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M&A and CorporateRegulatory & Competition
Advises WoraPay, a FinTech start-up, on corporate restructuring aimed at entering the UK market. Advice includes the evaluation of tax implications of various options and finding the most feasible solution. The case is unique because of regulatory constraints applicable to financial services as well as the other factors substantially limiting the possibilities of achieving the intended result (2017–present);
Advises Cronimet Nordic regarding the application of a 0% VAT tariff. The matter is exceptional in that the client carries out its activities without an established branch and stores purchased goods in the territory of Lithuania until export procedures for quite a long time. The Lithuanian Tax Inspectorate has not set a term within which the goods must be exported; however, in the case at hand, the client claims application of the case law of the Court of Justice of the European Union (2017–present);
AdvisedStada-Nizhpharma-Baltija on issues concerning the export of goods to Azerbaijan, tax consequences of the application of a discount system. The matter is exceptional in that taxation rules had to be adapted to the regulated market for medicinal products, in which the mark-up, the acquisition cost of medicinal products is regulated (2017);
Advised the client on tax aspects of acquisition of the target company in Finland, including the formation of the group holding company and tax structuring of the acquisition finance for the transaction (2017);
Represented UAB Sunergus, one of the biggest exporters of petroleum products in Lithuania, in a dispute with the Lithuanian Customs. The import VAT claim against the client amounts to over €2.2 million. The dispute concerns the disagreement on how the Customs assessed the import procedures. The case is unique as, relying on the Customs Code, the Customs did not recognise the import VAT deferment, although the State Tax Inspectorate admitted the import procedures and the import VAT deferment as acceptable (2016–2017);
Advised the leading dedicated private equity and venture capital investor in the Baltic States regarding establishment of a fund in the Baltic States. A comparable analysis of tax environment for operation of the fund in Lithuania, Latvia, and Estonia was prepared (2016);
Advised Imlitex on the electricity trading agreement with Vattenfall AB (publ). The agreement was made based on the ISDA (International Swaps and Derivatives Association) 2002 Master Agreement. Advice included contractual and financing aspects of the cross-border transaction. Special attention was required for the assessment of the client’s tax representations provided in the agreement (2015);
Advised Atlas Professionals, a Dutch provider of recruitment and HR services within the energy and marine sectors globally, on personal income tax and social security issues relating to a possible payroll structure in Lithuania. The advice included cross-border elements of the social security system within the European Union as per Regulation (EC) No 883/2004, as well as the issues of a taxable corporate presence in Lithuania and the application of a personal income tax incentive for seafarers (2015).
Represents one of the major Lithuanian companies engaged in trading in metals in the tax dispute against the State Tax Inspectorate. The company appealed against the STI decision on the application of transfer pricing in acquiring metal products from an associated person (2012–2013);
In relation to acquisition of a shopping centre, counselled Pontos Group, a family owned private equity and real estate investment company operating in Finland, the Baltic States and Russia, on matters related to the application of value added tax, real estate tax, thin capitalisation rules, other tax aspects both during the acquisition of the shopping centre and its management (2011–2012).
Councelled Storebrand Group on the acknowledgement of an individual activity as a labour activity (2012);
Advised a client, a natural person, on planning taxation using the taxing advantages of the particular Member States of the European Union (related to selling business to a foreign investor) (2011–2012);
Advised Westinghouse, a subsidiary of Toshiba Corp., on the tax environment and application of tax incentives for investments in Lithuania in connection with participation of the client in a tender to build a new nuclear power plant (2011);
Advised the European Investment Bank on taxation issues concerning the creation of financial engineering instruments for one of the pioneering financial engineering projects in Europe JESSICA (2010–2011);
Advised KEPCO (Korea Electric Power Corporation) on the tax environment in Lithuania (capital taxation, taxation of imports, tax incentives, etc.) and application of tax incentives for investments in Lithuania (2010);
Advised Storebrand Baltic on creation of the incentive scheme for the employees of a Lithuanian unit (2010);
Assisted Barclays in developing a taxation background of the employee incentive scheme. Counselled the client on extension of the employee incentive scheme to its employees of the Lithuanian subsidiary (2009–2010);
Participated in preparation of detailed information on tax regime in the countries of Northern and Western Europe for UAB Eltel Networks, a provider of services related to designing and installation of indoors and outdoors telecommunication and building engineering networks. Prepared the analysis on labour taxation in some of the countries of the region, which focused on the differences of labour taxation in selected countries, as well as the job market prevension means. Counselled the client on the issues related to taxation of personal income, social insurance contribution (2009–2010).