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The comprehensive guide to the world's leading tax firms

Deloitte is one of the foremost tax teams in Sweden. Led by Magnus Larsson, the practice has 175 professionals, and does work for international and Swedish clients."Deloitte has a great practice," commented one peer.The practice has been busy in all ... [more]

Deloitte is one of the foremost tax teams in Sweden. Led by Magnus Larsson, the practice has 175 professionals, and does work for international and Swedish clients.

"Deloitte has a great practice," commented one peer.

The practice has been busy in all areas this year, with a number of multibillion dollar pieces of work in the corporate area. On one, a team featuring partner Lars Franck carried out due diligence and structuring on a life insurance company's acquisition of another player in its market. It was the second-largest transaction in Sweden in 2011.

Similarly large deals include Karin Holmgren acting for a medical devices company as it was sold for $1.8 billion, and partners Karl Sandström and Tommy Cronholm advising on the tax aspects of the $3 billion sale of an international security solutions company.

Another big area of work was transfer pricing, with Elvira Allvin leading on work for confidential Sweden-listed companies that included debt pricing analyses, technology valuations and the calculating of compensation payments arising from a company restructuring.

Lastly, in disputes, a good representative case is Thomas Andersson acting for a real estate company in a $70 million dispute with the tax authority over real estate tax penalties. This concluded successfully for the client in May 2012.

Mannheimer Swartling's tax practice is regarded as an excellent firm, though it only has a small number of advisers. Martin Nilsson leads four partners and 11 fee earners. It is a renowned corporate firm as well."Mannheimer is small in numbers really, ... [more]

Mannheimer Swartling's tax practice is regarded as an excellent firm, though it only has a small number of advisers. Martin Nilsson leads four partners and 11 fee earners. It is a renowned corporate firm as well.

"Mannheimer is small in numbers really, but is very high profile," said one partner. Another peers added: "Mannheimer is small, but focused on high-end tax work. Good guys."

In the corporate sector the firm has recorded a number of big-ticket deals. Anders Erasmie led on one, advising Skandia Liv as it acquired its parent company from Old Mutual for $3.36 billion. The deal closed in March 2012.

Another notable transaction was Nilsson's advising of Astra Zeneca as it sold Astra Tech to DENTSPLY International for $1.8 billion.

Mannheimer has also been active in the indirect area, with one good representative matter being advice by Erasmie and Karin Attorps to Preem on the VAT issues in a partnering agreement between them and a Norwegian energy company.

PwC has significant numbers in the corporate department and a sterling reputation for transfer pricing work. It is among the largest tax teams in Sweden, boasting a practice of 34 partners and 300 fee earners, and is led by M&A specialist Magnus Johnsson. ... [more]

PwC has significant numbers in the corporate department and a sterling reputation for transfer pricing work. It is among the largest tax teams in Sweden, boasting a practice of 34 partners and 300 fee earners, and is led by M&A specialist Magnus Johnsson. Peers have a lot to say about the practice.

"PwC has come back a bit," commented one. "PwC is traditionally strong in private equity work here," said another.

"I have the deepest respect for PwC. I have to agree that it is top tier! Very professional," said another partner.

Ernst & Young's 21 partners cover all tax service lines. The 170-strong team is led by Mats Andersson Lohi. In the last 12 months or so, it has hired four new partners, including Annika Amström, a real-estate specialist, from BDO, Lars Jernkrok from ... [more]

Ernst & Young's 21 partners cover all tax service lines. The 170-strong team is led by Mats Andersson Lohi. In the last 12 months or so, it has hired four new partners, including Annika Amström, a real-estate specialist, from BDO, Lars Jernkrok from Taxand and Magnus Pantzar from PwC, who was brought in for his transactional experience.

The firm is one that is gaining in visibility in the market. "Ernst & Young is aggressive on the market," one peer said. "We meet them a lot. Very entrepreneurial. It is a good practice that is gaining respect."

