SAN Group is a multinational corporation that operates across five continents, offering innovative solutions in animal health, crop protection, and food safety. Their business strategy centres on three key pillars: Plant Health, Animal Health, and Planet Health. This structure supports their long-term vision of contributing to a sustainable future.
With ambitions to expand into Mexico, SAN Group required the guidance of a professional services firm with both local expertise and global insight. They sought a partner who could navigate Mexico’s regulatory landscape while aligning with their global operational standards.
The Challenge
When SAN Group decided to establish its operations in Mexico, they faced several challenges. From navigating complex legal and tax frameworks to managing the operational setup, they needed a partner who could provide local insight while ensuring global business continuity. Establishing a new entity required expert knowledge of local compliance, tax regulations, and business structuring to ensure a smooth and cost-effective entry into the market.
Choosing Kreston FLS
SAN Group partnered with Kreston FLS, who provided tailored guidance from the outset. With Enrique Pastor, Partner at Kreston FLS, leading the collaboration, the firm worked closely with SAN Group’s headquarters and Brazilian teams to devise an operational structure for Mexico that minimised costs and risks while maximising benefits.
Kreston FLS advised on the optimal corporate structure, aligning with SAN Group’s global values and business strategy. They ensured compliance with local laws, provided monthly financial reports, and offered expert tax advisory services to meet the stringent demands of Mexican regulatory authorities.
Results
Since 2016, Kreston FLS has been an integral partner in SAN Group’s successful expansion into Mexico. They delivered professional and timely advice, ensuring that SAN Group’s operations in Mexico remained compliant, efficient, and strategically aligned with their global objectives. By managing financial reporting, tax advisory, and compliance, Kreston FLS enabled SAN Group to focus on their core business and growth.
“Kreston supported us in implementing our business unit in Mexico, always working with great professionalism and transparency.” – Ricardo Felix, Regional Finance Director, AMERICAS
News
Laboratorios Karizoo Mexico SA de CV, Pharmaceuticals, Mexico
September 16, 2024
Laboratorios Karizoo Mexico SA de CV is a part of Sequent Alivira, a global pharmaceutical leader with operations across more than 100 countries. The company specialises in pharmaceutical products for the animal protein industry and is headquartered in Mumbai, with its financial office in Ireland. It has a strong presence in Latin America through its operations in Mexico and Brazil.
Sequent Alivira is the leading pharmaceutical company in India, with recognition from the FDA, USDA, and EU as a certified “safe company.” This approval allows the business to manufacture and distribute its products globally. The company operates eight research and development centres, enabling it to innovate and create new pharmaceutical products for the animal health sector.
Choosing Kreston FLS
Laboratorios Karizoo Mexico SA de CV was undergoing a significant internal restructuring. As part of this transformation, the company sought to outsource its financial management processes. This presented a challenge, as the company needed to find a reliable partner capable of handling complex legal, financial, tax, and HR functions while allowing them to focus on core business activities.
Kreston FLS, led by Enrique Pastor, stepped in to provide a comprehensive solution. After carefully assessing Laboratorios Karizoo’s needs, Kreston FLS developed a tailored outsourcing strategy that addressed their financial management requirements.
Efficient outsourced solution
The collaboration covered a wide range of services, including legal support, financial management, tax compliance, transfer pricing, human resources, and IT solutions. This approach ensured that Laboratorios Karizoo could optimise its resources and operate with full confidence in the accuracy and efficiency of its financial processes.
The shift from an in-house financial management model to a fully outsourced one was seamless. Laboratorios Karizoo Mexico SA de CV now operates with optimised resources, allowing the company to focus on growth and innovation. The outsourcing model provided by Kreston FLS has become a critical part of the company’s operations, ensuring compliance, efficiency, and strategic financial management.
“Working with Kreston FLS for a long time now has been an experience of constantly improving our business. They have supported us across diverse areas—legal, finance, tax, transfer pricing, HR, and IT—allowing our company to operate in a professional, simple, and confident manner. Kreston FLS is more than just an outsourced consultant; they have become our partners in growth.” – Alejandro Wainstein, Laboratorios Karizoo Mexico SA de CV
If you are interested in doing business with us, contact us here.
