World Tax - Home
The comprehensive guide to the world's leading tax firms

Deloitte is viewed by its peers as at the top of the Belgian tax market. "I personally view them as the strongest tax practice in town" said one adviser. The group is led by Piet Vandendriessche, who is singled out for his indirect tax work. Other professionals ... [more]

Deloitte is viewed by its peers as at the top of the Belgian tax market. "I personally view them as the strongest tax practice in town" said one adviser. The group is led by Piet Vandendriessche, who is singled out for his indirect tax work. Other professionals that are mentioned include Andre Claes, Johan Van der Paal and Tom Van Cauwenbergh.

The tax team at Deloitte has expanded hugely this year and now includes around 400 fee-earners among its ranks. The group is structured across five main service lines: global business tax, cross-border tax, global employer services, indirect tax and R&D tax incentives. The practice also benefits from its association with law firm Laga.

The practice has worked on a number of deals that require cooperation with other Deloitte teams. Patrick Brauns and other tax professionals worked alongside engineers for one client to determine the scope of its R&D activities so that they could take advantage of professional withholding tax exemptions. The transfer pricing team also worked alongside Deloitte Consulting for a multinational client.

Other work this year includes the optimisation of its EMEA business for a multinational client headquartered in Asia, which involved international tax and transfer pricing work. The practice also regularly advises on matters of policy. Fernand Rutten is working with the European Commission on the mid-term strategy for customs taxation.

The tax practice at Liedekerke has a good breadth to its work. The group comprises about 25 fee-earners and is headed by Daniel Garabedian, who specialises in tax litigation. He is seen as one of the stars of the Belgian tax market. "He is a very good ... [more]

The tax practice at Liedekerke has a good breadth to its work. The group comprises about 25 fee-earners and is headed by Daniel Garabedian, who specialises in tax litigation. He is seen as one of the stars of the Belgian tax market. "He is a very good tax professional," said one adviser. "According to our perception he is one of the top professionals in Belgium, easily."

The tax team is strong in tax litigation matters and is proud of its success rate in cases, which is above 75%. This year the firm was involved in what is thought to be the largest tax evasion case of the decade in Belgium. The Supreme Court agreed eventually that the criminal action was inadmissible since the evidence had been gathered irregularly.

Henk Verstraete also assisted a financial institution on a tax litigation matter. This raised the question of whether tax could be applied to stock exchange transactions online where buyers and sellers are located in different jurisdictions.

The bulk of Liedekerke's work still comes from advisory and transactional clients. Philippe Malherbe is advising a multinational group on a $1.4 billion restructuring to allow its foreign parent company to benefit from the new tax credit rules in its jurisdiction. The group also advised a major retail group on its European reorganisation, which involved a demerger.

Liedekerke has increased the scope of its indirect tax work this year in response to client demand.

A new VAT group in particular, headed by Stéphane Wilmet, will increase the scope of services the group provides to its multinational clients.

Linklaters maintains its standing as one of the top Belgian tax firms. The group is headed by Henk Vanhulle who is singled out by his competitors. "I come across him in nearly every big financial tax matter in Belgium" said one partner.Linklaters has ... [more]

Linklaters maintains its standing as one of the top Belgian tax firms. The group is headed by Henk Vanhulle who is singled out by his competitors. "I come across him in nearly every big financial tax matter in Belgium" said one partner.

Linklaters has suffered this year with a couple of departures but this is something that is being addressed. The firm benefits from its balance between its three practice areas: transactional, tax advisory and litigation and they are strong in all of these.

The firm advises a number of multinationals including BNP Paribas, Johnson & Johnson, Suzlon Energy, GDF Suez and Arcelor Mittal. The practice regularly works on highly complex, multi-billion dollar cross-border transactions.

Oliver Van Ermengem acted for Arcelor Mittal on the demerger and listing of its stainless and speciality steel business. This was the first spin-off involving a listed Luxembourg company under the EU Prospectus Directive and made in accordance with the amended Luxembourg companies law. Vanhulle advised GDF Suez on the combination of its international energy business with International Power in a deal worth $6 billion.