Advisers that have done varied client work include Mikael Hall, who has been carrying out restructurings, as well as a valuation of intangible property and negotiating an advance pricing agreement (APA) for a large Swedish multinational. He has also been in court for another Swedish multinational concerning the arm's-length nature of interest rates.

Olof Persson advised on the restructuring of the operating model and transfer pricing work on behalf of a multinational that relocated its headquarters within the EU.

KPMG's work, like the practice, has been very broad over the past 12 months. It is a solid and respected team in Sweden. Helena Robertsson, a financial services specialist, leads a team of 12 partners and 120 fee earners. Clients include the Swedish ... [more]

KPMG's work, like the practice, has been very broad over the past 12 months. It is a solid and respected team in Sweden. Helena Robertsson, a financial services specialist, leads a team of 12 partners and 120 fee earners. Clients include the Swedish multinationals Skanska, Vattenfall and Scania.

"KPMG is fine, and does more with listed companies," commented one partner.

In autumn 2011 David Perrone carried out an economic benefit analysis on the brand Diaverum, a transfer pricing client, which had brought in a new trademark and brand name and wanted to ascertain whether royalty payments were to be made. In indirect matters Gunnar Jonsson, Bo Ahlstrand and Peter Iwarsson have been acting for LKAB on input VAT recovery questions related to relocated dwellings and infrastructure.

A standout corporate mandate for the firm was Jörgen Graner's advising of Cinven and Goldman Sachs as it sold Ahsell, a technical products wholesaler, for $2.34 billion. This entailed solutions to cross-border tax issues as well as a pre-sale tax optimisation of the group.

Grant Thornton in Sweden is led by Monica Söderlund, and has a good-sized tax team of 10 partners and 63 other fee earners. It is a full service practice, with more advisers in the indirect and corporate tax teams. In February 2012, it recruited Andreas ... [more]

Grant Thornton in Sweden is led by Monica Söderlund, and has a good-sized tax team of 10 partners and 63 other fee earners. It is a full service practice, with more advisers in the indirect and corporate tax teams. In February 2012, it recruited Andreas Adolphsson, the former director and head of real estate at Deloitte.

Emine Lundkvist, in Stockholm and Gothenburg, and Sören Brekell, in Malmö, lead Setterwalls's tax practice, which numbers 20 professionals. It focuses predominantly on corporate and disputes work and clients include Preem, Accent Equity and Phadia.The ... [more]

Emine Lundkvist, in Stockholm and Gothenburg, and Sören Brekell, in Malmö, lead Setterwalls's tax practice, which numbers 20 professionals. It focuses predominantly on corporate and disputes work and clients include Preem, Accent Equity and Phadia.

The team is definitely an adaptable one. "They are not exactly specialists in customs law," said one client, "but I was extremely impressed with how quickly they learned this new area and got to grips with it."

"Communications was good. We had a special number and line we could get hold of them at any time," said another client.

The firm has acted on some big deals this year, one good example being Lundkvist and Karl-Johan Gründstrom advising Phadia on its $3.1 billion merger with Thermo Fisher, a transaction which spanned 15 jurisdictions that closed in August 2011.

Bird & Bird is one of the few international law firms to make a mark in Sweden. Its tax team is led by Christian Luthman and it hired Staffan Andersson, from Erik Penser Bank, and Fredrik Erneholm, from Handelsbanken, to replace a trio of departures ... [more]

Bird & Bird is one of the few international law firms to make a mark in Sweden. Its tax team is led by Christian Luthman and it hired Staffan Andersson, from Erik Penser Bank, and Fredrik Erneholm, from Handelsbanken, to replace a trio of departures this year.

Corporate matters have mostly kept the firm busy this year, with Mahmut Baran and Jakob Lamm advising Symphony Service as it merged with fellow product development company Teleca to form the Symphony Teleca Corporation. Luthman and Baran also advised a Luxembourg asset management company on a demerger.

Baran and Ulrika Hansson compiled a report for the Swedish Bankers' Association regarding e-invoicing in a tax context.