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The comprehensive guide to the world's leading tax firms

"Deloitte is a leading tax firm with regards to advisory and transactions due to sheer size," says a practitioner. The large team comprises 39 partners and 431 professionals, led by department head Piet Vandendriessche. It has five offices in Belgium ... [more]

"Deloitte is a leading tax firm with regards to advisory and transactions due to sheer size," says a practitioner. The large team comprises 39 partners and 431 professionals, led by department head Piet Vandendriessche. It has five offices in Belgium and brought in more than 100 new professionals at varying levels in 2011.

Deloitte has also forged a relationship with the law firm Laga, with whom it works on for legal matters such as litigation.

Transfer pricing is a developing area in Belgium and Deloitte has worked on an excess profit ruling for a client as well as advising in an EU arbitration procedure between Belgium and Germany. Patrick Cauwenbergh, a partner in the firm's transfer pricing team, was part of the teams that worked on both matters.

Marc Bafort advised a confidential Swiss multinational on a €2.5 billion ($3.15 billion) reorganisation of its operations, in part to neutralise foreign exchange gains and losses incurred during relocations.

Fernand Rutten is one of Deloitte's handful of indirect tax partners . He worked on the implementation of a global trade solution for a client. This brought multiple advantages, including a reduced risk of regulatory non-compliance.

Liedekerke is the largest domestic independent law firm in Belgium, with a tax team comprised of eight partners, 17 fee earners and one of counsel. It is led by the respected Daniel Garabedian, who is well spoken of by peers in the market."Daniel Garabedian ... [more]

Liedekerke is the largest domestic independent law firm in Belgium, with a tax team comprised of eight partners, 17 fee earners and one of counsel. It is led by the respected Daniel Garabedian, who is well spoken of by peers in the market.

"Daniel Garabedian at Liedekerke is brilliant," states one, while another concurs: "Daniel Garabedian is top-notch."

"Liedekerke have some very good lawyers," said another practitioner.

Henk Verstraete is another to be recommended professionaland he has been active this year. In one matter that is continuing, he is advising a multinational maritime company on an audit and its transfer pricing methodology. Garabedian worked on one of the biggest Belgian deals of 2011: the $5.2 billion takeover of a Belgian bank by a state-owned company, where he counselled the Belgian state on the tax implications.

This public-sector work continues in indirect tax, with Verstraete advising a government agency on the VAT status of a services company, a case with implications for the impact of VAT on the public sector.

And the team was also breaking ground in the courts, Jacques Malherbe and colleagues gaining the first decision for a client concerning the annual tax levied on foreign units of UCITS (undertakings for collective investment in transferable securities) in Belgium. An appeal is expected.

Linklaters has a tax team of three partners and six fee earners, overseen by the department head Henk Vanhulle, who is the firm's global head of tax as well. Oliver von Ermengem left in May to run Linklaters's tax practice in neighbouring Luxembourg.The ... [more]

Linklaters has a tax team of three partners and six fee earners, overseen by the department head Henk Vanhulle, who is the firm's global head of tax as well. Oliver von Ermengem left in May to run Linklaters's tax practice in neighbouring Luxembourg.

The practice is a respected one, with Vanhulle himself singled out for praise: "Henk Vanhulle runs the show at Linklaters and he is brilliant," said one peer.

The firm's clients include Couckinvest, Janssen Pharmaceuticals and ArcelorMittal. Another big client is Ageas, for whom the team acted on what was arguably its highlight deal this year. Vanhulle, managing associate Nikolaas Van Robbroeck and associate Noé Denis advised the insurance multinational on the €4 billion merger of its two listed holding companies, a cross-border merger where the Belgian company absorbed the Dutch entity. The deal entailed the listing of new shares and all holding activity now goes through Belgium, with just the cash management facility left with a Dutch branch of.

The firm also boasts a respected VAT partner, Guido de Wit. He and the indirect team have been busy this year advising Heraeus on the VAT implications of precious metals transactions, in addition to advising IKO on VAT recovery measures. On contentious matters, it represented Electrabel in proceedings against the annual tax on nuclear power products, a figure that can reach €250 million.

