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Experience Provider joins TGS Global Network

Experience Provider M.E. Limited, is one of the top public accounting and tax advisory services firms in Jordan. They are established since 2013 in Amman, and have the local knowledge, expertise and experience from partners and team members who have worked with top and mid-tier firms in the region. Experience Provider ME is committed to […]

Global News | 22 January 2018
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Is a Dutch Tax Exempt investment vehicle attractive to shareholders residing outside the Netherlands?

Recently, we were approached by a non-Dutch client with the question whether we could obtain an attractive tax status for his investments.

We informed him that the Netherlands corporate income tax provides for an attractive regime in which entities can obtain the status of exempt investment vehicle (EIV).

TGS & NL | 5 February 2016
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Transfer of shares in Chinese subsidiary

One of our clients is a Dutch holding company that wished to transfer a number of its foreign subsidiaries to another group company. These subsidiaries include companies in China, the UK and Korea. Client has been using local accountants in these countries over the past years. It was client’s desire to restructure the shareholdings in […]

| 31 October 2018
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Moving a company out of the Netherlands

One of our clients is a Dutch holding company held by two Maltese corporate shareholders. The Maltese shareholders have decided – due to organizational reasons – to move the Dutch holding company to Malta. As the holding company was incorporated under Dutch law, but now registered in Malta, it will be considered as a tax […]

| 21 July 2018
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Advantages of a Dutch CV

We are now advising a group of non-Dutch residents that invested in a modest real estate portfolio in Amsterdam. They invested via a limited partnership, a so-called Commanditaire Vennootschap, also known as the CV. The advantages of a CV is that investors (partners) can opt the CV to be treated as fiscally transparent, or as […]

| 29 May 2018
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VAT due diligence debt portfolio

One of our clients considers to purchase the shares in a few Dutch companies that hold a considerable debt portfolio. We were requested to perform a due diligence from a VAT perspective on these debt portfolios. One of these companies acquired the debts from a telephone company. Note that if you didn’t pay your telephone […]

| 12 April 2018
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Dividend to the US

One of our clients is a US pharmaceutical company with operations in the Netherlands. The Dutch operations are conducted through a Dutch BV company. The shares in the Dutch company are held directly by the US operating company. Fortunately, the BV company has generated profits. If the Dutch BV company distributes a dividend, the dividend […]

| 15 February 2018
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Dutch tax aspects of a trust

Our friends from our TGS Global member firm in Ontario (Canada) asked us to assist in a very interesting case. One of their late clients established a family trust many years ago. The trust owned among others shares in several Canadian businesses. One of the beneficiaries of the trust is now a Dutch resident. The trustee of […]

| 21 January 2018
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VAT distance sales

One of our clients is a company selling “perfect pieces of furniture” through a web shop. Its customers are private individuals living all over Europe. For VAT purposes these sales can be regarded as “distance sales”. As a main rule the company has to register itself and pay VAT only in the EU country of […]

| 21 December 2017
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Repayment of share premium: subject to dividend tax?

We serve another Dutch holding company that was held by an offshore company until recently. The offshore company granted an interest free loan to the Dutch company in 2013. The new bookkeeper of the company erroneously reported the loan as “share premium” in the 2013 financial statements. A few years later the loan was repaid. […]

| 14 November 2017
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German exit tax

A Dutch BV-company has been held by different shareholders now residing in both Germany and the Netherlands. Upon request of one of the shareholders a personal holding company will be created. However, before doing so we had to figure out the German personal income tax aspects as well, as the shareholder was a former resident […]

| 31 October 2017
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Demerger of a Dutch company

Another client of our firm is engaged in electronic services. It was the intention of client (a German owned BV-company) to separate its Dutch business in separate legal entities. For that reason we advised to make use of the demerger facility in Dutch tax law that makes it possible to transfer certain assets and liabilities […]

| 20 October 2017
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Exemption of Dutch real estate transfer tax (2)

Do you remember our case study, whereby we requested for confirmation of an exemption of 6% real estate transfer tax? Well, the Dutch tax authorities honored our request. The Dutch company could sell the real estate to a new group company (exempt of real estate tax). Subsequently, the Dutch company repatriated the proceeds of the […]

| 6 October 2017
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Common Reporting Standards form – Deutsche Bank

One of our clients came to us with a Common Reporting Standards form that their Dutch company received from the Deutsche Bank. The Dutch company still had a dormant bank account with Deutsche. Obviously we have been assisting our corporate clients with CRS and FATCA formalities. This was the first time, however, that we filled […]

| 20 September 2017
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Earnings stripping rule

Today we finalized a Dutch corporate income tax return for a Dutch real estate company owned by a Luxembourg fund. The real estate company was typically funded with shareholder’s loans. Obviously, the loans had to be interest bearing. In 2019 the Dutch corporate income tax act will be amended as a result of the Anti […]

| 18 September 2017
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Transfer of shares French subsidiary

You may remember our client from Hong Kong with its Dutch subsidiary. Client intends to transfer the shares in its French subsidiary to the Dutch company. At present we are analyzing the most tax efficient way to transfer the French shares. This could be done for instance by way of a sale of the shares, […]

| 18 September 2017
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Exemption of Dutch real estate transfer tax

One of our clients is about to sell its shares in a Dutch company to a foreign company. The foreign buyer however, is, not interested in taking over the ownership of the factory building owned by the Dutch company. We are assisting client with separating the factory from the Dutch company first prior to the […]

| 11 September 2017
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Dividend to Hong Kong

One of our clients is based in Hong Kong. The Hong Kong holding company owns several operations abroad, including in the Netherlands. The client wishes to have certainty about the applicable dividend withholding tax rate on dividends to be paid by the Dutch company to the Hong Kong corporate shareholder. At present we are preparing […]

| 1 September 2017
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Dividend to Turkey

Nearly all our clients are foreign owned companies. Hence we are often confronted with questions about dividend withholding tax. Especially when profits are about to be repatriated from the Dutch company to the foreign shareholder. The tax rules can be quite complex. On top of that new rules in relation to the Dutch dividend withholding […]

| 1 September 2017
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Quantum Auditors & 123 Consulting joins TGS Global Network

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 […]

Global News | 3 July 2017
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Massie Turcotte joins TGS Global Network

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 […]

Global News | 3 July 2017
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PGK Consultores joins TGS Global Network

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 […]

Global News | 26 June 2017
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Garssa Consulting has joined the TGS Global Network

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 […]

Global News | 6 April 2017
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Nakamoto & Company has joined the TGS Global Network

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 […]

Global News | 29 March 2017
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Pfister Treuhand AG has joined the TGS Global Network

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 […]

Global News | 28 March 2017
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Netherlands third in global list of tax havens

Netherlands are in third place in the top 15 tax havens in the world, according to Oxfam in its recently published report Tax Battles. Oxfam proudly announced that The Netherlands are the first European country on the list, followed by Switzerland, Ireland and Luxembourg. The top 15 is headed by Bermuda, followed by the Cayman […]

Global News | 12 January 2017
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France To Increase Financial Transactions Tax

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 […]

Global News | 26 October 2016
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Vietnam To Reduce Corporate Tax On SMEs

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 […]

Global News | 20 October 2016
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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, […]

Global News | 18 October 2016
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European Council Adopts Resolutions On Tax Transparency

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 […]

Global News | 14 October 2016
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FATCA – A Status Report

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 […]

Global News | 10 October 2016
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EU To Create List of Non-Cooperative Tax Jurisdictions

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 […]

Global News | 26 September 2016
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Netherlands Announces Tax Plan

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 […]

Global News | 22 September 2016
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UK Non-Dom Tax Rule Change Could Prompt Exodus

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 […]

Global News | 15 September 2016
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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 […]

Global News | 7 September 2016
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13 Percent VAT Confirmed For Egypt

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 […]

Global News | 2 September 2016
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Canada Pushing For EU Free Trade Deal

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 […]

Global News | 26 August 2016
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Taxation of sportspersons and entertainers

In Dutch newspapers it was stated that Dutch sports people have to pay taxes in the Netherlands on their income (such as prize money) from their performance at the Olympics. Nearly everyone was outraged about so much greed from the Dutch tax administration. Especially since our King and other members of the Dutch government were […]

Global News | 22 August 2016
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Creatrust has joined the TGS Global network.

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 […]

Global News | 18 August 2016
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UK Announces Exemptions From ‘Quarterly Reporting’

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 […]

Global News | 17 August 2016
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UK May Change Tack On Fiscal Policy

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 […]

Global News | 26 July 2016
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Turnbull Supports Australia-UK Free Trade Deal

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 […]

Global News | 26 July 2016
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UK Will Wait Until 2017 To Take Brexit Action

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 […]

Global News | 22 July 2016
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Spain To Raise Corporate Tax

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 […]

Global News | 21 July 2016
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UK Seeking Close Trading Relationship With Canada

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 […]

Global News | 20 July 2016
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Brady, Hatch Introduce US-UK FTA Resolution

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 […]

Global News | 18 July 2016
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Liberia Joins The World Trade Organization

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 […]

Global News | 18 July 2016
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European Council Adopts New Rules On Tax Avoidance

Global News | 15 July 2016
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European Union, Monaco Sign New Tax Deal

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 […]

Global News | 14 July 2016
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EU Politicians Call For MNE Tax Transparency

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 […]

Global News | 13 July 2016
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European Commission Announces New Anti-Avoidance Measures

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 […]

Global News | 7 July 2016
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Further Congressional Calls For US FTA With UK

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 […]

Global News | 6 July 2016
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EU To UK: No Free Trade A La Carte

“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 […]

Global News | 4 July 2016
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Osborne: Taxes Will Have To Rise After Brexit

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 […]

Global News | 30 June 2016
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HMRC On Brexit: Nothing Has Changed In Short Term

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 […]

Global News | 29 June 2016
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USA & South Korea Open To Bilateral UK Free Trade Deals

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 […]

Global News | 28 June 2016
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UK Votes To Leave The European Union

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 […]

Global News | 27 June 2016
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Saudi Arabian firm Abdulwahab Al Ageel CPAs joins TGS Global network

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 […]

Global News | 18 May 2016
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EU & Canada Hope To Sign FTA This Year

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 […]

Global News | 28 April 2016
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Canadian Minister To Promote EU Trade Deal

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 […]

Global News | 21 April 2016
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Belgium & Japan To Revise Double Tax Pact

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 […]

Global News | 5 April 2016
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UAE Pushes For Ecuador DTA

Representatives from the United Arab Emirates and Ecuador met on March 23, 2016, to discuss ways of strengthening the economic and trade ties between the two countries. During the meeting, Obaid Humaid Al Tayer, the UAE’s Minister of State for Financial Affairs, highlighted the UAE’s efforts to strengthen its relations with various countries around the […]

Global News | 1 April 2016
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Mauritian firm Clark Robbins & Associates joins TGS Global network

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, […]

Global News | 22 March 2016
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Australia To Introduce Tax Breaks For Start-Ups

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 […]

Global News | 21 March 2016
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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 […]

Global News | 17 March 2016
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Malaysian firm Cheng & Co joins TGS Global network

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, […]

Global News | 10 March 2016
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Singapore Legislates For Automatic Tax Info Exchange

Singapore’s Ministry of Finance has released for public comments the draft Income Tax (Amendment No.2) Bill 2016, which would enable Singapore to automatically exchange tax-related information with other countries under the OECD’s Common Reporting Standard (CRS). The draft Bill provides that existing provisions in the Income Tax Act governing automatic exchange of financial account information, […]

Global News | 4 March 2016
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Hong Kong & Canada Sign Investment Agreement

Hong Kong’s Secretary for Commerce and Economic Development, Gregory So, and Canada’s Minister of International Trade, Chrystia Freeland, signed an investment promotion and protection agreement (IPPA) on February 10 in Toronto. Under the IPPA, each government undertakes to provide investors of the other side with a fair, equitable and non-discriminatory treatment of investments, compensation for […]

Global News | 17 February 2016
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Sweden To Review Tax Law Surrounding Mergers

The Swedish Government has announced an “urgent review” of tax regulations after learning that existing rules may lead to the double taxation of some companies that restructure. The Government said that double taxation may arise when, for example, a foreign subsidiary is merged with its Swedish parent company and the subsidiary operates from then on […]

Global News | 10 February 2016
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Georgian Firms Contributing To CIT Overhaul Plans

On January 30, 2016, Georgia’s Ministry of Finance met with business organizations to discuss its plans to reform the country’s corporate income tax (CIT) regime. Earlier the Government had announced that it was seeking to introduce a corporate tax regime similar to Estonia’s, with support from experts from that country. Estonia’s tax regime features a […]

Global News | 8 February 2016
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Nigerian firm Taju Audu & Co joins TGS Global network

Taju Audu & Co has joined the TGS Global network. The firm has three partners and is based in the capital city of Nigeria, Abuja. Taju Audu & Co (including its Consulting arm – AA&T Consulting Services) is a resource network of trained professionals who are committed to rendering excellent service to the public and […]

Global News | 1 February 2016
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VAT in Europe – e-commerce & distance selling

Recently an online retailer reached out to us for Dutch tax advice as well as advice on VAT in Europe. They sell furniture online throughout Europe to consumers (B2C). The online retailer sells its furniture from a BV-company in the Netherlands to customers all over Europe. However, as sales grew, the special scheme for ‘distance-selling’ […]

Global News | 29 January 2016
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Tunisian firm CAP joins TGS Global network

Based in Tunis, CAP – Chartered Accountants Partners provides a complete range of services including accountancy and taxation, audit and assurance, business consulting and payroll. Clients are active in a number of sectors including aeronautics, digital technologies, agriculture, finance, healthcare and logistics. Managing Partner, Moneim Taieb, says: “Despite recent shocks to the economy, Tunisia is […]

Global News | 28 January 2016
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Invest HK Assists Record Number Of Foreign Companies

Invest Hong Kong, the territory’s inward investment agency, has announced that it assisted a record number of businesses to set up or expand in Hong Kong in 2015. InvestHK’s Director-General of Investment Promotion, Simon Galpin, said: “2015 was another record year for InvestHK in terms of the number of companies assisted. Despite ongoing challenges in […]

Global News | 27 January 2016
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IMF Pushes Carbon Taxes After Paris COP21 Conference

Governments should prioritise the use of carbon pricing systems, including taxes, in their efforts to reduce carbon emissions, the International Monetary Fund (IMF) said in a recent report. A new report from the IMF, After Paris: Fiscal, Macroeconomic, and Financial Implications of Climate Change, says carbon pricing systems are potentially the most effective carbon emission mitigation […]

Global News | 15 January 2016
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Romania’s VAT Rate Cut to 20%

Romania’s headline value-added tax rate fell from 24% to 20% on January 1. The tax cut was included in the Tax Code amendments, which were passed last year after a lengthy debate on whether deep tax cuts for Romania were prudent. Earlier, lawmakers had signed off on a 5% reduction, to 19%, but the proposal […]

Global News | 12 January 2016
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India Makes Mandatory E-Filing of Tax Appeals

Certain taxpayers in India will in future be required to lodge appeals before the Commissioner of Income Tax (Appeals) in electronic format, under new rules announced by the Ministry of Finance on December 30. The changes are being made as part of the Income Tax Department’s digitization plan, aimed at making interactions between the tax […]

Global News | 7 January 2016
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Major Changes to Czech VAT Requirements

Introduced on Jan 1, VAT-registered persons in the Czech Republic are now required to provide the tax authority with more information on their transactions, as part of efforts to tackle VAT fraud announced in late 2014. VAT-registered persons need to file a monthly “control message”, or “inspection report”, to enable the tax agency to monitor […]

Global News | 4 January 2016
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Australia Launches Pre-Budget Consultations

Australia’s 2016-17 Budget “will continue the Government’s commitment to restrain expenditure responsibly, while supporting economic growth to lift revenue,” Alex Hawke, the Assistant Minister to the Treasurer, has said. Hawke launched the Government’s pre-Budget consultation, which will run until February 5, 2016. He said the Government “places considerable importance on receiving community views in developing […]

Global News | 22 December 2015
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India Seeks to Reduce Tax Litigation

India’s Central Board of Direct Taxes (CBDT) has issued a circular revising the monetary limits for the filing of legal appeals by the tax authority to reduce disputes with taxpayers. Under existing rules, the CBDT can appeal to the Income Tax Appellate Tribunal in cases where the level of disputed tax is at least INR400,000 […]

