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The comprehensive guide to the world’s leading tax firms

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World Tax 2016

Introduction 3

Albania 5

Algeria 8

Angola 9

Argentina 11

Armenia 22

Australia 23

Austria 30

Azerbaijan 40

Baltic States 41

Belarus 52

Belgium 53

Bosnia and Herzegovina 65

Brazil 67

Bulgaria 83

Canada 91

Cape Verde 114

Chile 116

China 127

Colombia 134

Costa Rica 141

Croatia 143

Curaçao 146

Cyprus 154

Czech Republic 165

Denmark 172

Egypt 179

Finland 183

France 191

Georgia 204

Germany 206

Greece 221

Gulf Cooperation Council 230

Hong Kong 239

Hungary 247

India 253

Indonesia 270

Ireland 279

Israel 290

Italy 301

Japan 321

Kazakhstan 328

Kenya 330

Kosovo 334

Luxembourg 335

Macedonia 351

Malaysia 354

Malta 371

Mauritius 384

Mexico 386

Moldova 397

Montenegro 399

Morocco 402

Netherlands 404

New Zealand 416

Norway 422

Panama 431

Peru 433

Philippines 439

Poland 445

Portugal 455

Puerto Rico 467

Romania 474

Russia 483

Serbia 491

Singapore 494

Slovak Republic 506

Slovenia 510

South Africa 514

South Korea 520

Spain 532

Sweden 545

Switzerland 557

Taiwan 577

Thailand 583

Tunisia 585

Turkey 587

UK 593

Ukraine 608

Uruguay 618

US 623

Uzbekistan 671

Venezuela 673

Vietnam 687

Index 692

World Tax 2016 1

World Tax 2016

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Copying without permission of the publisher isprohibited ISSN 0958-7594

W elcome to World Tax 2016, InternationalTax Review’s directory to the leading tax

advisory practices, including in law firms,around the world.

The annual World Tax directory is a keyresource in assisting tax executives with locatingspecialist advice. Each annual edition rates thetax expertise offered in more than 50 jurisdic-tions globally, giving tax executives the mostcomprehensive information about the marketfor tax advice.

The publication is unique among directoriesas it classifies professional services, law firmsand other tax advice providers together, ratherthan looking at them separately, because theyundoubtedly compete for work.

The fact that this competition exists is also evi-dent in the regular moves that practitioners makebetween law firms and other providers. It is com-mon for advisers to spend different periods at lawfirms and a Big 4 practice during their careers.

Not size, qualityIf this guide were just about depth and breadthof practice, then the firms that have a numberof advisers in each practice area, such as corpo-rate tax, indirect tax and transfer pricing,should always come out on top. But those prac-tices may have stayed the same numerically fora number of years and while doing solid work,only retain clients out of loyalty. They may nothave equipped themselves to deal with key taxdevelopments.

It is usually clear-cut in most jurisdictionscovered in this publication where firms shouldbe placed relative to the tier criteria and to eachother. The criteria, which you can see elsewherein this introduction, that cover size, breadth anddepth and practice, and specialisms, are impor-tant, but are not the crucial factors. Quality ofwork has to be.

The few marginal decisions required aboutwhich firms should go in which tiers are madeaccording to the impact and innovation thatlawyers and advisers bring to client engage-ments.

Much goes into that criterion – knowledge,experience of advisers, attentiveness, diligence– to work out a seemingly intractable issuewhere the advice has been in conflict.

Any other way is just not helpful to tax exec-utives.

It is in this context that International TaxReview presents World Tax 2016, its compre-hensive guide to the world’s leading tax firms.We hope it will help tax executives obtain thebest advice for their situation.

MethodologyInternational Tax Review researchers inter-viewed tax executives and advisers by phone, e-mail and in-person to compile the tiers of lead-ing firms and write the commentaries for 56jurisdictions in World Tax 2016.

Each firm that was listed in last year’s editionwas given the opportunity to make a submis-sion. Other firms referred to during theresearch as having international tax capabilitiesin the jurisdiction concerned were also sent aresearch questionnaire. The return of a ques-tionnaire or a research interview did not guaran-tee any firm a position in any of the tiers.

The corporate interviewees were chosenfrom the list of clients supplied by the private-practice firms that took part in the research.One of the questions we asked was: “Who isyour primary adviser?” We clearly could notknow this in advance so the representative sam-ple could only be constructed after the inter-views were completed.

Interviews with tax executives were as exten-sive this year as last year, when we interviewed

World Tax 2016 3

Introduction

almost 300. On an anonymous basis – toencourage candour – we asked them questionsabout, for example, the quality of advicereceived, opinions about teams and individualadvisers and what their advisers did well orbadly.

The objective of interviewing both practition-ers and tax executives was to get an opinion oftax advisers from their peers and their clients.

Tax directors have their own view of the mar-ket, based on the advisers they use, while prac-titioners often have a broader view of practicebecause they advise many more clients than thenumber of external advisers a tax director uses.

At the same time, there was a possibility ofbias and ulterior motive in what anyone con-tributed to the research and we tried to min-imise this as much as possible through verifyingeach piece of information supplied, particularly

opinions about other firms, which can some-times be based on hearsay rather than evidence.

No recommendation from any adviser fortheir own firm or their colleagues in that firmwas taken into account. Firms could not pay tobe included in the tiers or to have any individu-als mentioned but were offered – independent-ly and after the tiers were finalised – the oppor-tunity to list their professional details for a fee.

Individuals, particularly those in leadershippositions, are mentioned in the text, but thisshould not be taken as definitive endorsementof their quality as these mentions are not basedon any scientific survey

Tiers of leading firms from 56 countries orterritories have been included.

Unique rankingsThis year, once again, leading individuals arehighlighted in the text about their firm in themarket commentaries on each country and ter-ritory, rather than being listed separately by spe-cialism.

At the top end of the rankings are the firmsthat have the greatest depth of resources, expe-rience, and range of specialisms. They are con-sidered the best teams overall for tax advice inthe country concerned. Firms are listed inalphabetical order within each tier.

The important point to note about the rank-ings is that all the firms listed have highly rep-utable tax individuals in their advisory teams.

TPWeek, International Tax Review’s online-only publication about transfer pricing, publish-es its own directory about advisers, lawyers andproviders in that market. Please refer to it atwww.worldtransferpricing.com if you are look-ing for more depth in this area.

We hope you find World Tax 2016 to be avaluable tool in helping you identify the appro-priate advisers in the jurisdictions covered.

