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Maisto e Associati is viewed by the market as the best of the smaller tax-only firms in Italy. "I believe they will always be a tier one firm in Italy. They are brilliant," said one partner.The practice's strengths go beyond the complexity of the matters ... [more]

Maisto e Associati is viewed by the market as the best of the smaller tax-only firms in Italy. "I believe they will always be a tier one firm in Italy. They are brilliant," said one partner.

The practice's strengths go beyond the complexity of the matters they deal with to include a strong relationship with the authorities in the development of tax policy. Founding partner Guglielmo Maisto represents the Italian Association of Industries at the OECD Business Industry Advisory Committee in Paris and he is a member of the EU Joint Transfer Pricing Forum.

Many of the seven partners that lead the team are recognised as leading figures in the market. Maisto is often mentioned for corporate tax, apart from his transfer pricing skills, while Andrea Parolini and Pietro Piccone Ferrarotti are both singled out for VAT and tax controversy respectively. Paolo Ludovici is mentioned regularly in the market for cross-border structuring and corporate tax work, and is described as a "giant in the market". Riccardo Michelutti is highly regarded for corporate tax, capital markets and transfer pricing.

Unsurprisingly then the tax practice is strong across all areas of tax. Services they provide include M&A, group taxation, tax planning, capital markets tax, tax litigation and executive compensation. The practice advises a mix of multinational and Italian clients, and is especially strong in the manufacturing, financial and services industries. Clients include nine of the top 20 Fortune 500 companies, including six of the top 10.

Vitali Romagnoli Piccardi e Associati's tax practice is one of the strongest tax firms in Italy. A number of their tax practitioners are singled out as leaders in their fields. Dario Romagnoli and Lorenzo Piccardi are mentioned for their corporate tax ... [more]

Vitali Romagnoli Piccardi e Associati's tax practice is one of the strongest tax firms in Italy. A number of their tax practitioners are singled out as leaders in their fields. Dario Romagnoli and Lorenzo Piccardi are mentioned for their corporate tax work, while Enrico Vitali is well known in the market as a big name in M&A and capital markets work. He heads their Rome office which is expanding rapidly.

The firm has changed its approach over the last few years. Litigation work has increased substantially after the increasingly aggressive approach taken by the authorities, and now makes up around 50% of all revenue. The practice regularly represents banks and multinationals in negotiations with the authorities. Common areas of dispute in which they advise clients include interest deductibility, permanent establishment and transfer pricing.

Despite the downturn in the market the practice still regularly advises on interesting transactions. The group advised on the carve-out of Enel Green Power, which meant considering what to do about the tax liabilities of the previous companies, though the practice managed to achieve this in a tax neutral fashion.

The group is advising on the spin-off of a real estate company which involved a lot of tax structuring to minimise VAT leakage and also some regulatory issues. Other clients they have worked for this year include the Fiat Group, the Allianz Group and also Whitehall, the Goldman Sachs real estate fund.

Andrea Silvestri leads a team of 25 professionals at Bonelli Erede Pappalardo. He is one of many professionals at the practice who is referred to as a leading figure in the Italian tax market, in particular with regards to cross-border structuring. Andrea ... [more]

Andrea Silvestri leads a team of 25 professionals at Bonelli Erede Pappalardo. He is one of many professionals at the practice who is referred to as a leading figure in the Italian tax market, in particular with regards to cross-border structuring. Andrea Manzitti, the former head of the tax policy department for at the Ministry of Economics and Finance, Claudio Mazzoleni and Fabio Aramini are also well regarded.

The transfer pricing practice has grown by more than 10% over the last year. The team, led by Stefano Simontacchi, comprises four full-time specialists; and the firm signed an alliance with Valdani Vicari & Associati, one of Italy's leading provider of economic consulting services, who will provide documentation and benchmarking analysis. The group has advised clients such as Amazon and Unilever on a range of transfer pricing issues including advanced pricing agreements and the drafting of reports.

Litigation work has also increased this year. The team led by Manzitti has advised on a number of cases, often landmark cases, in the Supreme Court. The team has been advising Avio on a case about interest deductibility of after a leveraged buy-out. Other clients they have represented this year include Galbani, Mapei and Telecom Italia Media.

