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Hong Kong is an important financial, trading and service hub for China and Asia which is a result of very good infrastructure, highly effective financial markets and a highly competitive tax regime. Hong Kong has always aimed at minimising administrative burdens which results in a very simple and easy-to-handle tax regime that many countries would wish for. Thus, more complicated tax regulations including tax treaties or anti-avoidance regulations including transfer pricing have been kept to a bare minimum, if included at all.

In part two of International Tax Review’s exclusive interview, Steven Ouwerkerk, global head of tax & treasury at APM Terminals, based in the Netherlands, discusses the transition from adviser to in-house professional, analyses the challenges an in-house tax team faces, and stresses the importance of thinking divergently to find creative solutions.

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Acquisition $8.5 billion Dollar Tree Inc. Family Dollar Stores Inc. Davis Polk & Wardwell Acquisition $3.5 billion Zillow Inc. Trulia Inc. Davis Polk & Wardwell Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) REIT Spinoff $3.2 billion Windstream Holdings, Inc. Bank of America Merrill Lynch, J.P. Morgan Skadden, Arps, Slate, Meagher & Flom Davis Polk & Wardwell - Neil Barr MTN Program $2 billion Greenland Hong Kong Holdings Limited Credit Suisse Securities (Europe) Limited and The Hongkong, Shanghai Banking Corporation Limited Conyers Dill & Pearman, AllBright Law Offices Davis Polk & Wardwell Acquisition Financing $645 million XPO Logistics Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding, Inc., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. Wachtell Lipton Rosen & Katz Davis Polk & Wardwell - Rachel Kleinberg, Issac MacDonald SEC-Registered Debt Offering $500 million Telefónica Davis Polk & Wardwell - John Paton, Lena Qiu Accelerated Share Repurchase $500 million Darden Restaurants, Inc. Goldman, Sachs & Co. Davis Polk & Wardwell Senior Notes Offering $404 million China Unicom (Hong Kong) Ltd. China Limited, Bank of China (Hong Kong) Limited, Industrial, Commercial Bank of China (Asia) Limited, DBS Bank Ltd., China International Capital Corporation Hong Kong Securities Limited, J.P. Morgan Securities (Asia Pacific) Limited and Nomura International plc Freshfields Bruckhaus Deringer Davis Polk & Wardwell

