Sophie Borenstein

Partner

Avocat à la Cour

KGA Avocats

Tel: +33 (0)1 44 95 20 01

Fax: +33 (0)1 49 53 03 97

Email: s.borenstein@kga.fr

Practice Areas

French tax

International tax

Private client

Sophie is a partner and leads the tax team of KGA Avocats. She specializes in

French and international taxation, corporate taxation, transfer pricing, tax

issues for cross-border mergers and acquisitions and group restructuring,

maritime VAT, real estate taxation, estate planning and employee saving

schemes. She advises clients from all range of industry and has, in particular,

experience in advertising, communication and media activities, in wealth

management and maritime taxation.

Sophie has been ranked and recommended amongst the best practitioners by

the leading business publication “Option Droit et Affaires” in “Corporate

Taxation” and in “Corporate Tax Litigation and Tax Reassessment

Assistance”

Sophie is recommended in The Legal 500 and in the Tax Directors Handbook.

She is the official correspondent for France of the editor Tax Analysts (Tax

reviews: Tax Notes International and Worldwide Tax Daily).

Sophie has co-written the book "Fiches de droit fiscal international - Rappels

de cours et exercices corrigés" published by Ellipses in June 2011.

KGA Avocats

44, avenue des Champs-Elysées - 75008 Paris – France

Offices : Paris, Lyon, Marseille - Partners : Abidjan, Bruxelles, Libreville, Londres, Tel-Aviv

In cooperation with McGuireWoods LLP - Member of Pangea network

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She is a member of the International Fiscal Association (IFA), of the Institute

of French tax lawyers and counsels (IACF), of the tax committee of the EACC

(European American Chamber of Commerce) and of the European EPSG

(Estate Planning Skill Group). Sophie also works for the development of

Israeli activities.

She was admitted to the Paris Bar in February 1999 after graduating from the

University of Paris II-Assas (Master of Tax and Corporate Law). She has a

post-graduate professional degree (DESS) in Companies' Taxation from the

University of Paris-Dauphine.

Prior to joining KGA Avocats in January 2017, Sophie Borenstein was a

partner and head of the tax department of the Reed Smith Paris office.

She has worked for Richards Butler since December 2003 (that merged with

Reed Smith in 2007). Before that, Sophie worked for PricewaterhouseCoopers

Legal in their international tax and transfer pricing department and in the tax

department of Andersen. She has also worked in London as tax manager

within the European-African and Asian Tax department of the US media

group "Omnicom".

Representative Matters

• Corporation tax

• Advice on general corporate taxation (general corporate tax issues,

VAT, research tax credits, local business tax issues, tax optimization

and tax management of French and foreign groups)

• Assistance on transactions relating to acquisition, restructuring,

reorganization and recapitalization of companies, which have

included merger, acquisition, partial merger, transfer of shares,

increase and reduction in capital, increase in capital followed by a

dramatic reduction in capital, forgiveness of debts, management

agreement/“location-gérance”, and creation of intermediate holdings

• Advice on French tax consolidations

• Assistance on services agreements, management fees agreements,

license agreements and cost-sharing agreement

• Tax advice in the LBO/MBO/venture capital and private equity fields

• Implementation of transfer pricing policies for industrial, chemical,

pharmaceutical, IT group

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• Assistance on transfer pricing documentation for international group.

• Functional analysis and transfer pricing audit

- Wealth planning

• Advice and assistance on estate planning and on the reorganization of

family companies and French investments

• Assistance of high net worth individuals and families for their special

needs as regards estate planning and trust

• Advice in life insurance planning

• Assistance on trust issues (trustees, settlors and beneficiaries)

• Advice and assistance of French and foreign individuals on their

French and international wealth management

• Tax regularization (voluntary tax adjustments) of individuals

• Assistance on cross-border successions (inheritance issues)

