International Tax Adviser Handbook 2018

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Kuwait EY 4

France Allen & Overy France 5 Germany PwC Germany 6

The Netherlands KPMG Holland 7 Philippines BDW Law

New Zealand Buddle Findlay

Romania Dentons United Kingdom JHA

Nigeria UUBO

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KUWAIT Alok Chugh Partner EY +965 22955104 Baitak Tower, Ahmed Al Jaber Street, P.O. Box 74, Safat 13001, Kuwait

Alok is a partner with EY’s Middle East practice and is based in Kuwait. He has lived and worked in Kuwait for over 24 years and has detailed knowledge of business and taxes in Kuwait. He has considerable experience in advising entry level strategies for foreign multinationals wishing to do business in Kuwait. Alok has been involved in a number of consulting assignments (including cross-border planning, application of double tax treaties and the efficient handling of tax and commercial affairs) for project due diligence, business paper preparation or review, and structuring operational activities). Alok is a member of the Institute of the Chartered Accountants of India and is an active member and frequent lecturer at the American Business Council, French Business Council, British Business Forum and Canadian Business Council in Kuwait. He is also on the Board of the American Business Council in Kuwait. Alok has been consulted by various government organizations in Kuwait on the practical implementation of various regulations in Kuwait, including the Ministry of Finance and National Offset Company.

Alok also works closely with the Kuwait Direct Investment Promotion Authority (KDIPA) and a number of other government institutions. EY in Kuwait has been operating since 1952 and is the largest accounting and consulting firm in the country. Our 340 professionals are available to serve clients anywhere in Kuwait working in both Arabic and English. EY professionals in Kuwait can provide expert advice on every business issue. We are fully integrated with Ernst & Young Middle East in terms of methodology, training and quality control. The Kuwait office is supported by resources of Ernst & Young Global, which has over 152,000 professionals working out of 700 offices in over 140 countries. Ernst & Young, Kuwait enjoys the premier position as tax advisers in Kuwait. With 2 specialist tax partners, 4 directors and a team of 40 tax specialist staff we service approximately 70% of registered taxpayers in Kuwait. We have an extensive experience of assisting companies in managing their tax compliance in Kuwait in the most efficient manner, advising on tax treaty matters and providing for entry-level strategies to foreign companies intending to carry on business in Kuwait.

Key achievements/experience of the firm •

Over 70% share of the of tax services in Kuwait

Over 50 years of experience in Kuwait

• A large team of Tax professionals with one Tax partner, five Tax directors and a team of 40 other experienced staff, including several bilingual staff, who are dedicated to handling matters with the Kuwait tax authorities • Assisted 4 out of 9 investors who have been granted license under Law 116 of 2013 (foreign investment law)

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FRANCE Jean-Yves Charriau Partner Allen & Overy LLP +33 1 40 06 54 00 52 avenue Hoche, 75008 Paris, France

Bio Jean-Yves Charriau is a partner in the tax department of Allen & Overy LLP Paris. He specialises in the structuring and financing of foreign and French real estate investments and has developed a particular expertise with respect to French REITs, OPCIs, Anglo-Saxon and Islamic funds. Jean-Yves advises many listed real estate companies and foreign funds on their real estate investment transactions in France and abroad. He acts as an adviser of the French property federation (FSIF) on tax matters.

Since 2003, Jean-Yves has also been involved in the first real estate transactions carried out by Islamic investors in France and he has been one of the key contacts of the Ministry of Finance in relation to the adoption of new regulations adapting French taxation to the requirements of Islamic finance. He is a member of the Islamic Finance Commission set up by Paris Europlace.

Our network combines broad international cover with deep local roots, and we are present in those locations which are the source or destination of the major international capital flows and in the financial centres that handle those flows.

The Firm

Our clients require a seamless, multijurisdictional tax advisory service, whether on a stand-alone basis or as an integral part of the full legal service which we offer.

Allen & Overy is one of the largest international legal practices with approximately 5,200 staff and some 525 partners within 43 offices in 30 countries across Europe, Asia Pacific, the US, South America and the Middle East.

That’s why, with over 100 tax specialists across our international network, we are able to offer both domestic and cross-border advice wherever our clients need it, whether they are financial institutions, corporate entities or funds. The depth and breadth of our knowledge ensures that we are able to support our clients’ business needs successfully and provide highquality, innovative tax solutions in the increasingly complex area of tax legislation and practice.

