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KPMG tax leader Timo Torkkel is a widely respected tax practitioner and peers recommend him for his ability in both corporate tax and cross-border structuring. One practitioner said: "He has been a very well known character in the Finnish tax world for ... [more]

KPMG tax leader Timo Torkkel is a widely respected tax practitioner and peers recommend him for his ability in both corporate tax and cross-border structuring. One practitioner said: "He has been a very well known character in the Finnish tax world for a long time." The tax team's expertise is not limited to those areas, though. It is one of the biggest tax practices in Finland and has expertise across the full range of tax issues. Timo Matikkala is very well regarded for his expertise in capital markets and financial products. "He is very good, very well known and very widely used," one adviser said. Clients of the firm include a number of Finnish public companies as well multinational companies operating in Finland. The firm's transfer pricing service line is well recognised by other practitioners and is said to have been more visible than in previous years.

PwC's tax practice in Finland is led by Petri Seppälä and has significantly strengthened its ability this year. In a market where the tax authorities are increasingly focused on transfer pricing, the arrival of Sari Takalo, Ernst & Young's former transfer ... [more]

PwC's tax practice in Finland is led by Petri Seppälä and has significantly strengthened its ability this year. In a market where the tax authorities are increasingly focused on transfer pricing, the arrival of Sari Takalo, Ernst & Young's former transfer pricing leader, is notable. This was just one of four senior-level additions and with 21 other fee earners were also added, the tax team now numbers more than 120 practitioners. Financial services tax specialist Samuli Makkonen has been recognised for his expertise this year and received nominations for many industry awards during 2010-2011. PwC's clients include Finnish companies across several industry sectors as well as multinationals. Their work this year has included a number of structuring matters as companies and funds adjust to the increased focus on transfer pricing and intra-group finance. The department coordinated the restructuring of a Finnish multinational's manufacturing activity across several jurisdictions. The team advised the company on implementing the most commercial structure for dealingwith issues of corporate income tax, VAT and customs duties. The firm was also involved in advising a consortium of investment funds and fund sponsors on structuring their Finnish investments. Close regard to the use of feeder and holding companies, interest payments on intra-group loans and the methods used to remunerate individuals were integral to the project to ensure efficient tax treatment.

Deloitte has developed its tax practice significantly in Finland with 23 new fee earners joining during the year. Notable additions include directors from Ernst and Young. The majority of the new personnel have been recruited into the VAT service line ... [more]

Deloitte has developed its tax practice significantly in Finland with 23 new fee earners joining during the year. Notable additions include directors from Ernst and Young. The majority of the new personnel have been recruited into the VAT service line as part of an effort to solidify the firm's ability there. Partner Outi Ukkola comments that the Finnish tax authorities have been especially vigilant this year on push-down transactions, which has made the use of leveraged acquisition vehicles very difficult. This has meant that the majority of the practice's work this year has involved tax planning and structuring, both of which require close liaison with the authorities. As in other Nordic countries, transfer pricing has also been a significant area of work for the firm this year. The transfer pricing team at Deloitte is now led by Jukka Karjalainen who is held in high regard by his peers. One competitor said: "He is very well known in the Finnish tax market and rightly the most famous transfer pricing expert." The practice head is still Petri Salomaa who coordinates the tax practice from Helsinki.

Ernst & Young has lost some significant members of its tax team this year, including Hannu-Tapani Leppänen, who has set up the firm Alder & Sound, and several others who joined Deloitte. However, the firm has also made additions to their tax service ... [more]

Ernst & Young has lost some significant members of its tax team this year, including Hannu-Tapani Leppänen, who has set up the firm Alder & Sound, and several others who joined Deloitte. However, the firm has also made additions to their tax service lines in Finland with eight managers coming into the indirect tax, transfer pricing or transactional tax groups. The firm now has more than 100 tax professionals in its seven Finnish offices. The tax team has a strong reputation in several areas of tax. Leena Äärilä is recommended by several competitors for her indirect tax expertise and is said to be "very thorough and very knowledgeable", while Markku Järvenoja is noted for his corporate tax advice. The firm's work this year has been characterised by advisory work for multinational entities operating in Finland. This has involved advising on the most favourable corporate structures to use and associated tax liabilities. The firm has also been involved in tax policy making, liaising with government officials to represent several companies' concerns. Department head Kari Pasanen is confident that the Finnish market will see an increase in transactions over the coming year and expects the firm's workload to increase as more companies seek to optimise their tax affairs.

