Quantum Auditors & 123 Consulting joins TGS Global Network
3 July 2017
TGS are proud to be in South Africa with our most recent member, Quantum Auditors / 1.2.3. Consulting. With offices situated in Bedfordview and Fourways, Quantum Auditors Incorporated have a focus on on owner-managed businesses and engage in strong client relationships which are sustained by integrity and open communication. And with that, they are a neat fit for TGS and a welcome addition to the network. Quantum Auditors service a prestigious collection of South African and international enterprises, with clients from a variety of industries, including financial institutions, multinational corporations, family businesses and non-profit organisations. We adopt the latest auditing standa...
Massie Turcotte joins TGS Global Network
3 July 2017
TGS are proud to announce a new member in Canada. Massie Turcotte gives TGS a presence that stands out from other Chartered Professional Accountants in Brossard, Longueuil and elsewhere on the great South Shore of Montreal. Massie Turcotte have spent the last 30 years building a strong reputation for the quality of their accounting, auditing and tax services. You need answers and strategies for the Montreal area? With Massie Turcotte on board, TGS Global can now answer your most specific questions and straighten even the most complex situations.
PGK Consultores joins TGS Global Network
26 June 2017
TGS is delighted to announce the membership of PGK Consultores, Argentina. PGK is a dynamic firm whose partners began their professional career with the Big Four and in 2006 founded a firm which now boasts a team of more than 140 professional staff. With offices in Buenos Aires, PGK provides tax, audit, payroll, outsourcing and financial advisory services. Strong on education and training, PGK top executives teach in the main universities and professional organizations in Argentina. They also author numerous articles that are published across Argentinian media. PGK are and continue to be a firm of high quality professional services that achieves great prestige in the market, pays a...
Garssa Consulting has joined the TGS Global Network
6 April 2017
TGS welcome Garssa Consulting to TGS. In 2012, Garssa Consulting saw a gap in the Colombian market and established a high quality service provision for audits, consulting services and tax advisory. Their membership with TGS and our rigorous peer review system will help them consolidate their quality service proposition in and around Bogota. The firm has a combined 30 years of partner experience and a multidisciplinary team of accountants, lawyers, process engineers, IT experts, and technical professionals. Garssa Consulting offers financial audits, services and comprehensive audits that address projects from different perspectives. Garssa has specialized in auditing public resources ...
Nakamoto & Company has joined the TGS Global Network
29 March 2017
We are delighted to welcome our first Japanese member firm, Nakamoto & Company / Nakamoto International Tax Corporation. This membership bolsters our Asian coverage and service provision and we look forward to working with them, firstly at the Asia Pacific Conference on the 7th July 2017 and from then on as a key regional player in the years to come. Nakamoto & Company was established in 1992 and Nakamoto International Tax Corporation was established in May 2012. They are based in Tokyo, the heart of Japan and offer a wide range of services in management, accounting, business advisory and tax compliance. Like many of us at TGS, they have a strong focus on the development and succe...
Pfister Treuhand AG has joined the TGS Global Network
28 March 2017
We are very pleased to welcome the Swiss firm, Pfister Treuhand AG, as our most recent TGS member. With head offices in Uster/Zurich and a branch in Schaffhausen, Pfister Treuhand is present in the most dynamic regions of Switzerland. The company was founded in 1992 and offers individual and solution-oriented services for national and international clients. As well as their long-standing experience, their focus on continuous education and training as well as personal integrity are the basis for comprehensive services of highest quality and what gives this company a particularly strong fit with our values in TGS. Pfister Treuhand AG is an audit expert accredited by the Federal Audit Oversi...
France To Increase Financial Transactions Tax
26 October 2016
French deputies have voted in favor of an amendment to the draft 2017 Budget that will increase the country's tax on financial transactions and expand the tax's scope. Under France's financial transactions tax (FTT), which has been in place since August 1, 2012, transactions in many listed shares are taxed at a rate of 0.2 percent, and derivative transactions are subject to a tax of 0.01 percent. The amendment approved by members of the French Chamber of Deputies on October 20 will increase the tax on share transactions to 0.3 percent, and extend the levy to short-term intra-day trades. The main reason for the proposed FTT increase is to cover a shortfall in France's international aid bud...
