PwC announces new global corporate tax services team

Global Tax Enterprise Solutions Team Comprised of Former GE Tax Group

Hong Kong, 18 Jan 2017 - PwC announced an innovative agreement with GE to provide integrated, enterprise managed tax services to GE on a global basis. As part of this agreement, PwC will hire more than 600 of GE's highly regarded tax team members from around the world and acquire GE"s tax technologies to further both PwC's focus on the Tax Function of The Future and the provision of global enterprise tax solutions to the marketplace.

PwC has the largest tax practice in the US and the world with a global network of 41,000 tax professionals operating in 157 countries. Leveraging the proven experience and expertise of the GE team, PwC believes it has identified an opportunity that recognizes the future needs of a rapidly changing marketplace.

"The caliber of talent joining our firm from GE is remarkable," said PwC Vice Chairman and US Managing Partner Mark Mendola. "This arrangement will enable us to continue providing our clients with the very best tax services in an increasingly volatile and uncertain environment. Integrating GE"s talent with PwC"s broad capabilities will allow us to deliver upon the Tax Function of The Future in an increasingly digitally enabled tax world."

Peter Ng, PwC China and Hong Kong Tax Leader, commented, "Chinese companies have already trained their sights on digital management of their tax functions. As a result, the demand of leading tax enterprise solutions is growing. As we meet this new development, we warmly welcome GE tax talents to join the team. Together, we will enable clients to adapt more rapidly to digital tax management, respond to changing business and tax regulatory scenarios, and complete the transformation of their tax functions."

The arrangement with PwC comes after GE looked to reevaluate the optimum delivery of these critical global tax services now and into the future. The new Global Enterprise Tax Solutions team will sit within PwC Tax and will provide managed services not only to GE but also to other PwC clients as well. The five-year, renewable agreement will be effective April 1, 2017.

GE Vice President and Senior Tax Counsel, Mike Gosk, added "The agreement allows us continued access to the world-class expertise of global leaders along with the flexibility to scale to the requirements of the changing GE portfolio. We are pleased to advance our longtime relationship with PwC in a way that provides an opportunity for other leading companies to tap into the world"s best tax team while providing outstanding career opportunities for those legacy GE professionals."

Notes:

About Tax Technology services of PwC China/Hong Kong

Our team of tax technology professionals offers an unrivalled mix of talent across information technology, tax and accounting in China and Hong Kong. The team has extensive experience in project management, business requirement analysis, technical development, quality assurance and systems infrastructure as well as working with major ERPs including SAP, Oracle, Kingdee, Yongyou and other popular systems in the market.

Combining our expertise and unique technology platform, we offer our proprietary tax reporting, data management and analytics solutions for tax audit, corporate income tax, value added tax, tax risk management and more. Tailored to your local needs, our team can also work with your tax functions to implement a robust and secure tax data model and assist with enabling tax data, processes and workflow automation.

We are continually evolving our Apex+ platform and solutions to meet the fast changing business and tax regulatory environment, addressing your challenges and managing your tax risks.

About GE

GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com

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