Kreston BA Argentina has been established to serve local private, public, and listed enterprises as well as international companies looking to invest in Argentina, at every stage of their business lifecycle.
Kreston BA Argentina is run by Ricardo Gameroff and Esteban Babino, who have nearly six decades of local and international experience from big four accounting firms between them as well as holding CPA, CFE and MBA certifications in Argentina and the United States. They are fluent in English and possess a deep understanding of both local and global business cultures. The new firm has a total of 10 employees based in Buenos Aires and provides a wide array of customised services covering all aspects of accounting and professional needs, from tax and legal planning to business process outsourcing solutions, financial audits, corporate fraud, internal audit and risk and legal advisory. The firm’s client base includes blue-chip clientele spanning energy, mining, manufacturing, oil & gas, utilities and agribusiness.
The addition of Kreston BA Argentina to Kreston Global’s network further strengthens its Latin America region, which consists of 25 member firms across 17 countries providing a range of financial, audit and accounting, taxation and other advisory services to large and mid-sized businesses requiring inbound and outbound growth support and set up.
Liza Robbins, Chief Executive of Kreston Global, said:
“I’m delighted to welcome Kreston BA Argentina to our network. Our Latin America region is full of energetic and collaborative firms who regularly work together on client and employee initiatives. Argentina is a really important location in the region as the country embarks on a new economic strategy. With Ricardo and Esteban’s backgrounds and their vision, I have no doubt that Kreston BA Argentina will be a great addition to our network”
“We are extremely energised to be joining the Kreston network and benefitting from its highly connected infrastructure full of firms who enjoy working together. It has a great name for servicing entrepreneurial international businesses around the world and we see the synergies it will bring for our clients and our new venture. ”
News
Mark Taylor Global Tax Group Chair re-elected at Kreston Global
March 21, 2024
Mark Taylor, Head of International at UK member firm Duncan & Toplis, has been re-elected chair of Kreston’s Global Tax Group for another three-year term. As Chair, Mark is responsible for coordinating the Kreston Global Tax Group and leading its tax network of 5,000 advisors in 115 countries worldwide.
The Global Tax Group is responsible for ensuring the team remains up to date on international taxation developments while fostering knowledge-sharing and commercial opportunities across the network. Since Mark’s appointment in 2020, the Global Tax Group leadership team has run a number of highly successful conferences and training events, as well as sourcing global training options and looking at developing international tax solutions.
Alongside the Global Tax Group, Kreston Global has four main global service line groups run by members and supported by the central HQ team: Tax, Audit, Indirect Tax and Corporate Finance, together with a number of sub groups including High Net Worth experts, Transfer Pricing, R&D Tax Credits and Internal Audit and Risk. Kreston Global will be launching a Global Advisory Services Group later this year.
Liza Robbins, Chief Executive of Kreston Global, said:
“I’m so pleased that Mark has decided to stand and been re-elected as our GTG Chair. He is passionate about how international tax drives business decisions and activities around the world and is a strong advocate for the Kreston network. I know his leadership team will also be thrilled he is continuing in his role.
Mark Taylor, GTG Chair and International Tax Director at Duncan & Toplis said:
“I am honoured to continue serving as Global Tax Group Chair and working with such a knowledgeable and strong leadership team. Since taking the role in 2020, we’ve continuously delivered on our core goals of developing the commercial capabilities of the group and generating more business opportunities for member firms. The strategic importance of international taxation in the next three years – both to our member firms and our clients – demands even loftier ambitions and I am looking forward to implementing the many plans we have in place. I would like to thank everyone in the Kreston Global Network for their support.”
News
Herbert M. Chain
Shareholder, Mayer Hoffman McCann P.C, Deputy Technical Director, Global Audit Group, Kreston Global
Herbert M. Chain is a highly experienced auditor and is a financial expert with over 45 years of experience in business, accounting, and audit, having served as a Senior Audit Partner at Deloitte. He holds certifications from the National Association of Corporate Directors and the Private Directors Association, with knowledge of private company governance and effective risk management. He has extensive knowledge in the financial services sector, including asset management and insurance. Herb is a member of MHM’s Attest Methodology Group and serves as Deputy Technical Direct of Kreston Global’s Global Audit Group.
Auditing standards: Unpacking SAS 143 and SAS 145 updates
March 12, 2024
In his comprehensive overview, Herbert M. Chain from MHM explores the recent updates to SAS 143 and SAS 145, which signify significant milestones in auditing standards. Read the full article here, or the summary below.
