Partner at Kreston Rangamani and Associates LLP, Global Tax Group Regional Director, Asia Pacific
Ganesh has extensive experience of more than 30 years in providing specialist tax services, particularly to large privately owned groups, with particular strengths in the property, retail, healthcare and hospitality industries. He has supported various entities with specialist advice on tax-effective structures and restructures, cross-border transactions on account of outbound and inbound India investments, mergers, acquisitions and divestments. Ganesh has also worked with stakeholders across businesses to deliver solutions such as tax due diligence, tax consolidation and restructuring of large family businesses in the Middle East, Asia, and Singapore.
Biodiversity standard of GRI gets an update
March 11, 2024
Sector:ESG
The Global Reporting Initiative (GRI) has published a biodiversity standard update which will help Corporates to provide information and analysis on the biodiversity impacts.
Overview of GRI’s biodiversity standard update
The standard GRI 101 – “Biodiversity 2024” has been updated to support Corporates around the world to disclose their significant impacts on biodiversity which comes out of their business operations and supply chain management.
GRI has agreed to support the use of the above standard over the next two years, with Corporates expected to mandatorily follow it from 2026. This revised standard builds on key global developments in the biodiversity field such as UNFCCC Kunming Montreal Global Biodiversity Framework, The Science Based Target Network (SBTN) and The Taskforce on Nature Related Financial Disclosures.
Key features and requirements of GRI 101
The updated GRI standard sets new rules for reporting through transparency on biodiversity impacts. The standard suggests location specific reporting, both within the organisations’ operations and its supply chain functions. This is aimed at enabling the stakeholders to correctly assess the organisation’s impact on biodiversity.
In detail, the biodiversity standard focuses on achieving the following objectives:
Covering the areas where significant impacts on biodiversity gets poorly reported especially in supply chain management.
Location specific reporting on impacts including all places where impacts are felt with detailed information of the place and site where the impact has been felt.
Disclosure norms on biodiversity loss covering the areas of land misuse, climate change, pollution and over exploitation.
Reporting the impacts on society including those on communities and indigenous people.
Corporate responsibilities in addressing biodiversity loss
The Intergovernmental Science Policy Platform on Biodiversity and Ecosystem Services has come out with an assessment report which sends a warning that 50% of the global economy is under threat due to biodiversity loss. The GRI update on Biodiversity standards has come up against this background.
Corporates need to take immediate steps to reverse the biodiversity loss, restore nature to its glory, respect the rights, roles and contributions to sustain biodiversity along the supply chain. When these actions of the Corporates are validated and communicated in the form of a report brought out by GRI, all the stakeholders in the system will definitely end up benefitting from this transparency.
For more information on Kreston Global’s sustainability hub, click here.
News
Rob McGillen
Chief Innovation Officer at CBIZ
Rob McGillen is the Chief Innovation Officer at CBIZ Financial Services with 25+ years’ working with innovative companies. Focus includes Professional Services, Financial Services, Manufacturing, Health and Life Sciences, Technology / SaaS, Insurance, and Energy.
Artificial intelligence in the accounting industry
The accounting sector is swiftly embracing Artificial Intelligence (AI), with the Big 4 (Deloitte, PwC, Ernst & Young, and KPMG) leading the charge. The Institute of Analytics (IoA) recognises accountants as strategically positioned to address the AI skills gap.
While the Big 4 invest in and experiment with AI tools, the broader UK business landscape needs to be adopted faster. According to a 2022 report on AI activity in UK businesses, only 15% currently use AI to some extent, with 2% piloting AI technologies and an additional 10% planning future adoption.
Despite this, the potential benefits of AI in accounting, including predictive analysis, AI-enabled document reviews, natural language processing, AI-assisted forecasting, and audit automation, are significant. Dr. Clare Walsh, Director of Education at IoA, emphasises the value of AI technologies in providing more significant insights amid the shift towards automation and the demand for accurate, real-time data.
In exploring how smaller practices leverage AI, we delve into the AI technologies accountants are testing and the tangible benefits emerging for professional practices.
Document and template generation
Rob McGillen noted that the shift from exploratory to demonstrable prompts involves upskilling professionals through prompt engineering training and demonstrations, fostering adoption within accountancy practices. Rob addresses AI challenges with practical, prompt building, custom instructions, and private data sets. Emphasising the need for the right tool for specific tasks, he acknowledges the evolving nature of the field, requiring continuous focus and updates.
Generative AI enhances efficiency by minimising time spent on lower-impact tasks, enabling professionals to focus on insightful analysis and application of expertise. Overall, the verdict is positive, highlighting AI’s role in improving document and template generation for increased work process efficiency.
If you are interested in implementing artificial intelligence in your business, please contact us.
News
Kreston Pedabo celebrates 25 years with rebranding
November 28, 2023
Congratulations to Kreston Pedabo in Nigeria, that recently celebrated its 25 anniversary with an Anniversary Symposium. The event was celebrated with clients and attended by Kreston Global Chief Executive, Liza Robbins, virtually. Kreston Pedabo marked its 25th anniversary in November 2023 with a strategic rebranding to expand its international services. Comprising 10 partners and 150 staff across three Nigerian locations, Kreston Pedabo specialises in audit, tax compliance, financial advisory, and more.
Kayode Oni is an accomplished finance analyst with a proven track record of accounting and consulting. Experienced in finance, accounting, financial analysis, investment appraisal, tax laws and regulations, consulting, project management, and data analytics, Kayode is a valuable asset in the financial sector at Kreston Pedabo.
With over 12 years of experience spanning diverse sectors such as financial services, real estate & hospitality, consumer markets, and oil & gas, Tyna Adediran is a resourceful and self-motivated Business Analyst and Management Consultant. Specialising in areas like Strategy Design & Execution, Project Management, and SME Transformation, she is known for her strong skills in data collection, diagnostics, and critical thinking. Beyond her professional expertise, Tyna is a passionate advocate for continuous learning, sustainable business practices, and youth empowerment, reflecting her commitment to making a positive impact on both the business world and society at large.