Type of Deal Value Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) Merger $54.8 billion Shire plc AbbVie Inc. Davis Polk & Wardwell - Michael Mollerus Acquisition $8.5 billion Dollar Tree Inc. Family Dollar Stores Inc. Davis Polk & Wardwell Acquisition $3.5 billion Zillow Inc. Trulia Inc. Davis Polk & Wardwell Acquisition $1.68 billion BTG Pactual Banca della Svizzera Italiana (BSI) Skadden - James Anderson, Alex Jupp, Melanie Shaw, Thomas Kim Acquisition $297 million Dürr AG HOMAG Hengeler Mueller Acquisition $175 million LinkedIn Corporation Bizo Inc. Fenwick & West - Adam Halpern, William Skinner Acquisition $170 million Aalberts Industries Impreglon SE Hengeler Mueller Acquisition $100 million ServiceNow Inc. Neebula Systems Ltd. Fenwick & West - Adam Halpern, Will Skinner, Gilad Yacubovich Acquisition Undisclosed Autodesk, Inc. Shotgun Software Inc. WSGR Fenwick & West - Adam Halpern, Idan Netser, Zach Jones, Arnold Keizer Acquisition Undisclosed Yahoo RayV Fenwick & West - Idan Netser Meitar Liquornik Geva Leshem Tal Type of Deal Value Issuer/Borrower Lead managers/arrangers Adviser to issuer/borrower (tax) Adviser to lead managers (tax) Bridge Facility $5.7 billion Tyson Foods, Inc. Morgan Stanley Senior Funding, Inc. Davis Polk & Wardwell Weil, Gotshal & Manges Senior Notes Offering $3 billion Morgan Stanley Morgan Stanley & Co. LLC Davis Polk & Wardwell - Lucy Farr, Andrew Smith Sidley Austin Term Loan Facility $2.5 billion Tyson Foods, Inc. Morgan Stanley Senior Funding, Inc. Davis Polk & Wardwell Weil, Gotshal & Manges Initial Public Offering $1.77 billion NN Group N.V. Deutsche Bank AG, London Branch, ING Bank N.V., J.P. Morgan Securities plc, Morgan Stanley & Co. International plc Allen & Overy Davis Polk & Wardwell - John Paton, Alon Gurfinkel, Rhiannon Nakano Notes Offering $1.25 billion Toyota Motor Credit Corporation Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBC Capital Markets, LLC Davis Polk & Wardwell - Lucy Farr, Rachel Kleinberg, Koonho Cho Notes Offering $1 billion CSX Corporation Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and UBS Securities LLC Davis Polk & Wardwell - Harry Ballan, Adam Bedzow Shearman & Sterling Bonds Offering $1 billion Greenland Global Investment Ltd BOCI Asia Limited, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc and Deutsche Bank AG Davis Polk & Wardwell - Alon Gurfinkel, Maer Harel, Lena Qiu Linklaters Senior Secured Credit Facilities $1 billion Rovi Corporation Morgan Stanley Senior Funding, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Fifth Third Bank and SunTrust Robinson Humphrey, Inc. Cooley Davis Polk & Wardwell - Craig Phillips, Neetin Gulati Revolving Credit Facility $1 billion Estée Lauder Companies Inc. JPMorgan Chase Bank Davis Polk & Wardwell - Po Sit Senior Notes Offering $750 million Moody's Corporation J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc Gibson, Dunn & Crutcher Davis Polk & Wardwell - Michael Mollerus Senior Notes Offering $404 million China Unicom (Hong Kong) Ltd. China Limited, Bank of China (Hong Kong) Limited, Industrial and Commercial Bank of China (Asia) Limited, DBS Bank Ltd., China International Capital Corporation Hong Kong Securities Limited, J.P. Morgan Securities (Asia Pacific) Limited and Nomura International plc Freshfields Bruckhaus Deringer Davis Polk & Wardwell Senior PIK Toggle Notes Offering $400 million MHGE Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BMO Capital Markets Corp., Jefferies LLC, Nomura Securities International, Inc., UBS Securities LLC and Apollo Global Securities LLC Paul, Weiss, Rifkind, Wharton & Garrison Davis Polk & Wardwell - Harry Ballan, Tracy Matlock Offering of Common Shares $193.9 million Kosmos Energy Ltd Barclays Capital Inc. Simpson Thacher & Barlett, Conyers Dill & Pearman Ltd Davis Polk & Wardwell - Michael Mollerus, Ameya Bapat Credit Enhanced Convertible Bonds Offering $161 million China Yongda DBS Bank Ltd., UBS AG Linklaters Davis Polk & Wardwell - Alon Gurfinkel, Sarah Joy Senior Notes Offering and Capped Call Transactions $130 million The KEYW Holding Corporation RBC Capital Markets, LLC and Merrill Lynch, Pierce, Fenner & Smith Inc Alston & Bird, Holland & Knight Davis Polk & Wardwell - Po Sit, Lucy Farr, Aaron Weil

Provisional Measure 651/2014, enacted in July 2014 (MP 651/2014), re-established the Brazilian Special Regime for the Reinstatement of Taxes for Exporters (REINTEGRA).

The European Commission (EC) announced recently that it has opened three in-depth investigations into supposed sweetheart deals between the tax authorities of Ireland, the Netherlands and Luxembourg with Apple, Starbucks and Fiat. The investigations are looking into whether the deals comply with EU rules on state aid.

A stable economy and a mature workforce with a strong work ethic make Malta a preferred location for investors looking for a sustainable alternative for setting up their business, explain André Zarb and John Ellul Sullivan of KPMG. Over the years, Malta has continued developing as a hub for international business thanks to its infrastructure.

Ireland remains one of the most attractive jurisdictions in the world in which to establish a holding company, explain Peter Vale and Sarah Meredith of Grant Thornton.

Welcome to the new edition of International Tax Review's Holding Companies guide.

The need for tax-efficient structures has magnified with the recent global economic downturn and the increased scrutiny from tax authorities worldwide, says Zoe Kokoni of Eurofast.