Quality tax advice, globally Global Guide to M&A Tax 2016 Edition www.taxand.com Table of contents Foreword ........................................................................................................................................3 Foreword ........................................................................................................................................3 Private equity investments in the post-BEPS world .......................................................................4 Private equity investments in the post-BEPS world .......................................................................4 Country overviews Country Overviews Argentina ........................................................................................................................................9 Argentina ........................................................................................................................................9 Austria ..........................................................................................................................................18 Austria ..........................................................................................................................................18 Belgium ........................................................................................................................................24 Belgium ........................................................................................................................................24 Canada .........................................................................................................................................31 Canada .........................................................................................................................................31 China ............................................................................................................................................37 China ............................................................................................................................................37 Colombia ......................................................................................................................................43 Cyprus ..........................................................................................................................................50 Cyprus ..........................................................................................................................................50 Denmark .......................................................................................................................................61 Denmark .......................................................................................................................................61 Finland ..........................................................................................................................................68 Finland ..........................................................................................................................................68 France...........................................................................................................................................76 France...........................................................................................................................................76 Germany .......................................................................................................................................86 Germany .......................................................................................................................................86 Greece ..........................................................................................................................................94 Greece ..........................................................................................................................................94 India ............................................................................................................................................101 India ............................................................................................................................................101 Indonesia .................................................................................................................................... 110 Indonesia .................................................................................................................................... 110 Ireland ......................................................................................................................................... 116 Ireland ......................................................................................................................................... 116 Italy .............................................................................................................................................124 Italy .............................................................................................................................................124 Luxembourg ...............................................................................................................................133 Luxembourg ...............................................................................................................................133 Malta ........................................................................................................................................... 141 Malta ........................................................................................................................................... 141 Netherlands ................................................................................................................................ 147 Netherlands ................................................................................................................................ 147 Norway .......................................................................................................................................155 Norway .......................................................................................................................................155 Poland ........................................................................................................................................159 Poland ........................................................................................................................................159 Romania .....................................................................................................................................166 Romania .....................................................................................................................................166 Singapore ................................................................................................................................... 174 Singapore ................................................................................................................................... 174 South Africa ................................................................................................................................180 South Africa ................................................................................................................................180 Spain ..........................................................................................................................................187 Spain ..........................................................................................................................................187 Switzerland .................................................................................................................................199 Switzerland .................................................................................................................................199 Turkey .........................................................................................................................................206 Turkey .........................................................................................................................................206 United Kingdom .........................................................................................................................214 United Kingdom .........................................................................................................................214 USA ............................................................................................................................................221 USA ............................................................................................................................................221 Index of Authors .........................................................................................................................231 Index of authors .........................................................................................................................231 Quality tax advice, globally www.taxand.com 2 Foreword 2015 saw a record year for global merger and acquisition (M&A) activity marked by many mega-sized transactions. With the possibility of renewed and diversified activity from private equity players, activist