Tax Advisers - Deloitte

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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 Pat O’Brien KPMG Dublin 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 corporate 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 that the US parent of an Irish aircraft leasing company would have had to treat the profits of its Irish subsidiary as taxable in 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
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www.expertguides.com The Legal Medi
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Methodology Welcome to the 2007 Gui
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Argentina Taxes, the global picture
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Argentina Carlos Iannucci Deloitte
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Argentina Alejandro Claudio Altamir
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Australia Mark Green Minter Ellison
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Australia Charles Armitage Allens A
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Commercial Banking & finance and ca
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Austria Wolf-Dieter Arnold ARNOLD R
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Belgium for intellectual property;
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Belgium Jacques De Witte Deloitte B
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Belgium Jan A Roels Deloitte Berken
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Belgium Dirk Van Stappen KPMG Prins
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Belgium Bolivia Jan A Roels (see bi
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Brazil João Alfredo Branco Deloitt
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Brazil Gustavo Lian Haddad Lefosse
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Brazil Cristina Arantes A Berry (se
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Canada 2006 - a year of significant
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Canada Albert Baker Deloitte 1055 D
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Canada Brian R Carr Fraser Milner C
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Canada Wilfrid Lefebvre QC Ogilvy R
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Canada Warren J A Mitchell, QC Thor
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Canada Joel Alan Nitikman Fraser Mi
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Canada Michael J O’Keefe Thorstei
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Canada Sandra Slaats Deloitte 181 B
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Canada Jeffrey C Trossman Blake, Ca
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Canada Barbara Worndl Aird & Berlis
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Canada Firoz Ahmed Osler Hoskin & H
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Canada Alan M Schwartz Fasken Marti
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Chile Anthony Cook Deloitte Av Prov
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Chile Julio Pereira Pricewaterhouse
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China Joseph Tse Deloitte 30/F Bund
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Colombia Jaime Vargas-Cifuentes Del
Page 68 and 69: Cyprus Andreas Neocleous Andreas Ne
Page 70 and 71: Cyprus Andreas Neocleous (see bio)
Page 72 and 73: Czech Republic Jan Capek (see bio)
Page 74 and 75: Denmark Lars Loftager Jørgensen De
Page 76 and 77: Finland Arto Kukkonen HH Partners M
Page 78 and 79: Finland Outi Ukkola Deloitte Porkka
Page 80 and 81: France Pierre-Jean Douvier CMS Bure
Page 82 and 83: France Edouard Milhac CMS Bureau Fr
Page 84 and 85: France Claire Acard Ernst & Young,
Page 86 and 87: Germany New directions for tax in G
Page 88 and 89: Germany Hubertus Baumhoff Flick Goc
Page 90 and 91: Germany Michael Best P+P Pöllath +
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Page 96 and 97: Germany Jürgen Lüdicke Pricewater
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Page 104 and 105: Germany Holger Häuselmann Freshfie
Page 106 and 107: Hong Kong SAR Kaiser Kwan Deloitte
Page 108 and 109: Hong Kong SAR Vaughn Barber KPMG, H
Page 110 and 111: Hungary Péter Oszkó Deloitte Dóz
Page 112 and 113: India Mukesh Butani BMR & Associate
Page 114 and 115: India S Madhavan PricewaterhouseCoo
Page 116 and 117: India Pranav N Sayta Ernst & Young
Page 120 and 121: Ireland Aidan Fagan Deloitte Deloit
Page 122 and 123: Ireland Israel Fintan Clancy Arthur
Page 124 and 125: Italy Enrico Vitali Vitali Romagnol
Page 126 and 127: Japan Setsuko Fukushima Deloitte To
Page 128 and 129: Japan Ken Okawara Shin Nihon Ernst
Page 130 and 131: Japan Koichi Sekiya Shin Nihon Erns
Page 132 and 133: Luxembourg Luxembourg on the move R
Page 134 and 135: Luxembourg René Beltjens Pricewate
Page 136 and 137: Luxembourg Jean-Pierre Winandy Loye
Page 138 and 139: Mexico Jaime González-Bendiksen Ba
Page 140 and 141: Mexico Javier Goyeneche Deloitte Pa
Page 142 and 143: Mexico Enrique Calvo Nicolau Calvo
Page 144 and 145: The Netherlands The rapid changes i
Page 146 and 147: The Netherlands Roderik Bouwman DLA
Page 148 and 149: The Netherlands Rutger Hafkenscheid
Page 150 and 151: The Netherlands Peter Willeme Deloi
Page 152 and 153: The Netherlands Charles J Langereis
Page 154 and 155: New Zealand While the FDR proposals
Page 156 and 157: New Zealand Thomas Pippos Deloitte
Page 158 and 159: Norway Svein G Andresen KPMG KPMG H
Page 160 and 161: Norway Anders H Liland KPMG Law Adv
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Page 164 and 165: Poland Leszek Tokarski Deloitte ul
Page 166 and 167: Portugal Luís Belo Deloitte Praça
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Portugal Diogo Leite de Campos PLMJ
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Portugal Rosa Freitas Deloitte Edif
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Portugal Miguel Leónidas Rocha Del
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Russia Lioudmila Mamet Pricewaterho
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Russia Alexander A Bychkov Baker &
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Singapore Sum Yee-Loong Deloitte 6
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Singapore Choy Wai Cheong Ernst & Y
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South Africa It should also be note
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South Africa A major advantage of t
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South Africa Anne Bennett Deloitte