Insolvency and restructuring work has been important in the aftermath of the financial crisis. Partner Ivo Onkelinx and managing associate Nicolas Lippens spent most of last year advising Anheuser-Busch InBev on the tax-driven $2 billion restructuring of the SUN-INBEV group, its subsidiary. The project spanned seven different jurisdictions.

The firm's VAT team have seen an increase in work this year. Partner Guido de Wit is unanimously praised by his peers and described as "the man to go to for indirect tax work". The team advised Anheuser-Busch In-Bev and Janssen Pharmaceutica on VAT issues.

The tax team at Baker & McKenzie, led by Alain Hughye, maintain their standing again among the second tier of Belgian tax practices.The practice separates itself from some of the other law firms by the strength of the Baker & McKenzie network which means ... [more]

The tax team at Baker & McKenzie, led by Alain Hughye, maintain their standing again among the second tier of Belgian tax practices.

The practice separates itself from some of the other law firms by the strength of the Baker & McKenzie network which means that is prominent in international tax work. This year Géry Bombeke and Philippe Lion advised Nyrstar on its €490 million ($405 million) rights offering. This involved a review of the group's entire tax structure. The two also worked on the acquisition of Avero Schadeverzekering by Baloise, in one of the few M&A deals in the insurance market over the last year.

The practice has also been busy in the field of tax disputes. This year Hughye and Charlotte Degadt represented a multinational client in the Court of Appeal on the issue of whether the imputation of tax refunds against disputed taxes interrupts the statute of limitation. The court sided with the firm in a case which is expected to have large implications for the authorities seeking to collect disputed old tax assessments.

Other clients they have represented this year include AG Insurance, Dexia, Holcim, Johnson Controls, Telenet and GIMV.

The team at Freshfields Bruckhaus Deringer is led by Axel Haelterman, who is considered one of the stars of the Belgian tax market. The team comprises five professionals, but maintains a large market presence. The group is well-known for its advisory ... [more]

The team at Freshfields Bruckhaus Deringer is led by Axel Haelterman, who is considered one of the stars of the Belgian tax market. The team comprises five professionals, but maintains a large market presence. The group is well-known for its advisory work, particularly in financial products.

This year Haelterman and Mathieu Ex have been working on the restructuring of the operational structure of a railways group in Europe. This involved setting up a partnership in a manner that was tax neutral and also creating a profit extraction mechanism so that profits could be moved without triggering tax.

The group has also represented this year Solvay on the post-closing aspects in relation to tax enhancement of costs resulting from the sale of its pharmaceutical division to Abbott Laboratories. This involved a landmark VAT decision applying the latest European Court of Justice case law in relation to VAT recovery upon a disposal of a business via a share deal.

The group has also been busy in terms of litigation this year. Haelterman has been negotiating on behalf of a major client for a settlement framework with the Belgian tax authorities in relation to date stolen from a leading financial institution. This was unusual since this was the first time the authorities were willing to allow taxpayers to settle their unpaid tax in a non-contentious matter on a global scale.

Other clients Freshfields have represented this year include Delhaize, Henderson Global Investors, Société Générale and Blackstone.

The tax team at KPMG comprises more than 150 fee-earners. The practice is headed by Paul Op de Beeck, though Koen Maerevoet will take over this role in October this year.The group has a particularly strong real estate practice. It believes it advised ... [more]

The tax team at KPMG comprises more than 150 fee-earners. The practice is headed by Paul Op de Beeck, though Koen Maerevoet will take over this role in October this year.

The group has a particularly strong real estate practice. It believes it advised in more than 30% of real estate deals in 2010 by transaction volume. The practice has also carried out a lot of work in the automotive industry this year under the leadership of Frank Vancamp.

This year Dirk Van Stappen advised a Belgian chemicals group on a supply chain reorganisation. By aligning the tax structure and transfer pricing policy with the operational business model of the group, the tax cost was reduced by 50%.