Overview of SAS 143 and SAS 145
The issuance of SAS No. 143, focusing on Auditing Accounting Estimates and Related Disclosures, and SAS No. 145, centered on Understanding the Entity and Its Environment and Assessing Risks of Material Misstatement, represents a significant advancement in auditing standards. These standards offer auditors extensive guidance for testing accounting estimates, particularly those involving fair value, and outline essential requirements for grasping the entity’s internal control system. This is crucial in navigating the complexities of the contemporary economic, technological, and regulatory accounting environment.
SAS 143: Auditing accounting estimates
Effective for audits of periods ending on or after Dec. 15, 2023, SAS 143 mandates a deeper examination of uncertainties in accounting estimates, focusing on potential management bias. This involves a thorough evaluation of assumptions, especially for significant judgments like fair value measurements. The standard necessitates a detailed risk assessment tailored for complexities in auditing accounting estimates, providing guidance on responsive audit procedures, including assessing the suitability of valuation models and data integrity for fair value estimates. SAS 143 aims to enhance transparency and accountability in fair value estimation, ultimately improving the quality and reliability of these estimates for increased stakeholder trust.
Key changes from SAS 143
Key changes to auditing standards in SAS 143 include a heightened emphasis on auditors addressing estimation uncertainty and exercising professional skepticism in evaluating fair value estimates. The standard mandates a more detailed risk assessment process tailored for complexities in auditing accounting estimates, particularly fair value estimates. Additionally, auditors must assess the reasonableness of accounting estimates within the financial reporting framework, ensuring compliance with permitted methods, assumptions, and data.
SAS 143impacts
SAS 143 brings substantial changes to the audit process in assessing fair value estimates. The focus now shifts to understanding factors and assumptions behind estimates, demanding greater transparency and accountability from management. Auditors, in response, perform the following procedures:
Method Assessment: Evaluate if the method aligns with the financial reporting framework and remains consistent. Changes prompt scrutiny for potential bias.
Significant Assumptions: Ensure suitability of assumptions within the financial reporting framework, considering both positive and negative outcomes. Evaluate consistency with prior periods and other business activities, considering potential bias.
Data Evaluation: Assess data reliability, understanding sources and consistency with prior periods. Verify relevance in the context of the chosen method and assumptions, addressing potential bias.
Management’s Point Estimate: Scrutinise alternative outcomes and assumptions when management opts for a precise value (point estimate), evaluating potential bias.
Enhancing controls with SAS 145
SAS 145, also effective for audits for periods ending on or after Dec. 15, 2023, revises aspects of the risk assessment process, focusing on an entity’s internal control system. Notably, it enhances auditor responsibilities related to evaluating the design and implementation of controls, including IT general controls (ITGC). The standard recognises the increasing significance of an entity’s IT environment, requiring auditors to identify and assess ITGCs, categorised into four domains:
Security and Access: Controls ensuring appropriate user access, segregation of duties, and ongoing authorisation for IT applications and cloud providers.
Systems Change: Controls over designing, testing, and migrating changes into a production environment, with segregation of access to prevent unauthorised changes.
System Development: Controls over initial IT application acquisition, development, or implementation, including data conversion and creation of new reports.
Computer Operations: Controls monitoring financial reporting program execution, ensuring backups, and enabling timely data recovery in case of outages or cyberattacks.
While not all domains may be applicable annually, SAS 145 mandates evaluating design and implementation for relevant ITGCs within the applicable domain for each identified significant IT application. The standard also introduced the concept of a continuum of inherent risk as well as other changes.
If you are interested in doing business with Kreston Global, contact us here.
News
Pretino Albury
Partner at Kreston Bahamas
Pretino Albury, Partner at Kreston Bahamas, brings over a decade of expertise, serving clients in The Bahamas, Caribbean, and the USA. As a CPA, he specialises in management consulting, risk advisory, public accounting, and auditing across diverse industries.
Understanding BEPS implications with crypto-clients
Dealing with decentralised cryptocurrencies in the absence of global tax standards is challenging. With the worldwide rollout of the OECD’s BEPS framework, advisers and clients must collaborate to formulate an effective strategy. Robust policies aligning with international standards are essential to ensure compliance and minimise risks in cryptocurrency transactions. Below are critical considerations for crafting such policies.
