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Werksmans' tax team provides a full range of tax services but is especially strong in M&A, cross-border structuring and tax advice related to capital markets transactions under department head Ernest Mazansky. The firm has added former Cliffe Dekker ... [more]

Werksmans' tax team provides a full range of tax services but is especially strong in M&A, cross-border structuring and tax advice related to capital markets transactions under department head Ernest Mazansky. The firm has added former Cliffe Dekker Hoffmeyer practitioners Leon Rood, who now heads their Johannesburg tax practice, and Patrick McGurk as partners this year while Daleen Malan joined from Deloitte as an associate. The firm's capital markets expertise was central to preparations for the listing of British healthcare group Netcare in South Africa this year. Werksmans advised the group on the tax consequences of the listing, though it was put on hold until market conditions are more favourable. Netcare is a limited liability partnership (LLP)in the UK, but under South African law LLPs are treated as companies for tax purposes. The prospective listing required careful attention to differing tax status and treatments of the group in the UK and in South Africa. Partner Doelie Lessing is well regarded by competitors for her corporate tax work and the firm has been involved in some significant transactions recently. The firm advised the South African media group Avusa on their acquisition of Universal Print Group and Hirt & Carter. This was complicated by the SARS's change in approach to the deduction of interest on loans given for the purpose of acquiring shares. To ensure that interest on the loan would be deductible, the firm had to ensure that all elements of the deal were appropriately structured to the satisfaction of SARS which entailed substantial liaison with tax officials.