Baker McKenzie’s tax department is among the top players in Venezuela. Ronald Evans is the managing partner at the firm. The group excels in international taxation, cross-border restructuring, tax planning strategies in a complicated fiscal market. It advises national and international clients and is strong in a variety of sectors, including healthcare, energy, commercial and industrial. The team is also active in wealth management and on advising high-net-worth individuals on estate planning.
During the research period, the tax team worked on an impressive range of tax matters, in particular focused on debt restructuring, financing structures and cross-border transactions. All the names remain confidential.
The tax team welcomed associate David Mongiovi hired from EY.
Deloitte’s tax department is specialised in tax compliance, due diligence, M&A, indirect tax and transfer pricing. It is led by Alejandro Gómez, Eneida Pimentel, Ignacio Rodríguez, Rafael Pire, Alfredo Muñiz, Iliana Salcedo and Sheyla Padró. The group has more than 23 years of professional experience. It represents clients in a variety of sectors, including transportation, real estate, manufacture, technology, financial services, energy and resources, laboratories and health.
In the last year, the team represented a company on the preparation of income tax returns for 2018. The matter was relevant because the team reviewed the tax impacts of exchange differences in hyperinflationary economies and how those differences could be analysed under different exchange agreements in accordance with the income tax law effective in Venezuela. Another mandate saw the group representing a company on the analysis of the local entity’s activities to understand tax impacts derived from interest unpaid.
A leading firm in Venezuela, D’Empaire’s tax group provides a wide range of tax planning for corporate and private clients on the tax implications of domestic and cross-border transactions. It also excels in tax litigation and on international tax matters. The group was, in fact, part of the Venezuelan team that concluded the negotiations of the US-Venezuela tax treaty.
This year the tax group has worked on different remarkable tax matters, advising many international clients. In the litigation practice area, it favourably advised Weatherford in a tax litigation case relating to an income tax assessment. It also represented Bristol-Myers Squibb in all of the tax consequences of its operation in Venezuela. Another key matter was the representation of Kraft Heinz on its corporate reorganisation involving its Venezuelan and Mexican subsidiaries.
The tax team saw the departure of associate Isabel Rada who moved to Dongoroz & Asociados.
A firm exclusively dedicated to tax advisory services, Planincorp Consultores has also expanded its transfer pricing pricing area. Pedro Luis Sosa Velásquez and Gustavo Adolfo León Fernández are the two partners at the firm.
The group represented different international companies in Venezuela in corporate and income tax matters. It advised special taxpayers on how to include the impact of hyperinflation on the determination of its corporate taxable income. In addition, it advised them on the adequate treatment of the exchange gain/loses under the income tax law in force.