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In brief

The Baker McKenzie EMEA Tax Practice Group is presenting a series of short webinars to keep members of the community abreast of recent developments in these uncertain times. On 10 November 2020, the session focused on specific cases and provided the perspectives and recent experience of specialists based in a number of typical investment jurisdictions.

Over recent years, the tax landscape around investment and asset management activity has changed tremendously due to the enhanced beneficial ownership test (as it results from the decisions of the European Court of Justice in the so-called “Danish cases”), as well as the new anti-abuse provisions introduced by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) and, in particular, the principal purpose test (PPT).

This changed approach affects the traditional structuring and governance of private equity funds. During this second session on the topic, our panel builds on the ideas from the first session, discusses specific cases and provides the perspectives and recent experience of specialists based in a number of typical investment jurisdictions (including Germany, Italy, Spain and the Netherlands). Some countries have already reacted to the decisions in the Danish cases or have perhaps provided some helpful guidance on how to implement the PPT in practice. These elements will also be shared during this session and their application will be discussed in the context of practical examples.
After this second session, you should know whether your current or contemplated structure is likely to meet the test or whether an adjustment may be needed.

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Full Series Description


Thomas Gierath has 20 years of experience practicing as a tax and transaction lawyer. He has broad experience in German and international taxation matters and advises on transactions of all kind (mainly M&A, private equity, real estate and financing), tax structuring of transactions and fund formations, domestic and cross-border tax planning for corporates, sponsors and/or investors, tax due diligence, and deals with official authorities (e.g. regarding tax rulings and tax audits). Thomas’ clients are German and international private equity, strategic and real estate investors as well as European and global corporate groups. He is considered as „trusted advisor“ by several international real estate funds and corporate clients and has been awarded Best Lawyer in Germany for the 2020 edition of Best Lawyers. 


Katarzyna Kopczewska is a partner in Baker McKenzie's Warsaw office. She combines legal background with 13 years' tax advisory experience from a Big Four consultancy with a focus on real estate.


Roberto Lazzarone Lazzarone is a Counsel in Baker McKenzie Milan office.


Ruben Lago is an Associate in Baker McKenzie Barcelona office.