Currency Planning for Multinationals in Latin America - June 17, 2022
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Currency Planning for Multinationals
in Latin America
June 17, 2022
Co-Chairs & Speakers
Gabryela Valencia Ayala Valeria Estathio
Tax Partner Partner
Valencia del Toro & Professionals, S.C. O´Farrell
Mexico City Buenos Aires
+(55) 5251 1705 +5411 4346-1000
gvalencia@valpro.com.com.mx estathioV@eof.com.ar
Lavinia Junqueira Juan Gabriel Reyes
Partner Pérez, Bustamante & Ponce
Junqueira Ie Advogados Quito
São Paulo +593 2 3827640
+55 11 4550 2784 jreyes@pbplaw.com
lavinia@jlegalteam.com
Aziza Yuldasheva Sam Kaywood
US Tax Principal Partner
Deloitte Tax LLP Alston & Bird LLP
Washington, DC Atlanta, GA
+1 (202) 220-2119 +1 (404) 881-7481
ayuldasheva@deloitte.com sam.kaywood@alston.com
2
Foreign Currency Issues – Mexican Perspective
Gabryela Valencia Ayala, Mexico City
MEXICO
Legal Framework for
Currency Fluctuation Mexican Federal Constitution
Monetary Law
Central Bank Law
Income Tax Law
Value Added Tax Law
Federal Fiscal Code
4
MEXICO
• Autonomous
• Main Objective: Provide the
country's economy with
domestic currency and to
maintain a low and stable
inflation
• Other Faculties: Regulates FX,
as well as financial
intermediation and financial
services
Esta foto de Autor desconocido está bajo licencia CC BY-SA-NC
5
MEXICO
• Central Bank shall act in FX
matters in accordance with the
guidelines determined by the FX
Commission
• Exchange rate policy is the
responsibility of the FX
Commission, which is composed
of officials from the Ministry of
Finance and Banco de México. At
the end of 1994, the Commission
agreed that the exchange rate
would be freely determined by
market forces (flexible or floating
exchange rate).
Esta foto de Autor desconocido está bajo licencia CC BY-SA-NC
6
MEXICO
Monetary Law
•Legal tender: MXN
•Foreign currency shall not
be legal tender
Esta foto de
Autor
desconocido
está bajo
licencia CC
BY-NC
7
MEXICO
• Issue: US Company does not want
to be paid in pesos
Monetary Law
• Payment obligations in foreign
currency to be fulfilled within
Mexico should be settled by
delivering the equivalent in MX
currency
What Exchange rate?
Date of payment
8
Mexican Tax Rules for Exchange Gains and Losses
MEXICO
Why Interest?
Income Tax Law
1. Exchange gains or losses shall be
treated as interest
2. Interest accrued during the tax year
is considered taxable income (even if
not incurred) for advance payments
and annual tax
3. Taxpayers may deduct accrued
interest payable during the tax year
(only annual tax)
10MEXICO
EXCHANGE FLUCTUATION AND
INTEREST. ARTICLE 8, PENULTIMATE
PARAGRAPH, OF THE INCOME TAX
LAW, GIVES THEM EQUAL TREATMENT,
SINCE THEY ARE SIMILAR IN NATURE…
since they are concepts that are generated
on a daily basis and constitute financial
charges that must be borne, even though
they do not constitute one and the same
thing…”
(Mexican Supreme Court of Justice, 1a. CXVII/2017
(10a.), Weekly Report of the Judiciary and its Gazette,
Book 46, September 2017, Volume I, page 223
Esta foto de Autor desconocido está bajo licencia CC BY-SA
11MEXICO
4. Exchange loss ≤ loss obtained by • Issue: potential limitation in loss
applying the Central Bank deduction for exchange rate, thin
exchange rate capitalization rule, potential
application of anti-abuse rules e.g.
