Taxand Global Conference 2012
Hosted by Taxand Spain, the Taxand Global Conference 2012 took place at the Eurostars Hotel in Madrid from the 25th to 27th April and brought together multinational clients and tax advisors from around the world to discuss topical tax issues, share expertise and enhance relationships.
A blend of nearly 600 Taxand clients and Taxanders from almost 50 countries joined us this year.
Taking teaming with our clients to a new level in 2012 we asked them to join us on the conference platform for each of our plenary sessions to give their views on how they have coped with the changing tax environment in these difficult times.
Keynotes on the economy by José Juan Ruiz, Director of Analysis & Strategy, Latam, Banco Santander and policy reform by Paulo Nuncio, the Secretary of State for Portugal and Tim Wach, Taxand Canada, set the context for a sequence of sessions sharing how to deal with real and potential changes in tax systems, managing tax risk in planning, identifying opportunities to maximise tax attributes, developing enhanced relationships with tax authorities and examining pitfalls and opportunities when investing in emerging markets.
The key message was: as economies worldwide continue to drive efficiencies, whether you’re consolidating, acquiring or streamlining, value can be maximised through strategic tax optimisation.
To experience or revisit the conference plenaries and networking events from the Taxand Expo and Casino to the Welcome Reception and the Gala dinner at the Palacio de Cibeles just read our special edition Taxand’s Take and click on the links above and below.
Key pointers from the conference
- Regularly review your tax strategy – you need to be more agile and flexible to maximise value
- Plan for changes to PE rules worldwide and VAT “establishment rules” in Europe
- Tax planning needs real substance – be ready to invest time and effort and be prepared to go into battle for tax planning to succeed
- Be transparent about your tax planning to avoid corporate reputational issues in the face of increasing public interest
- Prepare for compliance and regulatory burden to continue to grow by keeping abreast of change
- Remember that business operations come first and tax strategies implemented must align with your strategic objectives
- Consider how to effectively maximise cash repatriation and balance your bottom line
- Ensure your accounting systems can cope with supply chain planning to maximise VAT cash flow, customs management and compensation plans to avoid leakage, increase profitability and competitiveness
- Consider working with the tax authorities to reach agreements and minimise extended audits in line with the new OECD recommendations
- Emerging markets hold many investment and expansion opportunities but remember to review your deal structures, taxation of sale, seller’s conditions and valuation issues carefully before proceeding
Find our all you need to know about our annual global conference in Madrid, including key content, films, photos and much more in our Taxand’s Take newsletter.
At our Taxand Global Conference 2012 we shared case studies and personal experiences to help clients picture how to apply Taxand's expertise to your businesses. Over 100 pre-booked bespoke client meetings were arranged throughout the conference to discuss specific advisory areas and jurisdictions of interest. Client feedback from the event has been excellent with many quoting the Taxand Global Conference 2012 as the best yet! View our Client Talk Film here to see what clients were saying at the event.
Ricardo Gomez, Joint Managing Partner, and Vicente Bootello, Partner, Garrigues, Taxand Spain and Hosts of our Taxand Global Conference 2012 welcomed nearly 600 delegates to our twelfth global conference.
Plenary I - Dealing with Changing Tax Systems Worldwide
Speakers: Richard Baxter, UK (Ch); John Buchanan, Imperial Tobacco; Dale Hill, Canada; Gokul Chaudhri, India; Gonzalo Gallardo, Spain
The opening plenary session of Taxand's Global Conference 2012 discussed the increasing impact of governments driving global efficiencies to cut the costs of collection whilst striving to boost revenues. The burden of which is falling on large international groups. This is a challenging environment in which multinationals and indeed governments have to operate. Together with key Taxand client John Buchanan, Imperial Tobacco, Taxanders from around the globe shared how multinationals can proactively drive value from these challenges.
