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The world’s best tax transactional firms 2019

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International Tax Review presents key trends and developments in the tax transactional market and ranks the best firms to help companies navigate the post-BEPS environment that poses challenges in restructuring and mergers and acquisitions.

In 2018 and early 2019, the technology sector has led the way as far as deals are concerned, with a visible trend of non-tech companies expanding inorganically into the sector. Private equity has also, as ever, been a key driver of growth in the technology sector, investing an eye-watering $574 billion (just shy of the 2015 record of $577 billion), which amounts to around a quarter of all money spent in the booming sector.

Notable deals in 2018 included IBM's $34 billion takeover of Red Hat; the $19 billion Broadcom acquisition of CA Technologies; SAP's $8 billion acquisition of Qualtrics; Oracle's takeover of DataFox, Datascience.com, Grapeshot, SD-WAN and Zenedge; and various Microsoft transactions such as a $7.5 billion deal for GitHub.

With most deals in North America, it's clear that the market was strong there. In South America, however, issues like political uncertainty and currency depreciation dampened the market. Nonetheless, this year should be stronger with investors licking their lips at the prospect of cut-price deals in Argentina and privatisations in Brazil.

In Europe, a booming real estate market continues to be a major driver of growth in the fledgling tax insurance market, while other companies are working on restructuring and reorganisations caused by BEPS.

The post-BEPS environment is also on the minds of companies and advisors in the Asia Pacific region, who are working defensively but benefiting from regulatory changes in some jurisdictions.

The message, really, is that whatever legislative challenges governments throw at companies, at the end of the day they just have to put their best foot forward and get on with it. However, to carry out transactions in an uncertain environment, the need for top-quality tax advice is constant. This is why International Tax Review has compiled rankings of the top transactional tax advisory firms.

ITR journalists have also analysed the trends and their impact, split into three regions: The Americas, Asia, and Europe, the Middle East and Africa (EMEA). While all three regions are subject to the whims of international changes, like BEPS and US tax reform, the countries within them are affected in different ways.

See below to explore what is happening in you region and which companies can guide you in your transactions.

Americas: Increasing corporate cash flows drive deal-making across the Americas

Tax professionals across the Americas have a positive outlook on deal-making activity for the first half of 2019 as multinationals are ‘flush with cash’ after the repatriation of funds under provisions in the 2017 US tax reform, writes Danish Mehboob.

