SENER is a private engineering and technology group founded in 1956. It seeks to offer its clients the most advanced technological solutions and enjoys international recognition for its commitment to innovation, its quality and for its independence.
SENER has nearly 2,500 professionals across its centers in Algeria, Argentina, Brazil, South Korea, Canada, Colombia, Chile, China, the United Arab Emirates, Spain, the United States, Morocco, Mexico, Poland, Portugal, the United Kingdom and South Africa. It accomplishes Aerospace and Engineering and Construction activities and has industrial holdings in companies working in the field of Energy and Environment.
In 2013, SENER Group created SENER (Shanghai) Systems Company Limited to provide high quality services to Chinese clients. SENER (Shanghai) needed finance & tax consultation, accounting and personnel services to support its development. It engaged Brighture to provide these services in 2016.
Brighture provides SENER with their management accounts, tax compliance and reporting, as well as tax advisory and planning services to help mitigate tax liabilities.
“We are very focused on ensuring that we understand our client’s needs so we can be responsive and proactive with advice and solutions. Our job is to help improve our clients’ efficiency and ensure we help grow their business.“
“With respect of opinion of Brighture service, we are more than satisfactory with the service provided by Brighture. We have very easy communication with Brighture. All the reports prepared by Brighture are well organized, sent in time. The data are all correct, etc. In one word, we are very happy working with Brighture.”
Mr.Guangwu Liu GM at SENER (Shanghai) Systems Company Limited
News
Technology, media and telecom
June 29, 2021
With its foundations in innovation, the technology, media and telecom sector is constantly moving into new and exciting territories, demanding responsive financial planning and insightful forecasting to ensure security within this industry. Kreston Global’s decades of experience collaborating with businesses in the technology sector has seen our firms work with businesses at all stages of their lifecycle, from start-ups to multinational enterprises.
Understanding the inner workings of your business is vital to ensure its financial health and capacity to grow. Kreston’s partner firms are prepared for in-depth audits of technology, media and telecom businesses, investigating the structure and strategy of your business to provide detailed and dynamic financial advice. Our accounting teams have helped many businesses transition through periods of growth, minimising risks through effective planning and forecasting as well as ensuring full compliance with regulations.
Financial consultancy for technology, media and telecom businesses
Kreston Global’s firms offer a range of services to the technology, media and telecom industries. Our services compliment the needs of this sector completely, supporting growth and innovation through consulting services and ensuring compliance through tax planning and auditing. In an age of rapid change, you can trust in our network of firms to provide a personalised service that is supercharged with global insights.
Safeguarding Intellectual Property
Kreston Global’s firms support the safeguarding of intellectual property in the technology, media and telecom sector through collaborations with trusted professionals. Our consulting services and auditing can unveil risks to intellectual properties which, through discovery, can be tackled through effective structuring of your business and effective insuring.
Forecasts and budgets
Accurate forecasting and budgeting in the Technology, Media and Telecom sector requires in depth analysis and fast paced research that keeps up with the developments in this industry. Kreston’s network of specialists provide knowledge, expertise and practical solutions to transform ideas into actions. Our industry insights are regularly provided to clients through seminars and workshops ensuring that our network is consistently kept up to date.
Specialist technology, media and telecom accounting and tax advice
The structuring and strategies of Technology, Media and Telecom companies is markedly different from other sectors. Seeking out specialist accounting and tax advice for your business can ensure that your team of accountants understand the shape of this industry completely, offering insights that improve efficiencies and encourage financial innovation. Our network of accounting experts can advise on personalised and tailored financial planning and tax strategies that can get you ahead of your competitors and help you thrive in this sector.
Transfer pricing for multinational companies
Kreston Global’s experience in working with expanding international companies has instilled expertise across our firms to effectively deal with transfer pricing across your business. Understanding the changes across borders of currencies and the impacts of transnational taxation through our consultation will ensure that your business is fully complying with multinational tax requirements and ensuring efficiency across your financial transactions.
International subsidiary tax structuring and planning
Planning for and complying with international tax regulations can be a complicated process that increases when growing as a business into new markets and across borders. Our global experts are experienced in handling multi-national businesses, helping you to understand your tax obligations and seeking efficient structures to comply with tax regulations across your global reach.
Research and development tax credit advice
With substantial tax credits awarded to suitable research projects, we advise on the process of applying and acquiring R&D (Research and Development) Tax Credit. Kreston Global’s expert teams are experienced in making R&D applications, advising you on how to develop projects that meet the criteria for this tax relief, as well as ensuring applications are informed and effective.