Vietnam To Reduce Corporate Tax On SMEs
20 October 2016
Vietnam is looking to slash the corporate income tax rate by three percent for small and medium-sized enterprises (SMEs) to boost their number to one million by 2020. A draft plan, which the Government will submit to the National Assembly this month, proposes to cut corporate income tax for SMEs as well as start-ups from the current 20 percent rate to 17 percent between 2017 and 2020. Pham Dinh Thi, the Director of the Finance Ministry's Tax Policy Department, said the plan, if approved, "will ensure that there are thousands of newly established enterprises every year," and said "the contribution of these new firms to the state budget will help offset the revenue drop and over time will i...
Danish firm Kovsted & Skovgård joins TGS Global network
18 October 2016
Kovsted & Skovgård has joined the TGS Global network. With offices in Aarhus, Ebeltoft and Rønde, the firm was founded in 1981 and has since grown by merger and by recent acquisitions in both 2013 and 2016. With 12 partners and more than 50 employees, Kovsted & Skovgård offers a complete range of audit, accountancy, tax and business advisory services to SMEs across multiple sectors. The firm is a member of FSR , the Danish Institute of State Authorised Public Accountants. “Joining TGS Global marks an important step in the history of Kovsted & Skovgård”, says partner and state authorised public accountant René Ferrer Ruiz. “Our ...
European Council Adopts Resolutions On Tax Transparency
14 October 2016
The European Council has adopted a series of conclusions on tax transparency, arguing that there is a need for more effective cooperation between tax authorities. The Council said that it recognizes the progress made in pursuing the EU's agenda for fairer, more transparent, and more effective taxation. It declared that recent EU legislation to enable member states to automatically exchange information on tax rulings and on multinationals' tax-related country-by-country reports is an important step forward. However, the Council wishes to see further efforts made. It said that the EU should consider options for enhancing administrative cooperation between competent authorities, and invited...
FATCA - A Status Report
10 October 2016
Many people doubted whether the United States Foreign Account Tax Compliance Act – commonly referred to by its acronym FATCA – was a viable piece of the legislation when approved by Congress six years ago, given its wide extra-territoriality. Yet, six years later, and most of the world's nations have signed up to FATCA in one way or another. This special feature provides a status report on FATCA, and looks at how far the legislation's tentacles have spread. What Is FATCA? FATCA was signed by President Barack Obama in March 2010 as a revenue provision to the Hiring Incentives to Restore Employment Act. It is designed to tackle the non-disclosure by US citizens of taxable incom...
EU To Create List of Non-Cooperative Tax Jurisdictions
26 September 2016
The European Commission has confirmed plans to draw up a pan-EU list of non-cooperative tax jurisdictions. In announcing the plans on September 15, the Commission released "a pre-assessment of all third countries according to key indicators." The intention is to create a common EU list of non-cooperative tax jurisdictions by the end of 2017. The list will replace the current patchwork of national "black lists," which are intended to punish those non-EU countries that refuse to comply with international tax good governance standards. An EU list will also prevent aggressive tax planners from abusing mismatches between the different national systems of member states, the Commission said. It ...
Netherlands Announces Tax Plan
22 September 2016
The Dutch Government has announced that it is to take steps to simplify aspects of the tax regime and the administration of taxes. Under the new tax plan, announced by the Finance Ministry on September 20, small- and medium-sized businesses and most individuals will receive a tax cut, certain tax procedures will be simplified, and the Dutch dividend tax regime will also be amended. However, the Government also intends to continue tackling tax avoidance and evasion. According to the plan, companies will benefit from an extension of the 20 percent lower corporate tax bracket, although no further detail was provided in the announcement. The lower rate currently applies to annual income up to...
