Europe

RSM firms from across Europe gather for grand final of the European Business Awards

2 December 2019

On 3-4 December, RSM member firms from across Europe will come together, in Warsaw, for the annual European Business Awards (EBA) finals. The event, sponsored by RSM, will see 363 businesses from 33 European countries compete in the final of Europe’s largest business competition.

RSM expands in Frankfurt

2 January 2019

Six partners and 90 employees of PKF Frankfurt have joined the Frankfurt office of RSM GmbH . The merger creates one of the largest RSM offices in Germany.

RSM appoints new leader for growing European region

6 July 2018

RSM, the sixth largest network of independent audit, tax and consulting firms, has appointed Gregor Schmidt as its new European Regional Leader. Gregor’s appointment follows a successful 2017 which saw RSM grow by 6% in Europe, with expansion into Bulgaria and mergers in Germany, Netherlands, Northern Ireland, Poland, Republic of Ireland and the UK.

Europe's best businesses compete live at grand final of European Business Awards

17 May 2018

RSM in Germany announces its third merger of 2018

3 April 2018

Following the announcement in February of the successful merger of AWT and DPI, RSM GmbH, the German member firm of RSM, has signaled further growth by announcing its third merger this year with Zitzelsberger.

European Business Awards sponsored by RSM, Announce the Best Businesses in France at Exclusive Event in Paris

21 March 2018

RSM Norge enters Rogaland

31 January 2018

RSM Norge enters Rogaland RSM in Norway strengthens its position as the leader in auditing small and medium-sized businesses when FSS Revisjon AS in Sandnes now becomes part of RSM. RSM has a clear strategy of being present in key business centers, and with FSS Revisjon on the team RSM now has a significant presence in an exciting region.

Europe’s business elite honoured by the European Business Awards, sponsored by RSM

23 January 2018

Over the next three months, exclusive business events will take place across Europe, where each country’s best businesses will be celebrated, in this year’s European Business Awards, sponsored by RSM.

Germany’s insular coalition negotiations adding to insecurities for the Mittelstand

8 November 2017

Chancellor Merkel may have won the election but she now faces a new political landscape in Germany, one that is increasingly inward looking. A nationalist right-wing party has become the parliament’s third largest party. At the same time, the Chancellor finds herself in tricky coalition negotiations with the Green and the Free Democratic Party (FDP), all of which is adding a level of insecurity for the German Mittelstand.

RSM holds innovation-led World Conference in Berlin

3 November 2017

Jean M Stephens

Last month we held the annual RSM World Conference in Berlin, Germany. The conference hosted over 300 leaders from across the global network, with the theme of ‘No Limits’. Over three days, the conference agenda explored new initiatives and creative thinking approaches, fresh ideas for our client-led services and management practices, as well as sharing our valuable knowledge and expertise – all focused on continually embracing new and innovative ways of working in order to exceed our targets and the expectations of our clients.

Last chance for best businesses in Europe to enter celebrated Awards

17 October 2017

Two weeks to go before deadline for 2017-18 European Business Awards sponsored by RSM LONDON: EUROPE’s best businesses are urged to enter the 2017-18 European Business Awards, sponsored by RSM, before the end October deadline for a chance to have their business success recognised across the world.

European tax base dividing German industry and politics ahead of elections

22 September 2017

Germany finds itself in an unusual scenario in handling the proposed European Common Consolidated Tax Base (CCTB). Whilst there is unity amongst most of the country’s political parties, the proposed CCTB is in opposition to the preference of German business and industry, which usually finds representation in one of the parties. Harmonising the exchange of information between European tax authorities on the one hand, whilst relieving the pressure on the German Mittelstand on the other by promising not to raise taxes, appears to be incompatible.

RSM Netherlands expands practice in Amsterdam

31 May 2017

RSM Netherlands has merged with Amsterdam based accounting firm EDO Registeraccountants en Belastingadviseurs, expanding its practise in the Amsterdam area. EDO, with a head office in Oude Meer, near Schiphol Airport, employs 40 people.

Winners named in Europe's biggest business competition

5 May 2017

Europe’s 12 best businesses are celebrating after being named winners in the 2016/17 European Business Awards, sponsored by RSM, at an exclusive awards ceremony in Dubrovnik last night attended by prominent businesses leaders and European Ambassadors.

EU toughens stance on middle size enterprises

28 March 2017

Ken Almand, Head of Transfer Pricing at RSM UK, looks at plans by the EU to impose stricter country-by-country reporting requirements for multinational enterprises operating in the EU, with big implications for the middle market.

RSM welcomes new member firm in Gibraltar

28 February 2017

RSM, the world’s sixth largest network of independent audit, tax and consulting firms, is today announcing a new member firm in Gibraltar. Benady Cohen & Co., will operate as RSM Gibraltar and officially adopt the RSM brand.

Moving forward together in 2017 – a time for building successful and lasting relationships

12 January 2017

Jean M Stephens

Having sustainable growth is a staple for most businesses and can come in many forms. Both organic and inorganic growth strategies can be employed to increase revenues, but crucially, they also deliver many other benefits as well.

RSM UK merges with RSM Northern Ireland to further strengthen offering

11 January 2017

RSM UK has merged with the RSM practice in Northern Ireland (formerly RSM McClure Watters), including acquiring the Northern Ireland consulting business, PACEC Limited, enhancing its UK reach.

Survey: European businesses put single market access to the UK as their primary priority in negotiations

20 December 2016

The UK’s vote to leave the EU poses a threat to the European business community, according to new research conducted for RSM by the European Business Awards. The research asked almost 700 of Europe’s successful business leaders their views on Brexit. 41% think that the UK is now a less attractive investment destination and 54% believe Brexit poses a threat, compared to 39% who see it as an opportunity.

RSM adds new member firm in Kosovo: Q&A

24 November 2016

RSM has recently opened its premier office in Europe’s youngest country, Kosovo. RSM Kosovo Sh.p.k is headed up by former Grant Thornton Kosovo Managing Partner, Visar Morina. The new firm, based out of the Kosovan capital, Pristina, is comprised of three partners, three managers and seven staff. Here Mr Morina speaks about joining RSM

Recognising business excellence for 10 years

12 September 2016

Having a stable and prosperous Europe relies on businesses to create a stronger, more innovative and ethical business community, that sits at the very core of a globalised economy. During the last ten years, The European Business Awards, supported by business leaders, academics and political representatives from the length and breadth of Europe, have celebrated business excellence across the continent, and I’m proud that RSM has been there to support this initiative since its inception.

National Champions named across Europe in the EBAs

5 September 2016

636 businesses from 34 countries have been named National Champions in The European Business Awards sponsored by RSM; Europe’s largest business competition set up to recognise and celebrate business excellence.

Indirect Tax Update - July 2016

15 July 2016

Breaking news from the RSM Europe VAT Group, including updates from the UK, Germany, Norway, Hungary, Russia, Netherlands and EU.