Read more here: http://bit.ly/Americasdeals2019



Argentina

Tier 1

Bruchou Fernández Madero & Lombardi, Taxand Argentina

Deloitte

Marval O’Farrell & Mairal

Pistrelli Henry Martin & Asociados – EY

PwC

Tier 2

KPMG

M&M Bomchil

Pérez Alati Grondona Benites & Arntsen

Rosso Alba Francia & Asociados Abogados

Teijeiro & Ballone Abogados


Brazil

Tier 1

Lefosse Advogados

Machado Meyer Sendacz & Opice Advogados

Mattos Filho Veiga Filho Marrey Jr & Quiroga Advogados

Pinheiro Neto Advogados

Trench Rossi & Watanabe

Tier 2

Barbosa Müssnich Aragão, Taxand Brazil

Brazuna Ruschmann & Soriano Sociedade de Advogados

Deloitte

EY Terco

Lacaz Martins Pereira Neto Gurevich & Schoueri Advogados

Machado Associados Advogados & Consultores

Mariz de Oliveira & Siqueira Campos Advogados

PwC

TozziniFreire Advogados


Canada

Tier 1

Blake Cassels & Graydon

Davies Ward Phillips & Vineberg

Deloitte

EY

Goodmans

KPMG

McCarthy Tétrault

Osler Hoskin & Harcourt

PwC

Torys

Tier 2

Baker McKenzie

Rogerson Law Group

Stikeman Elliott


Chile

Tier 1

Carey

EY

KPMG

Philippi Prietocarrizosa Ferrero DU & Uría

PwC

Tier 2

Claro & Cia

Deloitte

Grupo Vial Serrano Abogados

Salcedo & Cía


Colombia

Tier 1

Brigard & Urrutia Abogados

Gómez-Pinzón, Taxand Colombia

Tier 2

Baker McKenzie

Deloitte

EY

KPMG

PwC


Mexico

Tier 1

Chevez Ruiz Zamarripa

Creel García-Cuéllar, Aiza & Enriquez

Mancera – EY

Tier 2

Basham Ringe & Correa

Deloitte

Muñoz Manzo & Ocampo

PwC


Peru

Tier 1

Estudio Echecopar

EY

PwC

Rodrigo Elías & Medrano Abogados

Tier 2

Hernández & Cía Abogados

Miranda & Amado Abogados, Taxand Peru

Payet Rey Cauvi Pérez Abogados

Philippi Prietocarrizosa Ferrero DU & Uría


Uruguay

Tier 1

Bergstein Abogados

Ferrere

Guyer & Regules

Tier 2

EY

KPMG

PwC


US

Tier 1

Baker Botts

Baker McKenzie

Cleary Gottlieb Steen & Hamilton

Cravath Swaine & Moore

Davis Polk & Wardwell

Deloitte

DLA Piper

EY

Fenwick & West

Kirkland & Ellis

KPMG

Mayer Brown

McDermott Will & Emery

Norton Rose Fulbright

PwC

Shearman and Sterling

Skadden Arps Slate Meagher & Flom

Sullivan & Cromwell

Vinson & Elkins

Wachtell Lipton, Rosen & Katz

Weil Gotshal & Manges

Tier 2

Aliant

Aptis Global

Caplin & Drysdale

Covington & Burling

Debevoise & Plimpton

Fried, Frank, Harris, Shriver & Jacobson

Gibson, Dunn & Crutcher

Latham & Watkins

McDermott Will & Emery

Miller & Chevalier Chartered

Morgan, Lewis & Bockius

Paul Hastings

Paul, Weiss, Rifkind, Wharton & Garrison

Sidley Austin

Simpson Thacher & Bartlett

Steptoe & Johnson

Sullivan & Worcester

Thompson & Knight

Wilson Sonsini Goodrich & Rosati

Winston & Strawn


Venezuela

Tier 1

Baker McKenzie

Norton Rose Fulbright

Rodríguez & Mendoza

Torres Plaz & Araujo

Tier 2

D’Empaire Reyna Abogados

Tinoco Travieso Planchart & Nuñez

Travieso Evans Arria Rengel & Paz


Asia-Pacific: Companies play defence with transactions in APAC

The need to align cross-border transactions with commercial substance to gain tax certainty and avoid litigation is driving deal-making across the Asia Pacific region. Alexander Hartley explains how the M&A tax strategies of Asian companies intersect with trade disputes, political volatility and market nervousness.