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GERMANY Lorenz Bernhardt Partner / Leader Transfer Pricing PricewaterhouseCoopers +49 30 2636 5204 Kapelle-Ufer 4, 10117 Berlin

Bio Lorenz has over 20 years experience in tax consulting, in particular in planning, implementation and defense of transfer pricing systems as well as in international tax structuring. He advises large international clients (both German and foreign headquartered) and has led many projects with a broad variety. He is also acting as central European transfer pricing advisor for a number of multinational corporations. Additionally, Lorenz lectures on transfer pricing and international tax at professional seminars and at renowned universities. He is regularly named to be one of the top tier transfer pricing advisors in Germany.

Recent projects of Lorenz Bernhardt included: •

Advice on and implementation of large restructuring projects, including treatment under the German transfer of function rules;

Advice on intra-group financing structuring, including design of overall transfer pricing systems for group financing activities as well as determination of interest rates, guarantee fees etc. through loan benchmarking and other pricing techniques; and

Education Lorenz obtained a law degree from the University of Munich and an LLM from New York University School of Law. Before joining the tax practice of an international accounting firm in Germany, he had been working as a foreign associate with Fried, Frank in New York. Lorenz is a German certified tax advisor and has been admitted as attorney-at-law both to the German Bar as well as to the New York Bar.

The Firm

Our clients face diverse challenges, strive to put new ideas into practice and seek expert advice. They turn to us for comprehensive support • Tax audit defense work with and practical solutions that deliver a focus on very large cases maximum value. Whether for a and high end transfer pricing global player, a family business or matters a public institution, we leverage all of our assets: experience, industry Lorenz is also heading the German knowledge, high standards of transfer pricing practice of quality, commitment to innovation PricewaterhouseCoopers, and is and the resources of our expert member of pwc’s global transfer network in 157 countries. Building a pricing leadership team. Under trusting and cooperative relationship Lorenz’ leadership, pwc Germany’s with our clients is particularly transfer pricing practice has grown important to us – the better we know substantially and now encompasses and understand our clients’ needs, more than 160 professionals located the more effectively we can support in all major German cities. them. PwC. 9,300 dedicated people at 28 locations. €1.55 billion in turnover. The leading auditing and consulting firm in Germany.

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THE NETHERLANDS Jaap Bellingwout Partner +31 (0)88 909 10 58

Experience With over 20 years of experience in international corporate taxation as a tax professional, Jaap is servicing large clients based around the world, with a focus on the US and on the MENA region. In his client portfolio, Jaap has established numerous holding company structures, financing structures and tax efficient acquisition and investment structures for (mostly: listed ) companies in various sectors of industry, including foreign banks, as well as investment funds and sovereign wealth funds. Jaap has also been a trusted advisor to various governments on the implementation and modernization of their tax regimes, including in the Middle East. Jaap has advised governments on tax strategic matters such as corporate tax reforms,

the introduction of withholding taxes and VAT, the protection of domestic (corporate) tax bases, and alignment with international standards of the OECD and the EU. Jaap has also negotiated several tax treaties on behalf of a jurisdiction, and he initiated and supervised the introduction of a new legal entity type in this jurisdiction. Recently, Jaap successfully represented a government in the OECD’s Global Forum Peer Review Project, resulting in this jurisdiction passing Phase 1 of this OECD project. Within the Dutch Organization of Tax Advisors Jaap is member of a core team interacting with the Dutch stakeholders (a.o. the Dutch MoF, Parliament, and Dutch business organization VNO-NCW) in light of how the Netherlands should respond to the international debate and OECD/EU action plans on base erosion & profit shifting/aggressive tax planning.

Specialization • Corporate income tax • Dividend withholding tax • International and European tax law • Divisions • Tax planning and structuring • Mergers and acquisitions

Education and memberships Master’s in Tax Law, & Master’s in Business Law, Leiden University PhD (Legal and Tax Aspects of Company Migration in the EU), Radboud University Nijmegen Lawyer, Admitted to the Bar in Amsterdam Member and vice chairman of the legislative committee of the Association of Dutch Tax Advisors (since 1996) Elected as ‘Best tax lawyer in the Netherlands’ by (2005) & ‘Winner ‘of the Corporate Livewire Global Awards 2015 for the Netherlands ,category‘Tax’; Appointed by the Crown as a member of the Committee on Company Law, advising the Dutch Minister of Justice Jaap is also Professor and Head of Department at VU University Amsterdam

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PHILIPPINES Benedicta Du-Baladad Managing Partner and CEO Du-Baladad and Associates (BDB Law) +00632 403 2001; 20th Floor Chatham House V.A. Rufino corner Valero St., Salcedo Village, 1227 Makati City, Philippines