News
Stanton Chase, Kreston FLS
September 5, 2024
Stanton Chase is a global leader in Executive Search and Leadership Advisory services, dedicated to providing exceptional value to clients through high-quality, customer-focused solutions. As the company expanded, managing the complexities of accounting, taxes, and financial reporting became increasingly difficult. In particular it was challenging to stay compliant with new tax regulations, which impacted the business’ operational efficiency and growth.
Choosing Kreston FLS
Kreston FLS was engaged to help the business overcome these challenges, and use their expertise in managing complex accounting tasks, tax calculations, and financial advisory service. The main Kreston contact Enrique Pastor, worked closely with the finance team to integrate the accounting solutions into Stanton Chase’s business operations.
Performance improvement
As a result Stanton Chase has seen considerable performance improvement in all aspects of financial business management, including more accurate financial reporting and full compliance with all tax laws and regulations, reducing the risk of penalties. The streamlining of financial processes has save the business considerable time and resources allowing them to concentrate on their core business, and Kreston FLS is now an essential extension of their management team.
Mónica Brogeras, Managing Partner, Stanton Chase Mexico commented, “We have been working with Kreston for 20 years now for their accounting services and fiscal advisory, and the experience has been exceptional. Enrique and his team have become an extension of our business, providing timely responses, accurate information, and invaluable support. Their trustworthy service has significantly improved our operational efficiency and compliance.”
If you are interested in doing business with Kreston Global, contact us here.
News
Ricardo Gameroff
Partner, Kreston BA Argentina, Argentina
Ricardo is a fraud, audit and risk expert with over two decades at Ernst & Young (EY), where he served as an Audit and Forensics Partner across Canada, Chile, and Argentina. He led major clients in utilities, retail, manufacturing, and mining sectors, including Coca-Cola, McDonald’s, Siemens, Fluor Daniels, and others. Ricardo is a Certified Public Accountant (CPA) in the United States, Chile, and Argentina, a Certified Fraud Examiner (CFE), and holds an MBA designation. He’s also a university professor at Universidad de los Andes and a published author on occupational fraud.
Internal audit in the age of cyber threats
June 10, 2024
Ricardo Gameroff, Managing Partner at Kreston BA Argentina and Global Audit Business Development Director at Kreston Global, emphasises the crucial role of internal audit in combating cyber threats. His article in the Audit & Risk magazine, the Chartered IIA’s publication, discusses how evolving internal audit practices enhance resilience against threats like ransomware, phishing, BEC attacks, and brand impersonation through meticulous risk assessment and proactive monitoring. Click here to access the complete publication, or read the summary below.
Internal audit as a defensive tool
Internal audits have always played a key role in mitigating cyber risks and protecting organizational assets. Moreover, recent advancements in auditing processes have expanded its capabilities beyond traditional methods. Now, internal audit teams can leverage innovative technologies to adapt quickly to evolving cyber threats.
Key recommendations for internal audit teams:
Continuous monitoring: Use automated tools and analytics to monitor network activity, detect anomalies, and identify potential security breaches in real time.
Enhance cyber security skills: Invest in ongoing training and professional development to keep up with emerging threats and best practices.
Integrate data analytics: Use data analytics to improve risk assessment and detect suspicious activities by analysing large data sets for patterns and anomalies.
Collaborate with IT and security teams: Work closely with IT and security departments to understand the organisation’s IT infrastructure and vulnerabilities, tailoring audit procedures to the risk profile.
Ethical artificial intelligence
A strong understanding of ethics and a robust corporate culture are crucial for protecting organizations against cyber threats. Additionally, internal audits can help management monitor and support organizational culture. Consequently, this ensures all employees understand expected behaviors regarding cybersecurity and ethics. This fosters good decision-making and strengthens governance and controls.
With the rise of AI in decision-making and automation, ensuring transparency, accountability, and bias-free systems is essential. Furthermore, internal auditors can aid in implementing ethical AI practices by auditing AI algorithms and ensuring regulatory compliance. Early involvement in AI initiatives allows auditors to advise on risks and suggest solutions.