Obtaining finance
Sourcing funding can be crucial when seeking to grow as a company. Our experienced firms can help guide your company through the process of identifying finance needs, planning how and where funds can be attained and structuring the effective use of funds as well as repayment plans.
Risk management
Taking risks in a developing and rapidly growing industry can be essential to stay ahead of your competition. Kreston Global’s international experts offer informed consultation to help manage the risks your business takes through transitional periods, whether that be expanding into a new market or rolling out a new product.
Data protection
In this increasingly digital age, data protection and resilience to potential data threats are crucial for businesses. By working with Kreston Global you can receive insightful advice on the state of data security across your business, consulting on potential solutions to any risks to security and implementing digital solutions that can help guard data from theft.
What are Kreston Global’s professional standards in the technology, media and telecom space?
All Kreston Global’s member firms observe the local professional standards of their respective countries as well as complying with international regulations. Our effective internal monitoring programme ensures all our partners meet the International Standards on Quality Control as well as the International Standards on Auditing when conducting transnational audits. Kreston Global teams proudly follow the code of ethics as dictated by the IESBA (International Ethics Standards Board for Accountants).
As a member of the Forum of Firms, an association of international networks of accounting firms, Kreston Global is dedicated to meeting the highest of standards in financial reporting and auditing practices across our global community.
Our expert firms are well informed on updates within the technology, media and telecoms sector, producing industry reports and sharing knowledge within our network that strengthens our response to change and ensures high quality and effective global services.
Why choose Kreston Global’s technology, media and telecom financial services?
When growing your business in a fast paced and developing sector, you need support from consultants who can keep the momentum of your industry, who are responsive to change and can design innovative solutions that match the original nature of your business. At Kreston Global, we pride ourselves on producing up to date and insightful industry reports, sharing information across our global network and using international insights to find opportunities and assurances for growing businesses.
Kreston Global’s member firms offer assurance and stability, helping your company to assess its strengths and manage any risks through effective and efficient structuring and financial planning. Producing tailored financial plans for businesses at any stage of their lifecycle, whether seeking to expand or securing an exit plan, our experts offer financial advice that is tailored to suit your individual business within the global context of the sector.
Contact Kreston Global to find out how we can support your technology, media and telecom business
Want to know more about our financial services for technology, media and telecom businesses? Get in touch
News
CASE STUDY: TP-Link Enterprises Netherlands B.V.
May 18, 2021
TP-Link is a global provider of reliable networking and wi-fi devices and accessories, distributing to more than 170 countries and serving billions of people worldwide. Its products include ‘smart’ bulbs, plugs and cameras for people’s homes and cloud solutions, routers and high-speed wired and wireless networking for businesses.
TP-Link UK’s group auditor is Kreston Reeves, led by Peter Manser. During 2020, the company carried out a restructure. This meant that TP-Link NL needed a group audit to reflect the new corporate structure and Kreston Reeves referred the company to Van Herwijnen Kreston (VHK). After a short proposal process, TP-Link NL appointed VHK as its group auditor. They are also advising on income tax assessment, general tax matters and our Dutch firm Bentacera is assisting in transfer pricing support and documentation.
This successful outcome demonstrates the strength and reach of the Kreston International network. It also shows how the network can help smooth the changes many companies have to make following the UK’s departure from the EU.
Olivier Walravens, from Van Herwijnen Kreston, said “We were pleased to be able to help TP-Link change its group audit process so effectively and efficiently. Sharing and transferring the necessary data and documents was straightforward as Kreston firms are part of the same, secure system.”
Chris Sun, International Accountant at TP-Link NL, said: “We’re very grateful to Kreston for making this major change so ‘smart’. It was achieved in good time and they took care of everything for us. Using firms within the Kreston network has undoubtedly saved the company time and money.”
News
New Digital Service Tax – how will it affect the SME market?
May 12, 2021
By Guillermo Narvaez – Technical Director of the Kreston International Global Tax Group
Digital Services Taxes (DSTs) are a new global initiative designed to charge larger technology companies that provide digital platforms such as social media, advertising, online marketplaces and other search engine tools for commercial transactions or selling user data online advertising. It is beginning to apply across the world at the behest of the G20 – the Organisation for Economic Co-operation and Development (OECD) who are calling for changes to the international tax system to address the challenges of the digitisation of the economy by mid-2021.
