The Legal 500

Clients choose Cuatrecasas, Gonçalves Pereira because ‘even as a big office, they act as promptly as a small office; the team is always available to talk and solves problems quickly’. The team advised GALP on tax issues related to branch incorporation in Spain and the allocation of a share portfolio. EDP Inovação sought the firm’s tax advice on the structuring of energy and new technologies investments, while it continues to provide ongoing advice to ING Real Estate on the structuring of a property logistics fund concerning Portuguese assets. Diogo Ortigão Ramos, a ‘truly great lawyer’ heads the department, while London-based António Rocha Mendes is thought to have ‘tremendous tax expertise and a lot of practical experience’. Carlos Almeida Sampaio also fetches positive market feedback.

Recognized for its ‘very strong tax team’, GARRIGUES PORTUGAL, S.L. – Sucursal has recently strengthened its Lisbon office by appointing the well-reputed Paulo Núncio to partnership. Focused mainly on tax litigation, compliance and transfer pricing matters, this practice finds its strength in depth, fielding some 30 lawyers solely dedicated to tax. The team is providing ongoing tax assistance to Santader Group in relation to its reorganization and internal restructuring involving the merging of various financial insitutions operating in Portugal.

Although Morais Leitão, Galvão Teles, Soares Da Silva & Associados saw the departure of Paulo Núncio and Filipa Correia Pinto in 2008, the team also welcomed the arrival of two new associates. Labeled ‘the best’, the team is involved in some very high-profile tax structures. Recent work includes advising Accenture on the restructuring of accounting and financial services in the health sector, particularly when setting up a special vehicle. In addition to its consulting services, the team conducts tax litigation for a number of multinationals, having recently won an important case at the Administrative Supreme Court for its client Borealis. The team advises a number of banking clients, such as Goldman Sachs, Merrill Lynch, Deutsche Bank, Barclays Capital, Credit Suisse, Bank of America and the Royal Bank of Scotland. Francisco de Sousa da Câmara is considered by many to be ‘outstanding’, while Oporto-based António Lobo Xavier is praised for his ‘capacity, knowledge and commitment to the client’.

PLMJ – A. M. Pereira, Sáragga Leal, Oliveira Martins, Júdice e Associados Sociedade de Advogados, RL is a go-to firm for tax advice, noted for its ‘swift contact, availability, politeness and proactive attitude’. With ‘deep knowledge and independent opinion’, Rogério M. Fernandes Ferreira heads this 19-strong department. The team provides specialist tax consultancy services to both national and international clients, while also handling tax controversy cases, tax planning, tax litigation, due diligence, tax compliance advice and customs and excise matters. Recently the team represented a client before Infarmed and the courts in a tax controversy case concerning levied tax on the sale of cosmetics, a matter which involved both Portuguese and EC law. On the consultancy side, the team provided a tax opinion related to a compensation for the nationalisation and expropriation of assets in Angola. Clients point to the team’s ‘knowledge, experience and availability’ as key strengths.

Fielding 15 lawyers, Abreu Advogados has split its tax practice into five distinct areas, namely local taxation, international taxation, Madeira’s Free Trade Zone, tax litigation and private clients. The team advised Cepsa on the tax aspects related to the merger between Cepsa and Total Portugal Petróleos, whilst on-going tax assistance is provided to Group Semapa in relation to a number of corporate income tax litigation cases. Miguel Teixeira de Abreu leads the department.

Elsa Rodrigues heads the tax department at Espanha & Associados, traditionally held in high regard thanks to the leading reputation of founding partner João Espanha. Despite its comparatively small size, the team has attracted instructions from a number of high-profile clients. The team advised on a €500,000 thin capitilisation matter, with the client instructing the firm to challenge tax authorities. The team eventually secured a complete win. The team also provided legal assistance in connection with a €110m MBO transaction for its client, an Iberian company involved in the health clubs sector. Clients say, ‘the team is capable of dealing with sophisticated matters, particularly when advising on the tax structure aspects of corporate restructuring and acquisitions’.

F. Castelo Branco & Associados has a formidable tax practice led by Vítor Felix. The team acted for Hotusa providing specialist tax advice on the investment structure necessary for the €42m acquisition of real estate, including also the acquisition of a real estate investment fund. The firm has a solid tax litigation practice that sees a steady stream of work and a typically high success rate. Regular tax advice is provided to clients including Daimler Chrysler, Hewlett Packard, Merrill Lynch Bank Suisse and Nike.

Franco Caiado Guerreiro & Associados boasts a strong tax team, led by the ‘very capable’ Tiago Caiado Guerreiro. Offering ‘answers to all questions involved in complex transactions’, the team has a number of enviable clients to whom it provides regular tax advice. Such clients include Infocapital, Induyco, MedaPharma and Novo Nordisk. The team advised LABCO Group on the tax structure used in the €350m joint acquisition of various pan-European laboratories. Goldman Sachs continues to instruct the firm for legal and tax advice concerning the marketing of Goldman Sachs Funds within Portugal.

Linklaters LLP has calmed fears that its tax practice may have suffered following the departure of Patrick Dewerbe. In fact, ex-Deloitte tax expert Riu Palma has maintained the team’s upstanding reputation, with clients describing it as ‘an excellent team of professionals who is fully committed and aligned with its client’s interests’. The team advised Goldman Sachs on the design and planning of a tax-efficient model for a particular type of derivatives transactions, with the transaction combining legal technicalities from four separate juridictions, while building upon treaty law, Portuguese and EC law to achieve a highly enhanced tax structure. Following EDP’s incorporation in Spain and listing on Euronext Lisbon, the firm advised on the complex tax issues that were subsequently raised. Clients say, ‘the firm really knows how to minimize the execution risk inherent to any transaction by providing elegant and smart structural solutions’. Tânia de Almeida Ferreira is recommended, alongside rising star Ricardo Reigada Pereira.

