Image of Isabelle Panis

Isabelle Panis

Partner

Email

isabelle.panis@aoshearman.com

Phone

+32 2 780 2479

Offices

Brussels

V-CARD
Isabelle is a core member of the Belgian tax team and specialises in Belgian and international tax law. 
Her practice is strongly transaction driven, with a particular focus on the structuring of investment funds, private equity deals, corporate reorganizations & restructurings, financial transactions, real estate transactions and management & employee incentive plans. Another important pillar of Isabelle’s practice is tax risk management and representing clients in Belgian and European tax investigations and litigation. Isabelle works for clients in a wide range of sectors, including private equity, private debt, energy, chemicals & utilities, infrastructure, consumer & retail and FIG.

Experience

Representative matters

  • Ackermans & van Haaren, the founding Maas family, and management, on the disposal of, and partial re-investment in, the Manuchar group, a leading Antwerp-headquartered distributor of chemical products in emerging markets, to private equity firm Lone Star Funds.
  • CFE and DEME on the tax aspects of a partial demerger (spin-off) resulting in the separate listing of DEME, a world leader in dredging, land reclamation, marine infrastructure, offshore energy and environmental remediation.
  • Incofin Investment Management on the structuring and setting up of a European feeder fund for its USD 77m Indian master fund, Incofin India Progress Fund.
  • Uniper and E.ON in legal proceedings in Belgium, claiming damages from the Belgian State due to the incorrect implementation of the European Energy Tax Directive.
  • Alpha Private Equity and management on the disposal of, and partial re-investment in, the IPCOM group, a leading pan-European specialty distributor of energy efficient technical and building insulation products, to private equity firm Astorg.
  • Smartfin Capital, SFPIM and SRIW on the structuring of their investment in Hex-Rays, a leading cybersecurity software provider.
  • Vendis Capital on the structuring and set-up of its EUR 300m third fund, Vendis Capital III.
  • Numerous Belgian private equity and venture capital firms on the structuring and implementation of carried interest structures for their fund managers and of management incentive plans for the management of their portfolio companies.
  • Capza 6 Private Debt on the tax aspects of a unitranche financing for Dentius, a large dental service organisation in Belgium.
  • Belgian offshore wind parks on a tax litigation against the Belgian tax authorities following a sector-wide Belgian insurance tax audit.
  • A large commodity trader in an important customs tax audit.
  • Luciad in proceedings before the General Court of the CJEU in relation to the qualification of the Belgian excess profit tax ruling system as an ‘aid scheme’ giving rise to unlawful state aid.
  • Covestro, a leading producer of advanced polymers and high-performance plastics, on the tax aspects of its EUR 250m EPC contract for a new aniline plant in Belgium.
  • AXA Bank Belgium, Bank Nagelmackers, BNPPF, KBC Bank, Natixis and others on the tax aspects of numerous traditional and synthetic securitisations.

Pro bono

  • Isabelle regularly publishes articles on tax topics and is an active member of the tax and legal committee of the Belgian Venture Capital & Private Equity Association (BVA). 

Published Work

  • Panis I., Baete R. (2022) “Oost west, thuis best: de kwalificatie van werkzaamheden verricht in of vanuit de woning als een vaste inrichting”, Tijdschrift voor Fiscaal Recht, T.F.R. 2022/14, Brussels 
  • Delfosse G. and Panis I. (2019), “Aspects fiscaux du nouveau code des sociétés et des Associations”, Revue générale de fiscalité et de comptabilité pratique, 6/2019, pp. 18-45, Mechelen
  • Panis I. (2018), Kapitaalverminderingen voortaan gedeeltelijk belastbaar”, Fiscoloog, 1552, p.2, Roeselare
  • Panis I. (2016), “Gemeenschappelijke heffingsgrondslag: deze keer wel succesvol?”, Fiscoloog Internationaal, 396, p. 1, Roeselare
  • Hemels S., Bondrager R., Panis I., Yorke C., Schaffner J., Albinana C., Guelfi F., Breuninger G., Schade D. and Höng G. (2016), “The impact of fiscal state aid recovery risks on share purchase agreements”, European Taxation, 56(10), pp. 426-435. Panis I., Baete R. (2022) “Oost west, thuis best: de kwalificatie van werkzaamheden verricht in of vanuit de woning als een vaste inrichting”, Tijdschrift voor Fiscaal Recht, T.F.R. 2022/14, Brussels 

Speaking Engagements

  • Guest Speaker, ELTIF 2.0, BEAMA Webinar, 28/03/2023
  • Speaker, Private Equity Tax Trends 2022, BVA T&LC Workshop, 22/06/2022

Leadership Positions And Professional Affiliations

  • Tax & Legal Committee Member, Belgian Venture Capital & Private Equity Association (BVA) 
  • Member, International Fiscal Association (IFA) Belgium 
  • Member, Belgian Association of Tax Lawyers (BATL)

Recognition

“Isabelle is responsive, sharp and very convincing. She's able to find the arguments that are advantageous for all of us. She provides clear-cut answers and proposes a way forward.”
Chambers Europe, 2023
“Isabelle Panis is very responsive and clear in her answers. She is super pragmatic, able to think along with customers and a really enjoyable lawyer to work with.”
Chambers Europe, 2022

Awards

  • Rising Star for Tax and Belgium, IFLR
  • Rising Stars Awards Europe, 2020

Qualifications

Admissions

Admitted to the Brussels bar as lawyer (advocaat), 2010

Admitted to the Brussels bar as lawyer-trainee (advocaat-stagiair), 2007

Academic

Master in European Tax Law, ESSF-ICHEC Brussels, 2009

LLM (Law & Economics), University of Bologna, University of Hamburg, Erasmus University Rotterdam and University of California, Berkeley, 2007

Master in Law, University of Leuven (KUL), 2006

Bachelor in Law, University of Namur (FUNDP), 2003

Languages

Dutch, English, French
Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.