Tax Advisers - Deloitte

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The Netherlands Charles J Langereis Spigthoff, Amsterdam Anton Louwinger Lovells, Amsterdam Wouter A Paardekooper Baker & McKenzie, Amsterdam Marcel Romyn Ernst & Young, Rotterdam Erik T H Scheer Baker & McKenzie, Amsterdam Paul H M Simonis Loyens & Loeff, Rotterdam Paul Sleurink De Brauw Blackstone Westbroek, Amsterdam Ewout van Asbeck Van Doorne, Amsterdam Hessel van der Kolk Loyens & Loeff, Amsterdam Eelco van der Stok Freshfields Bruckhaus Deringer, Amsterdam Maarten J M van der Weijden Loyens & Loeff, Amsterdam Monique van Herksen (see bio) Baker & McKenzie, Amsterdam Stef van Weeghel Stibbe, Amsterdam Willem C B van Wettum Baker & McKenzie, Amsterdam Bart van Zadelhoff KPMG Meijburg & Co, Amsterdam Arnoud C J Viersen Loyens & Loeff, Amsterdam Peter Willeme (see bio) Deloitte, Amsterdam (see advert on inside front) 150 Guide to the World’s Leading Tax Advisers
New Zealand The new tax paradigm... beat the rate Teresa Farac Deloitte Auckland Thomas Pippos Deloitte Wellington New Zealand’s tax regime has been predicated on being fair and free from distortions. To minimize those distortions regarding the taxation of foreign portfolio investment (FPI), a new tax regime, known as the Fair Dividend Rate (FDR), is being introduced. Once it is finally approved by Parliament, the FDR would be effective from April 1 2007. Current rules result in material tax distortions for FPI as between direct and indirect (via a fund) investment, and between investment in and outside of certain jurisdictions, known as the grey list. The grey list includes many of New Zealand’s traditional trading partners that have a robust tax base, including Australia, Canada, Germany, Japan, Norway, the UK and the US. Within a grey list jurisdiction, FPI is generally taxed only on dividends. Outside the grey list jurisdictions, FPI is generally taxed on an unrealised mark-to-market basis, which goes further than clawing back any tax preferences that may be enjoyed, and is difficult to reconcile with the general premise of no capital gains tax. The distortion is compounded in a managed funds context where, due to their scale and pattern of activity, funds are generally viewed as holding all investments, including FPI, on revenue account. The main exclusion is passive tracking funds. A simple solution would be to extend the grey list to more countries with robust tax systems and to remove the investment bias between direct investment and investment through funds by taxing funds only on dividend income. According to the government, however, this would not be fair in that not enough income would flow back into the tax base. The main features of the proposed regime include: • no grey list for FPI; • FPI, other than investment into Australian tax-resident listed companies, would be subject to an FDR method; • Australian FPI not subject to FDR and equity investments in New Zealand would no longer be treated as being held on revenue account; and • the initial FDR rate would be 5%. Individuals and family trusts can reduce its impact in certain cases. In short, the FDR methodology taxes investors at a flat level of gross income calculated at 5% of the market value of investments held at the beginning of the tax year. Nuances include: • no ability to recognise and carry forward investment losses; • individuals and family trusts could pay tax at a lower rate if they undertake complex calculations to establish that their economic income is less than the 5% rate. The expectation is that for them their effective FDR will be around 3.5%; • managed funds would need to calculate the 5% gross income on a daily rather than annual basis; and • investments without a readily available market value would have notional income calculated at 5% of the cost, with the cost compounding by 5% annually with limited options to review to a true market value. 151
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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
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Cyprus Andreas Neocleous Andreas Ne
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Cyprus Andreas Neocleous (see bio)
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Czech Republic Jan Capek (see bio)
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Denmark Lars Loftager Jørgensen De
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Finland Arto Kukkonen HH Partners M
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Finland Outi Ukkola Deloitte Porkka
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France Pierre-Jean Douvier CMS Bure
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France Edouard Milhac CMS Bureau Fr
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France Claire Acard Ernst & Young,
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Germany New directions for tax in G
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Germany Hubertus Baumhoff Flick Goc
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Germany Michael Best P+P Pöllath +
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Germany Dieter Endres Pricewaterhou
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Germany Wilhelm Haarmann HAARMANN P
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Germany Jürgen Lüdicke Pricewater
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Germany Andreas Rodin P+P Pöllath
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Germany Wolfgang Tischbirek P+P Pö
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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 118 and 119: India Mukesh H Butani (see bio) BMR
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 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
Page 162 and 163: Norway Panama Svein G Andresen (see
Page 164 and 165: Poland Leszek Tokarski Deloitte ul
Page 166 and 167: Portugal Luís Belo Deloitte Praça
Page 168 and 169: Portugal Diogo Leite de Campos PLMJ
Page 170 and 171: Portugal Rosa Freitas Deloitte Edif
Page 172 and 173: Portugal Miguel Leónidas Rocha Del
Page 174 and 175: Russia Lioudmila Mamet Pricewaterho
Page 176 and 177: Russia Alexander A Bychkov Baker &
Page 178 and 179: Singapore Sum Yee-Loong Deloitte 6
Page 180 and 181: Singapore Choy Wai Cheong Ernst & Y
Page 182 and 183: South Africa It should also be note
Page 184 and 185: South Africa A major advantage of t
Page 186 and 187: South Africa Anne Bennett Deloitte
Page 188 and 189: South Africa David Clegg Ernst & Yo
Page 190 and 191: South Africa Michael Honiball KPMG
Page 192 and 193: South Africa Sean Kruger Ernst & Yo
Page 194 and 195: South Africa Mark Linington Webber
Page 196 and 197: South Africa Anne Bennett (see bio)
Page 198 and 199: South Korea So-Yong Kim Deloitte Ha
Page 200 and 201: 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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