Implementing robust policies
Understand BEPS implications for cryptocurrency transactions by familiarising yourself with OECD guidelines, particularly Actions 10, 13, 5, and 15. Consult with clients to gather information on their cryptocurrency business activities, transactions, and risk appetite. Conduct thorough risk assessments, addressing transfer pricing and cross-border transactions. Implement a transparent transfer pricing model and design policies to handle hybrid mismatches in cross-border cryptocurrency transactions. Establish a BEPS-compliant KYC process for crypto transactions, including identity verification, beneficial owner identification, risk assessments, and ongoing customer activity monitoring. Mandate proper disclosure, robust record-keeping, and precise procedures for identifying, reporting, and paying taxes on cryptocurrency-related income.
Risk mitigation strategies
Integrate risk mitigation into policies by developing strategies to identify and counter suspicious activity, protecting against fraud, theft, and regulatory sanctions. Include clear procedures for reporting suspicious activity, robust anti-money laundering programs, and legal expertise to prevent asset seizure. Implement cybersecurity measures to safeguard against cyberattacks and unauthorised access.
Educate client personnel comprehensively on the newly implemented cryptocurrency policies to ensure an understanding of requirements and risks. Provide training on the rationale behind each approach and their role in implementation and adherence.
Continuous compliance monitoring
Continuously check and review compliance by establishing a system to monitor adherence to the BEPS-compliant cryptocurrency policy. Stay updated on evolving regulations and tax laws, regularly reviewing and updating client policies to ensure ongoing compliance with changing rules and standards.
Tech-tools for efficient monitoring
Utilise tech tools for efficiently monitoring cryptocurrency transactions, employing advanced technologies and analytics to trace transaction history and identify potential risks like money laundering and tax evasion. These tools can detect anomalies, assign risk scores, and enable real-time monitoring for immediate identification and recording of suspicious activity. Additionally, technology aids in staying updated on evolving rules and regulations across jurisdictions, ensuring accurate and timely tax calculations, payments, and reporting through AI, blockchain, and cloud systems.
Collaboration with tax authorities
Maintain open communication and collaboration with tax authorities to align cryptocurrency policies with expectations, preventing unforeseen issues and demonstrating commitment to compliance.
Building BEPS-compliant cryptocurrency policies is an ongoing process, requiring continuous collaboration and adaptation to the evolving cryptocurrency landscape. Advisers must partner effectively with clients for the long term, implementing and maintaining robust policies. By following these steps, advisers can navigate the complexities of cryptocurrency taxation, minimize BEPS risk, and strengthen client relationships in a landscape with an estimated 420 million crypto users worldwide.
An experienced Human Resources Director who formulates and initiates talent management strategies to attract and retain exceptional people – providing an excellent work environment so that they work in tandem with the organisation’s business goals, which in turn results in client satisfaction and business performance.
Careers in mid-tier accounting firms and the race for talent
February 5, 2024
In a competitive market for talent, careers in mid-tier accounting firms are being positioned as a chance to fast-track and work on diverse opportunities, giving small and mid-tier practices (SMPs) a competitive edge. Shibu Abraham, HR Director at Kreston Menon in the United Arab Emirates shares his thoughts on this new power dynamic with the ACCA. Read the full article here, or the summary below.
Fast-tracked
Traditionally, larger firms held an advantage in attracting talent. However, market dynamics have shifted. SMPs now offer dynamic career paths, with exposure to diverse opportunities earlier in careers, allowing professionals to assume various roles within projects and earn the trust of clients.
The COVID-19 pandemic has prompted cultural shifts in the accountancy practice world, with increased flexibility and hybrid working becoming sought-after benefits. Smaller firms are adapting rapidly to market conditions, vying for projects that were previously reserved for larger counterparts.
Firm culture
Branding and company culture play pivotal roles in talent attraction and retention. Smaller firms invest in showcasing their brands, cultures, and commitment to career development. They offer unique staff benefits, nurture a relaxed yet productive work environment, and emphasize training and mentorship.
At Kreston, mentoring and feedback hold high value, creating a personal and informal environment for professional growth. Performance assessments occur more frequently and are project-based, acknowledging accomplishments along the way.
During interviews, SMPs can emphasise their progressive and modern business approach, personal development plans, agility, and dedication to exceptional client service.
While smaller firms may not always match the salaries of larger counterparts, mid-tier practices are approaching parity. Additionally, the path to partnership and ownership is more transparent and attainable at SMPs.