Hannes Snellman has experienced some changes over the past year, with two associates departing and being replaced by lateral hires from Deloitte. The highly respected Ossi Haapaniemi oversees the tax department and has ensured they remain well regarded ... [more]

Hannes Snellman has experienced some changes over the past year, with two associates departing and being replaced by lateral hires from Deloitte. The highly respected Ossi Haapaniemi oversees the tax department and has ensured they remain well regarded by competitors. While the firm handles a full range of tax issues, its contentious practice is particularly distinguished. Haapaniemi was successful in representing a major company in the Supreme Administrative Court (SAC) in a matter completed in April 2011 over the treatment of controlled foreign companies in Finland. The case represented the first time the SAC overturned a previous decision from the same court. It did so to conform to the European Court of Justice's decision in the Cadbury Schweppes case on freedom of establishment. The department is also involved in a case being considered for admission to the European Court of Human Rights. It is representing employees who claim that their right to the peaceful enjoyment of property under article 1 of the European Convention on Human Rights has been violated by retroactive taxation of employee stock options. The firm's strength extends beyond litigation with transactional work also a significant source of work for the tax practice. It advised Pohjantähti Mutual Insurance Company on the structure of a proposed merger with Pohjola, obtaining approval from the SAC to use it in the merger. The purchase price was to be paid to a large number of individual owners, who would each receive less than €1,000 ($1,400), the threshold for capital gains tax. This would have made the majority of the amount paid tax exempt. Though the proposed merger was voted down by shareholders, the approval from the SAC means the structure may be used in future transactions by Finnish mutual insurance companies who typically have a similar ownership structure.

New firm Alder & Sound is led by former Ernst & Young partner Hannu-Tapani Leppänen. Reima Linnanvirtaone from Roschier joined as a partner and three associates from various Finnish firms have also been recruited. The firm has created a system that allows ... [more]

New firm Alder & Sound is led by former Ernst & Young partner Hannu-Tapani Leppänen. Reima Linnanvirtaone from Roschier joined as a partner and three associates from various Finnish firms have also been recruited. The firm has created a system that allows companies to effectively outsource all of their transfer pricing documentation and compliance requirements to it. Leppänen cited the system as a key reason why the firm has started well, , explaining that it means they can offer cost effective transfer pricing solutions to clients alongside more complex tax advice as and when needed. The firm has also been active in litigation, successfully defending a major client's audited accounts when challenged by the tax authorities.

Attorneys at Law Borenius - Taxand is led by the well regarded litigator Janne Juusela. The tax department covers a full range of tax issues, but is respected for its tax controversy in particular. Juusela is praised by his peers for his abilities in ... [more]

Attorneys at Law Borenius - Taxand is led by the well regarded litigator Janne Juusela. The tax department covers a full range of tax issues, but is respected for its tax controversy in particular. Juusela is praised by his peers for his abilities in litigation. "He is the main and really only tax litigator in the Finnish marketplace," one said. As well as a number of high profile court cases, the firm has also been involved in transactional work this year. It advised two Nordic private equity funds on the sale of their stakes in a Finnish cosmetics company. The deal required careful consideration of the structures involved and how consideration was to be provided to ensure an efficient exit for the funds. Advice was also provided to an international private equity fund in the acquisition of a paper producer from its holding company. Once again, the structure of the transaction was the central issue since the Finnish tax authorities have subjected intra-group financing provisions to a great deal of scrutiny of late.

Castrén & Snellman has this year merged its tax and corporate groups to create a single department, allowing it to deal with the tax implications of M&A and transactional matters. The tax section of the new department is lead by partner Sari Laaksonen, ... [more]

Castrén & Snellman has this year merged its tax and corporate groups to create a single department, allowing it to deal with the tax implications of M&A and transactional matters. The tax section of the new department is lead by partner Sari Laaksonen, who is assisted by five fee earners. Their work this year has included advising Commerz Real on its acquisition of offices in Helsinki which are earmarked for investment by an open-ended real estate fund. Transactional tax advice was also the central feature of the work done for Audico Holding in its acquisition of the Finnish business of Electrosonic Group. Despite consolidating its tax and corporate departments, the firm remains dedicated to increasing its stand-alone tax capabilities. Anne Vanhala joined from Ernst & Young this year alongside another junior associate from PwC.

Krogerus is a large commercial law firm that has developed its reputation for tax in recent years. The loss of former head of department Pekka Talari, who joined Roschier, is significant, but capital markets and corporate tax specialist partner Marko ... [more]

Krogerus is a large commercial law firm that has developed its reputation for tax in recent years. The loss of former head of department Pekka Talari, who joined Roschier, is significant, but capital markets and corporate tax specialist partner Marko Vuori has stepped up to lead the team. Three further fee earners make up the tax department, representing a modest expansion from last year. While the focus of the tax team is on transactional tax issues allied to the activity of the corporate and banking and finance departments of the firm, they are developing their controversy abilities. Senior associate Mikko Jalkanen is capable in dispute resolution and the firm identify this as an area they are seeking to develop.

Mika Ohtonen, an M&A, private equity and real estate tax specialist leads the tax practice of Roschier, and was this year promoted to the partnership. He advised private equity firm The Riverside Company on its acquisition of children's clothing company ... [more]

Mika Ohtonen, an M&A, private equity and real estate tax specialist leads the tax practice of Roschier, and was this year promoted to the partnership. He advised private equity firm The Riverside Company on its acquisition of children's clothing company Reima alongside former Krogerus partner Pekka Talari. Due to the client's international composition, the firm had to implement a variety of cross-border structures to minimise the tax implications for the private-equity firm. Similar issues were also dealt with in private-equity firm CapMan Buyout's acquisition of Esperi Care. The firm's transactional abilities were also called upon in Carlson Wagonlit travel's acquisition of Kaleva Travel, a Finnish travel management company active throughout Europe. Since Kaleva is active in several countries the buyer required substantial tax and structuring advice to minimise its tax liabilities in a number of jurisdictions.