Education • Advanced Management Program Wharton School of the University of Pennsylvania, Pennsylvania, USA (2007) • Master of Laws and International Tax Program Harvard University (1997) • Advance Management Program, Asian Institute of Management, Makati, Philippines • Bachelor of Laws, University of Santo Tomas, Manila, Philippines (1989) • Bachelor’s Degree in Accountancy, Magna Cum Laude, St. Louis University (1982)

a President of the Financial Executives of the Philippines (FINEX) (2017), and a past president of the Tax Management Association of the Philippines (TMAP) (2004). Currently, she chairs the Tax Committee of Philippine Chamber of Commerce and Industry (PCCI). Benedicta is a currently a Director of the Bank of Commerce, and a professorial lecturer of taxation at the University of Santo Tomas (UST). She is also the Philippine correspondent of Tax Notes International and is a regular columnist in a daily business paper, the Business Mirror’s Tax Law for Business. In addition to being a writer, she is also a painter. She also designs and makes her own clothes.


Areas of Practice

Benedicta “Dick” Du-Baladad is the Founding Partner and CEO of DuBaladad & Associates (BDB Law), a law firm specializing in taxation and related corporate services. She is an accountant and a lawyer, with a foreign degree of Masters of Law and International Taxation at the Harvard University, USA. Prior to setting up BDB Law, she was a tax partner and Head of the tax department of a leading auditing firm handling tax advisory and compliance of local and multinational clients in various industries.. She is also a former official of the Bureau of the Internal Revenue (BIR) where she served in various posts including the Office of the Commissioner, the Enforcement Service, the Legal Service and the International Tax Affairs Office. She was instrumental in setting up and in designing the organizational structure of the Large Taxpayer’s Service (LTS) of the BIR. Benedicta is a tax generalist with specialization in banking and financial institutions. She has authored 3 books, on the taxation of this sector, namely: Taxation of Financial Institutions in the Philippines (2006) which won an Anvil Award of Merit; Taxation of Banks and Non-Bank Financial Intermediaries (2010); and Taxation of Insurance Companies (2014). She was a Governor of the Management Association of the Philippines (MAP),

• Tax Consulting and Advisory • Tax Planning • Handling Tax Disputes, Assessments and Claims for Refunds • Tax Litigation • Transfer Pricing • Tax Compliance/Due Diligence Review • Advocacy

The Firm

In accordance with the expertise of our founding partners, Du-Baladad and Associates (BDB Law) specializes in the areas of taxation and corporate law. In its almost 8 years of existence, it has gained an exceptional reputation in the field of taxation, it being known for its “total clientcare” service approach and high standard of professionalism. It prides itself of having an innovative team of experienced tax lawyers - mostly accountant-lawyers and economist-lawyers - who can appreciate the intricacies and uniqueness of every transaction, thereby enabling it to provide sound and practical solutions from the standpoint of business and regulatory compliance. BDB Law’s track record of being able to provide practical and customized strategies, either as a preventive or a curative measure, to achieve optimum tax benefit has given the

firm a differentiating advantage. BDB Law’s pool of clients comprise of multinational enterprises, listed companies and large taxpayers registered with the Large Taxpayers Unit of the Philippines’ tax authority, most of which are from the following industries: banking and other financial institutions, power and energy, oil and gas, mining, real estate and construction, manufacturing and technology. To forge a strong and lasting partnership with our clients, we take time to care for their business by constantly updating them of significant developments that may affect their business or the industry to which they belong. In several instances, BDB Law has taken the forefront to advocate a client’s cause where a law or regulations unfairly transgressed its business or violated its rights. At BDB Law, we continue to work hard to improve client satisfaction by continuously elevating the standards of excellence both in the way we do things and in the way we service our clients. BDB Law specializes in the areas of taxation and corporate law, and has gained an exceptional reputation in the field of taxation, having been recognized as the Philippine Tax Dispute & Litigation Firm of the Year and the Asia Tax Policy Firm (2018) and Philippine Tax Firm of the Year (2016) given by the prestigious International Tax Review (ITR). Also consistently ranked as highly recommended firm in the field of taxation by international ranking bodies such as Chambers & Partners, Asia Law Profiles, World Tax and World Transfer Pricing. The Firm takes pride as one of the most reputable tax firms in the country. Through the years, its innovative tax lawyers are trained to map out intricacies and uniqueness of transaction, and provide sound and practical solutions to clients from the standpoint of business and regulatory compliance. They have gained respect and reputation in the legal circle due to their exemplary performance in handling its cases and for clients representation during court hearings as shown by a good number of winning cases the Firm is handling.

