contents...african transfer pricing rules, including the reviewing and implementation of transfer...
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TAX
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Contents
04 OurFirm
05 OurFootprintinAfrica
06 OurTaxPractice
07 OurSpecialistServices
09 OurSignatureMatters
10 Accolades
12 KeyContacts
BOWMANS Tax
4 5
Our Firm Our Footprint in Africa
Mozambique
Kenya
Tanzania
South Africa
Nigeria
Uganda
Mauritius
Best friends
Bowmans offices
Significant transaction or advisory experience
Alliance firms
Ethiopia
Ourtrackrecordofprovidingspecialist
legalservicesinthefieldsofcorporate
law,bankingandfinancelawanddispute
resolution,spansoveracentury.
WithnineofficesinsevenAfricancountries
andover400specialistlawyers,wedrawon
ouruniqueknowledgeofthebusinessand
socio-politicalenvironmenttoadviseclients
onawiderangeoflegalissues.
Everywherewework,weofferclientsa
servicethatuniquelyblendsexpertiseinthe
law,knowledgeofthelocalmarketandan
understandingoftheirbusinesses.Ouraim
istoassistthemtoachievetheirobjectives
assmoothlyandefficientlyaspossiblewhile
minimisingthelegalandregulatoryrisks.
Ourclientsincludecorporates,multinationals
andstate-ownedenterprisesacrossarangeof
industrysectorsaswellasfinancialinstitutions
andgovernments.
Ourexpertiseisfrequentlyrecognisedby
independentresearchorganisations.We
receivedawardsinthreeoutoffourcategories
attheDealMakersEastAfricaAwardsfor
2019:toplegaladviserintheM&ACategory
forbothdealflowanddealvalue,andadvised
ontheDealoftheYear.IntheDealMakers
SouthAfricaAwardsfor2019,wewereplaced
thirdfordealvalueintheM&ACategoryand
advisedonboththeDealoftheYearandthe
BEEDealoftheYear.
Wearepresentinsevencountries
inAfrica:Kenya(Nairobi),Malawi
(Lilongwe),Mauritius(Moka),SouthAfrica
(CapeTown,Durban,Johannesburg),
Tanzania(DaresSalaam),Uganda(Kampala)
andZambia(Lusaka).
Weworkcloselywithouralliancefirmsin
Ethiopia(AmanAssefa&AssociatesLaw
Office)andNigeria(UdoUdoma&Belo-
Osagie).Thesearetwooftheleading
corporateandcommerciallawfirmsintheir
jurisdictions.
Wehavedevelopedabestfriendrelationship
withoneofMozambique’sstrongestlaw
firms(TacianaPeãoLopes&Advogados
Associados)andregularlyworkwithleading
lawfirmsinothercountriessuchasAngola,
Botswana,Ghana,IvoryCoast,Namibia,
Rwanda,SouthSudanandZimbabwe.
Wehaveacomprehensivedatabaseofallthe
lawfirmsweworkwithintherestofAfrica
coveringsuchcountriesasAlgeria,Egypt,
MoroccoandFrench-speakingWestAfrica.
WearerepresentativesofLexMundi,aglobal
associationwithmorethan160independent
lawfirmsinallthemajorcentresacross
theglobe.LexMundigivesustheabilityto
connectourclientswiththebestlawfirmsin
eachofthecountriesrepresented.
We help our clients overcome legal complexity and unlock opportunity in Africa.
Malawi
Zambia
BOWMANS Tax
6 7
Wehaveknowledgebasedonyearsof
experienceandadepthandbreadth
oftaxlawskillsthatfewareabletomatch.
Weprovideefficienttaxandbusiness
solutionsbycombiningthisstrengthwith
commercialacumen.
Ourtaxspecialistsworkcloselytogether
toadviseoninvestmentsandoperations
invariousAfricancountries,ensuringthat
allaspectsofinternationaltransactionsare
thoroughlyconsideredandplanned.
