Jelena Mihic

Managing Director at Kreston MDM Serbia

Jelena Mihic Munjic, Managing Director at Kreston MDM Serbia, is a licensed Certified Auditor, Accountant, and Registered Court Expert in economics and finance.

Global minimum tax: The U.S. exception

July 14, 2026

In this article for Bloomberg Tax, Jelena Mihic (Kreston MDM and Chair of the Europe Regional Committee) explores how the U.S. exemption from the OECD’s global minimum tax rules could reshape the future of global tax policy. The OECD’s Pillar Two framework introduced a 15% global minimum tax to reduce profit shifting, curb harmful tax competition, and create a more consistent international tax system for multinational groups with revenues exceeding €750 million. Read the full article here, or a summary below.

A changing global tax framework

While the United States shares these objectives through its Global Intangible Low-Taxed Income (GILTI) regime, the two systems differ significantly. GILTI applies a lower effective tax rate and uses a global blending approach rather than the jurisdiction-by-jurisdiction methodology required under Pillar Two. As a result, it does not fully comply with the OECD rules.

Recognising the political challenges of reforming U.S. tax legislation, the OECD has temporarily accepted GILTI as “broadly equivalent.” This pragmatic decision helps maintain U.S. participation in the global framework but moves the initiative away from the uniform model originally agreed in 2021.

Implications for governments and multinational businesses

The U.S. exemption introduces greater flexibility but also creates uncertainty about the long-term consistency of the global minimum tax. Other countries may seek recognition for their own domestic minimum tax regimes, leading to a more fragmented landscape where multiple, interoperable systems coexist rather than a single global standard.

For EU-based multinational groups, the implications are significant. Companies remain subject to the full Pillar Two requirements, including comprehensive GloBE calculations, jurisdiction-specific top-up tax assessments, and extensive reporting obligations. Meanwhile, many U.S. groups continue operating under GILTI without equivalent compliance requirements, creating competitive and administrative disparities.

The evolving framework is also likely to influence investment decisions, as the benefits of locating operations in traditionally low-tax jurisdictions are reduced once top-up taxes apply. Businesses should expect increasing complexity as different countries adopt varying approaches while remaining broadly aligned with OECD principles.

Transfer pricing remains critical

Despite the introduction of the global minimum tax, transfer pricing remains fundamental to international tax planning. Pillar Two calculations continue to rely on transfer pricing outcomes to determine where profits arise and whether additional tax is payable.

Tax authorities are expected to place greater emphasis on economic substance, including DEMPE functions, supply chain design, workforce location, and operational activities. Robust transfer pricing documentation will therefore play an increasingly important role in supporting Pillar Two positions and defending tax outcomes during audits.

Looking ahead, multinational groups should move beyond compliance and adopt an integrated tax and transfer pricing strategy. Organisations that proactively review their operating models, strengthen economic substance, and align transfer pricing with the evolving global tax environment will be best positioned to manage risk and remain competitive as the international framework continues to develop.

Ukraine grain exports under pressure as farmers turn to working capital financing

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Kreston Iberaudit recognised by Best Law Firms, Spain

Kreston Iberaudit has been recognised in the 2027 edition of Best Law Firms Spain, one of the leading international legal rankings that identifies the market’s most outstanding law firms based on the quality of their services

New tax regime for carried interest in Luxembourg

Carried interest in Luxembourg rules are set to change following the government’s presentation of draft law n°8590 on 24 July 2025.

Understanding VAT

October 22, 2025

Understanding VAT and the impact it has on a global business is key to staying compliant. Value Added Tax (VAT) and Goods and Services Tax (GST) are indirect tax systems that require businesses to charge tax on sales, unless an exemption or relief applies, while allowing recovery of VAT/GST paid on purchases directly related to those taxable sales.

VAT is a transaction-based consumption tax charged at each stage of the supply chain. Although VAT/GST is collected throughout production and distribution, eligible businesses typically recover the tax they incur, meaning the system effectively taxes the value added (margin) at each stage. The final VAT/GST cost is borne by the end consumer.

Understanding VAT and GST and how they work in practice

VAT and GST operate on similar principles globally, but their application depends on where a supply is deemed to take place and the nature of what is being supplied. This makes VAT a technically complex area of tax compliance.

Rules differ depending on whether a business supplies:

Goods or services
Business-to-business (B2B) or business-to-consumer (B2C) transactions
Digital services, financial services, or land and property

For example, land and property-related supplies can create VAT registration and reporting obligations in the country where the property is located, regardless of where the supplier is established.

Understanding VAT exemptions and recovery restrictions

VAT systems include specific exemptions, which are often narrowly defined and vary by jurisdiction. Exempt supplies can significantly affect a business’s ability to recover VAT on costs.

This creates complexity in determining whether VAT incurred is:

Fully recoverable
Partially recoverable
Irrecoverable and therefore a direct cost to the business

Correct classification is critical, as errors can lead to overpaid tax, under-recovery, or penalties following tax authority reviews.

International VAT differences and local variations

Although VAT is built on common principles, local implementation varies significantly.

Within some countries, VAT/GST systems differ by state or region (for example, Brazil)
Across the European Union, VAT operates under a common framework, yet each of the 27 EU member states applies its own rules, rates, and administrative practices
Outside the EU, VAT and GST regimes can differ substantially in scope, compliance requirements, and enforcement

As a result, VAT compliance must be assessed on a country–by-country basis.

Understanding VAT on cross-border and digital supplies

VAT and GST obligations can arise even when a business has no physical presence in the country where customers are located.

For example, businesses supplying:

Digital content
Streaming services
Downloaded software or website-based services

Private individuals may be required to register for VAT/GST and account for tax in the customer’s country of residence. Since 2021, many jurisdictions have expanded and tightened digital VAT rules, and enforcement has increased significantly through 2024 and 2025.

Why understanding VAT planning matters for international businesses

Whenever a business trades internationally, it should review the applicable VAT/GST systems and seek specialist advice to ensure:

Registration obligations are identified early
Correct VAT treatment is applied to supplies
Recovery opportunities are maximised
Compliance risks and penalties are avoided

VAT errors often arise not from negligence, but from misunderstanding local rules or failing to coordinate advice across multiple jurisdictions.

VAT support through the Kreston Global network

Kreston has VAT specialists across its global network of firms in 100+ countries, enabling coordinated, local expertise supported by international oversight. Connect with us on social media here.

