Kreston Guide to Taxes in Latin America, Portugal, Spain – 2018 (Spanish Version)
October 28, 2016
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October 28, 2016
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October 27, 2016
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October 26, 2016
October 25, 2016
A legal amendment to the Finance Bill recently accepted by the UK government may pave the way for big changes in multinational corporate tax transparency and may set the tone abroad.
The amendment, tabled by UK Labour MP and member of the Public Accounts Committee (PAC), Caroline Flint, would allow the Treasury to receive financial information from multinationals, either headquartered or with a significant presence in the UK. According to the amendment, profits of multinational corporations will be disclosed to stakeholders and not just to tax authorities, and their tax information will include a “country-by-country report”. This would require each transnational corporation to provide the following information:
1 – The name of each country where it operates.
2 – The names of all its subsidiaries and affiliates in these countries.
3 – The performance of each subsidiary and affiliate, without exception.
4 – The tax charge in its accounts of each subsidiary and affiliate in each country.
5 – Details of the cost and net book value of its fixed assets in each country.
6 – Details of its gross and net assets for each country.
Source: Tax Justice Network
The idea of a “country-by-country report” refers to the already existing regulations on the subject: The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016.
The amendment happens shortly after the landmark ruling of the European Commission to order Apple to pay back up to £11 billion in taxes to Ireland. The EU’s antitrust arm concluded the tech firm was given illegal tax benefits.
In terms of tax evasion and avoidance of global corporations, the UK government, tax campaigners and NGOs expect that the initiative as a country-by-country report can have a positive impact on tax transparency worldwide. ActionAid claims that, according to IMF numbers, developing countries may lose £164,3 billion a year to corporate tax avoidance.
The support for country-by-country tax reporting is growing and it is important. The UK is putting the legal requirements in place and this will enable the reporting to be introduced when appropriate. A consistent introduction on an international basis would be the best way to guarantee its success worldwide.
Source: The Accountant Online
Kreston has announced that Vergara & Asociados, Bolivia has joined the global membership, adding to its offering in Latin America.
The two Partner firm has two offices in La Paz and Santa Cruz and are supported by over 40 professional and support staff.
Jon Lisby, Kreston CEO, said:
“We are delighted to welcome Vergara & Asociados to the global network to add to our coverage across South America and to support our Latin America members”
Partner, Rafael Vergara commented:
“It is an honour to join Kreston International. We look forward to working with colleagues both across South America and the global membership and to further promote the Kreston brand in the region”
October 20, 2016
Kreston has announced today that accounting and audit firm Tachibana & Ochiai Professional Corporation, (TOPC) has joined as a Correspondent firm.
Established in 1996 and based in Gardena, TOPC works within a niche market, providing services to Japanese parent companies, operating in Southern California. To this end, the firm also works closely with Kreston’s firm in Tokyo, OC & Associates, formerly Okamoto & Co.
Jon Lisby, Kreston CEO, commented:
“We are delighted to welcome Tachibana & Ochiai as a Correspondent of Kreston to offer additional expertise and to complement the services offered by our existing member, CBIZ MHM.”
Partner of TOPC, Dai Takano said:
“We are extremely pleased to be part of the Kreston network. Through our Correspondent status and our work with OC & Associates and our US colleagues, we look forward to developing strong US-Japan relationships which will benefit the global network going forward”.
N.B
Kreston International does, on occasion, enter into relationships with firms referred to as ‘Correspondent Firms’ to perform certain services on behalf of member firms’ clients. By definition, Correspondent firms are not member firms of Kreston International, are not permitted to use the Kreston name and are not subject to Kreston’s globally directed quality control review programme.
October 19, 2016
Kreston has admitted audit firm ASATRYANS LLC, based in Armenia, to its global membership.
Offering the full range of audit, tax and consulting services, the firm is based in the capital city of Yerevan and provides the full service range to a broad range of clients from the private and public sectors including World Bank and Asian Development Bank projects.
Jon Lisby, Kreston CEO, comments:
“It is excellent to welcome Albert Asatryan and his team to the Kreston network and to strengthen our service offering in the region. This addition complements our current members in Georgia, Azerbaijan and Turkey”
Partner of ASATRYANS, Albert Asatryan said:
“Through our membership of Kreston International we will now be able to better compete in the local and global market place, offering our clients access to quality professionals across the network.”