rules re-characterizing interest into
dividends (hidden dividends)
5. Exchange gain ≥ gain obtained by
applying the exchange rate of the
Central Bank
12MEXICO
• The exchange rate at which the
foreign currency in question was
acquired
FEDERAL FISCAL CODE :
Taxes and their accessories
must be incurred and paid • The exchange rate published by
in local currency the Central Bank on the day prior
to the day on which the taxes are
incurred
13MEXICO
Are exchange gains • No grounds for taxing
obtained by a Foreign
Resident subject to
withholding tax? • Except Mexican PE of a foreign
resident: applies same rules as
Mexican companies
Esta foto de Autor desconocido está bajo licencia CC
BY-NC
14MEXICO
• Currency fluctuation is not a
taxable event for Mexican VAT
purposes
• As VAT is charged on a cash
flow basis, any exchange
fluctuation on the transaction
value, will constitute “tax base” to
which VAT rate will be applied
15MEXICO
Payment agreed in USD
US Company and paid in USDn
Payment
Loan Principal+
interest
MX Company
Escenario 2: Loan
16MEXICO
Account
US Company Receivable
(AR)
Payment
Principal+
interest
Account
MX Company
Payable (AP)
Escenario 2: Loan
17MEXICO
MX Resident US resident
• WHT on interest payments (tax rate • No Fluctuation effect
applies depending on particular
• No VAT effect
circumstances and DTCs)
• Considers taxable income exchange gains
accrued or deducts exchange loss
• Applies limits to deductions of interest
e.g. thin captalization limit
• VAT on import of services; however by
application of reverse charge mechanism
no economic burden (for other type of
transactions e.g. leasing transactions,
reverse charge is not aplicable)
18MEXICO
Hedges
• Since loan is agreed in USD and • MEXCO requires a hedge
interest is agreed at a variable rate • Common instruments
MEXCO requires to cover interest
risk and currency risk Forward: covers currency risk
Cross currency swap: covers currency
and interest risk
• MEXCO enters into the derivative
transaction with a foreign Bank
19MEXICO
Forward Cross Currency Swap
• Qualifies as an equity derivative • Qualifies as a debt derivative
• Currency derivatives have no • Is taxed as interest; thus if a gain is
source of wealth in Mexico; thus if a triggered by the foreign Bank, it is
gain is triggered by the foreign subject to withholding tax
Bank no withholding tax will apply
in Mexico
20Foreign Currency Issues – Argentine Perspective
Valeria Estathio, Buenos AiresArgentina
Restrictions to access the FX market
Since when? September 2019
Effects
Importers of goods Exporters Payment of dividends
royalties, services
22Argentina
Blue chip swap transactions [OUTFLOW]
PURCHASE OF
LOCAL VEHICLE AR$ SECURITIES WITH
TRANSFERS PESOS DUAL LISTING
TO BROKERAGE THROUGH
ACCOUNT BROKER
Gap between
official currency
rate and implicit
currency rate of
LOCAL VEHICLE
approx. 100%
LOCAL VEHICLE
COLLECTS USD IN USD SELLS
SECURITIES IN
ARGENTINA ARGENTINA
BANK ACCOUNT AGAINST USD
OR ABROAD THROUGH
BROKER
23Argentina
Blue chip swap transactions (Inverse) [INFLOW]
PURCHASE OF
USD USD SECURITIES WITH
PARENT CO. LOCAL VEHICLE
TRANSFERS USD
DUAL LISTING
THROUGH
TO BROKERAGE BROKER
ACCOUNT
Gap between
official currency
rate and implicit
currency rate of
100%
LOCAL VEHICLE AR$ LOCAL VEHICLE
SELLS
COLLECTS SECURITIES
PESOS IN AGAINST
ARGENTINA ARGENTINE
BANK ACCOUNT PESOS THROUGH
BROKER
24Argentina
• INFLOW – Eg. Capital Contribution by foreign shareholder
PARENT CO.
Convert USD into AR$ at the official
currency rate – Allows access to the
Alternatives FX market for repatriation
CAPITAL CONTRIBUTION
Blue chip swap transaction – Saving in
terms of USD
SUB.
Transfer of USD Transfer of securities
25Argentina
• INFLOW – TAX IMPLICATIONS
• Income Tax: taxable gain resulting from the sale of securities
[tax rate: 25% to 35% depending on accumulated net taxable income]
» Economic reality principle?