Aerogen: The exposure from winning a European Business Award is amazing

14 July 2016

An interview John Power, CEO of Aerogen, the Irish winner of the RSM Entrepreneur of the Year Award in the 2015-16 European Business Awards.

RSM congratulates Europe's best businesses

22 June 2016

Jean M Stephens

RSM would like to congratulate all of the finalists and the overall category winners of the EBA. The calibre of the businesses present this year was outstanding and a true demonstration of entrepreneurialism, innovation and leadership. All those involved are a credit to their country and we wish them every success for the future.

12 best businesses in Europe's biggest business competition named

20 June 2016

Europe’s 12 best businesses are celebrating after being named winners in the 2015/16 European Business Awards, sponsored by RSM, at an exclusive awards ceremony in Milan last night attended by prominent businesses leaders, European ambassadors and government ministers.

132 businesses to compete at Grand Final of European Business Awards

1 June 2016

132 businesses from 32 European countries are hoping to be named a winner in Europe’s biggest and toughest business competition, the European Business Awards, sponsored by RSM, at its Gala Event Final on 17 June in Milan, Italy.

Indirect Tax Update - April 2016

26 April 2016

Breaking news from the RSM EU VAT Group, including updates from the European Union, UK, Belgium, Netherlands and China.

Leading firm in Ireland joins RSM

21 April 2016

RSM, the sixth largest network of independent audit, tax and consulting firms, comprising 38,500 staff in 120 countries, has announced that Baker Tilly Ryan Glennon is to become its member firm in Ireland.

The European Business Awards 2016-17 are open

6 April 2016

The European Business Awards and lead sponsor RSM have today announced the opening of the 10th European Business Awards; Europe’s largest business competition, showcasing Europe’s best.

European Commission presents anti-tax avoidance package

2 February 2016

On 28 January 2016, the European Commission (EC) presented its EU Anti- tax Avoidance Directive, a constituent part of the EC’s Anti- Tax Avoidance Package (ATAP ) which increases tax transparency and makes for fairer, simpler and more effective corporate taxation in the EU.

Time for the public to choose its country champions in the European Business Awards

1 January 2016

From today, over 400 businesses from 32 countries in Europe are competing for the title of ‘National Public Champion’ for their country as the online public vote opens in this year’s European Business Awards, sponsored by RSM.

International Business Resilience Survey

25 November 2015

This report is part of the RSM Business Resilience Survey. European entrepreneurs and experts from the RSM network in Europe, were asked to evaluate companies’ strategy choices, the mentality of business leaders, the business culture of their country and key macroeconomic data. 410 auditors and other members of the RSM network and 291 entrepreneurs from several cou

RSM EU VAT Indirect Tax Update - France

19 November 2015

Reduction in VAT “distance selling” thresholds

UK - OECD delivers game changing tax measures

19 October 2015

Tax avoidance by large businesses is still a topic that attracts attention, with politicians keen to state that they will be tough on those that abuse the rules.

RSM expands in two continents

6 October 2015

RSM, the seventh largest global network of independent audit, tax and advisory firms, has entered into two new countries with the admission of member firms in Bosnia and Herzegovina, and Tajikistan.

RSM European Business Resilience Survey

5 October 2015

This report is part of the RSM European Business Resilience Survey. The aim of the survey is to take a look behind the scenes of economic development and activity.

National Champions announced

4 September 2015

Jean M Stephens

The excitement is beginning to build for the European Business Awards 2015/16, following the announcement of the National Champions on 1 September.

Emerging markets: judging by GDP

6 August 2015

Jean M Stephens

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.

Europe: European Commission presented Action Plan on corporate taxation within the EU

21 July 2015

On 17 June 2015, the European Commission (EC) presented their five-tier Action Plan on a fair and efficient corporate taxation within the EU. The Action Plan sets out a series of initiatives to tackle tax avoidance, secure sustainable revenues and strengthen the Single Market for businesses. In particular this means that:

Austria: Tax Reform Act 2015

21 July 2015

On 20 March 2015, the Ministry of Finance of Austria published the first details of the planned Tax Reform. On 16 June 2015, the Austrian Government approved a draft version of the Tax Reform Act 2015. The reform will, in principle, be applicable from 1 January 2016. Corporate key elements of the reform are:

Germany: German roll-over relief rules contrary to EU law

21 July 2015

In its judgement of 16 April 2015 the European Court of Justice held that the German tax legislation, which allows that capital gains realised from the sale of certain business assets (mostly land and buildings) may be ‘rolled-over’ to reinvestments into new assets if both the sold and the newly purchased assets belong to a German permanent establishment, violates

Europe: European Commission relaunches its work on a Common Consolidated Corporate Tax Base

21 July 2015

As part of its five-tier Action Plan on fair and efficient corporate taxation within the European Union (EU) the European Commission (EC) announced on 17 June 2015 that they will continue its work on the Common Consolidated Corporate Tax Base (CCCTB) by developing a completely new CCCTB proposal.

Germany: German taxation on transfer of assets to an EU-located permanent establishment compatible with the freedom of establishment

21 July 2015

In its judgement of 21 May 2015, the European Court of Justice decided that a tax legislation of a Member State which, in the case of a transfer of assets from a company located within the territory of that Member State to a permanent establishment of that company located within the territory of another Member State, provides for the disclosure of unrealised capita

UK cuts corporate tax rate again – to 18% by 2020

13 July 2015

The UK government announced yesterday that the main rate of UK corporation tax will be cut to 18% by 2020. It is currently 20% for the 2015 financial year which is the joint-lowest rate in the G20 group of countries. It will be reduced to 19% for the financial years 2017, 2018 and 2019 and then to 18% for 2020.

RSM Academy – Strong relationships built on understanding

3 July 2015

Jean M Stephens

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.

Europe: New developments on the CCCTB

15 June 2015

On 27 May 2015, the European Commission held an orientation debate on how to develop a fairer and more efficient corporate tax system. Vice-President Dombrovskis of the European Commission held a speech afterwards to point out the main topics that were discussed:

Slovakia: New Transfer Pricing documentation guidelines published

15 June 2015

On 26 May 2015, the Ministry of Finance published new guidelines on transfer pricing documentation requirements. The Guideline will apply as of 1 January 2015 and replaces the previous guidelines of October 2014.

Europe: European Commission adopts the fourth Anti Money Laundering Directive

15 June 2015

On 20 May 2015, the members of the European Parliament adopted rules to combat money laundering and terrorist financing. This is one of the key actions in the European Security Agenda that was announced last month (28 April 2015).

OECD: OECD releases public comments received on discussion drafts on cost contribution arrangements of BEPS – Action 8

15 June 2015

On 1 June 2015, the OECD published the comments it has received on this discussion draft. In the past, the OECD had invited comments from interested parties on a discussion draft on revisions to Chapter VIII of the Transfer Pricing Guidelines on Cost Contribution Arrangements (work that relates to Action 8 of the OECD’s BEPS Action plan).