October 17, 2016
Kreston has admitted ECA Exco Afrique, in Abidjan, on the Ivory Coast to membership.
Exco Afrique is the African network of Kreston member Exco France.
Jon Lisby, Kreston CEO, commented:
“To expand our presence in Africa is part of Kreston’s ongoing strategy and we are delighted to welcome ECA as a member of Kreston and of Exco Afrique. We can now offer our clients with operations in Africa, additional representation.”
Partner of ECA, Kouame Alexander said:
“We are honoured to be a member of Kreston International and of Exco Afrique. We look forward to working with our colleagues in Africa and across the global membership and to offer clients who have business links in the Ivory Coast additional quality resource”.
Bocar Alpha BA, Secretary General of Exco-GHA-Mauritanie added:
“At Exco Afrique, we are committed to increasing and developing our regional and global network, making more opportunities available to our clients in Africa.”
October 14, 2016
In the business world, there are bumps on the road and financial setbacks. In this situation, it is easy to panic and look for someone to blame.
Instead, the first action should be to devote time to looking at ways to return the top line and margin to its former strength. Whilst looking to cut costs may support some short term gains, this may damage the long-term structure and ability to recover – leave cost cutting until the top line review has been concluded.
I found more interesting tips about how to overcome financial setbacks on Forbes, where three experts offered the following advice:
1 – Sometimes cuts need to be made – What to cut? What not to cut? W. Michael Hsu, Founder and CEO of DeepSky, says that you can’t cut coffee and accounting. By coffee, he means small perks around the office. Do you want to irritate your team when you most need them to help take you out of the situation? Accounting is also an essential part of overcoming financial setbacks and you need it more than ever for a clear picture of what’s going on.
2 – Step back and reconfigure – Elle Kaplan, CEO and Founding Partner of LexION Capital Management believes that step back and reconfigure plans are essential when addressing a financial setback. ‘Avoid myopia by stepping back and evaluating when you should strategically prune an idea,’ she says.
3 – Focus on the future – firstly it’s necessary to turn off emotion during setbacks, suggests Fourlane President and CEO, Marjorie Adams. ‘Anytime we have a setback in business, it is easy to look for blame, feel anger, frustration or fear.’ She advises focusing on what needs to be done and move on.
Financial setbacks happen and we learn from them but it is always better to be prepared well in advance and to have a good accounting advisor on your side.
October 13, 2016
Exco, Kreston’s network in France, held its annual conference in Cannes, in the French Riviera, over 7th and 8th October.
Over 350 Partners and staff representing 10 nationalities, attended the event this year. The theme of the conference was Digital Transformation and its impact on and implications for organisations.
The conference was opened by Christian Dorange of host firm Exco Côte d’Azur and Fabrice Olivari of Exco FSE. The business sessions were led by Kreston Board Director and Exco CEO, Franck Parker, who updated all on developments within Exco and on Kreston strategy.
Key note this year was Antoine Amiel, Founder and CEO of LearnAssembly, a Digital Transformation coaching organisation.
The second day was devoted to an excellent team building exercise on the Isle of Lerins, located near Cannes and the conference concluded with a Gala Dinner at the world famous Intercontinental Carlton Hotel.
October 6, 2016
Kreston is pleased to announce that ORTAG, its accounting, audit and consulting firm in Zurich, Switzerland will merge with ACCTA Accounting and Tax AG, effective October 6th. 2016.
Headed up by International VAT and Tax Specialist, Dr. Manuel Vogel, ACCTA is based in Canton Zug and offers Accounting, Tax and Consulting services.
Once merged, ACCTA Ltd will become a&o ACCTA ORTAG AG and ORTAG will rebrand as a&o Kreston ORTAG AG, therefore expanding their presence and raising the Kreston profile in the German speaking region of Switzerland.
The firms will work under a joint umbrella, a&o and collectively will have 7 Partners and over 30 professional and support staff offering the full offering of Audit and Tax services.
Roger Werner, Senior Partner and Chairman of the Board at ORTAG, comments:
“With this merger, ORTAG, has put in place three key strategies, succession planning, growth and branding. This year ORTAG celebrated its 70th year and I am very pleased that the firm can look forward to the next 70 with the addition of ACCTA. Dr Vogel and his team have strong international connections and the rebrand of our Audit division will help to build a Kreston presence in Switzerland which will be a key factor when working with our European and International colleagues on collaborative projects”.