Servicesrangefromthetaxaspectsof
corporatetransactions(includingmergers
andacquisitions,privateequitytransactions,
cross-borderinvestmentstructuresand
corporaterestructures),tofinancial
structuring,projectfinancemattersandthe
taximplicationsofemploymentdecisions,and
extendtotaxlitigationanddisputeresolution.
Wehavespecialistknowledgeofa
varietyofsectorsincludingconstruction
andinfrastructure,energy,financial
services,logistics,mining,realestate
andtelecommunications.
Ourclientsincludeleadingcorporates,
financialinstitutionsandindividualsinthe
countriesinwhichweoperate.Wealsowork
withinternationallawfirmstoservicetheir
clientsexpandingintoAfrica.
Our Tax Practice
We provide efficient
tax and business
solutions by combining
our experience with
commerical acumen.
Ourmainfocusareasinclude:
CORPORATE TAX
• reviewingcommercialagreements
(includingmergers,acquisitionsand
jointventures)andadvisingonthe
taximplications;
• advisingonthetaximplicationsofthe
restructuringofgroupsofcompanies,
intellectualpropertytransactionsand
realestatetransactions,includingthe
taxtreatmentofrealestateinvestment
trusts(REITS);
• advisingonthetaximplicationsof
theformationofprivateequityfunds,
acquisitionsanddisposalbyprivate
equityfundsanddebtrestructurings;
• undertakingtaxduediligence
investigationstodeterminethetax
exposureofinvestments;
• advisingonthetax-efficientstructuring
ofdebtandequityfundingprovided
bylocalandinternationalfinancial
institutions,includingthetaxtreatment
ofcomplexfinancialinstruments;and
• advisingonthetaxtreatmentofoil
andgasoperationsandinotherenergy
sectors,suchasrenewableenergy
andminingoperations.
INTERNATIONAL TAX
• advisinglocalcorporates,financial
institutionsandindividualsonthetaxand
exchangecontrolimplicationsoftheir
foreigninvestments,includingpotential
taxexposuresinotherjurisdictionsandthe
impactofdoubletaxationagreements;
• advisingforeignresidentsonthetax-
efficientstructuringoftheirinvestmentsin
SouthAfricaandinotherAfricancountries,
includingexposuretoSouthAfrican
withholdingtaxesandtheuseoftheSouth
AfricanHeadquarterRegime;
• advisingonexchangecontrolrestrictions
applicabletocross-bordertransactions,
includingassistingwithapplicationstothe
FinancialSurveillanceDepartmentofthe
SouthAfricanReserveBank;
• advisingontheapplicationoftheSouth
Africantransferpricingrules,includingthe
reviewingandimplementationoftransfer
pricingpoliciesandarrangements;and
• advisingonthetaxconsequencesof
internationalsecondmentsofpersonnel.
DISPUTE RESOLUTION
• assistingclientswithallaspectsoftax
litigationincludingresponsestoSouth
AfricanRevenueServicequeries,audits,
objections,appeals,representationincourt
cases,alternativedisputeresolutionandthe
negotiationofsettlementsoftaxdisputes.
Our Specialist Services
BOWMANS Tax
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TRUSTS AND INCENTIVE SCHEMES
• advisingonthetaximplicationsofshare
schemesandotherincentiveschemes;
• planningandadvisingonthetaximplications
ofblackeconomicempowerment
transactions;and
• advisinghighnetworthindividualsonthe
useoftrusts(localandforeign)andthetax
consequencesoftheflowoffundsvia
suchtrusts.
CUSTOMS AND INTERNATIONAL TRADE
• advisingoninternationaltradeandcustoms
andexcise,includingassistingwithrelated
litigation;and
• advisingonunfairtradepractices(including
anti-dumping,safeguardingandthe
impositionofcountervailingduties)andall
otherdealingswiththeInternationalTrade
AdministrationCommissionofSouthAfrica.