Ralph CunninghamManaging Editor, International Tax Review


Tier criteria

Tier 1International network and leading reputation intheir own jurisdiction; a number of specialists inplanning, transactional, transfer pricing, indirecttaxes and litigation, reflected in the size andquality of transactions

Tier 2International network and leading reputation intheir own jurisdiction; at least one specialist in allthe areas of tax: planning, transactional, transferpricing, indirect taxes and litigation

Tier 3May not be part of an international network buta leading reputation in their own jurisdiction; atleast one partner in two distinct areas of tax

Tier 4Niche firm; strong reputation in one area of tax,for example, transfer pricing, indirect taxes orlitigation/controversy

LEADING FIRMS

1 Maisto e AssociatiBonelliErede

2 Baker & McKenzieChiomenti Studio LegaleFreshfields Bruckhaus DeringerSalvini Escalar e AssociatiStudio Tributario Associato Facchini Rossi & SociStudio Tributario e Societario DeloitteTremonti Vitali Romagnoli Piccardi e AssociatiValente Associati GEB Partners

3 Allen & OveryBernoni Grant ThorntonClifford ChanceCMS Adonnino Ascoli & Cavasola ScamoniDi Tanno e AssociatiDLA PiperFantozzi & Associati, Taxand ItalyHager & PartnersMacchi de Cellere GangemiNCTM Sudio Legale AssociatoPirola Pennuto Zei & AssociatiStudio Associato (KPMG)Studio Legale Tributario EYTLS Associazione Professionale di Avvocati e Commercialisti (PwC)

4 Belluzzo & PartnersCaravati PaganiCleary Gottlieb Steen & HamiltonGianni Origoni Grippo Cappelli & Partners

Hogan LovellsLegance – Avvocati AssociatiMcDermott Will & EmeryWTS R&A Studio Tributario Associato

5 CBA Studio Legale e TributarioFava & PartnersJones DayPaul HastingsStudio Uckmar

A new voluntary disclosure programme, the introduc-tion of a patent-box regime and other tax reform arejust some of the changes the Italian tax system hasundergone in 2015.

Fortunately, the tax market at large is active at themoment, with negligible negative impact from thelegislative upheaval.

“Real estate has picked up and private client indus-tries are booming, M&A is booming and there arelots of Chinese investors interested in Italy,” saysMassimo Antonini of Chiomenti Studio Legale.

On the tax adviser front, there have been somechanges to the way the market is organised, withlocal boutique firms under increasing pressure asclients want larger international brands to deal withtheir needs and as insurance policies in a volatileenvironment.

“The economy at large is picking up more becauseof international flow rather than demand; and this isbecause Italy is becoming more politically crediblenow,” says Carlo Galli of Clifford Chance. “The busi-

World Tax 2016 301

Tax authorities

Italy

Agenzia EntrateCristoforo Colombo n. 426 C/D, 00145 RomeTel: +3906 9666 8933Email: [email protected]: www.agenziaentrate.gov.itWebsite in English: www1.agenziaentrate.it/inglese/

lauramazzucchelli

Rettangolo

ness environment is interesting,” says MarcoValdonio of Maisto e Associati. “A lot of businessesare investing in technology, and this will be one ofthe focuses of next year.

In the economy at large, changes in internationaltaxation legislation are causing a lot of restructuring.In fact, a lot of situations have been simplified bywhite-list and blacklist regimes. “We should be look-ing to eliminate holding companies that are burden-some, in light of interest deduction,” says Valdonio.

Tax reforms took effect at the end of June 2015,after draft legislation was approved in April, bringingin an array of rules that range from abuse of law andto VAT electronic invoicing. A principal objectivebehind the reforms is to improve the relationshipbetween taxpayer and the Italian tax administrationand reduce the number of disputes. This is, howev-er, unlikely to be achieved as the Revenue cedes itsincome from tax assessments. There is a view thatwould mediate between the two objectives, and useassessments as a change for taxpayers to highlighttheir mistakes and reduce the powers of the author-ities to raise taxes simply whenever they wish to cor-rect something. The goal is to make assessmentsmore of an agreement rather than an imposition.

Other developments include the introduction of thenew Italian Patent Box regime. It was introduced aspart of the 2015 Finance Act, which implemented theItalian Budget Law 2015. The regime grants anexemption for corporate and regional tax purposesfor intangibles such as patents and other intellectu-al property (IP). Eligibility for the regime is dependanton whether taxpayers are required to perform R&Dactivities and have entered into an advanced pricingagreement (APA) with the Revenue.

“The regime is compliant with EU rules and is part ofa plan by the government to use new rules to encour-age investment and disclosure to the authorities,” saysDomenico Fava, head of tax at Fava & Partners.

The paradox is an interesting one: on the onehand, the authorities are attempting to introduce acomfortable environment for investors, becausethere is the desire to attract investment, but also theimperative to remain compliant and raise more rev-

enues. To raise the relevant revenues, it is inevitablethat this will create a hostile environment.

Italy


Tax rates at a glance (As of July 2015)

Corporate income tax 27.5% (a)Capital gains 0% to 27.5%Branch tax 27.5%

Withholding taxDividends 0% to 26% (b)Interest 0% to 12.5% to 26% (c)Royalties from patents and licences 0% to

22.5% to 30% (d)

Branch remittance tax n/a

Net operating losses (Years)Carryback n/aCarryforwards No time limit

a) In addition to this rate, a 3.9% regional tax isapplicable on productive activities (IRAP).

b) Dividends paid to a non-resident corporationare subject to a 26% withholding tax or to a1.375% withholding rate when paid to acompany subject to tax and resident in the EUor EEA/EFTA included in the white list, unlessthe rate is reduced under a tax treaty ordividends qualify for exemption under the EUParent-Subsidiary directive.

c) Interest on loans is taxable at 26%, unless incase of medium/long term loans granted byUE banks and certain other financial entitieswhich apply a zero withholding tax. Non-exempt interest on current accounts andbonds is subject to the 26% rate. The ratesmay be reduced under an applicable tax treatyor exempted under the Interest/RoyaltyDirective.

d) The rate may be reduced under an applicabletax treaty.

Source: Fantozzi & Associati, Taxand Italy

“It is clear the authorities need to be more amica-ble, more clear-cut and less hard on interest-deductibility: this is the challenge for the Italian gov-ernment,” adds Fava. Hopefully the situation will beable to reach full circle. “The authorities are aligningthemselves more with the OECD,” says Filipa Correiaof Valente Associati GEB Partners. “There will there-fore be more disclosure from taxpayers, which willlead to more certainty and more efficiency as theywill have more information.”

In the meantime, litigation is everywhere. “Due tothe aggression of the Italian tax authorities, tax litiga-tion is increasing and tax planning is becoming lessimportant than tax risks,” says Claudia Gregori ofLegance – Avvocati Associati. Transfer pricing specifi-cally is generating a lot of litigation in the financialservices industry, with lengthy assessments for indi-viduals with foreign assets.

A potential solution for these problems comes inthe form of the Voluntary Disclosure Program, as partof the general trend of a greater focus on compli-ance and risk management. In February 2015 Italyand Switzerland signed an amendment to theirdouble taxation treaty that provides for exchange ofinformation in line with the OECD standard. In antic-ipation that full transparency will soon be standard,Italy has until September to step-up to the markthrough the VDP.

“The VDP ends 30 September and the outcomewill hopefully be that all clients are taken into thesafe harbour and their assets will be tax compli-ant,” says Galli. On expiration of the VDP, non-com-pliance with Italian tax law will be extremely dan-gerous territory.

Tier 1Founding partner Guglielmo Maisto is head of the taxdepartment at Maisto e Associati, working closelywith the eight other tax partners in the team. He spe-cialises in international tax law at the level of theOECD and other international entities. He is a a pro-fessor in international tax law. His key practice areasinclude advisory and private client. He is active in lit-igation also.