Germany/Netherlands: Treaty between Germany and Netherlands – details

15 June 2015

On 15 May 2015, the Netherlands ratified the Germany–Netherlands Income Tax Treaty 2012. This new treaty will replace the Germany–Netherlands Income and Capital Tax Treaty of 1959. The Treaty is in line with the OECD Model tax treaty. The maximum withholding tax rates included in the treaty are:

Europe: European Commission publishes strategy on the Digital Single Market

4 June 2015

The European Commission (EC) published its strategy on the Digital Single Market on 6 May 2015. The strategy includes 16 initiatives to be delivered by the end of 2016 and is built on three pillars: Access, Environment and Economy & Society.

Netherlands/OECD: Impact of changes of OECD Model Commentary with respect to the articles 15 and 17

4 June 2015

On 23 April 2015, clarification on the impact of the changes of the OECD Model commentary on articles 15 and 17 was published in a special Decree (effective 2 May 2015). The Decree provides guidance with respect to termination payments and on the interpretation of the term 'personal activities' of artist and sportsmen.

Macedonia: Changes to the Corporate Income Tax law

4 June 2015

According to the last changes on the Corporate Income Tax law (Official Gazette of the Republic of Macedonia no. 112/14 from 25/07/2014), the obligation for paying corporate income tax (CIT) on net income is restored as from the fiscal year 2014. The CIT rate remains 10%.

Europe OECD: The OECD published the revised discussion draft on Action 7

4 June 2015

On 15 May 2015, the OECD released a revised discussion draft on Action 7. The revision is a follow-up to the discussion draft on Action 7 of 31 October 2014, which addressed a number of PE avoidance strategies and potential strategies to deal with these.

Poland: Proposed legislation on Country by Country reporting

4 June 2015

Poland proposed legislation on Country by Country (CbC) reporting and related transfer pricing reporting obligations. The proposed legislation reflects the reporting obligations as included in Action 13 of the OECD’s initiative on Base Erosion and Profit Shifting. To be more specific, Poland has introduced thresholds for the Local File, Master File and CbC-report.

London salutes Europe's elite

29 May 2015

Jean M Stephens

The leaders of Europe’s finest businesses gathered in London this week for the gala ceremony of the European Business Awards 2014/15, sponsored by RSM International.

BMZ GmbH wins RSM Entrepreneur of the Year Award

28 May 2015

SVEN BAUER AWARDED COVETED PRIZE AT 2014/15 EUROPEAN BUSINESS AWARDS PROGRAMME GALA EVENT IN LONDON

Europe’s biggest business competition brings benefits for all

22 May 2015

A guest blog by Anand Selvarajan, RSM European Regional Leader

France: Updated list of tax-abusive structures and schemes

13 May 2015

On 1 April 2015, the French tax authorities announced several measures aimed at improving legal certainty for individuals and businesses. To be more specific, the tax authorities published a list of practices and transactions that are deemed to be abusive:

Czech Republic: New VAT rate as from 2015

13 May 2015

The Czech Ministry of Finance has announced a new second reduced VAT rate of 10%, applicable as of 1 January 2015 in the Czech Republic. As a result, the following three VAT rates are currently applicable in the Czech Republic:

Russia: Review of the Russian Federal Legislation in the period 1 January 2015 up to and including 31 March 2015

13 May 2015

Changes in the procedure for calculating interest on borrowed fund

Denmark: Record breaking Transfer Pricing adjustment in Denmark

13 May 2015

The Danish tax authorities have, for the third year in a row, increased the taxable income of multinational groups with a record-breaking amount. The latest years’ audit results in 20 billion DKK: The Danish tax authorities have, for the third year in a row, increased the taxable income of multinational groups with a record-breaking amount.

Germany: Qualification conflicts and Treaty overriding

13 May 2015

German domestic law requalifies rental and interest income into business income in cases where a business consists of two entities under common control or when the shareholder holds assets that are key for the business, privately.

RSM appoints new European Regional Leader

28 April 2015

RSM, the seventh largest global network of independent audit, tax and advisory firms, has appointed Anand Selvarajan as its new European Regional Leader, replacing Robert Coles, who has held the position since June 2010.

Albania: Ministry of Finance published instruction on Advance Pricing Agreements

15 April 2015

On 25 February 2015, the Ministry of Finance of Albania published an instruction on Advance Pricing Agreements (APA). In this instruction the various types of APA’s are defined, and the application process and conditions are comprehensively substantiated. Types of APAs The following types of APA's are included in the instruction:

Norway: Carried Interest

15 April 2015

In a recent High Court decision – the “Herkules case” – it was concluded that carried interest should be considered employment income. The decision was appealed with the Supreme Court, but highlights the risk of structuring Norwegian management of private equity funds. The case comes as a follow up of previous cases related to brokers, where internal partnership pr

Italy: Black lists for cost deduction and CFC regime amended

15 April 2015

On 1 April 2015, the Ministry of Economy and Finance issued a press release announcing two Ministerial Decrees amending the black list for cost deduction and the black list for the application of the Controlled Foreign Companies (CFC) regime.

Germany: New ordinance on the 'attribution of income to permanent establishments' published

15 April 2015

Under the 'Authorised OECD Approach' (AOA) the profit attributed to a permanent establishment (PE) should be in line with what the PE would have earned under arm's length conditions, i.e. as if it were a separate and independent entity, engaged in the same or similar activities, under similar circumstances.

United Kingdom: Budget for 2015/2016 – Business taxation

15 April 2015

On 18 March 2015, the Chancellor of the Exchequer presented the Budget for 2015-16 to the Parliament. Details of the Budget relating to business taxation are summarised below. Corporation Tax Rate The Corporation Tax Rate is reduced to 20% from 2015 to 2016.

Europe’s business leaders deliver their verdict on “Brexit”

13 April 2015

Jean M Stephens

As Europe’s largest business competition, the European Business Awards ensures it has its finger on the pulse of the issues impacting business across Europe.

Italian voluntary disclosure for individuals resident in Ita

1 April 2015

On 15 December 2014, the Italian Parliament approved the 'voluntary disclosure' procedure (Law n. 186/2014).

Funding, finance and efficiency – three critical factors for entrepreneurial success in Europe

20 March 2015

A guest blog by Robert Coles, European Regional Leader, RSM International

Greece: Intragroup dividends withholding tax exemption

18 March 2015

Intragroup dividends paid or earned as of 1 January 2014 are exempt from local withholding tax if they meet the following criteria:

Cyprus: Alternative Investment Funds (AIFs)

18 March 2015

In July 2014, Cyprus harmonised its legislation in an effort to modernise its legislation on investment fund products in accordance with the EU directives.