Around 50% of the practice's work is tax work that it has generated itself, though the group often provides support work to the corporate, capital markets and real estate teams. Work includes advising the Europcar group on its €3 billion pan-European financing, including the issuance of a high yield bond.

Chiomenti Studio Legale's tax practice is led by Paolo Giacometti. He heads a large team of 20.The tax practice is very strong, evidenced by the fact that about half of its work is self-generated. The team provides an impressive range of tax services, ... [more]

Chiomenti Studio Legale's tax practice is led by Paolo Giacometti. He heads a large team of 20.

The tax practice is very strong, evidenced by the fact that about half of its work is self-generated. The team provides an impressive range of tax services, centred around three main areas: international tax, which includes transfer pricing and general corporate tax advisory, taxation of financial products and tax litigation, which hasincreased substantially this year. Marco di Siena was appointed partner this year and is regularly singled out by his peers as a leading tax disputes practitioner. Massimo Antonini is also mentioned for both corporate tax and M&A work.

This year Giuseppe Andrea Giannantonio advised the Government of Singapore Investment Corporation on the acquisition of units in the Italian real estate fund Cloe. This was the first time the sovereign fund had invested in Italy. The client required a binding ruling from the tax authorities to benefit from the exemptions regarding the payment of proceeds.

Giacometti and Antonini also advised Bulgari on the tax aspects of the €1.9 billion sale of the majority of the shares in the company to LVMH in one of the largest deals in Italy so far this year, valued at. Giacometti also advised the Italian consulting company, Value Partners on the sale of its IT services division to NTT Data Corporation, the network services unit of Japan's largest phone company. This involved intense structuring including a pre-sale spin-off of certain operations.

Other clients they have worked for this year include Bank of America Merrill Lynch, Prelios, Mediaset, Italmobiliare and Banca Intesa Sanpaolo.

Studio Tributario e Societario Deloitte's tax practice consists of around 300 fee earners. Carlo Bindella heads the tax practice.As part of the Deloitte network the group can offer a full range of tax services acrosss the different service lines. Of ... [more]

Studio Tributario e Societario Deloitte's tax practice consists of around 300 fee earners. Carlo Bindella heads the tax practice.

As part of the Deloitte network the group can offer a full range of tax services acrosss the different service lines. Of these international corporate tax work makes up the bulk of their work with 250 advisers in the business tax and international tax service lines.

Work this year includes advising an Italian company on the restructuring of its international operations and advising a global group on the VAT implications of its supply chain structure. Transfer pricing work has increased this year and the team, headed by Aldo Castoldi obtained the first advance pricing agreement in Italy for a pharmaceutical company.

The group has a number of clients from most of the major global industries such as real estate, energy, aviation, manufacturing and consumer businesses. The group also has a large number of Italian clients as well as those referred from the network.

The team at Di Tanno e Associati is led by the Tommaso Di Tanno, who is singled out by his peers as a leading cross-border structuring practitioner. A number of other professionals are highly regarded as leading practitioners: Stefano Chirichigno and ... [more]

The team at Di Tanno e Associati is led by the Tommaso Di Tanno, who is singled out by his peers as a leading cross-border structuring practitioner. A number of other professionals are highly regarded as leading practitioners: Stefano Chirichigno and Michele Dimonte are mentioned for their M&A work and corporate tax respectively, while associate Rosamaria Nicastro is building a reputation for tax controversy. Andrea Fiorelli has left the practice.

Tax litigation has led to "a significant amount of business" over the last few years, though M&A and private equity work has begun to pick up, too. This year Eugenio Romita assisted Investindustrial III on the acquisition of some assets from PCCR located in North America.

Fabio Brunelli advised Argos Soditic on the setting up of a closed-end private equity fund to invest in small and mid-market companies, mostly in France, Italy and Switzerland. Di Tanno also advised A2A on the sale of its stake in Metroweb, which involved the company maintaining a portfolio of convertible bonds to repurchase its 25% stake and sell at the same terms of sale of 2011.

Other work includes advising Banca Popolare di Milano, Banca Monte dei Paschi di Siena and private-equity fund Clessidra Sgr on the setting up of an Italian asset management business. Other clients include Piaggio, Elica and Finmeccanica.