UK Non-Dom Tax Rule Change Could Prompt Exodus
15 September 2016
The UK Government could lose substantial tax revenue if its proposed new rules for non-doms prompt too many wealthy individuals to leave the country, international law firm Pinsent Masons has warned. According to Pinsent Masons, UK-based non-doms contributed GBP 6.57billion (USD8.67billion) in income tax in 2014-15. It explained that this figure represents an average of GBP 56,589 per non-dom over the year, compared with an average of GBP 5,152 per individual within the general population. Pinsent Masons tax investigation expert Fiona Fernie said: "Non-doms make a highly valuable contribution to the UK economy and any substantial exodus could have serious long-term impacts. Policymakers n...
European Union - VAT Reform Vital To Fix €160bn VAT Gap
7 September 2016
The European Commission has said new figures revealing that the value-added tax gap was €160bn in 2014 demonstrates the need for member states to get behind its proposals for far-reaching EU VAT rule reform. The VAT gap is the difference between the estimated VAT revenues that a member state could expect to receive compared with the amount of VAT actually collected. It measures the effectiveness of a member state's VAT enforcement and compliance measures, covering revenue lost to fraud and evasion, tax avoidance, bankruptcies, financial insolvencies, and miscalculations. The Commission acknowledged that the VAT gap had fallen by €2.5bn since 2013, but noted the performance of in...
13 Percent VAT Confirmed For Egypt
2 September 2016
Egyptian lawmakers have agreed to the introduction of a value-added tax regime with a 13 percent headline rate from the 2016/17 fiscal year. The rate is to rise to 14 percent from 2017/18. In May, Egypt's Finance Minister disclosed that 52 goods and services will be exempt from value-added tax. This list reportedly includes basic foodstuffs. Businesses targeting tourists, including restaurants and hotels, will not be subject to VAT also. Certain companies operating in the natural resources sector will be exempt, as will banks, although further clarification on the taxation of these sectors is expected. Education, scientific research, and religious organizations will also receive exemption...
Canada Pushing For EU Free Trade Deal
26 August 2016
In a step to speed Canada-EU free trade agreement negotiations, the Canadian Government has announced the appointment of an envoy dedicated to progressing talks. The Government said that the creation of the role of CETA Envoy reflects the high priority it places on signing the CETA this year and implementing it in 2017. Pierre Pettigrew will champion the deal for one year. Pettigrew will meet with stakeholders in Canada's provinces and territories, and with senior business and government leaders from EU member states. Pettigrew said: "The Canada-European Union agreement sets a new global standard for trade deals and positions Canada as a trailblazing country defining new international nor...
Creatrust has joined the TGS Global network.
18 August 2016
Based in Luxembourg, Creatrust is a leading independent provider of corporate, fund and family office services to international clients. The firm offers, accounting, legal, tax compliance and advisory services. These are complemented by specialist corporate and fund solution and administration services for fund promoters, corporates, private clients and family offices Etienne Ceulemans, CEO, says “Creatrust’s clients recognise our firm as a partner of choice thanks to our working model and our in-depth understanding of the Luxembourg and international legal, regulatory and fiscal environment. Consequently, we felt it was important to join a forward-looking international networ...
UK Announces Exemptions From 'Quarterly Reporting'
17 August 2016
The UK Government has announced that unincorporated businesses with a turnover of less than GBP10,000 (USD12,970) will not be subject to the new filing requirements it will introduce as part of its Making Tax Digital project. The Government has published six consultation documents relating to the project. It had previously announced that, by 2020, most businesses, self-employed people, and landlords would be required to "keep track of their tax affairs digitally and update HM Revenue and Customs (HMRC) at least quarterly via their digital tax account." The proposal had been criticized by tax professionals and the Treasury Select Committee, with concerns expressed about the introduction of...