Baker & McKenzie has a full service tax team in Belgium featuring three partners led by Alain Huyghe. This team is acknowledged as a real competitor in the market too, as one peer said: "Baker & McKenzie has a strong team."The team has seen some comings ... [more]

Baker & McKenzie has a full service tax team in Belgium featuring three partners led by Alain Huyghe. This team is acknowledged as a real competitor in the market too, as one peer said: "Baker & McKenzie has a strong team."

The team has seen some comings and goings this year, losing Charlotte Degadt and Hendrik Putman to Laga and Benoît Philippart de Foy to Joyn. However, the firm did move to restore its numbers, hiring VAT counsel Sophie Clocheret from Ernst & Young and an associate from Liedekerke in May 2012.

Huyghe and Géry Bombeke advised Procter & Gamble on the tax structuring of its divestiture of the Belgian and Swiss facets of its Pringles business to Kellogg Company. The initial deal with Diamond Foods was aborted, but this deal went through in May 2012 for a worldwide value of $2.7 billion.

The end of 2011 also saw the firm active in court matters. In one case, Huyghe led a team advising a Swiss industrial multinational in litigation worth €130 million regarding the treatment of a right of usufruct on shares. This went to appeal in the Supreme Court with the taxpayer successful.

Herwig Joosten is Ernst & Young's tax managing partner in Belgium, overseeing 20 partners and 260 other professionals. Two partners, Frank Cambie and Geert Vandenplas, joined from Deloitte in September 2011 and January 2012 respectively. The team saw ... [more]

Herwig Joosten is Ernst & Young's tax managing partner in Belgium, overseeing 20 partners and 260 other professionals. Two partners, Frank Cambie and Geert Vandenplas, joined from Deloitte in September 2011 and January 2012 respectively. The team saw only one departure this year.

Work for the firm this year has been steady, including securing more than 80 rulings from the Belgian tax commission for its largest client and working on matters arising from IP migration and hybrid instruments as well as advising on a cross-border merger for a major European bank.

The Ernst & Young team has also been advising many of the parties now in government on a confidential basis on new legislative changes, and its 20-strong transfer pricing group has been working on planning and supply chain restructurings, for example, this year.

Freshfields Bruckhaus Deringer's Belgian tax team is led by experienced partner Axel Haelterman who leads four other fee earners. The firm works on high-end advisory work in addition to transactions and litigation.Despite Haelterman's eminent standing ... [more]

Freshfields Bruckhaus Deringer's Belgian tax team is led by experienced partner Axel Haelterman who leads four other fee earners. The firm works on high-end advisory work in addition to transactions and litigation.

Despite Haelterman's eminent standing in the market, some commentators wonder how one partner can adequately handle all the areas of tax: "For example, at Freshfields there is just one partner, Axel Haelterman, who works with his assistants. I wonder how they cover everything!" says one peer.

In any case, Freshfields can boast a significant year's work. One highlight was its advice to the Antwerp Diamond Exchange as it set up the first centralised online trading platform that created a diamond spot market. This entailed customs, VAT and income tax advice. The expected annual trade for the new exchange is expected to top $1 billion.

Haelterman acted for Elia Operating System in a high-profile challenge to the tax treatment of the company by the central tax administration. The judge found in Elia's favour in December 2011, awarding them a $150 million refund.

In the energy sector, in August 2011 the firm also advised the Blue Sky consortium on the tax aspects of a cross-border joint venture with Electrabel, which will look to use a $2 billion investment to promote energy generation projects.

KPMG has a substantial tax team of 16 partners and 154 professionals in Belgium, led by Koen Maerovoet. KPMG also works with K Law, which is made up of a number of professionals formerly with KPMG's legal department, on the legal aspects of tax. They ... [more]

KPMG has a substantial tax team of 16 partners and 154 professionals in Belgium, led by Koen Maerovoet. KPMG also works with K Law, which is made up of a number of professionals formerly with KPMG's legal department, on the legal aspects of tax. They also have KPMG Fiduciaire, which does more entrepreneurial, SME-type work.

