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A new chapter in RSM leadership

1 February 2017
RSM New Zealand (Auckland) starts 2017 with a bang, announcing Liz Groenewegen as Managing Partner and welcoming specialist Lisa Murphy as Tax Partner

RSM reach expands into the Philippines

15 December 2015
RSM, the seventh largest network of independent audit, tax and consulting firms, comprising over 37,400 staff in 120 countries, has announced that it has strengthened its service proposition in the Asia Pacific region after admitting Reyes Tacandong & Co. (RT&Co.) as its member firm in the Philippines.

Economic headwinds facing emerging markets

15 September 2015
By most measures, emerging markets have outperformed developed economies since the Great Recession. Between 2010-14, emerging/developing economies posted averaged annual real GDP growth of 5.8 percent versus 1.8 percent in the advanced industrialised countries.

Emerging markets: judging by GDP

6 August 2015
The Financial Times recently highlighted a disparity between the classifications of emerging markets and the state of their economies due to a plethora of GDP data.

New Zealand Inland Revenue announce two year focus on multinationals

21 July 2015
The New Zealand Inland Revenue Department ‘IRD’ has announced a two year focus on multinational businesses. The IRD has also identified specific transactions that will be actively reviewed during this project.

RSM Academy – Strong relationships built on understanding

3 July 2015
Last month, RSM ran its 9th annual RSM Academy welcoming its 479th graduate since it began in 2007. The programme sees RSM’s future leaders gather in Eindhoven, Netherlands, for a challenging week which sets out to improve their leadership skills, global awareness and how to work in multinational and multicultural teams.

The Transpacific Partnership

1 July 2015
In June 2015 the U.S. Congress granted fast track authority to President Barack Obama, clearing the way for final negotiations of the Transpacific Partnership (TPP). The completion of the 12-member TPP would create a mega-regional zone representing 40 percent of global GDP and 26 percent of world trade.

Thailand: Permanent establishment risk in Thailand

20 May 2015
Permanent establishment (PE) is a common term in international tax. The concept is very common in advice concerning cross-border business expansion. Many discussions between advisers and their clients will begin with a question along the following lines: “Do these activities to be undertaken create a PE risk?”

South Africa: The true cost to an employer of an expatriate in South Africa

20 May 2015
With technology making the world a smaller place, it is understandable that large corporations expand their businesses into multiple jurisdictions as they continue to grow. However, setting up a new operation for an existing business in a foreign jurisdiction is not necessarily an easy task.

China: New Tax Reporting Obligations on Indirect Transfer of PRC Taxable Investments

20 May 2015
Non-US businesses face a variety of complex tax burdens when they choose to do business in the United States. A number of federal and state compliance and substantive tax obligations make doing business in the US potentially quite challenging, especially in California.

USA: Businesses entering and investing into the United States through California — 2015

20 May 2015
Non-US businesses face a variety of complex tax burdens when they choose to do business in the United States. A number of federal and state compliance and substantive tax obligations make doing business in the US potentially quite challenging, especially in California. However, many tax incentives exist that can mitigate the effect of some of these burdens.

Israel: Voluntary disclosure programme tackles the problem of unreported capital

20 May 2015
If I had to summarise 2014 in one sentence, based on the economic and law-enforcement aspects, I would say that first of all, this year represents a ‘step up’ in the war that the Israel Tax Authority (ITA) leads to reduce the ‘black capital’ (unreported capital) phenomenon in an attempt to increase the circle of those obligated to submit financial statements.

7 reasons why fund managers invest in Singapore

1 April 2015
Despite a turbulent 2014, fund managers and sector analysts have expressed confidence in the resilience of Singapore’s investment environment for the future. 

Further expansion for the RSM network

18 February 2015
RSM, the seventh largest global network of independent audit, tax and advisory firms, has recently announced the addition of a correspondent firm in Zimbabwe, and significant member firm developments in Italy and New Zealand.

Diversifying wealth and opportunity – the rise of China’s inland cities

4 February 2015
China’s inland provinces are becoming increasingly accessible to the global economy. Thanks to new air routes, their cities have become more accessible for business, trade, and tourism. For example, it is now possible to fly direct from Amsterdam to Hangzhou, from London to Chengdu, from San Francisco to Wuhan, and Frankfurt to Changsha.

RSM achieves 18% fee income growth in 2014 to US$4.4 billion

7 January 2015
Europe: 79% fee income increase Audit and accountancy: 17% fee income growth Tax: 15% fee income growth Consulting/advisory: 57% fee income growth Nine new member firms added across four continents

Mr. Narendra Modi and India's economic outlook

5 January 2015
According to recent research by Reuters, ‘India's economy will likely grow at its fastest pace in two years in the current fiscal year, as Prime Minister Narendra Modi implements reforms to attract investment’. Now, nearly 200 days into Mr.