Global News | 18 December 2015
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China-Australia FTA Comes Into Force

On December 9 in Sydney, Australia’s Ambassador-designate to China, Jan Adams, and Chinese Ambassador Ma Zhaoxu exchanged diplomatic notes that set December 20, 2015, as the date for the entry into force of the free trade agreement (FTA) between the two countries. As the FTA will come into force in 2015, the tariff reductions for […]

Global News | 16 December 2015
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Eurozone Countries Punt FTT Decision Into 2016

Eurozone finance ministers met to discuss the problematic financial transactions tax (FTT) on December 8, but decided to give themselves another six months to work on an agreement over its terms. Estonia, however, appears to have cold feet. The latest discussions weren’t a complete failure; the participating countries managed to agree on some basic parameters […]

Global News | 10 December 2015
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European Union Publishes New Tax Trends Report

The European Commission has released a new version of its Taxation Trends in the European Union report, which provides a detailed statistical and economic analysis of the tax systems of the EU member states and Iceland and Norway, which are members of the European Economic Area. The report contains country chapters, which give an overview […]

Global News | 4 December 2015
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HK and Mainland Sign Trade In Services Agreement

The Agreement on Trade in Services under the Mainland and Hong Kong Closer Economic Partnership Agreement (CEPA) was signed by the SAR government and the central authorities on Friday (27/11/15), which is set to achieve liberalisation of trade in services between the two areas. The new agreement will be implemented from June 2016 and will […]

Global News | 3 December 2015
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TGS Global Welcomes Newest Member Firm ‘S+C Partners LLP’ in Canada

S+C Partners LLP has joined the TGS Global network. Directed by 6 Client Service Partners and 9 Client Service Managers who lead the professional teams, S+C is based in Mississauga in the central part of the Greater Toronto Area, just to the west of the city of Toronto itself. Since 1987, S+C Partners LLP has […]

Global News | 1 December 2015
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UK Climbs League Table Of Effective Tax Systems

The UK has climbed to 15th place in the latest World Bank Group and PwC Paying Taxes report, and is third top among G-20 countries, behind Saudi Arabia and Canada. Paying Taxes 2015 measures how burdensome a country’s tax regime is on the average medium-sized company. The report found that the UK’s Total Tax Rate […]

Global News | 26 November 2015
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Hong Kong Adapts To Global Tax Developments

Hong Kong’s Secretary for Financial Services and the Treasury, K C Chan, has emphasized that the Government is committed to complying with the latest international tax developments, including on tax transparency and tackling base erosion and profit shifting. In his speech to the Taxation Institute of Hong Kong 2015 CTA Conference on November 20, he […]

Global News | 24 November 2015
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French Non-Resident Tax Law Provisions Under Fire

The European Commission has asked France to comply with European Union procedural rules when it refunds to non-residents the tax deducted at source that was not due on dividends. Non-resident taxpayers who have invested in companies established in France must provide proof of payment by the French paying agent of the amount deducted from dividends […]

Global News | 29 October 2015
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TGS Global Welcomes Newest Member Firm ‘GBW’ in Ireland

GBW has joined the TGS Global network. With offices in Dublin and Cork, GBW has four partners. The firm specialises in the provision of accounting, compliance, tax, audit, business advisory and corporate recovery services to SMEs and owner-managed businesses. Managing partner David Gillett says: “We are delighted to be joining TGS Global at this time. […]

Global News | 23 October 2015
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New Zealand To Enhance R & D Tax Perks

The Government of New Zealand announced on October 21, 2015, that a tax Bill intended to encourage innovation has passed its second reading. The Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Bill “continues the Government’s focus on helping New Zealand businesses to flourish and contribute to a more productive and competitive […]

Global News | 22 October 2015
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EFTA & Malaysia Continue Free Trade Talks

Delegations from the European Free Trade Association (EFTA) states – Iceland, Liechtenstein, Norway, and Switzerland – and Malaysia met for a fifth round of negotiations towards an Economic Partnership Agreement from October 6 to 9, 2015, in Oslo, Norway. Expert groups discussed text proposals in the following areas: trade in goods, including market access; investment; […]

Global News | 14 October 2015
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Chile & EEU Discuss Free Trade Deal

Delegates from Chile and the Eurasian Economic Commission (EEC), the executive body of the Eurasian Economic Union (EEU), comprising Armenia, Belarus, Russia, Kazakhstan, and Kyrgyzstan, met on October 3 to discuss a free trade agreement (FTA). This was the first meeting of the Joint Commission on Trade and Investment set up by the two sides. […]

Global News | 9 October 2015
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Singapore & Turkey Agree Free Trade Deal

Turkey and Singapore have successfully concluded negotiations for a free trade agreement. During a bilateral meeting in Istanbul on October 6, 2015, Singapore’s Minister for Trade and Industry, Lim Hng Kiang, and Turkey’s Minister of Economy, Nihat Zeybekci, agreed to look to sign the TRSFTA during the G20 Leaders’ Summit in Antalya in November 2015, […]

Global News | 8 October 2015
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EFTA, Philippines Hold Third Round Of FTA Talks

The member states of the European Free Trade Association (EFTA) held a third round of free trade negotiations with the Philippines from September 21 to 25, 2015, according to a statement from EFTA. Working groups convened to discuss all areas under negotiation, including trade in goods, trade in services, investment, intellectual property rights, competition, trade […]

Global News | 5 October 2015
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Chinese Delegation Visits Manaus FTZ

A delegation from the city of Jinan in China’s Shandong Province visited Brazil’s Superintendency of the Manaus Free Trade Zone (SUFRAMA) on September 14, 2015. The purpose of the visit was for the delegates to study SUFRAMA’s free zone model and to enhance cooperation between China and SUFRAMA, particularly in the agriculture sector. The delegates […]

Global News | 22 September 2015
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DIFC Reports Strong Growth In H1 2015

The Dubai International Financial Centre (DIFC), a tax-free zone in the United Arab Emirates, has reported that the number of active companies registered at the Centre grew 8.3 percent in the first half of this year compared with the end of 2014, totaling 1,327. In the period from January to June, the number of people […]

Global News | 11 September 2015
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EFTA States, Georgia Launch FTA Talks

The member states of the European Free Trade Association (EFTA) and Georgia held a first round of negotiations towards a free trade agreement (FTA) between September 1 and 4, 2015. Expert working groups convened to discuss draft texts in areas such as trade in goods (including rules of origin, technical barriers to trade, sanitary and […]

Global News | 10 September 2015
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India To Exempt Foreign Investors From MAT

The Indian Government has announced that foreign investors will not be required to pay the country’s minimum alternate tax (MAT) retrospectively, in a move designed to improve India’s business environment. Finance Minister Arun Jaitley said on September 1 that the Government had decided to take up the recommendations of a panel headed by judge AP […]

Global News | 9 September 2015
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Study Supports Switzerland’s New Patent Box

argeted tax incentives would provide a significant boost to research and development activities and help drive innovation in Switzerland, according to a new study. 700 large companies and SMEs were surveyed for the purposes of the study, which was prepared by KPMG Switzerland, the Swiss-American Chamber of Commerce, the Swiss Federation of Small and Medium […]

Global News | 25 August 2015
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Norway Partners With ASEAN Free Trade Bloc

Global News | 17 August 2015
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EU & Vietnam Agree Free Trade Deal

The European Union (EU) and Vietnam have reached an agreement in principle for a free trade agreement (FTA) that will remove the majority of tariffs on goods traded between the two economies. The European Commission said that, following a telephone conversation between EU Trade Commissioner Cecilia Malmström and the Vietnamese Minister of Industry and Trade, […]

Global News | 11 August 2015
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Chile, Korea To Upgrade FTA

Chile and South Korea discussed plans to upgrade their bilateral free trade agreement (FTA) during a meeting on July 23, 2015. The two sides used the meeting to define the steps to be taken to modernize the agreement, which has been in place for eleven years. It was tentatively agreed at the meeting that the […]

Global News | 5 August 2015
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Mexico, Turkey Hold Fifth Round Of FTA Talks

Mexico and Turkey held a fifth round of negotiations towards a free trade agreement (FTA) between July 21 and 24. Progress was made during the fifth round, according to a statement from Mexico’s Ministry of Economy. The two sides discussed a range of issues related to the proposed FTA, including market access, rules of origin, […]

Global News | 3 August 2015
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TGS Welcomes First Australian Firm Kelly + Partners

Kelly + Partners, the fastest-growing accounting firm in Australia, has joined the TGS Global network. With 22 partners working from 10 offices in Sydney and other New South Wales and Queensland locations, the firm was launched in 2006 and is now a Top 30 Australian firm. Having grown at an annual average rate of 70% […]

Global News | 29 July 2015
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EU Welcomes Breakthrough On IT Trade Pact Expansion

The EU Ambassador to the WTO, Angelos Pangratis, has lauded the agreement from 54 WTO members on an expansion to the World Trade Organization’s (WTO’s) Information Technology Agreement. Nearly all the participants have now confirmed their acceptance of the product coverage list, which was finalized on July 24. Under the deal, taxes will be removed […]

Global News | 29 July 2015
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Hong Kong Plugs Close Relationship With Singapore

During her recent visit to Singapore, Hong Kong’s Chief Secretary for Administration, Carrie Lam, spoke of the synergies and opportunities to cooperate that exist between the two major international financial centers. Apart from being each other’s fifth-largest trading partner, the two territories invest in each other’s economies, she said. Based on the latest figures, Singapore […]

Global News | 28 July 2015
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India’s GST Reform Takes Step Forward

In a significant development on July 22, an Indian parliamentary committee approved the majority of the provisions of the constitutional amendment bill that will allow the proposed goods and services tax (GST) to be introduced in 2016. However, as opposition parties hold out for a better revenue compensation package for state governments, pushing the bill […]

Global News | 24 July 2015
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Canada, Israel Conclude FTA Talks

Canada and Israel have concluded negotiations toward an expanded and modernized free trade agreement (FTA). The modernized Canada-Israel Free Trade Agreement (CIFTA) will reduce or eliminate Israeli tariffs on a range of agricultural, fish, and seafood products. It will also provide duty-free access to the Israeli market, subject to quotas, for certain items. It was […]

Global News | 22 July 2015
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Peru Offers Tax Break For Scientific R&D

The Peruvian Government has announced a tax break for companies that invest in scientific research and development and technological innovation. As of January 1, 2016, companies will be able to deduct up to 175 percent of their expenses against income tax when they invest in projects approved by the National Council for Science, Technology, and […]

Global News | 21 July 2015
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EFTA, Philippines Hold Second Round Of FTA Talks

The European Free Trade Association (EFTA) member states – Iceland, Liechtenstein, Norway, and Switzerland – and the Philippines held a second round of negotiations towards a free trade agreement from June 29 to July 3, 2015. Various working groups convened in Geneva, Switzerland, to discuss areas such as trade in goods (including technical barriers to […]

Global News | 9 July 2015
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Australia Consults On CGT Reform

The Australian Treasury is consulting on exposure draft legislation that would amend the capital gains tax (CGT) treatment of the sale and purchases of businesses involving certain earnout rights. The legislation would give effect to the Government’s December 2013 announcement that this measure, initially proposed by, but not enacted under the former Labor administration, would […]

Global News | 7 July 2015
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China Announces Further FTZ Plans

Prior to the inauguration of Guangdong’s new free trade zone (FTZ) on April 21, China’s State Council released a foreign investment negative list for all of the new pilot zones in Tianjin city and Guangdong and Fujian provinces, together with further reforms already established in Shanghai. The new negative list precludes foreign investment in projects […]

Global News | 7 July 2015
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Malaysian Tax Guide On New Incentive For Multinationals

Building on an announcement in Budget 2015 that new tax incentives will be offered to companies choosing Malaysia as the ‘principal hub’ of their regional operations, the Ministry of International Trade and Industry recently issued detailed guidelines on the implementation of the new offering. The ‘Incentive for the Establishment of Principal Hub’ is to replace […]

Global News | 7 July 2015
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TGS Global Welcomes a New Member in India

K G Somani & Co, New Delhi has joined the TGS Global accountancy network as its first member firm in India. The firm of 12 partners and over 100 staff members has headquarters in Delhi and offices in Mumbai. K G. Somani & Co was originally established in 1963 and was reconstituted as a partnership […]

Global News | 7 July 2015
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Dubai Supports Development Of Indian FTZ

A Government delegation from India led by the Minister of State for Finance, Jayant Sinha, visited the Dubai International Financial Centre (DIFC) in the United Arab Emirates on April 12, 2015, to discuss the experiences of the free zone. The delegation toured the DIFC premises with special emphasis on the operations of the DIFC Courts […]

Global News | 7 July 2015
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Canada, Chile Modernize Free Trade Agreement

Canada and Chile have announced the conclusion of negotiations to modernize their 18-year-old free trade agreement (CCFTA). According to Canada’s Foreign Affairs Department, the update will make the CCFTA a ‘next-generation’ trade agreement. The modernized agreement contains a new chapter on sanitary and phytosanitary measures and includes technical amendments to the existing government procurement chapter. […]

Global News | 7 July 2015
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TGS Global Welcomes a New Member in Sao Paulo, Brazil

4Partners Auditoria e Consultoria and sister firm 4Partners Auditores Independentes have joined the TGS Global accountancy network as its first member in Brazil. Based in Sao Paulo, the founding partners were formerly partners of Terco Grant Thornton and subsequently EY Brasil. 4Partners was founded to meet the need in Brazil for more flexible and personalised […]

Global News | 7 July 2015
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China Approves Three More Free Trade Zones

On March 25, the Chinese Government formally approved plans to establish new free trade zones (FTZs) in the city of Tianjin and the provinces of Fujian and Guangdong, copying the first such zone established in Shanghai in September 2013. The decision had been anticipated for some time, as the Government had already stated its intention […]

Global News | 7 July 2015
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EU Commission Release Corporate Tax Reform Plan

On March 18, 2015, the European Commission presented a package of transparency measures aimed at tackling corporate tax avoidance and harmful tax competition within the European Union. The transparency package is said to be “the first step in the Commission’s ambitious agenda for 2015 to fight tax avoidance.” The Commission said it will be followed, […]

Global News | 7 July 2015
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Austria Announces Substantial Income Tax Reforms

Austria has announced proposals to provide personal income tax cuts worth EUR5bn (USD5.3bn) to lower income earners. The new tax package, which aims to boost economic growth by reducing the lowest income tax rate from 36.5 to 25 percent, will mean that lower income taxpayers will pay, on average, EUR1,000 less a year. The Government […]

Global News | 7 July 2015
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Singapore To Enforce New Top Income Tax Rate

The Inland Revenue Authority of Singapore is to closely monitor company formation behavior to ensure that high income earners do not set up companies to avoid the higher personal income tax (PIT) rates announced in the 2015/16 Budget. The Senior Minister of State for Finance and Transport, Josephine Teo, announced the initiative when delivering the […]

Global News | 7 July 2015
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Cameron Pledges UK Tax Cuts

UK Prime Minister David Cameron has pledged to raise the threshold for the 40 percent rate of income tax to GBP50,000 (USD75,362). During a speech on education, Cameron said: ‘That rate was only ever meant for the better off. But over the years it’s dragged more and more people into its reach, police officers, teachers […]

Global News | 7 July 2015
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HMRC Releases 2013-14 Transfer Pricing Stats

Challenges by HM Revenue and Customs (HMRC) to the transfer pricing arrangements adopted by a number of multinational companies secured an additional GBP1.1bn (USD1.66bn) in tax in 2013-14, the UK’s tax authority has said. In 2008, HMRC introduced an approach to transfer pricing inquiries involving greater specialization and team work, a focus on higher risk […]

Global News | 7 July 2015
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IMF Welcomes New GST For Malaysia

The International Monetary Fund (IMF) has welcomed the imminent introduction of a goods and services tax in Malaysia but has urged authorities to gradually increase the rate. The GST is due to come into effect on April 1, 2015, at a rate of six percent – the lowest rate in the region, followed by Singapore […]

Global News | 7 July 2015
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Hong Kong 2015-16 Budget

In his 2015-16 Budget, the Financial Secretary of Hong Kong continues to offer favorable tax measures to companies and individual tax payers, amid a fiscal surplus of HK$63.8 billion. He continues to provide support for Small and Medium Enterprises and start-up companies, though focusing on cultural and creative industries, fashion industry, and film Industry. Moderate […]

