Tax Advisers - Deloitte

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Singapore Choy Wai Cheong Ernst & Young, Singapore Pieter L De Ridder Loyens & Loeff, Singapore Paula Eastwood PricewaterhouseCoopers, Singapore Nand Singh Gandhi Allen & Gledhill, Singapore Ong Sim Ho Ong Sim Ho Advocates & Solicitors, Singapore Edmund Leow Baker & McKenzie, Singapore Ajit C Prabhu (see bio) Deloitte, Singapore (see advert on inside front) Gurbachan Singh KhattarWong, Singapore Yee-Loong Sum (see bio) Deloitte, Singapore (see advert on inside front) Peter Tan PricewaterhouseCoopers, Singapore Lian Ee Teoh Drew & Napier, Singapore Steve Towers (see bio) Deloitte, Singapore (see advert on inside front) Pok Soy Yong Ernst & Young, Singapore 178 Guide to the World’s Leading Tax Advisers
South Africa International assignments: local vs foreign pension funds Billy Joubert Deloitte Johannesburg The mobility of staff with specialized skills is often crucial to the multinational companies that employ them, as such skills may only be required at a specific stage in the business cycle rather than on an ongoing basis. One obvious example would be the skills of individuals involved in prospecting for resources, such as oil or precious metals. Employees of whom mobility is required need to be looked after and secondments abroad should be arranged so as not to jeopardize their interests. Such employees need to be properly funded on retirement and adequately covered by life, disability and medical insurance. Employees generally desire stability and, in any event, are unwilling to be placed at a disadvantage (tax and otherwise) when moving countries. Mobile employees will resent having to shoulder greater risk than their non-mobile colleagues, so the retirement funding of seconded employees must be protected as much as possible from fragmentation, currency fluctuations and political upheaval. Pension funds do not migrate readily across borders and it may not be possible to find a satisfactory solution to some of the pension problems to which cross-border employee movement gives rise. Certain countries are reluctant to grant tax concessions for the pension contributions of highly mobile individuals because to do so may erode their tax base. For example, South Africa may be unwilling to give a tax deduction for the pension contributions of an individual who will be a UK resident (and will therefore pay UK tax) when he or she ultimately receive a pension. Both employee and employer contributions to a pension fund are generally tax deductible for South African tax purposes (subject to some limitations) and payments out of a pension fund are taxable (with relief provided for certain lump sum payments). As the government is keen to encourage skilled employees to come to South Africa and for people to retire there, proceeds from foreign pension funds are exempt from South African tax, provided the respective contributions were paid when the recipient was not working in South Africa. Apportionment is required in cases where some contributions are made in respect of services rendered in South Africa and some in respect of foreign services. Exchange control is really only a concern for South African residents and even they enjoy generous concessions in this respect. Temporary residents of South Africa can repatriate funds without restriction and outbound expatriates may retain foreign earnings and pensions offshore. An employee leaving South Africa who has a pension fund will need advice. Depending on the rules of the fund in question, the following options may be available: • continue contributing to the South African scheme; • freeze contributions and make use of a preservation fund; or • cash out, if this is possible, and pay the tax up front. If the last option is selected and the fund is cashed out before retirement, the South African tax consequences will be unfavourable. In any case, the facts must be examined carefully and the decision will ultimately depend on the individual’s plans and aspirations, and in particular on whether the individual intends to return to South Africa. 179
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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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Germany Alexander Voegele NERA Econ
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Germany Holger Häuselmann Freshfie
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Hong Kong SAR Kaiser Kwan Deloitte
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Hong Kong SAR Vaughn Barber KPMG, H
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Hungary Péter Oszkó Deloitte Dóz
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India Mukesh Butani BMR & Associate
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India S Madhavan PricewaterhouseCoo
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India Pranav N Sayta Ernst & Young
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India Mukesh H Butani (see bio) BMR
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Ireland Aidan Fagan Deloitte Deloit
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Ireland Israel Fintan Clancy Arthur
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Italy Enrico Vitali Vitali Romagnol
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Japan Setsuko Fukushima Deloitte To
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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
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 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
Page 202 and 203: South Korea Sai Ree Yun Woo Yun Kan
Page 204 and 205: Spain Tax reforms keep pace with ec
Page 206 and 207: Spain Ángel Calleja Garrigues Herm
Page 208 and 209: Spain Ricardo Gómez Garrigues Herm
Page 210 and 211: Spain Antonio Valdivia Garrigues Av
Page 212 and 213: Sweden Joachim Agrell Deloitte Rehn
Page 214 and 215: Sweden Ernst Forsberg Pricewaterhou
Page 216 and 217: Sweden Joachim Agrell (see bio) Del
Page 218 and 219: Switzerland Peter Athanas Ernst & Y
Page 220 and 221: Switzerland Walter H Boss Blum Atto
Page 222 and 223: Switzerland Philip Robinson Ernst &
Page 224 and 225: Switzerland Peter R Altenburger (se
Page 226 and 227: United Kingdom Chris Adams Deloitte
Page 228 and 229: 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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