Vancamp also assisted an international industrial equipment group on the structuring of an acquisition of a UK company. The purchase of the shares in the UK company was financed by bank debt through the Belgian headquarters. By internal leveraging the group managed to achieve a debt-push down and generated a double dip.

The tax team at Loyens & Loeff is large for a law firm. Xavier Clarebout heads a team of eight partners and 28 associates.The group has the largest indirect tax practice among Belgian law firms. Thierry Charon is cited for his work in this area. The ... [more]

The tax team at Loyens & Loeff is large for a law firm. Xavier Clarebout heads a team of eight partners and 28 associates.

The group has the largest indirect tax practice among Belgian law firms. Thierry Charon is cited for his work in this area. The indirect tax team advised a large fashion group on a new structure covering five companies established in Belgium to reduce the VAT paid. Charon, Christian Chéruy and Marc Dhaene advised Besins Healthcare on its restructuring, which involved both international tax and VAT issues.

The practice has done a lot of corporate tax work this year, including the restructuring of the Carrefour group. Loyens also has a number of clients in the pension funds, renewable energy and real estate sectors.

PwC's tax team is one of the strongest of the big-four. Frank Dierckx leads a team of about 300 professionals, many of whom are singled out by their peers as leaders in their particular field. Dierckx himself is described as a "giant in international tax". Ine Lejeune, who is PwC's global head of indirect tax is often mentioned, while Isabel Verlinden is described as "at the top end of the market" in transfer pricing.

The team provides a full range of tax services to its clients. This year has seen a closer integration between a number of services offered to better meet the demands of their clients. They were the first member firm of the PwC global network to combine their transfer pricing and international tax services which has helped attract more clients.

This year has seen a pick-up in structuring work since many companies that had delayed projects because of the poor state of the economy have become more active. This year the group advised a consumer products group on the sale of their business to a private-equity house. The group also advised another company on their supply chain reorganisation, using Belgium as the location for a holding company.

The group advises multinationals and Belgian companies going outbound. A large portion of their work is still in the industrial sector, though work in the financial services is starting to increase.

Tiberghien is headed by managing partner Danny Stas, who leads a group of about 55 tax lawyers. Jean-Luc Dascotte joined this year from Wildgen as a corporate tax partner. The firm also joined WTS as an independent "Kooperations" partner. Both Stas and ... [more]

Tiberghien is headed by managing partner Danny Stas, who leads a group of about 55 tax lawyers. Jean-Luc Dascotte joined this year from Wildgen as a corporate tax partner. The firm also joined WTS as an independent "Kooperations" partner. Both Stas and Bernard Peeters are mentioned by their peers for their corporate tax and indirect tax work respectively

The practice differs from other law firms since it focuses more on general advisory instead of support work for transactions. The group is particularly strong in indirect taxes and litigation. This year the practice advised a Belgian retail bank on an important case before the constitutional court concerning the payment of a tax to reimburse the government for their help for banks during the financial crisis.

The group has a particular strength in the renewable energy and real estate sectors. Anne Van de Vijver has joined this year to help build the firm's pharmaceutical practice. Clients that the practice has worked for this year include MasterCard, KPN Group, Komatsu Europe and British American Tobacco.

The team at AB Taxand has continued to grow. Turnover increased by nearly one- third this year, partly due to the operational merger with law firm Lydian, which has a large number of real estate and insurance clients that has bolstered the practice's ... [more]

The team at AB Taxand has continued to grow. Turnover increased by nearly one- third this year, partly due to the operational merger with law firm Lydian, which has a large number of real estate and insurance clients that has bolstered the practice's client base.

The group is headed by Geert de Neef and comprises 17 fee-earners. De Neef advised Danone on the cross-border restructuring of their financial structure. The practice also worked on the restructuring of the Belgian companies of the Schneider group in Belgium.

Frédéric Kransfeld worked on the creation of a real estate investment fund in the Netherlands and the subsequent acquisition of Belgian real estate. This was a complex project that involved setting up a corporate structure that would optimise tax paid, and also making sure the acquisition was carried out to minimise transfer tax and create a debt push down.

