as of 28 March

Panel co-chairs are designated with a double asterisk, speakers with a single asterisk.

Clemens Philipp Schindler* Alexander Slager Max Tertinegg* Schindler Attorneys Hill Smith King & Wood Coinfinity GmbH Vienna, Austria Amsterdam, Netherlands Graz, Austria Michael Schmidt Remco Smorenburg Niklas Thibblin Schmidt Taxlaw Norton Rose Fulbright Waselius & Wist Frankfurt am Main, Amsterdam, Netherlands Helsinki, Finland Germany Alden Y. Sonander* Viara Todorova Niklas Schmidt KPMG LLP Djingov, Gouginski, Wolf Theiss New York, NY, USA Kyutchukov & Velichkov Vienna, Austria Niclas H. Sonne Sofia, Bulgaria Jutta Schneider* Horten Montserrat Trapé* Frankfurt am Main, Advokatpartnerselskab KPMG Abogados, S.L. Germany Hellerup, Denmark Barcelona, Spain Susanne Schreiber* Karl Soukup* Andreas Trost Bär & Karrer European Commission Cuatrecasas Zurich, Switzerland Brussels, Belgium Bacelona, Spain Sebastiano Sciliberto Robert B. Stack* Benjamin Twardosz Eversheds Sutherland Washington, DC, USA Wolf Theiss Milan, Italy Mark Stapleton* Vienna, Austria Pablo Serrano de Haro* Dechert LLP Gesina van de Wetering* Clifford Chance London, England Van Campen Liem Madrid, Spain Sjoerd Stokmans Amsterdam, Netherlands Lee Sheppard Van Doorne N.V. Tino Van Den Heuvel Tax Analysts Amsterdam, Netherlands Hill Smith King & Wood Arlington, VA, USA Christian Maria Strik Wellington, DC, USA Vance Sider* Strik Advocaten En Jan van den Tooren* Thomson Reuters Belastingadviseurs Hamelink & Van den Zurich, Switzerland Amsterdam, Netherlands Tooren Cesare Silvani John Sweeney The Hague, Netherlands Maisto e Associati Harsco Luxembourg Sarl Ruud Van Der Hoeven Milan, Italy Dudelange, Luxembourg Johnson Electric Teresa N. Taylor International Andrea Silvestri* Murten, Switzerland Bonelli Erede Pappalardo Education Counsel LLC Studio Legale Washington, DC, USA Kees van Raad* Milan, Italy Carol P. Tello** Leiden University Leiden, Netherlands Christian Sjoqvist Eversheds Sutherland Setterwalls Advokatbyra AB (US) LLP Jan Vanden Abeele Gothenburg, Sweden Washington, DC, USA International Tax Consult Waregem, Belgium

22 17th Annual Tax Planning Strategies – U.S. and Europe CONFERENCE DELEGATES as of 28 March

Panel co-chairs are designated with a double asterisk, speakers with a single asterisk.

Sonia Velasco** Albert Wolfs Cuatrecasas FOD Financien Barcelona, Spain Brussels, Belgium Eduard Verbeke Peter Wurzer Van Doorn CFS B.V. Strik Advocaten En Amsterdam, Netherlands Belastingadviseurs Maribel Villaró Amsterdam, Netherlands Cuatrecasas Xavier Xivillé Barcelona, Spain Cuatrecasas Luis Manuel Viñuales Barcelona, Spain Garrigues Emre Yildirim Madrid, Spain Porte Consulting Luis Viñuales Corporate Ltd. Uría Menéndez London, England Barcelona, Spain Barbara Zak Wolf-Georg von Ord & Norman Rechenberg* Los Angeles, CA, USA CMS Hasche Sigle Daniela Zamboni Berlin, Germany Studio Legale Carmini & Gordon Warnke* Associati Linklaters LLP Milan, Italy New York, NY, USA Margot Weyl Strasbourg, France Joanna Wierzejska Domanski Zakrzewski Palinka Sp.K. Warsaw, Poland Mike Williams* HM Treasury London, England E. Miller Williams, Jr.** EY Washington, DC, USA Christian Wimpissinger* Binder Grösswang Vienna, Austria

For more information, visit http://shopaba.org/17taxeurope 23 NOTES

24 17th Annual Tax Planning Strategies – U.S. and Europe NOTES

For more information, visit http://shopaba.org/17taxeurope 25 Everywhere at home

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