MAGAZINE
December 2017 Issue
Financier Worldwide Magazine
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COVER STORY
Tackling modern-day slavery within global supply chains
Modern-day slavery – typically defined as any form of forced human exploitation, such as human trafficking and forced labour – is one of the most complex and distressing issues of our age. This multibillion-dollar industry is estimated to enslave...
FEATURES
Innovation-driven M&A: explorers, enablers and expanders
Innovation drives many mergers and acquisitions (M&A). A matter of risk and reward, M&A deal makers balance the growth potential of innovation – be it patents, products or capabilities – with the possibility of rapid and unforeseen obsolescence...
Importance of IP due diligence
Protecting intellectual property (IP) assets should form an integral part of any company’s operations. To that end, companies must undertake robust IP due diligence in the event of an acquisition – whether carried out by a prospective purchaser...
Diluting the complexity of corporate reporting
Corporate reporting is a complex endeavour for many companies – a process requiring the collation of insightful information, both financial and non-financial, that can meet the expectations and withstand the scrutiny of an audience of key stakeholders...
Fraud and corruption litigation in Latin America
Arguably, one of the biggest challenges of doing business in Latin America has been fraud and corruption. In recent years, however, considerable efforts have been made to mitigate their corrosive effects. According to the World Economic...
Understanding employee wellness programmes in the US
The workplace of today is very different to that of just five years ago. Employee demographics are changing, as are working patterns. Issues such as working from home and work/life balance are becoming increasingly important. As more millennials...
ROUNDTABLE
Innovation and technology for GRC
PANELLISTS: Shaun Brady, Center for Model Based Regulation; Randy Stephens, NAVEX Global; Patrick Henz, Primetals Technologies; Don Andrews, Reed Smith; Thomas Kimner, SAS; Luis Kolster, Walmart International.
A comprehensive governance, risk management & compliance (GRC) programme is a fundamental component of any company’s business armoury. This suite of functions and values enable executives and risk leaders to mitigate risks, reduce compliance breaches...
SPECIAL REPORT
Ever changing and increasingly complex, global tax systems are subject to constant volatility and fluctuation, with a number of legislative reforms having a significant impact in recent times. Indeed, on the heels of new and updated legislation, tax authorities...
FORUM: Managing tax disputes in the Asia-Pacific region
FW moderates a discussion on managing tax disputes in the Asia-Pacific region between Rachanee Prasongprasit at LawAlliance Limited, Liesl Fichardt at Quinn Emanuel Urquhart & Sullivan, LLP, and Vijey M. Krishnan at Raja, Darryl & Loh.
A new era of international tax disputes and arbitration?
Quinn Emanuel Urquhart & Sullivan The growing focus on multinationals and their tax affairs by governments across the world is likely to result in increased tax disputes at a domestic level and, in many cases, arbitration at an international level. This introduces a new era in which we are likely...
McDermott Will & Emery LLP One significant consequence of the financial crisis was greater scrutiny of the techniques and cross-border structures used by major multinational groups to reduce their effective tax rates. Increasingly, cash-strapped governments have seen an...
The rise of general anti-avoidance rules in taxation
Bär & Karrer Fighting tax avoidance and the closing of tax loopholes are high on the agenda of many countries, as well as multilateral organisations such as the European Union or the Organisation for Economic Co-operation and Development (OECD). While tax...
Policing the evaders and facilitators: new corporate offences relating to tax evasion
CMS On 30 September 2017, the new corporate criminal offences of failure to prevent the facilitation of both UK and foreign tax evasion under Part 3 of the Criminal Finances Act 2017 came into force. The Act establishes two new offences, dealing respectively...
Tax rulings and state aid: where are we now?
Slaughter and May Following a period of relative quiet, the European Commission’s output from its state aid investigations into tax rulings and special tax regimes seems to be ramping up again, with Luxembourg in particular under fresh scrutiny...
Responding to government tax audit, inquiry and investigation: a French perspective
Cabinet Derouin In recent years, the French tax authorities have been increasingly inquisitive with international businesses and investors doing business or providing goods and services in France or to be used in France. Hundreds of inquiries have been initiated...
Further modernisation of tax procedures in Cyprus
Elias Neocleous & Co LLC Prior to 2014, direct taxes such as income tax and capital gains tax in Cyprus were administered by the Inland Revenue department and VAT was administered by the VAT department. In 2014, the two departments were merged to create a single...