Components cyber preparedness
Preparation is key in combating cyber threats. Establishing enterprise cyber preparedness involves governance, strategy, incident response, and employee training.
Governance and strategy: Internal audit should support and advise on effective cyber security management, helping to establish clear policies, procedures, and accountability structures. Defining roles, responsibilities, and strategic objectives aligned with business goals is crucial.
Risk assessment: Regular risk assessments help identify and prioritise cyber risks, allowing for efficient resource allocation and targeted mitigation strategies.
Incident response: Organisations need a formal incident response plan with designated teams and regular training exercises. Proactive measures like threat intelligence monitoring and incident detection systems are essential for swift and effective responses.
Employee training: Educating employees on cyber threats and best practices is vital, as human error remains a common cause of incidents. Regular training on phishing, password security, safe internet usage, and security awareness campaigns fosters a culture of vigilance.
Internal audit preventing incidents
It’s difficult to find examples of internal audits preventing cyber security incidents, as “near misses” aren’t publicised. However, successful cyber attacks often highlight how effective audit practices could mitigate or prevent breaches.
In the automotive industry, the 2023 Tesla data breach affected over 75,000 individuals due to an “inside job” by two former employees. This incident underscores the importance of comprehensive employee training, stringent access controls, regular audits, and whistleblower policies to detect unauthorised access and risky behaviour.
In the financial services sector, the March 2017 Equifax data breach, which affected nearly 150 million people, resulted from attackers exploiting IT system vulnerabilities. Additionally, while external attacks are complex to prevent, internal audit teams focusing on robust cyber security measures, data management practices, and internal controls can help detect breaches quickly and ensure swift damage mitigation and notification.
Mailchimp, a provider of email marketing services, has faced numerous data breaches due to social engineering attacks on its employees, resulting in compromised user accounts and customer data exposure. Internal audits should ensure employees receive adequate cyber security training and assess the implementation of two-factor authentication and practical identity management practices. Additionally, policies and systems must be in place to detect and mitigate vulnerabilities swiftly and promptly address breaches.
As technology evolves rapidly, so do the associated risks. Internal audit must adapt its practices and utilise technology advancements, such as AI, data analytics, and machine learning, to proactively identify potential vulnerabilities and predict emerging threats. Internal audit teams capable of foreseeing future risks can provide valuable guidance to management, positioning the organisation optimally to respond to inevitable cyber-attacks. For more information on implementing cyber security protocols into your business, click here.
Francisco’s academic background spans degrees in Law and Public Accounting and two master’s degrees in Business and Tax Law. He participated in the High Business Management Program at IESDE Business School. An expert in legal and tax matters, with special attention to international taxation. He advises national and multinational companies with extensive experience in wealth, succession consulting, and business restructuring operations. He has been a professor of tax matters for over 20 years. He is an active member of the College of Public Accountants of the State of Puebla, the International Fiscal Association, and the tax commission of Coparmex. He regularly contributes to various national publications specialising in tax matters, regularly participates in specialised radio programs, and has taken part in international congresses on tax issues. In 2003, he was certified through examination by the Mexican Institute of Public Accountants, A.C. (IMCP), with recognition for obtaining the highest score nationwide. He is currently a member of the board of directors of Kreston Global and the Regional Director of Kreston Latin America.
Mexican tax law and transfer pricing
May 9, 2024
Mexican tax law and transfer pricing regulations have recently updated tax obligations for the common practice for subsidiaries, which are Mexican tax residents and part of a multinational group, to make payments to another group company residing abroad for administrative services. In some instances, these payments are disallowed as deductions by the tax authority. This often occurs because taxpayers fail to convincingly demonstrate that such services were provided or do not adhere to the formalities prescribed in the Income Tax Law (ITL) for such deductions. Francisco Bracamonte, Tax Partner from Kreston BSG in Mexico explains more.
Frequently, taxpayers either do not have a written contract or, if they do, it contains a very generic description of services, such as accounting services, budgeting, computer system assistance, legal advice, and human resources consulting. Additionally, the service description on the invoice might merely state “administrative services” or a similarly vague term.