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South Africa David Clegg Ernst & Yo
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South Africa Michael Honiball KPMG
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South Africa Sean Kruger Ernst & Yo
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South Africa Mark Linington Webber
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South Africa Anne Bennett (see bio)
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South Korea So-Yong Kim Deloitte Ha
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South Korea Il-Hwan Oh Samil Pricew
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South Korea Sai Ree Yun Woo Yun Kan
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Spain Tax reforms keep pace with ec
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Spain Ángel Calleja Garrigues Herm
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Spain Ricardo Gómez Garrigues Herm
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Spain Antonio Valdivia Garrigues Av
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Sweden Joachim Agrell Deloitte Rehn
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Sweden Ernst Forsberg Pricewaterhou
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Sweden Joachim Agrell (see bio) Del
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Switzerland Peter Athanas Ernst & Y
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Switzerland Walter H Boss Blum Atto
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Switzerland Philip Robinson Ernst &
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Switzerland Peter R Altenburger (se
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United Kingdom Chris Adams Deloitte
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United Kingdom Terry Awan Deloitte
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United Kingdom Andrew Casley Pricew
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United Kingdom Fred R Gander Dewey
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United Kingdom Steve Hasson Pricewa
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United Kingdom Andrew Hickman KPMG
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United Kingdom Charles G Lubar Morg
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United Kingdom Chris Rolfe Pricewat
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United Kingdom Eric Tomsett Deloitt
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United Kingdom Steve Edge Slaughter
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United Kingdom Eelco van der Stok F
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United States Foreign tax credit Fo
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United States William J Amon Deloit
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United States J Gregory Ballentine
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United States Henry J Birnkrant Als
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United States David H Brockway McKe
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United States Richard A Clark Deloi
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United States Robert T Cole Alston
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United States Philip C Cook Alston
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United States Maurice Emmer Deloitt
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United States James P Fuller Fenwic
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United States Jorge A Gross Pricewa
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United States Steven D Harris KPMG
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United States Kenneth H Heitner Wei
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United States Nancy L Iredale Paul,
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United States John P Kennedy Deloit
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United States Felix B Laughlin Dewe
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United States Marc M Levey Baker &
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United States Jerome B Libin Suther
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United States Carlyn S McCaffrey We
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United States Philip D Morrison Del
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United States Dan Munger Deloitte T
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United States William F Nelson McKe
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United States David Z Nirenberg McK
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United States Amin Nosrat Deloitte
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United States Jeffrey O’Donnell D
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United States Lawrence A Pollack KP
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United States Walter T Raineri Fenw
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United States Ronald D Saake Deloit
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United States Jodi J Schwartz Wacht
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United States Abraham N M Shashy De
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United States Richard W Skillman Ca
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United States Giovanna T Sparagna S
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United States Steven Surdell Ernst
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United States Leonard B Terr Baker
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United States T Timothy Tuerff Delo
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United States David R Warco Deloitt
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United States Thomas F Wessel KPMG
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United States Bob Ackerman Ernst &
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United States Robert E Culbertson K
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United States Ronald B Harvey (see
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United States Philip D Morrison (se
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United States Leslie J Schneider Iv
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United States Robert Wellen Ivins P
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Venezuela Oswaldo Anzola Rodríguez
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Deneys Reitz, 194 Dewey Ballantine,
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