Read more here: http://bit.ly/APACdeals2019

Australia

Tier 1

Deloitte

EY

Greenwoods & Herbert Smith Freehills

King & Wood Mallesons

KPMG

PwC

Tier 2

Allens

Ashurst

Clayton Utz

MinterEllison


China

Tier 1

Baker McKenzie

Deloitte

DLA Piper

EY

KPMG

PwC

Tier 2

FuJae Partners

Grant Thornton

Hendersen Taxand, Taxand China

Hwuason Lawyers

JunHe

King & Wood Mallesons

O’Melveny & Myers

WTS China

Zhong Lun Law Firm


Hong Kong

Tier 1

Baker McKenzie

Deloitte

EY

KPMG

PwC

Tier 2

Clifford Chance

DLA Piper


Indonesia

Tier 1

Deloitte

EY

Hadiputranto, Hadinoto & Partners

KPMG

PB Taxand, Taxand Indonesia

PwC

SF Consulting

Tier 2

DDTC

GNV Consulting Services


India

Tier 1

Deloitte

Dhruva Advisors

EY

KPMG

PwC

Tier 2

BDO India

Cyril Amarchand Mangaldas

DHC

Economic Laws Practice

Grant Thornton

Khaitan & Co

Lakshmikumaran & Sridharan

Majmudar & Partners

Nishith Desai & Associates

Shardul Amarchand Mangaldas & Co


Japan

Tier 1

Baker McKenzie

Deloitte Tohmatsu Tax

Ernst & Young Tax Co

KPMG

Nagashima Ohno & Tsunematsu

PwC Japan Group

Tier 2

Anderson Mori & Tomotsune

Nishimura & Asahi

Withers Japan, Zeirishi Houjin


Malaysia

Tier 1

Deloitte

EY

KPMG

PwC

Shearn Delamore & Co

Tier 2

Axcelasia, Taxand Malaysia

Baker Tilly Monteiro Heng Tax Services

Lee Hishammuddin Allen & Gledhill

Raja Darryl & Loh

TraTax

Wong & Partners


New Zealand

Tier 1

Bell Gully

Chapman Tripp

Deloitte

EY

KPMG

PwC

Russell McVeagh

Tier 2

Buddle Findlay

MinterEllisonRuddWatts

Simpson Grierson


Philippines

Tier 1

Isla Lipana & Co

Navarro Amper & Co

RG Manabat & Co

SyCip Gorres Velayo & Co

Tier 2

Baniqued Layug & Bello

Quisumbing Torres

Salvador Lianillo & Bernardo, Taxand Philippines

Zambrano Gruba Caganda & Advincula


Singapore

Tier 1

Allen & Gledhill

Baker McKenzie. Wong & Leow

Deloitte

EY

KPMG

PwC

Tier 2

BDO Tax Advisory

Withers KhattarWong, Taxand Singapore

WongPartnership


South Korea

Tier 1

Deloitte Anjin

Kim & Chang

Samil PwC

Tier 2

Samjong KPMG

Yulchon


Taiwan

Tier 1

Deloitte

EY

KPMG

PwC

Tier 2

Baker McKenzie

Grant Thornton

Lee & Li


Vietnam

Tier 1

Deloitte

KPMG

PwC

Tier 2

Baker McKenzie

DFDL

EY

Grant Thornton




EMEA: Investors seek safe transactions that fit tax transparency initiatives

Across Europe, Middle East and Africa, deal volumes are expected to fall slightly in 2019, but there are some strong sectors bucking this trend. Real estate is powering ahead despite significant upcoming changes in the UK and Germany, while companies are looking to insurance to get deals through, writes Joe Stanley-Smith.