Global News | 7 July 2015
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Italy Expects Tax Influx From Swiss Agreement

The signing of a double taxation agreement (DTA) protocol between Switzerland and Italy, which includes a provision for the exchange of information upon request, has fueled an expectation that the Italian Treasury will be able to collect substantial additional tax revenue this year. While it could take up to two years for the protocol to […]

Global News | 7 July 2015
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China Cuts SME Tax Burden By USD10bn In 2014

China’s State Administration of Taxation (SAT) has disclosed that, in 2014, preferential corporate income tax rates, value-added tax (VAT) exemptions, and business tax concessions provided RMB61.2bn (USD9.8bn) in tax relief to small and micro enterprises. Tax relief for China’s small and micro enterprises is considered very important, as these entities account for more than 75 […]

Global News | 7 July 2015
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OECD Calls On Italy To Rein In Tax Breaks

OECD Calls On Italy To Rein In Tax Breaks While calling on the Italian Government to follow through on its efforts to reduce the fiscal deficit, the Organisation for Economic Co-operation and Development (OECD) has also proposed that ongoing tax reforms ‘should include reassessing the wide array of special tax rates and exemptions.’ In its […]

Global News | 7 July 2015
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Indonesian 2015 Budget Targets Higher Revenue

On February 13, the House of Representatives approved the final version of Indonesia’s 2015 Budget, which targets a significant increase in tax revenue to produce a reduced 1.9 percent budget deficit for the year. This would be lower than the 2.2 percent shortfall estimated in the preliminary budget approved in September last year, before President […]

Global News | 7 July 2015
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UK Business Investment Boosted By Tax Reliefs

UK businesses will invest a record GBP2.8bn (USD4.3bn) under the Annual Investment Allowance this year, according to LDF, a credit broker to UK businesses. HM Revenue and Customs’s (HMRC’s) internal projections suggest that capital investments by businesses using the AIA will rise 22 percent, up from the GBP2.3bn invested last year. The AIA was introduced […]

Global News | 7 July 2015
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Portugal Improves Flat-Rate Scheme For Farmers

Portugal has confirmed the introduction of tax compensation for farmers under the sector’s flat-rate value-added tax (VAT) special scheme to ameliorate the issue of otherwise unrecoverable VAT being incurred on inputs. The flat-rate special scheme is intended to support Portuguese farmers by enabling them to opt out of standard VAT arrangements and enable them to […]

Global News | 7 July 2015
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Simpler, Lower Tax Rates Would Boost Canada

A uniform Canadian corporate tax rate would encourage capital investment and attract profitable corporations to the country, while not imposing a significant revenue cost on the federal or provincial governments, a new report from the University of Calgary says. The report, which was written by Duanjie Chen and Jack M. Mintz for the University’s School […]

Global News | 7 July 2015
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European States, Georgia Continue FTA Talks

The European Free Trade Association (EFTA) said that it sent a delegation to Georgia on February 4, 2015, to discuss a timeframe for free trade negotiations. At the meeting, the two sides decided to aim for a comprehensive free trade agreement (FTA) covering trade in goods, trade in services, investment, intellectual property rights, competition, government […]

Global News | 7 July 2015
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Switzerland, Liechtenstein Conclude DTA Talks

Switzerland and Liechtenstein have concluded negotiations toward a new double tax agreement (DTA), which should enter into force from January 2017. Switzerland’s Federal Department of Finance (FDF) announced on February 5, 2015, that talks concluded on February 2. The FDF expects the deal to be signed this summer and, pending the completion of respective national […]

Global News | 7 July 2015
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Indonesia Expected To Launch Tax Amnesty

In an effort to expand the taxpayer base, the Indonesian Government is expected to announce the introduction this year of an amnesty for those who have failed to make tax declarations. In the context of low oil prices and continued global economic uncertainty, the Government has already announced that it will focus on improving tax […]

Global News | 7 July 2015
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Italy To Alter Controversial New Self-Employed Tax System

Italian Prime Minister Matteo Renzi has indicated that the new reduced tax regime introduced for Italian self-employed individuals with effect from January 1, 2015, will be improved, following protests concerning the lower benefits offered compared with the previous regime. The new 15 percent fixed tax regime is available for self-employed individuals, including entrepreneurs and sole […]

Global News | 7 July 2015
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Portugal Steps Up Fight Against Tax Evasion

Portugal’s Ministry of Finance announced on January 29, 2015, that the Government has approved a three-year plan to combat tax evasion. The 2015-2017 plan includes a list of 40 priority measures to combat tax fraud and evasion and clamp down on the grey economy. A key measure is the introduction of an electronic invoicing system, […]

Global News | 7 July 2015
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UK Higher Rate Taxpayers Facing HMRC Scrutiny

The UK tax authority, HM Revenue and Customs, collected 60 percent more tax revenues in the 2013/14 fiscal year from the operations of its specialist affluent taxpayer unit, according to international law firm Pinsent Masons. According to data provided by the agency, HMRC’s “Affluent Unit” collected GBP137.2m in additional tax from investigations in 2013/14, up […]

Global News | 7 July 2015
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Switzerland, Italy Reach Agreement On Tax Treaty

Italy and Switzerland have agreed an amendment to their double tax agreement to enhance tax information exchange provisions. It is hoped that the agreement will be signed before the March 2 deadline set by Italy’s new voluntary disclosure program to enable Switzerland’s removal from Italy’s ‘black list.’ After three years of talks, the conclusion of […]

Global News | 7 July 2015
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UK Parliamentary Hearing Held On BEPS Response

British Members of Parliament (MPs) have questioned the Government’s unilateral decision to push for the introduction of a Diverted Profits Tax (DPT) ahead of the completion of the Organisation for Economic Cooperation and Development’s (OECD’s) work on base erosion and profit shifting (BEPS). In a debate held in Parliament on January 7, 2015, MP Shabana […]

Global News | 7 July 2015
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Hong Kong Reviews Property Tax Measures

Following a question in Hong Kong’s Legislative Council (LegCo) on December 17, Secretary for Transport and Housing Anthony Cheung Bing-leung replied that the stamp duty measures put in place since 2012 have helped to ‘stabilize the residential property market, and are effective in combating short-term speculative activities.’ In addition to the increased Special Stamp Duty […]

Global News | 7 July 2015
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TGS Global Welcomes A New Member in LA

CNM LLP has joined the TGS Global accountancy network as its second member in the USA. Founded in 2003 and based in Los Angeles, California, CNM LLP is an accounting and advisory firm. Leveraging the significant expertise of its experienced professionals, CNM provides clients with a full array of accounting and advisory services including those […]

Global News | 7 July 2015
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German Court Orders Inheritance Tax Overhaul

Germany’s Federal Constitutional Court on December 17, 2014, ordered the Government to make changes to a law that grants inheritance tax breaks to family businesses. The Court said that the current provisions will apply for the time being, but revisions should be made by June 30, 2016. The Court ruling acknowledged that the legislature has […]

Global News | 7 July 2015
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UK Issues Extra Guidance On 2015 VAT MOSS Changes

The UK tax authority, HM Revenue and Customs (HMRC), has issued additional guidance to support small- and medium-sized businesses in complying with the change to European Union value-added tax (VAT) place of supply rules for broadcasting, telecommunications, and electronic (BTE) services from January 1, 2015. The release of Revenue and Customs Brief 46 of 2014 follows […]

Global News | 7 July 2015
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Singapore, US Sign FATCA IGA

On December 9, Singapore and the United States signed a Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreement (IGA), following its initialing in May this year. FATCA, which was enacted by the US Congress in 2010 and took effect on July 1, 2014, is intended to ensure that the US Internal Revenue Service (IRS) obtains […]

Global News | 7 July 2015
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US Congress Urged To Focus On TPP, Not TPA

While President Barack Obama has indicated that he would press for congressional approval for Trade Promotion Authority (TPA) renewal as an aid in current United States trade agreement negotiations, House of Representatives Ways and Means Committee Ranking Member Sander Levin (D – Michigan) has stressed the need to continue to focus wholly on those negotiations. […]

Global News | 7 July 2015
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TCS Hong Kong rebranding to TGS

Rebranding of TCS to TGS A dynamic year with the latest global ranking at top 18; and “Rising Star” award. The year has been an exciting one for TGS Global, a newly established international network of accounting firms who is now ranked 18th in the Accountancy Age Top 20 report. In addition, the TGS Global […]

Global News | 7 July 2015
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SWITZERLAND: Corporate Tax Reform III

On 22 September 2014, the Swiss Federal Government published draft legislation for the IIIrd Corporate Tax Reform (‘CTR III’) and invited interested parties to submit comments until 31 January 2015. The proposed tax reform package replace the existing cantonal preferential tax regimes for holding, administrative, domiciliary and ‘mixed’ companies within a certain period (extension of […]

Global News | 7 July 2015
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Federal Council of Switzerland defines VAT liability of foreign companies more precisely

During its meeting dated November 12, 2014, the Swiss Federal Council approved two amendments to the Value Added Tax Ordinance (VATO) and resolved to bring them into force on 1. January 2015. In the future, foreign companies, just like Swiss companies, will be liable for tax in the event of deliveries in Switzerland that are […]

Global News | 7 July 2015
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Rocha Salas y Cia., S.C. Joins TGS Global

For more than 40 years, Rocha Salas has been assisting clients in Mexico by providing them with a broad experience in the areas of accounting, audit and administration as well as tax advice. Horacio Rocha San Miguel, Managing Partner of Rocha Salas, says, “We are always looking for new services and for ways to improve […]

Global News | 7 July 2015
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TGS Global welcomes a new member in Thailand

TGS Global is pleased to welcome Enlighten Advisory to the network. Enlighten Advisory is based in Bangkok, Thailand and was established in 2013 with the aim of being a leading provider of business solutions in Thailand. Enlighten Advisory achieves this by providing clients with international standard solutions and by always aiming to provide the highest […]

Global News | 7 July 2015
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Spain infringing EU Law

On the 3rd of September of 2014 the Court of Justice of the European Union ruled Spanish law on Inheritance and gift tax was breaching EU Law (case C-127/12). It should be possible for non residents to claim back the overpaid amounts regarding inheritance and gift tax paid in Spain. Background Information in October 2011, […]

Global News | 7 July 2015
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TGS global wins at the International Accounting Bulletin annual awards.

TGS Global, the new international network of accounting firms has beat off strong competition to win the “rising star” award.  The judges honoured TGS because of its strong global growth, clear modern brand and focus on supporting SMEs around the world through business development programs and initiatives. On 16th September 2014 the International Accounting Bulletin hosted its […]

Global News | 7 July 2015
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China Extends Export Tax Rebate Scheme

It has been announced that, from September 1, there will be an extension to China’s export tax rebate pilot program, so as to encourage exports through Shanghai’s Yangshan Free Trade Port, and as part of an effort to bolster the country’s flagging foreign trade sector. In a joint statement issued by China’s Ministry of Finance, […]

Global News | 7 July 2015
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TGS Global adds new member firm in Jakarta

TGS Global has appointed AU & Partners in Jakarta, Indonesia, to the network. The firm has been providing professional value added services in Indonesia for over 22 years. AU & Partners offers audit & assurance, accounting and tax services, in addition to consulting in the areas of legal, financial management, operations, and human resources. They […]

Global News | 7 July 2015
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TGS Nortex Chinese Tax Update Webinar

The State Administration of Taxation (“SAT”) promulgated the circulars for applying the VAT reform, effective from January 1st 2012, which means VAT would be applicable to some industries instead of Business Tax (“BT”). Shanghai launched the VAT reform on January 1st  2012.  Currently, this policy is being used all over China. The service scope involved in […]

Global News | 7 July 2015
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TGS Global Shortlisted for IAB

TGS Global has been named as a finalist for the “Rising Star Network” Award in the International Accounting Bulletin Awards (IAB) for 2014. The IAB Awards were first held in 2012 and since then have become well respected across the industry. The awards celebrate the achievements of individuals and businesses who have contributed to moving […]

Global News | 7 July 2015
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Alberto Soares & Associates expands into Angola

Alberto Soares & Associates has expanded into Angola as part of a joint venture. The Portuguese firm was established in 2012 and currently has over 20 staff members in four offices across Portugal. They offer a proactive approach to their clients with services that are always focused on providing the highest standards and quality to fulfil the […]

Global News | 7 July 2015
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TGS Global Ranked 18th Largest International Network Accountancy Age World Survey 2014.

Just 2.5 years after its formation, TGS Global has been ranked as the 18th largest global accountancy network in the 2014 Accountancy Age survey of the top 20 international networks. TGS Global was created to challenge the existing status quo in the global accounting market, and currently has members in 48 locations across 30 countries […]

Global News | 7 July 2015
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China and Hong Kong Taxation Royalties on Intellectual Properties – new China Trade Mark Laws

The China New Trade Mark Laws became effective on 1 May 2014, significant changes include making available of sound mark applications; strengthened well-known mark protection; increased statutory damage and fines against infringement, shortened trademark prosecution times, & etc. Companies nowadays are equipped with marketing innovation; business protection relies on proper intellectual properties laws and regulations. […]

Global News | 7 July 2015
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France Rescinds IHT Treaty With Switzerland

France has announced its decision to rescind the 1953 inheritance tax (IHT) agreement with Switzerland with effect from December 31, 2014. From January 1, 2015, domestic inheritance tax rules will apply in the absence of a treaty, removing a degree of certainty that the treaty provided concerning the taxing rights of the two territories, and […]

Global News | 7 July 2015
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UK Publicizes VAT Mini One-Stop Shop Offering

HM Revenue and Customs (HMRC) has said digital services suppliers can register from October 2014 to use its Mini One Stop shop (MOSS) portal, to ease the administration burden associated with complying with changes to EU place of supply rules concerning these services from 2015. In a statement on June 9, 2014, HMRC said businesses […]

Global News | 7 July 2015
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FASB, IASB Issue New Revenue Recognition Rules

The International Accounting Standards Board (IASB), responsible for International Financial Reporting Standards (IFRS), and the Financial Accounting Standards Board (FASB), responsible for United States Generally Accepted Accounting Principles (US GAAP), have issued a converged standard on the recognition of revenue from contracts with customers. Revenue is seen to be very important for users assessing a […]

Global News | 7 July 2015
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France Confirms Personal Income Tax Cut Plans

Over three million low income households will benefit from a EUR1bn (USD1.37bn) cut to personal income tax this year, French Prime Minister Manuel Valls announced recently. The Government will trim 2014 tax bills for low-income pensioners and employees paying tax on their 2013 income, he said. Meanwhile, 1.8 million workers will be moved out of […]

Global News | 7 July 2015
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China To Improve Export Tax Rebates

In a statement on its website on May 15, China’s State Council announced a package of enhancements to bolster its flagging foreign trade sector, including improvements to the country’s export tax rebate system. With total imports and exports stagnating so far this year, despite total trade having been budgeted to rise by an overall rate […]

Global News | 7 July 2015
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Hong Kong Commits To Low-Tax Policies

Hong Kong’s Financial Secretary, John C Tsang, has said authorities will restrict the territory’s spending to 20 percent of gross domestic product (GDP) to ensure that the territory can maintain balanced budgets and a low-tax regime. Government revenue in Hong Kong was on average 18.6 percent of nominal GDP between 1997-98 and 2012-13, with the […]

Global News | 7 July 2015
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TGS Global Appoints New Member Firm in Hungary

TGS Global is delighted to announce the addition of Audit Network Hungary to the TGS Network. Headquartered in Budapest, Audit Network Hungary was formed in 2003 and offers services in tax, auditing, bookkeeping, legal consulting and payroll accounting. They also provide auditing for Hungarian subsidiaries of foreign companies and have a strong expertise in working […]

Global News | 7 July 2015
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Hong Kong Tax Budget 2014/15 Maintaining Hong Kong as an attractive tax jurisdiction for business in Asia

Financial Secretary John Tsang delivered his second budget speech on 26 February 2014. ECONOMIC PERFORMANCE The revised forecast predicts a HK$12 billion surplus for the year 2013/14, well ahead of the forecast deficit of HK$4.9 billion. Land sales, stamp duty and profits tax remain the major sources of revenue. A modest improvement in the economy […]

Global News | 7 July 2015
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TGS Global expands into USA