This year the firm has made five new hires: CesareSilvani from Jones Day, Alban Zajmai from StudioTremonti, Andrea Rottoli from PwC, Alessandro Vanninifrom Studio Tundo, and Noemi Bagnoli, a trainee freshout of university. Another key individual in the tax teamis Marco Valdonio. “Services range from tax treaty appli-cation to international tax structuring,” he says. The firmis also strong in accounting, M&A, corporate reorgani-sations and the restructuring of international groups.Advisory is the staple service of the firm, however.

With a proven track record in tackling even the mostcomplex cases, clients receive the benefit of years ofexperience combined with customised care andadvice of the highest standard. This year the teamworked on the acquisition by Qatar Holding, a sub-sidiary of the Qatar Investment Authority, of the wholeof the Hines fund units related to the Porta Nuova realestate investments in Milan, and a high-yield bondissuance for Alerion Clean Power.

A client describes the team as “responsive advis-ers with a deep knowledge on Italian Tax Authoritypractice.”Andrea Silvestri is coodinator of the BonelliErede

tax department and also the leader of the tax litiga-tion team. The tax department contains four tax part-ners and 29 associates who are assisted by fivetrainees. Notable team members include AndreaManzitti, Riccardo Ubaldini and Stefano Simontacchiwho is managing partner of the firm and head of thetransfer pricing practice.

The tax department is one of the key practice areasof the whole firm, thanks to the team’s expertise thatallow it to retain an expansive list of clients thatincludes many high-calibre multinational enterprises.The firm has a strong reputation, both within Italyand internationally, for its advisory services. Tax offer-ings include group taxation, corporate tax planning,international tax, estate planning for private individu-als and cross-border transactions. The team oftenworks in a multi-disciplinary manner, coordinatingcross-departmental teams, which accentuates thefirm’s global reach.

In the past year, BonelliErede has been involved ina number of key transactions, including advice to the

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World Tax 2016 303

Safilo Group, a premium sunglasses retailer, on its taxrulings to the authorities to obtain aid to economicgrowth (ACE) and remove economic double taxationthat occurred as a result of the distribution of divi-dends.

Tier 2Baker & McKenzie has offices in both Rome andMilan, providing clients with a global perspectivethrough the firm’s extensive network. The tax depart-ment is a full-service one, offering tax planning, sup-ply-chain planning, tax dispute resolution, M&A andreorganisations, and transfer pricing. MassimoGiaconia leads the department and works in theMilan office. He has a wealth of expertise in allaspects of taxation law, with a focus also on M&A. Heis an author on international taxation and the Italianrepresentative on the executive committee of theInternational Fiscal Association. Massimo Antonini is head of tax at Chiomenti

Studio Legale. The firm is autonomous from a taxperspective, generating its own stand-alone work,most of its work being pure tax matters. Chiomentifrequently advises the biggest investors about theirtax matters and receives huge recognition in the mar-ket for this. A particular speciality of Chiomenti is itshigh-quality tax advice in finance and M&A deals.

A key recent transaction for the firm was assistanceto E.ON Produzione (a company part of the E.ONgroup) in the sale of its gas and coal power genera-tion business and the sale of its hydro business totwo different entities. “It was about structuring thetransaction correctly; many assets were being dis-missed by the client. The contractual element of thedeal also made it complex,” says Antonini.

A client of the firm says: “ We work with MassimoAntonini and his team. They are very good technical-ly, they have the perfect style vis-à-vis the client. As atax team, they have managed to stand out in theItalian market, irrespective of the fact that they belongto one of the major law firms in Italy. They are verygood all around, but I would especially recommendthem for individuals’ taxation, for all the bigM&A/restructuring transactions and for tax litigations;

in all these areas they have a big experience andknowledge.”

Freshfields Bruckhaus Deringer has a full-servicetax department. Roberto Egori is head of the teamand advises on domestic and cross-border financialproducts, M&A, capital markets and securitisations.Tax is a strong practice area for this international lawfirm. The department is segmented into consultancy,structuring, transfer pricing and VAT advice. On theconsultancy side, the Italian team aids clients withintercompany pricing issues, establishing new cross-border ventures and restructuring international opera-tions in a tax-efficient manner. Freshfields is well-respected within the jurisdiction, earning recommen-dations from many of the other firms with whom ithas a good working relationship.

One of the named partners at Salvini Escalar eAssociati, Livia Salvini, is a certified tax consultantand corporate lawyer. She is engaged in many of thetax operations, having broad expertise in all thingstax. She advises on European tax law and the taxa-tion of multinational groups; provides tax audit assis-tance and is active in litigation. Gabriele Escalar is amember of the commission for tax rules of conductof the Association of Italian Chartered Accountantsand focuses on the taxation of financial intermedi-aries, banks and insurance companies. Davide DeGirolamo is another key specialist, having been apartner since 2013. Newly-appointed tax partnerChiara Todini has a PhD in tax law and is a lecturerin tax law at the University LUISS Guido Carli in Rome.

The firm is highly-specialised and wholly dedicatedto tax law and all its intricacies. A particular area ofexpertise is in proceedings before the tax authorities,whether that is during inspections, rulings, audits orsettlement proceedings. Key industries for the firm areenergy, telecommunications, transportation, banking,finance and insurance.

Studio Tributario Associato Facchini Rossi & Socispecialises in tax consultancy services and employsfive partners and 20 other fee earners. Key areas ofpractice for the firm include corporate and interna-tional taxation, financial services taxation, includingprivate-equity funds, and tax litigation. Francesco

Italy


Facchini has been at the firm for 17 years and is amember of various boards of professional auditors.He collaborates closely with partners Luca Rossi,Mariana Ampolilla, Giancarlo Lapecorella andStefano Massarotto. As such, the firm has a depth ofexpertise across various tax areas, which is an essen-tial part of its successful tax services.

The firm has in-depth specialities that include taxa-tion of financial products and private-equity funds,international taxation, tax litigation (including relationswith Inland Revenue), management incentiveschemes and individual taxation.

Studio Tributario e Societario Deloitte has one ofthe biggest tax departments in Italy, having hired 80advisers last year alone. Carlo Maria Bindella is headof tax, leading the team that has expertise in, forexample, the manufacturing, consumer business,shipping, oil, energy and aviation industries.

The firm’s reach within Italy alone is extensive, withoffices in Bologna, Catania, Florence, Genoa, Milan,Naples, Padua, Rome and Turin. Internationally speak-ing, the Italian firm is part of the global Deloitte net-work which aids it considerably in cross-border trans-actions. The full-suite of services is provided, meetingclient demands for business tax, international tax, VATand indirect tax, global employer services, transferpricing, M&A, tax controversy and R&D.

An important transaction the firm worked on lastyear concerned the attribution of profit to an Italianpermanent establishment (PE) of a foreign taxpayer.The deal was notable because not only was the tax-able base at stake worth $1.1 billion, but alsobecause of the size, complexity and impact of thetransaction, together with the necessary applicationof the authorised OECD approach (AOA).

Tremonti Vitali Romagnoli Piccardi e Associati is awell-established law firm that has a strong emphasison tax advice. Key areas for the firm include corporateand M&A, real-estate transactions, transfer pricingand tax litigation. Its extensive expertise is mirroredby its physical size, with more than 50 lawyers locat-ed in the Milan and Rome offices.