Whether you are expanding overseas, supplying digital services, managing complex exemptions, or reviewing existing VAT arrangements, we would be pleased to discuss your business issues and requirements and provide practical, commercially focused VAT support.

Frequently Asked Questions about VAT

What is VAT?

VAT (Value Added Tax) is a consumption tax charged on goods and services at each stage of the supply chain. Businesses collect VAT on sales and may recover VAT paid on related purchases, with the final cost borne by the consumer.

What is the difference between VAT and GST?

VAT and GST operate on similar principles, taxing the value added at each stage of supply. The terminology and detailed rules vary by country, but both systems are forms of indirect tax on consumption.

Who needs to register for VAT?

A business may need to register for VAT if it exceeds a local registration threshold, makes taxable supplies in a country, or supplies certain goods or services (such as digital services) to customers in that jurisdiction, even without a physical presence.

Is VAT charged on goods and services?

Yes, VAT can apply to both goods and services. The rules differ depending on the nature of the supply, the location of the supplier and customer, and whether the transaction is business-to-business or business-to-consumer.

What are VAT exemptions?

VAT exemptions apply to specific types of supplies defined by law. Exempt supplies usually prevent businesses from recovering VAT on related costs, which can increase the overall tax burden if not managed correctly.

Can VAT be recovered on business expenses?

VAT incurred on business expenses may be fully, partly, or not recoverable depending on the type of supply made and local VAT rules. Recovery restrictions commonly apply where exempt supplies are involved.

Do VAT rules differ between countries?

Yes. Although VAT systems share common principles, rules, rates, exemptions, and administrative requirements vary between countries and, in some cases, within regions or states of the same country.

Does VAT apply to international and cross-border transactions?

VAT can apply to cross-border transactions, including supplies made by businesses that are not established in the customer’s country. The place of supply rules determine where VAT is due.

Is VAT charged on digital services?

In many countries, VAT applies to digital services such as streaming, downloads, and online content. Businesses may be required to register and account for VAT in the customer’s country of residence.

Why is VAT compliance important for international businesses?

Incorrect VAT treatment can result in penalties, interest, and irrecoverable tax costs. Proper VAT planning helps businesses remain compliant, manage cash flow, and reduce tax risk when operating internationally.

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China-US tariff shifts in 2025

July 18, 2025

In 2025, the China-US trade relationship—one of the most significant bilateral economic ties globally—underwent substantial turbulence. Tariff policies emerged as a central instrument in the strategic rivalry between the two nations. Over the year, these policies transitioned from a phase of intense confrontation to a period of temporary easing, marked by a series of rapid and substantial adjustments. The frequency and magnitude of these changes represent a rare chapter in global trade history.

The evolution of China’s retaliatory tariff measures

A review of China’s official announcements throughout 2025 highlights the escalation and subsequent de-escalation of tariff measures imposed in response to US actions.

On February 4, China issued Announcement No. 1 of 2025, which took effect on February 10. This policy imposed additional tariffs ranging from 10% to 15% on US imports including coal, liquefied natural gas, crude oil, agricultural machinery, and automobiles. This move was a direct response to the US tariff hike in January.
On March 4, Announcement No. 2 of 2025 followed, coming into effect on March 10. This round targeted US agricultural products such as chicken, wheat, corn, and cotton (15% tariffs), as well as soybeans and pork (10% tariffs), retaliating against a new wave of US tariffs issued in March.
The escalation continued in April. On April 4, Announcement No. 4 imposed an additional 34% tariff on all US imports, in retaliation to the US’s “equivalent tariffs.” This was swiftly followed by Announcement No. 5 on April 9, raising tariffs from 34% to 84%, with particular focus on agricultural products, energy, and automobiles.
Just days later, on April 11, Announcement No. 6 increased tariffs further to 125% on all US goods, matching the US’s own 125% tariff hike.
However, a turning point came on May 13 with Announcement No. 7, effective from May 14. In this statement, China reduced tariffs from 125% to 10%, suspending a 24% portion of the tariff for 90 days. This adjustment was aligned with the terms of the Geneva Agreement, marking the first significant sign of de-escalation.

Outcomes from the London negotiations

Further progress was made in June during negotiations held in London, building on the Geneva Agreement. Two major outcomes emerged:

The 90-day ceasefire on tariff escalations was extended until August 12, maintaining the 10% base tariff. The future of the suspended 24% tariff remains undecided.
The United States reduced tariffs on small cross-border e-commerce packages (valued under $800) from 120% to 54%, offering some relief to e-commerce platforms and traders.

While these developments provided temporary relief for Chinese enterprises, fundamental disagreements persist. The US maintains a 20% tariff on fentanyl and continues to apply a 10% base tariff across the board. Meanwhile, China upholds restrictions on rare earth element exports. Underlying technological competition between the two countries also remains unresolved.

Impacts on Chinese enterprises

The ongoing tariff conflict, marked by both escalation and partial resolution, has had far-reaching effects on Chinese businesses. These effects vary by industry and company size and have influenced areas ranging from financial performance to operational strategy. Key impacts include:

1. Export challenges and operational strain

Rising costs: Elevated tariffs have raised the cost of exporting goods to the US, eroding the price competitiveness of Chinese products and reducing profit margins for export-driven firms.
Fewer orders: Demand from the US has declined, especially impacting small and medium-sized, labor-intensive enterprises that rely heavily on the US market. Many of these companies now face serious survival threats.

2. Supply chain realignments

Production relocation: To sidestep high tariffs, some Chinese firms have moved parts of their manufacturing operations to countries such as Vietnam, Thailand, and Mexico.
Industrial upgrading: The pressure of tariffs has spurred innovation and encouraged businesses to invest more in R&D, upgrade production processes, enhance product value, and boost overall efficiency and competitiveness.
Market diversification: Many enterprises are seeking to reduce dependency on the US market by expanding into other global markets.

3. Heightened uncertainty and compliance burdens

Unpredictability: The volatile nature of trade policy makes long-term planning difficult, increasing business risks.
Rapid policy adjustment: Companies must remain agile, adapting quickly to new rules and avoiding losses caused by regulatory non-compliance.
Contractual risks: Sudden changes in tariff policy can disrupt existing contracts, necessitating renegotiations and increasing the potential for legal disputes.

Conclusion

The China-US tariff fluctuations in 2025 posed serious challenges for Chinese enterprises, but they also acted as a catalyst for growth and adaptation. Businesses responded with innovation, supply chain transformation, and market diversification—strategies that will serve them well in an unpredictable global trade landscape.