Poland to amend both income tax laws to modify CFC Rules in 2018
GESSEL The Controlled Foreign Corporation (CFC) regulations have been introduced in Poland for the first time and are based upon the law dated 26 June 2014, which amended the 1992 Corporate Income Tax Law and the 1991 Personal Income Tax Law...
PJS Law Six ASEAN member countries are already members of the Organisation for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) Inclusive Framework (BEPS Associates) as of October 2017. Brunei Darussalam...
Corporate tax developments in Indonesia
ABNR This article provides an update on corporate tax developments in Indonesia, covering automatic exchange of information, anti-tax treaty abuse, controlled foreign company and the Indonesia-Netherlands double taxation avoidance (DTA) agreement...
Q&A: Transfer pricing – meeting the demand for transparency
FW moderates a discussion on meeting the demand for transparency in transfer pricing between Luis Abrantes at Carlsberg, Joanna Gniadecka at Liberty Global B.V., David Sayers at Mazars LLP, and Nathaniel Carden at Skadden, Arps, Slate, Meagher & Flom LLP.
DEALfront
mergers & acquisitions
Qualcomm offers concessions over $38bn NXP offer
In an attempt to assuage EU antitrust concerns over its proposed $38bn acquisition of NXP Semiconductors, US multinational semiconductor and telecommunications equipment company, Qualcomm, has offered to make concessions over the deal.
BASF to buy Bayer assets for $7bn
German chemical giant BASF has agreed to buy parts of Bayer’s seed and herbicide business in an $8.8bn, all-cash deal. BASF will acquire a number of Bayer’s units, including the company’s Liberty, Basta and Finale non-selective herbicides, and the seed...
private equity & venture capital
Private equity backed buyouts maintained their momentum in the third quarter of 2017, according to new data from Preqin. In its ‘Q3 2017 buyout deals and exits’ report, Preqin notes that the PE space saw 953 deals worth an aggregate $92bn...
Express Scripts to buy eviCore for $3.6bn
In a transaction that provides a comprehensive patient benefit management solution, Express Scripts Holding Company has reached an agreement to acquire privately-held eviCore healthcare for $3.6bn. This combination of Express Scripts’ leading...
bankruptcy & corporate restructuring
Sears Canada set to liquidate after 65 years
Bringing to an end over 60 years of retail trading, Sears Canada Inc., and certain of its subsidiaries, has been granted approval to liquidate all of its remaining stores – 74 department stores and eight Sears home stores – and assets, having failed to find...
The ultra competitive European aviation market has seen several airlines declared bankrupt in recent months, with insolvencies affecting thousands of consumers and businesses globally. In October, the latest company to suffer was low-cost...
SPOTlight
Brexit may mean Brexit, but what does it mean for M&A?
Livingstone Partners According to data from Mergermarket, transaction numbers in the first half of 2017 are down 12 percent on the same period last year, which may seem to confirm some of the dire warnings issued by Britain’s ‘remainers’. However, a closer look...
Investor communications: private equity’s information gap
Augentius Group Enthusiasm for private equity as an asset class continues to rise in a time of opportunity for fund managers. According to Preqin, the number of private equity funds in the market continued to grow in Q3 2017, with a 10 percent rise in the number of...
DOJ’s new guidance on compliance programmes
Bracewell LLP On 8 February 2017, the Fraud Section of the Department of Justice (DOJ) quietly published pointed and specific guidance on how it assesses – and intends to assess – compliance programmes in a report: “Evaluation of Corporate Compliance Programs”...
Drinker Biddle & Reath Risk managers have long known that defending litigation in courts in the US is and will be expensive. In addition to defence counsel costs, there are major costs incurred in document production and in defending depositions. It was not always this way...
CONTRIBUTORS
ABNR
Augentius Group
Bär & Karrer
Bracewell LLP
Cabinet Derouin
Carlsberg
Center for Model Based Regulation
CMS
Drinker Biddle & Reath
Elias Neocleous & Co LLC
GESSEL
LawAlliance Limited
Liberty Global B.V.
Livingstone Partners
Mazars LLP
McDermott Will & Emery LLP
NAVEX Global
PJS Law
Primetals Technologies
Quinn Emanuel Urquhart & Sullivan, LLP
Raja, Darryl & Loh
Reed Smith
SAS
Skadden, Arps, Slate, Meagher & Flom LLP
Slaughter and May
Walmart International