As of 1st March 2014, TGS Global appointed Gettry Marcus as it’s first member in the United States. Beginning in 2012 TGS Global, the international network of dynamic CPA firms, currently has representation in 48 locations in 28 countries. Gettry Marcus has offices in New York City and Long Island providing accounting, tax, and consulting […]

Global News | 7 July 2015
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Egypt Eyes New Fiscal Stimulus Package

Determined to reassure investors and to restore confidence, Egyptian Finance Minister Ahmed Galal has announced that the Government aims to unveil details of a new fiscal stimulus package shortly. The Government adopted its first stimulus package in the second half of 2013. Without providing further information, Finance Minister Galal revealed that the new wave of […]

Global News | 7 July 2015
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Italy’s Transfer Pricing Changes In 2014

Through its Finance Act 2014 (Law No 147/2013), Italy has introduced a number of transfer pricing-related changes. This should affect both procedures and fundamental concepts. Article 1, Paragraph 281 clarifies that transfer pricing adjustments have a bearing on regional corporation taxes (IRAP). This ‘clarification’ has been given retroactive effect for every financial year beginning on […]

Global News | 7 July 2015
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French Customs’ Strategy Aims To Modernize Tax System

In its 2018 Strategy, the French General Directorate of Customs and Excise (DGDDI) pledges to further modernize the tax system, to better secure the collection of revenue, while at the same time reducing intervention costs. The DGDDI underlined its intention to continue centralizing the management of taxes at regional, interregional, and national level, making clear […]

Global News | 7 July 2015
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TGS Global Appoints New Member Firm in China

Shandong Haoxin CPAs is headquartered in Weifang, in Shandong province in east China. As a fast growing accounting firm, they provide services besides the traditional audit and tax planning. They  have developed a significant offering in services such as internal audit support, asset appraisal, project management and focus on clients both domestically and overseas for […]

Global News | 7 July 2015
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Luxembourg Outlines Details Of Future Tax Reform

Luxembourg’s new Prime Minister Xavier Bettel has presented a Government Declaration to the country’s Chamber of Deputies, outlining details of plans to reform taxation in the Grand Duchy. The aim of the envisaged tax reform is to ensure social justice, to boost growth and to create jobs in Luxembourg, while at the same time generating […]

Global News | 7 July 2015
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Switzerland Agrees Next Steps For Tax Compliance

The Swiss Federal Council has approved the next steps for enhanced due diligence requirements, to prevent the acceptance of untaxed assets in the Confederation. According to the Swiss Federal Department of Finance (FDF), the Swiss Federal Council has resolved that banks and other financial intermediaries in Switzerland will have to comply with enhanced due diligence […]

Global News | 7 July 2015
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Cyprus Holding Companies

The setting up of holding companies within the most appropriate structures becomes nowadays an important consideration for all investors who wish to maximize their after tax return on investments. The global markets are becoming more demanding and the need for choosing the best structures that provide to investors the most tax effective means of consolidating […]

Global News | 7 July 2015
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Spain’s Tax Reform To Benefit Entrepreneurs, Rajoy Insists

Spain’s Prime Minister Mariano Rajoy has emphasized that the Government’s envisaged fiscal reform ‘must be fundamentally aimed at helping entrepreneurs’ in Spain, including a Personal Income Tax reduction in 2015. In an interview on RNE radio, Prime Minister Rajoy insisted that the Government is laying the foundations for economic growth and job creation. Alluding to […]

Global News | 7 July 2015
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France Unveils Tax Breaks For Artisans And Traders

Following a meeting with the professional union of artisans, French Budget Minister Bernard Cazeneuve and Trades Minister Sylvia Pinel unveiled a raft of fiscal measures aimed at providing tax relief to both artisans and tradespeople in France, as well as to home owners wishing to carry out energy efficiency improvements. In the communiqu?, the Government […]

Global News | 7 July 2015
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China To Use HKEx To Offer RMB Bonds To Retail Investors

Hong Kong Exchanges and Clearing Limited (HKEx) has welcomed a decision by China’s Ministry of Finance (MoF) to list renminbi (RMB)-denominated sovereign bonds again on its Stock Exchange, using, for the first time, the Exchange’s facilities for a public offering of its bonds to retail investors. The Mainland’s State Council previously granted approval for the […]

Global News | 7 July 2015
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UK Government Confirms Tax Devolution For Wales

UK Prime Minister David Cameron has confirmed that the Government intends to devolve the power to set Landfill Tax and Stamp Duty rates in Wales, and to hold a referendum on devolving the income tax rate. Cameron made the announcement during a press conference at the Senedd, the National Assembly for Wales. Under the moves, […]

Global News | 7 July 2015
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Hong Kong Revenue Defends Salaries Tax Collection System

In her reply to a question in the Legislative Council (LegCo), the Acting Secretary for Financial Services and the Treasury Julia Leung confirmed that, as salaries tax payment arrangements in Hong Kong are ‘effective and easy to administer to all relevant parties,’ the Government has no plan to explore other payment options. Hong Kong does […]

Global News | 7 July 2015
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Germany’s Rising Revenues Confirm Correct Tax Course

Following an unexpected dip in revenues reported in August, the German Finance Ministry has once again posted significant revenue growth in September 2013, evidence that Germany is on the right fiscal track and that the course should not be changed. According to the German Finance Ministry, revenues were up EUR54.7bn (USD74.8bn) or 7.8 percent in […]

Global News | 7 July 2015
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Business Development in China: An Overview of Chinese Tax Systems

Understanding the Chinese tax system is a delicate mix between industry knowledge, national and local procedure, relationship management and cultural understanding. In Paris on 19th of September 2013 a seminar hosted by TGS Soregor, TGS Hong Kong and France Business School addressed the key areas of the newly revamped Chinese Tax System to give Business owners and International Tax Consultants […]

Global News | 7 July 2015
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Portugal Unveils Tax-Lite 2014 Budget

Portugal’s Finance Minister Maria Luis Albuquerque has unveiled details of the country’s 2014 State Budget (OE 2014) providing to redress the public finances to the tune of around EUR3.9bn (USD5.3bn), to be achieved via a dramatic cut in expenditure rather than via massive tax increases, in contrast to the previous budget. Within the framework of […]

Global News | 7 July 2015
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Malta Seeks To Broaden Financial Services Sector

Malta’s finance minister, Edward Scicluna, has said that the country is seeking to broaden its financial sector. ‘Malta is constantly on the lookout for new opportunities to increase the breadth and depth of its financial services infrastructure, not least its securities markets,’ he said. Mr Scicluna noted that Malta has consistently ranked in the top 20 […]

Global News | 7 July 2015
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Spain’s Regions Reminded Of Tax Cut Implications

The Spanish Finance Ministry has stressed that local authority tax cuts are only to be implemented if the envisaged fiscal measures are compatible with the budgetary stability objectives. The Finance Ministry explained that for the duration of the country’s adjustment plan, a local authority may only agree to a reduction in taxes and charges, and […]

Global News | 7 July 2015
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EU Study Demonstrates Urgent Need For VAT Rethink

The European Commission has published a new report on the VAT Gap across 26 member states in 2011, revealing that 18 percent of member states’ theoretical value-added tax-take goes uncollected owing to fraud and evasion, legal tax avoidance, bankruptcies, financial insolvencies, miscalculations and the poor performance of tax administrations. The study, funded by the Commission, […]

Global News | 7 July 2015
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Canadian PM Spells Out Issues With EU Trade Talks

There remain ‘very significant gaps’ in the trade talks between Canada and the European Union, Stephen Harper has revealed. Commenting on the ongoing negotiations, the Canadian Prime Minister said that although he wants to see a deal completed, it must be done ‘in a way that, in our opinion, and the opinion of all the […]

Global News | 7 July 2015
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Switzerland Adopts Draft Law On French Inheritance Tax Deal

The Swiss Federal Council has sent a draft law on the new inheritance tax agreement with France for the attention of parliament. The agreement is designed to prevent a legal vacuum, detrimental to taxpayers, and constitutes a first concrete step in the tax dialogue with France. On July 11, 2013, during a meeting in Paris, […]

Global News | 7 July 2015
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US and Canada Consult On Regulatory Cooperation

The Canadian and US Governments ‘are working together to increase trade and prosperity,’ Ed Fast has said. Fast, Canada’s International Trade Minister, has announced that the two Governments are seeking public comment on future regulatory cooperation. According to Fast: ‘Finding new ways to align our regulatory systems will lead to more jobs, growth and prosperity […]

Global News | 7 July 2015
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German Tax Revenues Rise

German tax revenues for the first seven months of the year were up 1.5 percent on the same period in 2012. The Federal Finance Ministry’s latest Monthly Report shows that EUR156.3bn (USD208.5bn) was generated in revenue from January-July. Tax receipts totaled EUR141.6bn, up EUR0.8bn (0.6 percent) on 2012. In July, tax revenue (excluding local authority […]

Global News | 7 July 2015
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UK Introduces VAT On Business Research Services

HM Revenue and Custom (HMRC) has released VAT information sheet 11/13, concerning transitional arrangements that will apply following the withdrawal of the VAT exemption for business research services between eligible bodies on August 1, 2013. The UK is removing the exemption following a notification from the European Commission that the exemption for business supplies of […]

Global News | 7 July 2015
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Singapore Consults On Property Tax Amendments

Singapore’s Ministry of Finance is seeking public feedback on proposed legislative amendments under a draft Property Tax (Amendment) Bill 2013, which would give effect to policies announced in the 2013 Budget. The tax changes announced by Deputy Prime Minister and Minister for Finance, Tharman Shanmugaratnam, in his 2013 Budget Statement included the removal of property […]

Global News | 7 July 2015
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German Wage Tax Take Buoys 2013 Revenues

The German Finance Ministry has provided an update on tax revenue figures in Germany for the first half of 2013, once again highlighting extremely positive wage and corporation tax collections. Federal Government and state tax revenues rose again in the first six months of 2013, up 3.5 percent compared to the same period last year. […]

Global News | 7 July 2015
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EU Interested In Free LatAm Trade

Council of the European Union President Dalia Grybauskaite has met with members of the Executive Bureau of the Euro-Latin American Parliamentary Assembly (EuroLat) to discuss an EU-Latin American strategic partnership, economic cooperation, development cooperation, environmental issues, climate change, and international migration. The meetings of the standing parliamentary committees started on July 16 in Vilnius with […]

Global News | 7 July 2015
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Belgium Boosts International Tax Agreement Tally

The Belgian Council of Ministers has approved for ratification the protocol amending the bilateral double taxation agreement (DTA) between Belgium and Japan in the area of taxes on income. The Council of Ministers has also waved through for ratification multiple tax information exchange agreements (TIEAs). Signed in Brussels on January 26, 2010, the protocol updates […]

Global News | 7 July 2015
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India Announces More SEZ Tax Reliefs

The Indian Government is to exempt from service tax a number of services received by units located in a Special Economic Zone (SEZ). The exemption will take the form of a refund of service tax already paid on the specified services received by an SEZ Unit or an SEZ Developer. An Approval Committee will have […]

Global News | 7 July 2015
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Taiwan Approves CGT Amendment

Despite a row in the Taiwanese parliament, an income tax code amendment to dilute the existing capital gains tax (CGT) on share trading, which has been accused of dampening trading on Taiwan’s stock exchange and sharply reducing share prices, has finally been passed. CGT only began to be implemented at the beginning of this year, […]

Global News | 7 July 2015
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Vietnamese Parliament Approves Corporate Tax Rate Cuts

By an overwhelming majority, the National Assembly has approved reductions in Vietnam’s corporate tax rates from January 1, 2014. The Government has come under pressure to cut corporate taxes to help businesses, particularly small and medium-sized enterprises (SMEs), in the current economic uncertainty, and to incentivize more investment in the economy. The current 25 percent […]

Global News | 7 July 2015
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Portuguese Parliament Waves Through Budget Amendment

Portugal’s National Assembly has adopted the Government’s proposed amendment to the 2013 State Budget, containing a raft of initiatives, designed to enable the country to meet its fiscal objectives as defined in the Budget Strategy Document. While failing to provide specific details of its proposed savings plan, the Government nevertheless insisted that most of the […]

Global News | 7 July 2015
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Singapore Plugs Tax-Filing Benefits For SMEs

The Inland Revenue Authority of Singapore (IRAS) has encouraged small and medium-sized companies (SMEs) to use the simplified tax return, Form C-S, to e-file their income with effect from the 2013 assessment year, and enjoy further benefits. All companies normally have to file an estimate of their chargeable income within three months after the end […]

Global News | 7 July 2015
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Belgium’s ‘Biztax’ Opens For 2013 Corporate Filing

The Belgian Finance Ministry has announced that businesses are now able to file their 2013 corporate tax returns online, via the ‘Biztax’ application. The Biztax application may be used for the electronic filing of corporate income tax returns (ISoc), applicable to Belgian companies, as well as for the electronic filing of income tax on legal […]

Global News | 7 July 2015
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South Korea To Provide Tax Incentives For Start-Ups

South Korea’s Minister of Strategy and Finance Hyun Oh-seok has promised that the Government will introduce a range of measures, including tax incentives, to encourage and help the start-up businesses that, it is hoped, will provide good jobs and be an engine for future growth in the economy. While the Government had first felt it […]

Global News | 7 July 2015
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Proposal To Limit US Tax Deductions Resurfaces

The resurfacing, in a recent newspaper article, of a proposal by Harvard economics professor Martin Feldstein to limit itemized deductions at 2% of an individual taxpayer’s income, so as to reduce the United States fiscal deficit, would slow economic growth, according to a new analysis by the Tax Foundation (TF). In his op-ed in the […]

Global News | 7 July 2015
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Portugal To Lower Corporate Tax

The Portuguese Government has recently unveiled details of its growth, employment, and industrial development strategy, which includes plans to reform corporation tax. Portugal’s Economy and Employment Minister Alvaro Santos Pereira revealed that the Government’s growth strategy is based on seven key axes, notably training and qualifications, financing, corporate consolidation, the promotion of investment and fiscal […]

Global News | 7 July 2015
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Dubai Consults On New Tax Legislation

The regulator of the Dubai International Financial Center (DIFC) has launched a public consultation on a number of legislative amendments, including to bring the tax-free zone’s regulatory regime in line with international tax transparency standards. The DIFC Authority has proposed to amend a number of DIFC laws and regulations through the DIFC Laws Amendment Law, […]

Global News | 7 July 2015
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Swiss Government Endorses US FATCA Deal

At its meeting on April 10, 2013, the Swiss Federal Council approved the agreement concluded with the United States to facilitate compliance with its Foreign Account Tax Compliance Act (FATCA), and forwarded the agreement to parliament for its approval. The Swiss Government, commenting on its decision to endorse the agreement, said that while the United […]

Global News | 7 July 2015
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Taiwan, US To Negotiate FATCA Agreement

On April 2, 2013, the Taiwanese Financial Supervisory Commission (FSC) and Ministry of Finance (MOF) jointly announced that both agencies and the United States Treasury Department had reached a consensus to pursue an intergovernmental agreement (IGA) to facilitate the implementation of the Foreign Account Tax Compliance Act (FATCA). FATCA was enacted by the US Congress […]

Global News | 7 July 2015
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Austrian Lawmakers Back Tax Deals With Liechtenstein

Austria’s National Council has recently adopted a withholding tax agreement with Liechtenstein modeled on the accord between Austria and Switzerland, which entered into force on January 1, providing for the taxation of the hitherto undeclared and untaxed assets of Austrian residents held in Liechtenstein banks. Liechtenstein banks and asset managers, such as trustees, will levy […]

Global News | 7 July 2015
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Switzerland Must Remain Competitive, SBA Survey Underlines

In its latest survey, the Swiss Bankers Association (SBA) found that protecting financial privacy and addressing unresolved tax and market access issues remains vitally important for the Swiss population as a whole. According to the SBA, financial privacy remains a key concern for the Swiss, with 86% of those surveyed stating that the financial details […]

Global News | 7 July 2015
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New Australian Tax Commissioner Outlines Stance

Australia’s new Tax Commissioner has said that he will direct his officers to make full use of the compliance ‘toolkit’ available to them to discourage inappropriate practices by multinational corporations. Addressing a Tax Institute convention, Chris Jordan outlined his priorities for steering the work of the Australian Tax Office (ATO). Speaking of his approach to […]