Belgium: Introduction of the liquidation reserve

18 March 2015

On 1 October 2014, the former Belgian government increased the withholding tax on liquidation proceeds from 10% to 25%. Under certain conditions companies were allowed to benefit from a transitional regime resulting in a 10% withholding tax rate.

Netherlands: New decrees on legal mergers, split-ups and split-offs

18 March 2015

On 6 February 2015, the Dutch State secretary of Finance published new guidance regarding the application of articles 14a (split-ups and split-offs) and 14b (legal mergers) of the Dutch Corporate Income Tax Law 1969 (CIT Act).

France: French 2015 Finance Bill and 2014 amended Finance Bill: Group Regime

18 March 2015

Following the judgment by the Court of Justice of the European Union (CJEU) on 12 June 2014 regarding the Dutch tax consolidation regime, the French tax consolidation regime has recently been modified.

National Public Champions of the EBA show global reach of the programme

3 March 2015

Jean M Stephens

RSM and the European Business Awards are delighted to announce the 33 National Public Champions for 2014/15 Awards programme.

National Public Champions chosen in 33 European countries after 150,000 votes

3 March 2015

33 businesses have been named as their country’s ‘National Public Champion’ after the over 150,000 people voted for their favourite business in the European Business Awards, sponsored by RSM – over double the number from of votes from last year’s competition.

The European Business Awards for 2015-16 are open

25 February 2015

COMPANIES ACROSS EUROPE INVITED TO ENTER PRESTIGIOUS AWARDS The European Business Awards and lead sponsor RSM have today announced the opening of the 9th European Business Awards; Europe’s largest business competition, showcasing Europe’s best.

A generation fighting for equality

13 February 2015

Jean M Stephens

Last week I had the pleasure of being invited to speak at the First Women Summit in central London. The inaugural summit, run by Real Business magazine, was designed to leverage on the ten years of the First Women movement, to educate, mentor and inspire the 200-strong delegation.

General public have their say on European businesses that make a difference

22 January 2015

Jean M Stephens

When we talk about the importance of voting, it is usually about electing a leader, a government or a parliament. However, often (and especially amongst the younger members of society), voting is more commonly associated with the trivialities of reality TV shows.

Diversion of profits tax update

13 January 2015

HMRC has provided an insight into its policy thinking and the implications of the proposed new “Google tax”.

Issue 22 - RSM Reporting

13 January 2015

This twenty-second edition features:

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

It's time for the public to get voting in the European Business Awards

6 January 2015

Europe’s Premier Business Awards Opens Online Public Vote Hundreds of businesses from 33 countries in Europe are competing for the title of ‘National Public Champion’ as the public vote opens for the first time in this year’s European Business Awards, sponsored by RSM.

World Economic Outlook 2015

1 January 2015

Economic Growth Trends

Hungary: New EKAER reporting obligations

19 December 2014

The Electronic Road Transportation Control System (EKAER) will help the tax authority in tracking every product transported in Hungary. The purpose of the system is to ensure no goods are put into circulation in Hungary that have not been previously reported to the Hungarian Tax and Customs Authority.

Warning shot fired at multinationals

11 December 2014

The UK Government has announced details of their crowd pleasing measure dubbed “the Google tax”. But not everyone is smiling. Baker Tilly, RSM International member firm in the UK, reviews the impact this will have on multi-nationals.

Long live entrepreneurship

17 November 2014

Jean M Stephens

As we come together to celebrate Global Entrepreneurship Week 2014, studies suggest we are in the midst of an explosion of new enterprises.

Europe’s best businesses celebrate success across the continent

13 November 2014

RSM and UKTI host events with the European Business Awards to honour the 2014/15 National Champions

RSM celebrates 50 years of growth at annual World Conference

5 November 2014

RSM International, the seventh largest global network of independent audit, tax and advisory firms, held its annual RSM World Conference in Barcelona from 27-31 October 2014.

Our future starts today

5 November 2014

Jean M Stephens

The theme of the recent RSM World Conference in Barcelona was “Our Future Starts Today” – it was a celebration of the foundations laid during the last 50 years and an exploration of building upon these foundations for our future.

Transatlantic Trade and Investment Partnership

1 November 2014

In February 2013, the European Union (EU) and the United States (U.S.) commenced negotiations for a Transatlantic Trade and Investment Partnership (TTIP). The proposed pact would create the world’s biggest free trade area.

Issue 21 - RSM Reporting

20 October 2014

This twenty-first edition features:

Transfer Pricing News: UK legislation on countering avoidance schemes involving the transfer of corporate profits

16 September 2014

The legislation seeks to prevent profits being transferred to another group company by way of a payment of all, or a significant part, of the profits of a company.

Transfer Pricing News: Dutch State secretary of Finance on the arm's length principle

16 September 2014

Recently the Dutch State secretary of Finance reacted through a public letter on the statement ‘The OECD’s Arms Length Principle, which is based on comparable market prices that do not really correspond to reality, provides several loopholes through which MNCs avoid tax’. This statement was included in a report of Oxfam titled ‘Business among Friends – Why corporat

European businesses have their say on Scottish independence

16 September 2014

Majority of European businesses say Scottish independence will have no impact on their business but a third believe it would encourage further separation in Europe.

Transfer Pricing News: Ireland OECD BEPS

16 September 2014

Since the start of the OECD’s BEPS project, Ireland has been very supportive of all initiatives. Already in October 2013, the Irish government broadcasted a so-called international tax strategy statement. This document contained Ireland’s objectives and commitments concerning the countering of international corporate tax policy issues.

European giants, entrepreneurs and start-ups all make the National Champions list

10 September 2014

Guest post from Robert Coles, RSM Europe Regional Leader

National Champions announced for 2014-15 European Business Awards

4 September 2014

The European Business Awards sponsored by RSM International, has today named 709companies from 33 countries across Europe as ‘National Champions’ in the first stage of the 2014-15 Europe-wide programme.

Europe: The Mini One Stop Shop for e-services, broadcasting and telecom services

1 September 2014

In January 2015 the VAT legislation providing for the place of taxation for e-services, broadcasting and telecom services will change. Although the actual change in legislation will be minimal, it will have a substantial impact on the providers of these services from a VAT compliance perspective.

Record number of businesses from across Europe seek recognition in Awards

1 September 2014

The European Business Awards sponsored by RSM International engaged with over 24,000 companies from 33 countries in the entry stage of the competition this year, 40% more than last year.

Hungary: Advertisement Tax

1 September 2014

Act XXII of 2014 on Advertisement Tax enters into force on 15 August 2014. The new public burden does not only concern the publishers of press products and commercial television channels.

Businesses of all sectors encouraged to enter European Business Awards

24 July 2014

FINAL CHANCE called for businesses of all sectors to enter the European Business Awards 2014-15 sponsored by RSM International, after new information shows companies from over 30 industry sectors have already entered hoping to be named a business champion and receive global recognition.

