1. Country Review – The United Kingdom
50-page handout
• The market
• Disclosure
• The attitude of HMRC
• What the courts have been up to
• Foreign profits
• Some of the technical change
Miles Walton, Allen & Overy, London
Mike Francis, Investec Bank, London
2. Country Review – France - Legislative Developments Emerging Transaction Structures
7-page handout
• Legislative developments
• Developments on corporate taxation
• Relevant case law
• Current products
• Other hot topics
Bruno Gouthiere, CMS Bureau Francis Lefebvre, Paris
Philippe Derouin, Linklaters, Paris
3. Country Review – Germany- Business Tax Reform 2008
A 55-page handout
• Overview over business tax reform 2008
• Main tax reductions/revenue raisers
• Sample calculation
• Invest barrier
• New limitation on interest deductibility (as from 2008)
• Stock loans and repros
• New anti-arbitrage rules (as from 2007)
• Anti treaty shopping/disclosure rules
Ulf Johannemann, Freshfields Bruckhaus Deringer, Frankfurt
4. Country Review – Austria
A 20-page handout
• New legislation
• Stock loan
Michael Aedlaczek, Freshfields Bruckhaus Deringer, Vienna
5. Recognizing Tax Benefits on Financial Products
A 34-page handout
• Why are we still talking about accounting?
• Quick review of FIN 48
• Recent developments
• Implications for IFRS reporters
• Documentation and defense strategies
• Q & A
6. Country Review – The United States - An 80-page handout
• Foreign tax credit developments
• Economic substance cases and codification
• Cross-border arbitrage rulings
Fred Gander, Dewey & LeBoeuf LLP, London
Giovanna Sparagna, Sutherland Ashbill & Brennan LLP, Washington
7. Country Review – Ireland - An 8-page handout
• Domestic and cross-border products utilized
• Regulatory developments
• Relevant case law
Conor O’Brien, KPMG, Dublin
8. Country Review – The Netherlands - A 21-page handout
• Relevant proposals
• New rules regarding the participation exemption
• Tax consolidation/group relief
• Interest deductions
• Share buy-backs IV
Paul Sleurink, De Brauw Blackstone Westbroek, Amsterdam
9. Country Review – Canada - A 23-page handout
• Canadian tax basics
• Canadian tax structured finance background
• Canadian tax shelter rules
• General anti-avoidance rule
• CRA views on tax structure finance
• New developments in foreign affiliate finance, stock lending and functional currency
• Changes to Canadian withholding tax regime
Mark White, RBC Capital Markets, Toronto
Donovan Flynn, RBC Capital Markets, Toronto
10. Country Review – Spain - A 23-page handout
• General trends in the Spanish market
• Expected amendments to Spanish GAAP and amendments to Spanish CIT
• Measurement of financial instruments
• Equity instruments vs. financial instruments
• Recognition of dividends as revenue
• Recognition and de-recognition of financial assets
• Hedge accounting
• Recent case law including dividend stripping (withholding tax arbitrage) and tax sparing (gross vs. net) Silvia Paternain, Freshfields Bruckhaus Deringer, Madrid
11. Anti-Abuse Rules as Applied to Cross-border Transactions - A 16-page handout
• Hybrid instruments
• Hybrid entities
• Derivatives
David Garlock, Ernst & Young, Washington, DC
Paul Sleurink, DeBrauw Blackstone Westbroek, Amsterdam
Bruno Gouthiere, CMS Bureau Francis Lefebvre, Paris
Vimal Tilakapala, Allen & Overy, London
Ulf Johannemann, Freshfields Bruckhaus Deringer, Frankfurt
12. Country Review – Eastern and Central Europe - Two presentations
A 19 page handout accompanied by a 16 page handout
• Romanian tax legislation – some insights
• Structured finance – some practical examples
• What is next?
Marek Wronka, Deloitte, Warsaw
Peter de Ruiter, PricewaterhouseCoopers, Bucharest
13. A Comparative Look at International Real Estate Investment Structures
Four presentations – Three 6 page handouts accompanied by one 9 page handout
• Overview of characteristics of real estate structures in each jurisdiction
• Cross-border tax treatment of real estate investments
Joseph Thom, Wells Fargo, Minneapolis
Denis Fontaine Besset, HSBC, Paris
Jan Brinkman, Freshfields Bruckhaus Deringer, Frankfurt
Robin Bencard, HSBC Asset & Structured Finance, London
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