Isabelle Panis
Partner
Brussels
Isabelle Panis
Partner
Brussels
Contact details
Isabelle 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 reorganisations & 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.
Qualifications
Professional
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
Experience highlights
Advising 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.
Advising 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.
Advising Incofin Investment Management on the structuring and setting up of a European feeder fund for its USD77m 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.
Related articles
Publications: 03 November 2023
Tax incentives for sustainable investments: what businesses should be thinking about
We recently hosted an event as part of our Sustainable Transition seminar series titled “Tax incentives for sustainable investments: where are the opportunities?”. In this article, our panellists set…
Publications: 19 June 2023
The tender principles for the development of the Belgian offshore Princess Elisabeth Zone
Publications: 20 January 2023
New and increased investigation possibilities for the Belgian tax authorities as of 2023
Qualifications
Professional
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
Other noteworthy experience
Advising
- 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.
Recognition
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
We are working with Isabelle Panis on a variety of files. These files are greatly complex and require profound legal analytical skills.
Legal500, 2022
Isabelle Panis is extremely knowledgeable and provides immediate, hands-on and focused advice on complex matters.
Legal500, 2021
Awards & accolades
Rising Star for Tax and Belgium, IFLR Rising Stars Awards Europe, 2020
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