Allen & Overy's tax practice is led by Francesco Guelfi and comprises eight professionals. Francesco Bonichi, the only other partner, is regularly singled out by his peers for his capital markets and financial products work.The practice is viewed by ... [more]

Allen & Overy's tax practice is led by Francesco Guelfi and comprises eight professionals. Francesco Bonichi, the only other partner, is regularly singled out by his peers for his capital markets and financial products work.

The practice is viewed by the market as particularly strong in the field of financial products and capital markets. Last year the group advised UniCredit on their subordinated notes issuance with the Basel III regulations in mind. This was the first European hybrid tier 1 instrument to be structured to comply with existing CRD I guidelines and CRD II guidelines also, which were not in force at the time.

The group also advised the 12 arranger banks on the relation to the €3.93 billion senior facilities for Wind Telecomunicazion as part of the refinancing of existing bank debt and high yield debt.

The practice has also seen a shift in emphasis over the last few years which has meant an increase in litigation and general advisory work. This has allowed the practice to provide more of a broad scope of tax services to their clients and has led to them adding new clients this year such as Banca Carige Credem, Principal Life Insurance and SF Trust.

Studio Professionale Associatio a Baker & McKenzie's tax practice is large relative to the rest of the market, comprising seven partners and 15 fee-earners. The group is led by Massimo Giaconia. Competitors view the practice as very strong in the field ... [more]

Studio Professionale Associatio a Baker & McKenzie's tax practice is large relative to the rest of the market, comprising seven partners and 15 fee-earners. The group is led by Massimo Giaconia. Competitors view the practice as very strong in the field of transfer pricing. Guiliana Polacco has a good reputation in the market in this area.

The team is advising Saipem, a subsidiary of Italian energy giant Eni, on a global transfer pricing project. Beyond transfer pricing Giaconia advised Amplifon on the €325 million acquisition of NHC Group in one of the most significant acquisitions by an Italian company of a foreign multinational in the last year..

Other work this year includes advising Nalco on its supply chain reorganisation which included a demerger of the existing company into three separate legal entities. Other clients they have worked for this year include Sony and Givaudan.

CMS Adonnino Ascoli & Cavasola Scamoni joined the CMS network in 2002. The tax practice comprises 16 professionals including eight partners. Pietro Adonnino is often mentioned for tax litigation; Fabio Aramini is highly thought of for both corporate ... [more]

CMS Adonnino Ascoli & Cavasola Scamoni joined the CMS network in 2002. The tax practice comprises 16 professionals including eight partners. Pietro Adonnino is often mentioned for tax litigation; Fabio Aramini is highly thought of for both corporate tax and M&A work.

The practice provides a number of tax services including national and international VAT, direct and indirect taxation, due diligence and tax compliance, strategic tax planning, M&A and tax litigation. During the year, they advised a large energy company on a major joint venture, involving due diligence.

A number of the professionals are also active beyond tax work. Adonnino is a former president and is an honorary president of the International Fiscal Association, and served on the advisory commission designated by the Italian Ministry of Finance provided for by the EU Arbitration Convention on the elimination of double taxation.

The tax team at Studio Legale Tributario Ernst & Young comprises 300 fee earners. Domenico Borzumato has joined from Hogan Lovells where he was the global head of transfer pricing. The group is structured across six main service lines under the leadership ... [more]

The tax team at Studio Legale Tributario Ernst & Young comprises 300 fee earners. Domenico Borzumato has joined from Hogan Lovells where he was the global head of transfer pricing. The group is structured across six main service lines under the leadership of Scott Hill: transaction tax, business tax services, international tax, indirect tax, human capital and law.

The group is particularly strong in transfer pricing work. Davide Bergami is singled out regularly by his peers as one of the best professionals in this area in Italy. The amount of work has increased this year after new guidelines were issued by the Italian authorities last year. The group has a well-regarded litigation practice, too.