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NEW ZEALAND Neil Russ Partner Buddle Findlay +64 9 358 7002 PwC Tower, 188 Quay Street, Auckland 1010, New Zealand, PO Box 1433, Auckland 1140, New Zealand

Bio EXPERTISE Corporate and international taxation (income tax and GST), including extensive experience with specialist banking products, new business structures, structured and acquisition financing. Multi-jurisdictional asset and merger and acquisition transactions. EXPERIENCE • Leader of Buddle Findlay’s national tax practice since 1995 •

Frequently involved in large and innovative commercial transactions, including new business structures, acquisition structures, amalgamations and mergers

Dealing with the tax implications of industry and legislative reform, including clients in the banking, charity, co-operative, energy, film, local government and trustee company sectors

Advising banks, New Zealand corporates, foreign corporates, private equity funds and foreign counsel in relation to cross- border structured financings (inbound and outbound), acquisitions and dispositions

• Experienced in dealing with contentious and non-contentious dealings with revenue authorities in New Zealand and other jurisdictions • Author of the New Zealand chapter of Tolley’s International Investment Guide •

Listed as a leading practitioner in Chambers Global, and listed in the top 250 tax practitioners worldwide in the Tax Directors Handbook 2011

AFFILIATIONS/MEMBERSHIPS • New Zealand Law Society Taxation Committee (Convenor) • Inter-Pacific Bar Association (NZ Jurisdictional Council Member) • LawAsia • International Fiscal Association • Taxation Institute of Australia

The Firm Buddle Findlay is one of New Zealand’s pre-eminent commercial law firms with offices in Auckland, Wellington and Christchurch. The firm has 42 partners and over 260

dedicated staff with our origins dating back over 119 years, to the earliest days of legal practice in New Zealand. Buddle Findlay is progressive, dynamic and at the forefront of the legal profession. We have an open and approachable client-focused culture, with a determination to continually provide the highest quality of service. Buddle Findlay’s highly experienced partnership brings an energy and enthusiasm to New Zealand’s legal market. Its practical approach has made it a valued strategic adviser to its clients thanks to its ability to provide balanced advice within a broader commercial context. Buddle Findlay provides the full range of services to the corporate and public sector, including corporate and commercial advice, banking and finance, public and administrative law, competition law and industry regulation, property and construction, employment, environment and resource management, litigation and dispute resolution, information and communication technology, procurement, insolvency and restructuring, climate change, health law, infrastructure, intellectual property and tax. Buddle Findlay’s clients include national and multinational corporations, private equity and venture capital funds, banks and financial institutions, stateowned enterprises, government departments, and local and other statutory authorities. Buddle Findlay also has strong links with law firms in Australia, United Kingdom, United States of America and Asia. Further information about the firm and our specific areas of expertise can be found on our website.

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ROMANIA Delia Dragomir Managing Counsel, Head of Tax practice Dentons + 40 21 312 4950 28-General Constantin Budisteanu Street, Sector 1, 010775 Bucharest, Romania

Bio Delia Dragomir focuses primarily on fiscal and administrative litigation as well as tax, corporate and M&A and capital markets. In her over 12 years of experience, Delia has assisted large international clients from various industries, including automotive and retail, on litigation matters and was involved in several major transactions for media, FMCG or insurance companies. She graduated West University Law School in Timisoara, Romania and holds a Master in Political Sciences from Central European University,

Budapest, Hungary as well as a Diploma from Johns Hopkins University, Bologna Center, Italy. Delia is a member of Arad Bar (Romania) and speaks Romanian, English, French and Italian.

The Firm Dentons is a global firm driven to provide clients with the competitive edge in an increasingly complex and interconnected marketplace. It was formed by the March 2013 combination of international law firm Salans LLP, Canadian law firm Fraser Milner Casgrain LLP (FMC) and international law firm SNR Denton. Clients benefit from approximately 2,600 lawyers and professionals in more than 75 locations in 50-plus countries across Africa, Asia Pacific, Canada, Central Asia, Europe, the Middle East, Russia and CIS, the UK and the US who are committed to challenging the status quo to offer creative, actionable business and legal solutions.