If you are considering a career within the Kreston Global network, please get in touch.
News
The practitioner’s guide to the OECD Multilateral Convention
January 18, 2024
Multinational firms leverage intangible assets in the rapidly changing digital landscape, posing challenges to outdated tax regulations. The OECD addresses this with a two-pillar solution, highlighting the crucial role of the Multilateral Convention in swiftly implementing the subject tax rule (STTR) to reshape global taxation for fairness and efficiency.
Challenges in international taxation amidst digital transformation
In the digital transformation era, multinational enterprises (MNEs) exploit intangible assets like intellectual property and data to reap substantial profits across borders without a physical presence. Outdated international tax rules struggle to cope with this virtual reality, enabling MNEs to circumvent taxes through “nexus” and “profit allocation” tactics.
The OECD’s Two Pillar solution
The Organisation for Economic Cooperation and Development’s (OECD) Inclusive Framework on Base Erosion and Profit Shifting (BEPS) has devised a Two Pillar Solution to address this. This initiative aims to establish global consistency and transparency, ensuring MNEs pay a minimum level of tax on their global profits, regardless of where they are generated.
The first pillar involves the establishment of a global minimum tax, requiring legislative changes in jurisdictions with tax rates below the minimum. The second pillar, Subject to Tax Rule (STTR), closes loopholes in intragroup payments, preventing profit shifting to low-tax jurisdictions.
Catalyst for fair taxation and global consistency
In October 2023, the OECD introduced the Multilateral Convention, a crucial STTR implementation tool. This convention allows source jurisdictions to “tax back” certain intra-group payments, promoting fair taxation and protecting the tax base of developing countries.
The STTR’s swift implementation is facilitated by the Multilateral Convention, offering a streamlined process through simultaneous tax law modifications across multiple nations. This unified approach becomes effective from 1 January, 2025, benefiting companies with a fiscal year aligning with the calendar year.
While the speedy implementation of the STTR is a positive step, it has progressed ahead of other Pillar Two rules. The benefits of the Multilateral Convention include:
ensuring quick STTR implementation
levelling the playing field for developing countries
providing a fair framework for reclaiming taxing rights
In summary, the Multilateral Convention plays a crucial role in accelerating the implementation of STTR regulations, ensuring a fair and efficient global tax landscape for multinational enterprises.
Rob McGillen is the Chief Innovation Officer at CBIZ Financial Services with 25+ years’ working with innovative companies. Focus includes Professional Services, Financial Services, Manufacturing, Health and Life Sciences, Technology / SaaS, Insurance, and Energy.
Artificial intelligence in the accounting industry
The accounting sector is swiftly embracing Artificial Intelligence (AI), with the Big 4 (Deloitte, PwC, Ernst & Young, and KPMG) leading the charge. The Institute of Analytics (IoA) recognises accountants as strategically positioned to address the AI skills gap.
While the Big 4 invest in and experiment with AI tools, the broader UK business landscape needs to be adopted faster. According to a 2022 report on AI activity in UK businesses, only 15% currently use AI to some extent, with 2% piloting AI technologies and an additional 10% planning future adoption.
Despite this, the potential benefits of AI in accounting, including predictive analysis, AI-enabled document reviews, natural language processing, AI-assisted forecasting, and audit automation, are significant. Dr. Clare Walsh, Director of Education at IoA, emphasises the value of AI technologies in providing more significant insights amid the shift towards automation and the demand for accurate, real-time data.
In exploring how smaller practices leverage AI, we delve into the AI technologies accountants are testing and the tangible benefits emerging for professional practices.
Document and template generation
Rob McGillen noted that the shift from exploratory to demonstrable prompts involves upskilling professionals through prompt engineering training and demonstrations, fostering adoption within accountancy practices. Rob addresses AI challenges with practical, prompt building, custom instructions, and private data sets. Emphasising the need for the right tool for specific tasks, he acknowledges the evolving nature of the field, requiring continuous focus and updates.
Generative AI enhances efficiency by minimising time spent on lower-impact tasks, enabling professionals to focus on insightful analysis and application of expertise. Overall, the verdict is positive, highlighting AI’s role in improving document and template generation for increased work process efficiency.
If you are interested in implementing artificial intelligence in your business, please contact us.