Fantozzi e Associati - Taxand comprises 12 partners, seven in Rome, four in Milan and one in Lugano. Pietro Bracco was made partner this year and specialises in taxation of the energy sector; Lucia Montecamozzo, who focuses on tax litigation, was also ... [more]

Fantozzi e Associati - Taxand comprises 12 partners, seven in Rome, four in Milan and one in Lugano. Pietro Bracco was made partner this year and specialises in taxation of the energy sector; Lucia Montecamozzo, who focuses on tax litigation, was also appointed partner.

The highly regarded Augusto Fantozzi, former minister of Economy and finance, heads the litigation practice, which has seen an increase in work this year. The team successfully advised a client on an appeal against tax assessments related to alleged VAT fraud.

The real estate team, led by Guido Petraroli, has also been busy and advised on the sale of units of a Italian real estate fund, after an internal reorganisation of the tax structure. Other work includes the sale of a leading publishing French group operating in Italy to a US fund. The practice has also launched a dedicated transfer pricing service line this year, focusing on benchmarking analysis.

Renato Paternollo heads a team of seven at Freshfields Bruckhaus Deringer. He is held in high regard by his peers. "He is very active on the market and perhaps does not get the credit that his reputation should warrant," said one partner.The team is ... [more]

Renato Paternollo heads a team of seven at Freshfields Bruckhaus Deringer. He is held in high regard by his peers. "He is very active on the market and perhaps does not get the credit that his reputation should warrant," said one partner.

The team is prominent in the field of tax audits and represents a large number of financial institutions in their negotiations with the authorities. Partner Vittorio Salvadori di Wiesenhoff advised a major global bank on investigations carried out by the authorities in relation to transactions in Italian-listed equities and over-the-counter derivatives, which was alleged to amount to dividend-washing schemes.

Other work this year includes advising an international bank on the investigations in relation to a series of hedging and funding transactions and assisting a foreign bank on its tax claims under the relevant share purchase agreement after a tax audit. Paternollo and Fabio Balza also advised investment fund F2i on its acquisition of Metroweb.

K Studio Associato, an affiliate of KPMG, is regarded by the market as possibly having the strongest tax practice of the big-four accounting firms in Italy. Vincenzo Donnamaria leads a team of around 290 fee earners. Gianni De Robertis is mentioned by ... [more]

K Studio Associato, an affiliate of KPMG, is regarded by the market as possibly having the strongest tax practice of the big-four accounting firms in Italy. Vincenzo Donnamaria leads a team of around 290 fee earners. Gianni De Robertis is mentioned by his competitors as a leading transfer pricing specialist.

The practice provides advice across all areas of tax including VAT, M&A, customs, transfer pricing and tax disputes. This year Domenico Busetto is advising a large foreign multinational on a proposed tax assessment with regards to a deemed permanent establishment.

Other work this year includes advising an Italian-based global group on the permanent establishment risks for their business in South America, Africa and Asia.

Macchi di Cellere Gangemi's tax practice has seen a growth in litigation this year. The group is headed by Bruno Gangemi, who is one of the most experienced tax professionals in Italy. Arnaldo Salvatore is praised for his indirect tax work.The firm has ... [more]

Macchi di Cellere Gangemi's tax practice has seen a growth in litigation this year. The group is headed by Bruno Gangemi, who is one of the most experienced tax professionals in Italy. Arnaldo Salvatore is praised for his indirect tax work.

The firm has represented a number of multinational clients in tax disputes with the Italian authorities, usually in relation to transfer pricing and permanent establishment issues. The firm is representing Fortis Bank and Crown Packaging Europe in separate matters. Both Gangemi and Paolo Vignando are advising Tetrapack on various tax issues.

Other clients include ABN-Amro, Timbaland, Hertz, Pfizer and Cambrex.

NCTM is viewed by the market as having one of the strongest tax teams among the Italian law firms. "Piermauro Carabellese is leading a strong and well integrated team" said one partner. Unlike some other law firms tax makes up a substantial part of the ... [more]

NCTM is viewed by the market as having one of the strongest tax teams among the Italian law firms. "Piermauro Carabellese is leading a strong and well integrated team" said one partner. Unlike some other law firms tax makes up a substantial part of the overall revenue with 25 practitioners specialising in tax. The practice is not merely support work, with about 70% of its work being self-generated.