Kreston Pedabo on Africa Industrialisation Day
November 20, 2023
Sector:Energy
Agenda 2063 is Africa‘s development blueprint for inclusive and sustainable socioeconomic growth and development. African Heads of State and Governments adopted the continental agenda during the golden jubilee celebrations of the Organisation of African Unity (OAU)/African Union (AU) in May 2013. Agenda 2063 seeks to deliver on seven development aspirations, each with its own goals to move Africa closer to achieving “The Africa We Want.”
The blueprint contains key activities to be carried out in five Ten-Year implementation plans, ensuring that Agenda 2063 delivers quantitative and qualitative transformational outcomes for Africa’s people over a 50-year timeframe.
Agenda 2063
The implementation of Agenda 2063 at continental, regional, and national levels has progressed steadily during the reporting period. This is attributed to remarkable progress and achievements made towards the realisation of several goals and targets of the First Ten-Year Implementation Plan of Agenda 2063.
The data in the second continental progress report on the implementation of Agenda 2063 indicates that Nigeria has achieved a 40% score concerning the goals set for the seven development aspirations. This marks a significant increase of 208%, up from the 13% recorded in the first continental progress report on implementing Agenda 2063.
Key areas where Nigeria has contributed significantly to the implementation of Agenda 2063 include:
Increased access to internet and electricity
Reduced under-five mortality rate
Increased access to anti-retroviral treatment
Increased women’s access to sexual and reproductive health services
Reduced prevalence of underweight among under-five children
Reduced the proportion of Official Development Assistance (ODA) in the national budget
Reduced unemployment rates
Increased real GDP per capita and annual GDP growth rates
Increased enrolment in pre-primary, primary and secondary schools
Increase in the proportion of the population with access to safe drinking water and safely managed sanitation services.
Increase in the share of manufacturing in GDP.
Key beneficial legislation for international businesses
No specific, unified legislation applies to all international businesses looking to expand into Africa. The legal landscape in Africa is diverse, and each country has its own set of laws, regulations, and policies governing international business activities.
However, some regional economic communities in Africa/Trade blocs, such as the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA), have taken steps to harmonise certain aspects of business laws among member states to facilitate trade and investment.
International businesses aiming to expand into Africa typically need to navigate a range of legal considerations, including investment laws, taxation, employment laws, industry-specific regulations, trade agreements, intellectual property laws, and local content laws, among others.
Businesses must conduct thorough due diligence and seek legal advice tailored to the country or countries in which they plan to operate. Additionally, regulations and business environments can change, so it is advisable to consult legal experts with the most recent and relevant information.
A focus on Nigeria
In Nigeria, however, efforts have been made to attract foreign direct investment (FDI) through its investment promotion agency, the Nigerian Investment Promotion Commission (NIPC). The NIPC Act provides the legal framework for investments in Nigeria and incentivises investors in various sectors.
The Federal Government of Nigeria has adopted rigorous efforts to ensure that areas of concern for foreign investors, such as bureaucratic red tapes, incorporation processes, taxation, capital repatriation, and visa policies, are relaxed to the fullest extent possible to open up Nigeria’s economy to fair competition and prosperity.
Consequently, in line with the NIPC Act 22, the Nigerian Investment Promotion Commission regularly consults with crucial Government agencies to negotiate specific incentive packages in identified strategic areas of investment interest. These consultations have led to an increasingly attractive business environment with tax holidays for pioneer companies producing exportable goods, newly established industries in manufacturing, or expansion of production in sectors vital to the economy. The Government also grants non-tax incentives to non-pioneer firms in addition to industry-specific incentives.
NIPC Act
Section 24 of the NIPC Act provides that a foreign investor in an enterprise to which the Act applies shall be guaranteed unconditional transferability of funds through an authorised dealer in a freely convertible currency of:
dividends or profits (net of taxes) attributable to the investment;
Payments in respect of loan servicing where a foreign loan has been obtained; and
The remittances of proceeds (net of all taxes) and other obligations in the case of the sale or liquidation of the enterprise or any interest attributable to the investment.
Foreign Trade Zones
Foreign investors can set up businesses directly in Free Trade Zones (FTZs) without incorporating a company in the customs territory. Registered companies may also apply as a separate entity to operate in an FTZ that would append the company’s name with the FZE (Free Zone Enterprise) suffix to gain the FTZ benefits.
FTZ incentives include:
Exemption from all Federal, State, and Local Government Taxes, Rates, and Levies.
Duty-free importation of capital goods, machinery/components, spare parts, raw materials, and consumable items in the zones.
100% foreign ownership of investments.
100% repatriation of capital, profits, and dividends.
Waiver of all import and export licenses.
One-stop approvals for permits, operating licenses, and incorporation papers.
Permission to sell 100% of goods into the domestic market (in which case applicable customs duty on imported raw materials shall apply).
For prohibited items in the customs territory, free zone goods are allowed for sale provided such goods meet the requirement of up to 35% domestic value addition.
Rent-free land during the first 6 months of construction (for Government-owned zones).
News
Nefal Barrak
Managing Partner, Kreston NBB Saudi, Saudi Arabia
Nafal Barrak brings extensive experience in consulting, accounting, and management from his time at Deloitte and BDO Saudi Arabia, including Dr. Mohamed Al-Amri & Co. Currently, he holds the position of Managing Partner at Kreston NBB Saudi, where he has facilitated the establishment of a culture of innovation and collaboration, contributing to significant company growth.
Investing in Saudi Arabia: Vision 2030 a catalyst for change
October 20, 2023
Against the backdrop of fluctuating foreign direct investment (FDI), Saudi Arabia, with a formidable GDP of approximately $833 billion, is pioneering economic revitalisation through its ambitious Vision 2030 initiative. Smart businesses are moving quickly positioning themselves to ride the wave of regulatory changes as the Kingdom moves forward to rejuvenate FDI with Vision 2030.
We spoke to Nefal Barrak Beneyyah, Managing Partner at Kreston NBB Saudi about how the vision is affecting doing business and investing in Saudi Arabia.
Understanding the impact of vision 2030 on investing in Saudi Arabia
The Kingdom experienced a significant FDI drop in 2022, making the Vision 2030 initiative, launched by Crown Prince Mohammed Bin Salman in 2016, even more critical. With aspirations to attract over $100 billion annually in FDI by 2030, Saudi Arabia is diversifying investments across sectors, including chemicals, real estate, fossil fuels, automobiles, tourism, plastics, and machinery, drawing interest from countries like France, Japan, Kuwait, Malaysia, Singapore, the UAE, and the USA.