• Tax on credits and debits on local Bank accounts: 0.6%
» Impact of this tax depends on the structure of the transaction
Transfer of USD vs transfer of securities
• No tax implications on VAT and Gross Income Tax
26Argentina
• INFLOW – Blue chip swap performed by non resident shareholder
PARENT CO.
USD Purchase of securities with dual listing
through broker
LOCAL VEHICLE
AR$ Parent Co. sells securities in Argentina
against pesos through broker
E.G. CAPITAL CONTRIBUTION
Aspects to consider: - Purpose of the transaction
EXEMPTION
- Risk of PE?
INCOME TAX
- Corporate law requirements
27Argentina
Blue chip swap transactions [OUTFLOW] – E.g. Payment of
dividends, royalties, services to related parties
PURCHASE OF
LOCAL VEHICLE
TRANSFERS AR$ SECURITIES WITH Gap between
DUAL LISTING
PESOS TO
BROKERAGE
THROOUGH official currency
BROKER
ACCOUNT rate and implicit
currency rate of
approx. 100%
LOCAL VEHICLE
USD
LOCAL VEHICLE
COLLECTS USD IN
USD SELLS
SECURITIES IN
ARGENTINA BANK ARGENTINA
PARENT CO. DIVIDENDS ACCOUNT OR AGAINST USD
ABROAD THROUGH
ROYALTIES BROKER
SERVICES
28Argentina
• OUTFLOW – FX Restrictions
The performance of blue chip swap transactions prevents the local
entity and its related parties to access the official FX market (e.g. for
payment of imports) for 180 días (90 days prior to the swap and
commitment for 90 days after the transaction)
Crypto? Argentine Central Bank issued regulations
discouraging its offer by local banks
29Argentina
• OUTFLOW – TAX IMPLICATIONS
• Income Tax: loss derived from the sale of securities
Before 2018 Challenged by Tax Authority
Recent case law allows deduction
After 2018 “Specific” loss vs “ordinary” loss
FX losses vs losses from sale of securities
30Argentina
• OUTFLOW – TAX IMPLICATIONS (Cont.)
• Tax on debits and credits on local Bank accounts: 0.6%
Effective impact 1.2%
Investment via mutual funds
• No tax implications on VAT and Gross Income Tax
31Foreign Currency Issues – Brazilian Perspective
Lavinia Junqueira, Sao PauloThe Brazilian FX market
• Regulated market:
• National Monetary Council / Central Bank
• Purchase and Sale of BRL only with authorized intermediaries
• FX transactions reported to Brazilian Central Bank and subject to
tax (IOF/Exchange)
• Local transaction tax/cost basis in BRL
33The Brazilian FX market
• Dec. 2021 Changes to the regulatory framework
1. Bank account in foreign currency
2. Non-resident bank account with the same treatment of resident’s bank accounts
3. Payment orders in Brazilian Reais
4. Outflow of funds as profits, dividends, interest, amortization, royalties, scientific, administrative and similar technical
assistance services with no prior registration in the Central Bank
5. Authorization of private offsetting of credits
6. Payments in foreign currency
7. Financial institutions allowed to allocate, invest and destinate the funds to credit and financing operations abroad
8. Peer-to-peer purchase and sale of foreign currency in cash up to US$ 500
9. Elimination of the restriction on the use of proceeds held abroad by exporters.
34The Brazilian FX market
• Mar. 2022 Changes to the IOF/Exchange rules
IOF/Exchange / Year 2021 2022 2023 2024 2025 2026 2027 2028 2029
Exports 0% 0% 0% 0% 0% 0% 0% 0% 0%
Imports 0% 0% 0% 0% 0% 0% 0% 0% 0%
Dividends/Interest on Equity 0% 0% 0% 0% 0% 0% 0% 0% 0%
Capital increase/decrease 0.38
0.38% 0.38% 0.38% 0.38% 0.38% 0.38% 0.38% 0.38%
%
Inflow and outflow of loans with a
6% 0% 0% 0% 0% 0% 0% 0% 0%
tenor up to 180-days
Inflow and outflow of loans with a
0% 0% 0% 0% 0% 0% 0% 0% 0%
tenor above
Investment in financial portfolios in
0% 0% 0% 0% 0% 0% 0% 0% 0%
Brazil (Resolution 4,373)
Exchange transactions with credit,
debt, and prepaid cards for travels 6.38% 6.38% 5.38% 4.38% 3.38% 2.38% 1.38% 0% 0%
abroad.