- Maritime taxation

• Advice and assistance in the structuration of acquisition and transfer

of yachts for foreign companies or foreign high net worth individuals

• Assistance on tax and customs issues related to yachts

- Real estate taxation

• Tax advice on real estate structuring

• Advice and assistance of domestic and overseas clients investing in or

developing real estate

- Employee benefits

• Tax advice on employee benefits, executive compensation and

employment arrangements (stock-option, BSPCE, RSU/free shares) for

French employees of foreign companies and for foreign employees of

French companies

- Tax litigation

• Tax litigation, pre-contentious procedure, contentious procedure, and

defence speech for companies and individuals

• Assistance of French companies in order to obtain advanced French

rulings for their operations in France

Publications

- Book

• “Fiches de droit fiscal international - Rappels de cours et exercices

corrigés” (a book co-written in French), Editor: Ellipses, 28 June 2011

- Articles and interviews

• « France : What liability of the settlor of a trust to the French wealth

tax ? », KPratique, December 2017

• « Tax exemption through FIP (real estate investment trust) and FCPI

(innovation units), for the love of risk », Le Nouvel Economiste,

December 2017

• « Draft Budget for 2018 : what message for the private equity

players ? », Fusions & Acquisition Magazine, Novembre 2017

• « Taxes : the basics of the tax reform », Le Monde, 10 november 2017

• « Practical solutions to reduce the ‘new’ wealth tax », Les Echos, 3

november 2017

• « Prix de transfert : PME-ETI, préparez-vous ! », Profession CGP

Magazine, 24 october 2017

• Interview by GPO Magazine, french economic magazine « Focus : the

directors and the risk management ! », 19 october 2017

• Interview by L’Instant Module, french economic TV program, about

the ISF, 16 october 2017

• « What Regime Applies to Restricted Stock Units Distributed to

French Employees and Executive Officers ? », Worldwide Tax Daily, 17

Juillet 2017

• « Obligations déclaratives en matière de prix de transfert : les PME et

les ETI doivent anticiper et s’y préparer aujourd’hui », KPratique.fr, 31

mai 2017

• « Attributions gratuites d’action (AGA) : il est encore temps

d’introduire des réclamations contentieuses au titre de la contribution

patronale acquittée au titre d’actions non définitivement attribuées »,

KPratique.fr, 31 may 2017

• « Censures de la CVAE (cotisation des valeurs ajoutée des entreprises)

par le Conseil Constitutionnel : il est encore temps de réclamer pour les

groupes intégrés fiscalement », KPratique.fr, 30 may 2017

• Interview pour Gestion de Fortune – « Affaire Wildenstein : le trust sur

le banc des accusés’, 5 april 2017

• « Proportional Penalties Unconstitutional, French Court Holds »,

Worldwide Tax Daily, 22 March 2017

• Interview by L’Agefi Actifs – « Fiscalité Royaume-Uni : Des réformes

imminentes », 17 march 2017

• Interview par Le Monde du Droit, 9 février 2017

• “ What Regime Applies to Restricted Stock Units Distributed to French

Employees and Executive Officers ?”, published in Worldwide Tax

Daily, published 17 July 2017

• « Obligations déclaratives en matière de prix de transfert : les PME et

les ETI doivent anticiper et s’y préparer aujourd’hui », KPratique.fr, 31

May 2017

• « Attributions gratuites d’action (AGA) : il est encore temps

d’introduire des réclamations contentieuses au titre de la contribution

patronale acquittée au titre d’actions non définitivement attribuées »,

KPratique.fr, 31 May 2017

• « Censures de la CVAE (cotisation des valeurs ajoutée des entreprises)

par le Conseil Constitutionnel : il est encore temps de réclamer pour les

groupes intégrés fiscalement », KPratique.fr, 30 May 2017

• Interview by Gestion de Fortune : “Affaire Wildenstein : le trust sur le

banc des accusés“, published 4 April 2017

• “ Proportional Penalties Unconstitutional, French Court Holds”,

published in Worldwide Tax Daily, published 22 March 2017

• Interview by l’Agefi Actifs : “Fiscalité Royaume-Uni : Des réformes

imminentes”, 17 March 2017

• Interview by Le Monde du Droit, 9 February 2017

• “France Enacts Public Register of Trusts,” Tax Notes International, 20

June 2016

“CbC Reporting Tops Tax Measures in French Finance Acts,”

Worldwide Tax Daily, 14 January 2016

• Interview by the French newspaper Vision Patrimoine (online

magazine for the private bank Caisse d’Epargne) : « Prélèvement à la

source :des interrogations », 28 October 2015

• « La parole à... Sophie Borenstein, associée en fiscalité du cabinet Reed

Smith : Les actions gratuites relancées par la loi Macron », L’Agefi

Hebdo, 15 October 2015

• "France’s New Macron Law Offers Advantages for Qualified RSUs,"

Tax Notes International, 5 October 2015

• “France’s New Criteria for the Commercial Vessel VAT Exemption,”