Transfer Pricing News - Slovakia: New developments in Transfer Pricing in Slovakia

14 July 2014

The Income Tax Act (ITA) has brought about a number of important changes that affect transfer pricing. In connection with the amendment to the OECD Transfer Pricing Guidelines in July 2010, the amendment to the ITA has abolished the hierarchy of transfer pricing methods.

Transfer Pricing News - The Netherlands: New Decrees on Advance Pricing Agreements

14 July 2014

The State Secretary of Finance published new decrees that provide guidance on the various aspects of the regime that covers the Advance Pricing Agreement (APA) and replace the decrees of 2004.

Turkey: business birth along the Bosphorus

9 July 2014

Jean M Stephens

A recent article in the Financial Times alluded to the ‘careful navigation’ that international commentators need to have when discussing the Bosphorus nation due to its conflicting geographic, economic and cultural conditions, which can catch observers ou

RSM prepares for its European Conference in Romania

27 June 2014

RSM International, the seventh largest global network of independent audit, tax and advisory firms, will welcome 32 member firms from across Europe, and RSM delegates from Australia, Brazil, China, Dubai, Mexico, South Africa and USA to the RSM European Conference taking place in Bucharest from 29 June - 1 July 2014.

Transfer Pricing News - Denmark: Transfer Pricing corrections

23 June 2014

On 31 March 2014, the Danish tax authorities published their Transfer Pricing report for 2013. The report contains an overview of transfer pricing corrections made by the Danish tax authorities. In 2013, the Danish tax authorities adjusted the taxable income of 77 Danish companies. These corrections amounted to well over EUR 2 billion.

Europe: OECD BEPS

17 June 2014

The first action of the Base Erosion and Profit Shifting (BEPS) Action Plan consists of addressing the tax challenges of the digital economy. On 24 March 2014, the OECD released a discussion draft on this subject. The discussion draft contains four main issues:

Germany: Transfer Pricing

17 June 2014

European countries are increasingly being confronted with the problem of double taxation of profits resulting from business relations with their associated enterprises based in so-called BRICS countries (Brazil, Russia, India, China, South Africa).

Italy: Company assets revaluation

17 June 2014

Law No. 247/2013 allows Italian companies that prepare their financial statement in accordance with the Italian Standard Accounts to revaluate the assets recorded in the financial statement as of 31 December 2012. The relevant benefits for the companies that adopt the revaluation are:

Italy: Compliance

12 June 2014

n 1 January 2014, a new law entered into force providing additional regulations for the offsetting of tax credits relating to income taxes, withholding taxes, substitute taxes and the Regional Tax on Productive Activities (IRAP).

Celebrating success

3 June 2014

Jean M Stephens

The leaders of Europe’s finest businesses gathered in Athens last week for the gala ceremony of the European Business Awards 2013/14, sponsored by RSM International.

Airspeed Telecom Founder Wins Prestigious RSM Entrepreneur Of The Year Award

28 May 2014

Liam O’Kelly, Founder and CEO of AirSpeed Telecom, was announced winner of the RSM Entrepreneur of the Year Award at the prestigious European Business Awards ceremony last night in Athens. RSM International, the sponsor of the Entrepreneur of the Year award category, is the seventh largest worldwide network of independent audit, tax and advisory firms.

Manufacturing Sector Celebrates Triple Win At European Business Awards

28 May 2014

The manufacturing sector is celebrating a triple win following last night’s European Business Awards final in Athens, sponsored by RSM International. Competing with over 100 businesses from across Europe, the three companies were part of a strong manufacturing shortlist of 23 businesses making it to the final.

Technology Sector Cleans Up With Six Wins At European Business Awards

28 May 2014

The technology sector across Europe is celebrating following it’s clean up at last night’s European Business Awards final in Athens, sponsored by RSM International. Competing with over 100 businesses from across Europe, six companies won separate awards out of the strong technology shortlist, which had 18 businesses making it to the final.

Europe’s Software Development Sector Celebrates Four Wins At European Business Awards Final

28 May 2014

The software development sector has dominated this year’s, European Business Awards, sponsored by RSM International, winning four out of the 13 awards.

Pharmaceuticals Industry Scoops Two European Business Awards

28 May 2014

The pharmaceuticals sector celebrated a double-win last night at the seventh European Business Awards gala ceremony in Athens, sponsored by RSM International. Competing with over 100 businesses from across Europe, the two companies from Portugal and Spain beat stiff competition to be crowned European Business Awards winners.

5 Days To Go Before Europe Crowns 2013/14 Business Award Winners

22 May 2014

In five days’ time the final of The European Business Awards sponsored by RSM International, will take place. The United Kingdom has the most finalists taking part this year, with 15 companies shortlisted for the coveted awards, from a range of sectors including manufacturing, design, fitness, financial services, bio-technology and retail.

EBA entrepreneurs’ impressive growth during trying times

17 May 2014

Jean M Stephens

This is the second in a series of articles leading up to the European Business Awards Gala Event on 27 May 2014. RSM is the lead sponsor of the European Business Awards, click here for more information on the programme.

EBA celebrates manufacturing in Europe

9 May 2014

Jean M Stephens

This is the first in a series of articles leading up to the European Business Awards Gala Event on 27 May 2014. RSM is the lead sponsor of the European Business Awards, click here for more information on the programme.

RSM International announces further global expansion

6 May 2014

Following RSM’s latest announcement regarding the admission of Baker Tilly in the UK, the seventh largest global network of independent audit, tax and advisory firms has further strengthened its global presence with new representation in Slovakia, Estonia, Guatemala and Mauritius.

European businesses positive about 2014 but admit growth challenges

22 April 2014

European businesses are positive about the outlook for 2014, with over three quarters of them (76%) expecting to increase their full-time employee headcount, according to a survey of 200 business owners across Europe conducted on behalf of RSM International, the seventh largest global network of independent audit, tax and advisory firms.

Baker Tilly in the UK to Join RSM International Network

15 April 2014

RSM International, the worldwide audit, tax and advisory network of independent firms, has enhanced its international representation by admitting Baker Tilly as its UK member firm. This admission reinforces RSM’s position as the 7th largest global accounting network.

RSM welcomes Baker Tilly in the UK

15 April 2014

Jean M Stephens

I was delighted to announce earlier this morning to my RSM colleagues around the world, and to the media, that Baker Tilly, the 7th largest firm in the UK, is joining the RSM network.

European parliament approves measures for EU audit reform

3 April 2014

The measures proposed for reform of the listed company audit sector in the European Union were approved by plenary vote in European Parliament today, reaching another key milestone in the long, sometimes contentious process. The key elements of the new rules, among others, include:

Germany: Treaty override provision

1 April 2014

On 11 December 2013, the German Federal Tax Court (FTC) submitted the question to the Federal Constitutional Court (FCC) whether the treaty override provision (article 50d (10) of the Personal Income Tax Act) is unconstitutional.

