Wally uses his encyclopedic knowledge of the law to answer his clients’ most complicated tax questions. He provides solutions that are both technically astute and commercially focused to make sure they deliver real business benefits.

He has a focus on cross-border M&A, financing, transfer pricing, exchange control, international share incentive schemes and expatriate secondments. He is particularly known for developing tax-efficient structures to help investment both into and out of South Africa, advising private equity funds, VCs and large corporates. He uses his years of experience to deliver practical solutions to clients.

He has particular knowledge of advising international investors in the renewables sector, where his experience with international tax issues is helping clients unlock green investments. He also regularly advises US private equity funds on their investments into mining in Africa, in particular their mine finance ventures.

He delivers quick responses to complicated problems, all explained in a practical and easy-to-understand way.

Education

• BA-Law, Stellenbosch
• LLB, Stellenbosch
• LLM, Stellenbosch (research at University of Munich)
• HDIP Tax Law, University of the Witwatersrand

Professional Memberships

• Member of the South African Fiscal Association, Tax Practitioner No PR-2216D5F

Relevant Experience

Languages Fluent in: English, Afrikaans and German

• Advice to Old Mutual Hybrid Equity Fund 1 re the tax treatment of preference share funding
• Advice to Coronation on tax dispute
• Advice to African Rainbow Capital re tax implications of preference share funding arrangements
• Advising Alexander Forbes on the tax implications of its foreign operations
• Advising Climate Fund Managers on their investments into renewable energy projects
• Advice to Orion on tax implications of funding arrangements with South African mines
• Advising Mpilo/Mediclinic on a tax dispute
• Advising venture capital funds on tax implications of Naspers/Prosus share restructure
• Advice to Sanlam on tax implications of cross border transactions
• Advice to Ethos on the tax implications of fund structures
• Advice to the Jumo Group on tax implications of mobile banking operations in various African countries
• Advising ABinBEV on tax implications of cross border funding arrangements

Awards

• Chambers and Partners consistently ranked Wally in Band 1 for Tax for seven consecutive years (2015 to 2022) and as a Senior Statesman in the same category in both 2022 and 2023.

• Ranked by Legal 500 as a Leading Individual for Tax for six consecutive years (2017 to 2022) and prior to that in Tier 1 for the same category in 2015.

• Wally was recognised by Who’s Who Legal 2018 in the following categories:  Corporate Tax:  Advisory; Private Client:  Lawyers; and Corporate Tax:  Controversy.

Wally Horak provides a broad suite of tax services to clients, including structuring M&A transactions and investment funds, as well as providing guidance on regulatory issues. He continues to be widely regarded by peers as a leading practitioner. – Chambers and Partners, 2021

Described as a “legend” in the space, Wally Horak is a well-established attorney based in the firm’s Cape Town office. He advises on a wide array of tax matters, including M&A and restructuring. He is renowned for his knowledge of international taxation and is frequently involved in cross-border disputes. – Chambers and Partners 2020

Department co-head Wally Horak is “a name one often encounters in the market,” and interviewees are full of praise for him. He is known for his “strong practice, particularly in the cross-border space,” as well as his experience in the structuring of private equity funds. He advised DRA Group on its merger with Minnovo Group of Australia to form a common holding company that was subsequently listed on the JSE. – Chambers and Partners 2019

Department co-head Wally Horak is a well-known name in the tax sphere and is hailed by peers as “a strong lawyer,” with sources adding: “He knows his stuff.” He possesses a wealth of experience handling both international and domestic corporate tax matters, including cross-border M&A and the structuring of private equity funds. – Chambers and Partners 2018

Wally Horak maintains a strong reputation for his work in a diverse range of tax concerns, with notable strength in cross-border transactions and restructuring mandates. Market commentators recognise him to be an “outstanding” practitioner in this space.  – Chambers and Partners 2017

Wally Horak advises on a variety of tax matters, including transactions and financial restructuring. He is hailed for his ability to “unpick very sophisticated legislation into more understandable language.” – Chambers and Partners 2016

• South Africa: New reporting requirements regarding beneficial ownership in relation to trusts
• South Africa: An overview of SARS’ Interpretation Note 127
• (Over)taxing loop structures in South Africa
• Amending preference share terms without triggering tax
• South Africa – Unilateral measure considered to tax digital economy
• Update on grandfathering problems for venture capital companies
• Update on the application of the most favoured nation clause in the South Africa and Netherlands tax treaty
• Tax Court upholds most favoured nation clause in South Africa and Netherlands tax treaty
• The impact of changes to the permanent establishment principle
• Budget 2018: Important proposed changes for businesses
• South African National Budget Speech 2018
• Getting the Deal Through – Private Equity 2014
• Transfer pricing audits put the squeeze on in Africa
• Transfer pricing a critical issue for African tax administrations
• South Africa as a base for expansion into Africa?