Read more here: http://bit.ly/EMEAdeals2019



Austria

Tier 1

Deloitte

EY

KPMG

LeitnerLeitner

PwC

Tier 2

bpv Hügel

Dorda Brugger Jordis

Freshfields Bruckhaus Deringer

TJP-Oaklins Group

TPA Steuerberatung

Wolf Theiss


Baltic States

Tier 1

Deloitte

EY

KPMG

PwC

Sorainen

Tier 2

Cobalt

Dominas Levin

Ellex

Kronbergs Čukste Levin

TGS Baltic


Belgium

Tier 1

Deloitte

EY

Liedekerke Wolters Waelbroeck Kirkpatrick

Linklaters

Loyens & Loeff

PwC

Tier 2

Baker McKenzie

Freshfields Bruckhaus Deringer

KPMG

Stibbe

Tiberghien


Cyprus

Tier 1

Deloitte

EY

KPMG

PwC

Tier 2

Baker Tilly South East Europe

Chrysses Demetriades & Co

Consulco

Elias Neocleous & Co

Eurofast Taxand, Taxand Cyprus


Denmark

Tier 1

Deloitte

EY

KPMG Acor Tax

Plesner

PwC

Tier 2

Bech-Bruun, Taxand Denmark

Bruun & Hjejle

CORIT Advisory

Horten

Kromann Reumert


Finland

Tier 1

Hannes Snellman

KPMG

Roschier

Tier 2

Borenius, Taxand Finland

Deloitte

EY

PwC


France

Tier 1

Arsene Taxand, Taxand France

Bredin Prat

CMS Bureau Francis Lefebvre

EY

Taj – Deloitte

Tier 2

Baker McKenzie

Clifford Chance

Freshfields Bruckhaus Deringer

Gide Loyrette Nouel

Linklaters

PwC Société d’Avocats


Germany

Tier 1

Deloitte

EY

Flick Gocke Schaumburg

PwC

Tier 2

Allen & Overy

Baker McKenzie

Freshfields Bruckhaus Deringer

Gleiss Lutz

Hengeler Mueller

KPMG

Linklaters

P+P Pöllath + Partners

WTS Germany


Gulf Cooperation Council

Tier 1

Cragus Group

Deloitte

EY

KPMG

PwC

Tier 2

M/HQ

Stibbe

Withers


Greece

Tier 1

Deloitte

EY

PwC

Tier 2

Grant Thornton


Ireland

Tier 1

A&L Goodbody

Arthur Cox

Deloitte

KPMG

Matheson

PwC

Tier 2

Baker Tilly Hughes Blake

EY

Mason Hayes & Curran

McCann FitzGerald

William Fry, Taxand Ireland


Israel

Tier 1

EY

Gornitzky & Co

Herzog Fox & Neeman

PwC

Shekel & Co

Tier 2

BDO Israel

Deloitte

Goldfarb Seligman & Co

KPMG

Meitar Loquirnik Geva Leshem Tal

S Horowitz & Co

Yigal Arnon & Co


Italy

Tier 1

BonelliErede

Maisto e Associati

Tier 2

Allen & Overy

Baker McKenzie

Chiomenti Studio Legale

Freshfields Bruckhaus Deringer

Gianni, Origoni, Grippo, Cappelli & Partners

Salvini Escalar e Associati

Studio Tributario Associato Facchini Rossi & Soci

Studio Tributario e Societario – Deloitte

Tremonti Romagnoli Piccardi e Associati

Valente Associati GEB Partners / Crowe Valente


Luxembourg

Tier 1

Allen & Overy

Arendt & Medernach

Baker McKenzie

Deloitte

KPMG

Loyens & Loeff

PwC

Tier 2

ATOZ, Taxand Luxembourg

Bonn Steichen & Partners

EY


Malta

Tier 1

Deloitte

EY

KPMG

PwC

Tier 2

Avanzia Taxand, Taxand Malta

Fenech & Fenech Advocates


Netherlands

Tier 1

Allen & Overy

Baker McKenzie

De Brauw Blackstone Westbroek

EY

Freshfields Bruckhaus Deringer

Loyens & Loeff

PwC

Tier 2

Atlas Tax Lawyers

Deloitte

PwC


Norway

Tier 1

BAHR

Deloitte

EY

PwC

Thommessen

Wiersholm

Tier 2

Arntzen de Besche

BDO

Brækhus

KPMG


Poland

Tier 1

Deloitte

EY

KPMG

MDDP

PwC

Tier 2

Baker McKenzie

Crido Taxand, Taxand Poland

Dentons


Portugal

Tier 1

Deloitte

Garrigues, Taxand Portugal

KPMG

Morais Leitão Galvão Teles Soares de Silva & Associados

Rogério Fernandes Ferreira & Associados

Uría Menéndez – Proença de Carvalho

Vieira de Almeida & Associados

Tier 2

Abreu Advogados

Cuatrecasas

EY

NGMS & Associados – Andersen Tax & Legal

PLMJ

PwC

RRP Advogados


Russia

Tier 1

Baker McKenzie

Dentons

EY

KPMG

Pepeliaev Group, Taxand Russia

PwC

Tier 2

BDO Unicon

Bryan Cave Leighton Paisner

Clifford Chance

Deloitte

Egorov Puginsky Afanasiev & Partners

FBK Legal

Linklaters

Sameta

Taxology


South Africa

Tier 1

Deloitte

ENSafrica, Taxand South Africa

EY

KPMG

PwC

Webber Wentzel

Tier 2

Bowmans

Cliffe Dekker Hofmeyr

Fasken Martineau DuMoulin

Grant Thornton

Werksmans Attorneys


Spain

Tier 1

Baker McKenzie

Cuatrecasas

Garrigues, Taxand Spain

Uría Menéndez

Tier 2

Deloitte

EY

Freshfields Bruckhaus Deringer

KPMG

Landwell (PwC)

Latham & Watkins


Sweden

Tier 1

Deloitte

KPMG

Mannheimer Swartling

PwC

Tier 2

EY

Grant Thornton

Skeppsbron Skatt, Taxand Sweden

Svalner

Vinge


Switzerland

Tier 1

Deloitte

EY

Homburger

Oberson Avocats

PwC

Tier 2

KPMG

Lenz & Staehelin

MME Legal l Tax l Compliance

Schellenberg Wittmer

Tax Partner, Taxand Switzerland

Walder Wyss


Turkey

Tier 1

Deloitte

EY

Mazars Denge

PwC

Tier 2

BDO Denet

Erdikler, Taxand Turkey

Esin Attorney Partnership (Baker McKenzie)

KPMG


Ukraine

Tier 1

Baker McKenzie

EY

PwC

Sayenko Kharenko

WTS Tax Legal Consulting / KM Partners

Tier 2

Avellum Partners

Deloitte

Dentons

DLA Piper

KPMG

Law Offices of OMP


UK

Tier 1

Baker McKenzie

Clifford Chance

Deloitte

EY

Freshfields Bruckhaus Deringer

KPMG

Linklaters

PwC

Slaughter and May

Tier 2

Allen & Overy

Ashurst

Bryan Cave Leighton Paisner

DLA Piper

Grant Thornton

Herbert Smith Freehills

Hogan Lovells

Latham & Watkins

Macfarlanes

Norton Rose Fulbright

Simmons & Simmons


Methodology

Between October and January, International Tax Review asked its readers, including the tax directors of the world's leading multinational companies, to vote for their top three tax transactional firms in more than 50 jurisdictions across the world. The votes were added up to produce the survey results. No votes from advisory firms were counted and firms could not send submissions to improve their chances of being ranked.

The objective of the survey is to recognise any firms that do not appear in our World Tax directory, for whatever reason, that the market regards highly because they have a particular specialty. Or if there are firms that appear in World Tax and are known as dependable groups of tax advisers without having any star practitioners. Are they also rated for their excellence in tax transactional matters? This survey should be seen as complementary to World Tax, which looks at the whole profile of a firm, not just its size and its deal flow. This survey is more specific about a firm's advisory strengths.



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