Looking ahead, it is vital for both China and the US to enhance communication and cooperation. By doing so, they can promote a stable and mutually beneficial trade relationship and contribute to broader global economic prosperity and order.

Global minimum tax: The U.S. exception

Jelena Mihic with Bloomberg Tax explores how the U.S. exemption from the OECD’s global minimum tax rules could reshape global tax policy.

Kreston Brighture, February newsletter 2026

Read the latest financial news and updates in China from experts at Kreston Brighture.

Kreston Brighture, China, September newsletter 2025

Read the latest financial news and updates in China from experts at Kreston Brighture.

Mid-market outlook in Africa

July 3, 2025

The sixth, and final edition of Going Global is now available, spotlighting the mid-market outlook in Africa.

This edition explores how geopolitical shifts, regional reforms, and emerging investment priorities are shaping opportunities for mid-sized businesses across the African region.

Download the latest magazine here.

Kreston Global in Africa

Kreston Global has offices in over half of Africa and ranks as the 10th largest network in the region. Its Africa network includes 27 firms employing over 1,500 professionals across more than 27 countries. In 2025, the network is set to grow further through strategic additions and expansions in key markets across the continent.

Mid-market outlook in Africa for 2025

Africa features nine of the top 20 fastest-growing economies, driving strong demand for accounting services, notably in Nigeria where Kreston Pedabo has achieved nearly 70% growth in two years. Angola has also attracted significant investment, inspiring expansion from Mozambique-based Kreston expert Dev Pydannah. In Ethiopia, TAY Audit Service LLP is focusing on youth development, recognising that 70% of the population is under 30.

We explore these themes and more in this edition. You can download the full magazine or browse the individual articles online here:

Strengthening Nigerian accounting with the ADT: Learn how ADT is helping transform Nigerian accounting with stronger standards and greater financial transparency.

New Ethiopian internship and entrepreneurship programmes: TAY Audit Service LLP in Ethiopia launch new learning and development programmes that hope to engage this generation.

Angola airport; a new gateway for Africa: The Dr Antonio Agostinho Neto International Airport (AIAAN) is set to become a major African air hub, driving trade, investment, and economic growth across Angola and the wider region.

Follow us on social media
Find more updates on our LinkedIn page here.

Accounting for change in Ethiopia

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Kreston Global expands African presence with new firm in Angola

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Carmen Cojocaru

ESG Technical Director on the Kreston Global ESG Expert Network Committee

DEI in accounting: a key strategy to win over Gen Z talent

June 23, 2025

In today’s values-driven landscape, the accountancy profession faces a pivotal moment. As Generation Z joins the workforce, their priorities go beyond financial compensation. They seek employers who demonstrate genuine commitment to inclusivity, authenticity, and social impact. Firms that overlook the strategic importance of Diversity, Equity and Inclusion (DEI) initiatives risk losing touch with this emerging talent, potentially undermining both their recruitment success and long-term cultural integrity.

Carmen Cojocaru, ESG Technical Director, Kreston Global and Managing Partner at Kreston Romania, talks with International Accounting Bulletin about DEI in accounting and its importance to Gen Z. Click here to read the full report, or read a summary down below.

Why DEI in accounting matters to Gen Z

Gen Z is widely recognised for its strong sense of social justice. As digital natives, they prioritise transparency and authenticity in employer relationships. They’re not just chasing a paycheck, they want alignment with their values. A 2021 IBM Institute for Business Value study found that 61% of Gen Z are more likely to apply to companies that prioritise diversity and inclusion.

What Gen Z values most

Similarly, research from Co-operatives UK showed that 61% of Gen Z workers value company culture and principles as much as salary. With such clear expectations, the question is no longer if firms should invest in DEI, but how they can embed these values to attract and retain the talent that will shape the future of accountancy.

Why DEI in accounting still drives performance

DEI has long been central to recruitment and performance. McKinsey research shows diverse teams are 39% more likely to outperform others, proof that varied perspectives fuel innovation, agility, and global client responsiveness.

But political shifts have prompted some firms, even Big Four leaders, to scale back DEI efforts. This risks alienating Gen Z talent, for whom authenticity and inclusion are essential, and could lead to fewer top-tier applicants and weaker long-term performance.

The business risk of abandoning DEI in accounting

Consider a high-achieving Gen Z graduate choosing between two firms; one that visibly invests in DEI, and one that cuts back to save costs. For this graduate, values may matter as much as salary, and firms that sideline DEI risk losing top talent.

Attracting younger talent has long been key for the accountancy profession. As Gen Z grows in the workforce, firms ignoring their call for inclusivity may fall behind. Whatever the political climate, the business case is clear: real commitment to DEI is essential for meeting talent expectations and ensuring long-term success.

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Sales tax and use tax

February 22, 2025

Sales tax is similar to VAT/GST in that it is also charged on supplies of goods and services, but it is a consumption-based tax, charged on the sale to the end consumer rather than throughout the supply chain. It applies in the United States (“US”) for example, but not in every state. There are approximately 45 states that impose a sales tax. States, along with local jurisdictions, have the power to decide on local taxation and applicable rates; hence, there are a huge number of variations in the way Sales Tax applies depending on the specific location of the sale, the type of product or service being sold, the terms of the sale, and various other factors.

Whether a business is located in the US or overseas, another issue for companies to consider is nexus. Nexus, or the connections one has with the state, is what gives the state the ability to impose sales tax collection requirements on a company or business. Since each state in the US legislates and administers its own rules, each state has to be evaluated independently from the others in determining whether sales tax collection requirements exist. This nexus evaluation on a state by state basis can be fairly complex since each state’s provisions are very different. The use of a Kreston indirect tax expert can make this complicated nexus exercise more simplistic.

As a complement to Sales Tax, a separate tax, called a “Use Tax” can be due by a company who consumes items (that are not resold) when Sales Tax was not charged by the vendor. Companies unfamiliar with this area of taxation should consider consulting with a Kreston sales and use tax specialist to determine whether specific products or services are subject to use tax, the appropriate rate to be applied, and the applicable jurisdiction to which the use tax should be remitted.

We have indirect tax specialists in our Kreston Global network of firms that are present in 110 countries around the world. We would be delighted to discuss your business issues and requirements.