Purchase of foreign currency or
transfer of funds to foreign accounts. 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 0% 0%
Other exchange transactions 0.38% 0.38% 0.38% 0.38% 0.38% 0.38% 0.38% 0.38% 0%
35Case Study – Capital Cost Basis in Brazil
Base Case
D0 Dn $ 100
Foreign Foreign Capital Buyer
Company Company = BRL
$ 100 = BRL 1000
Even though there is no gain in
Capital 500 USD the foreign investor pays
capital gain tax in Brazil on the
Brazilian Brazilian BRL gain
Company Company
Description BRL USD Possible alternatives:
Sale Price 1000 100 • International trade financing
in USD
Cost Basis -500 100 • Debt financing in USD
Capital Gain 500 0 • Holding vehicle abroad
15% to 22.5%
capital gain
36Case Study – Treatment of Loans in Brazil
Debt
D0 Dn
Foreign Foreign
Company Company BRL 500 foreign exchange loss is:
• deductible for corporate income tax purposes
$ 100 = BRL $ 100 = BRL under the real profit regime (34%) (subject to
Debt 500 Debt 1000 thin cap) (cash basis; possible to choose
accrual basis on an annual basis)
Brazilian Brazilian • not subject to Brazilian withholding tax
Company Company
Foreign exchange gain is:
Description BRL USD • taxable for corporate income tax purposes
Principal -x- 100 under the real profit regime (34%) and
• PIS/COFINS (4.65%) (subject to thin cap)
Cost Basis -x- 100 (cash basis; possible to choose accrual
Tax -x- 0 basis)
Thin capitalization limite 2Debtx1Equity (non-tax
haven); 0.3Debtx1Equity (tax haven)
37Case Study – Holding Company
Why hedge? Divestment Alternative 1
Holding Company • Keep USD cost basis up-
$ 100
D0 to-date.
Foreign Capital Buyer
• Financial reasons.
Foreign Alternatives for hedging: Company = BRL
Company • By BR Company: taxable 1000 $ 100
BRL x (34% + 4.65%) Capital
$ 100
USD • By Holding Company
Capital
hedge • In BR Exchange: 0% Foreign
Foreign • Over-the-counter: Holding
Holding 10% (no-tax haven)
BRL x • BR fund: 15% (no-tax $ 100
$ 100 = BRL USD haven) Indirect Capital
Capital 500 hedge • Abroad: no BR tax. Sale not
yet Brazilian
Brazilian taxable in Company
Brazilian Brazil
Company
Market
38Case Study – Holding Company
Divestment Alternative 2
$ 100
Foreign Foreign Capital Buyer
By
Company Company
= BRL • Interposing a holding
$ 100 1000 company
$ 100 = BRL • postponing the direct
Capital
Capital 1000 investment into Brazil to a
Foreign future merger
Brazilian
Holding • maintaining the USD value
Company
in the holding Company,
Merger
Description BRL USD = the foreign investor keeps
Brazilian the USD cost basis
Company Sale Price 1000 100
allowance
Cost Basis -1000 100
Capital Gain 0 0
No capital gain tax
39Foreign Currency Issues – Ecuador Perspective
Juan Gabriel Reyes, QuitoECUADORIAN BACKGROUND
• Year 1999 1 US Dollar = 3.500 Sucres.
• Year 2000 Inflation reached 91%.
• January 9, 2000: On national television, the President of Ecuador announced the following:
- US Dollar is now the official currency.
- Official exchange rate: 1 US Dollar 25.000 Sucres.