The firm's financial services practice is headed by Paul Op de Beeck, with Dirk Van Stappen leading its transfer pricing team. Peter Ackerman manages the indirect tax team with Wouter Lauwers leading the corporate practice and acting as managing partner of K law.

Loyens & Loeff is a full service corporate and business law firm that also has a sizeable tax practice. It has eight partners and is led by general tax manager Xavier Clarebout.The team lost three practitioners this year, though the moves do not seem ... [more]

Loyens & Loeff is a full service corporate and business law firm that also has a sizeable tax practice. It has eight partners and is led by general tax manager Xavier Clarebout.

The team lost three practitioners this year, though the moves do not seem to have had a material effect on the firm's workflow. Jan van Besien and Caroline Docclo, advising the Belgian subsidiaries of an international betting group about whether $28.7 million in VAT is accruable from the activities of commission agents. The court ruled in April 2012 that an exemption for these agents can now be claimed.

Christophe Laurent took the lead in advising Solvay on the tax structuring inherent in its $5.9 billion acquisition of French-listed chemical company Rhodia. Practice head Clarebout advised Schneider Electric on the $1.57 billion restructure of its numerous entities into one globalised brand.

AB Taxand is led by Geert de Neef in Belgium, and has built up its team this year. Koen Dewilde, formerly of Deloitte, joined in February 2012, with David Haverbeke, a partner at Lydian, arriving the following month. Eric Picavet, who left to join a ... [more]

AB Taxand is led by Geert de Neef in Belgium, and has built up its team this year. Koen Dewilde, formerly of Deloitte, joined in February 2012, with David Haverbeke, a partner at Lydian, arriving the following month. Eric Picavet, who left to join a local practice, was the sole departure.

The firm works predominantly on corporate tax issues, with its highlight deals including De Neef advising Lynx Investments on the €150 million acquisition and subsequent structuring of Glendale holding company.

Dewilde contributed too, working on the post-acquisition tax due diligence of Niscaya Group for Stanley Black & Decker. And Frederic Kransfeld assisted Boost Nutrition as it took over TBA Suntra for €12 million.

Allen & Overy has a relatively small tax team in Belgium led by partner Patrick Smet. Its clients this year include Axa Bank and BNP Paribas Fortis. It has earned recognition from others active in the market."Allen & Overy is very strong on financial ... [more]

Allen & Overy has a relatively small tax team in Belgium led by partner Patrick Smet. Its clients this year include Axa Bank and BNP Paribas Fortis. It has earned recognition from others active in the market.

"Allen & Overy is very strong on financial institutions. They are small, but focused, and good at what they do," said a peer.

Clients agree with this perception too: "Excellent quality in general. Not only good lawyers, but also real insiders in the Belgian real estate world, including the Belgian tax administration," says one.

One of its most notable transactions this year took place when Smet and Hannes Laloo advised CVC Capital Partners, Europe's largest buy-out group on the €1.2 billion sale of Taminco, a Belgian chemical company, to Apollo Global Management. The deal came on the back of Taminco's aborted IPO, and closed in April 2012..

Stephanie Houx advised the European Parliament on the structuring of the acquisition of its new office building in Brussels, and in disputes Smet is and Isabelle Panis are advising De Vijver Media on an issue arising from the application of gambling tax to text messages sent for TV competitions.

Clifford Chance is a team of three fee earners led Thierry Blockerye. The team added an associate in October 2011."Thierry Blockerye and Sebastien Ryelandt definitely impressed me," said one client.Blockerye led a team advising on the structuring of ... [more]

Clifford Chance is a team of three fee earners led Thierry Blockerye. The team added an associate in October 2011.

"Thierry Blockerye and Sebastien Ryelandt definitely impressed me," said one client.

Blockerye led a team advising on the structuring of the share and stock option plan related to the $660 million sale of the Magotteaux Group to the Chilean conglomerate Sigdo Koppers,.

It has done work in other areas too. Blockerye and Pierre-Olivier van Caubergh, advised Nexity and Domitys in May 2012 on VAT issues arising from the construction and subsequent letting of an old people's home. The structure devised allowed for a 100% VAT recovery on the $50 million cost of construction.