Key contacts

Geoff Christian (Primary contact)

Regional Contact, North America, CBIZ

About Geoff Christian

Jan Slagter

Indirect Tax Chair, Head of VAT Bentacera

About Jan Slagter

Dr Manuel Vogel

Kreston Global Indirect Tax Business Development Director and CEO, Kreston A&O, Switzerland

About Dr Manuel Vogel

Priyanka Sujith

Kreston Global Indirect Tax India Leader, Team Lead, Kreston Rangamani, India

A bout Priyanka Sujith

Ankur Jain

Kreston Global Indirect Tax UAE Leader, and Senior Director at MMJS, Dubai

About Ankur Jain

Enrique Pastor

Kreston Global Indirect Tax Mexico Leader, and Managing Partner at Kreston FLS, Mexico

About Enrique Pastor

Cybercrime in the Middle East

January 3, 2025

Cybercrime in the Middle East is a growing threat, yet despite the financial impact of data breaches, local firms still struggle to develop an effective strategy to combat it. Wael Abbas Radhi, Partner at Kreston Bahrain, explores why.

Financial impact of cybercrime in the Middle East

According to IBM’s annual Cost of a Data Breach Report, the average cost of a data breach for businesses in the Middle East reached SAR 32.80 million in 2024. This represents an increase of nearly 10% this year, from SAR 29.90 million in 2023. According to the organisations analysed, the top three factors that amplified breach costs for local businesses were security skills shortages, non-compliance with regulations and security system complexity.

Industries most affected by cyberattacks

The 2024 report highlighted that the energy sector participants experienced the costliest breaches across industries, reaching SAR 36.90 million on average per breach. The region’s financial industry ranked second, with an average cost of SAR 35.81 million per breach, while the industrial sector came in third place at SAR 34.52 million.

According to Wael Abbas Radhi, Partner at Kreston Bahrain, cybercrime in the Middle East is a growing concern for clients, with multiple reports from clients (or their staff) falling for phishing and ransomware attacks. ‘Various ransomware attacks have been successful against clients,’ he said. ‘Mostly, data theft and encryption then a ransom is requested to release the decryption keys in order for the clients to gain back their data or get access to their data.’

Efforts to strengthen cybersecurity

To enhance cybersecurity, local companies are investing heavily in cutting-edge technologies like AI and machine learning. For instance, the Saudi giant Saudi Aramco is deploying AI to secure critical infrastructure. The venture arm of the company invested USD 9 million in SpiderSilk, a UAE-based startup offering AI-powered cybersecurity services. But as Radhi has pointed out, it is people that pose the biggest threat.

‘There has been a lot of investment in improving infrastructure security,’ he said. ‘Unfortunately, infrastructure cannot be the ultimate solution. Having up to date IT policies certainly helps curb the chances of any attacks being successful. However, “insider” threats are the ultimate problem, which means that the focus should be on the people and raising awareness.’

Governments in the Middle East are taking the cybercrime threat very seriously and are implementing legislative initiatives to bolster cybersecurity. On September 14, 2023, Saudi Arabia’s first data protection law came into effect. Companies operating in the Middle East must assess the impact of the new legislation on their data processing practices and ensure compliance with the new requirements.

In Jordan, the Cybercrime law No. 17 of 2023 came into force on September 13, 2023, replacing the Cybercrime law of 2015. The new law introduces enhanced measures to combat cybercrime.
Radhi advise clients to engage outside experts to ensure cyber defences are as robust as possible. ‘Engaging a consultant or a security expert would be best to map out the systems in place and identify any gaps in security,’ he said. ‘As well as executing mock attacks to help raise awareness.’

Addressing the cybercrime workforce shortage

One of the problems that the Middle East faces as a region is that there is a serious skills shortage of qualified people who can offer quality consultancy work. When analysing the costs for local organisations, the IBM report found that the shortage of security skills contributes to the average increase in data breach costs by SAR 1.62 million. This highlights the pressing need for businesses to bridge the gap. Kreston Bahrain has cultivated a skilled team of consultants that can offer a range of services to the clients, such as: risk assessments, best practices, employee training, compliance guidance, threat intelligence solutions and regular audits.

But consultants can only do so much. There needs to be greater awareness and education on cyber security from the management down within firms and unfortunately, Radhi is finding that clients are not educated at all. ‘Local firms are not investing enough in prevention strategies and technologies’ he said. ‘As dangerous and as costly as cybercrime is, these issues are still not taken seriously by most clients. The main reason for this is quite simply, money. Many firms simply do not allocate enough of a budget to tackle this problem effectively, which means they are always reacting to a problem, rather than being proactive.’

But as the IBM report shows, it is a false economy for local businesses not to prioritise cybercrime. As Middle Eastern businesses become increasingly digitised, the problem is only going to get worse and the cost to businesses is only going to increase. The Middle East already ranks as the second highest region for data breach attacks in the world – it may find it has the dubious honour of being first in the IBM report in 2025.

For more information on cyber security at Kreston Global, click here.

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Non-residents in Belgium to declare taxes online by 22 November

November 19, 2024

OmniTrust has provided a comprehensive guide to help non-residents in Belgium understand how to declare their taxes online. You can read the full article by clicking here, or see a brief summary below.

Non-Resident Tax (NRT) in Belgium

Non-residents earning income from Belgian sources, such as salaries, pensions, or rent, are subject to Non-Resident Tax (NRT), calculated like personal income tax. This applies to individuals residing or headquartered abroad who are not registered with Belgium’s national register. Non-residents with Belgian income, whether living abroad or staying temporarily in Belgium for work or studies, must file a “non-resident tax declaration.”

Who needs to file the NRT?

The NRT applies to non-residents who receive income from Belgian sources and either reside abroad or stay in Belgium temporarily (for work, studies, or other purposes). If you fit this category, you must submit a non-resident tax declaration.

Legal cohabitants and married couples

For NRT purposes, legal cohabitants are treated as married persons. To be recognised as legal cohabitants, two individuals must file a declaration at their local municipal office, meeting the same legal criteria as those set by Belgian law. Foreign cohabitation agreements must also meet Belgian standards. Typically, married couples and legal cohabitants submit one joint declaration unless specific circumstances apply, such as the year of marriage, cohabitation declaration, divorce, separation, or the death of a partner. In cases where only one partner has NRT income, and the other partner has foreign or exempt income exceeding €12,550, separate declarations are required.

Children’s income and parental declarations

Parents with legal entitlement to their minor children’s property must include taxable income from such property in their declarations. In cases of joint entitlement, each parent must declare half of the taxable income. If one parent has sole entitlement, they must declare the entire income. However, child labour or child support income is reported in the children’s name, not the parents. Additionally, maintenance payments for non-resident children are excluded from the tax declaration.

What income is affected?