The corporate M&A work of the firm is comprised ofstrategic tax planning, acquisitions, reorganisations

and restructurings of major companies. Internationaltaxation is another productive area, with venture cap-ital and investment funds work coming in regularlyfrom its multinational, private equity and domesticbusiness clients. On tax litigation and rulings, thefirm’s lawyers and accountants collaborate to resolvecases. Pre-litigation services are available, right up torepresentation in the Italian Supreme Court.

Valente Associati GEB Partners has three mainservice areas: tax law, transfer pricing and restructur-ing & M&A. Founding and managing partnerPiergiorgio Valente is described by his colleagues asa “charismatic leader”. He is also simultaneously arepresentative of a number of organisations. InBrussels he is the chairman of the fiscal committee ofthe Confederation Fiscale Europeenne, an organisa-tion of European accountants, having just been re-elected for his second term. He and the team runmany workshops and conference to educate clientsand professionals on tax developments as and whenthey happen. Valente is also an avid writer on tax,with many published works.Pietro Schipani and Salvatore Mattia are also key

tax professionals in the team. They work together ontransfer pricing issues in particular. They both have abackground in economics. A particular focus of theteam is litigation and criminal tax. The firm hadanother immensely successful year in this field in2015. Ivo Caraccioli, is a specialist in criminal tax law.

Tier 3Francesco Bonichi and Francesco Guelfi are jointheads of tax at Allen & Overy, leading a compact andfocused team of five tax specialists.

Allen & Overy is a full-service tax practice, advisingon the tax aspects and structures of considerabledomestic and cross-border deals, such as M&A anddebt restructuring, that span a range of sectors,including financial services, banks, real estate, privateequity and insurance. Another area the team spe-cialises in is tax litigation; many of the team membersrepresent and assist clients in proceedings before theItalian tax courts, which can sometimes escalate tothe Italian Supreme Court. The team provides assis-

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World Tax 2016 305

tance during tax criminal proceedings, and negotia-tions and settlements with the administration.

To this end, Allen & Overy maintains close relationswith the Italian tax authorities, as it is activelyinvolved in the implementation of new tax regula-tions and the drafting of legislative guidelines. A keydispute the team worked on that ended in summer2014 was representing UniCredit in a series ofunprecedented tax disputes before the courts in con-nection with the alleged application of substitute taxto loans. The court ruled in favour of the clients, set-ting an important precedent which has subsequentlybeen consistently applied by other courts.

A client of the firm says: “We use Allen & Overy fortax matters very often as they are very reliable, tech-nically excellent and cutting edge, especially in inter-national tax, finance tax and tax litigation matters. Iwould mention Francesco Guelfi, a tax partner head-ing the Milan tax department as one of the best taxadvisers I ever worked with. Technically he is out-standing, as he has strong competencies in either taxlaw, accounting matters, finance, regulatory law andeconomics.”Alessandro Dragonetti is head of tax at Bernoni

Grant Thornton. He is a certified chartered account-ant and registered auditor, specialising in corporateadvisory, international tax, M&A and expatriate tax.The team has added four new partners this year:Sergio Montedoro, Federico Feroci, Gabriele Feliciand Simonetta La Grutta. Marco Pane and ChristianSiccardi have also joined the tax practice, as manag-er and senior manager, respectively. Corporate taxventures worked on this year include: • assistance with a tax-efficient restructuring in rela-

tion to an acquisition deal: • the internalisation process of an Italian-based

group; and • the combination of tax planning with the topical

Italian VDP regime for a family-owned group.A client of the firm says: “The Grant Thornton team...

has always been very responsive and cooperative,both in terms of the content of the analysis and con-sequent output, and in terms of timing for deliveringthe reports.

Carlo Galli left Maisto e Associati in 2009 to set upthe Italian tax practice of Clifford Chance. He is stillhead of tax. The objective of the new boutique taxdepartment (Galli being the only partner in a team offive) was to be a stand-alone practice. “We are satis-fied with how this has turned out,” says Galli. “Thereis a 50-50 split between our own work and tax workreferred from the firm.”

The independent practice deals in M&A, structuringand advice, real estate and financial transactions.Galli personally oversees all the major mandates ofthe team and deals in structuring, sophisticatedfinance transactions and disputes. The firm is alsoparticularly good in disputes, working towards its goalto be the go-to tax practice in this field. The teamassisted Edison/EDF to deal with the tax implicationsof the creation of an asset company in the renewableenergy sector. The joint venture the team worked onsubsequently created the third Italian operator in therenewable energy field. Clifford Chance is alsoinvolved in drafting new financial markets’ legislationfor new providers lending to Italy and are marketleaders in this area.

A client says: “My experience with CC in Italy isexcellent. I normally work with Carlo Galli and SaraMancinelli and they are both excellent professionals,who know their stuff very well, always very respon-sive and with the correct attitude towards the clients.I would definitely recommend them, especially ontopics related to financial instruments’ taxation.”

The tax team at CMS Adonnino Ascoli & CavasolaScamoni is made up of lawyers and professionalaccountants and is led by partners Giuseppe Ascoliand Roberto Ascoli. Giuseppe focuses his practice onworking with public and private institutions on com-pany evaluations and corporate assistance. Robertohas developed expertise in advising and assistingclients on domestic and international corporate tax,accountancy and M&A.

The firm gives advice on a wide range of transac-tional issues in the areas of direct and indirect taxa-tion, M&A, due diligence, tax compliance, strategic taxplanning and litigation. The firm also has a dedicatedfraud and corporate criminal defence section, an

Italy


increasingly useful asset in the repertoire of the Italiantax adviser.

Di Tanno e Associati is outstanding in the marketfor its level of knowledge of Italian tax law. Its mainclients range from small, medium and large business-es to organisations and associated and individualfirms. The tax lawyers at Di Tanno lend their specificand legal tax perspectives to exciting projects of across-border and domestic nature. Key servicesinclude business income advice, the preparation offinancial documentation, indirect taxes, tax controver-sy, financial instruments and international taxation.

The firm takes pride in the quality and mindfulnessthat goes into its advisory services, which take a sci-entific and detailed analytical approach. Litigation isanother key area, with many of the team memberspreviously working in the administration, lending keyinsight to often very sensitive issues. Antonio Tomassini is head of tax at the Italian DLA

Piper offices. He works closely with partner ChristianMontinari who specialises in transactions tax in theMilan office, and partner Fabrizio Capponi.

DLA specialises in cross-border transactions and lit-igation, and have recently expanded, with the addi-tion of six new tax specialists joining the firm fromStudio Andreani, including renowned senior adviserGiulio Andreani. The extra capacity has enabled DLAto expand its services, supplementing its reputationfor business tax and restructuring, to also include taxaudit services, litigation, permanent establishment,transfer pricing and blacklist cost investigations.

Key clients for the firm include high net worth indi-viduals, particularly in relation to the VDP.

“Andreani definitely upgraded our practice,” saysTomassini. “Our reputation and billing has gone up;our market share is now 11% of the entire turnoverof Italian law firms,” he adds.

Indeed, the team has developed a consolidatedexpertise advising foreign investors on all aspects oftheir M&A activities, including post-acquisition struc-turings. For example, in December 2014 DLA closed adeal where they were advising Eithad Airways, thenational airline of the UAE, on the tax aspects relatedto the commercial partnership and $635 million

acquisition of a minority stake in Alitalia the flag car-rier and national airline of Italy.