Nefal believes the use structural reforms have supported the rapid change, “Since the launch of Vision 2030, Saudi Arabia has succeeded in implementing many initiatives, for example, privatisation, to enable economic transformation in the Saudi market. Under Vision 2030, Saudi Arabia has taken impressive steps to improve the business environment, attract foreign investment and create private-sector employment and maximised its investment capabilities by participating in large international companies and emerging technologies from around the world. Interestingly, the number of small and medium enterprises (SMEs) registered in Saudi Arabia has also grown since the launch of Vision 2030.”
The Line: A futuristic investment opportunity in Saudi Arabia
As a pillar of Saudi Arabia’s Vision 2030, The Line is part of an ambitious strategy by Crown Prince Mohammad Bin Salman, reflecting the country’s aspiration to diversify away from oil dependency and reshape its economy. A selfdescribed “cognitive city” 170 kilometres long and only 200 metres wide, stretches from the mountains of NEOM to the Red Sea.
With an estimated investment of $500bn, The Line is part of the NEOM mega-development, which focuses on developing sectors such as energy, water, and advanced manufacturing, positioning itself as a global hub for trade and innovation. However, the project faces challenges in securing concrete investments and navigating the sociopolitical landscape, marked by controversies and the need for healthy relations with neighboring countries. The megacity’s progress, buoyed by the Crown Prince’s commitment, hinges on the realisation of FDI dreams, with the first phase of construction potentially completed by 2025.
Funding this ambitious venture is the Saudi Arabian Public Investment Fund (PIF) and a range of local and international investors. The PIF, bolstered by collaborations with Blackstone Group and SoftBank, is pivotal in supporting various sectors within NEOM, such as renewable energy, advanced manufacturing, and biotechnology. The city’s listing, set to follow Aramco’s IPO, aims to draw investments from diverse fields.
Boosting FDI with strategic investment initiatives in Saudi Arabia
To bolster FDI, Saudi Arabia launched the Special Economic Zone (SEZ) programme and established the Investment Law Business Regulations Zone (ILBZ) in Riyadh. These initiatives, coupled with far-reaching legal reforms, including the new Foreign Investment Law. Under the draft law in Saudi Arabia, foreign investors will experience neutral treatment, enjoying freedoms to manage and operate their projects, including property ownership, contract conclusion, company acquisitions, and funds transfer. Both local and foreign investors will adhere to identical sectoral requirements for licenses, registrations, and certain economic activities, supported by facilitated procedures from Saudi authorities. Violations of the law may result in SR500,000 fines, cancellation of registration or licenses, and revocation of investment facilities, while confiscation or expropriation of investments is restricted and subjected to fair compensation.
These changes are pivotal in fostering a conducive investment environment. The ILBZ, offering attractive incentives such as a 50-year tax exemption and 100% business ownership rights, and the SEZ’s focus on nonconventional sectors, are instrumental in attracting quality FDI.
Streamlining foreign investing in Saudi Arabia’s securities market
In a recent move, Saudi Arabia’s Capital Market Authority (CMA) announced new regulations for foreign investment in its securities market on 2 May 2023. This legislation governs qualified foreign investors’ (QFIs) operations in the Saudi capital market and consolidates measures into a comprehensive document, including provisions for QFIs, disclosure requirements, and continuous obligations. The amended legislation reduces differences between QFIs and other investors and simplifies QFI requirements, including allowing investments in main market securities through discretionary portfolio management.
Kreston NBB Saudi: Navigating the opportunities of investing in Saudi Arabia
Aligned with Saudi Arabia’s evolving economic landscape, Kreston NBB Saudi offers a diverse service portfolio, ensuring adaptability and readiness to navigate the complexities of Vision 2030 and the newly introduced market legislations. Nefal is clear the firm’s commitment to quality, governance standards, and high-quality training underscores its strategic alignment with the Kingdom’s ambitious economic goals,
“Initially, our priority will be to fully support major multinational and national companies, which have already gained a leading market share, by providing them with our quality services regionally and globally starting from Phase I “Selecting the proper legal status” to Phase III, especially in the fields of assurance, tax consultancy/ planning, advisory service, and value-added tax compliance services. We also seek to support local and multinational companies with promising growth opportunities so they could develop into new regional and global leaders.”
Saudi Arabia’s ascent in the World Bank’s Doing Business report and impressive GDP growth of 8.7% in 2022 highlight its promising economic trajectory. The Kingdom’s transparent regulatory framework, strategic initiatives like the SEZ programme and ILBZ, and continuous regulatory reforms, including the recent securities market legislation, are driving forces making Saudi Arabia a dominant and attractive investment destination in the MENA region.
As Saudi Arabia endeavors to realise Vision 2030 through leveraging strategic initiatives, regulatory reforms, and newly introduced securities market regulations. Nefal observes, “Saudi Arabia is a future forward economy, offering untapped potential and unique business opportunities to national and international businesses.”
Sudhir Kumar, with over 30 years of business acumen in the domains of Management and Consulting in the UAE market is the primary resource behind the successful positioning of Kreston Menon as one of the leading Superbrand in the region. He works closely with all the market segments including Government, Corporate Sector, Free Zones as well as Financial Institutions. He spearheads the CSR initiatives of the organization along with his branding and corporate communication responsibilities.
Investing in the Middle East: Economic outlook for 2023/4
October 19, 2023
The Middle East economy is still attracting inward investment in 2023, despite a slowing global economy. The IMF and World bank are predicting GDP growth in the Middle East and North Africa (MENA) in 2023 to land somewhere between 2.4% and 3.1%.
Oil dependency and market dynamics
While oil and gas remain crucial for the Middle East’s economic landscape, especially for the Gulf Cooperation Council (GCC) states, there is a clear and evidenced interest in reducing this dependency by diversifying into other sectors to build more resilient, stable, and sustainable economies. Many regions have developed an ambitious tourism strategy, particularly Oman and United Arab Emirates (UAE), with Saudi Arabia’s flagship tourism investment opportunity NEOM picking up pace and The Line, Saudi’s planned 170km, $500 billion new city, due to be complete in 2039.