- Retention of all Sucres and US Dollars in Ecuadorian banks of more than USD 500.
• March 13, 2000: Entry into force of the Law for the Economic Transformation of Ecuador
(Trolleybus Law), through which more than 20 laws were amended.
• At this moment most of Ecuadorian private banks had declared bankruptcy or become state-
owned; many people lost their life savings.
41ECUADORIAN BACKGROUND
Consequences:
• Inflation lowered from 91% to 3% – 4%.
• Now, the US Dollar as official currency is more popular than soccer
- 88.7% of Ecuadorians support dollarization. [Source: ASOBANCA]
- 69% of Ecuadorians are soccer fans. [polling company: PIVOT]
• No President of Ecuador has ever proposed to go back to an Ecuadorian currency;
protecting dollarization is a common political offering among candidates.
• All foreign currency gains / losses special tax treatment laws were repealed.
42ECUADORIAN TAX TREATMENT
• All currency exchange gains / losses are treated as income / expense.
• Their taxability or deductibility depend on the nature or essence of the transaction.
- Gains will always be taxable.
- Losses will be deductible if the transaction that caused them had the purpose of obtaining,
maintaining or increasing taxable income.
• There are important differences in currency exchange gains / losses according to accounting rules
vs. tax law; in case of controversy tax law must be applied:
“ (…) for tax purposes, accounting standards (NEC) must take into consideration the provisions of the
Internal Tax Regime Law and its Regulations. This implies that in tax matters, the accounting principles
are subject to the provisions of the legal regulations.” [emphasis added]
Appeal No. 601-2012, p. 37, National Court of Justice, December 17, 2013.
43ECUADORIAN TAX TREATMENT
• Internal Tax Regime Law - Article 10.-
“(…) for the purpose of determining the taxable base subject to this tax –income
tax-, expenses and investments made for the purpose of obtaining, maintaining
and improving income from Ecuadorian sources that are not exempt will be
deducted.” [emphasis added]
• Regulations to the Internal Tax Regime Law - Article 28, paragraph 8, subparagraph a.-
“Losses caused in case of destruction, damage, disappearance and other events
that economically affect the taxpayer's assets used in the income-generating activity
and that are due to fortuitous events, force majeure or crimes, in the part that has
not been covered by indemnity or insurance are deductible.” [emphasis added]
44FOREIGN TRANSACTIONS
US tax effects Brasil tax effects
Argentina tax effects
Corporation
Location: United States of America Mexico tax effects
Currency: United States Dollar
45FOREIGN TRANSACTIONS
Corporation
Location: United States of America
Currency: United States Dollar Corporation
Location: Brazil
Currency: Brazilian real
Corporation
Location: Argentina
Currency: Argentine peso
Corporation
Location: Mexico
Corporation Currency: Mexican peso
Location: Ecuador
Currency: United States Dollar
46Foreign Currency Issues – U.S. Perspective
Aziza Yuldasheva, Washington, DCU.S. Tax on Foreign Currency Transactions
Basic Principles
• All U.S. tax determinations must be made in a U.S. tax functional currency
(determined separately from local GAAP, U.S. GAAP, IFRS, or local tax
functional currency)
• Individuals and qualified business units (“QBUs”), i.e., corporations,
partnerships, trusts, estates, as well as disregarded entities (“DEs”) and
branches that are QBUs, can have a functional currency
• U.S. resident individuals, U.S. corporations, U.S. partnerships, and
DEs/branches operating in the U.S – USD is generally required
• Foreign corporations, foreign partnerships, and DEs/branches operating
outside of the U.S. – unless USD is otherwise required under special rules,
functional currency is generally based on the economic environment and
books and records
48U.S. Tax on Foreign Currency Transactions
Basic Principles (cont.)
