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Reward Practices in the Private Equity Industry

To meet their performance objectives, the private equity industry relies on highly-talented and motivated fund managers and executives within their portfolio companies. Aligning the financial interests of portfolio company executives and fund managers with those of investors and incentivise them through tailored instruments (like “carried interest” and “sweet equity”) has so far proved to be the most motivational tool in driving them forward. The challenge in (re)designing co-investment and incentive arrangements lies in keeping them compliant with newly-applicable...
CEO’s Confidence rises for 2014 for the M&A market and the global economy

CEO’s Confidence rises for 2014 for the M&A market and the global economy

Growth is back in town ? : Almost 40% of the CEO’s strongly predict company growth, which is the double of 2013.Those planning mergers and acquisitions or strategic alliances in the next year have risen to 20%. To grow, 35% of CEOs believe in their strengths in new product or service development. CEOs also say they are exploring growth in countries beyond the BRICs (Brazil, Russia, India and China), and see good growth prospects over the next three to five years in Indonesia, Mexico, Turkey, Thailand and Vietnam. The US, Germany and the UK are also ranked highly. Moreover...

Belgian excess profit regime – Informal investigation by European Commissi...

Recently, certain Belgian newspapers have published articles stating that the European Commission launched an informal investigation towards certain rulings that have been granted by the Belgian Service for Advance Decisions to Belgian taxpayers. In this respect, explicit reference is made to the so-called excess profit rulings (i.e. rulings regarding the application of article 185, §2, b) of the Belgian income tax code). The informal investigation is aimed at assessing whether there are grounds for opening a formal EU investigation with respect to Belgian excess profit...

Three trends that CEOs think will transform their businesses

In our 17th Annual Global CEO Survey CEOs identify the three main trends that will transform their businesses over the coming five years. Fourfifths of interviewed CEOs identified technological advances such as the digital economy, social media, mobile devices and big data. More than half also pointed to demographic fluctuations and global shifts in economic power. Of course, these trends aren’t new. What has changed is the pace at which they’re unfolding– and the way they’re colliding to create a completely different environment. The digital revolution has put more power...
EC proposes amendments to Parent Subsidiary Directive to tackle PPLs and to introduce common General Anti-Abuse Rule

EC proposes amendments to Parent Subsidiary Directive to tackle PPLs and to intr...

On 25 November 2013, the European Commission (hereafter EC) proposed amendments to the Parent Subsidiary Directive (hereafter PSD) in the context of the fight against tax fraud and evasion and aggressive tax planning/BEPS in the EU. The proposal seeks to tackle hybrid financial mismatches (eg PPLs) within the scope of application of the PSD and to introduce a general anti-abuse rule (GAAR) to protect the functioning of the directive.   Hybrid financial mismatches In order to be able to effectively counteract hybrid financial arrangements, the EC proposes to amend the...
New Brazilian Provisional Measure revokes the Transitional Tax Regime

New Brazilian Provisional Measure revokes the Transitional Tax Regime

On November 12, 2013, the Executive Branch of the Brazilian government published Provisional Measure No. 627 (PM 627/2013), which, among other provisions, revokes the Transitional Tax Regime (RTT) and provides new rules regarding dividends, interest on net equity (INE) and the amortization of goodwill arising in connection with share acquisitions. In addition to these changes, we are currently evaluating the possible impact of certain other modifications that are included in PM 627/2013, particularly as they relate to the Brazilian government’s efforts to align local tax...
M&A Academy – register now for our new courses

M&A Academy – register now for our new courses

Being successful on an M&A transaction takes know-how and experience. As a market leader for M&A, PwC has both and we aim to share our knowledge to help you get ahead in business. The new courses focus on two hot topics in the M&A environment, which we believe have a huge impact on the current and future M&A market:   Session 1 – 5 December 2013 New Belgian and international tax measures – are you ready for the new normal? During this session you will get an understanding of how recent changes in tax legislation and policies impact your M&A...
Law Square provides legal assistance for acquisitions and group restructurings

Law Square provides legal assistance for acquisitions and group restructurings

As from 1 October 2013, Law Square is the brand new correspondent law firm to PwC. Law Square’s Managing Partner is Karin Winters, who together with a number of former PwC people has moved to the new law firm. Under this independent structure, which starts off with a complement of 13 lawyers, Law Square provides client-oriented and above all workable solutions for the many business challenges that companies and organisations face at a legal level in today’s world.  With respect to M&A transactions, the service offerings of Law Square cover amongst others all legal...