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Ernst & Young had a good year and provided tax services to nearly three-quarters of the top 100 companies listed on the Australian stock exchange, including eight out of the top 10.Ian Scott, senior tax partner at the firm, and his team were the leading ... [more]

Ernst & Young had a good year and provided tax services to nearly three-quarters of the top 100 companies listed on the Australian stock exchange, including eight out of the top 10.

Ian Scott, senior tax partner at the firm, and his team were the leading tax advisers in the takeover of MYOB (a software firm with operations in Australia, New Zealand, Singapore and Malaysia) by funds managed by Archer Capital, a leading Australian private equity firm, and Harbourvest Partners. The A$600 ($505 million) transaction was the biggest private equity deal in Australia in the 2009 financial year.

The firm's transfer pricing department is headed by the well-respected Paul Balkus and the Howard Adams-led tax controversy department has also grown. This expansion came after the acquisition of Queensland-based law firm Damien Bourke & Associates in August 2008.

Three new partners joined the firm. Craig Saunders and Paul Korganow joined from Deloitte and will work in the international tax team. Martin Caplice joined from DLA Piper and is a tax controversy specialist. Don Green has been recommended by his peers for his transaction tax work. The firm also prepared a joint submission with the Corporate Tax Association for the Henry Review.

The rapidly changing tax environment, increased information sharing by tax authorities and the focus by governments around the world on compliance and enforcement has led Ernst & Young to establish a global tax policy and controversy (TPC) adviser network ... [more]

The rapidly changing tax environment, increased information sharing by tax authorities and the focus by governments around the world on compliance and enforcement has led Ernst & Young to establish a global tax policy and controversy (TPC) adviser network under the control of the firm's China country tax leader, Michael Sanders. The TPC team members in China, many of who have worked in the tax authorities in Hong Kong or China, are well versed with the law, practice and procedures of the tax authorities.

In recognition of the rapidly changing tax environment, increased information sharing by tax authorities and the focus by governments around the world on compliance and enforcement, Ernst & Young has established a global tax policy and controversy (TPC) ... [more]

In recognition of the rapidly changing tax environment, increased information sharing by tax authorities and the focus by governments around the world on compliance and enforcement, Ernst & Young has established a global tax policy and controversy (TPC) advisor network under the control of country tax leader, Michael Sanders. The network is designed to address the needs of clients by providing advice on how legislative and administrative developments are likely to impact their business. The TPC team members in Hong Kong, many of whom have worked in the tax authorities in Hong Kong or China, are well versed with the law, practice and procedures of the tax authorities. Recently, the Hong Kong TPC team successfully assisted a client to defend a non-taxable capital gains claim on disposal of a real estate property with the Hong Kong Inland Revenue Department, resulting in a saving of about $80 million.

Two key areas of focus for Ernst & Young over the past year have been tax litigation and tax policy. The firm has aggressively hired in all these areas and have been involved in some the country's largest transactions. Srinivasa Rao heads the 1,200-strong ... [more]

Two key areas of focus for Ernst & Young over the past year have been tax litigation and tax policy. The firm has aggressively hired in all these areas and have been involved in some the country's largest transactions. Srinivasa Rao heads the 1,200-strong national tax department. With 55 partners across India, Rao has hired seven new partners over the past year to organise the firm into a real market leader.

Rajan Vora leads the tax litigation practice and has managed to create a prosperous department within a year of joining. Vijay Iyer oversees the transfer pricing department and is recommended by peers and clients as a "real transfer pricing authority". His team, which consists of 100 people, is being kept busy by the aggressive and litigious tax authorities. The firm was also involved in the discussions with the government about the introduction of the alternate dispute mechanism outlined in July's budget.

Sudhir Kapadia has also played a key role in the firm and has been heavily involved in the drafting of the country's GST policy reform package expected to be introduced in 2010.

Satya Poddar is advising the European Banking Federation on their proposed "option to tax" report on VAT to financial services in the EU. The report is being prepared for the European Banking Federation to analyse the impact of the proposed option to tax in the EU, where financial services are exempt from VAT. The exemption system has inherent flaws and weaknesses, in particular the economic distortions caused by blockage of input tax in the B2B supply chain, leading to the problem of cascading and the bias to "in-sourcing".

Other clients that have benefitted from the skills of Ernst & Young's tax team include Microsoft, Thomson Reuters, Walt Disney and WPP Group.

As one of the largest firms in the country, Ernst & Young is regarded as a true top tier firm by competitors. Peers acknowledge its size and depth as the key reasons for its success in the market. The firm has been recommended for its transfer pricing ... [more]

As one of the largest firms in the country, Ernst & Young is regarded as a true top tier firm by competitors. Peers acknowledge its size and depth as the key reasons for its success in the market. The firm has been recommended for its transfer pricing work and thanks to its transfer pricing and tax effective supply chain management team, the firm has been busy handling a number of tax restructuring requests over the past year.

Like its big-four rivals, Ernst & Young Shinnihon Tax has had to adapt their tax practices quickly to try and mitigate the impacts of the economic downturn. The firm, which is led by managing partner Akio Takisaki, has found itself involved in vast amounts ... [more]

Like its big-four rivals, Ernst & Young Shinnihon Tax has had to adapt their tax practices quickly to try and mitigate the impacts of the economic downturn. The firm, which is led by managing partner Akio Takisaki, has found itself involved in vast amounts of due diligence and tax structuring work.

