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1、Coretechnicaltrainings–M&AAgendas•Taxduediligenceintroduction•Taxduediligenceprocedure&approach•AS2packagefortaxduediligenceTaxDueDiligenceTaxduediligenceintroductionTaxDueDiligenceTaxduediligenceintroduction•Purposesoftaxdd•Mainfeaturesoftaxdd•Taxddteamandorganisation•Assetvs.sto
2、ckacquisitions•Top5areastobecoveredbytaxdd•TaxDDreport•Communication(client,target,FAS,otherparties)•ConclusionsTaxDueDiligencePurposesoftaxDD(buyer)report“Ifyouknowtheenemyandknowyourself,youneednotfeartheresultofahundredbattles.”-SunTzu•Toassesstheinfluenceoftaxrisksonvaluation•
3、Tofind(thatthereareno)dealbreakers(e.g.,penalties&interests)•Toaidtheclient‟snegotiationoftheSPA–price,warranties•Tomodel(ortoreview)thetaxchargeofthetargetforthepostacquisitionperiod•Toanalysethepossibilityofthepostacquisitionoptimisation(structuring,debt-push-down,trappedcash,…,
4、etc.)•Others?TaxDueDiligenceMainfeaturesofTaxDD•Closelyrelatedtofinancial,accountingandlegaloutputs•Veryimportanttocommunicatewithteammembers•Limitedinformation-focusonmaterialissues•Someclientsmayonlyneedcertaininformation•Limitedtime–focusonmaterialissues•ItappearsthatPEpeopledo
5、notsleep•Higherrisk(disputewithatargetortarget„sadvisor)•Follow-up–SPAreview,post-acquisitionassistanceTaxDueDiligenceTaxDDteamandorganisation•Needforanalyticalandinvestigativepeople•specialists–VAT,IAS/GES,industry•Dependsonscope,informationavailable,timing,fees:•Conflictofintere
6、st(auditor,advisorforthetargetbefore)•Secondreview–technical(localtaxknowledgerequired),qualitycontrolTaxDueDiligenceAssetvs.StockAcquisitions•AssetPurchase•Generallyrequirelessduediligence–AllowsBuyertopurchasespecificassetsfreefromcontingentliabilities•Morefocusonstructuringandt
7、axplanning–Enhancedflexibilitytoimplementoptimaltransactionstructure–EvaluateTargetassettaxbasistoestimatemagnitudeoftaxbasisstep-up–Analyzeestimatedcashflowimpactoftaxdepreciationandamortization–Cashrequirementsofpotentialtransactiontaxesmustbeconsidered•StockPurchase•Buyerinheri
8、tsalltaxattributesandliabilities–