Fantozzi & Associati, Taxand Italy has offices inRome and Milan, with Augusto Fantozzi head of taxin Rome and Alfredo Fossati head of tax in Milan.Between the two locations, the department has 10dedicated tax partners and 36 specialists. Key serviceareas for the firm include finance, pharmaceuticals,real estate, aerospace, extractives and manufacturing.The transfer pricing and litigation teams have grownafter the decision was made to invest in them, partic-ularly in Milan.

The integration of Fantozzi into the global Taxandnetwork can be appreciated in light of its hosting ofthe annual Taxand meeting in May 2015 in Milan,securing its relationships, communication and sharedexpertise with member firms across the globe. A rel-evant portion of the activity of the firm is devoted toassisting clients with tax audits, requests for rulingsand tax disputes at any level (including the SupremeCourt). Tax disputes specialist Guido Petraroli workedon a dispute on the allocation of free capital to theItalian branch of Natixis, a French corporate andinvestment bank. The issue in dispute was thedeductibility of interest expenses. The taxpayer’s casewas successful as the authorities recognised theFantozzi team’s calculations and applied no fines.

A client says: “The team dedicated to our companyis very proactive, professional with the good knowl-edge and with a clear view and strategy – very con-fident to work with this firm and a real trust on theirjudgment.”Heinz Peter Hager is head of tax at Hager &

Partners, leading a team that has seven full-time taxpartners. Hager has considerable experience in M&Aand corporate restructuring in the real estate sector.Martina Ranzi, Federico De Rosa and KatrinOberhauser are new professionals that joined theteam this year. Last year was a good one for Hager &Partners, providing assistance to its clients in manyrestructuring, due diligence, real estate, evaluations,audits and PE issues. A key matter for the team wasadvisory on the tax implications of the merger in therenewable energy sector. The team had to assist on

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both indirect and direct tax matters for the client as aresult of the merger. The new company borne out ofthe merger will have a turnover of around $1.7 billion.This demonstrates the magnitude and prominence ofthe deal and reflective of the firm’s quality capabilities.

A client says: “[Our company] for more than 15years [has] enjoy[ed] an excellent cooperation withHager & Partners in Bolzano. They constantly provideus with a professional, quick and problem-solvingconsultancy for tax and accounting issues, includingcross-border topics. We can highly recommend Hager& Partners to other companies active in the financialor other sector in our region.”

Founding partner Bruno Gangemi leads the taxpractice at Macchi di Cellere Gangemi, whichemploys six other partners: Francesco Capitta,Claudio Giordano, Stefano Petrecca, Eugenio Romita,Arnaldo Salvatore and Marco Sandoli, and severalother fee earners. The firm has offices in Rome, Milan,Bologna, Verona and Modena.

The firm offers a broad range of taxation services forcorporate groups, such as renewable energy and pri-vate equity and real-estate funds. Piermauro Carabellese is the coordinator of the tax

group for NCTM Sudio Legale Associato. He has awealth of experience in international tax, M&A taxand tax litigation. He works closely with FedericoTrutalli, an equity partner, who specialises in M&Aand corporate restructurings.

The firm has added two tax specialists to the teamthis year: Domenico Rinaldi from Panetta & Associatiand Luigi Merola from Dattilo & Associati. NCTM alsothis year: • assisted Fondo Italiano d’Investimento in tax mat-

ters in two relevant acquisitions; and • advised Fonciere LFPI Italia, a real estate investment

company, in the possible acquisition of 13 realestate properties held in Italy by Fondo ImmobiliareOmicron Plus. These deals exemplify the staple work of the firm in

advising influential businesses to find a tax-efficientand innovative solution, within key areas of expertise.

A client praises NCTM, saying: “We have a longexperience working with NCTM and they have consis-

tently provided an outstanding service. We use themmainly for tax structuring, transfer pricing, corporaterestructuring.”

Large independent consultancy firm Pirola PennutoZei & Associati spreads its expertise across nineoffices in Italy. It is a full-service tax firm, specialisingin staple and often-sought everyday tax issues andassistance related to non-recurring corporate transac-tions, such as M&A and group reorganisations. Clientsinclude multinationals, family-owned businesses,high-net-worth individuals and private-equityinvestors.

KPMG’s Italian tax team is known as StudioAssociato (KPMG), which is one of Italy’s biggestfirms, with 36 partners and 216 dedicated tax special-ists. Richard Murphy has been with the firm since1992 and head of tax since 2012. He specialises in awide range of services including domestic and inter-national tax, M&A and business reorganisations.

The team provided assistance with the debt restruc-turing and acquisition of an international client. Theassignment required constant coordination withlenders, bankruptcy lawyers, legal counsel, auditorsand extended modelling capabilities. The expertise ofthe team ensured they smoothly coordinated thedeal, being mindful of all the various stakeholders.

As a Big 4 accounting firm, Studio Associato offersall services. Automotive, consumer products, pharma-ceuticals, banking and industrial machinery are keysectors where the firm is able to demonstrate thedepth of its expertise.

Studio Legale e Tributario is EY’s Italian branch andhas offices in Milan, Rome, Padua, Venice andMunich. Scott Hill leads the tax and legal department.

The firm provides a comprehensive selection of taxservices, including cross-border tax advisory, globalcompliance and reporting, tax accountancy, transac-tional tax work, transfer pricing and operating modeleffectiveness, VAT and other sales taxes.

TLS Associazione Professionale di Avvocati eCommercialisti (PwC) is the Italian affiliate of Big 4firm PwC, and has offices in 18 Italian cities.

The firm offers a comprehensive suite of tax servic-es in a wide variety of industry sectors that include

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financial services, manufacturing, telecommunicationsand automotive. It is a full-service tax, accounting andaudit firm, using its specialist services to help multi-national enterprises with their cross-border anddomestic operations.

Tier 4Belluzzo & Partners is a well-known law firm in Italy,with an extensive tax practice led by founding part-ner Luigi Belluzzo. The large team has a total of 12partners, who all specialise in a wide range of taxservices that includes M&A, cross-border transactions,investment funds, tax controversy and dispute resolu-tion. Luca Cordelli, Giovanna Mazza and LucaGuazzo Crescini have all joined the tax practice thisyear, bringing their previous experience at otherItalian law firms with them and contributing to a con-centrated pool of knowledge, expertise and intellect.

The firm has advised clients this year in a numberof topical issues before the Italian tax authorities. Onein particular related to the voluntary disclosure proce-dure programme. In the future, the firm wants tostrengthen its focus on cross-border issues, with aparticular connection to UK-Italy transactions, such asin estate planning and trusts, and investment, in col-laboration with its London office.

Further ambitions also include increasing the num-ber of its financial institution clients and advisingmore large corporations and family-owned business-es. This goal-oriented culture is a selling point of thefirm that its existing clients recognise and respect.

The tax department at Caravati Pagani is led byFilippo Caravati and Piero Pagani, two of the threepartners. There are 13 other fee earners working inthe practice. The firm offers tax, corporate, businessand accounting advisory services and qualified pro-fessional services to businesses of all sizes as well ashigh net-worth individuals. The strongest tax offeringthe firm offers is in its tax consulting services, advis-ing high-profile clients on their business ventures andobjectives.