Global News | 7 July 2015
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TGS 4Audyt’s Head of Audit – Joining A Global Network Helps To Improve A Common Strategy For All Member Firms

Katarzyna Fabis, Head of Audit of TGS 4Audyt, explains how important international development is for her firm: ‘Many of our clients are businesses which own or intend to acquire companies abroad. For them, it is very important to have the confidence that their subsidiaries

Global News | 7 July 2015
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Japan Includes Tax Reforms In 2013 Budget

The first full-year budget for 2013/14 approved by the new Japanese Cabinet furthers Prime Minister Shinzo Abe’s primary aim of stimulating the economy through public works spending, but also includes reforms to individual, corporate and investment taxation. The overall size of the budget is put at JPY92.6 trillion (USD1 trillion), to be mainly financed by […]

Global News | 7 July 2015
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UK Targets Affluent Taxpayers

HM Revenue and Customs (HMRC) has officially confirmed plans to recruit 100 extra inspectors to concentrate on the tax affairs of those classed as affluent. The move had previously been announced by Danny Alexander, Chief Secretary to the Treasury, in September. The new inspectors will be attached to HMRC’s Affluent Compliance Team, which was set […]

Global News | 7 July 2015
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Cyprus Bailout Delayed To March

Eurozone finance ministers are expected to agree to a rescue package for Cyprus at the beginning of March, following the presidential elections, instead of at the end of January as was initially intended. European Union Economic and Monetary Commissioner Olli Rehn told the European Policy Centre in Brussels on January 11 that eurozone ministers would […]

Global News | 7 July 2015
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Netherlands To Support Tax Collection In Developing Countries

In a pioneering move, Dutch Minister for Foreign Trade and Development Cooperation Lilianne Ploumen has recently announced plans to assist developing countries in the collection of taxes. The minister also plans to examine together with Dutch Financial State Secretary Frans Weekers a number of existing tax treaties to assess the effects of the accords on […]

Global News | 7 July 2015
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Singapore, Poland Sign Enhanced DTA

On November 4, 2012, Singapore and Poland signed an enhanced double taxation agreement (DTA), which also incorporates the internationally-agreed standard for exchange of information for tax purposes. The DTA was signed on the occasion of the visit to Singapore of Poland

Global News | 7 July 2015
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France Rejigs VAT Rates To Fund Cuts In Labour Costs

French Prime Minister Jean-Marc Ayrault has unveiled details of government plans to boost growth, competitiveness and employment in France, to be achieved notably by reducing by EUR20bn (USD25.5bn) the cost of labour. Underlining the need for ‘ambitious and courageous decisions’ to be taken, to reposition France at the very heart of the global economy, Ayrault […]

Global News | 7 July 2015
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Cyprus To Be Removed From Russian Blacklist

The Russian government has published an Order in the nation’s Official Gazette to provide for the removal of Cyprus from the nation’s ‘blacklist’ of non-cooperative ‘tax havens’ from January 1, 2013, when a Protocol to the nations’ double tax agreement becomes effective. The conclusion of the Russia’s domestic ratification procedures in respect of Cyprus’s removal […]

Global News | 7 July 2015
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The Modern Network

Networks have to evolve their offering in order to cater for the proactive firms that they have. Often the divergence of capabilities and dynamism within their membership limits the speed and their capability to achieve this. TGS has been set up to provide a solution to this compromise and consists of only those members that […]

Global News | 7 July 2015
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An International Focus

Having worked in the international accounting profession for over a decade, I have seen how local and national firms have positioned themselves as international service providers to their clients. Some have dabbled in this, with some success, whilst others have made it a clear part of their business strategy and thrived. Those that have dedicated […]

Global News | 7 July 2015
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TGS Global, A Global Opportunity

A new accounting network targeting entrepreneurial firms that are focused on international expansion has been launched. TGS global has been formed to meet the needs of an increasing number of accounting firms that want to be part of a business development-focused network helping members to target and win multi-national clients. It has already attracted leading […]

Global News | 7 July 2015
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Fuad Abdul Kareem & Partners join TGS Global Network

Fuad Abdul Kareem & Partners has joined the TGS Global accountancy network as its first member firm in Qatar. Based in Doha, the firm was formerly the Qatar office of Ibraham Abbasi & Partners, a long-established regional firm. With 3 partners, the firm provides audit, accountancy, tax and consultancy services. Partner Murad Mahmoud commented “Joining […]

Global News | 7 July 2015
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NOUV MT joins TGS Global Network

NOUV MT has joined the TGS Global network as its new member firm in Malta. Based in St Julian’s, the three partners have extensive professional and industry experience. They provide a complete range of bespoke corporate, audit, business consultancy and tax services, both to local businesses and to international companies or high net worth individuals […]

Global News | 7 July 2015
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TGS Global European Conference – Frankfurt

TGS Global recently held their annual European Conference in Frankfurt, 52 delegates from 21 member firms across Europe attended the event which was the largest regional conference for the Network to date. Richard Keyes, CEO of TGS Global remarked: “We are delighted with the success of our recent European conference. Our European firms our members […]

Global News | 7 July 2015
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TGS Welcomes First Chilean Firm

Tax Global has joined the TGS Global network. Based in Santiago, the firm provides tax, business advisory, audit and outsourcing services throughout Chile. Their professional team share a common culture for providing high quality services, based not only on technical experience but also on commitment and global market knowledge. The firm promotes the highest quality, […]

Global News | 7 July 2015
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UAE Free Zone Drums Up French Business

A delegation from the RAK Investment Authority (RAKIA), a free zone operator in the United Arab Emirates (UAE), recently met with Majdi Abed, Consul General of France, to discuss business opportunities for French companies interested in expanding to the Middle East. The delegation is currently holding two events in France to elaborate on the economic […]

Global News | 7 July 2015
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TGS Welcomes First Georgian Firm

Established in 2008 and expanded by merger with another audit firm in 2011, KK Group will be TGS Global’s first member in Georgia. Based in Tbilisi, the firm provides audit, accounting, tax and consulting services to local companies across a wide range of sectors and to a number of foreign-owned enterprises based not only regionally […]

Global News | 7 July 2015
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TGS Global Walks in Support of Sunrise Day Camp

WOODBURY, NEW YORK, June 29, 2015 – TGS Global member firms, Gettry Marcus CPA, P.C. and Taylorcocks, didn’t let a little thing like the Atlantic Ocean separate them, as they walked simultaneously, on Sunday June 14, 2015 at the 10th Annual SunriseWALKS on behalf of the Sunrise Association. The Gettry Marcus SunRisers, walked at the 10th Annual SunriseWALKS on June […]

Global News | 7 July 2015
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South Korea Specifies Its Tax Policies for 2nd Half 2015

The South Korean Ministry of Strategy and Finance has announced its economic policies for the second half of this year, including tax breaks and incentives to increase support to small- and medium-sized enterprises (SMEs), encourage a rise in young adult employment, and boost outgoing overseas investment. The Ministry is hoping that a focus on stimulating […]

Global News | 7 July 2015
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Laws Released To Govern New Abu Dhabi Free Zone

The Abu Dhabi Global Market (ADGM), a soon-to-launch free zone in the United Arab Emirates, announced on June 30, 2015, that it has published draft financial services legislation for open-market consultation. The draft legislation covers fund management, mandatory disclosure requirements, market conduct rules, and the ADGM’s disciplinary actions and enforcement powers, among other things. The […]

Global News | 7 July 2015
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South Korea Specifies Its Tax Policies for 2nd Half 2015

The South Korean Ministry of Strategy and Finance has announced its economic policies for the second half of this year, including tax breaks and incentives to increase support to small- and medium-sized enterprises (SMEs), encourage a rise in young adult employment, and boost outgoing overseas investment. The Ministry is hoping that a focus on stimulating […]

Global News | 1 July 2015
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TGS Global Walks in Support of Sunrise Day Camp

WOODBURY, NEW YORK, June 29, 2015 – TGS Global member firms, Gettry Marcus CPA, P.C. and Taylorcocks, didn’t let a little thing like the Atlantic Ocean separate them, as they walked simultaneously, on Sunday June 14, 2015 at the 10th Annual SunriseWALKS on behalf of the Sunrise Association. The Gettry Marcus SunRisers, walked at the 10th Annual SunriseWALKS on June […]

Global News | 29 June 2015
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TGS Welcomes New Member Firm DNF Belgium

Dnf Belgium has joined the TGS Global network. Based in Antwerp, Dnf has been established for 50 years. The firm’s 4 partners have all previously held senior positions at “Big 4” firms and with their 30 professional staff offer a range of accountancy, tax and legal compliance and advisory services. Dnf is a pioneer of […]

Global News | 23 June 2015
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TGS Welcomes First Chilean Firm

Tax Global has joined the TGS Global network. Based in Santiago, the firm provides tax, business advisory, audit and outsourcing services throughout Chile. Their professional team share a common culture for providing high quality services, based not only on technical experience but also on commitment and global market knowledge. The firm promotes the highest quality, […]

Global News | 11 June 2015
2
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UAE Free Zone Drums Up French Business

A delegation from the RAK Investment Authority (RAKIA), a free zone operator in the United Arab Emirates (UAE), recently met with Majdi Abed, Consul General of France, to discuss business opportunities for French companies interested in expanding to the Middle East. The delegation is currently holding two events in France to elaborate on the economic […]

Global News | 11 June 2015
2
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TGS Welcomes First Georgian Firm

Established in 2008 and expanded by merger with another audit firm in 2011, KK Group will be TGS Global’s first member in Georgia. Based in Tbilisi, the firm provides audit, accounting, tax and consulting services to local companies across a wide range of sectors and to a number of foreign-owned enterprises based not only regionally […]

Global News | 11 June 2015
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TGS Global European Conference – Frankfurt

TGS Global recently held their annual European Conference in Frankfurt, 52 delegates from 21 member firms across Europe attended the event which was the largest regional conference for the Network to date. Richard Keyes, CEO of TGS Global remarked: “We are delighted with the success of our recent European conference. Our European firms our members […]

Global News | 15 May 2015
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VAT Mini One Stop Shop (MOSS)

A change in the world of VAT is approaching. On 1 January 2015 the Mini One Stop Shop (MOSS) scheme came into force for businesses that are supplying telecom, broadcasting and electronic services to consumers who are established in one of the EU-member states (B2C).

TGS & NL | 6 May 2015
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Five reasons for using a Dutch holding company

Why is the Netherlands often used in international tax structuring? What makes the Netherlands popular as a location for European holding companies? What are the advantages of the Netherlands tax system? Here are five reasons why so many multinational companies have been using Dutch holding companies:

TGS & NL | 6 May 2015
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Fuad Abdul Kareem & Partners join TGS Global Network

Fuad Abdul Kareem & Partners has joined the TGS Global accountancy network as its first member firm in Qatar. Based in Doha, the firm was formerly the Qatar office of Ibraham Abbasi & Partners, a long-established regional firm. With 3 partners, the firm provides audit, accountancy, tax and consultancy services. Partner Murad Mahmoud commented “Joining […]

Global News | 6 May 2015
2
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NOUV MT joins TGS Global Network

NOUV MT has joined the TGS Global network as its new member firm in Malta. Based in St Julian’s, the three partners have extensive professional and industry experience. They provide a complete range of bespoke corporate, audit, business consultancy and tax services, both to local businesses and to international companies or high net worth individuals […]

Global News | 6 May 2015
2
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Australia Consults On CGT Reform

The Australian Treasury is consulting on exposure draft legislation that would amend the capital gains tax (CGT) treatment of the sale and purchases of businesses involving certain earnout rights. The legislation would give effect to the Government’s December 2013 announcement that this measure, initially proposed by, but not enacted under the former Labor administration, would […]

Global News | 28 April 2015
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China Announces Further FTZ Plans

Prior to the inauguration of Guangdong’s new free trade zone (FTZ) on April 21, China’s State Council released a foreign investment negative list for all of the new pilot zones in Tianjin city and Guangdong and Fujian provinces, together with further reforms already established in Shanghai. The new negative list precludes foreign investment in projects in […]

Global News | 24 April 2015
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Malaysian Tax Guide On New Incentive For Multinationals

Building on an announcement in Budget 2015 that new tax incentives will be offered to companies choosing Malaysia as the ‘principal hub’ of their regional operations, the Ministry of International Trade and Industry recently issued detailed guidelines on the implementation of the new offering. The ‘Incentive for the Establishment of Principal Hub’ is to replace […]

Global News | 20 April 2015
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TGS Global Welcomes a New Member in India

K G Somani & Co, New Delhi has joined the TGS Global accountancy network as its first member firm in India. The firm of 12 partners and over 100 staff members has headquarters in Delhi and offices in Mumbai. K G. Somani & Co was originally established in 1963 and was reconstituted as a partnership […]

Global News | 16 April 2015
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Dubai Supports Development Of Indian FTZ

A Government delegation from India led by the Minister of State for Finance, Jayant Sinha, visited the Dubai International Financial Centre (DIFC) in the United Arab Emirates on April 12, 2015, to discuss the experiences of the free zone. The delegation toured the DIFC premises with special emphasis on the operations of the DIFC Courts […]

Global News | 15 April 2015
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Canada, Chile Modernize Free Trade Agreement

Canada and Chile have announced the conclusion of negotiations to modernize their 18-year-old free trade agreement (CCFTA). According to Canada’s Foreign Affairs Department, the update will make the CCFTA a ‘next-generation’ trade agreement. The modernized agreement contains a new chapter on sanitary and phytosanitary measures and includes technical amendments to the existing government procurement chapter. Both countries […]

Global News | 14 April 2015
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TGS Global Welcomes a New Member in Sao Paulo, Brazil

4Partners Auditoria e Consultoria and sister firm 4Partners Auditores Independentes have joined the TGS Global accountancy network as its first member in Brazil. Based in Sao Paulo, the founding partners were formerly partners of Terco Grant Thornton and subsequently EY Brasil. 4Partners was founded to meet the need in Brazil for more flexible and personalised […]

Global News | 10 April 2015
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China Approves Three More Free Trade Zones

On March 25, the Chinese Government formally approved plans to establish new free trade zones (FTZs) in the city of Tianjin and the provinces of Fujian and Guangdong, copying the first such zone established in Shanghai in September 2013. The decision had been anticipated for some time, as the Government had already stated its intention to […]

Global News | 27 March 2015
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EU Commission Release Corporate Tax Reform Plan

On March 18, 2015, the European Commission presented a package of transparency measures aimed at tackling corporate tax avoidance and harmful tax competition within the European Union. The transparency package is said to be “the first step in the Commission’s ambitious agenda for 2015 to fight tax avoidance.” The Commission said it will be followed, […]

Global News | 20 March 2015
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Austria Announces Substantial Income Tax Reforms

Austria has announced proposals to provide personal income tax cuts worth EUR5bn (USD5.3bn) to lower income earners. The new tax package, which aims to boost economic growth by reducing the lowest income tax rate from 36.5 to 25 percent, will mean that lower income taxpayers will pay, on average, EUR1,000 less a year. The Government plans to […]

Global News | 19 March 2015
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Singapore To Enforce New Top Income Tax Rate

The Inland Revenue Authority of Singapore is to closely monitor company formation behavior to ensure that high income earners do not set up companies to avoid the higher personal income tax (PIT) rates announced in the 2015/16 Budget. The Senior Minister of State for Finance and Transport, Josephine Teo, announced the initiative when delivering the Ministry […]

Global News | 12 March 2015
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Cameron Pledges UK Tax Cuts

UK Prime Minister David Cameron has pledged to raise the threshold for the 40 percent rate of income tax to GBP50,000 (USD75,362). During a speech on education, Cameron said: ‘That rate was only ever meant for the better off. But over the years it’s dragged more and more people into its reach, police officers, teachers – […]

Global News | 10 March 2015
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HMRC Releases 2013-14 Transfer Pricing Stats

Challenges by HM Revenue and Customs (HMRC) to the transfer pricing arrangements adopted by a number of multinational companies secured an additional GBP1.1bn (USD1.66bn) in tax in 2013-14, the UK’s tax authority has said. In 2008, HMRC introduced an approach to transfer pricing inquiries involving greater specialization and team work, a focus on higher risk issues, […]

Global News | 9 March 2015
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IMF Welcomes New GST For Malaysia