Diversification for economic stability
Oil and gas remain pivotal when investing in the Middle East. The EIU (Economist Intelligence Unit) notes that GCC states will particularly benefit from strong global demand and high prices for energy exports. The organisation expected oil prices to remain above $90 per barrel until at least mid-2023, echoing the International Monetary Fund’s (IMF) warning about rising oil prices due to global turbulence. (OPEC+) countries are unlikely to increase production despite pressure from the U.S. and Europe, focusing instead on price levels.
Inflation is another key concern, particularly for troubled states like Lebanon, Syria, Yemen, Iran, as well as Egypt and Turkey. According to the EIU, these countries are bracing for another year of double-digit annual consumer price inflation, with hyperinflation in Lebanon and Syria. This dovetails with the IMF’s report, highlighting inflation rates in some Middle Eastern countries.
Both the EIU and the IMF highlight the increasing focus of major Middle Eastern countries like Saudi Arabia, the UAE, and Iran on Asia for trade and investment. The EIU expects this “look East” policy to continue in 2023.
Promising tourism developments
Tourism is showing signs of recovery across the region, with the EIU anticipating international arrivals returning to pre-COVID levels by the end of 2023. This is due in part to major events like the FIFA World Cup in Qatar and efforts to promote tourism across Middle Eastern countries.
Business conditions in the GCC states are expected to be the most favourable in the region, per the EIU. These countries will see high oil and gas revenues spilling over into nonenergy sectors, helped by state-backed investments in diversification.
Challenges and opportunities investing in the Middle East
Both the World Bank and the EIU emphasise downside risks, including global shocks that could affect economic growth, stability, and social cohesion. Upside risks are limited and mostly hinge on external factors like a quick resolution of the war in Europe or stronger demand from China.
18 October is World Ethics Day, a global observance that promotes ethical practices and principles across various domains. At Kreston Global, we wish to use this opportunity to celebrate the crucial role of ethics in accounting, tax, and auditing. In these professions, ethics is more than a guideline; it’s the bedrock of trust, transparency, and accountability. It reminds professionals to uphold the highest moral and professional standards, particularly in our complex and interconnected world.
What is the role of ethics in the accounting industry? Ethics is of the utmost importance in accountancy. We are one of only a few industries with a Code of Ethics that sets out how professional accountants in practice and business should behave and act. It’s the cornerstone of our profession, guiding us in doing the right thing, even when no one is watching or would even notice.
You recently shared the 2023 edition of the International Ethics Standards Board for Accountants (IESBA) Code of Ethics. Are there any noteworthy updates you would like to comment on?
Yes! The IESBA Code of Ethics is usually updated annually to keep it up to date with all the latest developments in the profession, including consequential and conforming amendments resulting from changes to auditing standards, etc.
This year’s update includes two key revisions relating to (a) the definition of engagement team and (b) group audits. The revisions deal with the independence and other implications of the changes made to the definition of “engagement team” in the Code to align with changes to the definition of the same term in the ISAs and ISQMs. The revisions also address the independence considerations in a group audit situation. Both changes are effective for audits with periods beginning on or after 15 December 2023.
Ethics is at the heart of what you do. Have you any advice for managing ethics globally?
Perspective is critical. Sometimes, we can all get so close and involved with an issue that it can be challenging to keep a perspective on our actions. Having someone available within a firm to provide an independent view and opinion is really helpful.
Building the right culture within a firm is also essential, as it fosters openness, trust and confidence that if an issue is raised, it will be dealt with appropriately and not swept under the carpet. The right culture has to be built top-down and permeates the whole organisation. Ethics should be integrated into everything we do as accountants.
What challenges do members of the accounting industry face in today’s global environment?
There is ever-growing commercial pressure on accountants, sometimes resulting in incentives to do the wrong thing. Standing up for what is right can be incredibly difficult, sometimes to personal detriment, but it’s important that we do, as this encourages others to behave similarly. I’ve been in such situations, and it’s never easy, but the one thing we always carry with us is our reputation, and I treasure mine over and above any promotion, bonus or job prospect.
What are your key top tips for ethics in daily practice?
In a difficult situation, I always try to ask myself how my action (or inaction) would look to someone else. This is the core of the “reasonable and informed third party” concept, i.e. that even if something was technically not prohibited by the detailed rules, if a reasonable and informed third party would think it unethical, then you shouldn’t do it. It helps us not to try and bend the rules or look for loopholes; if it wouldn’t look right to a third party, we shouldn’t be doing it.
The best approach, though, is not to get into a tricky situation in the first place and thus avoid putting oneself into a situation which may result in an ethical dilemma. Avoiding temptation is much easier than resisting it!
Kreston TDL Italy, a member of Kreston Global’s international network, has created a detailed 128-page guide to setting up a business in Italy. This guide is for anyone investing in Italy, to help you navigate the Italian business landscape.
The guide offers an in-depth analysis of various aspects integral to operating a business in Italy. It begins with an introduction to the country’s corporate and legal structures, including an exploration of different business entity forms. Subsequent sections delve into setup and liquidation procedures, the intricacies of mergers and acquisitions, and the responsibilities arising from corporate criminal liability.
Understanding taxes in Italy
Kreston TDL’s guide shines a light on Italy’s complex taxation system. Covering corporate taxes, business income, VAT, and individual income taxation, the guide provides an exhaustive exploration of main incentives, anti-avoidance measures, and withholding taxes. It also presents in-depth knowledge on VAT registration, returns, deductibility, and the mechanisms behind international supplies of goods and services.
Business laws in Italy
The guide further examines various legal aspects like customs, excise, import VAT, accounting procedures, filing requirements, and audit systems. In addition, it offers comprehensive advice on potentially challenging areas like transfer pricing, bankruptcy, reorganisation, debt restructuring procedures, and employment laws.
Local experts
The guide offers you invaluable technical insights from Kreston TDL’s team of experts, to help you make informed decisions and save time and money setting up a business in Italy correctly.