The Cleary Gottlieb Steen & Hamilton tax practicehas extensive expertise in corporate transactions,particuarly in cross-border mergers, de-mergers and

other international matters. Vania Petrella is a taxpartner in the Rome office, who focuses mainly onItalian and international tax issues relating to capitalmarkets, M&A and financial products, and tax contro-versy. She collaborates often with senior tax attorneyPaola Albano, who specialises in joint ventures, part-nerships and M&A.

Gianni Origoni Grippo Cappelli & Partners pro-vides a wide range of national and international taxservices. Its professionals are transactional tax spe-cialists, working on a wide range of matters, includ-ing M&A and joint ventures, but they also coverfinancial taxes, transfer pricing and tax litigation.Luciano Acciari is head of tax and a specialist in cor-porate taxation. He has advised many multinationalson extraordinary transactions, acquisitions and reor-ganisations.

Hogan Lovells has offices in Rome and Milan. Thefirm offers services in business restructuring andinsolvency, corporate taxation, M&A, IP, litigation,arbitration, private equity and real estate. FulviaAstolfi is the managing partner of the Rome officeand head of the tax team. She regularly advisesItalian and international clients on a comprehensivearray of issues particularly relating to lending andasset-finance transactions.

The tax department of Legance – AvvocatiAssociati has grown significantly in the last fewyears, compared to other Italian tax law firms, main-ly, the team members believe, as a result of theincreasing trend for multinational groups of consider-able size to entrust important issues to tax lawyersof a law firm with a large and structured tax depart-ment, rather than to a tax-law boutique or account-ing firms. Key services at the firm include corporatetax, transactional work, M&A and finance, projectfinancing, tax litigation and real estate.

For example, Legance is strong in funds work, witha broad knowledge of this market, structured financeand project finance. Legance’s work is also sophisti-cated from a technical perspective. Marco Graziani,joint head of the department, focuses on restructur-ing and insolvency tax, with Gregori being active inthe taxation of real estate.

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A client says: “Excellent experience with Legancetax practice [for] many years. Very qualified, profes-sional and efficient. Lawyers Claudia Gregori andDavide Nespolino [are recommended].”Carlo Maria Paolella is head of the Italian branch

of McDermott Will & Emery. He works closely withAndrea Tempestini in the Rome office. Since summer2014 the team has hired three partners and onetrainee. Paolella has a long-standing relationshipwith many of the firm’s clients, particularly on VATand corporate tax issues. His speciality is cross-bor-der matters (structuring and planning), transfer pric-ing, and tax controversy and disputes, including auditassistance, rulings and court litigation. Tempestiniworks mainly with Italian multinationals and someItalian affiliates of foreign multinational groups. Heoften assists groups of tax directors on a wide rangeof multi-jurisdictional projects. Mario Martinelli is apartner in the Milan office, dealing mainly with litiga-tion, assisting clients in domestic and internationaltax law matters.

The firm was launched in 2007 and since then hasestablished itself as a go-to provider for quality taxadvice.

Head of tax at WTS R&A Studio TributarioAssociato is Giovanni Rolle. The tax activities of thefirm are strategically integrated with the other prac-tice groups to ensure that clients receive a well-rounded solution that is watertight against any othersituation. This year the team has worked on a high-profile acquisition of an Italian business by a Turkishcompany, coordinating between state-owned com-pany regulations and company protection rules.

Tier 5CBA Studio Legale e Tributario provides a compre-hensive range of advice on issues such as incometax, VAT, and other direct and indirect taxes.

The firm advises on corporate reorganisations,M&A transactions, due diligence, banking law, capi-tal markets and real estate. A key contact for the firmis tax adviser Roberto Brustia, who specialises in realestate and pure taxation.

Fava & Partners is a boutique firm led by broth-ers Domenico Fava and Stefano Fava. The firm spe-cialises in cross-border transactions and transferpricing. This niche sets up an emphasis on techni-cal skill and competence as well as independence.

The firm is strong in international tax matters andresolving international tax disputes with the author-ities. Litigation is a big issue in the country at themoment and Fava & Partners aim to find solutionsbefore resorting to litigation. The tax team alsooffers advisory services, second opinions, andadvice on inbound and outbound investments. Marco Lombardi is the partner-in-charge of Jones

Day’s Milan office and head of the tax team inItaly, which employs two other professionals: LucaFerrari, of counsel, and Carla Calcagnile, an asso-ciate.

The firm provides a wide range of tax services inareas such as bankruptcy, international tax, M&A,private equity, real estate, sovereign investors andstructured finance. The firm is also active in con-tentious tax. Lombardi focuses his expertise in thecorporate and tax aspects of financial and interna-tional transactions, including cross-border financingstructures, M&A, restructurings and real estate.Bernadette Accili is head of the tax department

at the Italian Paul Hastings. Her key practice areasare tax advisory, European tax law, and litigationand controversy. The team is comprised of lawyerswho are agile enough to consult from a businessperspective, representing companies across abroad spectrum of planning, transactional and liti-gation issues.

The international taxation department at StudioUckmar is led by Paolo De Capitani Di Vimercateand consists of five partners and 15 other fee earn-ers. One practitioner held in high regard by otheradvisers in the market is Giuseppe Corasaniti.

Key industries for the firm include insurance,banking, fiduciary companies and trusts, luxury andfashion, oil companies and energy. De Capitani DiVimercate specialises in international taxation, cor-porate tax, advisory services and income tax.

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ITALYMilan via Santa Maria Fulcorinatel. +39 02 36569657Verona stradone San Fermo 14 tel. +39 045 8005353London 38 Craven Street tel. +44 (0)20 7004 2660

www.belluzzo.net

Contacts:Luigi Belluzzo Managing Partner, [email protected]

Alessandro Belluzzo Partner, [email protected]

AronaPiazza de Filippi 7 - 28041 Arona (NO)

MilanVia Carducci 31 - 20123 Milano

GozzanoVia Beltrami 47 - 28024 Gozzano (NO)

Tel: +39 0322 245 858Tel: +39 02 8691 5076

Partners: Edoardo Caravati, Piero Pagani,Filippo Caravati

Email: [email protected]: www.caravatipagani.it

Firm Profile:Chiomenti Studio Legale is one of theleading law firms in Italy, with more than300 professionals and offices in Rome,Milan, London, Brussels, New York,Beijing, Shanghai and Hong Kong.Chiomenti offers sophisticated legal serv-ices in a full range of practice areas. TheFirm's tax department, comprising bothlawyers and accountants, is one of themost reputed and experienced in Italy andprovides high profile tax advice both todomestic and foreign clients. The taxdepartment works on an integrated basiswith teams in the M&A, finance, realestate and other practices in the firm, andalso provides a growing “front end” servicewhere the tax team takes the lead on advi-sory and transactional matters. The taxdepartment also advises on transfer pricingand tax litigation matters. Chiomenti’sbroad client base includes public and pri-vate companies, State-owned entities andgovernment departments, investmentbanks, private equity firms and familybusinesses.