It is also typical for the evidence supporting the provision of such services to be inadequately documented. Many services are delivered via phone calls, foreign personnel visits, emails, letters, and reports, making proper documentation impractical. For example, consider a scenario where a group company manages the subsidiary’s monthly accounting and suggests adjustments to certain accounts via a few phone calls. Documenting each interaction in a logbook would be both impractical and costly and might still not satisfy the tax authorities.
Moreover, the valuation of these services often does not employ the transfer pricing method known as “comparable uncontrolled price” because the group company providing the services does not offer them to unrelated third parties. Instead, costs are allocated among group companies based on criteria like sales volume, number of employees, computer equipment, and asset values, sometimes with an added profit margin.
The issue arises during tax audits when authorities challenge these deductions due to insufficient proof of the services’ existence and lack of detailed documentation as required by the authority. Arguments are also made that the prices do not reflect market rates and some formal requirements are not met.
The evidentiary standard required by the tax authority for these services typically exceeds the documentation that taxpayers maintain. Merely presenting invoices, contracts, bank statements, and accounting records is often insufficient. Additional information and documentation are required to verify the service provision, such as evidence demonstrating that the service is not duplicative of functions performed by the taxpayer, the names and professional experience of the individuals involved, the service location, dates, rationale for the service’s necessity, pricing determination process, deliverables, and benefits obtained. Such extensive documentation is often difficult to compile.
Recent judicial decisions from the Mexican federal courts have defined the evidentiary standard in very general terms. For instance, in a criterion from October 2023, registration number 2027498, it was stated that proof might consist of a set of indirect evidence made up of private documents accepted by business practices, as no specific legal formalities are mandated. Another criterion from the same period, registration number 2027497, suggests that the evidentiary standard should be objective and reasonable, without demanding proof of impossible or excessive extremes.
The question then arises as to what level of documentation detail should be maintained. In my opinion, at a minimum, documentation should include:
a) A clear and specific contract detailing the type of services contracted, along with the corresponding invoice. b) Conditions under which the services were provided, which can be evidenced through correspondence, travel logs, meeting minutes, personnel lists, venue rentals, plane tickets, hotel stays, etc. c) Outcomes of the service, documented in reports containing analyses, recommendations, and conclusions.
If these documents are in another language, they can be retained as such, but translations may be required by the authority per administrative rule 2.8.1.2.
Moreover, transfer pricing guidelines indicate that these are low-value-added services because:
They are supportive by nature.
They are not integral to the multinational group’s core business.
They do not involve unique and valuable intangibles nor lead to their creation.
Significant risks are not assumed or managed by either the provider or recipient.
Documentation should also include:
A description of the expected benefits.
Cost allocation criteria.
A relation of cost allocation to expected benefits.
This documentation is crucial not only to meet legal requirements but also to provide additional support during audits. Sometimes, the non-deductibility of an expense stems not from its non-existence, but from failing to meet specific requirements in the tax receipts supporting these transactions. This includes ensuring that receipts issued by residents abroad comply with certain specifications (RMF 2.7.1.14):
I. Issuer’s business name, address, and, if applicable, tax identification number or equivalent. II. Place and date of issuance. III. Tax ID and business name of the recipient. IV. Description and quantity of goods or services covered. V. Unit value and total amount in both numbers and letters.
Additional reasons for deduction denial include failures in withholding income tax on the services provided by the non-resident, or non-compliance with obligations under article 76 of the Income Tax Law, such as issuing tax receipts for payments made, presenting foreign financing details by February 15, and detailing related party transactions by May 15 annually.
Regarding income tax withholdings, a 25% rate must be applied to the total income received by the non-resident, without deductions, provided that the service is rendered in Mexico. Proof of tax residency is necessary to apply for treaty benefits, which can be substantiated with a certificate from the foreign authority, valid for the calendar year issued and not requiring legalization.