UK May Change Tack On Fiscal Policy
26 July 2016
Philip Hammond, the UK's new Chancellor, has said that he will use the Autumn Statement to "reset fiscal policy" if it proves necessary to do so in the wake of the Brexit vote. Hammond made the announcement during a trade visit to China. He said: "Over the medium term we will have the opportunity with our Autumn Statements, our regular late-year fiscal event, to reset fiscal policy if we deem it necessary to do so in the light of the data that will emerge over the coming months showing us exactly what is happening in the economy post the referendum decision." Hammond's comments came as market analysts Markit Economics published a composite survey that showed that the UK economy had contra...
Turnbull Supports Australia-UK Free Trade Deal
26 July 2016
Australian Prime Minister Malcolm Turnbull has said that ministers "need to get working" on new trade arrangements with the UK. Turnbull told reporters that he had spoken to the UK's new Prime Minister, Theresa May, to congratulate her on her appointment. He confirmed that they had talked about a free trade agreement, and said that he looks forward to discussions between the Australian and UK trade ministers taking place shortly. Turnbull pointed out that Australia's trade arrangements with the UK "of course are with the European community." He added that as the UK leaves the European Union, Australia will need to "negotiate direct arrangements with Britain." "We need to get moving on tha...
UK Will Wait Until 2017 To Take Brexit Action
22 July 2016
The UK's new Prime Minister, Theresa May, has said that her Government will not trigger Brexit negotiations this year. May made the announcement during a press conference with the German Chancellor, Angela Merkel. She said it will take time to negotiate the UK's "successful exit from the European Union (EU)," along with "serious and detailed work." "All of us will need time to prepare for these negotiations and the United Kingdom will not invoke Article 50 until our objectives are clear. That is why I have said already that this will not happen before the end of this year. I understand this timescale will not please everyone but I think it is important to provide clarity on that now," she...
Spain To Raise Corporate Tax
21 July 2016
The Spanish Government has outlined plans to increase company tax as it battles to keeps its budget deficit in check. Facing the prospect of being the first ever member state to be fined by the European Union for persistently undershooting its deficit targets, the Government recently announced that it plans to find an extra EUR6bn (USD6.6bn) in revenue by setting a minimum amount of tax that companies must pay. It also intends to raise additional revenue from a crackdown on tax evasion. Spain posted a budget deficit of 5.2 percent in 2015. This is expected to fall to 3.9 percent this year according to the latest European Commission forecast, but will still comfortably exceed the three per...
UK Seeking Close Trading Relationship With Canada
20 July 2016
The UK will seek a close trading relationship with Canada when it leaves the European Union (EU), a Downing Street spokesperson has said. The UK's new Prime Minister, Theresa May, was congratulated on her appointment by her Canadian counterpart, Justin Trudeau. According to a spokesperson, during their phone call, May "set out her vision for an engaged, outward-looking UK and made clear that Britain remains fully open for business." The spokesperson added that May "underlined that the UK would continue to be a strong supporter of the trade agreement between the EU and Canada while we remain a member of the EU and that we would want a close trading relationship with Canada outside the EU."...
Brady, Hatch Introduce US-UK FTA Resolution
18 July 2016
The House of Representatives Ways and Means Committee Chairman, Kevin Brady (Republican – Texas), and Senate Finance Committee Chairman Orrin Hatch (Republican – Utah) have introduced a resolution into the US Congress expressing strong support for discussions on a free trade agreement (FTA) between the United States and the United Kingdom. Following the UK vote to withdraw from the European Union (EU), the resolution calls on President Barack Obama to consult with the Senate and the House of Representatives "to consider opportunities to promote further economic and commercial activity and cooperation between the United States and the UK." In particular, the President is called...