Most of the firm's work has stemmed from the tax transaction department led by Koichi Sekiya. Managed by Sekiya, Kenji Ueda and Ken Nakamura handled the tax due diligence and tax structuring advisory work for the integration of Meiji Seika Kaisha and Meiji Dairies to establish the country's second biggest food manufacturer, Meiji Holdings. The transaction was worth $3 billion and took over six months to complete.

Sekiya and his team also supported the Japan Private Equity Association in the introduction of the Investment Fund Taxation Rules under which certain qualified investors in private equity funds are exempt from Japanese capital gains tax.

Partner Masako Kanaya provided tax due diligence and tax structuring advisory work for the management buyout of Universal Studios Japan (USJ) supported by Goldman Sachs. This transaction involved a 100% acquisition of USJ through a takeover bid and minority squeeze-out, followed by the delisting of USJ. This was one of the largest private equity deals over the past year.

Ernst & Young remains one of the top tax consulting practices in Malaysia by virtue of it being the largest in terms of headcount and client base. Like its big-four rivals, it operates in numerous branch locations across the country and boasts a large ... [more]

Ernst & Young remains one of the top tax consulting practices in Malaysia by virtue of it being the largest in terms of headcount and client base. Like its big-four rivals, it operates in numerous branch locations across the country and boasts a large network of tax professionals.

The practice covers all areas of tax and has placed particular emphasis on indirect tax and transfer pricing. The practice is led by Kenneth Lim. The Malaysian government extend its contract with the firm to advise on the tax policy of establishing the Labuan Offshore Financial Services Authority. The practice is also advising the government on the introduction of a goods and service tax to the country.

Ernst & Young's tax practice is led by David Haywood. The firm has appointed three new partners in the last 12 months, Carey Wood, Paige Cuthbert and Spencer Smith, who all joined from KPMG. Iain Blakeley leads the firm's indirect tax practice while ... [more]

Ernst & Young's tax practice is led by David Haywood. The firm has appointed three new partners in the last 12 months, Carey Wood, Paige Cuthbert and Spencer Smith, who all joined from KPMG. Iain Blakeley leads the firm's indirect tax practice while Mark Loveday heads the firm's substantial transfer pricing practice. Haywood and Simon Moore provided tax assistance to Quadrant Capital in its acquisition of Summerset holdings. This deal was worth NZ$ 75 million ($51 million). Stephen Titter and Richard Williams advised Oregon Group on its sale of 44.9% interest in NZ King Salmon. Andy Archer and Mike Rudd provided tax structuring advice about the use of New Zealand's recently enacted limited partnership regime for offshore investment. Moore and Haywood provided tax advice and assistance to Babcock & Brown in relation to the sale of a 58% interest in PowerCo. The firm's clients include Fonterra Co-operative Group, Fisher & Paykel Appliances and Solid Energy New Zealand.

In response to the changing market conditions, Ernst & Young formed a specialist industry team for financial services. The team covers banking, insurance and fund management and is headed by partner Chong Lee Siang.As one of the larger tax practices ... [more]

In response to the changing market conditions, Ernst & Young formed a specialist industry team for financial services. The team covers banking, insurance and fund management and is headed by partner Chong Lee Siang.

As one of the larger tax practices in Singapore, the Russell Aubrey-led group has been commended for its international tax, customs tax and transfer pricing advice. The transfer pricing team is led by Jesper Solgaard and now includes four dedicated partners.

The firm has been involved in helping shape the regulatory environment in Singapore. Most recently, the firm advised on the public-private partnership tax framework and the tax incentives for project finance. Other activities included conducting international tax training for government agencies and undertaking exercises for the Economic Development Board.

One change in the practice has been the recruitment of executive director, Julia Smith. Smith was formerly with Hewitt and will provide a boost to the performance and reward advisory business.

Ernst & Young is a firm in a positive transition. Thanks to a reorganisation, the firm is now part of Ernst & Young's Far East Area. This integration has reaped rewards for the John Lee-led tax practice. Thanks to the increased cooperation between firms ... [more]

Ernst & Young is a firm in a positive transition. Thanks to a reorganisation, the firm is now part of Ernst & Young's Far East Area. This integration has reaped rewards for the John Lee-led tax practice. Thanks to the increased cooperation between firms in other countries the firm negotiated the first APA for an international bank in Korea.

The practice was also chosen by the NTS to provide guidance on the anticipated consolidated tax return regime, which is expected to be published towards the end of the year.

Other work has included offering tax advice to a leading Korean apparel company which expanded its activities into South-East Asia. The firm's role included an initial structuring on entry into the country, overseas M&A, tax planning and cross-border issues to help optimise the offshore investment structures.

Ernst & Young provides a full range of tax services and has been involved in a number of M&A, transfer pricing and controversy transactions over the past year.One client, a US company, contemplated the acquisition of properties of a Taiwan company. Initially, ... [more]

Ernst & Young provides a full range of tax services and has been involved in a number of M&A, transfer pricing and controversy transactions over the past year.

One client, a US company, contemplated the acquisition of properties of a Taiwan company. Initially, it was expected that significant tax costs would be triggered in this transaction; however, the firm assisted to reduce the tax costs and successfully negotiate a better term for the purchase agreement. This negotiation saved the client $23 million in tax.

George Chou and Rebecca Coke lead the firms' transfer pricing team, which is made up of around 30 professionals.