Tax Advisers - Deloitte

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United Kingdom Eelco van der Stok Freshfields Bruckhaus Deringer, London Jayne Vaughan KPMG, London John Watson Ashurst, London Patrick Way Gray’s Inn Tax Chambers, London Peter Whiteman QC Hollis Whiteman Chambers, London 244 Guide to the World’s Leading Tax Advisers
United States A year in US international tax Dan Lange Deloitte Milwaukee The year 2006 saw the passage of the Tax Increase Prevention and Reconciliation Act (TIPRA) and the introduction of a slew of major tax regulatory changes and accounting for income tax changes. The changes introduced and proposed reflect a trend towards heightened regulatory scrutiny, pressure for transparency and accuracy in financial reporting, and more demanding compliance burdens, the combination of which creates tremendous new pressures for tax and finance departments. The news isn’t all bad, however. TIPRA provides for a threeyear exclusion from Subpart F income for related party dividends, interest, rents and royalties, provided the underlying earnings of the parties are not Subpart F income. The temporary exception will afford multinationals more freedom to move cash among their controlled foreign corporations (CFCs) without creating Subpart F income. However, Congress subsequently passed legislation (awaiting the President’s signature) to add the requirement that payments also not be attributable or properly allocable to the payor’s US effectively connected income. The bulk of the year’s most significant developments, however, are at the regulatory level. FIN 48 The Financial Accounting Standards Board (FASB) issued new rules (known as FIN 48) that radically change how companies account for uncertain income tax positions in their financial statements. FIN 48, effective for tax years beginning after December 15 2006, changes the threshold that tax benefits must meet before they can be recognized in a company’s financial statements. FIN 48 will substantially increase the disclosure/ documentation burden on companies. The impact of FIN 48 in the international context, where uncertainty is often the norm, will be considerable and will result in multinationals changing the amount of their reserves for tax liabilities. Calculation of branch income The IRS issued highly anticipated proposed regulations governing the translation of income of foreign branches, disregarded entities and partnerships, and the calculation of gains/losses upon remittances from such entities where they carry out business in a currency other than the taxpayer’s functional currency. The regulations completely alter the prescribed approach of rules proposed in 1991, adopting a foreign exchange exposure pool method for computing exchange gains and losses on remittances, a method that will result in more complexity and an increased compliance burden. The proposed regulations, however, generally provide favourable transition rules. Interest deduction of foreign banks Temporary regulations were issued dealing with the determination of deductible interest expense of a US branch of a foreign bank. The regulations liberalize the election in the branch profits tax rules to reduce US liabilities, so that the election can be used to entirely eliminate branch profits tax liability in many instances. Services regulations Final and temporary regulations were issued relating to the treatment of inter-company service transactions and the allocation of income from intangibles, as well as rules relating to stewardship expenses. The regulations replace 1968-era guidance, and include many changes to 2003 proposed regulations. A particularly negative effect is the restricted definition of stewardship costs, potentially increasing the expenses that will have to be charged out. Although the intent of the rules is to reduce the documentation requirement burden on taxpayers, they likely will have the opposite effect. 245
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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
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Japan Koichi Sekiya Shin Nihon Erns
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Luxembourg Luxembourg on the move R
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Luxembourg René Beltjens Pricewate
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Luxembourg Jean-Pierre Winandy Loye
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Mexico Jaime González-Bendiksen Ba
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Mexico Javier Goyeneche Deloitte Pa
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Mexico Enrique Calvo Nicolau Calvo
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The Netherlands The rapid changes i
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The Netherlands Roderik Bouwman DLA
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The Netherlands Rutger Hafkenscheid
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The Netherlands Peter Willeme Deloi
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The Netherlands Charles J Langereis
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New Zealand While the FDR proposals
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New Zealand Thomas Pippos Deloitte
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Norway Svein G Andresen KPMG KPMG H
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Norway Anders H Liland KPMG Law Adv
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Norway Panama Svein G Andresen (see
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Poland Leszek Tokarski Deloitte ul
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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
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
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Page 208 and 209: Spain Ricardo Gómez Garrigues Herm
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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
Page 230 and 231: United Kingdom Andrew Casley Pricew
Page 232 and 233: United Kingdom Fred R Gander Dewey
Page 234 and 235: United Kingdom Steve Hasson Pricewa
Page 236 and 237: United Kingdom Andrew Hickman KPMG
Page 238 and 239: United Kingdom Charles G Lubar Morg
Page 240 and 241: United Kingdom Chris Rolfe Pricewat
Page 242 and 243: United Kingdom Eric Tomsett Deloitt
Page 244 and 245: United Kingdom Steve Edge Slaughter
Page 248 and 249: United States Foreign tax credit Fo
Page 250 and 251: United States William J Amon Deloit
Page 252: United States J Gregory Ballentine
Page 255 and 256: United States Henry J Birnkrant Als
Page 257 and 258: United States David H Brockway McKe
Page 259 and 260: United States Richard A Clark Deloi
Page 261 and 262: United States Robert T Cole Alston
Page 263 and 264: United States Philip C Cook Alston
Page 265 and 266: United States Maurice Emmer Deloitt
Page 267 and 268: United States James P Fuller Fenwic
Page 269 and 270: United States Jorge A Gross Pricewa
Page 271 and 272: United States Steven D Harris KPMG
Page 273 and 274: United States Kenneth H Heitner Wei
Page 275 and 276: United States Nancy L Iredale Paul,
Page 277 and 278: United States John P Kennedy Deloit
Page 279 and 280: United States Felix B Laughlin Dewe
Page 281 and 282: United States Marc M Levey Baker &
Page 283 and 284: United States Jerome B Libin Suther
Page 285 and 286: United States Carlyn S McCaffrey We
Page 287 and 288: United States Philip D Morrison Del
Page 289 and 290: United States Dan Munger Deloitte T
Page 291 and 292: United States William F Nelson McKe
Page 293 and 294: United States David Z Nirenberg McK
Page 295 and 296: 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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