Liberia Joins The World Trade Organization
18 July 2016
Liberia joined the World Trade Organization (WTO) as its 163rd member on July 14, 2016, after nearly 10 years of negotiating its accession terms with WTO members. The African country is the eighth least-developed country (LDC) to accede to the WTO through negotiations. Liberia's Minister for Commerce and Industry, Axel Addy, handed to the WTO the instrument of acceptance of Liberia's Protocol of Accession on June 14, 2016, thereby activating the 30-day countdown to the country's membership. Its Accession Package was approved by members of the accession Working Party on October 6, 2015, and by Ministers at the Nairobi Ministerial Conference on December 16, 2015. As part of the accession ne...
European Council Adopts New Rules On Tax Avoidance
15 July 2016
The European Council has formally adopted a new anti-avoidance directive, which sets rules to prevent base erosion and profit shifting (BEPS). The directive covers all taxpayers that are subject to corporate tax in European Union (EU) member states, including subsidiaries of companies based in third companies. It does the following: Limits the amount of interest that a corporate taxpayer is entitled to deduct in a tax year, to discourage the practice of artificially shifting debt to jurisdictions with more generous deductibility rules; Establishes exit taxation rules, to prevent tax base erosion in the state of origin; Introduces a general anti-abuse rule, to cover gaps that may exist in...
European Union, Monaco Sign New Tax Deal
14 July 2016
The European Union (EU) and Monaco have signed a tax transparency agreement that will enable them to automatically exchange information on the financial accounts of each other's residents from 2018. Under the agreement, the EU and Monaco will automatically exchange the names, addresses, tax identification numbers, and dates of birth of residents with accounts in the other jurisdiction, along with other financial information such as account balances. The agreement was initialed on February 22, 2016, and was formally signed on July 12. EU Tax Commissioner Pierre Moscovici said: "Today's agreement reinforces Monaco's commitment to international tax transparency standards. The EU and Monaco h...
EU Politicians Call For MNE Tax Transparency
13 July 2016
Senior members of national parliaments in Europe have called for greater public transparency on taxes paid by multinational corporations. In an open letter addressed to their respective governments, the lawmakers have called for multinationals to make public, for each tax jurisdiction in which they do business, their revenue, profit before income tax, income paid and accrued, total employment levels, capital, retained earnings, and tangible assets. The letter states: "The base erosion and profit shifting project and the EU Commission country-by-country reporting initiative will lay the foundations of a modern international tax framework under which profits are taxes where economic activit...
European Commission Announces New Anti-Avoidance Measures
7 July 2016
In response to the publication of the Panama Papers, the European Commission has proposed new measures to improve transparency and better facilitate the exchange of information between tax authorities. Tax Commissioner Pierre Moscovici said: "The recent leaks exposed loopholes that still allow tax evaders to hide funds offshore. These loopholes must be closed and our measures to stamp out tax abuse must be intensified. The Commission is determined to inject more openness and more trust into taxation. We have already come a long way and now is the time to go further. The EU's tax transparency campaign continues." He explained that there are three strands to the Commission's plan to crack d...
Further Congressional Calls For US FTA With UK
6 July 2016
Following the Brexit vote, House of Representatives Speaker Paul Ryan (R – Wisconsin) has called on the US Administration to pursue a free trade agreement (FTA) with the United Kingdom, while a bill has been introduced into the Senate with the same purpose. Before the Brexit vote, President Barack Obama had said that the UK would be at the "back of the queue" for an FTA, while the US Trade Representative, Michael Froman, has since reiterated that the Administration is not currently considering negotiating a separate FTA with the UK in the near future, stressing that the focus for now is on completing the proposed Transatlantic Trade and Investment Partnership (TTIP) negotiations wit...
EU To UK: No Free Trade A La Carte
4 July 2016
"There will be no single market 'á la carte'" for the UK when it leaves the European Union (EU), according to Donald Tusk, President of the European Council. Tusk made the comment after an informal meeting on June 29 of 27 EU heads of state. It was the first meeting of EU leaders in more than 40 years that the UK had not attended. It followed a June 28 meeting at which UK Prime Minister David Cameron outlined his views on the results of the UK's recent Brexit vote. Tusk said that the EU's remaining leaders "are absolutely determined to remain united and work closely together as 27." He explained that leaders had agreed that "there will be no negotiations of any kind until the UK fo...