Dentons Bucharest (Salans until the end of March 2013) is one of the oldest international law firms in Romania, with a presence of over 17 years on the local market. The firm has one of the leading law practices in the country, owing its success to its attorneys’ commitment to knowledge of the law, culture and commercial life of the region. Large international corporations and local entrepreneurs as well as public institutions and institutional investors have used our specialized services within a wide range of transactional and nontransactional matters. Our lawyers have often set the pace for the industry as they have been involved in cornerstone projects shaping the country’s commercial landscape. The firm is constantly selected by independent prestigious directories such as Legal 500, Chambers & Partners and PLC Which Lawyer? as leading and recommended practices and practitioners in Romania.

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UNITED KINGDOM Michael Anderson Joseph Hage Aaronson LLP @jha_law 280 High Holborn. London, WC1V 7EE

FIRM AND PRACTICE OVERVIEW Contentious tax at JHA JHA’s contentious tax practice is recognised as a leading force by both Chambers and the Legal 500. The team brings together a community of highly experienced barristers, solicitors, accountants, tax advisers and paralegals. Together, they a cohesive approach to advising and representing clients throughout all stages of a dispute. The team represents clients from initial enquiries and, where necessary, at all levels of the tribunals and courts. It acts for a variety of international clients and often assists in disputes with foreign revenue authorities. The team is best known for acting as lead and test-case solicitors in almost all corporation tax Group Litigation Orders (GLOs), which bring together High Court claims made by multinational corporations both within and outside the UK These claims are ground-breaking and have successfully challenged various elements of the UK’s tax legislation as being contrary to EU legal principles. The team also acts in a wide range of domestic tax disputes, assisting clients to resolve issues and disputes with HMRC. It regularly advises

both corporations and individuals facing complex enquiries and, occasionally, criminal investigations. The firm has developed a practice of attempting to resolve tax disputes by proactive and cooperative engagement with HMRC. This approach has delivered a high proportion of positive outcomes for clients, and allowed the team to develop a constructive working relationship with HMRC.

Other practice areas •

with those of a traditional top tier law firm. Barristers and solicitors, with their distinctive training and experience, work closely as an integrated team to discuss and devise strategy from the beginning of a case through to its conclusion. As a result, each client receives benefits including full and easy access to the whole legal team from the very first meeting, quick turnaround of advice, and the efficient delivery of a well-considered and effective case strategy.

Commercial litigation

• Arbitration • Investigation •

Costs litigation

A fresh approach to client service Uniquely among English law firms, JHA was founded as a multidisciplinary team of barristers, solicitors, forensic accountants, researchers and paralegals. The firm works to deliver the best results for clients, whether through a litigation, arbitration, mediation or settlement process. The intention of the firm has always been to avoid the pitfalls of the split profession, by seamlessly combining the best qualities of a top chambers

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NIGERIA Lolade Ososami Partner Udo Udoma & Belo-Osagie +234 1 4622307-10 12th Floor, St. Nicholas House, Catholic Mission Street, Lagos, Nigeria

The Firm & the Adviser Lolade Ososami is a Partner in the taxation, corporate advisory, compliance & investigations, business establishment and oil & gas teams at Udo Udoma & Belo-Osagie. She advises on cross-border taxation in relation to diverse commercial transactions and deals structuring.

Udo Udoma & Belo-Osagie is a full service corporate and commercial law firm with offices in Nigeria’s key commercial centres and an affiliate in Ghana. We are privileged to work with diverse local and international clients to create and implement innovative and practical solutions that facilitate business in Nigeria and beyond.

refine existing skills and to develop fresh ones. We consistently acquire new expertise across our practice areas, to enable us to respond quickly and effectively to the evolution and rapid changes of the economies and markets in which we and our clients operate. This approach enables us to set charges that reflect our knowledge and experience, rather When required, we are well placed to than learning costs. work with a select network of leading Our goal is to remain the preferred African and international law firms firm for facilitating corporate with whom we enjoy established, and commercial transactions and non-exclusive relationships. resolving disputes in the rapidly The firm’s founding and core changing world of Nigerian and philosophy is that legal advice African business and finance across should be of the highest our specialisations and practice possible standard, accessible, areas. commercially-oriented and “...LEGAL ADVICE SHOULD onsistently sound on BE OF THE HIGHEST POSSIBLE principle. As a firm, STANDARD, ACCESSIBLE, we have developed a COMMERCIALLY-ORIENTED reputation for enabling a AND CONSISTENTLY SOUND ON wide range of transactions, PRINCIPLE...” including those that are new to Nigeria; generating innovative and practical legal solutions; and facilitating complex, unusual transactions and resolving disputes including those that are complex or unusual in our market, within a relatively short space of time. We actively seek to

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