Non-residents must declare all income received from Belgian and foreign sources. Belgian income that is exempt from tax and foreign income is not subject to non-resident tax. For real estate, if you or your spouse own rental property in Belgium, you must declare all properties. Real estate income is based on the Net Cadastral Income (NCI) rather than actual rent. If the total NCI is below €2,500 per year for each spouse, no tax is due, but you must still file a declaration and indicate “nil” on the form.

Declaration process

Non-residents must submit their tax declaration online via MyMinfin by November 22, 2024. A joint declaration requires both spouses’ connections. Those without MyMinfin access can submit a simplified version using a Belgian national number, which doesn’t allow changes after submission. Once submitted, you will receive confirmation of whether tax is owed or a refund is due. Be sure to complete the preparatory document before filing the declaration.

For more information on doing business in Luxembourg, click here.

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Kreston Global welcomes new Italian firm the the network

November 4, 2024

Kreston Global has today welcomed Italian firm Revicom to the Kreston Global network.

Established in 2001, Revicom has 7 audit partners and 12 members of staff and is based in Milan.

It provides Audit and Assurance services to national and international privately owned entrepreneurial businesses across Italy and internationally, as the firm has a large number of international subsidiaries as clients. Revicom deals with a variety of industries, including technology, renewable energy, retail, and the entertainment industry.

The addition of Revicom to Kreston Global’s network ensures a strengthening of accounting provision across its substantial European region. The region consists of 62 member firms across 33 countries, providing a range of financial, audit and accounting, taxation, and other advisory services to large and mid-sized businesses requiring inbound and outbound growth support and set-up.

Liza Robbins, Chief Executive of Kreston Global, said:

“I am delighted to welcome Revicom to the Kreston Global network and to be able to augment our Italian offering as it is such an important European location for clients in the network. Revicom brings considerable international client experience and will be a valuable addition to our European portfolio of firms.

Marco Moroni, Managing Partner at Revicom said:

We chose Kreston Global because of its ethics and great reputation in assisting international companies around the world. All of the founding partners, including myself, were trained in a ‘Big 4’ accounting organisation; we appreciate that the Kreston network is made up of like-minded people. We are confident that this collaboration with the excellent member firms around the world will be a key factor in our growth and that of the network as a whole.

If you are interested in joining the Kreston Global network, contact us here.

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Agriculture and food production, Western Europe

October 31, 2024

A renowned, multi-generational agriculture dairy company in Western Europe sought a valuation report from Kreston Lentink to assist with potential internal share transfers. The valuation aimed to support the family’s long-term growth and succession planning amid an evolving market landscape.

Expertise for agriculture company

The agriculture company faced industry challenges, including pricing volatility and recent underperformance. Despite recent management changes, long-term profitability remained uncertain, and shareholder disagreements arose regarding dividend policies and reinvestment into sustainable practices.

Kreston Lentink stepped in to develop a robust valuation report, presenting three scenarios that outlined paths to restoring historical EBITDA levels over varied timelines. They created a four-year financial model, supported by a budgeting tool for future planning, which factored in external market data and specific value drivers. A market multiple assessment verified the valuation’s fairness, aligning it with the company’s patented innovations and strong reputation.

Enabling long-term planning

The comprehensive valuation provided by Kreston Lentink was well received by all shareholders, offering a clear framework for potential internal share transfers and supporting long-term financial planning for the agriculture company’s sustainable growth.

If you are interested in doing business with Kreston Global, contact us here.

Ukraine grain exports under pressure as farmers turn to working capital financing

Ukraine grain exports are under growing pressure as escalating attacks on Black Sea ports disrupt vital trade routes and increase the financial strain on the country’s farmers. Sergey Atamas from Kreston Ukraine shares his view on the impact of the attacks on the industry with Trade Finance Global.

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Technology Company, Switzerland & Netherlands

The client, a technology company, was closely associated with a major shareholder of a Swiss-listed company. When this shareholder decided to sell their shares for personal reasons, Kreston Lentink was brought in as a sell-side advisor to facilitate the transaction. The strategic buyer, seeking to enter the semiconductor industry, saw significant value in acquiring these shares, which promised synergy and market entry.

Choosing Kreston Lentink

The technology company faced several challenges. This included a heavy dependency on a single client in the Dutch semiconductor sector and the recent implementation of a new ERP system, which had created logistical complexities. These issues required a transparent, strategic approach to ensure the buyer was fully informed and comfortable with purchasing.

Kreston Lentink worked closely with the client, preparing a comprehensive Information Memorandum (IM) that detailed the company’s financial projections and unique challenges. Their approach emphasised transparency, allowing the buyer to make an informed decision without surprises.

Solution for Technology Company

Through their advisory and meticulous preparation of the IM, Kreston Lentink enabled a seamless transaction. The buyer was confident in their bid, knowing the ERP issues were being addressed and that due diligence revealed no further adjustments to the deal. The transaction was completed smoothly, and Kreston Lentink was commended for their expertise and commitment to an efficient and transparent process.

If you are interested in doing business with Kreston Global, contact us here.

Ukraine grain exports under pressure as farmers turn to working capital financing

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Food manufacturing, Netherlands

October 29, 2024

Within the food manufacturing sector, a family-owned bakery in the Netherlands, has served its community for generations. The original owners—two elderly brothers—sought to transition ownership, with the goal of keeping the business within the family. However, the complex personal relationship between the brothers posed challenges to the negotiation process.

Navigating family dynamics in food manufacturing

Initially, one brother was hesitant to sell his shares to his nephew, the son of his sibling and co-owner. Extended discussions finally resulted in a signed Letter of Intent (LOI), moving the ownership transfer forward. Sadly, one of the brothers passed away shortly after the agreement, complicating the transition. This was further impacted by overdue maintenance issues, departing staff, and disagreements around the valuation—key considerations in food manufacturing where operational continuity is crucial.

A balanced solution

Kreston Lentink stepped in to manage the transaction, recognizing the unique needs of a family-run bakery. Kreston Lentink negotiated a 15% reduction in the transaction price to support a fair transition to offset necessary post-transaction investments. When the remaining shareholder wavered, Kreston Lentink’s advisors provided expert mediation to bring both parties back to the table, ensuring a stable outcome for this family-owned enterprise.

A future focused on growth

The transaction was completed successfully, positioning the bakery for future growth in the food manufacturing industry. Now led by the nephew, the bakery recently completed a strategic acquisition and is thriving under new ownership. Both the seller and the buyer are pleased with the outcome and excited about the company’s future in food manufacturing.

