Experience – Tax

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Our experience in providing ongoing tax advice includes such matters as:

  • Advising a Spanish capital group in connection with implementation of wind farm projects in Poland—methods for financing investments in Poland, tax treatment of investments, and assistance in restructuring of the group
  • Advising an international capital group investing in Poland in real estate and in financial activity on all tax issues arising in connection with the group’s operations in Poland
  • A framework agreement for tax advisory services with a group of telecommunications companies, including tax opinions and representation in disputes before administrative courts.

In the area of international tax planning and optimisation, our experience includes such matters as:

  • Advice on tax-efficient financing of US companies by Polish companies and their branches in Luxembourg, implementation of the investment structure, preparing applications for individual tax interpretations, and ongoing support for the structure
  • Advice on tax risks related to planned sale of a trademark by a Polish company in an international capital group, issues related to prior contribution of the trademark to a partnership, and payout of the proceeds of sale of the trademark from the partnership to a partner
  • Advice for an international capital group from the food industry on restructuring of its operations in Poland, in particular analysis of the tax effects of converting the Polish group company into a limited partnership.

Our experience in tax aspects of M&A and restructuring includes:

  • Advising a telecommunications company on restructuring transactions within the capital group, including operations involving redemption, exchange and sale of shares
  • Advising a Swedish industrial equipment group in acquiring shares in Polish companies, buying a Polish enterprise, and restructuring operations in Poland
  • Advising a Polish capital group, one of the largest producers of construction materials, in the merger of companies within the group
  • Advising an international risk management group on restructuring of operations in Poland, specifically with respect to the tax consequences of conducting a split of the company via spinoff.

Our experience in the area of judicial and administrative tax proceedings includes such matters as:

  • Representing a company involving in fuel trading in a dispute concerning VAT on fuel sales in triangular transactions preceded by a series of sales in other EU countries. We represented the same client in customs proceedings and tax proceedings concerning VAT. Our actions resulted in setting aside erroneous customs declarations, allowing the client to avoid serious financial consequences.
  • Representing a company from the meat industry before the tax authorities and administrative courts with respect to corporate income tax. Our appeal to the province administrative court resulted in setting aside the decision by the tax authorities denying the company a refund of an overpayment of income tax.
  • Representing a US company from the event management industry in an investigation conducted by the customs authorities
  • Representing clients in fiscal penal cases, including allegations of personal liability of management for an erroneous interpretation of tax regulations, underpayment of CIT and VAT, and failure to comply with accounting and reporting requirements.

Our experience providing tax advice to private equity funds includes:

  • Advising a foreign fund in preparing an investment structure in Poland using a Polish closed-end investment fund. The advice included obtaining a positive interpretation concerning taxation at the source on income earned on buying out investment certificates in the closed-end investment fund without redeeming the certificates.
  • Advising a foreign investment bank in restructuring investments in Polish real estate via an investment fund. The advice included an analysis of the legal and tax consequences (national and international) of alternative methods for financing special-purpose vehicles, in particular via loans, hybrid loans or capital. We assisted the client in discussions of the most legally efficient and tax-effective method for exiting investments from the perspective of the sponsor and the future acquirer.

Cooperation among tax advisers and lawyers with specific experience in the financial services sector enables us to provide effective tax support for such projects as:

  • Limiting sources of VAT not subject to deduction, including through proper organisation of outsourcing and agency networks
  • Comprehensive support for cross-border promotion of card-based payment systems
  • Obtaining interpretations concerning VAT classification of specific financial intermediation services
  • Tax classification of hybrid financial instruments
  • Assessment of the tax effects of atypical financial operations
  • Securitisation transactions
  • Tax optimisation of various forms of cooperation between banks, including with respect to joint marketing and promotional ventures
  • Tax support on sale of financial assets
  • Assessment of the tax effects of securities lending and short selling
  • Limiting the risks connected with non-deduction of input VAT on acquisition of services related to capital transactions and portfolio investments
  • Advice on specific tax treatment of acquisition of Polish Treasury bonds by foreign banks
  • Accelerated recognition of costs connected with uncollectable claims at banks using specific civil procedure instruments
  • Assessment of the opportunities for minimising transaction tax on debt financing
  • Projects involving triangular situations, including identification of the beneficial recipient of interest in the case of US investors providing debt financing via EU-based vehicles
  • Assessment of the ability to claim treaty exemptions from taxation at the source in the case of bank loans when claims are assigned
  • Construction of repo transactions
  • Investments by Polish companies in foreign financial instruments
  • Tax optimisation of cash flow management services, including cash pooling
  • Obligations with respect to exchange of tax information and documentation
  • Representing foreign investment companies in proceedings before Polish courts in cases concerning taxation of profit on investments in Poland
  • Tax advice for foreign investment companies involved in electronic securities trading.

With respect to tax aspects of real estate and construction, we have advised such clients as:

  • A Spanish capital group in connection with implementation of wind farm projects in Poland. Our advice covered methods for financing investments in Poland, issues related to restructuring of the group, and real estate tax on wind farms.
  • A foreign capital group investing in shopping centres in Poland, on issues connected with financing of investments in Poland via participation loans. Our advice included drafting the loan agreement and securing the position of the investor in Poland by seeking an individual interpretation from the tax authorities.
  • Companies in the agricultural sector, with respect to investments in agricultural land, addressing tax issues associated with acquisition, tenancy and sale of agricultural land. Our advice covered income tax, VAT and transaction tax.

Our experience providing tax advice for individual clients includes such matters as:

  • International estate planning (e.g. via family foundations and trusts)
  • Tax-preferred financing for projects and investments
  • Relocation of people and assets
  • Stock options and other management compensation schemes.