Rui Pena, Arnaut & Associados, Sociedade de Advogados, RL’s tax practice continues to flourish under the guidance of co-heads Nuno Pena and Patrick Dewerbe. Pena recently secured a newsworthy Supreme Court decision ruling that Portuguese tax payers should not be considered as tax criminals when failing to deliver to the Portuguese State VAT payments not received from their service providers. The team acted for GE Commercial Finance during a transaction involving the €24m sale of a 49% stake in Heller Factoring Portuguesa, a deal that raised significant tax structuring issues. The team is said to possess a ‘practical approach and good business sense’, a combination that ‘creates values to the client’.

Paula Rosado Pereira leads the tax team at Simmons & Simmons Rebelo de Sousa, noted for its ‘high quality advice and prompt turnaround’. The team advises on the full range of tax-related issues, including tax planning, international group structuring, employment and property taxes, as well as VAT and tax litigation. The team is advising Banque Privée Espírito Santo on international tax planning and structures, while having also acted for Barclays, providing tax advice on the creation of liquidity management services in Portugal.

Noted for its presence in Madeira, Teixeira de Freitas, Rodrigues e Associados’s tax practice is lead by Luiz Augusto Teixeira de Freitas, who is ably supported by Vasco Carvalho Marques. The team advises on both domestic and international tax issues, and has been involved in the international tax restructuring of a metal multinational group. The team has also performed tax planning on the setting up of real estate investments, and performed VAT and corporate tax litigation for an Iberian pharmaceutical group. High-net-worth individuals form a notable part of its client roster.

The tax practice at Uría Menéndez comprises four main focus areas: corporate tax, real estate (including VAT and transfer issues), finance (including refinancing, banking, capital markets, and the creation and design of new financial products), and tax litigation, a growing area of importance for the firm. Filipe Romão leads a team with an ‘outstanding’ reputation and ‘impressive technical knowledge’. The team advised Jerónimo Martins on the tax aspects of the acquisition of Plus Operations in Portugal and Poland, a transaction involving three jurisdictions and extensive collaboration with foreign firms. Grupo Pestana instructed the team to advise on the implementation of an international operating structure for the development of a Venezuelan hotel. Miguel Durham Agrellos leads a small team from Oporto.

Although the tax department at Vieira de Almeida & Associados does provide support to other departments, the team is also able to function on a standalone basis. This ten fee-earner department is led by Tiago Marreiros Moreira, offering broad tax advice in addition to tax litigation services. The team provides ongoing assistance to Deutsche Bank in relation to direct and indirect tax matters, and tax litigation concerning financical transactions and products. Other tax clients include Brisa and Logoplaste. Conceição Gamito is recommended, and the team was recently strengthened by the arrival of Oporto-based Filipa Correia Pinto, previously of Morais Leitão, Galvão Teles, Soares da Silva & Associados.

ABBC – Azevedo Neves, Benjamim Mendes, Bessa Monteiro, Carvalho & Associados – Sociedade de Advogados RL fields a dedicated tax department best recognised by leading lawyers, Nuno Azevedo Neves and Antonio Moura Portugal. With key clients including Lufthansa, Indest, Logista, Yamaha Motor Company and Deutsche Bank, the team’s main focus areas include tax litigation, tax advice in relation to corporate/M&A matters, real estate tax advice, transfer pricing and double taxation treaties.

Barrocas Sarmento Neves is assisting Petrobrás with tax matters relating to direct investment and contracts with third parties and the state. The team is also assisting Acciona Energia with all tax aspects involved with the €200m financing of The Moura Project. Delivering ‘high quality service’, the team’s best known personalities include practice head Joana Pizarro Bravo and João Nuno Barrocas.

Macedo Vitorino & Associados applies a boutique-style approach to its tax practice, choosing only to pratice in complex tax-structuring work for banking and corporate clients. When the firm assisted Banco Efisa and Macquarie with its €105.5m bid for a double-dip lease of several Metro do Porto trams, the team advised on tax-effective structures, financial and operational leases, and the tax treatment of the lease rentals, including VAT and stamp duty matters.

Mouteira Guerreiro, Rosa Amaral & Associados – Sociedade de Advogados R.L. focuses on tax consultancy and tax litigation. The team advised a major Portuguese retailer group on corporate reorganisation and the structuring of its overseas investments (through a Madeira vehicle), while Liberty Mutual instructed the team to litigate in a case concerning double tax treaties and tax loss claims. Mário da Rosa Amaral heads the department.

PLEN – Sociedade de Advogados, RL was recently instructed to assist Madjet – Transportes Aéreos on all tax matters relating to the acquisition, import and subsquent lease and flight management concerning a Hawker Beecraft aircraft. José Eliseu Mendes is regarded as a ‘solid tax practitioner’.

Raposo Bernardo’ representative tax clients include Banif Gestão de Activos, Martifer Renewables, Domus Holdings and Edifer. The practice assisted Novabase Consulting in the SIFIDE process to maximize tax benefits associated with its IT innovation and design. Miguel Pais de Oliveira heads the department.

Serra Lopes, Cortes Martins & Associados saw the arrival of Isabel Garcia, formerly of Abreu & Marques e Associados. As a well-known tax practitioner, Garcia brings to the firm additional strength in both real estate and corporate tax matters. João Marques Pinto is likewise noted for his capabilities in tax litigation.