A simple enough idea – impose additional tax costs on those who earn more – but is it really this simple? Who actually pays this tax, as on the face of it, it is the customers themselves who face liability rather than the platforms on which they are advertising.
Online platforms essential for SMEs to grow
Big tech companies like Amazon, Google and Apple shift the tax burden instigated by DSTs downstream to their customers, many of whom are SMEs. The European Centre for International Political Economy (ECIPE) has stated that “the EU’s commercial landscape is characterised by an overall share of highly diverse SMEs who account for 99.8% of all EU enterprises and 66.6% of overall EU employment.”
Copenhagen Economics also point out that 82% of SMEs in Europe use search engines to promote products and services online, while 42% of SMEs use online marketplaces to sell their products and services.
So we can see that SMEs are disproportionately affected by DSTs and are the ones left with the bill.
But in reality, to what extent are DSTs targeting the big fish? The DSTs’ purpose is well-meaning – challenge some of the world’s largest multinational enterprises (MNEs) to pay their dues.
However, when these enterprises can just pass this on to others – particularly digitally dependent SMEs who cannot otherwise achieve their goals – the DST is surely not having its desired effect?
Not looking at the profitability of the platforms means that the DST may end up being a disproportionate levy and, as a result, drive a possible deceleration of economic growth.
SMEs are inadvertent “victims” of the new tax levy
So what is the thinking behind this new levy? Many SMEs exist either in the middle of the digital services supply chain or to ensure the delivery of a product or service to its final customer. Where tech companies at one end of the chain and final customers at the other, SMEs sit between the two, paying for services (such as advertising) provided by the tech companies.
The logic of the DST is, in part, that tax on profitability (such as income tax) do not have the reach to impose tax burdens on tech companies for digital services. However, tech companies can circumvent the economic burden of the DST by transferring the levy to their customers, as they currently do with SMEs.
Conversely, whilst tech companies can pass on the levy to SMEs by increasing the cost of their services and so cover their tax liability, SMEs cannot similarly shift the burden downstream to their customers, as doing so may well take away their competitive advantage.
A well-meaning but flawed tax concept
Finally, even though consumers successfully use one or more digital service, they do not usually have to pay anything at all. Most of these can access any information, products and services through the use of free online services.
While SMEs serve a vital purpose in domestic economies, they are often the primary victims of this tax burden, whereas tech companies escape cost-free. Hence this system of taxation is a flawed one and deeply unfair.
SMEs are part of the digital services supply chain and a vital element of any country seeking to pursue economic growth while achieving a healthy economy. Since over 99% of EU businesses are SMEs, surely it would be fairer to support their development, rather than leave them to have to shoulder most of the actual tax burden?
(a version of this article also appeared in Accountancy Daily, May 12th 2021)
News
Kreston further expands partnership with Expatland
The addition of the two firms as Expatland Global Network partners represents the latest expansion of the network’s collaboration with Kreston, which now includes a total of 13 member firms around the globe.
The Expatland Global Network brings together international teams of professionals to provide global mobility services across taxation, logistics, real estate, education advice and more. These ‘E-Teams’ are made up of like-minded service providers in over 30 cities globally. Their expertise ranges from banking and insurance to medical and education, each passionate about helping expats coordinate their moves abroad and settle into their new home.
The partnership with Expatland Global Network will provide expats with access to trusted advice on tax planning and financial reporting across Mexico and South Korea, benefitting from the expert advice and local insight offered by Expatland Global Network’s international ‘E-Teams’.
Kreston FLS is a full-service accounting, legal and financial services firm based in Mexico City. Its clients span a wide spectrum of sectors, most notably in manufacturing and services. With its five offices and 95 staff members, Kreston FLS is one of six firms that make up Kreston International’s Mexican presence.
Based in Seoul, Daehyun Accounting Corporation provides a broad spectrum of services, including audit, tax, consulting and M&A for its SME clients both local and international. Daehyun Accounting Corporation is one of two Seoul-based Kreston International members.
Kreston FLS and Daehyun Accounting Corporation become the 68th and 69th partners, respectively, to join the Expatland Global Network– 13 of which are Kreston International member firms – across the UK, Europe, Asia-Pacific and North America.
Liza Robbins, Chief Executive of Kreston: “Expatland Global Network has for some time been a trusted partner of Kreston Global and is at the forefront of providing global mobility services and insight. The addition of these two firms to the Expatland network is a testament to its success and we look forward to seeing this international partnership continue to bear fruit.”