Other clients that the practice has represented this year include Natra, Campofrio, ING, BNP Paribas and AXA.

Allen & Overy's tax practice is strong in both corporate tax and capital markets tax. The group is led by Patrick Smet and comprises six fee-earners.Smet and Isabelle Panis advised a consortium of media companies on the acquisition of SPS broadcasting ... [more]

Allen & Overy's tax practice is strong in both corporate tax and capital markets tax. The group is led by Patrick Smet and comprises six fee-earners.

Smet and Isabelle Panis advised a consortium of media companies on the acquisition of SPS broadcasting group from the German company ProSiebenSat.1. The Belgian part of the deal closed in June 2011 for $1.3billion and involved much pre-acquisition structuring work. Smet also worked on the $1.9billion restructuring of the distressed directories company Truvo Management.

In capital markets Smet and Hannes Laloo advised the underwriters on what is thought to be the firstever perpetual bond issue by a corporation. The issue of the securities by UCB, the biopharmaceutical company, has sparked interest from other clients as this security as a viable form of debt financing. Stéphanie Houx advised real estate developer Wilhelm & Co on the listing of $280 million of real estate certificates on Euronext, said to be the largest listing of its kind in more than a quarter of a century.

The group has also seen an expansion in its litigation work this year and is advising a number of multinational groups in their tax disputes with the authorities. The group is also working on the Belgian tax aspects of the acquisition of Pringles from Procter & Gamble by Diamond Foods. The deal is expected to be finalised later this year.

The tax team at Clifford Chance is recognised by most of its peers for the strength of its real estate practice. The group also specialises in employee incentive schemes, fund structuring and intragroup reorganisations. The team of four is led by Thierry ... [more]

The tax team at Clifford Chance is recognised by most of its peers for the strength of its real estate practice. The group also specialises in employee incentive schemes, fund structuring and intragroup reorganisations. The team of four is led by Thierry Blockerye who is singled out by his competitors for his real estate and corporate tax work.

The group has been focused on real estate transactions this year. Blockerye and Alexandre Ooms represented Hesse Newman on their acquisition of a building from Cofinimmo. The advisers managed to reduce the transfer tax paid by 6% by convincing the tax authorities that the property acquired included both a leasehold and freehold structure.

The group also represented Allianz Belgium on their €70 million acquisition of shares in the public company South City Office Broodthaers, owner of the South City Office Broodthaers Building in Brussels. Other work this year includes structuring a fund for E-Capital so that it could benefit from the participation exemption ruling on dividends.

Clients that Clifford Chance have worked for this year include also AG Real Estate, Banque Degroof and Nexity.

Herwig Joosten leads a team at Ernst & Young comprising around 250 fee earners. Joosten is frequently mentioned by his competitors as a leading practitioner in the field of international tax. Koen Marsoul is also mentioned for his capital markets and ... [more]

Herwig Joosten leads a team at Ernst & Young comprising around 250 fee earners. Joosten is frequently mentioned by his competitors as a leading practitioner in the field of international tax. Koen Marsoul is also mentioned for his capital markets and financial products work.

The team provides all tax services across its five lines of business: business tax, human capital, indirect tax, international tax and transaction tax. Out of these five, international tax services is the largest and has also seen the most growth over the last year. Work includes transfer pricing, tax efficient supply chain reorganisation and cross-border tax planning for some of the biggest multinationals.

The group' s list of clients is nearly exclusively made up of multinationals. The team is strong in helping clients that are looking to structure their business through either the Netherlands or Belgium, having become more of an integrated Benelux practice since it became a part of the EMEA region 3 years ago. The group is particularly strong in the retail, telecommunications, automotive and pharmaceutical industries.

Mayer Brown's tax group is led by Astrid Pieron. This year it advised the Brussels Branch of a Japanese credit institution on the structuring of new activities, which involved dealing with tax and regulatory constraints in both Belgium and Russia. The ... [more]

Mayer Brown's tax group is led by Astrid Pieron.

