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1、Coretechnicaltrainings–M&ATaxDueDiligenceAgendasTaxduediligenceintroductionTaxduediligenceprocedure&approachAS2packagefortaxduediligenceTaxDueDiligenceTaxduediligenceintroductionTaxDueDiligenceTaxduediligenceintroductionPurposesoftaxddMainfeaturesoftaxddTaxddteamandorganisationAssetvs.stockacquisi
2、tionsTop5areastobecoveredbytaxddTaxDDreportCommunication(client,target,FAS,otherparties)ConclusionsTaxDueDiligencePurposesoftaxDD(buyer)report“Ifyouknowtheenemyandknowyourself,youneednotfeartheresultofahundredbattles.知彼知己，百戰不殆”-SunTzuToassesstheinfluenceoftaxrisksonvaluationTofind(thatthereareno)d
3、ealbreakers(e.g.,penalties&interests)Toaidtheclient’snegotiationoftheSPA–price,warrantiesTomodel(ortoreview)thetaxchargeofthetargetforthepostacquisitionperiodToanalysethepossibilityofthepostacquisitionoptimisation(structuring,debt-push-down,trappedcash,…,etc.)Others?TaxDueDiligenceCloselyrelatedto
4、financial,accountingandlegaloutputsVeryimportanttocommunicatewithteammembersLimitedinformation-focusonmaterialissuesSomeclientsmayonlyneedcertaininformationLimitedtime–focusonmaterialissuesItappearsthatPEpeopledonotsleepHigherrisk(disputewithatargetortarget‘sadvisor)Follow-up–SPAreview,post-acquis
5、itionassistanceMainfeaturesofTaxDDTaxDueDiligenceNeedforanalyticalandinvestigativepeoplespecialists–VAT,IAS/GES,industryDependsonscope,informationavailable,timing,fees:Conflictofinterest(auditor,advisorforthetargetbefore)Secondreview–technical(localtaxknowledgerequired),qualitycontrolTaxDDteamando
6、rganisationTaxDueDiligenceAssetvs.StockAcquisitionsAssetPurchaseGenerallyrequirelessduediligenceAllowsBuyertopurchasespecificassetsfreefromcontingentliabilitiesMorefocusonstructuringandtaxplanningEnhancedflexibilitytoimplementoptimaltransactionstructureEvaluateTargetassettaxbasistoestimatemagnitud
7、eoftaxbasisstep-upAnalyzeestimatedcashflowimpactoftaxdepreciationandamortizationCashrequirementsofpotentialtransactiontaxesmustbeconsideredStockPurchaseBuyerinheritsalltaxattributesandliabilitiesSpecificallyinclu