If you are interested in doing business with Kreston Global, contact us here.

Ukraine grain exports under pressure as farmers turn to working capital financing

Ukraine grain exports are under growing pressure as escalating attacks on Black Sea ports disrupt vital trade routes and increase the financial strain on the country’s farmers. Sergey Atamas from Kreston Ukraine shares his view on the impact of the attacks on the industry with Trade Finance Global.

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AxFlow, Kreston Reeves, United Kingdom

October 28, 2024

Kreston Reeves has advised AxFlow UK on its acquisition of Moody Direct. AxFlow is one of the UK’s leading providers of pumps, valves, mixers and heat exchangers in the fluid handling sector and is part of the Axel Johnson AB group with operations across 26 European countries. Moody Direct is one of the country’s foremost suppliers of packaging solutions to the dairy, food and beverage industries and the chemical and pharmaceutical industries.

Comprehensive Advisory Team

The Kreston Reeves team was led by Corporate Finance Director Craig Dallender and supported by Corporate Finance Manager Sakshi Gupta, Corporate Finance Assistant Manager Mark Cheung, Tax Senior Manager Mohammed Mujtaba, Tax Manager Karl Dillow and VAT Senior Tanraj Bansal. Legal advice to AxFlow was provided by Partner Danielle Austin at Geoffrey Leaver Solicitors.

Strategic growth through acquisition

Craig Dallender said: “It was a privilege to work alongside Diane and the AxFlow team on this acquisition. Kreston Reeves has built a strong buy-side corporate finance team, helping businesses grow through strategic acquisition. We are thrilled to have played a part in the continued growth of AxFlow.”

Neil Langdown, Managing Director of AxFlow UK said: “We are thrilled to welcome Moody to the AxFlow family. Its expertise in hygienic sales and servicing and reputation for best-in-class customer service will strengthen AxFlow’s existing position in the UK. Moreover, this will enhance our onsite service capability and enable us to offer our customers a comprehensive service offering for homogenisers, separators and plate heat exchangers.“

Diane Booth, Finance & Operations Director at AxFlow said: “I would like to thank the team at Kreston Reeves. Their advice has been timely, insightful and critical to get this deal done.”

Ken Wildm Director of Moody, said: “Moody’s success has been built on technical expertise and a commitment to customer satisfaction. Joining forces with AxFlow UK not only strengthens our ability to serve customers in our core segments of F&B and Dairy but also opens up new avenues for growth, particularly in the processing industries.”

If you are interested in doing business with Kreston Global, contact us here.

Ukraine grain exports under pressure as farmers turn to working capital financing

Ukraine grain exports are under growing pressure as escalating attacks on Black Sea ports disrupt vital trade routes and increase the financial strain on the country’s farmers. Sergey Atamas from Kreston Ukraine shares his view on the impact of the attacks on the industry with Trade Finance Global.

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Maessen Tentsupply, Voorhout, Netherlands

Active since 1998, Maessen Tentsupply is a Dutch tent supplier with a committed team of 30 employees, focused on becoming the most solid and friendly tent supplier in the Netherlands. The company has recently merged with Veldeman Group, a specialist in tent structures and modular infrastructure. This partnership strengthens Veldeman’s geographical reach and supports Maessen Tentsupply’s future growth. Veldeman Group, backed by IK Partners, has over 50 years of experience and a strong international reputation.

Choosing Qwintess

Maessen Tentsupply sought to increase its professional capabilities and accelerate growth, while Veldeman Group aimed to enhance its presence in the Dutch market. Qwintess, with Julian Jonker as the primary advisor, supported Maessen Tentsupply as their M&A advisor on the sell side. In the new structure, Qwintess also assists in integrating Maessen Tentsupply’s reporting with Veldeman’s consolidated procedures.

Effective integration and growth

The collaboration includes setting up a project administration system with preliminary and final calculations to ensure smooth integration. Recently, Maessen Tentsupply expanded its storage capacity, which supports the efficient delivery of its product range in the Dutch market. Veldeman Group has reinforced its Dutch market position and is well-prepared to take on challenging projects ahead.

If you are interested in doing business with Kreston Global, contact us here.

Ukraine grain exports under pressure as farmers turn to working capital financing

Ukraine grain exports are under growing pressure as escalating attacks on Black Sea ports disrupt vital trade routes and increase the financial strain on the country’s farmers. Sergey Atamas from Kreston Ukraine shares his view on the impact of the attacks on the industry with Trade Finance Global.

Global minimum tax: The U.S. exception

Jelena Mihic with Bloomberg Tax explores how the U.S. exemption from the OECD’s global minimum tax rules could reshape global tax policy.

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Kreston Iberaudit has been recognised in the 2027 edition of Best Law Firms Spain, one of the leading international legal rankings that identifies the market’s most outstanding law firms based on the quality of their services

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Pretino P. Albury

Partner

Pretino P. Albury, CPA, CA, is a partner with over twenty years of experience in public accounting and advisory services. He has a diverse background, having worked across various industries, including financial services, power and utility, tourism and leisure, and consumer business. Pretino is a former Big 4 auditor and advisor, specializing in risk management and controls. He has served clients in The Bahamas, throughout the Caribbean, and the United States. Pretino is a member of the Bahamas Institute of Chartered Accountants and is the incoming president of the Institute.

Compliance challenges of Bahamas Business Licence Act

October 15, 2024

On 1 July 2023, The Bahamas introduced significant regulatory changes with the Business Licence Act 2023, imposing new compliance requirements on businesses, particularly in key sectors. The first year of the legislation has exposed significant compliance gaps in mid-market businesses, creating an audit bottleneck.

Pretino Albury, Partner at Kreston Bahamas and President of the Bahamas Institute of Chartered Accountants (BICA), explains the challenges the update has uncovered.

Businesses affected

The amendments to the Business Licence Act specifically address large companies with annual revenues of $5 million or more, which represent about 1% of business licence registrants. These reforms aim to ensure that the largest businesses are taxed appropriately, while 91% of smaller businesses— those reporting revenues under $100,000—remain unaffected by these changes.

Increased scrutiny

By the first quarter of 2024, officials at The Department of Inland Revenue (DIR) reported that up to 20% of Business Licence filings were under additional scrutiny. Albury noted the strain this put on the system, stating: “The audits revealed internal control and process deficiencies in many businesses, especially private companies that had outdated practices.”

