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By Igor Venediktov

Russia has put in place potentially far-reaching changes in its tax practice affecting international Eurobond structures that employ foreign special purpose vehicles (orphans or affiliates) incorporated in tax jurisdictions sheltering interest income from Russian withholding tax.

This major change arises from the Ministry of Finance’s recently issued position letter, which stated that Russian tax agents paying interest income to a foreign SPV which is the issuer of Eurobonds should apply provisions of the double tax treaties (DTTs) concluded between Russia and the country of residency of each holder of the notes.

Learn more.


By Stephen Hoyle

British media in recent days have been reporting on a proposal for a new anti-tax avoidance law which, by closing tax loopholes, could potentially raise tens of billions in the coming years.

The proposal is being ardently promoted in seminars in the City of London, but good law does not always follow from good advocacy.

Learn more.


By Paul Rutherford, Simon Gough and David Thompson

The United Kingdom’s enterprise investment scheme (EIS) offers generous tax incentives to individual investors.

But access to the tax incentives afforded by the EIS is, perhaps not surprisingly, subject to a number of conditions. For a company to qualify it must exist wholly for the purpose of carrying on one or more qualifying trades.

Learn more about these conditions.


Our Q1 2012 Asia Tax Newsletter reviews the latest in business tax developments in China and Hong. Among the topics in this issue:

  • As China deploys production facilities all over the world, it is beefing up its controlled foreign operations rules

  • China’s State Council takes the first steps toward VAT reform by proposing to fold the business tax regime into the VAT system

  • Hong Kong’s Court of First Instance has been aggressive in its demand that tax cases be heard more swiftly, and now even the Tax Commissioner has come under fire for failing to act expeditiously in Kong Tai Shoes Manufacturing Company Limited

  • Hong Kong has introduced a new tax deduction for certain intellectual property rights including patents, rights to any know-how, copyrights, registered designs and registered trademarks

See this issue.


DLA Piper’s Global Tax group is pleased to announce four new members of the practice. Their arrival is part of our strategic plan to better advise businesses on their international tax concerns.

Manuel Rajunov is the co-managing partner of DLA Piper’s new Mexico City office. He focuses on international tax and business matters related to operations, expansion, mergers, acquisitions and divestitures worldwide. His experience encompasses representing foreign investors doing business in Mexico and South America, as well as international tax planning for US and Latin America-based multinationals.

Manuel’s arrival is part of DLA Piper’s strategic expansion throughout Latin America and around the world.

Patrice Lefèvre-Péaron is a partner in DLA Piper’s Tax practice based in Paris. He focuses his practice on French and international tax law and represents clients before courts and administrative bodies that have jurisdiction over tax matters.

Patrice advises on corporate tax issues as well as international tax planning, restructuring, mergers and acquisitions, treatment of intra-group transactions, foreign partnerships or tax-transparent vehicles and stock option plans. Among other areas, his practice also includes VAT and EU tax law; project finance, especially for government authorities; and joint ventures between state-owned companies and the private sector. A qualified Trust Estate Practitioner, he advises individuals and estates of substantial wealth in the management or restructuring of financial interests.

Most recently, Patrice played a key role on the DLA Piper team helping roll out the launch of Le Huffington Post.

Florian Haase, based in Hamburg, is a German-qualified lawyer and certified tax lawyer and holds a Masters’ degree in International Tax Law. Head of DLA Piper’s German Tax group, he concentrates on tax structurings of acquisitions, corporate reorganizations and restructurings and complex financing models, as well as private equity and real estate transactions, each with a special focus on international and cross-border issues.

He has particular experience in transfer pricing, relocation issues, the taxation of closed-end and open investment funds and tax litigation.

Most recently, he was part of the team advising international property investment company Cordea Savills European Commercial Fund in the €24 million purchase of Bahnhofsarkaden, a specialty shopping mall in Leutkirch im Allgäu, Germany, from a Guernsey-based company supported by a British asset manager.

William Marshall joins DLA Piper in Hong Kong as Legal Officer from
US-based multinational apparel retailer, Abercrombie & Fitch, where he was the sole in-house counsel in Asia, was responsible for a wide range of legal matters affecting the company in Asia Pacific

Williams focuses on international trade, customs and indirect tax matters. He regularly advises clients on customs valuation and transfer pricing, supply chain structuring, customs and indirect tax planning, compliance and foreign direct investment throughout the Asia Pacific Region. He also advises on product regulatory and labelling laws and Foreign Corrupt Practices Act/anti- bribery compliance.

Daniel Chan, Head of Tax for Asia, notes that William “has gained invaluable experience that makes him a true asset to both the Asia group and the Hong Kong office. The addition of William solidifies our position as Asia’s leading firm for supply chain advice and structuring.”


DLA Piper invites you to join our Global Tax Group for our fifth annual International Tax Conference.

Topics will include a legislative and regulatory update on European exit tax and related valuation issues, challenges and considerations in pan-Asian supply chains and more.

Silicon Valley Session
Four Seasons Silicon Valley
Friday, March 9, 2012
8:00 AM: Registration and Continental Breakfast
8:30 AM – Noon: Program

New York Session
DLA Piper New York
Monday, March 12, 2012
12:30 PM – 1:00 PM: Registration and Light Lunch
1:00 PM – 4:30 PM: Program
4:30 PM – 6:30 PM: Reception

Please contact Danielle Hood for more information.


Published by DLA Piper LLP (US)
Copyright © 2012 DLA Piper LLP (US)
All Rights Reserved

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