Israel: Changes in Taxation of a Controlled Foreign Corporation

1 April 2014

On 25 December 2013, the Amendment of the Income Tax Ordinance Law (the “Law”) was published. As part of the Law, significant changes were made to some of the provisions of Section 75B of the Income Tax Ordinance (the “Ordinance”), dealing with the taxation of a controlled foreign corporation (the “CFC”).

Europe: Freedom of establishment

1 April 2014

On 27 February 2014, the Advocate General (AG) of the European Court of Justice (ECJ) issued her opinion on the cases C-39/13, C-40/13 and C-41/13. These three cases were directed to the ECJ by the Dutch court in the light of prejudicial questions.

Europe: EU Savings taxation

1 April 2014

On 10 March 2014, the European Commission issued MEMO/14/172 (Memo) to answer frequently asked questions about the EU Savings Directive and the Savings Taxation Agreements with non-Member States. In this memo, the European Commission underlines the importance of a strong unified approach in tackling tax evasion.

United Kingdom: Crypto Currencies (bitcoins)

1 April 2014

Bitcoins have received their fair share of attention over the past couple of months. The volatility of the market price for bitcoins makes for a lot of potential profits. Therefore, it is not surprising that the crypto currency has been receiving more attention from the British tax authorities.

Europe: How European VAT impacts US companies

1 April 2014

When US companies deal with value added tax “VAT” challenges in Europe, whether newly established or well established, they often fall into the same avoidable traps.

Belgium: VAT

1 April 2014

On 3 March 2014, the Belgian Council of Ministers issued a press release concerning the new turnover threshold under which small businesses and associations qualify for VAT exemption. The turnover threshold will be increased from EUR 5,580 (current) to EUR 15,000 (announced).

The European Business Awards for 2014-2015 are open

18 March 2014

The European Business Awards and lead sponsor RSM International, the leading global audit, tax and advisory network, have today announced the opening of the 8th European Business Awards; a widely recognised prestigious competition showcasing the best businesses operating across Europe.

Europe: Parent Subsidiary Directive

1 March 2014

On 25 November 2013, the European Commission (EC) proposed to change the European Parent Subsidiary Directive (PSD). The EC wishes to close certain loopholes in the PSD that multinationals may have started to use to avoid corporate taxes.

France: French Finance Bills

1 March 2014

The French parliament has approved the amended Finance Bill 2013 and the new Finance Bill 2014. The bills include changes to corporate taxation, individual taxation and indirect taxes. Some of these important measures are described below. Changes in corporate taxation

The Netherlands: Dividend withholding tax

1 March 2014

The Advocate General at the Court of Justice for the European Union (CJEU) recently published his opinion on two (joined) cases about Dutch entities distributing profits to their parent companies located on Curacao in 2005 and 2006.

The Netherlands: Substance Requirements

1 March 2014

As of 1 January 2014, financial service entities must report in their annual corporate income tax returns whether or not they meet the new substance requirements.

Belgium: Foreign Tax Credits

1 March 2014

On 29 January 2014, the Belgian Constitutional Court ruled on the compatibility of the Belgian foreign tax credit rules with the Belgian constitution. The Constitutional Court ruled that denying the carry-forward or carry-back of an unused foreign tax credit is not unconstitutional. The same goes for not refunding an unused foreign tax credit.

United Kingdom: Tax Treaties

1 February 2014

On 27 December 2013 the protocol to the UK–India tax treaty entered into force. As a result of this protocol, several provisions of the treaty are altered, e.g. the recognition of partnerships for the application of the treaty and the dividend withholding tax rates. Furthermore, a limitation of benefits article has been introduced.

Sweden: Personal Income Tax

1 February 2014

An individual is considered to be a resident for Swedish tax purposes if the individual has a home at his disposal in Sweden. Any individual without such a real home within Sweden can also be treated as a resident for Swedish tax purposes, provided the individual resides in Sweden permanently.

Finland: Dividend withholding tax

1 February 2014

On 25 September 2013, the Finnish Supreme Administrative Court (SAC) ruled that interest must be paid when refunding Dividend Withholding Tax (DWT) that has been levied incorrectly from dividends intended for foreign entities. This was already the case for DWT levied from dividends intended for Finnish entities.

Italy: Advance tax rulings & permanent establishments

1 February 2014

On 23 December 2013, the Italian government published a decree concerning the Italian advance tax ruling procedures.

Greece: Thin capitalisation rules

1 February 2014

On 31 December 2013, the Greek parliament approved an amendment to the thin capitalisation rules. Greek thin capitalisation rules apply to all types of loans. This includes intragroup loans as well as third party loans, regardless of whether or not that third party is a certified financial institution.

Luxembourg: Upcoming tax policy

22 January 2014

In December 2013, the new Luxembourg government announced its political program for the upcoming years. The announcement contains several direct and indirect tax measures.

Italy: 2014 Budget

22 January 2014

On 27 December 2013, the Italian 2014 Budget was approved by the Italian parliament as well as published in the official gazette. The 2014 Budget contains several changes, some of which may affect internationally active companies that operate in the Italian market.

Germany: Corporate income tax

22 January 2014

In 2013 the German legislator renewed section 14, par. 1, no 5 of the German Corporate Tax Act (GCTA). The new rule limits the utilisation of tax losses in fiscal unities (the German group taxation system) in cross- border situations to avoid double-dips.

100 Businesses Reach Final of Prestigious European Business Awards 30 Voted by Public as National Public Champions

14 January 2014

One hundred businesses have been announced as the finalists and Ruban d’Honneur recipients in the 2013/14 European Business Awards sponsored by RSM International. Additionally, in a separate public vote, 30 companies have been named as their country’s National Public Champion.

Italy: New financial instruments

1 January 2014

provide a periodic analysis at least every six months of the value of the issued financial instruments. 4. The last financial statements of the company must be certified by an auditing firm. 5. The financial instruments may only be sold to qualified investors (as defined in DLgs no. 58/1998).

Europe: Changes to Parent Subsidiary Directive

1 January 2014

On 25 November 2013, the European Commission proposed to amend the European Parent Subsidiary Directive (PSD). Corporate tax avoidance has been at the top of the political agenda of EU and non-EU countries alike for over a year. Likewise, the G20 as well as the G8 have emphasized the urgency of countering corporate tax avoidance.

Germany: Updated tax policy

1 January 2014

On 27 November 2013, the German government published its tax policy for the upcoming four years. While not containing concrete, imminent measures the policy is a valuable insight into Germany's tax system actively countering base erosion and profit shifting.

Finland: Cross-border mergers

1 January 2014

The Finnish Supreme Administrative Court applied to the Court of Justice for the European Union’s Marks & Spencer doctrine to a cross-border merger involving tax deductible losses. The final losses were determined in accordance with the Finnish Business Income Tax Act.

Hungary: Final tax package 2014

1 January 2014

As it was apparent from the proposal put forward in October that the volume of changes brought by the tax package of 2014 is altogether less significant than that of similar packages of the previous years.