Tax Notes International, 3 August 2015

• Interview by the French newspaper Vision Patrimoine (online

magazine for the private bank Caisse d’Epargne) on « Comment

bénéficier du nouveau crédit d’impôt pour la transition énergétique ? »,

24 May 2015

• Interview by the French newspaper Dossier Familial (magazine

mensuel du groupe Crédit Agricole) on « Ne confondez pas déduction

et réduction », May-June-July 2015

• “CJEU Rules Against France on Social Contributions on Capital Income

“, Tax Notes International, 6 April 2015

• Interview by the French newspaper Les Echos on « Contrôle fiscal –

Comment l’administration choisit ses cibles ? », 3 April 2015

• Interview by the French newspaper Investir on « Contrôle fiscal – tout

ce qu’il faut savoir », 3 April 2015

• Interview by the French newspaper Le Figaro Magazine for their week-

end edition on “Transmission: le big band des successions

internationales”, 17-19 October 2014

• Interview by the French newspaper Dossier Familial (monthly

newspaper of the French bank Crédit Agricole) on “L’Avis d’Expert:

Services à domicile”, October 2014

• Interview by the French newspaper I comme Info on “L’Avis d’Expert:

Services à domicile”, October 2014

• Interview by the French quarterly newspaper Les Echos Patrimoine on

“Emploi à domicile” and on « Financer le cinéma avec les Sofica »,

September – November 2014

• “French Government Confident of Tax Amnesty's Success”, Worldwide

Tax Daily, August 13, 2014

• Interview by the French newspaper Le Monde for their website

Lemonde.fr on “Services-a-la-personne-ce-qui-va-changer-au-1er-

septembre”, July 25 2014

• “ECJ Advocate General Clarifies Place of Supply in French VAT Case,"

Worldwide Tax Daily, July 22, 2014

• “French Lawmakers Reviewing Revised Finance Bill," Worldwide Tax

Daily, 17 June 2014

• “French Tax Authority to Finalize Guidelines for Anti-Hybrid

Financing," Worldwide Tax Daily, 13 May 2014

• « Bilan récent des OPCI », Analyse Financière n°51, April-May-June 2014

• Interview by the French legal magazine Les Petites Affiches on 10 March

2014: “Plus-values immobilières perçues par les residents suisses”

• Interview by the French newspaper l’Agefi Actifs on 30 January 2014:

« On retiendra l’extension de l’action en recouvrement à l’assurance

vie »

• Interview by the French newspaper l’Agefi Hebdo on 16 January 2014:

“Immobiliers de bureaux : un excès d’offre »

• "France Enacts Amended 2013 Finance Act and 2014 Finance Act", Tax

Notes International, 13 January 2014

• Reed Smith client alert: New changes in real estate taxation, 10 January

2014

• Agefi Blog: « Les Sociétés d'investissement immobilier cotées (SIIC)

tirent leur épingle du jeu », 27 December 2014

• Agefi Blog: « l’optimisation-fiscale-sous-haute-surveillance », 19

December 2014

• "Parliament Eyeing New Tax Measures", Tax Notes International, 16

December 2013

• “French Parliament Considering New Tax Measures in Supplementary

Budget Bill", Worldwide Tax Daily, 10 December 10 2013

• “Finance Act Contains Several Notable Corporate Tax Measures”, Tax

Notes International, 7 October 2013

• “News Analysis: Courts Take Hard Line in Transfer Pricing

Disputes”, Tax Notes International, 30 September 2013

• “Bank Reform Law Paves Way for FATCA Agreement”, Tax Notes

International, 5 August 2013

• “News Analysis: The New France-Switzerland Inheritance Tax

Treaty”, Tax Notes International, 22 July 2013

• “Holland Announces New Antiavoidance Measures”, Worldwide Tax

Daily, April 2013

• “French Tax Exemption for Commercial Vessels Illegal, ECJ Holds”,

Tax Notes International, 1 April 2013

• Interview by the French newspaper le Figaro – Nautisme : “Fiscalité des

yachts : la France traîne les pieds”, 22 March 2013

• “ECJ Advocate General Issues Opinion in French VAT Case”, Tax

Notes International, 18 March 2013

• “ECJ Issues Opinion in Romanian VAT Case”, Tax Notes International,

11 March 2013

• “Finance Act Amends Taxation of Stock Options” , Tax Notes

International, 11 February 2013

• “Draft Legislation Would Impose New Exit Tax Rules”, Tax Notes

International, 7 January 2013

• “France - 2012: The year in review”, Tax Notes International, 24

December 2012

• “French assets: Sophie Borenstein explains the obligations for trusts

with French-located assets”, Trust Quarterly Review, December 2012

• “France Violated Directive on Energy Taxation, ECJ Rules”, Tax Notes

International, 12 November 2012

• “OPCI : bilan et perspectives”, Analyse Financière n°45, October-

November-December 2012

• “Guidance Details Disclosure Requirements for Trustees”, Tax Notes

International, 1 October 2012

• “Expatriation fiscale : la tentation de l'étranger sous étroite

surveillance”, Agefi Actifs, 15 June 2012 (Interview)