GENERAL
• advisingindividualsandcorporateson
generaltaxmatters;and
• providingthesupportingservicesnecessary
toimplementouradvice,includingassisting
withvarioustaxregistrationsandobtaining
rulingsanddirectivesfromtheSouthAfrican
RevenueService.
“Stellar department
offering a deep
bench experienced
in handling a broad
spread of tax issues”.
– Legal 500, 2017
Someofourrecentmattersincludeadvising:
• theAlexanderForbesGroupofcompanies
onitslistingonthemainboardoftheJSE,
valuedatZAR9.7billion;
• CitiBankandJPMorganonloanfacilities
ofapproximatelyZAR21billion,granted
toWoolworthsfortheacquisitionofDavid
JonesinAustralia;
• ontheestablishmentoftheDelta
InternationalRealEstateFund,oneofthe
firsttwodually-listedAfricanrealestate
funds–weadvisedontheother(Sanlam
AfricaCoreRealEstateFund)aswell;
• Marriottindesigningtheacquisition
structureinitsprocurementofthe
ProteaGroupvaluedatapproximately
ZAR2billion.Ourinvolvementextendedto
advisingonthecomplexexchangecontrol
rulesandapplicationtotheReserveBank;
• PeermontGlobalontheproposed
acquisition,bySunInternational,ofits
sharesandexistingdebtvaluedatalmost
ZAR5billion;
• SABonatariffdisputewithSARS;
• SABMillerplcandSABontheproposed
transactiontocombinetheirnon-alcoholic
ready-to-drinkbeveragebusinesses
(principallyinsouthernandeasternAfrica)
withthoseoftheCoca-ColaCompanyand
GutscheFamilyInvestments,valuedat
approximatelyUSD6billion;
• anddefendingvariousentitiesina
groupofcompaniesagainstaggressive
taxassessmentsbySARS–penalties
demandedwere200%;wehelpedour
clienttosettleforasignificantlylower
penalty;and
• on,andrespondingto,ananti-dumping
dutyinexcessofZAR500millionimposed
onWiesenhofInternationalGMBHfor
exportsoffrozenchickenfromGermany.
Our Signature Matters
BOWMANS Tax
10 11
Accolades
AFRICAN LEGAL AWARDS 2019
Wewontwopracticeawards-forTransportationand
InfrastructureTeamoftheYearandTMTTeamoftheYear.
CHAMBERS AFRICA AWARDS 2018
WewerenamedSouthAfricanLawFirmoftheYear.
DEALMAKERS EAST AFRICA AWARDS 2019
Wereceivedawardsinthreeoutoffourcategories:toplegal
adviserintheM&ACategoryforbothdealflowandvalue,and
advisedontheDealoftheYear(theNIC/CBAmerger).
DEALMAKERS SOUTH AFRICA AWARDS 2019
WewereplacedthirdfordealvalueintheM&ACategoryand
advisedontheDealoftheYear(PepsiCo’sacquisitionofPioneer
Foods)andtheBEEDealoftheYear(IsantiGlassacquisitionof
NampakGlass).
MERGERMARKET LEAGUE TABLES 2018
Wewererankedfirstbydealvalueandsecondbydealcount
intheAfricaleaguetablesforlegaladvisors,andthirdbydeal
countintheMiddleEast&Africaleaguetableforlegaladvisors.