Two growth areas over the last year have been work in renewable energies and transfer pricing. The team recently advised Deutsche Bank in relation to investing in Italian renewable energies. This involved the structuring of a listed fund incorporated under German law. On transfer pricing, the group has advised a number of multinationals such as BP, Sogefi and Vodafone on documentation and how to obtain penalty protection provisions.

The M&A tax team has also begun to see more work. Federico Trutalli advised an international bank on a cross-border merger, which involved obtaining a ruling on tax losses carry-forwards. Other clients include Barclays, Energizer, Petronas, STMicroelectronics and Commerzbank.

The tax practice at Pirola Pennuto Zei & Associati is led by Giuseppe Pirola. The team is a big one, consisting of more than 350 advisers, including 47 partners in nine different offices throughout Italy. The practice provides a broad range of tax services ... [more]

The tax practice at Pirola Pennuto Zei & Associati is led by Giuseppe Pirola. The team is a big one, consisting of more than 350 advisers, including 47 partners in nine different offices throughout Italy. The practice provides a broad range of tax services including VAT, transfer pricing, international tax, compliance, tax planning and litigation.

This year Pirola and fellow partner Massimo Di Terlizzi advised Gruppo Falck on a group reorganisation to centralise and recapitalise its renewable energy business. This involved a lot of complex structuring such as a corporate spin-off, allotment of participations and capital increase including the sale of stock options.

The group also advised Barilla on a cross-border merger, and Bain Capital on the €570 million sale of TeamSystem Group, the software company. Other clients include BNP Paribas REIM, Chargeurs and the Peugeot Citroen Group.

Salvini Escalar e Associati - Studio Legale Tributario fondato da F Gallo is a law firm that specialises solely in tax. The practice comprises three partners and 15 other tax professionals. Partner Gabriele Escalar is regularly mentioned for capital ... [more]

Salvini Escalar e Associati - Studio Legale Tributario fondato da F Gallo is a law firm that specialises solely in tax. The practice comprises three partners and 15 other tax professionals. Partner Gabriele Escalar is regularly mentioned for capital markets and financial products work.

The practice is viewed by the market as being particularly strong in litigation work, though the practice also advises clients on corporate reorganisations, corporate taxation, international taxation, cross-border transactions, indirect taxation and local taxes, too.

The practice has clients in, for example, the transportation, banking, finance, oil and energy, insurance and telecommunications sectors.

Studio Tributario Associato Facchini Rossi Scarioni's tax practice comprises eight feeearners, including three partners. Partner Luca Rossi is singled out by his peers as a leading figure in the field of corporate tax.This year the group advised BC Partners ... [more]

Studio Tributario Associato Facchini Rossi Scarioni's tax practice comprises eight feeearners, including three partners. Partner Luca Rossi is singled out by his peers as a leading figure in the field of corporate tax.

This year the group advised BC Partners on the acquisition of 78.7% of the shares of Gruppo Coin, a distributor and manufacturer of luxury brands. This involved complex structuring during the acquisition as the stake was purchased by a company controlled by the funds and advised by BC Partners, and also post-acquisition work regarding the tender offer for the company and also the execution of a new €649 million facility agreement with a group of banks.

Other work this year includes advising Banca Popolare di Milano on a joint venture to set up a major Italian investment management company with more than 3,800 branches. The practice is particularly strong in the financing, services and manufacturing industries.

TLS Associazione Professionale di Avvocati e Commercialisti, the legal firm of PwC in Italy, has about 370 tax professionals in total.The practice is structured across eight main sub-service lines. The M&A group, led by Nicola Broggi and the international ... [more]

TLS Associazione Professionale di Avvocati e Commercialisti, the legal firm of PwC in Italy, has about 370 tax professionals in total.

The practice is structured across eight main sub-service lines. The M&A group, led by Nicola Broggi and the international tax team, which Franco Boga runs, are particularly strong. The group has developed a fairly strong position in the market in transfer pricing, which is part of the international tax services group and led by Gianni Colucci. The other areas are human resources services, corporate tax, tax controversy and dispute resolution, value chain transformation, sustainability and climate change and tax policy.

Growth in M&A work has got stronger this year. This year the team advised on the merger of WIND Telecom and VimpelCom, a Russian provider, in one of the biggest deals in the telecommunications sectors. The group also advised on the acquisition of Value Team by NTT Data.

