By KPMG Introduction This chapter provides insight into tax issues that need to be considered when mergers and acquisitions (M&A) are contemplated in Japan. Recent developments Under the 2011 tax reform, the national corporation tax rate was reduced from 30 percent to 25.5 percent for fiscal years beginning on or after 1 April 2012. Accordingly, taking … Read more
Introduction Despite internal economic challenges and slower global economic growth than forecast, Brazil remains attractive for foreign investors due to a variety of economic factors, including its relative economic and political stability, control over inflation and large and growing consumer market. Like other Latin American countries, Brazil has made significant strides in amending its tax … Read more
Introduction The People’s Republic of China’s (PRC) tax provisions relevant to mergers and acquisitions (M&A) changed significantly with the introduction of the new Corporate Income Tax (CIT) law system in 2008. The 2010 edition of this publication outlined such matters as the introduction of a general anti-avoidance rule (GAAR), transfer pricing, thin capitalization and controlled … Read more
Introduction The Australian tax system is subject to ongoing legislative change and contains complex rules that, together with commercial and legal considerations, affect mergers and acquisitions (M&A) transactions in Australia. Several significant developments in tax law have occurred since the last edition of this publication. This chapter provides an overview of some of the recent … Read more
Abstract This case provides students the opportunity to apply strategic variance analysis (SVA) methodology in analyzing the performance changes realized in an airline merger. The U.S. Airways–America West merger provides an example of a complex, strategic action that simultaneously impacts firm size, unit pricing and costs, efficiency, and capacity for the combining airlines. This merger provides a … Read more
By Ernst & Young Following a year of subdued performance, the Swiss M&A market got off to a remarkable start in the first three months of 2014, with a significant increase in deal volume despite a decrease in the number of deals. Looking forward, large transactions are expected more often in the Swiss M&A market as … Read more
By Pip McCrostie – Ernst & Young Learning to thrive in a low-growth and volatile environment, companies are taking a pragmatic view, balancing risk and returns. Our 10th Global Capital Confidence Barometer clearly illustrates the many complex challenges on today’s boardroom agenda. For leading global corporates, striking a balance between risk and reward has rarely been so difficult. … Read more
by KPMG
Operational due diligence (ODD) over investment managers has never been more critical. Recent scandals such as Madoff and Weavering have served to underline the growing importance of ODD in the minds of investors. Adding in other factors such as an increasingly complex regulatory environment and the investors’ search for the alpha generating, operationally sound investment managers becomes increasingly difficult. […] Read more
By Ernst & Young 1. Global financial services deal activity Overview of deal activity in 2013 In 2013, the financial services sector recorded a further slow-down in global financial services M&A activity. This is the fourth year in succession that deal volumes have fallen. Overall, deal activity was 10% down on 2012 and some 21% lower than … Read more
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