BAND 1
KENYA
Banking&Finance
Corporate/M&A
Employment
FinTech
IntellectualProperty
RealEstate
SOUTH AFRICA
CapitalMarkets:Debt
CapitalMarkets:Equity
Competition/Antitrust
CorporateInvestigations
Corporate/M&A
Employment
Environment
IT&Telecommunications
Projects&Energy
PublicProcurement
Shipping
Tax
TMT
TANZANIA
GeneralBusinessLaw
UGANDA
GeneralBusinessLaw
BAND 2
SOUTH AFRICA
Banking&Finance
DisputeResolution
FinTech
Media&Broadcasting
Restructuring/Insolvency
KENYA
Projects&Energy
CHAMBERS & PARTNERS 2020 RANKED US IN THE FOLLOWING AREAS
TIER 1
KENYA
Financial&Corporate
Mining
SOUTH AFRICA
CapitalMarkets:Debt
CapitalMarkets:Equity
Energy&Power
M&A
UGANDA
Financial&Corporate
ProjectDevelopment
TIER 2
KENYA
Energy&Power
Infrastructure
SOUTH AFRICA
Banking
Infrastructure
Mining
Oil&Gas
ProjectFinance
TANZANIA
Financial&Corporate
TIER 3
TANZANIA
ProjectDevelopment
IFLR1000 2019 RANKED US IN THE FOLLOWING AREAS
TIER 1
KENYA
Banking,Finance&CapitalMarkets
Commercial,Corporate&M&A
Employment
RealEstate&Construction
SOUTH AFRICA
Commercial,Corporate&M&A
Competition
Employment
Projects&Infrastructure
Shipping&Transport
TANZANIA
LeadingFirm
UGANDA
LeadingFirm
TIER 2
KENYA
DisputeResolution
Privitisation&Projects
SOUTH AFRICA
Banking&Finance
DisputeResolution
InvestmentFunds
Tax
THE LEGAL 500 EMEA 2020 RANKED US IN THE FOLLOWING AREAS
71 37 67Recognised Lawyers
Recognised Lawyers
Recognised Lawyers
BOWMANS Tax
12 13
Key Contacts
To view profiles of our lawyers,
please visit www.bowmanslaw.com
BARRY GARVEN HeadofTax,Johannesburg
Johannesburg,SouthAfrica T:+27116699323
WALLY HORAK
HeadofTax,CapeTown
CapeTown,SouthAfricaT:+27214807935
ERNEST WILTSHIRE
ManagingPartner
Kampala,Uganda
T:+256414254540
ALEX MATHINI
Partner
Nairobi,Kenya
T:+254202899000
KELLY PRETORIUS
Partner
Johannesburg,SouthAfrica
T:+27116699287
ALAN KEEP ManagingPartner
Johannesburg,SouthAfrica T:+27116699348
ANERIA BOUWER Partner
CapeTown,SouthAfrica T:+27214807936
DANIEL GANTUNGO
Partner
Kampala,Uganda
T:+256414254540
RONÉ LA GRANGE Partner
CapeTown,SouthAfrica T:+27214807874
YASMEEN SULIMAN Executive-Tax
Durban,SouthAfrica T:+27311091169
SAMIR ELLARY
Partner
Johannesburg,SouthAfrica
T:+27116699338
PATRICIA WILLIAMS
Partner
Johannesburg,SouthAfrica
T:+27116699313
ADELE DE JAGER Executive-Tax
Johannesburg,SouthAfrica T:+27116699310
ROBYN BERGER
Executive-Tax
Johannesburg,SouthAfrica
T:+27116699301
NIKHIL HIRA
Director
Nairobi,Kenya
T:+254202899000
MICHAEL RUDNICKI Executive-Tax
Johannesburg,SouthAfrica T:+27116699314
MOGOLA MAKOLA Partner
Johannesburg,SouthAfrica
T:+27116699486
BOWMANS Tax
Cape Town, South AfricaT:+27214807800
Dar es Salaam, TanzaniaT: +255768988640
Durban, South AfricaT: +27311091150
Johannesburg, South AfricaT: +27116699000
Kampala, UgandaT: +256414254540
Lilongwe, MalawiT: +265990318152
Lusaka, ZambiaT: +260962275329
Moka, MauritiusT: +23052980100
Nairobi, KenyaT: +254202899000
Follow us on Twitter:@Bowmans_Law
www.bowmanslaw.com
Alliance Firms:
Aman Assefa & Associates Law Office, Addis Ababa, EthiopiaT: +251114702868
Udo Udoma & Belo-Osagie, Lagos, NigeriaT: +23412774920-2,+23412719811-3