• “Fiscalité - l'accumulation des règles dérive sur les contentieux”, Agefi

Actifs, 6 April 2012 (Interview)

• “French Lawmakers Approve Finance Bill”, Tax Notes International,

12 March, 2012

• “Government Publishes 2012 Finances Acts, Amended 2011 Act”, Tax

Notes International, 16 January, 2012

• “2011: The Year in Review - France”, Tax Notes International, 19 December

2011

• “ECJ Advocate General Issues Opinion in French VAT Case”, Tax

Notes International, 5 December 2011

• "French Tax Reforms for 2012," Le Particulier, 1 November 2011 (Interview)

• “European Commission Challenges French VAT Exemption”, Tax

Notes International, 24 October 2011

• “Supplementary Budget Bill Focuses On Deficit Reduction”, Tax Notes

International, 26 September 2011

• “Parliament Passes Modified Finance Bill”, Tax Notes International, 1

August 2011

• “Ruling Addresses Application of Favorable Stock Option Regime”,

Tax Notes International, 20 June 2011

• “Government Approves Amended 2011 Budget Bill”, Tax Notes

International, 23 May 2011

• “Pre-Merger Losses Not Transferable, Paris Tribunal Says”, Tax Notes

International, 2 May 2011

• “French Tax Credit Violates EC Treaty, ECJ Advocate General Says”,

Tax Notes International, 28 March 2011

• “Court Clarifies Treatment of Payment to Waive Stock Option Right”,

Tax Notes International, 31 January 2011

• “Government Adopts 2011 Finance Act, Amendments to 2010 Act”,

Tax Notes International, 10 January 2011

• “France - 2010 Year in review”, Tax Notes International, 20 December

2010

• Publication of an article on “Officials Looking to Cut Tax Benefits", Tax

Notes International, Worldwide Tax Daily and TaxAnalysts, 6 September

2010

• "Stock Options Granted by U.S. Company Ineligible for Tax Breaks",

Tax Notes International, Worldwide Tax Daily and TaxAnalysts, 26 July

2010

• Interview by the financial French newspaper “Agefi Hebdo” on

French REIT, 22 July 2010

• "Tax Implications of Pension Reform Plan Clarified", Tax Notes

International, 28 June 2010

• "European Commission Targets French Tax Rules for Dividend

Distributions", Tax Notes International, 21 June 2010

• "Court Rules on Taxing Rights Over Gains From Employee Stock

Options", Tax Notes International, 3 May 2010

• "Constructive Dividends Subject to Tax Under Treaty, Court Says",

Tax Notes International, 8 March 2010

• "France in Violation of VAT Directive, ECJ Advocate General Says",

Tax Notes International, 22 February 2010

• "Government Publishes Tax Haven Blacklist", Tax Notes International,

22 February 2010

• "Parliament Approves 2010 Finance Bills, Amended 2009 Bill",

Worldwide Tax Daily, January 2010

• "French National Assembly Rejects Amendment to Local Professional

Tax Reform Legislation", Worldwide Tax Daily

• "Tax Bills Submitted to National Assembly," Worldwide Tax Daily and

Tax Notes International, 9 November 2009

• "Report Offers Glimpse of Finance Bill for 2010", Tax Notes

International, 28 September 2009

• "New French Incentives Help Corporations Weather the Economic

Storm", Worldwide Tax Daily and Tax Notes International, 24 August

2009

• "Are Tax Increases inevitable in France?", Tax Notes International, 10

August 2009

• "French Senate Approves Ratification of France-US Treaty Protocol",

Tax Notes International, 3 August 2009

• “Protocol to France-U.S. Treaty Submitted to French Parliament”, Tax

Notes International, Worldwide Tax Daily and TaxAnalysts, 22 June 2009

• Government Considers Shifting Tax Burden to Energy Secto, Tax Notes

International, 30 March 2009

• Publication of an article on the French Finance Law for 2008 in the

three specialized reviews Tax Notes International, Worldwide Tax Daily

and TaxAnalysts

• Publication of an article on the reform of the 3% property tax

(Amended French Finance Law for 2007) in the three specialized

reviews Tax Notes International, Worldwide Tax Dail and TaxAnalysts

• Publication of an article on the liability of the non-French tax residents

for withholding tax levied on capital gains in the three specialized

reviews Tax Notes International, Worldwide Tax Daily and TaxAnalysts

• Three interviews (2004, 2007 and 2008) for the French Economic

newspaper "L'Expansion"