Germany: Depreciation of real estate

1 January 2014

Before 2009, non-resident companies directly holding German real estate were denied the higher depreciation rate of 3%. The Lower Fiscal Court of Cologne ruled that forcing non-resident companies directly holding German real estate to use the regular 2% depreciation rate is a breach of the free movement of capital.

United Kingdom: Upcoming tax policy

1 January 2014

On 5 December 2013, the British government published upcoming changes to the UK tax regime. These upcoming changes will be of particular importance to the employers of expats, as they will target dual contract arrangements and offshore intermediary employment structures. United Kingdom: Upcoming tax policy

Italy: Compliance

1 January 2014

Under Italian tax law, companies are obligated to provide the Italian tax authorities with a list of the assets the company provided for use by its private individual shareholders, as well as loans and capital the company has received from its private individual shareholders. Failure to comply results in penalties.

Republic of Ireland: An Update

1 January 2014

1. General economic update

Spain: 2014 Budget

28 December 2013

On 26 December 2013, the Budget for Spain’s fiscal year 2014 was published in the official gazette. It contains several new tax measures as well as the extension of existing measures that are to increase Spanish tax revenues.

RSM International celebrates the European Business Awards UK National Champions

20 November 2013

An exclusive event hosted by RSM International on Monday night celebrated the success of 36 National Champions from the United Kingdom in the European Business Awards, sponsored by RSM International 2013/14 programme.

It's time for the public to get voting in the European Business Awards Europe’s Premier Business Awards Opens Online Public Vote

11 November 2013

EUROPE’S PREMIER BUSINESS AWARDS OPENS ONLINE PUBLIC VOTE Monday 11 November 2013 – London – 572 national champions across 31 countries in Europe are today competing for the title of ‘National Public Champion’ as the public vote opens for the first time in this year’s European Business Awards sponsored by RSM International.

RSM International adds firm in Finland

17 October 2013

RSM International, the seventh largest global network of independent audit, tax and advisory firms, has further strengthened its European presence with the addition of RSM Audit Sum Ltd, a company founded by ex-partners from within the Finnish top five public accounting firms.

RSM International evaluates options in the context of announcement of sale of RSM Tenon (UK) to Baker Tilly

22 August 2013

The Board of RSM International, the world’s seventh largest audit, tax and advisory network, is reviewing its options with regard to its UK membership following the announcement of the combination of RSM Tenon with Baker Tilly.

Germany: Tax Law Update

1 August 2013

On 29 June 2013, numerous changes to the German tax law were published in the Federal Law Gazette and are applicable as of that date unless indicated otherwise. The changes in the law mainly concern the areas below. Correspondent taxation extended to dividends

RSM Europe meets in Budapest

19 July 2013

Robert Coles, RSM Europe Regional Leader reflects on the recent RSM Europe Regional Conference in Budapest.

RSM sponsors IFRS Foundation conference

27 June 2013

RSM, the seventh largest global network of independent audit, tax and advisory firms, are sponsors of the IFRS Foundation Conference in Amsterdam from 27-28 June 2013.

Final call for entries for RSM Entrepreneur of the Year Award

20 June 2013

Are you an entrepreneur leading a dynamic and successful business in Europe? If so, apply now for the coveted RSM Entrepreneur of the Year Award.

Greece nets two prestigious European Business Awards

12 June 2013

Two Greek businesses emerged victorious at the at the prestigious European Business Awards ceremony last Thursday in Istanbul. Gaea Products was announced winner of the Import/Export Award, whilst Athens-based Hygeia Hospital was announced winner of the Employer of the Year Award.

LEO Pharma wins European Business Award Award for International Growth Strategy of the Year

12 June 2013

LEO Pharma was announced winner of the award for International Growth Strategy of the Year at the prestigious European Business Awards ceremony held in Istanbul. RSM, sponsor of the Awards, is the seventh largest worldwide network of independent audit, tax and advisory firms.

Turk Ekonomi Bankasi wins European Business Award for Customer Focus

12 June 2013

Turk Ekonomi Bankasi (TEB) was announced winner of the award for Customer Focus at the prestigious European Business Awards ceremony held in Istanbul. RSM, sponsor of the Awards, is the seventh largest worldwide network of independent audit, tax and advisory firms.

Hidria wins UKTI Award for Innovation

12 June 2013

Hidria was announced winner of the UKTI Award for Innovation at the prestigious European Business Awards ceremony last week in Istanbul. RSM, sponsor of the Awards, is the seventh largest worldwide network of independent audit, tax and advisory firms.

Cambridge Satchel Company founder wins RSM Entrepreneur of the Year award

7 June 2013

Julie Deane, founder and CEO of The Cambridge Satchel Company awarded coveted prize at the European Business Awards

Hungary: Allowances for special enterprise zones

1 March 2013

From 1 January 2013, the scope of tax allowances available to companies operating in special or free enterprise zones was extended in a number of tax types.

Netherlands: Five questions about aggressive tax planning

1 March 2013

In recent months, there have been several reports by journalists into the tax affairs of multinational corporations resulting in public anger and accusations of tax avoidance.

United Kingdom: New Controlled Foreign Company rules

1 March 2013

The UK’s new Controlled Foreign Company (CFC) legislation is effective for all accounting periods beginning on or after 1 January 2013. This represents a timely wholesale revision of the rules as over the last few years there has been numerous revision to the rules in reaction to various recent Court of Justice of the European Union cases.

RSM announces lead sponsorship of the European Business Awards

5 February 2013

RSM, the seventh largest global accounting network, has become the lead sponsor for the European Business Awards to April 2014. This is the sixth year in which RSM has supported the Awards programme, but the first time the network has chosen to become lead sponsor and spearhead the prestigious European awards.

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:

RSM boosts capability in France and Poland

28 January 2013

RSM France and RSM Poland KZWS have both substantially expanded their service capability and coverage in their countries. Both firms are full members of RSM, one of the world’s largest networks of audit, tax and advisory firms, with member firms in over 100 countries.

Finalists for RSM Entrepreneur of the Year Awards announced

14 January 2013

The finalists for the highly-coveted RSM Entrepreneur of the Year award, one of the ten categories of the prestigious European Business Awards, have been unveiled.

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

ONE reveals diversification plan in response to retail grocery pressure

12 December 2012

The One brand, the European Business Award winning not-for-profit enterprise behind such products as ONE Water and ONE Eggs, is set to diversify away from high street retail as supermarkets come under increasing economic pressure.

Business confidence in the UK among the lowest in Europe

10 December 2012

Just 9% of UK accountants rate business confidence as ‘good’ or ‘very good’ Europeans nearly four times more confident than UK

Non-EEA Investment and Entrepreneurship in Ireland

1 November 2012

The Republic of Ireland is experiencing a slow recovery from the global credit crisis. Following a 10 percent GDP contraction in 2008-10, Ireland’s economy grew by 1.4 percent in 2011. Amid the global economic slowdown and the ongoing Euro crisis, the Irish economy is projected to grow by just 0.4 percent in 2012, rising to 1.1 percent in 2013.