This year it advised the Brussels Branch of a Japanese credit institution on the structuring of new activities, which involved dealing with tax and regulatory constraints in both Belgium and Russia. The team is advising long-standing client Numericable on the disposal of its Benelux operations.

The group also has a significant transfer pricing practice owing to the location in Belgium of the firm's European transfer pricing centre for Mayer Brown. Pieron advised Tetra Pak on its existing transfer pricing policy, especially in the context of advanced pricing agreements.

Finally, both Pieron and senior associate Charles-Albert Helleputte are involved in policy initiatives at both an EU and OECD level. The firm has contributed comments to the OECD's project on the transfer pricing aspects of intangibles.

Afschrift is viewed by its competitors as at the forefront of the Belgian tax litigation market. The practice is headed by Thierry Afschrift, who is described as a "genius in the Belgian tax market" by one partner. "He is the person to go to above all ... [more]

Afschrift is viewed by its competitors as at the forefront of the Belgian tax litigation market. The practice is headed by Thierry Afschrift, who is described as a "genius in the Belgian tax market" by one partner. "He is the person to go to above all others in tax dispute matters," said another.

The team comprises 18 practitioners and specialises mostly in contentious matters. The practice regularly assists their clients during tax controls, aids in the obtainment of rulings, and defends clients in front of the Belgian and EU courts. They are also particularly well-known for white collar crime law.

The firm has experience representing a range of clients, in particular industrial and commercial companies, banks, estate companies and public bodies. Most of their clients are small- to mid-sized companies. Afschrift is also professor at the Université Libre de Bruxelles.

The tax practice of Baker Tilly Belgium, a new entry this year, is headed by Dany De Decker. He oversees a team of more than 100 fee-earners. His sister Tanja, who joined last year from Euroclear, is in charge of the corporate tax department. Veerle ... [more]

The tax practice of Baker Tilly Belgium, a new entry this year, is headed by Dany De Decker. He oversees a team of more than 100 fee-earners. His sister Tanja, who joined last year from Euroclear, is in charge of the corporate tax department. Veerle Van den Steen leads the VAT department.

The group is able to provide services across all areas of tax. The group mainly advise small and medium enterprises (SMEs), though much of this work has a cross-border element. Last year it advised an IT company on a group restructuring to make use of the EU's R&D benefits. The group also advised on the restructuring of a distressed production company, which involved a management buy-out.

Dauginet offers a full range of tax services, though it is most active in tax litigation and criminal tax law. The firm has good relations with the tax authorities, which helps clients to settle disputes. Victor Dauginet is mentioned by his peers as ... [more]

Dauginet offers a full range of tax services, though it is most active in tax litigation and criminal tax law. The firm has good relations with the tax authorities, which helps clients to settle disputes. Victor Dauginet is mentioned by his peers as one of the leaders in the field of tax litigation.

Founding partners Johan Dumon, Stefan Sablon and Luc Vanheeswijck lead a team of 21 at Dumon Sablon & Vanheeswijck. Vanheeswijck is singled out by his peers as a strong practitioner in contentious work.The practice offers a broad range of tax advice ... [more]

Founding partners Johan Dumon, Stefan Sablon and Luc Vanheeswijck lead a team of 21 at Dumon Sablon & Vanheeswijck. Vanheeswijck is singled out by his peers as a strong practitioner in contentious work.

The practice offers a broad range of tax advice including corporate tax, VAT, customs and excise, group reorganisations and tax controversy. Reorganisations and corporate tax are the two main areas of focus, though the practice has witnessed a growth in litigation this year, especially with regards to Belgium's tax regularisation procedure.

The group advises mostly Belgium medium-sized and large companies, though they also have a number of multinational clients Industries where they have clients include construction, financial services and retail.

Eubelius's tax practice is led by Philippe Hinnekens, who is mentioned by his colleagues for his strength in M&A and cross-border structuring work. The practice is split fairly evenly between tax advisory work and litigation. The group advises businesses ... [more]

Eubelius's tax practice is led by Philippe Hinnekens, who is mentioned by his colleagues for his strength in M&A and cross-border structuring work. The practice is split fairly evenly between tax advisory work and litigation. The group advises businesses on nearly all areas of tax with a special focus on corporate transactions, including M&A, joint ventures and internal restructurings; investments, especially in real estate and also securities; and financial transactions, including issuances of securities and hybrid financing.