Challenges with initial compliance and audits

During the rollout, businesses encountered significant difficulties, particularly with the mandatory audit requirements. “BICA and the Bahamas Chamber of Commerce urged for a delay in mandatory audits, citing a lack of preparedness among businesses and the accounting profession,” Albury explained. Although a one-year delay was denied, the DIR granted a six-month extension for audits, with a new deadline of 30 June 2024.

However, even with the extension, many companies struggled to meet the deadline, leading to an overwhelming number of requests for additional time. “Approximately 75% of companies required further extensions, justifying our initial request for a longer delay,” Albury added. As a result, audits extended into October and November 2024, far beyond the initial April deadline.

Internal control deficiencies

The audit process uncovered significant deficiencies in internal controls across a range of businesses. “Many companies were still using outdated accounting methods from 15 to 20 years ago, and some were not compliant with International Financial Reporting Standards (IFRS),” Albury stated. This was particularly true for private companies, many of which had not previously faced such stringent oversight. “The findings were a wake-up call for larger companies in particular,” he added.

Positive steps

Despite these challenges, the audits also provided opportunities for improvement. Auditors made recommendations to strengthen systems and processes, leading to long-term enhancements. “These findings, though surprising to many businesses, have Bahamas Business Licence Act throws mid-market a compliance challenge resulted in significant recommended remedies,” Albury commented. If implemented, these changes are expected to have a lasting positive impact on business operations and compliance.

Future deadlines

Looking ahead, concerns about future audit deadlines persist. BICA is recommending another extension for the 2025 filing period, proposing that the deadline be moved from April to June. “We anticipate that another year of mandatory audits will put pressure on both accountants and businesses,” Albury warned. However, he remains optimistic: “While businesses and accountants have faced challenges, the process has led to positive recommendations, ensuring better preparedness in the coming years.” Albury concluded: “The real test will be determining whether these audits increase business licence revenue or confirm that companies were already compliant.

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Jan Smallenbroek

Managing Director, CBIZ, USA

How US mid-market businesses are growing globally

October 14, 2024

With an election within weeks and an economy that looked set to falter in August, the US market could be forgiven for adopting a wait-and-see attitude. This is somewhat adrift from the optimistic results of the latest mid-market research report conducted by Kreston Global in February 2024, which saw 94% of US respondents expecting to see an increase in international business this year.

Low growth, high optimism

We spoke to Jan Smallenbroek, Managing Director and National Leader of the International Tax & Transfer Pricing Practice at CBIZ, Kreston Global’s US firm, to shed light on how mid-market businesses are taking the economic headwinds, and the answer is, in their stride. “Most of the companies I work with have an international footprint. They are active in multiple countries. They’ve been there for years. If companies have reached a certain level in the US and they want to grow, they need to go outside the US in order to be able to expand and that’s why they go to Canada, they go to Asia, they go to Europe.”

Keeping Pace

Although business growth appetite is still the same, there has been a few distinct changes in the way American businesses are planning expansion, according to Jan; “We’re seeing a trend where some of our larger clients are moving their manufacturing operations away from Europe and China to other countries like India and the Philippines,” Jan notes. This shift is driven by the need for cost efficiency. For mid-market businesses, these strategic decisions are vital for sustaining growth in an increasingly competitive global market.

Billion dollar challenges

Jan works across many mid-market clients, from in the millions of dollars, turnover to in the billions, and the conversations with clients across the whole of the mid-market strike a similar tone, ‘Whether you work for the largest multinationals in the world, or you work for a mid-sized company with an international footprint, with a revenue was $1 billion instead of $30 billion, the issues are the same. The difference is the dollar amount.”

This is why the CBIZ transfer pricing team has seen significant growth over the last few years, hiring experts that have experience dealing with billion-dollar challenges. Jan himself worked with a large multi-national brand for 10 years as an adviser, helping set up their shared service centres, procurement companies and European headquarters. “When you compare CBIZ’s International Tax and Transfer Pricing practice today to where it was two years ago, we’ve seen annual growth of approximately 35% to 40%. That’s a remarkable achievement.”

Pillar Two

The global tax environment is undergoing significant changes, particularly with the introduction of the OECD’s Pillar Two framework. This new set of rules is designed to ensure that multinational enterprises pay a minimum level of tax, regardless of where they are headquartered or operate. Jan highlights that Pillar Two is not just a regulatory requirement but a strategic challenge that mid-market companies must address.

“Pillar Two is here to stay, and companies have to deal with it,” Jan emphasises. While larger companies may have already begun implementing these changes, many midmarket firms are still in the assessment phase. CBIZ has positioned itself as a key partner in this process, offering tools and expertise to help companies navigate the complexities of Pillar Two compliance.

Tax confidence

Another surprising result in the recent Kreston Global mid-market survey was the confidence mid-market business leaders feel when dealing with global tax rules, with 98% of US respondents feeling confident about their experience. Jan’s experience working with both U.S. and European multinationals means he can offer some insight on why that confidence might exist in the US. Multinationals he works with now in the U.S. tend to have smaller tax departments, “U.S. multinationals rely a lot more on service providers than European multinationals,” Jan notes. This reliance creates opportunities for firms like CBIZ to provide comprehensive tax services, especially as U.S. companies navigate the complexities of international expansion and compliance.

Growth strategy

The recent news that CBIZ has acquired billion dollar national accountancy and advisory firm Marcum hints at CBIZ’s ambition. Jan underlines an appetite from the mid-market multinationals to move away from the pricing and operation model of the Big Four to companies like CBIZ. “One example that highlights the value CBIZ brings is our relationship with a billion-dollar company in the energy drinks sector. Two years ago, this company operated in 10 countries, but they now aim to expand into 40 within the next two to three years. The CFO, recognised some of the common challenges I had faced at other, much large expanding multinationals. He said, why would I go to the Big Four if I have a guy sitting here who’s probably more experienced in dealing with consumer product companies and half of the rates thanks to the agile way we approach client management. I think that’s a pretty powerful proposition.”

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Raising the Stakes: Employee Equity Schemes in Canada

October 11, 2024

Employee Equity Schemes in Canada, specifically Employee Option Trusts (EOTs), were given a sweetener in June this year with a Capital Gains Tax exemption. In Kreston Global’s 2024 research, US entrepreneurs named employee equity schemes as their top choice for raising capital to expand globally. No longer just a staff loyalty scheme, are employee equity schemes a viable strategy for SMEs looking to raise capital?