The group is particularly strong in the energy, financial services and technologies sectors. Domestic companies is the fastest growing part of the firm's client base. Other companies the group has advised this year include ENEL, Ferrero, Autogrill, Unicredit, Boeing, Vodafone and Société Générale.

Luigi Belluzzo leads a team of five partners and 10 fee earners at Belluzzo & Associati.The group's main focus is international tax, especially for medium-sized companies that are looking to expand abroad. About 70% of the group's work is outbound. The ... [more]

Luigi Belluzzo leads a team of five partners and 10 fee earners at Belluzzo & Associati.

The group's main focus is international tax, especially for medium-sized companies that are looking to expand abroad. About 70% of the group's work is outbound. The practice has a number of multinational clients, especially from the UK because the firm has a London office.

The team advises across all areas of international tax including transactional, tax structuring, general advisory, tax compliance and transfer pricing. Work this year includes structuring a joint venture between an Italian and an Asian company, and a large transaction for a Germany-based company.

Vania Petrella leads a team of three at Cleary Gottlieb Steen & Hamilton. The tax practice has a larger market presence than its size would suggest and advises on a range of Italian and cross-border tax matters including M&A, capital markets, financial ... [more]

Vania Petrella leads a team of three at Cleary Gottlieb Steen & Hamilton. The tax practice has a larger market presence than its size would suggest and advises on a range of Italian and cross-border tax matters including M&A, capital markets, financial products and tax disputes.

This year the practice served as counsel to WIND Telecom on its $6.5 billion combination with VimpelCom. The group also served as tax counsel to the Italian subsidiary, WIND Telecomunicazioni, in a series of financing transactions related to the combination including a €2.7 billion dual currency senior secured notes offering.

Other work this year includes advising Fiat Industrial on its first notes issuance on the international capital markets after its spin-off from the Fiat Group, and also advising the Republic of Argentina on its exchange offering relating to defaulted Argentinean bonds held by Italian bondholders.

DLA Piper's tax practice is led by Maricla Pennesi. Eight fee-earners make up the team. The group has particular expertise in international tax matters and litigation. The split between structuring and tax disputes work within the group is roughly 50-50.Last ... [more]

DLA Piper's tax practice is led by Maricla Pennesi. Eight fee-earners make up the team. The group has particular expertise in international tax matters and litigation. The split between structuring and tax disputes work within the group is roughly 50-50.

Last year the group advised AXA on the first-ever Italian real estate investment fund aiming to invest throughout Europe. Other transactional work includes structuring for Viacom for the acquisition of a minority stake in Rainbow group, an animation company.

Compliance work has also increased. Antonio Tomassini obtained a positive ruling from the Italian tax authorities on intercompany transactions for Inalca JBS. Other clients they have worked for this year include Cobra Telematics, Hewlett Packard, Saint Gobain, Robert Bosch and ArcelorMittal.

Gianni Origoni Grippo & Partners's tax practice has grown to 15 practitioners in their Milan and Rome offices. Luciano Acciari, previously of Di Tanno e Associati, is well known in the market for his M&A work. Marco Frulio is also mentioned for indirect ... [more]

Gianni Origoni Grippo & Partners's tax practice has grown to 15 practitioners in their Milan and Rome offices. Luciano Acciari, previously of Di Tanno e Associati, is well known in the market for his M&A work. Marco Frulio is also mentioned for indirect tax.

The practice advises on the tax aspects of a broad range of areas including, real estate, M&A, structured finance, capital markets and restructuring and recently advised on a major M&A deal in the brewing industry.

Hogan Lovells's tax practice is led by Fulvia Astolfi, who is also co-head of the firm's global practice.Though the practice has seen a shift towards more litigation in the last few years, the corporate tax practice remains strong and the team has advised ... [more]

Hogan Lovells's tax practice is led by Fulvia Astolfi, who is also co-head of the firm's global practice.

Though the practice has seen a shift towards more litigation in the last few years, the corporate tax practice remains strong and the team has advised on a number of large transactions, especially involving distressed companies. The team has also seen an increase in work in capital markets and securitization.

