Contact: Deborah Harrington
Deloitte Services LP
Director, U.S. National Public Relations
+1 917 923-0286
Contact: Oriana Pound
Deloitte Touche Tohmatsu
+44 20 7303 5055
New York, April 27, 2004 — Deloitte Touche Tohmatsu and Deloitte France announced today that Deloitte & Touche Juridique et Fiscal, the tax and legal arm of Deloitte in France, has become a newly separated tax and law firm. This transaction was initiated in order to meet regulatory, and therefore market, conditions unique to France and set the best conditions for growth and development while attracting new high-profile talents. The separated firm will continue to serve its clients in coordination with Deloitte tax professionals outside of France.
"This transaction will accomplish our highest priority, to ensure that our clients continue to receive the same, high-quality professional services in France as they do all over the world. The structure in France is changing to adjust to the new regulatory environment, but our mutual approach to client service and our standards for quality and integrity remain the same, and will continue to do so," notes Alan Schneier, Global Managing Partner for Tax and Legal Services at Deloitte.
The separated firm will announce its new name shortly and is dedicated to large and medium sized companies within the French market. Deloitte France will maintain a team of tax professionals fully dedicated to perform tax reviews related to the statutory audit assignments. The new firm's complete separation from Deloitte France and Deloitte Touche Tohmatsu will be marked by a full separation of its management structure, governance and information systems and by complete economic independence.
To comply with the relevant regulatory and ethical rules and to continue to serve French audit clients of Deloitte, the new practice will be legally, economically and managerially separate from Deloitte. The Deloitte Tax and Legal Practice in France was already legally separate, as the former Deloitte & Touche "Juridique et Fiscal" was 100% owned by its tax and legal partners. Its office premises were always separate as well. The transaction, effective June 1, 2003, has severed all financial/economic ties and created an independent management and corporate governance structure. Partners and staff from the former Deloitte Tax and Legal Practice in France have joined the newly separated law firm.
In order to continue to provide tax services to major French companies and global companies doing business in France, the new firm will serve its clients in coordination with the 20,000 Deloitte tax professionals located in nearly 150 countries. The tax and law firm will continue to have access to the tools and methodologies of the global tax practice of Deloitte and will maintain the same high standards of client service and quality.
About Deloitte
Deloitte Touche Tohmatsu is an organization of member firms devoted to excellence in providing professional services and advice. We are focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 120,000 people worldwide, our member firms (including their affiliates) deliver services in four professional areas: audit, tax, financial advisory services and consulting. They serve over one-half of the world's largest companies, as well as large national enterprises, public institutions, and successful, fast-growing global growth companies.
Deloitte Touche Tohmatsu is a Swiss Verein (association), and, as such, neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other’s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte," "Deloitte & Touche," "Deloitte Touche Tohmatsu" or other related names. The services described herein are provided by the member firms and not by the Deloitte Touche Tohmatsu Verein. For regulatory and other reasons certain member firms do not provide services in all four professional areas listed above. For more information, please visit Deloitte's Web site at www.deloitte.com.