Speeches / Presentations

• Speech to STEP (Society of Trust & Estate Practitioners) in Chicago on

US-France cross-border estate planning and trust, March 24, 2015

• Speech during a breakfast client seminar on the French finance law for

2015 and modified finance bill for 2014 (“Loi de finances pour 2015, loi

de finances rectificative pour 2014 – Déchiffrages des principales

mesures”), January 29, 2015

• Speech during the annual European Congress of the Estate Planning

Skill Group (EPSG) in Leuven, Belgium on the new European

Regulation No 650/2012 on jurisdiction, applicable law, recognition

and enforcement of decisions and acceptance and enforcement of

authentic instruments in matters of succession and on the creation of

a European Certificate of Succession: the position of France (“le

Règlement européen n° 650/2012 sur les successions internationales :

le regard de la France ») , March 28, 2014

• Speech during breakfast client seminar on the tax incentives for

companies and individuals settling or investing in Asia (« Installation

ou investissement en Asie »), March 18, 2014

• Speech during a breakfast client seminar on State aid & Fiscal

measures, (“Procédure et Concurrence: Aides d’Etat et Mesures

Fiscales”), January 31, 2014

• Speech during a breakfast client seminar on the French finance law for

2014 and modified finance bill for 2013 (“Loi de finances pour 2014, loi

de finance rectificative pour 2013 – Déchiffrages des principales

mesures”), January 22, 2014

• Speech during a breakfast client seminar on the French finance law for

2013 and modified finance bills for 2012 (“Loi de finances pour 2013,

lois de finances rectificatives pour 2012 – Déchiffrages des principales

mesures”), January 31, 2013

• Speech during a breakfast client seminar on December 4, 2012 on the

tax incentives for companies and individuals settling or investing in

Israel

• Speech on French-Belgium trust issues on November 29, 2012 for the

Estate Planning Skill Group in Brussels – Belgium

• Seminars on OPCI on November 21, 2012 for SFAF and on March 20,

2012 for EFE

• Conférence sur “La cession et l’acquisition de sociétés sous-

performantes : pratique, enjeux et risques “, 18 mars 2008

• Conférence sur “Actualités fiscale et sociale”, 20 septembre 2007

• Speaker and contributor to the EFE (French business training

organization - "Edition Formation Entreprise") and to the SFAF

(French Society of Financial Analysts) on the tax issues applicable to

OPCI (French unit trust specialized on real estate)

• Speech during a breakfast client seminar on the topic "Acquisition and

sale of distressed companies: stakes, practice and risks"

• Various speeches on stock options, BSPCE, preferred shares and free

shares

• Speech during a breakfast client seminar on the topic of the

Employment and Tax reforms introduced by the new Sarkozy

government

• Lecturer in International Tax Law at the business school ESSEC for the

Specialized Master in International Management and Business Law"

(6th year of University) until 2008

• Several speeches on RSU/free shares (shareholding scheme) before

investments funds, banks

Legal Experience

2017 KGA Avocats

2007 Reed Smith

2003 Richards Butler (combined with Reed Smith in 2007)

2002 Omnicom Europe Ltd: EMEA Tax Manager in London

2001 Andersen- Tax senior associate

1999 PriceWaterhouseCoopers (Landwell): Tax associate (Paris)

Legal Education

1998 Paris School of Law (Ecole de Formation Professionnelle des

Barreaux de la Cour d’appel de Paris) – Aptitude to Practice

Law Certificate (CAPA)

1997 DESS of Companies’ taxation – DESS 221 (post-master

specialization diploma), University Paris IX Dauphine

1996 Masters in business Law and Taxation, University Paris II

Panthéon Assas

1995 Bachelor of Law, University Paris XI

Professional Admissions/Qualifications

1999 Paris

Professional affiliations

• International Fiscal Association (IFA)

• Institute of French tax lawyers and counsels (IACF)

• Tax committee of the European American Chamber of Commerce

(EACC)

• European Estate and Planning Skills Group (European EPSG) Languages Spoken

French, English