John Marcarian, Founder of Expatland Global Network: “Despite the setbacks to international movement caused by the pandemic, the demand for expatriation among the internationally mobile community looks set to recover quickly. We’re pleased to expand our relationship with Kreston International by adding these two firms as new partners and, in doing so, significantly enhance our offering in Mexico and South Korea.”
News
CASE STUDY: Kreston Bansbach client success
April 19, 2021
AUMA has been developing and building electric actuators and valve gearboxes for over 50 years. It supplies a wide range of industries including water, power, oil & gas and general industry.
As a global organization, with 2,600 employees and over 40 entites worldwide, AUMA is facing a growing complexity regarding financial and tax compliance, changes to existing business models as well as mergers & acquisitions. In order to keep pace with these challenges AUMA was searching for a reliable partner who is able to support its development and to deliver high quality and efficient services on a global stage.
For this reason, AUMA relies on the global network from Kreston Bansbach.
“We wanted to deliver more efficient co-ordination of the group audit and the consolidated financial statements as soon as possible,” said Eike Neumann, the Kreston Bansbach lead partner. “In addition, we enhanced managing AUMA’s international consulting project and teams.”
As a result, we also work together on other consultancy-intensive projects such as international transactions, international and complex transfer pricing, expansion projects as well as assisting the establishment of new AUMA companies and cross-company reorganisation projects.
Our expert team carries out complex and detailed work, such as financial, tax and legal due diligence in the context of transaction projects. We delivered on time, on budget and within all required legal deadlines.
“It was the right decision to engage Kreston as our trusted consulting company for numerous complex national and international projects. Especially the global coverage and presence of the Kreston network has proved to be a real value and key enabler for the success of our projects”, said Christoph Neubauer, Group Director Finance & Controlling.
News
Taxation of e-commerce transactions in India
January 28, 2021
CA SAURABH PANWAR Tax Partner Manager – Direct Taxes SNR & Company Chartered Accountants, India
In India and globally, the supply and procurement of goods and services digitally have undergone exponential growth with the expansion of information and communication technology. Indeed, e-commerce is now growing significantly faster than the global economy. The Indian tax authorities are constantly taking stock of new developments and introducing necessary changes to the Indian taxation laws to ensure that digital transactions are taxed appropriately. One such change is the levy of tax on non-resident e-commerce operators, effective from 1 April 2020.
The Finance Act, 2016 initially provided that a resident carrying on a business/profession, or a non-resident having a permanent establishment (PE), in India shall deduct an equalisation levy of 6% (the ‘2016 Levy’) on the amount paid/payable for certain specified services (e.g. advertisement) to a non-resident service provider, if the aggregate amount of consideration for the specified service exceeded INR 100,000 in a financial year.
Effective from 1 April 2020, the Finance Act, 2020 has introduced a new levy of 2% on the e-commerce operator on receipt of consideration for online sale of goods or services, made or provided or facilitated by it (on an amount of at least INR 20 million in aggregate) from:
An Indian resident
A person using an Indian IP address when purchasing such supplies/services
Non-residents only in the following cases:
Sale of advertising – targeting an Indian resident or Indian IP user
Sale of data – collected from an Indian resident or Indian IP user.
Provisions in brief
Definitions
E-commerce includes:
Online sale of goods owned by the e-commerce operator
Online provision of services provided by the e-commerce operator
Online sale of goods or provision of services, or both, facilitated by the e-commerce operator.
An e-commerce operator is a non-residentwho owns, operates or manages a digital/electronic facility or platform for online sale of goods or online provision of services or both; but does not include an e-commerce operator having a PE in India and supplying goods or services effectively connected with such PE, or where such a transaction is liable for the 2016 Levy.
Compliances for non-resident e-commerce operators
Every e-commerce operator will be required to make equalisation levy payments quarterly, as follows:
Quarter ending
Due date
30 June
7 July
30 September
7 October
31 December
7 January
31 March
31 March
Availability of tax credits
In general, non-residents paying taxes in India could obtain tax credits for these in their country of residence under the relevant DTAA. The equalisation levy has been introduced under a separate legislation rather than under the Income Tax Act. Thus, determining the availability of credit for the equalisation levy in the residence country is going to be challenging.
Conclusion
The new equalisation levy on e-commerce operators could impose on them a significant compliance burden and additional costs. The peculiarity of these businesses in earning millions of revenues without any physical presence has certainly been a matter of concern for countries with a large customer/IP user base. Modern ways of doing business do need such taxes, and all these measures are simply India’s response to the changing times.
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