This guide is an overview of Spanish Value Added Tax (“IVA”) system, focused on how it affects foreign businesses trading with Spain. It is general in nature and unlikely to cover the specifics of your scenario. It should be read as such and not be construed as advice. For advice as to how your business is affected by Spanish VAT please contact a Kreston Global Spain VAT specialist.
Spain
January 17, 2025
Global vacancies
Aegidiistraße 42
January 14, 2025
Global vacancies
Serbia’s R&D tax relief regime
January 10, 2025
Serbia’s R&D tax relief program is part of its broader efforts to foster innovation, technological advancement, and economic development. The legal framework supporting R&D in Serbia includes tax credits, grants, and other financial incentives. The most significant of these is the tax deduction for R&D expenses outlined in the country’s Corporate Income Tax Law.
The Serbian government provides these incentives to encourage businesses to invest in R&D and to strengthen the country’s position in international innovation and technological competitiveness.
News
Non-residents in Belgium to declare taxes online by 22 November
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.
News
Andreas Katz
Tax advisor and certified public accountant, Kreston Bansbach
Experienced Tax Advisor with over seven years of expertise in tax consulting, currently with BANSBACH GmbH. Skilled in German tax law, compliance, and advisory services for clients across various sectors.
In January 2025, Germany’s transfer pricing (TP) rules will impose stricter documentation requirements, with shorter deadlines and enhanced penalties for non-compliance. These changes mean that companies with cross-border transactions must rigorously prepare to meet the new standards. Andreas Katz and Anna Kupprion of Kreston Bansbach outline the specifics of these changes in their recent article on International Tax Review, which we summarise here to help tax teams and cross-border businesses stay ahead.
Key changes to Germany’s new transfer pricing documentation rules
Germany’s TP documentation framework follows the OECD’s three-tiered model, involving a local file, master file, and country-by-country report (CbCr). While many businesses may already be familiar with this structure, the new rules are tightening submission deadlines and documentation readiness requirements. Here’s a closer look at what’s changing.
1. Shortened submission deadlines
The new rules empower German tax authorities to request TP documentation at any time, with a reduced submission deadline of 30 days. This includes providing a detailed transaction matrix, master file, and any documentation for extraordinary business transactions within 30 days of a tax audit order. These reduced timelines mean that businesses must be audit-ready, as requests can now occur outside standard audits.
2. Stricter penalties for non-compliance
Germany’s updated regulations also impose steeper penalties for late or incomplete documentation submissions. Under the new rules, penalties will be applied more uniformly, with surcharges ranging from 5% to 10% of estimated taxable income for missing or unusable documentation, and late submissions facing daily fines. This shift could be costly, especially for businesses that may have previously depended on extended deadlines.
3. Consequences of non-submission
In cases of inadequate or missing TP documentation, German authorities are now authorised to assume a higher taxable income and require the business to disprove it. This presumption poses significant risks for non-compliant taxpayers, highlighting the importance of preparing comprehensive and accurate documentation.
Next steps for compliance
With TP compliance expected to become an even greater focus for German tax authorities, international businesses should prepare their documentation in advance. Andreas Katz and Anna Kupprion recommend proactively recording all extraordinary transactions and carefully preparing documentation to avoid the costly consequences of non-compliance.
As Germany’s TP environment continues to evolve, having thorough and up-to-date documentation will be essential to avoid these increased risks and penalties.
Read the full article by Andreas Katz and Anna Kupprion on International Tax Review here.
For more updates on transfer pricing and international tax, get in touch.
News
Kreston Global welcomes new Italian firm the the 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.
News
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.
News
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.
News
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.
News
Qmx Laboratories, PEMCF, United Kingdom
Qmx Laboratories Ltd (Qmx) enlisted PEM Corporate Finance (PEMCF) to provide specialist transaction guidance to its shareholders throughout the sale process. Founded in 2013, Calibre Scientific—a global provider of life science reagents, tools, and consumables—emerged as the buyer. Calibre Scientific’s extensive reach and capabilities allow it to meet a wide range of client needs worldwide.
Qmx choosing PEMCF
Headquartered in Thaxted, Essex, Qmx is a premier supplier of specialist chemicals and laboratory products for the environmental, chemical, life sciences, medical, and academic sectors. Known for its high standards, Qmx supplies reference standards and materials, delivering trusted, high-quality scientific solutions.
Comments from Qmx
Reflecting on the sale, Dr. Glyn Banks, Managing Director and Founder of Qmx, said, “PEMCF provided invaluable guidance throughout, ensuring a successful outcome. Philip and his team were approachable, professional, and a pleasure to work with. This partnership with Calibre Scientific will support Qmx’s continued growth while maintaining our high standards of customer service and technical expertise.”
PEMCF’s role in the transaction
PEMCF’s Philip Olagunju and Darren Hagan led the negotiations, net working capital analysis, due diligence, and overall transaction support, with additional tax advisory support provided by Angus Wood from PEM.
Philip Olagunju, Partner and Head of PEM Corporate Finance, remarked, “This was an excellent transaction from start to finish. Working with Calibre Scientific again was a pleasure, and on the sell-side, PEM provided comprehensive, joined-up advice across compliance, tax, and transaction support. Congratulations to Dr. Banks and everyone involved—we wish Qmx and Calibre Scientific all the best for the future.”
Legal Advisory Teams
Legal advice for Qmx was provided by Alastair Gunn and Martino Barzaghi of Buckles Law, while buyer-side legal support came from Jayne McGlynn of DWF Law.
News
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.
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.
News
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.
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.
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