Osborne: Taxes Will Have To Rise After Brexit
30 June 2016
UK Chancellor George Osborne has said that the country will be poorer as a result of the Brexit vote and that there will "absolutely" have to be tax rises and spending cuts. Osborne gave his first post-referendum interview on the BBC's Today show. He said that while he "certainly regret[s] the outcome," he will now do all he can "to help provide the country with a plan in this very difficult situation." Prior to the vote Osborne had warned that leaving the European Union (EU) would leave a GBP30bn (USD40.2bn) a year "black hole" that would "require sharp and difficult tax rises" to fill, and an emergency budget shortly after the result. He had argued that "the sort of tax rises we could s...
HMRC On Brexit: Nothing Has Changed In Short Term
29 June 2016
HM Revenue and Customs (HMRC) has said that "everything is continuing as normal" in the wake of the UK's June 23 vote to leave the European Union (EU). According to the Institute of Chartered Accountants in England and Wales, a recorded message on HMRC's telephone headline said: "There are no changes to any taxes, tax credits, child benefits, or other HMRC services as a result of the vote on the EU referendum." "Everything is continuing as normal. No laws have changed. There is no need to contact HMRC as a result of the EU referendum." HMRC has also published guidance on the impact of the referendum result on the movement of goods and people between the UK and the EU. It said that "there ...
USA & South Korea Open To Bilateral UK Free Trade Deals
28 June 2016
The Chairman of the US House of Representatives Ways and Means Committee, Kevin Brady, and the South Korean Foreign Minister, Yun Byung-se, have said their countries are open to agreeing bilateral free trade agreements (FTAs) with the United Kingdom if it decouples from the European Union. The United States and the EU are still negotiating the proposed Transatlantic Trade and Investment Partnership (TTIP), but certain elements of regulatory cooperation appear to be providing tricky obstacles to overcome. Brady confirmed that he remains "committed to a strong and ambitious TTIP agreement." However, following the UK's referendum on EU membership, he also confirmed that "both the UK and the ...
UK Votes To Leave The European Union
27 June 2016
In a result that was closer than either side could have imagined, the United Kingdom on June 23 voted to leave the European Union, with 51.9 percent of voters opting to "Brexit," and 48.1 percent to "Bremain." In light of the result, pro-Remain Prime Minister, David Cameron, has announced that he will be resigning before the next Conservative Party conference in October. The move will not have immediate tax and legal consequences for multinationals with UK operations, with a two year "grace period" built into Article 50 of the Lisbon Treaty, which deals with the (unprecedented) departure of a member state from the European Union, and the subsequent unpicking of the legislative and regulat...
Saudi Arabian firm Abdulwahab Al Ageel CPAs joins TGS Global network
18 May 2016
Abdulwahab Al Ageel CPAs and Consultants has joined the TGS Global network. The five-partner firm has offices in Riyadh, Dammam and Al Khobar with a fourth scheduled to open in Jeddah during 2016. Established in 2009, the firm offers a range of services including - Financial audit and assurance Accounting and advisory services Zakat and tax services Corporate finance Internal audit Risk management IT systems and solutions The firm is also registered with the US Public Company Accounting Oversight Board (PCAOB). More than just auditors, consultants or tax advisors, the firm is also acknowledged as a provider of sound financial and advisory services. The client base is mainly small ...
EU & Canada Hope To Sign FTA This Year
28 April 2016
Canadian and European Union (EU) trade ministers have said that their top priority is to sign their Comprehensive Economic and Trade Agreement (CETA) this year. Canada's Minister of International Trade, Chrystia Freeland, met last week with Cecilia Malmström, the EU's Trade Commissioner. They released the following statement: "Our top priority is to sign CETA this year and see it enter into force in 2017. CETA will bring tremendous benefits to both of our economies and stands to increase Canada-EU bilateral exports of goods and services by 23 percent, or USD38bn, annually." Negotiations toward a CETA were completed in 2014. In February 2016, Canada and the European Commission announc...
