Publications

Contributor: Andy Qiu HIGHLIGHTS — While the number of completed pharma deals were slightly higher in Q1 2016 versus Q1 2015, deal value was far lower in the absence of any >$10 billion completions. Only one deal exceeded $5 billion in Q1 2016 (versus 8 in Q1 2015). — Specialization continues to be a driving force … Read more

Introduction Mergers and acquisitions (M&A) have become increasingly common in Russia in recent years. A number of legal and tax issues should be considered when such transactions are planned. This report summarizes the applicable provisions in Russian legislation. M&A issues are complex, so every transaction should be planned taking into consideration all the facts and … Read more

Introduction Czech law contains a variety of special provisions applying to mergers and acquisitions (M&A) in areas such as company law, competition, environmental protection, accounting and tax. Unlike many jurisdictions, however, the Czech Republic had no detailed tax legislation dealing with M&As before European Union (EU) accession (1 May 2004), when legislation enacting the EU Merger Directive … Read more

Introduction Although not defined by statute, the phrase ‘mergers and acquisitions’ (M&A) is used in Canada to describe combinations of business enterprises by means of an acquisition or other combination technique, such as an amalgamation, that is allowed under applicable corporate law. A merger or acquisition involving shares of a Canadian company or its assets … Read more

Introduction Since the 2014 edition of this publication, the People’s Republic of China’s (PRC) tax provisions relevant to mergers and acquisitions (M&A) have changed significantly. China is at the forefront of implementing the Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) program and issued the Chinese language versions of the BEPS deliverables. The State … Read more

Introduction This report addresses the three fundamental decisions facing a prospective acquirer in Croatia: What should be acquired: the target’s shares or its assets? What acquisition vehicle should be used? How should the acquisition vehicle be financed? Tax is, of course, only one piece of the transaction structuring puzzle. Company law governs the legal form … Read more

Introduction This report provides insight into tax issues that need to be considered when mergers and acquisitions (M&A) are contemplated in Japan. Recent developments For the last few years, Japan has been reducing corporate income tax rates, and, by virtue of tax reform 2016, the effective tax rate is expected to drop below 30 percent. … Read more

By KPMG Introduction From 2004 to 2006, the Latin American economy grew at a rate not seen since the late 1970s. The 2008 crisis contracted that growth but, since 2010, the rate of growth has recovered and economic strength is returning. The Argentine Republic imposed tight controls on its foreign exchange market as of 2011, limiting … Read more

By KPMG Introduction Cross-border merger and acquisition (M&A) activity in Colombia has been increasing in recent years, as the government has been reforming the tax system to enhance tax benefits for foreign investors. This report analyzes the main tax issues that potential foreign investors should consider when deciding to invest in Colombia. Recent developments In December … Read more