This year the group advised new client Ferrovie dello Stato on tax issues related to €1.5 billion of revolving and committed credits. The practice also advised FCE Bank in structuring and drafting the legal documentation in a up-to-€600 million dealer floor plan trade receivables transaction which were sold on a continuing basis to Merrill Lynch International Bank.

Other clients include Deutsche Bank, Unicredit, Royal Bank of Scotland, Birra Peroni, Affinion, Cadmos Energia Renovables and CommerzRe.

McDermott Will & Emery's tax team offer services across all areas of tax. Carlo Paolella leads a team of seven. The bulk of the practice's work is split between corporate and tax disputes.This year the group advised a large US-based Italian multinational ... [more]

McDermott Will & Emery's tax team offer services across all areas of tax. Carlo Paolella leads a team of seven. The bulk of the practice's work is split between corporate and tax disputes.

This year the group advised a large US-based Italian multinational on a series of acquisitions as part of their expansion into Latin America.

The firm represented a US multinational on a permanent establishment issue where the Italian authorities were pressing for $600 million in penalties. The matter worked out well the client as the tax paid in Italy was fully credited at the level of the parent company.

The group has expanded its client base this year to include Aon, Brooks Brothers, Barilla, BNP Paribas Lease Group, Amadeus Capital Partners and Manpower.

Piergiorgio Valente heads a team of 39 fee earnersat Valente Associati Studio Legale Tributario. The practice represents mainly large industrial companies in cross-border issues. Most of their work consists of tax planning and transfer pricing.This year ... [more]

Piergiorgio Valente heads a team of 39 fee earnersat Valente Associati Studio Legale Tributario. The practice represents mainly large industrial companies in cross-border issues. Most of their work consists of tax planning and transfer pricing.

This year Salvadore Mattia, Claudio Melillo and Angelo Ghirimoldi represented a major multinational client in a transfer pricing dispute after the Italian tax authorities challenged their documentation. The client avoided any penalties by upholding the original methodology and benchmarking analysis.

Valente and partner Caterina Algana also worked on the structuring of an international trade mark acquisition for a holding company and its five subsidiaries. This transaction was going on while there was a possibility of the seller going bankrupt. The tax practice drew on the examples of Mariella Burani and Dolce & Gabbana to minimise this risk in the structure.

Other clients include Yamaha Motor Italia, Lotto Sport Italia, Faber and the San Marino government.

Paola Flora heads a team of four at Studio Legale Associato ad Ashurst.In 2010 the tax team advised on the $2billion refinancing of the Merlin group following the investment of CVC Capital Partners. This was a complex matter involving two mergers and ... [more]

Paola Flora heads a team of four at Studio Legale Associato ad Ashurst.

In 2010 the tax team advised on the $2billion refinancing of the Merlin group following the investment of CVC Capital Partners. This was a complex matter involving two mergers and several acquisitions of companies and Ashurst had to be careful to make sure the group would benefit from the 0% withholding tax from the EU Interest and Royalties Directive.

The group is also strong in project finance and last year worked on the financing for the acquisition of the biggest photovoltaic park in Europe to date. Litigation is another area of focus and Flora is representing a large bank in a $60 million dispute.

CBA Studio Legale e Tributario has a large tax team of about 100 professionals. The team is headed by Giorgio Iacobone.The practice provides a broad range of tax services including tax planning, transfer pricing, corporate tax and due diligence. The ... [more]

CBA Studio Legale e Tributario has a large tax team of about 100 professionals. The team is headed by Giorgio Iacobone.

The practice provides a broad range of tax services including tax planning, transfer pricing, corporate tax and due diligence. The group is particularly strong in group restructuring, project finance work, especially for the energy sector and also real estate. This year the team advised GlaxoSmithKline on a major M&A deal and also Motia concerning debt restructuring.

The practice advises mostly Italian-based companies though has an increasing number of foreign clients. Clients they have worked for this year include MV Augusta and Gruppo Argenta.

Clifford Chance's tax practice is based in their Milan office and is led by Carlo Galli, who is mentioned by his peers as a leading figure in capital markets and financial products.The practice provides a broad range of tax services including M&A, banking ... [more]

Clifford Chance's tax practice is based in their Milan office and is led by Carlo Galli, who is mentioned by his peers as a leading figure in capital markets and financial products.