• Nonfunctional currency cash, debt instruments, accounts receivable/payable
(“AR/AP”), and currency derivatives—gain/loss related to FX fluctuations is
computed separately
• Generally ordinary income/loss (not capital and not interest, with rare
exceptions)
• Generally recognized on a realization basis; in some cases, must be M2M
or can elect to M2M; in some cases, amounts may be deferred, disallowed,
or otherwise not recognized
• Generally taxed at a regular U.S. tax rate (except certain gains/losses of
controlled foreign corporations (“CFCs”))
• Additional rules for gains/losses related to translation of earnings, assets, and
liabilities of foreign corporate subsidiaries and flow through operations
49U.S. Tax Implications of FX Markets
General Relevance
So, when is FX fluctuation relevant for U.S. tax purposes?
CFC regime – U.S. •
•
Translation of CFC’s earnings subject to U.S. tax
Tax on CFC’s unrepatriated earnings, including FX gains/losses on
shareholder level nonfunctional currency transactions, under “subpart F” or “GILTI”
regime
• Tax on FX-related change in value of previously taxed earnings upon
repatriation or certain other events
Pass-through regime –
U.S. partner/owner level • Translation of income, assets, and liabilities of pass-through QBUs –
e.g., certain foreign partnerships, DEs, and branches
(also applies to a CFC as a • Tax on FX gains/losses recognized by such QBUs on nonfunctional
partner/owner) •
currency transactions
Tax on partner’s/owner’s gains/losses related to translation of assets,
liabilities, and earnings of the QBUs upon remittances from or
dispositions of the QBUs
Non-USD financial
• Tax on gains/losses on disposition of non-USD cash
transactions entered into • Tax on FX gains/losses on interest and principal of non-USD debt
directly by U.S. taxpayers instruments (upon payment, modification, disposition, etc.)
• Tax on FX gains/losses on non-USD accounts receivable/payable
(payment, disposition, etc.)
• Tax on currency derivatives (timing varies)
50U.S. Tax Implications of FX Markets
General Relevance (cont.)
• When else are U.S. tax rules implicated?
• Special rules for hyperinflationary currencies
• “DASTM” rules for translating P&L and balance sheet from ARS or VEF to USD; annual gain/loss on
remeasurement of ARS and VEF monetary assets/liabilities vis-à-vis USD
• Mark-to-market and special treatment of FX gain/loss on of debt instruments denominated in ARS or VEF
• Effect of local currency-related restrictions on repatriation and payments
• Potential deferral of U.S. tax under subpart F
• Potential deferral of U.S. tax of direct income/expenses
• Potential taxable losses
• Unique forms of investments and financial transactions
• Complex issues in characterization, determination of gain/loss, and taxation of investment mechanisms at
foreign entity and/or U.S. affiliate level
• Transfer pricing
• Pricing of intercompany FX/financial transactions
• Pricing of intercompany operating flows in currency controlled or devaluation environments
• Foreign tax credits
• Credit for taxes on FX gains/losses and inflation adjustments
51Select U.S. Tax Risks of FX Risk Management
• Even if an entity manages its FX risk through natural hedging or derivatives, reducing its book and local tax exposure,
the U.S. tax rules may, if not properly addressed, still result in significant tax costs
• Thus, otherwise offsetting FX gains/losses may not offset for U.S. tax purposes and create tax whipsaws and
tax leakage because of one or more of the following reasons:
• Amount: A particular gain or loss might not be recognized for U.S. tax purposes (e.g., if there is a disregarded
transaction or if a loss is permanently disallowed)
• Timing: Otherwise offsetting gains and losses are recognized in different tax years for U.S. tax purposes (e.g., a
gain is M2M or a loss is deferred)
• Characterization/tax rate: Otherwise offsetting gains and losses are taxed at different tax rates in the U.S. (e.g.,
gain is included in subpart F income and loss is a tested loss)
• Hedging rules are complex, and proper and timely HEDGE IDENTIFICATION is critical
• Additional discussion points:
• Direct vs. back-to-back vs. proxy/synthetic hedging – U.S. tax comparison
• Balance sheet vs. cash flow vs. net investment hedging—U.S. tax treatment
• U.S. trade or business / PE risk if certain lending and/or FX activities of a foreign subsidiary are performed in the
U.S.