In June 2024, Canada increased capital gains tax, leaving businesses considering their options. EOTs, brought into Canadian legislation in 2023, could be one of those options. Pitched as an effective way to raise funding, increase staff loyalty and, with a capital gains exemption, save costs, can EOTs deliver these benefits for Canadian businesses in practice and achieve the same popularity seen in other North American markets?

Employee Equity Schemes and growth

Much like in the US and UK, employee equity schemes in Canada could now play a key role in fostering economic growth. Employee equity schemes help companies preserve cash, align the interests of their workforce with long-term business goals, and make businesses more attractive to outside investors. In the UK, the introduction of EOTs in 2014 sparked a surge in employee ownership conversions, benefiting both employers and employees. Canada is set to follow this model, aiming to drive similar growth in the employee-ownership sector.

However, implementing these trusts in Canada is not straightforward.

An Employee Ownership Trust (EOT) is a form of business succession plan, but in Canada, it can be complex to administer. The tax legislation and governance around it make it feel like an academic exercise—something you learn exists but is difficult to apply in practice unless there are specific situations that may meet all the compliance and planning requirements.

Canada’s Employee Equity Scheme framework

Employee equity schemes typically involve offering employees a stake in the company, whether through stock options, direct share purchases, or, in the case of EOTs, a trust that collectively holds employee shares. In Canada’s upcoming framework, employees will hold individual stakes in their own accounts, similar to the US Employee Stock Ownership Plans (ESOPs). This differs from the UK model, where employee ownership trusts hold shares collectively. By offering workers governance rights and a share of business profits, these schemes ensure that employees are not just workers, but co-owners.

Managing these schemes can be complex, particularly when it comes to balancing the needs of employee-owners and future business growth. While tax incentives and governance rights are appealing, the big challenge is that employees, through the trust, have to own the business. That means a lender has to be willing to fund the trust to buy the business, and reliance on management of the business and the ability to pay the lender the debt – that’s not always easy. Canadian lenders may hesitate because the trust is held by the employees, and they need to be sure the business can repay.

Employee equity schemes also help create a more stable workforce. Research shows that employee-owners are more committed to their company, which reduces turnover and increases institutional knowledge. In principle, an engaged workforce with a financial stake in the business is more likely to contribute to long-term success.

Capital Gains tax incentives

The recent capital gains tax rise in June 2024 is encouraging business owners to opt for employee ownership transitions. Under the new legislation, the first $10 million of a sale transferred through an EOT will be exempt from capital gains tax. This policy is designed to ease the transition for business owners nearing retirement, especially given Canada’s high numbers of ageing entrepreneurs who lack succession plans. With an estimated three out of every four small and mid-sized businesses in Canada set to change ownership within the next decade, this tax incentive could be the deciding factor for many to transfer ownership to employees rather than to private equity firms or competitors.

While this tax incentive is attractive for business owners, administrative complexities can be significant. There’s a two-year holding period during which employees must maintain governance. If they do not, the seller, who gets a $10 million capital gains deduction, could lose that benefit. It is risky for the seller, and while there are other alternatives to sell a business, the EOT option may not be as appealing.

The new capital gains rules also offer little incentive for employees, who typically do not face capital gains tax until they sell their shares or receive dividends, similar to other equity holders.

Learning from the UK and US models

The new Canadian legislation draws heavily from successful employee ownership structures in the UK and the US. In the UK, nine out of ten companies that have transitioned to employee ownership through EOTs report satisfaction with the process and would recommend it to other businesses. Similarly, in the US, ESOPs provide substantial tax advantages for companies where employees hold at least 30% of ownership.

The Employee Equity Investment Act proposed in the US, which allows for low-interest debt financing from the Small Business Administration, has shown that policy frameworks can play a crucial role in scaling employee ownership. However, it cannot be considered a financial carrot for all types of businesses in Canada. In certain rural areas with small, tightly-knit businesses—like a dairy plant in Alberta with 15 employees—an EOT might work. But that is a niche scenario. For most Canadian businesses, especially those near major centres, the complexity of the rules and the lender hesitancy make it tough to pull off.

Private Equity vs Employee Equity

When choosing between selling to private equity and opting for an employee equity scheme, each option has its pros and cons. Private equity typically provides faster access to capital and can lead to rapid business growth. However, it often results in loss of control, as private equity firms may restructure or resell the business. Moreover, private equity sales do not benefit from the capital gains tax exemptions available to EOTs.

On the other hand, employee equity offers longer-term stability and keeps control local. It is a good option for business owners who want to preserve the company’s culture and vision. For many owners, the choice comes down to their long-term goals for the business. The major hurdle is that employees, through the trust, have to own the business. That means a lender has to be willing to fund the trust to buy the business. Employee Ownership Trusts can take up to ten years to fully pay back the lender, and that is a long time for both the lender and the seller to wait, so mezzanine funding is perhaps a proceedable option for some businesses.

Conclusion

EOTs are a niche solution, and there might be other options to consider. Regular business owners selling a typical business will likely still prioritise traditional tax benefits, such as the Canadian Entrepreneur Innovation Incentive and lifetime capital gains exemptions. However, for larger businesses, selling for $50 million to $100 million, Employee Ownership Trusts (EOTs) could become an option—provided mezzanine capital or alternative lending is available to fund the sale.

If you would like to speak to an expert in Canada, please get in touch with Kreston GTA.

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VAT support through the Kreston Global network

Further reading

Frequently Asked Questions about VAT

News

Sherry Xi

Corporate and Finance Manager, Kreston Brighture

China-US tariff shifts in 2025

The evolution of China’s retaliatory tariff measures

Outcomes from the London negotiations

Impacts on Chinese enterprises

Conclusion

News

Mid-market outlook in Africa

Kreston Global in Africa

Mid-market outlook in Africa for 2025

News

Carmen Cojocaru

ESG Technical Director on the Kreston Global ESG Expert Network Committee

DEI in accounting: a key strategy to win over Gen Z talent

Why DEI in accounting matters to Gen Z

What Gen Z values most

Why DEI in accounting still drives performance

The business risk of abandoning DEI in accounting

News

Sales tax and use tax

Key contacts

Further reading

News

Wael Abbas Radhi

Partner at Kreston Bahrain

Cybercrime in the Middle East

Financial impact of cybercrime in the Middle East

Industries most affected by cyberattacks

Efforts to strengthen cybersecurity

Addressing the cybercrime workforce shortage

News

Non-residents in Belgium to declare taxes online by 22 November

Non-Resident Tax (NRT) in Belgium

Who needs to file the NRT?

Legal cohabitants and married couples

DEI in accounting: a key strategy to win over Gen Z talent