Canadian Minister To Promote EU Trade Deal
21 April 2016
Canada's International Trade Minister, Chrystia Freeland, is in Brussels this week to promote the benefits of the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union (EU). In February, Canada and the EU announced the conclusion of the legal review of the English text of the agreement. They reaffirmed their commitment to seeing the CETA signed in 2016 and brought into force in early 2017. While in Belgium, Freeland will meet with the EU's Trade Commissioner, Cecilia Malmström. She will also hold talks with representatives of the Belgian Government and the European Commission, members of the European Parliament, and representatives of the EU business...
Belgium & Japan To Revise Double Tax Pact
5 April 2016
Japan and Belgium have begun negotiating another amendment to their double tax agreement. The first round of negotiations took place from March 29, in Tokyo. The current agreement dates back to 1970 but has been twice amended previously, in 1990 and 2013. Presently the agreement provides for concessionary ten percent rates of withholding tax at source for cross-border payments of dividends, royalties, and interest. The 10 percent rate on dividend income is provided only if the payee is a company that held at least 25 percent of the paying company's voting stock for six months before the payment was made. Otherwise a 15 percent rate applies.
Mauritian firm Clark Robbins & Associates joins TGS Global network
22 March 2016
Clark Robbins & Associates has joined the TGS Global network. With three offices in Mauritius, Clark Robbins & Associates is an Accounting, Tax, Audit and Consulting firm serving both local and international businesses. Payroll management, corporate recovery/restructuring and company secretarial services are also provided. Clients range from Small Medium Enterprises (SMEs) to large international organisations, across a diverse range of sectors. Vinoba Gunnoo FCCA, CEO and Managing Partner, is a Public Practitioner with 29 years of experience. Formerly with Coopers & Lybrand (now PWC) and successively with Arthur Andersen, BDO and Nexia Baker & Arenson, Vinoba is regi...
Australia To Introduce Tax Breaks For Start-Ups
21 March 2016
The Australian Government has introduced legislation to provide concessional tax treatment to investors in start-up companies and improve the tax treatment of Early Stage Venture Capital Limited Partnerships (ESVCLPs). The Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016 was read first time by Parliament on March 16. According to Treasurer Scott Morrison, the measures it contains will "help drive investment, economic growth, and jobs in our transitioning economy by encouraging innovation, risk taking, and an entrepreneurial culture in Australia." The Bill will provide early stage investors with a 20 percent non-refundable carry forward tax offset on investments in qualifying c...
Israeli firm Sa’ar Group joins TGS Global network
17 March 2016
Sa’ar Group has joined the TGS Global network. Founded in 2000, the firm has four partners and is based in Tel Aviv. Offering a complete range of services including audit, accounting and tax, there is also a rapidly growing consultancy arm which has particular skills in the provision of litigation support and expert opinions. The firm also has an innovative TAX-TV channel on YouTube. Clients range from small to large enterprises in the service, commerce and export-oriented industrial sectors, with a significant component of cross-border trade. Specialist internal/forensic audit and Sarbanes-Oxley compliance services are provided to Israeli clients in Europe and the USA. Managing Par...
Malaysian firm Cheng & Co joins TGS Global network
10 March 2016
Cheng & Co has joined the TGS Global network. The firm has thirteen partners and is now well on the way to achieving its goal of becoming Malaysia’s largest home-grown firm. Following the merger & acquisition of more than twenty (20) local businesses since 1997, Cheng & Co now has two offices in Kuala Lumpur, eleven in other towns across the country and five overseas offices. More than 300 people are employed. Cheng & Co provides a one-stop solution to SMEs with services that include audit, accountancy, tax and consultancy; with the introduction of a Goods & Services Tax (GST) in 2015, the firm has set up a specialist service team to help companies transition to ...