Established in 1985, Studio TDL is an independent Italian firm that specialises in tax, corporate and labour consultancy, and administrative outsourcing services. With a team of Certified Accountants, Statutory Auditors, and Labour Consultants, the firm caters to multinational companies and groups, capitalising on its long-standing relationships with major international professional firms.
The quality of Studio TDL’s services is driven by the team’s high level of expertise. They offer a wide range of services in tax, corporate, accounting, and labour matters, serving both local and international clients. This is supported by the latest methodologies and a vast network of international relations.
Studio TDL’s professionals are active contributors at conferences and trade magazines and are members of study commissions set up by relevant professional institutes in Milan. This engagement, alongside their in-house Study Centre, allows them to maintain current knowledge and develop best practices. As such, they can provide reliable support for even the most complex operations. Their in-depth understanding of the Italian business environment makes Studio TDL a go-to source for business setup and operations in Italy.
Liza Robbins, Kreston Global Chief Executive, shares her thoughts on what makes a great international leader.
A requirement for leadership
The first is that thinking internationally positions you for success in a globalised world. More than that, it’s a prerequisite for leadership. Our countries are far more connected and interdependent than they used to be, and being able to confidently navigate the different environments in which you will find yourself is a key competence.
If you’re narrow-minded, you’re going to fail. You will not connect to the people you’re dealing with, you may not understand how they operate, and there may be multiple misunderstandings. Of course, you can’t entirely erase a culture gap just by being curious, but the willingness to learn goes a long way.
You will also miss opportunities to learn and grow. There is so much we can learn from other cultures, both about how to do business and about life more generally. You don’t have to struggle to reinvent the wheel at your firm when you can simply watch how your peers at Kreston firms elsewhere operate and adapt their best practices. This is how many of the greatest advances are made.
When you think internationally, you will talk to clients and colleagues about your differences and commonalities, exchange views and share what’s important to you. The result will be deeper, more meaningful relationships.
These aren’t just ‘nice to have’ but the foundation of long-term partnerships and a sustainable business. The reason that “Knowing you” is the Kreston motto is precisely because having these conversations and forming these deeper relationships is critical to offering a transformative service.
Think Internationally… Even locally
All this applies and benefits you at a local level too. Although we talk about thinking “internationally”, this mindset does not miraculously switch on when you phone someone in another country or get on a plane abroad. Being curious about others makes you a better, more informed, and more personable leader at home.
And finally, this approach is fun! At least I’ve always found it to be so. Nothing is as interesting as other people. If you enjoy travelling and discovering new places and new sights, actually getting to know people whose lived experience is very different from your own is even more fulfilling.
None of this necessarily comes naturally and simply belonging to an international network does not automatically mean you’re thinking internationally. Your mind can still be shut even if you speak to people on the other side of the world every day. It’s a skill that has to be cultivated.
Consciously develop your international thinking
An oft-cited survey by McKinsey showed that 76% of senior executives believe that their companies need to develop global leadership capabilities while only 7% think that their efforts are effective. That survey is more than a decade old now but the gap and the need certainly still exist.
Some of you may be natural ‘international thinkers’ while others will want to be. Either way, I want to challenge both you and your teams to do more to consciously think internationally.
Here are some easy baby steps:
When a firm joins Kreston from another country, email them and ask them to share something about themselves. Better still, get on the phone.
Every time a new firm joins, follow them on LinkedIn. Notice their cultural celebrations and the issues that are important to them.
Get your atlas out! Do you know where our firms on other continents are located?
Through globalisation, our world is getting bigger. But the more you get to know people, the smaller it feels. That’s exactly what we should be aiming for – to take actions that make us feel closer and more intimate, whatever the distance between us.
The article in Compliance Week outlines how the European Union is set to shake up corporate reporting on environmental, social, and governance (ESG) goals by introducing new regulations. Companies are being urged to use 2023 to prepare for these changes and stakeholders’ expectations.
Regulators in the EU have been increasingly vocal about the need for companies to act more sustainably and report their actions and progress in achieving ESG goals in a more meaningful and transparent manner. Last month, the EU agreed to pass legislation to do just that.
Action
The Corporate Sustainability Reporting Directive (CSRD) will introduce more detailed reporting requirements for large and listed companies on non-financial areas such as environmental impacts, social rights, human rights, and corporate governance. The directive will ensure that sustainability information will sit alongside financial information and be audited, which means that the initial compliance cost for companies could be significant as the amount of data that needs to be collected will likely increase, along with the number of people involved in the integrated reporting process.
The CSRD will apply to large companies already covered by the EU’s non-financial reporting directive from 2025 and other companies incrementally year-on-year through 2029, depending on their size and/or revenues. For the 2025 financial year, companies with a net turnover of 40 million euros (U.S. $42.5 million) or more, at least €20 million (U.S. $21.2 million) in assets, and 250-plus employees will need to report. Around 50,000 organizations in the European Union or with EU-based subsidiaries will need to comply.
CSRD Updates
In a Nov. 9 speech, Mairead McGuinness, European commissioner for financial stability, financial services, and the capital markets union, said, “For the first time …we are putting sustainability reporting on an equal footing with financial reporting.” She added that the final text of the CSRD provides a good basis for alignment with the EU’s proposed Corporate Sustainability Due Diligence Directive, which is currently being negotiated between the European Commission, European Parliament, and the European Council and aims to further improve long-term corporate governance.
On Nov. 23, the European Financial Reporting Advisory Group, which provides technical advice to the European Commission, submitted its first draft of CSRD standards, which the commission must review/amend before making them available for public consultation in the spring. Under the 12 standards, companies would be required to publish comprehensive and comparable information about their sustainability, from their environmental impact regarding pollution, climate change, and biodiversity to workers’ rights, communities affected by their operations, and the impact on customers.
Stuart Brown, Kreston Global ESG committee member was invited to comment, stating he felt that businesses should not feel overwhelmed by the new compliance directive, but see it as an opportunity to assess their own ESG risks.
Get in touch to discuss your ESG reporting with one of our experts.
News
Kreston Global welcomes new member firm in Uganda
January 4, 2023
Sector:Finance
Kreston Global has welcomed a new member firm in Uganda to the network.
