Daniel Schafer

Lenz & Staehelin

Geneva www.lenzstaehelin.com

daniel.schafer@lenzstaehelin.com Tel: +41 58 450 70 00

Biography

Daniel Schafer is a certified tax expert with experience in administration, contract and commercial law. He practises domestic and international taxation, with a special focus on corporate tax (including M&A, restructuring and relocation, private equity), Swiss VAT and real estate taxation. He also advises on tax-related questions in connection with private clients (UHNWIs) as well as on real estate matters (transaction, structuring, acquisition).

How has the market changed since you started practising?

The competition with the Big Four has increased with a big intensity. In the Geneva area, they are also now many more boutique firms, specialising on tax, most of which have been constituted by former lawyers of Lenz & Staehelin, that we formed and educated, and who are very good advisors.

What has been your proudest achievement so far?

To have been able to keep up with an increasingly complex legal environment whilst remaining agile and pragmatic in the advice given, which is most likely the main reason why I have kept all my clients. And also to have remained as a recognised professional, a go-to employer for young talents willing to become tax lawyers.

What are the skills required to succeed in practice in the corporate tax market and advising ultra-high net worth clients?

The corporate tax market requires a lot of curiosity and a very good understanding of the economy/finance mechanism. It also requires a good sense of the value creation processes. It is only upon a strong understanding of your cleint’s business and the environment in which they evolve that you can give them the proper advice.

As for UHNWIs, the most important features for success is empathy, loyalty but also distance. You need to be there when they need you but you should not step on their feet otherwise (unless you see that they will do a huge mistake, in which case you shall not be shy to tell them the truth straight to their the face!).

How has covid-19 changed corporate tax practice in the Swiss market? Are these changes here to stay?

Not so much change in fact, save that international businesses seem to show a renewed interest for Switzerland as a very stable country, which mastered the pandemic pretty well, both from a crisis management (on the health side) and economic perspective.

What are the most common sources of corporate tax issues currently and how do you think clients can minimise the risk of them occurring?

Transfer pricing and restructuring are two hot topics. Private equity structuring is also a central point of concern.

Having solid transfer pricing policies in place is crucial. Planning a private equity deal well in advance in order to have time to establish the proper structure is another.

What are the benefits and the challenges of practising in an area of law that is constantly changing and is highly international?

It makes you feel alive every morning. Not boring, hence you are required to remain alert and agile.

How do you see the Swiss corporate tax practice changing in the next five years?

Not that much. The solution already found to implement OECD - Pillar 2 (minimum tax rate) is a pretty practicable one, easy to understand, that will allow Switzerland to remain highly competitive in the international market as a business location. To make it simple, the CIT rate will go from 14 per cent to 15 per cent.

What advice would you give to younger practitioners hoping to one day be in your position?

Be curious, gather as much life experience as possible, develop your economic instinct, and learn to listen. And work hard, obviously, whilst keeping a strong balance with your the private life (this professional life is an ultra-trail and not a 100m sprint).

WWL says: Daniel Schafer stands out as “a splendid tax lawyer” with immense expertise spanning M&A deals, restructurings and VAT issues.