Partners/ContactsMassimo Antonini (Milan)Email: [email protected]

Paolo Giacometti (London, Milan)Email: [email protected]

Giuseppe Andrea Giannantonio (Milan)Email: [email protected]

Marco Di Siena (Rome)Email: [email protected]

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Corrado Grande (Rome)Email: [email protected]

Raul-Angelo Papotti (Milan)Email: [email protected]

Offices:RomeVia XXIV Maggio 4300187 RomeTel: +39 06 466 221Fax: +39 06 466 226 00

MilanVia Verdi 220121 MilanTel: +39 02 721 571Fax: +39 02 721 572 24

London125 Old Broad StreetEC2N 1AR LondonTel: +44 20 75 69 15 00Fax: +44 20 75 69 15 01

BrusselsRue Montoyer 23B-1000 BrusselsTel: +32 2 7759 900Fax: +32 2 7759 927

New YorkOne Rockefeller Plaza – Suite 240410020 New York, NYTel: +1 212 660 6400Fax: +1 212 660 6401

Beijing36/F, Yintai Office TowerNo.2 Jianguomenwai AveChaoyang District100022 BeijingTel: +86 10 6563 3988Fax: +86 10 6563 3986

ShanghaiSuite 4806, Wheelock Square1717 Nanjing West RoadShanghai 200040Tel: +86 21 6171 8585Fax: +86 21 6171 8558

Hong KongSuite 3701, Edinburgh TowerThe Landmark 15, Queen's Road, CentralHong Kong S.A.R.Tel: +852 3192 7070Fax: + 852 2810 0833

Website: www.chiomenti.net

Studio Tributario eSocietario

Country Tax LeaderCarlo BindellaTel: +39 010 531 7811Email: [email protected]

Business Tax Carlo BindellaTel: +39 010 531 7811Email: [email protected]

International TaxLuca BoscoTel: +39 011 5542918Email: [email protected]

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Transfer PricingAldo CastoldiTel: +39 02 8332 4036Email: [email protected]

R&D and Government IncentivesAlessandro Lualdi Tel: +39 010 5317817 Email: [email protected]

Indirect TaxAntonio PiciocchiTel: +39 06 4899 0932Email: [email protected]

Custom & Global Trade Alessandra Di Salvo Tel: +39 06 48990983 Email: [email protected]

Global Employer ServicesRoberto RocchiTel: +39 06 4899 0974Email: [email protected]

Tax Controversy Matteo Costigliolo Tel: +39 010 5317820 Email: [email protected]

TMC (IT Tax Tools)Stefano MazzottiTel: +39 0283324115Email: [email protected]

Visit our website:www.deloitte.com/italy

Seats:

• MilanoVia Tortona, 2520144 MilanoTel. +39 02 83324111

• BolognaVia A. Testoni, 3 40123 Bologna Tel. +39 051 65821

• FirenzeCorso Italia, 1750123 Firenze Tel. +39 055 2671011

• GenovaPiazza della Vittoria, 15/3416121 Genova Tel. +39 010 5317811

• PadovaVia N. Tommaseo, 78/C 35131 - Padova Tel: 049 7927977

• RomaVia XX Settembre, 100187 Roma Tel. +39 06 489901

• TorinoGalleria San Federico, 5410121 Torino Tel. +39 011 55421

• NapoliVia Riviera di Chiaia 18080122 NapoliTel: +39 081 2488200

• CataniaViale XX Settembre, 7095129 CataniaTel: +39 095 6147211

• Hong Kong DeskOlderigo FantacciEmail: [email protected]

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• New York DeskStefano SchiavelloEmail: [email protected]

Italy

Studio Legale TributarioVia Wittgens, 620123 MilanoItalyTel: +39 02 85141

Country Tax LeaderDomenico BorzumatoTel: +39 02 851 4503Email: [email protected]

Tax Market Leader Marco MagentaTel: +39 02 851 4529Email: [email protected]

Law Leader, Studio Legale TributarioPaolo RicciTel: + 39 335 659 9944Email: [email protected]

Business Tax ServicesMarco BoscaTel: +39 01 1516 5236Email: [email protected]

Global Compliance and ReportingFabio LaureriTel: +39 06 6753 5417Email: [email protected]

Financial ServicesGiuseppe Marco RagusaTel: +39 02 851 4926Email: [email protected]

Indirect TaxNicoletta MazzitelliTel: +39 06 8556 7323Email: [email protected]

International Tax ServicesDomenico BorzumatoTel: +39 02 851 4503Email: [email protected]

Tax Accounting and Risk AdvisoryServices (TARAS)Marco CristoforoniTel: +39 02 851 4250Email: [email protected]

Tax ControversyMaria Antonietta BiscozziTel: +39 02 851 4312Email:[email protected]

Transaction TaxRoberto LazzaroneTel: +39 02 851 4325Email: [email protected]

Operating Model Effectiveness andTransfer Pricing ServicesDavide BergamiTel: +39 02 851 4409Email: [email protected]

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Milan officesVia Privata Maria Teresa, 11 – 20123MilanTel.: +39 02 7260591Fax: +39 02 72605950E-mail: [email protected]

Rome officesVia Sicilia, 66 – 00187 RomeTel.: +39 06 4200611Fax: +39 06 42011967E-mail: [email protected]

Bologna officesVia Farini, 2 – 40124 – BolognaTel.: +39 051 27771Fax: +39 051 277733

Contacts:VAT & Indirect Tax/Transaction servicesAlfredo FossatiE-mail: [email protected]

Real Estate/LitigationGuido Arie PetraroliE-mail: [email protected]

Transfer Pricing & BusinessRestructuring Stefano BognandiE-mail: [email protected]

Websites:www.fantozzieassociati.itwww.taxand.com

FAVA & PartnersPiazza della Repubblica n. 2420124 Milan Tel. +39 02 87069700www.favapartners.com

Firm profile:Fava & Partners is an independent Taxfirm of International Tax and Economistsexperts, providing independent Transferpricing advice and assistance. In the context of International Tax andTransfer Pricing , Fava & Partners is thequalified advisor to in-house tax depart-ments, law firms and supervising bodies,for advice/support on:

• Field tax audits and tax settlementprocedure

• Mutual Agreement Procedures• Advance Pricing Agreements• Design and implementation of TP

Policy • Independent review of TP policy• International tax structure advice and

execution

Your contacts:

Domenico FavaPartnerTel: +39 02 [email protected] [email protected]

Quality tax advice,

globally

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Hager & PartnersVia Borgogna 2 – 20122 Milan (Italy)Tel: + 39 02-7780711Fax: + 39 02-778071233Email: [email protected]: www.hager-partners.it

Contact:Heinz Peter Hager(Managing Partner)Email: [email protected] Huber (Managing Partner)Email: [email protected]

Firm profile:Hager & Partners was founded in 1995and today has offices in Bolzano, Milanand Rome. The Firm is composed ofapproximately 100 staff members, ofwhich 60 professionals and is member ofNEXIA International network.

The Firm offers consultancy in nationaland international tax and company law,corporate finance, M&A, accounting andauditing, and is particularly orientedtowards large multinational groups, mid-cap companies and high net worth indi-viduals. The Firm has a remarkable inter-national attitude: half of the clients areItalian branches of foreign-based compa-nies (also listed in the stock-exchange),and many of them are from Germany,Austria, Switzerland and ContinentalEurope in general. The Firm has a five-strong team dealing with tax litigation andcounts also on a fully-dedicated transferpricing & supply chain department.