RSM Hasner and Kjelstrup & Wiggen merge to create Oslo’s 6th largest firm

3 October 2012

RSM Hasner, the Norwegian member firm of RSM, one of the world's largest global audit, tax and advisory networks, has completed a merger with Kjelstrup & Wiggen to create RSM Hasner Kjelstrup & Wiggen.

Renewable Energy In Poland

1 October 2012

Poland is the European Union’s most coal-dependent economy. Coal represents over 80 percent of Poland’s national energy production and nearly 90 percent of its electricity generation. The outsized share of coal in Poland’s energy sector heightens pressure to develop renewable energy to meet the European Union’s 20-20-20 Directive.

United Kingdom: Proposed statutory residence test

1 October 2012

In June 2011, the UK Government launched a consultation document on the introduction of a statutory residence test which the government proposed to introduce in April 2012. This has now been delayed until 6 April 2013. The response to this consultation has recently been issued providing greater clarification.

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.

Private Equity in the Post-Crisis Period

1 September 2012

Private equity acquired an unfavourable public reputation during the years preceding the 2008 financial crash. Critics indicted private equity houses for overleveraging distressed companies, stripping their assets and generating huge returns at the expense of company employees.

Issue 13 - RSM Reporting

1 September 2012

This thirteenth edition features:

RSM strengthens presence in Central Europe, Mediterranean and Balkans

11 June 2012

RSM International, one of the world's largest audit, tax and advisory networks, has admitted ‘Hodicon’ and their affiliate 'Infokorp' as a member firm in Croatia. This is part of RSM’s expansion strategy in Central Europe, Mediterranean and Balkans. The network has recently added representatives in Bulgaria and Macedonia.

Netherlands: New German-Netherlands tax treaty

1 June 2012

On 12 April 2012, Germany and the Netherlands signed a new tax treaty and protocol. The new tax treaty avoids double taxation and prevents fiscal evasion with respect to taxes on the income of residents. Furthermore, it regulates and improves the position of frontier workers. The new tax treaty has not yet been ratified.

Italy: Investment Funds Tax and Capital Gains Changes

1 June 2012

Introduction A new investment funds tax regime has been enacted in Italy meaning investment funds are no longer subject to tax on an accrual basis. Investors are instead taxed on a cash basis. Furthermore, from 1 January 2012 withholding tax and substitutive tax on interest, dividends and capital gains will be set at 20%.

UK: Worldwide Debt Cap

1 June 2012

Worldwide debt cap rules were introduced as an extension to the UK thin capitalisation rules to ensure that UK companies bear their fair share of group debt. It applies to accounting periods beginning on or after 1 January 2010.

Malta: High Net Worth Individuals Rules

1 June 2012

The High Net Worth Individuals Rules (the Rules) have recently been introduced to attract high net worth foreign individuals to take up residence in Malta and take advantage of the beneficial rate of tax. The Rules apply to both EU and third country nationals and will run in parallel to the current Residents Scheme Regulations.

RSM International welcomes Capto Group as Georgian member firm

13 February 2012

RSM International, one of the world’s largest global accountancy networks, has admitted Capto Group as its Georgian member firm. This appointment is part of RSM’s strategy to strengthen its representation and client services in the Caucasus and surrounding regions.

European Business Awards Open For Entries for 2012

31 January 2012

The European Business Awards, Europe’s toughest business competition, is now open for entries from businesses across the EU.

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.

The Brussels Agreement: Fiscal Adjustment and Economic Growth in Europe

1 December 2011

On December 9, the European Council met in Brussels to devise a resolution of the Euro crisis that imperils the still fragile recovery from the global financial crisis.

RSM International Supports Public debate on EU Audit Reforms

30 November 2011

RSM International, the sixth largest global accountancy network, today responded to the eagerly awaited proposals on the reform of auditing in the EU. The draft legislation contains a raft of measures aimed at increasing competition and improving quality of the services provided. Commenting on the proposals, Jean Stephens, CEO of RSM International said:

European Business Awards: Julien Saada and Gregory Mager of Maesa Group win the RSM International Entrepreneur of the Year Award

24 November 2011

Founders of Maesa Group, Julien Saada and Gregory Mager, won the RSM International Entrepreneur of the Year title at last night’s 2011 European Business Awards (EBA).

RSM International’s Irish firm supports youth charity ‘Inspire Ireland’

18 November 2011

RSM Farrell Grant Sparks, the Irish member firm of RSM International, one of the world’s largest audit, tax and consulting networks, has donated €10,000 to Inspire Ireland as part of the firm’s on-going charity programme.

European companies continue to look for growth opportunities in new markets despite ongoing financial crisis

14 November 2011

European business leaders continue to pursue growth opportunities abroad, according to new research from European Business Awards and RSM International, one of the world’s largest audit, tax and consulting networks. Over two-thirds of European businesses plan to enter new markets in the next year despite the difficult post-recession climate.

Fallout of the Euro Crisis

5 November 2011

On 27 October 2011, the 17 Euro countries agreed to new €100 billion bailout package for Greece, which included a 50 percent write down of Greek government bonds held by private European banks.

RSM International’s UK member awarded ‘National Firm of the Year’ at British Accountancy Awards

7 October 2011

RSM Tenon, the UK member firm of RSM International, one of the world’s largest global accountancy networks, has been awarded the title of “National Firm of the Year” at the British Accountancy Awards 2011.

RSM APiK wins banking and finance award

11 September 2011

RSM APiK, the Ukrainian member firm of RSM International, one of the world’s largest accounting, tax and consulting networks, received Banker Magazine’s “Best Audit Firm in the Banking and Finance Industry” Award.

Clean Technology in Europe

1 September 2011

Amid rising concerns about global climate change and growing anxieties over regional energy security, the European Union has launched a range of initiatives to spur adoption of clean technologies:

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.

Renewable Energy in Europe 2010

1 November 2010

The development of renewable energy in Europe faces a host of environmental, economic and political hurdles. Imported fossil fuels represent more than half of European energy consumption. At projected growth rates, the share of imported hydrocarbons will rise to 70 percent of total energy consumption by 2020.

German Exporters amid the Global Recovery

1 July 2010

On July 8, Germany’s Federal Statistics Office announced that German exports in May 2010 grew by 9.2 percent, their sharpest rise in 10 years. On seasonally adjusted balance, this result boosted German exports to €80.8 billion, just 5.4 percent below their pre-crisis peak.

International Tax Representation

1 April 2010

Companies planning to expand their international operations need to consider a wide variety of factors: Foreign demand for the company’s products and services; transparency and cost efficiency of foreign subsidiaries; operating, investing, financing and non-cash expenses; and the impact of international expansion on the company’s aggregate tax burden.

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