The International Monetary Fund (IMF) has welcomed the imminent introduction of a goods and services tax in Malaysia but has urged authorities to gradually increase the rate. The GST is due to come into effect on April 1, 2015, at a rate of six percent – the lowest rate in the region, followed by Singapore […]

Global News | 6 March 2015
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Hong Kong 2015-16 Budget

In his 2015-16 Budget, the Financial Secretary of Hong Kong continues to offer favorable tax measures to companies and individual tax payers, amid a fiscal surplus of HK$63.8 billion. He continues to provide support for Small and Medium Enterprises and start-up companies, though focusing on cultural and creative industries, fashion industry, and film Industry. Moderate […]

Global News | 6 March 2015
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Italy Expects Tax Influx From Swiss Agreement

The signing of a double taxation agreement (DTA) protocol between Switzerland and Italy, which includes a provision for the exchange of information upon request, has fueled an expectation that the Italian Treasury will be able to collect substantial additional tax revenue this year. While it could take up to two years for the protocol to be […]

Global News | 2 March 2015
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China Cuts SME Tax Burden By USD10bn In 2014

China’s State Administration of Taxation (SAT) has disclosed that, in 2014, preferential corporate income tax rates, value-added tax (VAT) exemptions, and business tax concessions provided RMB61.2bn (USD9.8bn) in tax relief to small and micro enterprises. Tax relief for China’s small and micro enterprises is considered very important, as these entities account for more than 75 percent […]

Global News | 24 February 2015
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OECD Calls On Italy To Rein In Tax Breaks

OECD Calls On Italy To Rein In Tax Breaks While calling on the Italian Government to follow through on its efforts to reduce the fiscal deficit, the Organisation for Economic Co-operation and Development (OECD) has also proposed that ongoing tax reforms ‘should include reassessing the wide array of special tax rates and exemptions.’   In its latest […]

Global News | 23 February 2015
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Indonesian 2015 Budget Targets Higher Revenue

On February 13, the House of Representatives approved the final version of Indonesia’s 2015 Budget, which targets a significant increase in tax revenue to produce a reduced 1.9 percent budget deficit for the year. This would be lower than the 2.2 percent shortfall estimated in the preliminary budget approved in September last year, before President Joko […]

Global News | 19 February 2015
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UK Business Investment Boosted By Tax Reliefs

UK businesses will invest a record GBP2.8bn (USD4.3bn) under the Annual Investment Allowance this year, according to LDF, a credit broker to UK businesses. HM Revenue and Customs’s (HMRC’s) internal projections suggest that capital investments by businesses using the AIA will rise 22 percent, up from the GBP2.3bn invested last year. The AIA was introduced in April […]

Global News | 18 February 2015
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Portugal Improves Flat-Rate Scheme For Farmers

Portugal has confirmed the introduction of tax compensation for farmers under the sector’s flat-rate value-added tax (VAT) special scheme to ameliorate the issue of otherwise unrecoverable VAT being incurred on inputs. The flat-rate special scheme is intended to support Portuguese farmers by enabling them to opt out of standard VAT arrangements and enable them to […]

Global News | 13 February 2015
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Simpler, Lower Tax Rates Would Boost Canada

A uniform Canadian corporate tax rate would encourage capital investment and attract profitable corporations to the country, while not imposing a significant revenue cost on the federal or provincial governments, a new report from the University of Calgary says. The report, which was written by Duanjie Chen and Jack M. Mintz for the University’s School […]

Global News | 12 February 2015
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European States, Georgia Continue FTA Talks

The European Free Trade Association (EFTA) said that it sent a delegation to Georgia on February 4, 2015, to discuss a timeframe for free trade negotiations. At the meeting, the two sides decided to aim for a comprehensive free trade agreement (FTA) covering trade in goods, trade in services, investment, intellectual property rights, competition, government […]

Global News | 11 February 2015
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Switzerland, Liechtenstein Conclude DTA Talks

Switzerland and Liechtenstein have concluded negotiations toward a new double tax agreement (DTA), which should enter into force from January 2017. Switzerland’s Federal Department of Finance (FDF) announced on February 5, 2015, that talks concluded on February 2. The FDF expects the deal to be signed this summer and, pending the completion of respective national approval […]

Global News | 10 February 2015
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Indonesia Expected To Launch Tax Amnesty

In an effort to expand the taxpayer base, the Indonesian Government is expected to announce the introduction this year of an amnesty for those who have failed to make tax declarations. In the context of low oil prices and continued global economic uncertainty, the Government has already announced that it will focus on improving tax compliance […]

Global News | 9 February 2015
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Italy To Alter Controversial New Self-Employed Tax System

Italian Prime Minister Matteo Renzi has indicated that the new reduced tax regime introduced for Italian self-employed individuals with effect from January 1, 2015, will be improved, following protests concerning the lower benefits offered compared with the previous regime. The new 15 percent fixed tax regime is available for self-employed individuals, including entrepreneurs and sole […]

Global News | 6 February 2015
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Portugal Steps Up Fight Against Tax Evasion

Portugal’s Ministry of Finance announced on January 29, 2015, that the Government has approved a three-year plan to combat tax evasion. The 2015-2017 plan includes a list of 40 priority measures to combat tax fraud and evasion and clamp down on the grey economy. A key measure is the introduction of an electronic invoicing system, which is […]

Global News | 4 February 2015
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UK Higher Rate Taxpayers Facing HMRC Scrutiny

The UK tax authority, HM Revenue and Customs, collected 60 percent more tax revenues in the 2013/14 fiscal year from the operations of its specialist affluent taxpayer unit, according to international law firm Pinsent Masons. According to data provided by the agency, HMRC’s “Affluent Unit” collected GBP137.2m in additional tax from investigations in 2013/14, up […]

Global News | 28 January 2015
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Switzerland, Italy Reach Agreement On Tax Treaty

Italy and Switzerland have agreed an amendment to their double tax agreement to enhance tax information exchange provisions. It is hoped that the agreement will be signed before the March 2 deadline set by Italy’s new voluntary disclosure program to enable Switzerland’s removal from Italy’s ‘black list.’ After three years of talks, the conclusion of the […]

Global News | 20 January 2015
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UK Parliamentary Hearing Held On BEPS Response

British Members of Parliament (MPs) have questioned the Government’s unilateral decision to push for the introduction of a Diverted Profits Tax (DPT) ahead of the completion of the Organisation for Economic Cooperation and Development’s (OECD’s) work on base erosion and profit shifting (BEPS). In a debate held in Parliament on January 7, 2015, MP Shabana Mahmood […]

Global News | 12 January 2015
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Hong Kong Reviews Property Tax Measures

Following a question in Hong Kong’s Legislative Council (LegCo) on December 17, Secretary for Transport and Housing Anthony Cheung Bing-leung replied that the stamp duty measures put in place since 2012 have helped to ‘stabilize the residential property market, and are effective in combating short-term speculative activities.’ In addition to the increased Special Stamp Duty (SSD) […]

Global News | 23 December 2014
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TGS Global Welcomes A New Member in LA

CNM LLP has joined the TGS Global accountancy network as its second member in the USA. Founded in 2003 and based in Los Angeles, California, CNM LLP is an accounting and advisory firm. Leveraging the significant expertise of its experienced professionals, CNM provides clients with a full array of accounting and advisory services including those […]

Global News | 22 December 2014
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German Court Orders Inheritance Tax Overhaul

Germany’s Federal Constitutional Court on December 17, 2014, ordered the Government to make changes to a law that grants inheritance tax breaks to family businesses. The Court said that the current provisions will apply for the time being, but revisions should be made by June 30, 2016. The Court ruling acknowledged that the legislature has a right […]

Global News | 22 December 2014
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UK Issues Extra Guidance On 2015 VAT MOSS Changes

The UK tax authority, HM Revenue and Customs (HMRC), has issued additional guidance to support small- and medium-sized businesses in complying with the change to European Union value-added tax (VAT) place of supply rules for broadcasting, telecommunications, and electronic (BTE) services from January 1, 2015. The release of Revenue and Customs Brief 46 of 2014 […]

Global News | 15 December 2014
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Singapore, US Sign FATCA IGA

On December 9, Singapore and the United States signed a Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreement (IGA), following its initialing in May this year. FATCA, which was enacted by the US Congress in 2010 and took effect on July 1, 2014, is intended to ensure that the US Internal Revenue Service (IRS) obtains […]

Global News | 12 December 2014
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US Congress Urged To Focus On TPP, Not TPA

While President Barack Obama has indicated that he would press for congressional approval for Trade Promotion Authority (TPA) renewal as an aid in current United States trade agreement negotiations, House of Representatives Ways and Means Committee Ranking Member Sander Levin (D – Michigan) has stressed the need to continue to focus wholly on those negotiations. […]

Global News | 11 December 2014
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TCS Hong Kong rebranding to TGS

Rebranding of TCS to TGS A dynamic year with the latest global ranking at top 18; and “Rising Star” award. The year has been an exciting one for TGS Global, a newly established international network of accounting firms who is now ranked 18th in the Accountancy Age Top 20 report. In addition, the TGS Global […]

Global News | 27 November 2014
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SWITZERLAND: Corporate Tax Reform III

On 22 September 2014, the Swiss Federal Government published draft legislation for the IIIrd Corporate Tax Reform (‘CTR III’) and invited interested parties to submit comments until 31 January 2015. The proposed tax reform package replace the existing cantonal preferential tax regimes for holding, administrative, domiciliary and ‘mixed’ companies within a certain period (extension of the […]

Global News | 26 November 2014
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Federal Council of Switzerland defines VAT liability of foreign companies more precisely

During its meeting dated November 12, 2014, the Swiss Federal Council approved two amendments to the Value Added Tax Ordinance (VATO) and resolved to bring them into force on 1. January 2015. In the future, foreign companies, just like Swiss companies, will be liable for tax in the event of deliveries in Switzerland that are […]

Global News | 26 November 2014
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Rocha Salas y Cia., S.C. Joins TGS Global

For more than 40 years, Rocha Salas has been assisting clients in Mexico by providing them with a broad experience in the areas of accounting, audit and administration as well as tax advice. Horacio Rocha San Miguel, Managing Partner of Rocha Salas, says, “We are always looking for new services and for ways to improve […]

Global News | 16 October 2014
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TGS Global welcomes a new member in Thailand

TGS Global is pleased to welcome Enlighten Advisory to the network. Enlighten Advisory is based in Bangkok, Thailand and was established in 2013 with the aim of being a leading provider of business solutions in Thailand. Enlighten Advisory achieves this by providing clients with international standard solutions and by always aiming to provide the highest […]

Global News | 8 October 2014
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Spain infringing EU Law

On the 3rd of September of 2014 the Court of Justice of the European Union ruled Spanish law on Inheritance and gift tax was breaching EU Law (case C-127/12). It should be possible for non residents to claim back the overpaid amounts regarding inheritance and gift tax paid in Spain. Background InformationIn October 2011, the […]

Global News | 19 September 2014
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TGS global wins at the International Accounting Bulletin annual awards.

TGS Global, the new international network of accounting firms has beat off strong competition to win the “rising star” award. The judges honoured tgs because of its strong global growth, clear modern brand and focus on supporting SMEs around the world through business development programs and initiatives. On 16th September 2014 the International Accounting Bulletin hosted […]

Global News | 17 September 2014
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China Extends Export Tax Rebate Scheme

It has been announced that, from September 1, there will be an extension to China’s export tax rebate pilot program, so as to encourage exports through Shanghai’s Yangshan Free Trade Port, and as part of an effort to bolster the country’s flagging foreign trade sector. In a joint statement issued by China’s Ministry of Finance, […]

Global News | 18 August 2014
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TGS Global adds new member firm in Jakarta

TGS Global has appointed AU & Partners in Jakarta, Indonesia, to the network. The firm has been providing professional value added services in Indonesia for over 22 years. AU & Partners offers audit & assurance, accounting and tax services, in addition to consulting in the areas of legal, financial management, operations, and human resources. They […]

Global News | 28 July 2014
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TGS Nortex Chinese Tax Update Webinar

The State Administration of Taxation (“SAT”) promulgated the circulars for applying the VAT reform, effective from January 1st 2012, which means VAT would be applicable to some industries instead of Business Tax (“BT”). Shanghai launched the VAT reform on January 1st  2012.  Currently, this policy is being used all over China. The service scope involved in […]

Global News | 22 July 2014
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Accounting Today Showcases Gettry Marcus

When US firm Gettry Marcus moved to new offices this winter, they didn’t just leave their old offices behind – they left the old idea of the office behind. Following the vision that managing partner Steve Marcus had for what he calls his ideal firm of the future, the firm abandoned the traditional office set-up […]

Global News | 18 July 2014
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TGS Global Shortlisted for IAB

TGS Global has been named as a finalist for the “Rising Star Network” Award in the International Accounting Bulletin Awards (IAB) for 2014. The IAB Awards were first held in 2012 and since then have become well respected across the industry. The awards celebrate the achievements of individuals and businesses who have contributed to moving […]

Global News | 15 July 2014
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Alberto Soares & Associates expands into Angola

Alberto Soares & Associates has expanded into Angola as part of a joint venture. The Portuguese firm was established in 2012 and currently has over 20 staff members in four offices across Portugal. They offer a proactive approach to their clients with services that are always focused on providing the highest standards and quality to fulfil the […]

Global News | 14 July 2014
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TGS Global Ranked 18th Largest International Network Accountancy Age World Survey 2014.

Just 2.5 years after its formation, TGS Global has been ranked as the 18th largest global accountancy network in the 2014 Accountancy Age survey of the top 20 international networks.TGS Global was created to challenge the existing status quo in the global accounting market, and currently has members in 48 locations across 30 countries around […]

Global News | 10 July 2014
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China and Hong Kong Taxation Royalties on Intellectual Properties – new China Trade Mark Laws

The China New Trade Mark Laws became effective on 1 May 2014, significant changes include making available of sound mark applications; strengthened well-known mark protection; increased statutory damage and fines against infringement, shortened trademark prosecution times, & etc. Companies nowadays are equipped with marketing innovation; business protection relies on proper intellectual properties laws and regulations. It […]

Global News | 26 June 2014
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France Rescinds IHT Treaty With Switzerland

France has announced its decision to rescind the 1953 inheritance tax (IHT) agreement with Switzerland with effect from December 31, 2014. From January 1, 2015, domestic inheritance tax rules will apply in the absence of a treaty, removing a degree of certainty that the treaty provided concerning the taxing rights of the two territories, and […]

Global News | 23 June 2014
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UK Publicizes VAT Mini One-Stop Shop Offering

HM Revenue and Customs (HMRC) has said digital services suppliers can register from October 2014 to use its Mini One Stop shop (MOSS) portal, to ease the administration burden associated with complying with changes to EU place of supply rules concerning these services from 2015. In a statement on June 9, 2014, HMRC said businesses supplying […]

Global News | 13 June 2014
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FASB, IASB Issue New Revenue Recognition Rules

The International Accounting Standards Board (IASB), responsible for International Financial Reporting Standards (IFRS), and the Financial Accounting Standards Board (FASB), responsible for United States Generally Accepted Accounting Principles (US GAAP), have issued a converged standard on the recognition of revenue from contracts with customers. Revenue is seen to be very important for users assessing a […]

Global News | 30 May 2014
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France Confirms Personal Income Tax Cut Plans

Over three million low income households will benefit from a EUR1bn (USD1.37bn) cut to personal income tax this year, French Prime Minister Manuel Valls announced recently. The Government will trim 2014 tax bills for low-income pensioners and employees paying tax on their 2013 income, he said. Meanwhile, 1.8 million workers will be moved out of the […]

Global News | 23 May 2014
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China To Improve Export Tax Rebates

In a statement on its website on May 15, China’s State Council announced a package of enhancements to bolster its flagging foreign trade sector, including improvements to the country’s export tax rebate system. With total imports and exports stagnating so far this year, despite total trade having been budgeted to rise by an overall rate of […]

Global News | 16 May 2014
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Hong Kong Commits To Low-Tax Policies

Hong Kong’s Financial Secretary, John C Tsang, has said authorities will restrict the territory’s spending to 20 percent of gross domestic product (GDP) to ensure that the territory can maintain balanced budgets and a low-tax regime. Government revenue in Hong Kong was on average 18.6 percent of nominal GDP between 1997-98 and 2012-13, with the trough […]

Global News | 9 May 2014
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TGS Global Appoints New Member Firm in Hungary