Finally, compliance with additional procedural provisions is required, such as submitting financial statement reports when demanded and verifying adherence to foreign financing and related party disclosure requirements. Proper documentation is essential to convincingly demonstrate the service provision, timing, outcome, benefits received, and other considerations mentioned herein.
German Moya is a Tax Manager at Kreston Ecuador, serving since April 2020, and concurrently holds the position of Jefe de Impuestos & BPO at CMA CONSULTING since November 2018. With a solid foundation in accounting and taxation, German has enhanced his expertise through a Master’s in Financial Management from Universidad Internacional de La Rioja (UNIR) and a certification in Tax Management from Universidad Espíritu Santo. He is also a licensed professional accountant, accredited by the Colegio De Contadores Bachilleres y Publicos Del Guayas since May 2016.
Ecuador hit with VAT increase in 2024
April 11, 2024
Ecuador will see VAT rates increase in 2024 to tackle a $5 billion deficit, driven in part by a reduction in oil production and increased spending on tackling the country’s ongoing unrest. The rise also satisfies a new financing agreement with the International Monetary Fund.
What is the new VAT rate in Ecuador for 2024?
The Value Added Tax (VAT) rate in Ecuador will rise immediately from 12% to 13%, although there will be an additional temporary rise to 15% from 1 April until 31 December 2024, in accordance with the decision of President Daniel Noboa in March. This was made after legal changes to counter the effects of the Internal Armed Conflict.
Noboa based his decision on Ecuador’s Organic Law and was as mentioned to confront the Internal Armed Conflict, but also due to the Social and Economic Crisis. These empower the president to modify the VAT rate if there is a favourable opinion from the Ministry of Economy and Finance. On March 12, the ministry issued that opinion in favour of the increase.
Which products will increase in price with the increase in the VAT rate?
All goods, services and products subject to VAT will increase in price. A summary below:
As for food, there are 115 that make up the basic basket, but only 21 will increase the price, for example: biscuits, cereals, coffee, mayonnaise, tomato sauce, gelatin, etc. It also applies to personal hygiene products such as: soaps, shampoo, skin creams, razors, talcum powder, deodorants, perfumes, toothpaste and toothbrushes.
However, there are 94 foods in this basket that have 0% VAT, so consumers will not have to pay more with the new law. These are the foods most consumed by Ecuadorians, among which are: rice, flour, oatmeal, bread, meat, chicken, eggs, milk, sausages, tuna, cheese, oil, fruits, vegetables, legumes, grains, tubers.
Clothing, cars, motorcycles, bicycles, batteries, tyres, oils, and technological equipment will also increase in price. As well as streaming services, cell phone and internet service plans. Food prepared in restaurants, as well as airfare, will also increase with the increase in VAT.
How the business could be affected?
For businesses, the VAT increase may have negative effects, considering its impact on consumption. The prices of goods and services will increase and consumption may be reduced. If consumers spend less to avoid a decrease in their resources, companies will experience a decrease in their sales, which would generate a reduction in the production of their goods and services.
Likewise, as the value of goods and services increases due to VAT, inflation tends to increase and causes a reduction in consumers’ purchasing power. In a contracting economy, it is vital to avoid measures that increase inflation, as this may further aggravate the economic recession.
So considering all mentioned above, VAT increases can discourage investment and business activity by discouraging consumption, possibly increasing inflation and slowing investment turnover.
If you would like specific advice on increasing the VAT rate in Ecuador, please get in touch with one of our VAT specialists at Kreston Ecuador.
Kreston BA Argentina has been established to serve local private, public, and listed enterprises as well as international companies looking to invest in Argentina, at every stage of their business lifecycle.
Kreston BA Argentina is run by Ricardo Gameroff and Esteban Babino, who have nearly six decades of local and international experience from big four accounting firms between them as well as holding CPA, CFE and MBA certifications in Argentina and the United States. They are fluent in English and possess a deep understanding of both local and global business cultures. The new firm has a total of 10 employees based in Buenos Aires and provides a wide array of customised services covering all aspects of accounting and professional needs, from tax and legal planning to business process outsourcing solutions, financial audits, corporate fraud, internal audit and risk and legal advisory. The firm’s client base includes blue-chip clientele spanning energy, mining, manufacturing, oil & gas, utilities and agribusiness.