Howard Liebman leads a team of two at Jones Day. The other professional, Werner Heyvaert, offers a lot of experience in Benelux work. The firm has lost personnel recently with both Olivier Rousselle and Hubert Poncelet departing.Jones Day has a market ... [more]

Howard Liebman leads a team of two at Jones Day. The other professional, Werner Heyvaert, offers a lot of experience in Benelux work. The firm has lost personnel recently with both Olivier Rousselle and Hubert Poncelet departing.

Jones Day has a market exposure far greater than their size would suggest. True to their Ohio roots the group mainly advises industrial companies. Over the past 12 months the practice has concentrated more on advisory work. Important clients include NextiraOne, Solvay, AP Moller Marsk and Fujitsu Consulting.

The team represented Platinum Equity in its acquisition of Geesink Group. Liebman is also working on a pan-European restructuring of a group in 16 countries and a Saudi joint venture.

Laga, a new entry this year, has strengthened remarkably this year after a number of new hires. Luc De Broe and Annick Visschers, of counsel, have both joined from Stibbe along with a number of their team. The market appears to think that this has improved ... [more]

Laga, a new entry this year, has strengthened remarkably this year after a number of new hires. Luc De Broe and Annick Visschers, of counsel, have both joined from Stibbe along with a number of their team. The market appears to think that this has improved the quality of tax work available at the firm. "Luc de Broe is an excellent tax adviser. I think that he will take Laga forward," said one partner. Eric von Frenckel has also joined as a senior associate from Baker & McKenzie.

The tax team is active in both advisory work and tax litigation. The advisory work covers all business-related tax including investments, reorganisations, holding activities, financing structures and tax planning. Tax litigation advice includes assisting clients in both tax litigation and criminal tax matters before tax courts in Belgium and at the European level.

A number of the professionals at the practice are also active as academics. De Broe serves as professor of tax law at the Katholieke Universiteit Leuven, while founding tax partner Johan Speecke is a professor at the Fiscale Hogeschool Brussels.

Sole partner Benoît Malvaux heads a team of four at NautaDutilh. The market views Jan Werbrouck's departure last December as a serious loss, though the practice has still been involved in a number of interesting and large deals this year.The team advised ... [more]

Sole partner Benoît Malvaux heads a team of four at NautaDutilh. The market views Jan Werbrouck's departure last December as a serious loss, though the practice has still been involved in a number of interesting and large deals this year.

The team advised City Mall Riviers on the tax structuring of the sale in view of the development of a retail centre project in Verviers with a value of more than €100 million. This raised a number of complex questions regarding VAT, corporate income tax and registration duties. The group also advised Lelux Corporate Finance on the launching of a securitisation operation with a Belgian special purpose vehicle to benefit from the Belgian-US tax treaty.

Other clients they have worked for this year include Caviar Films, Cofinimmo, Hugo Boss, ING and Multipharma.

The market is still waiting to see whether Stibbe can recover from the departure of Luc de Broe and a number of other professionals to Laga this year. The firm is looking to increase the number of hires to address this.The full-service tax firm is led ... [more]

The market is still waiting to see whether Stibbe can recover from the departure of Luc de Broe and a number of other professionals to Laga this year. The firm is looking to increase the number of hires to address this.

The full-service tax firm is led by Thierry Denayer. Most of its work is transactional but they do have a sizeable presence in litigation work as well. Denayer and Giovanni Smet advised last year a large energy company on the implementation of an intragroup financing structure. This involved a hybrid profit participation loan granted by a Luxembourg group to a Belgian group company.

Other work includes advising a group of investors on setting up an acquisition structure for a Mexican target company through a Mexican trust with several Belgian companies being the trust beneficiaries, and advising Fifa on the tax exemptions promised by the Belgian and Dutch governments.