TGS Global is delighted to announce the addition of Audit Network Hungary to the TGS Network. Headquartered in Budapest, Audit Network Hungary was formed in 2003 and offers services in tax, auditing, bookkeeping, legal consulting and payroll accounting. They also provide auditing for Hungarian subsidiaries of foreign companies and have a strong expertise in working […]

Global News | 24 March 2014
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Hong Kong Tax Budget 2014/15 Maintaining Hong Kong as an attractive tax jurisdiction for business in Asia

Financial Secretary John Tsang delivered his second budget speech on 26 February 2014. ECONOMIC PERFORMANCE The revised forecast predicts a HK$12 billion surplus for the year 2013/14, well ahead of the forecast deficit of HK$4.9 billion. Land sales, stamp duty and profits tax remain the major sources of revenue. A modest improvement in the economy […]

Global News | 18 March 2014
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TGS Global expands into USA

As of 1st March 2014, TGS Global appointed Gettry Marcus as it’s first member in the United States. Beginning in 2012 TGS Global, the international network of dynamic CPA firms, currently has representation in 48 locations in 28 countries. Gettry Marcus has offices in New York City and Long Island providing accounting, tax, and consulting […]

Global News | 4 March 2014
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Egypt Eyes New Fiscal Stimulus Package

Determined to reassure investors and to restore confidence, Egyptian Finance Minister Ahmed Galal has announced that the Government aims to unveil details of a new fiscal stimulus package shortly. The Government adopted its first stimulus package in the second half of 2013. Without providing further information, Finance Minister Galal revealed that the new wave of fiscal measures […]

Global News | 10 February 2014
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Italy’s Transfer Pricing Changes In 2014

Through its Finance Act 2014 (Law No 147/2013), Italy has introduced a number of transfer pricing-related changes. This should affect both procedures and fundamental concepts. Article 1, Paragraph 281 clarifies that transfer pricing adjustments have a bearing on regional corporation taxes (IRAP). This ‘clarification’ has been given retroactive effect for every financial year beginning on January […]

Global News | 7 February 2014
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French Customs’ Strategy Aims To Modernize Tax System

In its 2018 Strategy, the French General Directorate of Customs and Excise (DGDDI) pledges to further modernize the tax system, to better secure the collection of revenue, while at the same time reducing intervention costs. The DGDDI underlined its intention to continue centralizing the management of taxes at regional, interregional, and national level, making clear that […]

Global News | 27 January 2014
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TGS Global Appoints New Member Firm in China

Shandong Haoxin CPAs is headquartered in Weifang, in Shandong province in east China. As a fast growing accounting firm, they provide services besides the traditional audit and tax planning. They  have developed a significant offering in services such as internal audit support, asset appraisal, project management and focus on clients both domestically and overseas for […]

Global News | 21 January 2014
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China Simplifies Export Tax Exemption For e-Commerce

China’s State Administration of Taxation and the Ministry of Finance have issued a joint circular that specifies the simplified conditions under which, from January 1, 2014, e-commerce exporters can receive an export tax exemption or refund. For example, to benefit from the tax break, businesses need to have been granted the exemption by the relevant tax […]

Global News | 20 January 2014
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Hong Kong Stamp Duty Hikes Cut Property Sales

The increased cost of property transactions in Hong Kong, after the hike in stamp duties introduced by the Government early last year, appears to have succeeded in cooling the real estate market by significantly reducing the number of property purchases. The number of sale and purchase agreements for all building units received for registration for 2013 […]

Global News | 13 January 2014
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Consumers Hit By Tax Increases In Turkey

The Government of Turkey has increased the amount of Special Consumption Tax imposed on passenger cars, tobacco and alcohol, as well as the Special Communications Tax on mobile phones. The hikes were announced in the country’s Official Gazette. The minimum tax on a packet of cigarettes has increased from TYR3.22 (USD1.5) to TYR3.75 (USD1.72), while the […]

Global News | 6 January 2014
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Luxembourg Outlines Details Of Future Tax Reform

Luxembourg’s new Prime Minister Xavier Bettel has presented a Government Declaration to the country’s Chamber of Deputies, outlining details of plans to reform taxation in the Grand Duchy. The aim of the envisaged tax reform is to ensure social justice, to boost growth and to create jobs in Luxembourg, while at the same time generating additional […]

Global News | 16 December 2013
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Switzerland Agrees Next Steps For Tax Compliance

The Swiss Federal Council has approved the next steps for enhanced due diligence requirements, to prevent the acceptance of untaxed assets in the Confederation. According to the Swiss Federal Department of Finance (FDF), the Swiss Federal Council has resolved that banks and other financial intermediaries in Switzerland will have to comply with enhanced due diligence requirements […]

Global News | 9 December 2013
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Cyprus Holding Companies

The setting up of holding companies within the most appropriate structures becomes nowadays an important consideration for all investors who wish to maximize their after tax return on investments. The global markets are becoming more demanding and the need for choosing the best structures that provide to investors the most tax effective means of consolidating […]

Global News | 5 December 2013
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Spain’s Tax Reform To Benefit Entrepreneurs, Rajoy Insists

Spain’s Prime Minister Mariano Rajoy has emphasized that the Government’s envisaged fiscal reform ‘must be fundamentally aimed at helping entrepreneurs’ in Spain, including a Personal Income Tax reduction in 2015. In an interview on RNE radio, Prime Minister Rajoy insisted that the Government is laying the foundations for economic growth and job creation. Alluding to the […]

Global News | 2 December 2013
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France Unveils Tax Breaks For Artisans And Traders

Following a meeting with the professional union of artisans, French Budget Minister Bernard Cazeneuve and Trades Minister Sylvia Pinel unveiled a raft of fiscal measures aimed at providing tax relief to both artisans and tradespeople in France, as well as to home owners wishing to carry out energy efficiency improvements. In the communiqu?, the Government clarified […]

Global News | 25 November 2013
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China To Use HKEx To Offer RMB Bonds To Retail Investors

Hong Kong Exchanges and Clearing Limited (HKEx) has welcomed a decision by China’s Ministry of Finance (MoF) to list renminbi (RMB)-denominated sovereign bonds again on its Stock Exchange, using, for the first time, the Exchange’s facilities for a public offering of its bonds to retail investors. The Mainland’s State Council previously granted approval for the MoF […]

Global News | 18 November 2013
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UK Government Confirms Tax Devolution For Wales

UK Prime Minister David Cameron has confirmed that the Government intends to devolve the power to set Landfill Tax and Stamp Duty rates in Wales, and to hold a referendum on devolving the income tax rate. Cameron made the announcement during a press conference at the Senedd, the National Assembly for Wales. Under the moves, ministers […]

Global News | 11 November 2013
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Hong Kong Revenue Defends Salaries Tax Collection System

In her reply to a question in the Legislative Council (LegCo), the Acting Secretary for Financial Services and the Treasury Julia Leung confirmed that, as salaries tax payment arrangements in Hong Kong are ‘effective and easy to administer to all relevant parties,’ the Government has no plan to explore other payment options. Hong Kong does not […]

Global News | 4 November 2013
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Germany’s Rising Revenues Confirm Correct Tax Course

Following an unexpected dip in revenues reported in August, the German Finance Ministry has once again posted significant revenue growth in September 2013, evidence that Germany is on the right fiscal track and that the course should not be changed. According to the German Finance Ministry, revenues were up EUR54.7bn (USD74.8bn) or 7.8 percent in September […]

Global News | 28 October 2013
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Business Development in China: An Overview of Chinese Tax Systems

Understanding the Chinese tax system is a delicate mix between industry knowledge, national and local procedure, relationship management and cultural understanding. In Paris on 19th of September 2013 a seminar hosted by TGS Soregor, TGS Hong Kong and France Business School addressed the key areas of the newly revamped Chinese Tax System. To give Business owners and International Tax Consultants […]

Global News | 23 October 2013
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Portugal Unveils Tax-Lite 2014 Budget

Portugal’s Finance Minister Maria Luis Albuquerque has unveiled details of the country’s 2014 State Budget (OE 2014) providing to redress the public finances to the tune of around EUR3.9bn (USD5.3bn), to be achieved via a dramatic cut in expenditure rather than via massive tax increases, in contrast to the previous budget. Within the framework of the […]

Global News | 21 October 2013
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Malta Seeks To Broaden Financial Services Sector

Malta’s finance minister, Edward Scicluna, has said that the country is seeking to broaden its financial sector. ’Malta is constantly on the lookout for new opportunities to increase the breadth and depth of its financial services infrastructure, not least its securities markets,’ he said. Mr Scicluna noted that Malta has consistently ranked in the top 20 tier […]

Global News | 14 October 2013
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The Cyprus Royalty Regime

In May 2012, Cyprus introduced changes in Income Tax law which constitutes Cyprus as the ultimate royalty jurisdiction, enabling it to compete successfully with other established jurisdictions. The main features of the Cyprus IP box are outlined below: IP Box benefits The amendment to the Income Tax Law is effective from January 1st 2012 and

Global News | 10 October 2013
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Spain’s Regions Reminded Of Tax Cut Implications

The Spanish Finance Ministry has stressed that local authority tax cuts are only to be implemented if the envisaged fiscal measures are compatible with the budgetary stability objectives. The Finance Ministry explained that for the duration of the country’s adjustment plan, a local authority may only agree to a reduction in taxes and charges, and to […]

Global News | 30 September 2013
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EU Study Demonstrates Urgent Need For VAT Rethink

The European Commission has published a new report on the VAT Gap across 26 member states in 2011, revealing that 18 percent of member states’ theoretical value-added tax-take goes uncollected owing to fraud and evasion, legal tax avoidance, bankruptcies, financial insolvencies, miscalculations and the poor performance of tax administrations. The study, funded by the Commission, has […]

Global News | 23 September 2013
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Canadian PM Spells Out Issues With EU Trade Talks

There remain ‘very significant gaps’ in the trade talks between Canada and the European Union, Stephen Harper has revealed. Commenting on the ongoing negotiations, the Canadian Prime Minister said that although he wants to see a deal completed, it must be done ‘in a way that, in our opinion, and the opinion of all the provinces, […]

Global News | 16 September 2013
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Switzerland Adopts Draft Law On French Inheritance Tax Deal

The Swiss Federal Council has sent a draft law on the new inheritance tax agreement with France for the attention of parliament. The agreement is designed to prevent a legal vacuum, detrimental to taxpayers, and constitutes a first concrete step in the tax dialogue with France. On July 11, 2013, during a meeting in Paris, Swiss […]

Global News | 11 September 2013
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US and Canada Consult On Regulatory Cooperation

The Canadian and US Governments ‘are working together to increase trade and prosperity,’ Ed Fast has said. Fast, Canada’s International Trade Minister, has announced that the two Governments are seeking public comment on future regulatory cooperation. According to Fast: ‘Finding new ways to align our regulatory systems will lead to more jobs, growth and prosperity in […]

Global News | 9 September 2013
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New Dutch Ruling and Tax Treaty Policy

After internal as well external critics, on Friday 30 August 2013 a new policy was announced with respect to international taxation. Although it is announced as measures

Global News | 4 September 2013
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German Tax Revenues Rise

German tax revenues for the first seven months of the year were up 1.5 percent on the same period in 2012. The Federal Finance Ministry’s latest Monthly Report shows that EUR156.3bn (USD208.5bn) was generated in revenue from January-July. Tax receipts totaled EUR141.6bn, up EUR0.8bn (0.6 percent) on 2012. In July, tax revenue (excluding local authority taxes) increased […]

Global News | 2 September 2013
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Cyprus Government Plans To Amend Property Tax

The Government of Cyprus has announced plans to amend the country’s Immovable Property Tax, exempting the lowest-valued properties but also scrapping a EUR75 minimum payment. Property tax in Cyprus is currently based on valuations made in 1980, although the amount payable by a taxpayer is determined by their total property value taken together. If the Government

Global News | 28 August 2013
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Hong Kong’s Stamp Duty Hikes Were ‘Essential’

The Government has confirmed that the increased cost of property transactions in Hong Kong, since the introduction of the Special Stamp Duty in November 2010 and the Buyer’s Stamp Duty in October 2012, and the further measures taken in February this year, has succeeded in cooling the real estate market. A Government statement has disclosed that […]

Global News | 26 August 2013
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France Ponders Scale Of Social Contribution Rise

The French Government is reportedly considering plans to increase the country’s general social contribution

Global News | 19 August 2013
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Morocco Confirms Large Farms To Lose Tax Exemption

During the speech by King Mohammed VI on the occasion of the Throne Day, marking this year the 14th anniversary of his enthronement, he confirmed that large-scale farmers would lose their tax exemptions this year, as part of the ongoing revenue-raising effort in Morocco. He noted that the ‘Morocco Green Plan’ has been adopted to modernize […]

Global News | 14 August 2013
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China Introduces VAT On Transportation Charges

As part of China’s roll out of value-added tax, which entered its second stage on August 1, 2013, freight charges payable in China are now subject to a 6 percent value-added tax rate. The change, outlined in Cai Shui [2013] No. 37 (Circular 37/2013) issued by the Chinese Ministry of Finance, provides for the implementation of […]

Global News | 12 August 2013
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UK Introduces VAT On Business Research Services

HM Revenue and Custom (HMRC) has released VAT information sheet 11/13, concerning transitional arrangements that will apply following the withdrawal of the VAT exemption for business research services between eligible bodies on August 1, 2013. The UK is removing the exemption following a notification from the European Commission that the exemption for business supplies of research […]

Global News | 5 August 2013
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Singapore Consults On Property Tax Amendments

Singapore’s Ministry of Finance is seeking public feedback on proposed legislative amendments under a draft Property Tax (Amendment) Bill 2013, which would give effect to policies announced in the 2013 Budget. The tax changes announced by Deputy Prime Minister and Minister for Finance, Tharman Shanmugaratnam, in his 2013 Budget Statement included the removal of property tax […]

Global News | 31 July 2013
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German Wage Tax Take Buoys 2013 Revenues

The German Finance Ministry has provided an update on tax revenue figures in Germany for the first half of 2013, once again highlighting extremely positive wage and corporation tax collections. Federal Government and state tax revenues rose again in the first six months of 2013, up 3.5 percent compared to the same period last year. Alongside […]

Global News | 29 July 2013
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EU Interested In Free LatAm Trade

Council of the European Union President Dalia Grybauskaite has met with members of the Executive Bureau of the Euro-Latin American Parliamentary Assembly (EuroLat) to discuss an EU-Latin American strategic partnership, economic cooperation, development cooperation, environmental issues, climate change, and international migration. The meetings of the standing parliamentary committees started on July 16 in Vilnius with 150 […]

Global News | 22 July 2013
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Belgium Boosts International Tax Agreement Tally

The Belgian Council of Ministers has approved for ratification the protocol amending the bilateral double taxation agreement (DTA) between Belgium and Japan in the area of taxes on income. The Council of Ministers has also waved through for ratification multiple tax information exchange agreements (TIEAs). Signed in Brussels on January 26, 2010, the protocol updates the […]

Global News | 15 July 2013
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India Announces More SEZ Tax Reliefs

The Indian Government is to exempt from service tax a number of services received by units located in a Special Economic Zone (SEZ). The exemption will take the form of a refund of service tax already paid on the specified services received by an SEZ Unit or an SEZ Developer. An Approval Committee will have to […]

Global News | 8 July 2013
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Taiwan Approves CGT Amendment

Despite a row in the Taiwanese parliament, an income tax code amendment to dilute the existing capital gains tax (CGT) on share trading, which has been accused of dampening trading on Taiwan’s stock exchange and sharply reducing share prices, has finally been passed. CGT only began to be implemented at the beginning of this year, as […]

Global News | 1 July 2013
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Vietnamese Parliament Approves Corporate Tax Rate Cuts

By an overwhelming majority, the National Assembly has approved reductions in Vietnam’s corporate tax rates from January 1, 2014. The Government has come under pressure to cut corporate taxes to help businesses, particularly small and medium-sized enterprises (SMEs), in the current economic uncertainty, and to incentivize more investment in the economy. The current 25 percent tax rate […]

Global News | 24 June 2013
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Portuguese Parliament Waves Through Budget Amendment

Portugal’s National Assembly has adopted the Government’s proposed amendment to the 2013 State Budget, containing a raft of initiatives, designed to enable the country to meet its fiscal objectives as defined in the Budget Strategy Document. While failing to provide specific details of its proposed savings plan, the Government nevertheless insisted that most of the initiatives […]

Global News | 17 June 2013
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TGS Global Appoints a New Switzerland Member Firm

TGS Global is delighted to announce the appointment of the Swiss firm Barinvest.