The addition of Kreston BA Argentina to Kreston Global’s network further strengthens its Latin America region, which consists of 25 member firms across 17 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’m delighted to welcome Kreston BA Argentina to our network. Our Latin America region is full of energetic and collaborative firms who regularly work together on client and employee initiatives. Argentina is a really important location in the region as the country embarks on a new economic strategy. With Ricardo and Esteban’s backgrounds and their vision, I have no doubt that Kreston BA Argentina will be a great addition to our network”
“We are extremely energised to be joining the Kreston network and benefitting from its highly connected infrastructure full of firms who enjoy working together. It has a great name for servicing entrepreneurial international businesses around the world and we see the synergies it will bring for our clients and our new venture. ”
News
Investment opportunities in Latin America
March 22, 2024
Investment opportunities in Latin America have developed rapidly over the last few years, with private financing opportunities in the sustainable energy sector becoming a focus over the next few years. This opportunity was highlighted in the 2023 World Investment Report, published by the United Nations Conference on Trade and Development (UNCTAD).
Foreign Direct Investment analysis
• The flow of foreign direct investment (FDI) in Latin America and the Caribbean increased in 2022 by 51%, representing a total of $208 billion USD, largely due to the existence of greater demand for commodities and minerals called “critical” (lithium, nickel, cobalt, graphite, manganese, among others). • In Mexico, the second largest recipient of FDI in Latin America, only behind Brazil, the FDI increased 12% in 2022, representing $35 billion USD, with new investments in equity instruments and reinvested earnings.
Cross-border M&A activity peak
• Net worth in cross-border mergers and acquisitions (M&A) in Mexico increased to $8.2 billion USD (in the year 2021 it represented less than one billion). • In the last five years, there has been an increase due to trade agreements between countries such as the Asociación Latinoamericana de Integración (ALADI, of which Mexico is a member) and the Mercado Común del Sur (MERCOSUR). • Cross-border M&A activity increased by 80% ($15 billion USD) The manufacturing sector recorded the highest increase in net sales, particularly in food, beverage and tobacco, chemicals, paper, and paper products.
Investment in Latin America trends
The indicators are of interest when taking into consideration that, in the same year, 2022, the FDI reported a worldwide decrease of 12% (1.3 trillion USD) generated mainly by geopolitical tensions (war in Ukraine) that had an impact on the financial sector, which generated a lower volume of FDI in developed countries (the volume of negotiations fell by 25%, where the volume in M&A worldwide decreased by 9%).
There is a trend of increase in FDI in developing countries, including countries in Latin America where there is still a deficit in annual investment concerning their activity to achieve the Sustainable Development Goals (SDGs) related to renewable energies, as agreed in the 2015 Paris Agreement to which Mexico is a party (agreement to reduce global warming), revealing the 2023 World Investment Report that international investment in renewable energies has almost tripled since 2015, with three countries being the most benefit in 2022: Brazil, Chile and Mexico, attracted three-quarters of all renewable energy projects announced in the Latin American region in 2022.
Renewable energy investment opportunity
This report also reveals that in developing countries there is no direct and significant domestic investment in renewable energies, which means that these countries turn abroad to look for financing up to three-quarters of the cost of projects in this type of energy.
The report points out that developing countries require annual investments in renewable energy for amounts close to $1.7 trillion USD to achieve the SDG targets, although in 2022 FDIs were reported for only $544 billion USD, therefore the UNCTAD makes an urgent appeal to support developing countries, so they can attract significantly more foreign direct investment for their transition to renewable energy.
Sustainable Development Goals 2030
It is expected that in the coming years there will be an increase in financing in developing countries to invest in the transition to renewable energy and thus achieve the SDG goals for 2030, where, for example, Banks shall have to transform their business models and risk approach to take advantage of their funds to attract a greater volume of private financing for the transition in developing countries.
At Kreston BSG we understand the impact these trends will have on our clients within the green energy sector that will be impacted by the Sustainable Development Goals (SDGs) by 2030.
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