In indirect work, Alexandre Ooms advised Eurostar and SNCB on the incorporation of the Belgian Eurostar branch.

The head of Mayer Brown's tax team is Astrid Pieron, who is also a member of the EU Joint Transfer Pricing Forum.The team is particularly strong on transfer pricing. Pieron and Charles-Albert Helleputte advised BSB on transfer pricing strategy in addition ... [more]

The head of Mayer Brown's tax team is Astrid Pieron, who is also a member of the EU Joint Transfer Pricing Forum.

The team is particularly strong on transfer pricing. Pieron and Charles-Albert Helleputte advised BSB on transfer pricing strategy in addition to preparing documentation for Kerneos and devising structures for Materis Peintures with regard to French transfer pricing requirements.

Pieron has also been active in corporate matters, advising Numericable in the carve-out of its Belgian and Luxembourg entities and assisting Velsicol in a restructuring of its activities in the chemicals sector.

Contentious work was also steady for the practice this year, with Pieron advising a confidential Belgian holding company in proceedings before the Italian courts regarding a withholding tax claim.

Eubelius is one of Belgium's largest independent law firms, and has a tax team of eight partners led by Philippe Hinnekens. Its clients include Warehouses De Paux, Bank Delen and Solvay."Eubelius has two brilliant people, Philippe Hinnekens and Kristof ... [more]

Eubelius is one of Belgium's largest independent law firms, and has a tax team of eight partners led by Philippe Hinnekens. Its clients include Warehouses De Paux, Bank Delen and Solvay.

"Eubelius has two brilliant people, Philippe Hinnekens and Kristof Spagnoli, who's in Antwerp," said one practitioner.

The firm's clients come from areas such asreal estate, funds and corporate. Hinnekens and others advised Solvay on the split sale of property in Brussels to Allfin and CFE. Hinnekens also gave regulatory advice to a number of regional government bodies regarding the framework for introducing a toll tax.

Eubelius was responsible for setting up and structuring the Baekeland BI3 fund between three universities and a handful of private-equity houses for investment in spin-off companies.

Jones Day is one of the few American firms active in tax in Belgium, and uses its network well to set itself up as a conduit for cross-border work. The team has one partner, Howard Liebman, who specialises in international tax and structuring.This year ... [more]

Jones Day is one of the few American firms active in tax in Belgium, and uses its network well to set itself up as a conduit for cross-border work. The team has one partner, Howard Liebman, who specialises in international tax and structuring.

This year it has worked on three major structuring matters, one of which was a reorganisation relating to a pan-European bankruptcy of a multinational.

NautaDutilh has a tax team of five fee earners led by partner and international corporate specialist Pascal Faes, who also has litigation experience. The group can count among its clients names such as FedEx and ING.The firm has had a solid year in both ... [more]

NautaDutilh has a tax team of five fee earners led by partner and international corporate specialist Pascal Faes, who also has litigation experience. The group can count among its clients names such as FedEx and ING.

The firm has had a solid year in both the corporate and litigation areas. Benoît Malvaux and Eric- Gérald Lang are advising City Mall Invest in a standout, as yet uncompleted, piece of transactional work regarding the integration of new partners into its projects.

Malvaux and Kurt Demeyere have also been visible in contentious matters, in one case representing a cluster of Belgian holding companies with regards to the tax treatment of their €3 million purchase of participations in Swedish companies. Stibbe is ... [more]

Malvaux and Kurt Demeyere have also been visible in contentious matters, in one case representing a cluster of Belgian holding companies with regards to the tax treatment of their €3 million purchase of participations in Swedish companies. Stibbe is a law firm with a good network in the Benelux region. The tax team in Belgium is led by Thierry Denayer. Two practitioners have become partners in the last year, so there are eight in the department now. Clients include ArcelorMittal, Delta Lloyd Life and the Flemish government.

Xavier Gillot and other colleagues are advising the Flemish government on a new tax it would like to introduce on companies producing nuclear energy.

Stibbe also has a good reputation in contentious matters, one good example is the work new partner Wim Panis is doing for the Antwerp Port Authority in a dispute about the limits of an immovable property lease exemption in the context of VAT treatment. Judgment in this case is still pending.