Kreston HM (formerly Nexia HMS ) focuses on providing audit, accounting services, and tax advisory and was founded by managing partner Hitesh Mehta, in 2005. Based in Kampala, with another office in Jinja, the firm has 3 partners and 45 staff and has rebranded as Kreston HM to take advantage of the extensive global reach of the Kreston network.
Hitesh Mehta, Managing Partner at Kreston HM, said:
“We are very pleased to be joining the Kreston network and becoming part of its highly-active African region, as well as an extensive international network. We are looking forward to becoming Kreston HM and are excited about the future.”
“Kreston is delighted to welcome Kreston HM to the network to drive the continued growth of our Africa region. They are one of many new firms joining the network and extending our worldwide footprint. We look forward to helping them connect with our members across the network as they explore new opportunities both at home and globally.”
News
The International Entrepreneur Podcast
October 26, 2022
We have a brand new episode – and brand new guests to go with it – from our podcast, The International Entrepreneur.
Join JohnMarcarian, founder of both Expatland Global Network and CST Global Tax Advisers, and Boon Tan, Managing Director of CST Tax Advisers Singapore to dig a little deeper into what makes a successful interpreneur, and why courage and resilience are the two most important traits for those looking to expand their business.
Cameron McGregor has been a partner at McGregor Bailey for over 30 years. and– is a partner in Auckland chartered accounting firm, McGregor Bailey, which was founded in 1948. A chartered accountant and business advisor for more than 30 years, Cameron uses his financial insights to help business owners achieve personal financial freedom so they can pursue their dreams. His other roles include facilitator of MindShop and past Chairman of the Board, Pinewoods Motor Park Limited, past Chairman of the Board, Carlaw Heritage Trust (owners of the New Zealand Warriors NRL league team), and past Chairman of the Board of Directors, Auckland Rugby League (responsible for 32 clubs and 580 rugby league teams)
Moving To Expatland: The Journey To Auckland
September 12, 2022
In this episode of Moving to Expatland podcast series, John Marcarian hosts Cameron McGregor, Director of MGB Advisory. With his lifelong experience in chartered accounting, Cameron McGregor shares professional advice regarding pre-migration and tax challenges, while also giving us a glimpse of New Zealand life in various aspects.
Preparing your move to Auckland
This Moving To Expatland episode talks about moving to New Zealand and its cities, in particularly Auckland. Get an overview of the processes you will go through when setting up a business while moving into the New Zealand tax system.
Cameron McGregor also shares how our Expatland Auckland E-Team can assist you in your move.
Understanding the tax system of New Zealand
Setting up trusts while overseas
Embracing the multi-cultural lifestyle
Listen to The Recording
Watch or listen the recording Our guests provide insights into the opportunities to grow your business.
Ian has been a partner at James Cowper Kreston since 2008, with a diverse portfolio of high-net-worth clients. Before he joined James Cowper Kreston, Ian began his career in a Big 6 firm, where he was a National Client Service Director, chairing the Estate Planning Group.
Ian is the global mobility lead for the UK for Kreston Global.
Tax advice on bringing capital into the UK
July 26, 2022
The advice for bringing capital into the UK changed over three years ago. There was a window of opportunity for UK resident individuals who were non-UK domiciled to “cleanse” their offshore accounts so that they could remit funds to the UK free of UK tax. This window closed on 5 April 2019 so that it is no longer possible for someone who is living in the UK to cleanse their funds into clean capital, income and capital gains in order to remit tax-free cash to the UK.
Bringing clean capital into the UK
From 6 April 2019 onwards it has been important for those who are moving to the UK to live to separate out their funds outside the UK between the original capital, income earned on that capital and capital gains. This means identifying the three constituent parts, and making arrangements so that income and gains that arise after the person has arrived in the UK are kept separate by separating them into different bank or broker accounts. Their finances are “clean” up to the point that they move to the UK and become resident here. That clean capital can then be remitted to the UK free of tax whereas the income or gains would be subject to income tax or capital gains tax respectively if remitted. This segregation process must be set up before the individual arrives in the UK.
Avoiding mixed funds
We have experience of one individual who came to see us after arriving in the UK and wanted to bring in cash to buy a house. Unfortunately, this individual had been in the UK for a number of months so cleansing wasn’t possible and they hadn’t segregated accounts before arrival with the result that what is known as a “mixed” fund was remitted and was taxed on the element that represented income and gains.
This shows the importance of taking the right advice before leaving for the UK.
Why choose Kreston Global?
Kreston firms are committed to long-term client oversight and the service we provide means that we work closely together, including offshore service providers, to ensure that the correct solution for each client is designed, implemented and kept under review.
Kreston Global’s network of global mobility experts are well positioned to assist HNWIs in offering tax advice to individuals or companies.
If you’d like to find out more about our global mobility services, get in touch by phone or email or visit the global mobility page. You can also become a member and realise the full benefits of our global network.
News
Ian Miles
Partner, James Cowper Kreston, Global Mobility Lead, Kreston Global
Ian has been a partner at James Cowper Kreston since 2008, with a diverse portfolio of high-net-worth clients. Before he joined James Cowper Kreston, Ian began his career in a Big 6 firm, where he was a National Client Service Director, chairing the Estate Planning Group.
Ian is the global mobility lead for the UK for Kreston Global.
Offshore trust tax implications in the UK
June 28, 2022
Relocating to the UK with assets
If you are relocating to the UK as a high-net-worth individual, there are a number of steps you should consider before arriving in the UK. One of the pitfalls I often see clients succumb to is engaging my services after they have relocated to the UK, particularly when there is an offshore trust involved.
What is a trust beneficiary?
The person who will benefit from the trust.
What is a trustee?
The person who manages the trust.
What is a settlor?
The entity that creates the trusts and adds assets to that trust.
Protecting the tax status of an offshore trust
Offshore trusts can enjoy tax privileges in certain circumstances. For example, entering the UK if you are a beneficiary of the trust, this does not usually attract tax penalties. However, there may be tax issues if you are the settlor of a trust, or, if after coming to the UK, all the trustees are resident in the UK. That might have the unintended consequence of making the trust UK resident and losing the privileged tax status that the trust enjoyed when it was resident offshore with respect to the UK.