Plenary II - Managing Risk in Uncertain Times
Managing risk in a climate which combines increased scrutiny from tax authorities, personal liability issues for Boards of Directors, the need to protect corporate reputation, as well as to demonstrate economic substance, is an ongoing challenge. In this session we zoomed in on holding company structures in Europe to share key pitfalls to avoid. Particular insights from recent cases in Denmark, Germany, Netherlands and Spain were exemplified alongside client Eve Lominac from Bayview Asset Management's views to deliver a practical view on how to maximise value and manage risk.
Plenary III -- Maximising Tax Attributes To Achieve Competitiveness
Speakers: Ramon Lopez, Global Transfer Pricing (Ch); Nacho Box, Hewlett Packard; Henk Hop, Global VAT Compliance, Marc Brocardi, Global Customs, Jaime Sol, Global Compensation
Achieving competitiveness through maximising the tax attributes of your operational model is no mean feat. Using an international supply chain model as a basis for discussion our multidisciplinary team of global Taxand service line leaders for VAT, transfer pricing and compensation joined Taxand client, Nacho Box, Hewlett Packard to present a coordinated approach to maximise value.
Keynote II -- Changing Tax Policy: A Global Perspective*
Speakers: Tim Wach, Canada; Paulo Nuncio, Secretário de Estado dos Assuntos Fiscais, Government of Portugal
Tax planning for multinationals requires an understanding of how tax laws are likely to develop in the short to medium term. This includes having an understanding of government priorities and perspectives and how they are likely to affect the development of tax policy, especially in a context of economic crisis. Many Taxanders worldwide are key advisors to government panels, agencies and departments on tax reform and policy, and many Taxanders have been seconded to government and been at the forefront of tax reform. This plenary shared these experiences and focused on key pointers for multinationals to consider.
* Please note with due respect Keynote slides are only available directly from external speakers.
Plenary IV -- Enhancing Relationships with Tax Authorities
Speakers: Ricardo Gomez, Spain (Ch) & Luis Jones, Head of Spanish Tax Auditors Office
Tax Authorities worldwide face a difficult dilemma. On the one hand they are enforcing systems designed to generate revenue. On the other, they are working in an environment where their governments are also seeking to incentivise inward investment. Better relationships are sought with multinationals yet the taxpayer is wary of scrutiny. This lively discussion focused on how multinationals can develop enhanced relationships with tax authorities.
Plenary V -- Emerging Market Opportunities
As the BRICs' economic growth continues to outpace western financial centres, more and more investors are considering these markets as operational hubs. Many transactions create tax opportunities that companies overlook in the rush to get the deal done. In this plenary, we showcased case studies to provide practical guidance for multinationals with an eye on these markets. Iberdrola's recent acquisition of an energy company in Brazil showcased an investor view and Taxanders from China and India shared further case studies from an advisory perspective.
Remaining true to tradition the Taxand Expo took place on Thursday afternoon at the Taxand Global Conference 2012. Attended by nearly 600 Taxanders and clients from around the world, delegates enjoyed networking with each other in one room. For entertainment there was the opportunity to test our knowledge at our wine casino, experience and sample traditional Iberico ham cutting whilst enjoying a delicious variety of Spanish Tapas and complementary drinks from the bar all to a background of Flamenco chillout music.
If you would like to know more about any of these topics please contact our Taxand speakers or your nearest Taxand advisor. If you would like to be considered for an exclusive invitation to our global conference next year in New York or have any general queries your Taxand contact is:
Key comments were issued to the media over the two days of our Taxand global conference:
- Taxand Spain Hosts the Taxand Global Conference 2012
- Plenary I: Finding The Holy Grail of International Tax Structures
- Plenary II: Substance Now at the Heart of Tax Planning Debate
- Plenary III: Multinationals Facing Tougher Challenges as Economic Instability Persists Worldwide
- Plenary IV: Multinationals Now Looking for Enhanced Relationship With Tax Authorities
- Plenary V: Uncovering Growth Opportunities in Emerging Markets
- Taxand Nominated for 28 Awards at the ITR European Tax Awards
- Taxand Extends Reach in Asia Pacific
- Taxand Launches in South Africa