Global News | 11 June 2013
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Israeli VAT Hiked To 18 Percent

Israel’s value-added tax rate was hiked to 18 percent from 17 percent on June 2, 2013, after approval from the nation’s parliament, the Knesset on May 29, 2013. This is the third time in Israel’s history that the nation has levied an 18 percent rate, mirroring decisions taken in 1991 and 2002, to assist in fiscal […]

Global News | 10 June 2013
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TGS Global Announces The Joining of KSi in Malta to The Network

TGS Global has recruited KSi in Malta as part of its network and to increase its visibility and presence in Mediterranean countries. Joseph Gauci, Managing Partner, felt that joining TGS Global was an important part of their firms

Global News | 7 June 2013
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TGS Global Appoints New Member Firm in Taiwan

Taiwan is a key strategic economy in Asia and it is important to have a strong, internationally minded representative in the country. TGS Global is delighted that D&C CPAs and Associates decided to join the network and very much look forward to working with them as TGS Global continues to build its presence in Asia. D&C […]

Global News | 6 June 2013
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TGS Global Welcomes New Member Firm in Germany

Over the last month TGS Global has broaden its presence from 18 countries and 41 offices to 22 countries and 48 offices. The network

Global News | 5 June 2013
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Singapore Plugs Tax-Filing Benefits For SMEs

The Inland Revenue Authority of Singapore (IRAS) has encouraged small and medium-sized companies (SMEs) to use the simplified tax return, Form C-S, to e-file their income with effect from the 2013 assessment year, and enjoy further benefits. All companies normally have to file an estimate of their chargeable income within three months after the end of […]

Global News | 3 June 2013
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TGS Global’s Member Firm Studio Holzmiller & Partners to Open Its Second Office in Rome

On 1st of June Studio Holzmiller & Partners will be opening an office in the centre of Rome. Enrico Holzmiller, Senior Partner of the firm mentions,

Global News | 31 May 2013
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Belgium’s ‘Biztax’ Opens For 2013 Corporate Filing

The Belgian Finance Ministry has announced that businesses are now able to file their 2013 corporate tax returns online, via the ‘Biztax’ application. The Biztax application may be used for the electronic filing of corporate income tax returns (ISoc), applicable to Belgian companies, as well as for the electronic filing of income tax on legal entities […]

Global News | 27 May 2013
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Germany’s CSU Eyes Middle Class Tax Cuts

In the run up to German elections, the Christian Social Union (CSU) has underlined the need to introduce tax relief for hard-working employees in Germany and to allow the federal states greater fiscal autonomy in the future, to foster tax competition. In an interview with Focus, Bavaria’s Finance Minister Markus S?der (CSU) emphasized the importance of […]

Global News | 20 May 2013
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South Korea To Provide Tax Incentives For Start-Ups

South Korea’s Minister of Strategy and Finance Hyun Oh-seok has promised that the Government will introduce a range of measures, including tax incentives, to encourage and help the start-up businesses that, it is hoped, will provide good jobs and be an engine for future growth in the economy. While the Government had first felt it necessary, […]

Global News | 13 May 2013
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Proposal To Limit US Tax Deductions Resurfaces

The resurfacing, in a recent newspaper article, of a proposal by Harvard economics professor Martin Feldstein to limit itemized deductions at 2% of an individual taxpayer’s income, so as to reduce the United States fiscal deficit, would slow economic growth, according to a new analysis by the Tax Foundation (TF). In his op-ed in the Washington […]

Global News | 6 May 2013
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Portugal To Lower Corporate Tax

The Portuguese Government has recently unveiled details of its growth, employment, and industrial development strategy, which includes plans to reform corporation tax. Portugal’s Economy and Employment Minister Alvaro Santos Pereira revealed that the Government’s growth strategy is based on seven key axes, notably training and qualifications, financing, corporate consolidation, the promotion of investment and fiscal competitiveness, […]

Global News | 29 April 2013
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Dubai Consults On New Tax Legislation

The regulator of the Dubai International Financial Center (DIFC) has launched a public consultation on a number of legislative amendments, including to bring the tax-free zone’s regulatory regime in line with international tax transparency standards. The DIFC Authority has proposed to amend a number of DIFC laws and regulations through the DIFC Laws Amendment Law, DIFC […]

Global News | 22 April 2013
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Swiss Government Endorses US FATCA Deal

At its meeting on April 10, 2013, the Swiss Federal Council approved the agreement concluded with the United States to facilitate compliance with its Foreign Account Tax Compliance Act (FATCA), and forwarded the agreement to parliament for its approval. The Swiss Government, commenting on its decision to endorse the agreement, said that while the United States’ […]

Global News | 15 April 2013
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Taiwan, US To Negotiate FATCA Agreement

On April 2, 2013, the Taiwanese Financial Supervisory Commission (FSC) and Ministry of Finance (MOF) jointly announced that both agencies and the United States Treasury Department had reached a consensus to pursue an intergovernmental agreement (IGA) to facilitate the implementation of the Foreign Account Tax Compliance Act (FATCA). FATCA was enacted by the US Congress in […]

Global News | 8 April 2013
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Heather Townsend, Excedia – The How, The What And The Why Of Engaging In Social Media From A Business Manager Perspective

Heather Townsend, co-author of ‘How to make partner and still have a life and member of the Accountant

Global News | 4 April 2013
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Austrian Lawmakers Back Tax Deals With Liechtenstein

Austria’s National Council has recently adopted a withholding tax agreement with Liechtenstein modeled on the accord between Austria and Switzerland, which entered into force on January 1, providing for the taxation of the hitherto undeclared and untaxed assets of Austrian residents held in Liechtenstein banks. Liechtenstein banks and asset managers, such as trustees, will levy a […]

Global News | 1 April 2013
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Dinos Antoniou Senior Partner – An Excellent Relationship With Other Members Of The Network Is Vital

Marios Efthymiou, Senior Partner of Dinos Antoniou, stresses that offering successful international solutions, such as international tax planning, is the result of a good relationship within the members of the network. Efthymiou also adds ‘TGS Global allows our firm and clients to grow more rapidly outside Cyprus boundaries’.    

Global News | 28 March 2013
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Switzerland Must Remain Competitive, SBA Survey Underlines

In its latest survey, the Swiss Bankers Association (SBA) found that protecting financial privacy and addressing unresolved tax and market access issues remains vitally important for the Swiss population as a whole. According to the SBA, financial privacy remains a key concern for the Swiss, with 86% of those surveyed stating that the financial details of […]

Global News | 25 March 2013
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TGS Hong Kong Managing Director – International Business Just Been Made Easier

Kenneth Young, Managing Director of TGS Hong Kong, discusses how easy is nowadays for business to go international thanks to technology advances. Young also adds ‘The current international business environment is highly competitive, where local and national enterprises are competing with the same values’.

Global News | 21 March 2013
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New Australian Tax Commissioner Outlines Stance

Australia’s new Tax Commissioner has said that he will direct his officers to make full use of the compliance ‘toolkit’ available to them to discourage inappropriate practices by multinational corporations. Addressing a Tax Institute convention, Chris Jordan outlined his priorities for steering the work of the Australian Tax Office (ATO). Speaking of his approach to the […]

Global News | 18 March 2013
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TGS Lydia Managing Partner – The Future For Young Firms Is To Join The Right Network

Murat Ersin, Managing Partner of TGS Lydia, explains the reasons his Turkish firm decided to join TGS Global ‘Our young firm was looking to join a young and dynamic network and with TGS Global we found the right solution’. Ersin also adds ‘Our clients not only look for international business, they also expect for you […]

Global News | 14 March 2013
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NZ, Mexico Commit To Stronger Trade Relationship

The New Zealand Government has committed to stronger relations with its largest goods trading partner in Latin America, Mexico. A Statement of Intent was agreed to by representatives from both countries during a visit by the New Zealand Prime Minister John Key to Mexico. Commenting on the talks held with the new President, Enrique Pe?a Nieto, […]

Global News | 11 March 2013
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TGS Nortex Partner – How To Position Your Firm As One-Stop Service For Your Clients

Philip Chen, Partner of TGS Nortex, explains the reasons why his company needed to join TGS Global. ‘Being part of a global network is not only a platform to provide extended services to our clients, it also gives us the opportunity to realize of our own value as professionals in the business industry’.

Global News | 7 March 2013
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New Cyprus President Sceptical On Financial Transactions Tax

The new President of Cyprus, Nicos Anastasiades, has expressed scepticism about EU plans for a Financial Transactions Tax, taking the view that new taxes and constant tax increases will only worsen the current recession. Speaking in an interview with German newspaper Bild, Anastasiades also reiterated a complaint made by other Cypriot politicians, that the island […]

Global News | 4 March 2013
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TGS Edisa Asesores – In A Contracting Spanish Market, Growth Can Be Found Through International Expansion

Tomas Diez, Partner of TGS Edisa Asesores, examines the options Spanish companies have in the current business environment. ‘More Spanish companies are looking internationally and through being part of TGS Global we can identify worldwide opportunities, whilst working in a proactive way’. Diez also adds ‘Identifying the first priority when internationalizing your business is essential; […]

Global News | 28 February 2013
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City Of London Seeks Stronger Partnership With Dubai

The Dubai International Financial Centre (DIFC) is hosting a delegation from the City of London that arrived on February 19, 2013, to investigate greater financial services synergies between the two financial hubs, and boost trade and investment links. The group of high-level UK delegates is being led by the Lord Mayor of the City of London, […]

Global News | 25 February 2013
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TGS Tan Teo Managing Director

Paul Tan, Managing Director of TGS Tan Teo, discusses how essential is to have international operations for firms based in Singapore. Tan adds

Global News | 21 February 2013
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Italian Tax Burden To Remain At Record Level

While CGIA of Mestre (the Italian association of sole traders and small businesses) has calculated that this year

Global News | 18 February 2013
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TGS Lime Tree Tax Advisor

Jeroen van der Linden, Tax Advisor of TGS Lime Tree, discusses the positioning of a new international network in a world of cross-border relationships. ‘In a current world of no borders, firms have to ally with other firms at an international level to offer their clients’ effective cross-border solutions’.  

Global News | 14 February 2013
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Germany Posts Overall Positive Tax Take In 2012

The German finance ministry has recently published details of the tax revenue of the federation and federal states (L

Global News | 11 February 2013
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TGS 4Audyt’s Head of Audit – Joining A Global Network Helps To Improve A Common Strategy For All Member Firms

Katarzyna Fabis, Head of Audit of TGS 4Audyt, explains how important international development is for her firm: ‘Many of our clients are businesses which own or intend to acquire companies abroad. For them, it is very important to have the confidence that their subsidiaries

Global News | 7 February 2013
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TGS Global Is Delighted To Announce The Appointment Of Vermetten Accountancy To The Global Network

James Frost CEO, TGS Global, ‘I am delighted to welcome Vermetten Accountancy to TGS Global and very much look forward to working with them in the future. One of the major attractions in appointing Vermetten to TGS was their clear desire to challenge themselves to deliver more than the expected, this is very much inline […]

Global News | 6 February 2013
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Japan Includes Tax Reforms In 2013 Budget

The first full-year budget for 2013/14 approved by the new Japanese Cabinet furthers Prime Minister Shinzo Abe’s primary aim of stimulating the economy through public works spending, but also includes reforms to individual, corporate and investment taxation. The overall size of the budget is put at JPY92.6 trillion (USD1 trillion), to be mainly financed by the […]

Global News | 4 February 2013
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TGS Taylorcocks’ Managing Director – The Importance Of Shared Values And International Co-operation

Ian Cocks, Managing Director of TGS Taylorcocks explains why his firm decided to co-found TGS Global and describes the importance to both clients and members of shared values and similar business ideologies.

Global News | 1 February 2013
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TGS Soregor

Marc Desjardins, Managing Partner of TGS Soregor, describes the reasons why Soregor co-founded TGS Global and speaks on the importance of values when forming a global network. Click on the caption button to activate subtitles French to English.

Global News | 31 January 2013
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Why Start A Network?

James Frost, CEO of TGS Global, explains the importance of TGS, the new proactive global network of business advisors for SME businesses around the world.

Global News | 29 January 2013
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UK Targets Affluent Taxpayers

HM Revenue and Customs (HMRC) has officially confirmed plans to recruit 100 extra inspectors to concentrate on the tax affairs of those classed as affluent. The move had previously been announced by Danny Alexander, Chief Secretary to the Treasury, in September. The new inspectors will be attached to HMRC’s Affluent Compliance Team, which was set up […]

Global News | 21 January 2013
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Cyprus Bailout Delayed To March

Eurozone finance ministers are expected to agree to a rescue package for Cyprus at the beginning of March, following the presidential elections, instead of at the end of January as was initially intended. European Union Economic and Monetary Commissioner Olli Rehn told the European Policy Centre in Brussels on January 11 that eurozone ministers would reach […]

Global News | 14 January 2013
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Tunisian Lawmakers Pass 2013 Finance Law

Tunisia

Global News | 7 January 2013
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China Tops Global Patent Filings

A recent World Intellectual Property Organization (WIPO) report has shown that, while the global economy continued to underperform, intellectual property (IP) filings worldwide kept growing strongly in 2011, with China

Global News | 31 December 2012
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Netherlands To Support Tax Collection In Developing Countries

In a pioneering move, Dutch Minister for Foreign Trade and Development Cooperation Lilianne Ploumen has recently announced plans to assist developing countries in the collection of taxes. The minister also plans to examine together with Dutch Financial State Secretary Frans Weekers a number of existing tax treaties to assess the effects of the accords on tax […]

Global News | 24 December 2012
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Spain’s Montoro Defends 2013 Budget

Spain

Global News | 17 December 2012
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Shanghai Approaches Hong Kong In Competitiveness Rankings

According to the annual listings released by the China Institute of City Competitiveness, Hong Kong remains China

Global News | 10 December 2012
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Moroccan Lawmakers Back 2013 Budget

Morocco

Global News | 30 November 2012
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Singapore, Poland Sign Enhanced DTA

On November 4, 2012, Singapore and Poland signed an enhanced double taxation agreement (DTA), which also incorporates the internationally-agreed standard for exchange of information for tax purposes. The DTA was signed on the occasion of the visit to Singapore of Poland

Global News | 9 November 2012
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France Rejigs VAT Rates To Fund Cuts In Labour Costs

French Prime Minister Jean-Marc Ayrault has unveiled details of government plans to boost growth, competitiveness and employment in France, to be achieved notably by reducing by EUR20bn (USD25.5bn) the cost of labour. Underlining the need for ‘ambitious and courageous decisions’ to be taken, to reposition France at the very heart of the global economy, Ayrault […]

Global News | 9 November 2012
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Cyprus To Be Removed From Russian Blacklist

The Russian government has published an Order in the nation’s Official Gazette to provide for the removal of Cyprus from the nation’s ‘blacklist’ of non-cooperative ‘tax havens’ from January 1, 2013, when a Protocol to the nations’ double tax agreement becomes effective. The conclusion of the Russia’s domestic ratification procedures in respect of Cyprus’s removal from […]

Global News | 9 November 2012
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Tunisia Hikes Tax In 2013 Budget

The Tunisian government plans to increase the tax on alcoholic drinks within the framework of the country

Global News | 9 November 2012
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The Modern Network

Networks have to evolve their offering in order to cater for the proactive firms that they have. Often the divergence of capabilities and dynamism within their membership limits the speed and their capability to achieve this. TGS has been set up to provide a solution to this compromise and consists of only those members that truly […]

Global News | 8 August 2012
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An International Focus

Having worked in the international accounting profession for over a decade, I have seen how local and national firms have positioned themselves as international service providers to their clients. Some have dabbled in this, with some success, whilst others have made it a clear part of their business strategy and thrived. Those that have dedicated time, […]

Global News | 20 June 2012
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TGS Global, A Global Opportunity

A new accounting network targeting entrepreneurial firms that are focused on international expansion has been launched. TGS global has been formed to meet the needs of an increasing number of accounting firms that want to be part of a business development-focused network helping members to target and win multi-national clients. It has already attracted leading accounting […]

Global News | 3 May 2012
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