October 4, 2016
Day by day, technology is becoming an essential part of our lives, as the way we manage our financial life, payments and banking adapts to apps and automation programs.
In a recent article in Forbes, five Forbes Finance Council members highlighted changes that will impact the finance industry over the next two years such as:
Banking technology:
One big transformation is in banking and the change is going to be huge, anticipates Jessica Mah, CEO, co-founder and product architect of inDinero. Mah says we will see changes in the way banks behave, in the way they are becoming virtual, and in the way they are specialising and coming up with niche products.
Artificial intelligence:
People now want instant results. This is the idea behind Botkeeper, a company that offers automative bookkeeping and 24/7 support to its clients. Louie Balasny, its Managing Director, says ‘as the AI continues to advance, the ability to provide more and more accounting in real-time with reporting and charts at your fingertips is going to change the bookkeeping industry and the traditional monthly accounting process.’
Shops will close:
Changes in the finance industry will have a huge impact on some businesses, according to Michael Hsu, founder and CEO of DeepSky. Five or six years ago, ‘the industry pushed the idea of having every certified public accountant (CPA), enrolled agent (EA) or bookkeeper start their own outsourced accounting practice.’ In his opinion, this is not the right way. He predicts that in the next two years ‘we’ll see a ton of consolidation and shops closing.’
App Developers:
The number of app developers in the accounting industry may increase, according to Marjorie Adams, founder and CEO of the consulting firm Fourlane. She points out that “everyone wants their own application” and “it is becoming more affordable to build proprietary systems” for SMEs.
More automation:
According to David Ehrenberg, CEO of Early Growth Financial Services, consumers will take advantage of a change in technology as long as they’re prepared. Ehrenberg believes education is important in ensuring people adapt to automation. He says “we are starting to see more automation in the lower-level accounting functions already, and that’s going to really change how everyone in the accounting services industry does business in the next few years.’
These five examples of digital disruption identified in this article are already well and truly with us, and the impact they will have on the profession will continually increase. Firms need to be careful and meet their clients’ real future needs, moving away from compliance and processing and focusing on valued added advisory services. New players can provide the processing, but the value to SME clients comes from the experience mid-tier accountants are able to add with advisory services – supporting profit development, tax minimisation, and sound strategies for wealth growth.
October 3, 2016
The Kreston Annual Conference was again the location for the 2016 Kreston Awards Ceremony.
The winners were announced at The City Grange Hotel in London on September 24th by Kreston CEO, Jon Lisby and the recipients were presented with their award by Kreston Chairman, Bent Kofoed.
The awards recognise those individuals and firms who have achieved over the last 12 months and in the following categories:
Congratulations to all winners:
• International Collaboration Award (where two or more firms have bid together to win work)
o WINNER – VRC Bedrijfsrevisoren, Belgium, for their work with the World Bank; Doctors of the World and Red Cross Mali and AEXIS Group involving Kreston firms in Niger, Mali, France and the Netherlands,
• International Service Line Development Award (for the firm which has developed or introduced a new service line).
o WINNERS – Kreston SGCO, India and McLean Delmo Bentleys for their Global Outsourcing Service
• International Firm Growth Award (for the firm which has seen strong growth over the last year).
o WINNER – Bentleys PTY, Australia – Group has seen significant growth and now has 19 offices in three countries.
• International Social Networking Award (for the firm or individual who has made an outstanding contribution by applying new or unique marketing practices across social media).
o WINNER – CBIZ Inc. US – for their consistent efforts to post insightful, relevant and quality content across social media platforms and the application of highly shareable info graphics to accompany their content.
• International Professional Recognition Award (for the individual who has achieved professional recognition within their industry).
o WINNER – Edmond Chan, Kreston Asia Pacific Regional Secretary and Managing Partner of Kreston CAC for his reappointment as accounting advisor to the Ministry of Finance, Peoples Republic of China (PRC)
• International Business Referrer
o WINNER – Kreston Reeves – for most outbound referrals.
Jon commented:
“Once again, the quality of the shortlist for these awards makes it an extremely difficult task for the judges. Congratulations go to all our winners and all those who were nominated. It would be excellent if all members could keep the awards in mind and send us details of any potential nominees over the next few months and leading up to our 2017 event in November “.