What to do before you arrive in the UK if you have an offshore trust
If there is such a trust in existence, perhaps a family trust of which you are a beneficiary, then you should discuss this and the exact circumstances in your case with your UK tax adviser during your pre-arrival briefing and before you arrive in the UK.
Hear Ian Miles giving tax advice on moving to the UK the latest Expatland podcast here.
Get offshore trust advice today
News
Ian Miles
Partner, James Cowper Kreston, Global Mobility Lead, Kreston Global
Ian has been a partner at James Cowper Kreston since 2008, with a diverse portfolio of high-net-worth clients. Before he joined James Cowper Kreston, Ian began his career in a Big 6 firm, where he was a National Client Service Director, chairing the Estate Planning Group.
Ian is the global mobility lead for the UK for Kreston Global.
Moving To Expatland: The Journey To London
Plan Your Tax & Understand The Culture
Ian Miles from James Cowper Kreston, a member of Kreston Global accounting network joins our Founder John Marcarian as he shares his insights about 𝑼𝑲 𝒕𝒂𝒙 and helpful hints about the 𝑱𝒐𝒖𝒓𝒏𝒆𝒚 𝒕𝒐 𝑳𝒐𝒏𝒅𝒐𝒏.
The Perks and Pitfalls of Moving to London
Our pilot episode talks about moving to one of the most dynamic, diverse and liberal societies in the World. Get an overview of the tax considerations in moving to London as well as the common pitfalls that Ian shares based on his experience and the many ways Expatland Global Network can be supportive in your move.
Guillermo Narvaez, technical director at Kreston Global Tax Group and tax residence expert, from Kreston FLS. He recently shared his thoughts with The Accountant on the complexities of tax residence and the impact that has on personal tax. If you have a membership to The Accountant, you can also read the full article here.
News
Top 10 questions for relocating to the UK
February 2, 2022
Immigration partner Kelvin Tanner, from law firm Charles Russell Speechlys (a member of Expatland’s London E-Team of global mobility specialists) answers key questions about moving to the UK. To get international assistance in relocating from London, contact Kreston partner Ian Miles.
Charles Russell Speechlys is a leading law firm headquartered in London with UK regional offices and international offices in Hong Kong, Dubai, Bahrain, Qatar, Geneva, Zurich, Luxembourg and Paris. We combine specialist business law and private wealth advice internationally and our award-winning Immigration team assists clients with every aspect of their UK immigration journey, from initial discussions about the best visa type for them through to extension, permanent residence and citizenship applications.
As immigration lawyers, we’re often asked about more than just the technical requirements of a particular UK visa. Relocating abroad is a major decision and one which requires careful consideration and planning. UK Immigration is complex and the rules and processes created by the UK government change constantly.
In this article, we run through the 10 of the most common questions our clients ask when they are looking to move to the UK.
1. What type of visas are available and which one is right for me?
The UK has a broad range of visa categories, all with specific eligibility requirements. The best type of visa will depend on what you are trying to achieve. Key factors to consider include: whether or not you wish to work or establish a company in the UK, what level of funds you have available, whether a partner and/or dependant children will be relocating with you, how much time you plan to spend in the UK and whether your ultimate goal is permanent residence or British citizenship.
Many individuals who are relocating to the UK for work, for example, will do so via the Skilled Worker visa route. This allows the individual to work in a specific skilled role and to change employers, but it does require a job offer and sponsorship from a licensed UK business. It can also provide a path to permanent residence in the UK after a period of 5 years.
High net worth individuals often make use of the UK’s Tier 1 Investor visa route, which is available to those that have at least £2 million available to invest into corporate bonds and equities of qualifying UK registered companies. The advantage of this route is that it offers the visa holder complete flexibility as to whether they work, engage in business, study or simply spend time living in the UK. It also provides a path to permanent residence.
We would always recommend that you take legal advice tailored to your specific needs and goals, so you can trust that you’re on the right immigration path from the outset.
2. I’m being transferred to the UK office by my employer. Can my family come with me?
A very common scenario we see is a senior executive based overseas being transferred to their employer’s UK office, either permanently or for a specific time-limited secondment. Usually, their employer’s UK entity will provide sponsorship under either the Skilled Worker or Intra-Company Transfer visa route.
Both these visa types, and indeed almost all UK visa routes, allow for a main applicant to bring a partner and/or children under 18 with them as dependants. Partners must be a spouse, civil partner or an unmarried partner who has lived with the main applicant for at least 2 years prior to the visa application. Evidence of relationship is required for both a partner and children’s applications and the family must intend to live together throughout their time in the UK. Dependant visas are generally granted for the same period as the main applicant.
It is not usually possible to bring your parents, siblings or adult children to the UK unless you hold permanent residence or British citizenship and subject to meeting a very high threshold under the Adult Dependant Relative route.
3. Can my partner work in the UK?
The answer to this is usually ‘Yes’ but it will depend on the type of visa they have. Most dependant partner visas allow the holder to work in the UK with very little restriction. If your partner is looking to work in the UK then this is something to factor in at the outset, along with consideration of what sort of work they plan to do, to make sure their proposed visa will facilitate it.
4. What about my children and their schooling?
Children who have dependant visas can attend any sort of school in the UK, including free state schools and independent fee-paying schools, without needing prior sponsorship from the school.
Licensed independent schools can sponsor children for a Child Student visa, which is not reliant on any visa their parents may have. It may be possible in those circumstances for one parent to apply for a Parent of a Child Student visa to join their child in the UK, subject to specific eligibility criteria and provided the child is under 12 years of age.
Licensed UK colleges and universities can sponsor students aged 16 and over to study specific courses in the UK on a standalone Student visa. Sponsored students may be able to bring their own partner and/or dependant children with them, depending on the level of the course.
5. What if I want to change jobs or employers while I’m in the UK?
Again, this will depend on what type of visa you have. The Skilled Worker visa does allow an individual to change employers but they will require sponsorship from the new employer. It is also possible to change to a different role with the same employer, provided the new role falls within the same occupation classification or new sponsorship can be issued. Other visa types, such as the Tier 1 Investor visa, Global Talent visa or UK Ancestry visa, do not have any restriction on the type of work you can do or who you can work for. On the flip side, others such as the Innovator visa, have much more stringent rules.