Studio AssociatoConsulenza legale e tributariaHead office:Via Vittor Pisani, 2720124 Milan ItalyTel: +39 02 676441Fax: +39 02 67644758

Country LeaderRichard MurphyTel: +39 02 67644733Email: [email protected]

Rome office:Piazza delle Muse, 800197 Rome ItalyTel: +39 06 809631Fax: +39 06 8077459

Fabio Egidi Email: [email protected]

Other offices:Ancona, Bologna, Florence, Genoa,Naples, Padua, Pescara, Perugia, Turin,Verona.

Email: [email protected]: www.kpmg.com/it

Contacts:

Domenico Busetto(International Corporate Tax)Email: [email protected]

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Stefano Cervo(M&A and Transaction Services)Email: [email protected]

Gianni De Robertis (Transfer Pricing)Email: gianniderobertis@ kpmg.it

Massimo Fabio (Trade and Customs)Email: [email protected]

Eugenio Graziani(VAT and Indirect Taxes)Email: [email protected]

Giuseppe Moretti(M&A and Transaction Services)Email: giuseppemoretti@ kpmg.it

Sabrina Pugliese(Legal Services – M&A andRestructuring)Email: [email protected]

Michele Rinaldi (Banking and Finance)Email: [email protected]

Stefania Quaglia(Global Mobility Services)Email: [email protected]

Maisto e AssociatiMilano - Piazza F. Meda, 520121Tel: +39 02 776931Fax: +39 02 77693300Email: [email protected]

Partners: Guglielmo Maisto,Riccardo Michelutti, Marco Cerrato,

Andrea Parolini,Pietro Piccone Ferrarotti,Roberto Gianelli, Marco Valdonio,Aurelio Massimiano

Firm Profile:Maisto e Associati is an independent bou-tique founded in 1991 specialised inItalian taxation law. Its clientele is repre-sented mainly by large corporations andhigh net worth families. The 40+ partnersand associates comprise either lawyers oraccountants with a legal background andeach has substantial experience in theirfield. Consistently ranked as one of Italy’stop tax firms by industry surveys, the firmadvises large multinational corporation inindustries such as banking, manufacturing,media and entertainment, pharmaceuticaland real estate. The firm works closelywith leading companies in the venturecapital market, advises major IT and con-sulting companies and has a strong repu-tation in the fashion industry.

Other offices:Roma - Piazza D’Aracoeli, 100186Tel: +39 06 45441410Fax: +39 06 45441411Email: [email protected]

London - 2, Throgmorton AvenueEC2N 2DGTel: +44 020 7374 0299Fax: +44 020 7374 0129Email: [email protected]

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Pirola Pennuto Zei & Associati

Firm profile:Pirola Pennuto Zei & Associati was estab-lished in the 1970s as a partnership by agroup of specialists. The firm provides taxand legal services to medium and large-sized companies and multinational groupsand has continually sought to reinforce itsmultidisciplinary approach by creatingspecialized centres of excellence. Thefirm has eleven offices, nine in Italy(Milan, Rome, Turin, Padua, Bologna,Brescia, Naples, Verona, Parma), one inLondon, one in Beijing and one inShanghai, and is composed of 150 busi-ness lawyers and 350 tax consultants.

The firm focuses on selected areas of prac-tice and guarantees to provide compe-tence and top quality services, therebyincreasing efficiency and combining thetrust relationship between the profession-al and the client with organizational skills,in order to manage complex operations onthe entire Italian territory and abroad.

Pirola Pennuto Zei & Associati advisesmany of Italy’s leading corporations andseveral major Italian banks, both domesti-cally and abroad. The representation offoreign clients both in Italy and interna-tionally constitutes a significant part of thefirm’s practice.

The firm’s services cover tax and legalmatters such as domestic and internation-al tax compliance and planning, transferpricing, VAT, tax, legal and regulatoryadvisory services to companies in thebanking and financial services sector, taxassistance for expatriates and individuals,IT law and copyright, labour law, businesslaw, mergers & acquisitions, private equity,tax litigation, litigation, antitrust andEuropean law, media entertainment andtelecommunications, energy and environ-mental law, real estate, privacy and infor-mation protection, as well as corporatefinance services.

Partners/Contacts

Mergers & Acquisition:Massimo Di Terlizzi (Milan)Email: [email protected]

Corporate Tax:Stefano Tronconi (Milan)Email: [email protected]

Transfer Pricing:Luciano Patelli (Milan)Email: [email protected]

Expatriates Tax Consultant: Luca Valdameri (Milan)Email: [email protected]

VAT:Pier Luca Mazza (Milan)Email: [email protected]

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Insurance: Marcello Romano (Rome)Email: [email protected]

Finance: Lorenzo Banfi (Milan)Email: [email protected]

Real Estate:Flaviano Ciarla (Rome) Email: [email protected]

Offices:MilanVia Vittor Pisani, 20 20124Tel: +(39) 02 669951Fax: +(39) 02 6691800Contact: Massimo Di Terlizzi

PaduaCorso Milano, 26 35139Tel: +(39) 049 8249411Fax: +(39) 049 8756077Contact: Yuri Zugolaro

NaplesPiazza dei Martiri, 30 80121Tel: +(39) 081 2451918Fax: +(39) 081 2451200Contact: Paolo Nagar

RomeViale Castro Pretorio, 122 00185Tel: +(39) 06 570281Fax: +(39) 06 570282600Contact: Marcello Romano

BolognaVia delle Lame, 109 40122Tel: +(39) 051 526711Fax: +(39) 051 526790Contact: Dario Santagà

VeronaVia Belgio, 12 37135Tel: +(39) 045 8092511Fax: +(39) 045 8015627Contact: Federico Grigoli

TurinVia Bertola, 34 10122Tel: +(39) 011 5743611Fax: +(39) 011 5627062Contact: Ada A. Garzino Demo

BresciaVia Cefalonia, 70 25124Tel: +(39) 030 2219611Fax: +(39) 030 2427641Contact: Federico Venturi

ParmaViale Mentana, 27 43100Tel: +(39) 0521 271254Fax: +(39) 0521 798187Contact: Gianfranco Buschini

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Head Office:Viale Bianca Maria, 45 20122 MilanoTel: +39 02 7626131Fax: +39 02 76001091Email: [email protected]: www.gebpartners.it

Partners:Piergiorgio Valente([email protected])Ivo CaraccioliAlessandro Cotto Gianpaolo ValenteMaurizio Meoli Salvatore Mattia Antonella Della Rovere Pietro SchipaniCaterina Alagna Antonio De LucaFilipa Correia

Of Counsel:Raffaele RizzardiEmanuela Fusa

R&A Studio Tributario Associato

The Italian member firm of WTS(www.wts.com), specialises in cross-bor-der taxation, with a focus on transfer pric-ing, M&A and corporate reorganisations.

Contacts (International Tax)Giovanni [email protected] [email protected] [email protected] [email protected]

OfficesPiazza Sant’Angelo 120121 MilanTel: +39 02 3675 1145Corso Francia 3210143 TurinTel: +39 011 433 83 51

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