World Economic Outlook 2015

1 January 2015
Economic Growth Trends

Hong Kong: Recent developments: Exchange of Information

19 December 2014
In 2014, Hong Kong signed seven Tax Information Exchange Agreements (TIEAs) with the US and six Nordic jurisdictions. The signing of the TIEAs marks a new era of Exchange of Information (EOI) in Hong Kong.

RSM International adds new correspondent firm in Myanmar

27 November 2014
RSM, the seventh largest global network of independent audit, tax and advisory firms, has further strengthened its global presence with the appointment of a new correspondent firm in Myanmar.

Transfer Pricing News: China investigating service and royalty charges of past 10 years

16 September 2014
On 29 July 2014, the Chinese State Administration of Taxation issued an announcement ('ShuiZongBanFa 2014 No. 146') to strengthen its investigation on service and royalty charges from overseas related parties during the past ten years from 2004 to 2013.

China: Corporate Income Tax Incentives

1 September 2014
In order to encourage investment in certain areas in the People’s Republic of China, the Ministry of Finance (MOF) and the State Administration of Taxation (SAT) jointly published the notice Caishui 2014 No.

Hong Kong: Effects of the international tax framework

1 September 2014
The globalisation and development of the digital economy has fostered continuous growth of cross-border transactions. As different countries adopt different tax regimes, taxpayers may avoid taxation in their home countries by pushing activities abroad to low or no tax jurisdictions.

Transfer Pricing News - Australia: Revenue Authorities serious about driving down SME compliance work?

14 July 2014
Following the recent release of draft rulings and practice statements by the Australian Taxation Office (ATO) relating to the new transfer pricing legislation in Australia, the ATO recently invited comment from respected practitioners across the country to discuss practical, simplified and pragmatic measures for taxpayers in order to adequately, yet cost-effectivel

Transfer Pricing News - Malaysia: Disclosure requirement in Income Tax return

14 July 2014
A new item has been included in the Income Tax Return for the Year of Assessment 2014 which requires the taxpayer to indicate whether transfer pricing documentation has been prepared by the taxpayer for the relevant year of assessment.

Indonesia: the wind blows hot and cold

24 June 2014
When Jim O’Neill coined the term ‘MINT’ for the economies of Mexico, Indonesia, Nigeria and Turkey, he stated that Indonesia, due to be ranked as the seventh largest GDP globally by 2050, had the potential to be “more compelling than Russia”, principally because of its growing population of young workers.

Transfer Pricing News - Australia: Transfer Pricing Guidance Package

23 June 2014
On 16 April 2014, the Australian Taxation Office (ATO) published its Transfer Pricing Guidance Package. It contains two draft taxation rulings and two draft transfer pricing statements. These documents are intended to provide guidance for the application of the new transfer pricing legislation that entered into force in July 2013.

New Zealand: Tax Risk and IRD Compliance for Multinationals

1 April 2014
In late 2013, the IRD released their Multinational Enterprises Compliance Focus Document. This document outlines the various areas the IRD will be focusing on for the next 12 months with regards to multinational enterprises (MNEs). This article summarises the must read sections of the document.

Australia: Company PE Income may not be exempt from tax

1 April 2014
Australia’s tax law exempts from tax foreign income derived by a company “in carrying on a business, at or through a permanent establishment (“PE”)”. Capital gains are also exempt from tax where “the company used the asset wholly or mainly for the purpose of producing foreign income in carrying on a business at or through a PE”.

RSM International celebrates Tax Awards for RSM Bird Cameron in Australia

17 March 2014
RSM Bird Cameron has again been recognised for its commitment to clients, winning the Business Review Weekly (BRW) Client Choice Awards for "Best Tax Provider", "Best Western Australian firm" and "Most Cost-Conscious firm" at an awards ceremony held in Sydney, Australia in February.

Australia: Domestic ship and aircraft tax

1 January 2014
Australia’s domestic tax law imposes a 5% tax on amounts paid to foreign owners or charterers of ships or aircraft for the carriage of passengers, live-stock, mail or goods shipped in Australia (section 129 of the Income Tax Assessment Act, 1936). Section 129 can apply irrespective of where the passengers or goods are discharged.