6. Can I work remotely in the UK?
During the pandemic many people found themselves stuck or choosing to locate themselves outside of their home country. This led to an increase in enquiries from employers and individuals as to the permissibility of remote working. The general position in most countries is that whilst some remote work such as checking and sending emails may be permitted whilst someone is visiting, this should be incidental to the main purpose of their visit. If someone intends to work remotely from a country in which they have no existing right to work, this will usually constitute productive work and require a work visa. This is certainly true of the UK.
It is important that employers have a policy on remote working as in addition to raising potential immigration issues, there can be tax and employment law implications. If you have any concerns about this then you may wish to seek specialist legal advice.
7.Can I stay in the UK permanently?
Most of the most commonly used visa types, including Skilled Worker, can lead to permanent residence in the UK if certain eligibility criteria are met. Most require the completion of a continuous 5 year residence period in the UK, during which absences should not exceed 180 days in any 12 month period. There is also an English language requirement to be met and you must pass the Life in the UK test. Dependant partners and children can also apply if they meet the requirements. Note that the Intra-Company Transfer route doesn’t currently lead to settlement in the UK but applicants can switch into the Skilled Worker route if they are looking to stay long-term.
8. How can I get a British passport?
You can apply for British citizenship, known as ‘naturalisation’, once you have held permanent residence in the UK for at least 12 months. There are character and residence requirements which must be met. If your application is approved you will be presented with a Certificate of Naturalisation at a citizenship ceremony and can then use the certificate to apply for a British passport. Note that if you are the partner of a British citizen you may be able to naturalise sooner.
9. I’m a European national. What impact does Brexit have on my ability to move to the UK?
As free movement to the UK has now ended, European nationals who are not currently living in the UK will usually need to apply for a UK visa and the same eligibility criteria will apply as for any other nationality. Although if you have a European family member who was living in the UK before 31 December 2020 it may be possible for you to apply to join them under the EU Settlement Scheme, whether you yourself are also a European national or not. This is a complicated area and we would recommend you take specialist legal advice if you think you may be eligible for the settlement scheme.
10. Is there anything else I need to think about?
The answer to this is probably always going to be ‘Yes’!. Depending on your circumstances it may well be sensible to seek pre-arrival UK tax advice, especially if you may be transferring significant assets here or receiving a substantial income. If you are looking to purchase property in the UK then we would recommend consulting a UK property lawyer. Senior executives or those with complex employment contracts may also benefit from UK employment law advice before relocating. Likewise, entrepreneurs or those looking to establish or build businesses in the UK would be wise to seek advice from specialist corporate and commercial lawyers.
We hope the above has been useful in answering some questions you may have. If you would like to discuss any of the above further or need advice not covered by this article we would be pleased to hear from you by emailing me here.
Kelvin Tanner
Partner
News
What is global mobility?
Kreston global mobility expert, Ian Miles, talks us through the benefits of using a global network to relocate businesses and employees overseas.
What is global mobility?
Global mobility is the movement of individuals around the globe moving from one country to another, usually, but not always, for work.
What is the Kreston offering?
Our offering is to help to efficiently move employees and businesses to new countries by offering the necessary and relevant tax advice before, while and following living in a new country. A good global mobility strategy should cover tax, visas and immigration, payroll and benefits and relocation services.
Why is it important?
A smooth transition benefits the business and the individual moving, whether it is the CEO of a company or an employee. Understanding the culture, local employment laws, working visas and settling in families, if needed, minimises the risk of the relocation failing
Is global mobility part of HR?
The HR department is often involved and can offer assistance to an employee or CEO looking to relocate, however, tax and legal advice is specialist and dependent on the locality. Businesses can choose to source multiple services or use a network that can coordinate everything with one point of contact.
What is a global mobility specialist?
Kreston Global works with two partners to deliver specialist global mobility services.
Expatland can signpost an individual or company to their network of global partners around the word, assisting with everything from finding schools to understanding the local culture.
Harmony Relocation Network is a network of moving companies around the world, experienced in handling all aspects of the physical move between two countries.
What global mobility services do you offer?
At each country location is a hub, with a contact from each of the three partners who, together, offer a complete global mobility service. The members of the hub are one person whose business is to physically move people around the world, another member finds housing for the Expat, another finds schools for the Expat’s children, another moves their pet, a wealth manager and so on. The Expat will also need tax advice to help understand the tax laws in the country that they are going to and how the rules of their new country interact with their home country or vice versa if they return home in later years.
What should a global mobility package include?
Expatland has created a travel planner checklist from their wealth of experience of working with clients around the world, highlighting tasks you should do before, during and after relocation. Follow the link to their website here to use their useful relocation planner tool, download the checklist and research the support we can offer you in each location.
Which Kreston member firms offer global mobility services?
Kreston Global offers tax advice as part of the partnership, which can both advise individuals on the tax aspects of what it means for them to move country and also advise globally mobile entrepreneurs about how to set up a business venture in a new country.
Who do I contact to find out more about the global mobility services at Kreston Global?
All of our member firms that offer global mobility services are listed here. This list is expanding all the time. You may contact the member firm in the country you wish to expand into, or the country where you reside. Please email us here
News
Kreston’s Global Mobility Network Grows
Sector:Charities, Not-For-Profit and Education, Energy, Leisure & Hospitality, Life Sciences & Healthcare, Manufacturing & Automotive, Promotional products, Real Estate & Construction, Retail, Technology, Media & Telecom
The two new members are now both group leaders in their e-teams, Kreston Egypt now specialising in individuals moving in or out of Cairo and McLean Delmo Bentleys now responsible for the same in Melbourne.
The two firms are working with our two global mobility partners; Expatland, who co-ordinate the e-teams all around the world, offering one-stop service, organising everything from expatriate tax to finding a school, for their clients. andHarmony Relocation, a global relocation expert.
If you are moving abroad or looking to move staff overseas, the Kreston Global mobility network can offer tax advice and co-ordinate all other services, from organising a visa to moving your house contents to another country.
Learn more about our network and how we can help you and your employees move country.
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