• Mitigation strategies
52Sample U.S. Tax Issues Related to Investments
• How to measure basis, value, FX gain/loss, and non-FX related
gain/loss, particularly where the official exchange rate has limited
applicability
• Characterization of investment vehicles, instruments, and income
from the investments (e.g., debt, contingent debt, derivative, stock (incl.
PFIC stock), partnership interest; FX vs. interest vs. market gain/loss)
• Who recognizes any gain/loss for U.S. tax purposes
• U.S. tax on distributions from foreign affiliates and contributions to
foreign affiliates involving investments
• Denomination of debt instruments
53Disclaimers
Disclaimer for Speaking Engagements including Deloitte Speakers Only:
This presentation contains general information only and Deloitte is not, by means of this presentation, rendering
accounting, business, financial, investment, legal, tax, or other professional advice or services. This presentation
is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or
action that may affect your business. Before making any decision or taking any action that may affect your
business, you should consult a qualified professional advisor.
Deloitte shall not be responsible for any loss sustained by any person who relies on this presentation.
Disclaimer for Speaking Engagements including both Deloitte and Non-Deloitte speakers:
This presentation [and related panel discussion] contains general information only and the respective speakers
and their firms are not, by means of this presentation, rendering accounting, business, financial, investment,
legal, tax, or other professional advice or services. This presentation is not a substitute for such professional
advice or services, nor should it be used as a basis for any decision or action that may affect your
business. Before making any decision or taking any action that may affect your business, you should consult a
qualified professional advisor. The respective speakers and their firms shall not be responsible for any loss
sustained by any person who relies on this presentation.
54Questions?
55For More Information
Gabryela Valencia Ayala has a Law Degree from Universidad Panamericana (Mexico City) and
an L.L.M. in International Tax Law by the Vienna University of Economics and Business. She
has been a tax advisor since 2007 and her experience comprises tax consulting services for
domestic and cross-border transactions. She is currently partner of the tax area of Valencia del
Toro & Professionals, S.C.
Valeria Estathio is partner at O´Farrell (Buenos Aires, Argentina) since 2014. Her practice
includes tax advising in local and cross border transactions as well as tax litigation. She has a
Law Degree from Universidad de Buenos Aires, an LLM in Law & Economics from Universidad
Torcuato Di Tella (Buenos Aires) and an LLM in International Taxation from New York University.
Lavinia Junqueira, Partner | Junqueira Ie Advogados, São Paulo, Brazil
Mother, entrepreneur, environment guardian, advisory board member & lawyer
LLB | University of São Paulo (USP)
Master in Economics | Pontifical Catholic University of São Paulo (PUC/SP)
56For more information
Juan Gabriel leads Pérez, Bustamante & Ponce’s tax practice for the last 20 years. His work
focuses in tax planning and structuring matters, representing clients in administrative and
judicial tax claims. He provides tax analysis for M&A and helps defining structures to streamline
the tax cost and minimize risks. In recent years, Juan Gabriel has achieved wide recognition in
matters relating to advising high-net-worth individuals on estate planning, corporate governance
and wealth structuring.
Aziza Yuldasheva is an international tax principal in Deloitte’s Washington National Tax office.
She advises companies regarding foreign currency transactions, cross-border financing, and
global treasury operations. She assists multinationals in setting up tax-efficient cash pooling
arrangements, hedging programs, and collection/payment centers. She also provides tax advice
on treasury matters related to M&A transactions, internal restructuring, and repatriation.
57For more information
Sam Kaywood has a B.S. before attending Emory Law School, where he graduated in 1986.
Sam is a frequent lecturer and speaker on international tax and tax issues arising from inbound
investment, intellectual property and outbound operations and particularly active in matters
relating to Latin America. Sam is a member of the State Bar of Georgia, the American Bar
Association, and the International Bar Association, and is active with the Southeast Branch of
the International Fiscal Association. Sam is the former Chair of the Committee on U.S. Affairs of
Foreigners and Tax Treaties, which is part of the Tax Section of the American Bar Association.
Sam is also an Adjunct Professor at Emory University School of Law where he teaches
International Taxation.
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