RSM Malaysia

RSM launches International Tax InfoMap

Global engagement programme sees staff across the global network celebrate innovation

On 19 September 2017, RSM, the sixth largest independent audit, tax and consulting network, celebrated its sixth annual RSM World Day.

The theme of RSM World Day 2017 is ‘Innovation Through Collaboration’. To mark the occasion RSM has combined its expertise from across the network to create its interactive International Tax InfoMap. The tool is designed to help internationally ambitious businesses respond to the latest developments in international trade.

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The map covers over 25 countries including the US, UK, Germany, Brazil, Australia and Hong Kong, with additional markets to be added throughout the year. The map highlights the primary sovereign tax issues related to that market, as well as the broad requirements that businesses must adhere to, such as new transfer pricing rules and country-by-country reporting. The map highlights changes in specific markets and will emphasise primary points such as:

  • The continuing uncertainty about international tax standards in the US. Although there was a desire to reform US tax code, prior to the November 2016 election, Congress was not involved in the Base Erosion and Profit Sharing (BEPS) project. Despite the desire for change, there is no clear indication of how the Trump administration will action this and whether it will relate to a specific BEPS policy.
  • The differing approach that Brazil has taken in relation to transfer pricing and the simplified methodologies historically used. As such, what is the likelihood that it will change its transfer pricing policies and practices as a consequence of the BEPS recommendations?
  • Germany has been an outlier, having negotiated a deal with the OECD omitting them from changes to the definition of permanent establishment regulations. That deal is due to expire and German firms need to prepare for the impact.

September is also RSM’s Innovation month, an initiative designed to remind employees of the importance of delivering innovation in client service. RSM is running a Global Innovation Competition throughout the month of September to promote and generate innovation and creative thinking within the network looking at ways to utilise the resources that exist within the RSM network to create something new that benefits RSM and its clients.

Bob Dohrer, Global Leader of Quality and Risk for RSM:

On RSM’s Innovation Committee, we quickly learned that innovation is difficult to define in objective terms with specific goals. For RSM, innovation does not come from a lab. It is about creating an innovative culture throughout our business and fostering an environment where new ideas can be recognised, rewarded and leveraged.

This year, RSM World Day presents an opportunity for us to come together as a global network and to further build a culture of innovation within our firms around the world.”

RSM World Day 2017 follows a strong 12 months for RSM, as the network not only grew the number of firms but also its global fee income, reporting 7.6% for the year ending 31 December 2016[1]. More than 70% of RSM firms reported growth[2].

Through a wide variety of different activities around the world, professionals in RSM firms across more than 70 countries are uniting in client and charity events to celebrate RSM’s distinguishing beliefs of collaborative working, deep individual understanding, idea and insight sharing for the benefit of its clients.

RSM World Day activities reflect this year’s theme of innovation with member firms hosting a range of activities inspiring and encouraging colleagues and clients to innovate.

Jean Stephens, CEO of RSM International said:

RSM World Day has always been a celebration of our network’s shared values, and this year, following five years of experience, RSM World Day is championing something different – innovation. Continuing to foster a culture based on innovation not only strengthens us internally throughout the network, but also gives us a chance to better serve our clients during these changing times.”

I’m extremely proud of what our member firms are undertaking for RSM World Day, including the significant level of activity in giving back to their communities. While we celebrate RSM World Day, we also celebrate all clients served by RSM members and are thankful for their continued support and invaluable contributions to the continued development of RSM.”


[1] To take account of currency fluctuations, global fee income growth percentage figures have been calculated using the average exchange rate between 29.11.15 and 28.11.16 (as supplied by the International Accounting Bulletin) and applied to both 2015 and 2016 fee income totals.

[2] Measured using local currency

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Authors

A.B. Ng
Executive Tax Director