The practice provides a broad range of tax services including M&A, banking and finance, structured finance, capital markets, real estate and compliance. This year Galli advised Ambac Assurance UK, guarantor of the asset-backed securities previously issued by Imser Securitisation 2 Srl, on the tax structure related to the conversion of Imser 60 (controlled by Beni Stabili SpA and holding about 40% of the real estate assets of the Beni Stabili group) to a non-listed real estate investment company in the context of Beni Stabili's own conversion to a listed real estate investment company.

Jones Day's tax practice is based in Milan and is led by Marco Lombardi. He is mentioned as a leading figure in the Italian tax market and heads a team of four professionals.The tax practice is particularly strong in the areas of M&A, group restructuring ... [more]

Jones Day's tax practice is based in Milan and is led by Marco Lombardi. He is mentioned as a leading figure in the Italian tax market and heads a team of four professionals.

The tax practice is particularly strong in the areas of M&A, group restructuring and international taxation generally. This year the team advised the Schneider Electric on the tax aspects of the acquisition of Uniflair, which involved complex structuring as two special purpose vehicles held the majority stake in Uniflair.

The group also advised on the tax restructuring of the European operations of Sherwin Williams & Co, which involved the winding up of the Italian subsidiary and the transfer of the distribution business to the Italian branch of a newly incorporated UK entity. Other clients include Crédit Agricole CIB, Cordea Investments Italy, ENI and Hugo Boss.

Legance's tax practice was formed in January 2007 by a mixture of professionals from Gianni Origoni Grippo & Partners and Chiomenti Studio Legale. The team has grown to eight professionals. The practice is headed by Claudia Gregori and Marco Graziani.The ... [more]

Legance's tax practice was formed in January 2007 by a mixture of professionals from Gianni Origoni Grippo & Partners and Chiomenti Studio Legale. The team has grown to eight professionals. The practice is headed by Claudia Gregori and Marco Graziani.

The team has worked on some big structured finance and private equity deals in recent months. Gregori and Giulia Cipollini advised Banca Monte dei Paschi di Siena on a €1.5 billion securitisation in which, for the first time in Italy, asset-backed securities originated by private entities were offered to retail investors.

Graziani advised DeA Capital on the acquisition of a controlling stake in Fimit SGR and the merger of Fimit with Atlantic SGR to create the largest Italian real estate fund. This involved the issuance of quasi-equity instruments to deliver carried interest payments to the previous shareholders. Other clients include Wise SGR, ING Italy and Infront Motorsports.

Studio Uckmar is one of the oldest tax boutiques in Italy and is led by Victor Uckmar. He is highly respected within the market and serves as emeritus professor at the University of Genoa, among other academic posts.The practice is split between Genoa, ... [more]

Studio Uckmar is one of the oldest tax boutiques in Italy and is led by Victor Uckmar. He is highly respected within the market and serves as emeritus professor at the University of Genoa, among other academic posts.

The practice is split between Genoa, which focuses on litigation mostly, and Milan, where most of the advisory work is done. Recent work includes advising on the reorganisation of the Allianz group, and advising on one of the largest M&A deals in Italy since the introduction of the EU Cross-Border Mergers Directive.

The tax team also advised on the group restructuring of a large EU-based group which involved a merger, demerger and corporate reorganisation.

Watson, Farley & Williams, a new entry this year, is led by Rafaelle Villa, who joined this year from Di Tanno e Associato. The group specialises in the cross-border structuring of private equity operations and corporate restructuring. The practice also ... [more]

Watson, Farley & Williams, a new entry this year, is led by Rafaelle Villa, who joined this year from Di Tanno e Associato. The group specialises in the cross-border structuring of private equity operations and corporate restructuring. The practice also has good expertise in the energy sector.

The practice is advising a well-known UK private equity fund on the acquisition of a solar park portfolio in southern Italy. Villa and the rest of the team provided counsel on the acquisition and all of the project financing arrangements.

The group also advised a solar project developer on the sale of a majority stake in a portfolio of solar photovoltaic parks to be developed in the region of Puglia.