Hong Kong: Inland Revenue Amendment Bill – Exchange of Information (EOI)

1 January 2014
The Inland Revenue (Amendment) Bill (the Bill) was passed by the Legislative Council on 10 July 2013. It provides the legal framework to liberalise the Exchange of Information (EOI) regime in Hong Kong and enable Hong Kong to comply with the latest international standard of tax transparency. Difference between CDTAs and TIEAs

Australia: Investment Manager Regime

1 August 2013
On 4 April 2013, the Government released exposure draft legislation and explanatory materials which propose to implement the third and final element of the Investment Manager Regime (IMR) as announced by the Government on 16 December 2011. Context of amendments

Hong Kong: Beneficial Ownership

1 August 2013
This article aims to provide you with the salient points of Circular 165. 1. Circular 601

Malaysia and the pace of change

17 May 2013
I have recently returned from Kuala Lumpur, having attended the RSM Asia Pacific conference, where over 160 RSM leaders from across the region and other key markets came together to discuss client service and the growth and development of the RSM network.

Australia: Transfer Pricing: Tax Laws Amendment Bill

1 March 2013
Further to the release of the Treasury’s exposure draft in mid-November, the Government has now introduced into Parliament stage two of the transfer pricing reforms, the Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Bill 2013.

RSM Survey of International Business Confidence

1 February 2013
This report summarises the results of a survey of international business confidence conducted at the RSM Annual Conference in London in November 2012. The survey gauged the views of over 280 senior leaders from within RSM member firms 70 countries on the following issues:

Prospects for the World Economy 2013

1 January 2013
The previous edition of RSM Talking Points ‘Prospects for the World Economy’ in September 2011 noted the following trajectory of the global economy: Weak GDP growth in the advanced industrialised countries burdened by the overhang of public and private debt left by the global financial crisis; robust growth in emerging markets that came out of the global downturn w

Australia: Living Away From Home Allowance

1 October 2012
In an earlier edition of Border Crossing - 1st Quarter 2012 - we reported on significant and adverse changes to the Living Away From Home Allowance (LAFHA) provisions. Those changes have now been legislated, with effect from 1 October 2012.

RSM network connects for day of global celebrations

19 September 2012
On 20 September 2012, RSM will bring together its accounting network of 32,000 colleagues across 700 offices in 94 countries as part of RSM World Day – a celebration of the growth and success of the integrated network and an opportunity to showcase its capabilities and expertise around the world.

RSM admits leading firm in Vietnam

13 August 2012
RSM International, one of the world's largest global audit, tax and advisory networks, has further increased its client service coverage in Asia by admitting RSM DTL Auditing Company in Vietnam.

RSM’s Indian member firm plans expansion in five cities

25 July 2012
RSM Astute Consulting group, an Indian member firm of RSM, one of the largest global accounting and advisory networks in the world, has announced that it is opening new offices in five cities across India.

China: Overseas Listed Companies ‘Share-based Incentive plans’

1 June 2012
On 20 February 2012, the PRC State Administration of Foreign Exchange (“SAFE”) issued Circular Huifa [2012] No.7 – ‘Notice regarding certain issues related to foreign exchange administration for individuals employed by domestic companies participating in share-based incentive plans of overseas listed companies’ (“Circular [2012] 7”).

RSM International reports double-digit growth in Asia Pacific and Latin America

18 January 2012
RSM International, one of the world’s largest global accountancy networks, has recorded 24% growth in fee income in Asia Pacific and 17% growth in Latin America. The results represent the growing importance of these regions to international business and indicate the strength of the member firms in both areas. 

The Shale Gas Revolution

1 January 2012
Recent advances in hydraulic fracturing (“fracking”) are spurring development of shale gas reserves in the United States, Canada, Poland, Australia, and other countries. The shale gas boom has strengthened energy security in these countries by lowering dependence on imported fossil fuels.

Australia: Removal of FBT Concessions for Foreign Executives

1 January 2012
The Australian Government’s latest revenue raising measures are again targeting international businesses. The ‘Living away from home’ allowance and other related benefits have been denied concessional tax treatment for international employees along with increased substantiation requirements for all others. Background

India as the Global Technology Hub

1 June 2011
Over the past two decades, India has become the global leader in offshore IT (Information Technology) and BPO (Business Processing Outsourcing) services. India’s IT/BPO industry is poised to reach annual revenues of US$225 billion by 2020.

Small and Medium Enterprises in the Global Economy

1 March 2011
Small and medium enterprises, which played a crucial role in job creation and economic growth in the early and mid-2000s, incurred major setbacks during the Great Recession. In the European Union, SME employment fell by over three million jobs in 2009-10.

Corporate Sustainability

1 February 2011
“Corporate Sustainability” – broadly conceived as the formal integration of economic, environmental, and social factors in managerial decision making and corporate governance – is assuming a central role in global business.

Eurasia in the Global Economy

1 June 2010
Eurasia, the landmass bridging the traditional continents of Europe and Asia, has become a bulwark of the global economy.

Australia: Cross-border transfer pricing reforms

12 June 2001
On 24 May, the Government introduced into Parliament the first piece of draft legislation in its reform of Australia’s transfer pricing provisions.