Tax Officers Summit XXIV 2019

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  • How the Tax Function Can Add Value in M&A Transactions




    Jamie Gebbia, a speaker at the marcus evans Tax Officers Summit XVI Fall 2013, on how the tax function must be involved in the merger and acquisition activities the organization engages in.

    Interview with: Jamie Gebbia, Director, Tax Planning and Audits, FMC Corporation

    FOR IMMEDIATE RELEASE

    “Tax can make or break a deal. Every M&A deal is different, but the tax function can provide a tremendous amount of value throughout the deal lifecycle,” points out Jamie Gebbia, Director, Tax Planning and Audits, FMC Corporation. “From the initial phases of the business case through the end stages of integration, it is essential that the tax function is represented and involved with the deal and strategy teams on all aspects of the acquisition,” he advises.

    Gebbia is a speaker at the marcus evans Tax Officers Summit XVI Fall 2013, in Las Vegas, Nevada, November 14-16.

    What is troubling tax directors who engage in their organization’s M&A activities?

    M&A deals are getting more complex, so the tax function has to be involved in all facets of the acquisition process. From pre-acquisition planning and strategy through post-acquisition integration, the tax department can add economic value to the deal while mitigating tax risk.

    How could tax directors ensure a successful outcome?

    Tax cost and risk can make or break a deal. Conversely, tax planning can add tremendous value to the deal economics. As such, the tax function has to be a key stakeholder on the deal team. We can provide valuable expertise in the areas of deal structuring and funding, due diligence, deal negotiation, and integration by being closely aligned with the corporate development function and other functional areas.
     
    One of the key success areas is building the internal resources and expertise. At the end of the day, the internal team will know the company better than external consultants, and will be able to leverage resources throughout the organization. Success comes down to having a dedicated team and efficient processes in place, in all financial and non-financial functions across the organization, while pulling in external expertise and resources, when necessary. 

    It is also essential to develop a tax M&A “toolkit” for due diligence, structuring, deal negotiation, and integration, which can be tailored to the deal itself.

    What are common pitfalls and traps for the unwary?

    This includes poor communication, not involving the right functions, integrating the tax (and other functions) at the last minute or not at all, inadequate focus and strategy, excess dependence on consultants, and siloed functions. Most pitfalls ultimately come down to communication breakdowns.

    What does post acquisition integration entail?

    In my opinion, post acquisition integration, from a tax perspective, takes two phases which sometimes may be one in the same. The first phase is the true legal entity integration (i.e. “moving the boxes”). The second phase, and perhaps more important is IP integration into supply chain and operations of the company, which may be completely independent from the first phase, depending on your organization.

    There are obviously significant tax ramifications and challenges in both of these phases. Having the expertise to address these aspects in a tax efficient manner is critical to acquisition integration.

    What opportunities can the tax function bring along?

    In terms of the deal structure, there may be tax efficient ways to utilize foreign cash to fund a deal, and certain structures may be advantageous to both the buyer and seller, which may increase the tax efficiency of the deal itself.

    Perhaps there are certain tax attributes, such as tax loss carry-forwards or tax credits, either at the target or even at the business, that the company may be able to utilize in the context of a transaction. In the integration phase, there may be certain tax planning or tax repatriation strategies that the company could implement or execute that would provide value to the organization as well. Being able to identify and utilize these attributes are key to adding value to the deal from the tax area.


    Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division

    Tel: + 357 22 849 313
    Email: press@marcusevanscy.com


    About the Tax Officers Summit XVI Fall 2013

    This unique forum will take place at the Red Rock Casino, Resort & Spa, Las Vegas, Nevada, November 14-16, 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on corporate tax management, international tax planning, corporate tax reform and transfer pricing policy.

    For more information please send an email to info@marcusevanscy.com or visit the event website

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    Please note that the Summit is a closed business event and the number of participants strictly limited.

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