News
Kreston Brighture, China, December newsletter 2023
January 4, 2024
Latest financial and tax policies
The December 2023 issue of the Kreston Brighture newsletter delves into recent advancements in financial and tax policies. This section highlights the latest changes, offering insights into their implications for both businesses and individuals.
Carlos Sierra is an accomplished expert in tax planning, risk reduction, and financial consulting, boasting over 10 years of experience. Specialising in intelligent tax strategies, he helps clients navigate complex tax laws, minimising liabilities ethically and legally. His focus includes risk assessment and mitigation, ensuring accurate and timely tax filings. With a comprehensive skill set in financial consulting, Carlos aids business owners in financial optimisation and growth. He remains dedicated to staying informed about evolving tax regulations and economic trends, equipping clients with the latest insights for sound financial decisions.
Understanding the Mexican Federal Revenue Law 2024 update
November 29, 2023
Overview of the 2024 revenue projections
The Mexican Federal Revenue Law 2024 update by the Mexican Senate is now benefitting from the recently approved Federal Revenue Law for the fiscal year 2024, marking a significant increase in the country’s projected revenues. The total expected revenue for 2024 is 9.066 trillion pesos, a notable 9.36% increase from the previous year’s 8.29 trillion pesos. This section will delve into the specifics of these projections, including the breakdown of various revenue sources such as taxes, social security fees, and other contributions.
Key points of the Mexican Federal Revenue Law 2024 update
The Senate approved the Revenue Law for fiscal year 2024. The total amount of expected revenues for the next fiscal year is detailed as follows:
Projected revenues for 2024 are 9.066 trillion pesos. For fiscal year 2023, it was 8.29 trillion pesos, an increase of 9.36% by 2024. Federal participatory revenue is projected at 4.585 trillion pesos, compared to 4.44 trillion pesos in 2023.
Authorized to contract and exercise loans for a net domestic indebtedness of up to 1 trillion 990 billion pesos, and external indebtedness of up to 18 billion dollars.
Four trillion 942,030.3 million pesos corresponding to Taxes.
535,254.7 million pesos to Social Security Fees and Contributions.
36.5 million pesos to Improvements Contribution.
59 thousand 091.4 million pesos to Duties.
8 thousand 641.6 million pesos to Products.
193 thousand 877.0 million pesos to Utilizations.
One trillion 312 thousand 289.4 million pesos from Goods Sales Revenues, Services rendered and Other Revenue.
277,774.3 million pesos to Transfers, Allocations, Subsidies and Grants, as well as Pensions and Retirements.
One trillion 737,050.6 million pesos correspond to Revenues Derived from Financing.
Monthly surcharge rates are maintained at the same level as for 2023:
Extension: 0.98%.
Installments up to 12 months: 1.26%.
Partial payments from 12 to 24 months: 1.53%
Partial installments over 24 months and deferred term: 1.82%.
Monthly surcharge rate will continue to be 1.47% during 2024.
The income tax withholding rate on interest is increased from 0.15% to .50%.
Debt management and loan provisions
A crucial aspect of the new revenue law is the authorization to contract and exercise loans. The law permits a net domestic indebtedness of up to 1 trillion 990 billion pesos and an external indebtedness of up to 18 billion dollars. This section will discuss the implications of these debt allowances and their role in the overall fiscal strategy of the government.
Taxation changes and surcharge rates
One of the key highlights of the 2024 revenue law is the modification of tax structures and surcharge rates. Notably, the law maintains monthly surcharge rates at the same level as in 2023, with specific rates for extensions, installments, and deferred payments. Additionally, the income tax withholding rate on interest has seen an increase. This section will provide a detailed analysis of these changes and their potential impact on businesses and individuals.
Anticipated impact on the Mexican economy
While the Senate’s approval of the Federal Revenue Law is a crucial step, the final authorization from the Executive Branch remains pending. This section will discuss the potential economic implications of the new fiscal measures, focusing on how they might influence the national economy. It will also emphasize the importance of staying informed about the evolution of these measures and their practical impact.
Preparing for fiscal changes
Although the Senate’s approval represents a significant step forward, waiting for the final authorisation from the Executive Branch will be crucial for the implementation and effectiveness of these fiscal measures. Therefore, it is important to keep informed about their evolution and impact on the national economy.
If you would like more advice on the Mexican Federal Revenue law update, please contact the Kreston BSG team.
News
Kreston Pedabo celebrates 25 years with rebranding
November 28, 2023
Congratulations to Kreston Pedabo in Nigeria, that recently celebrated its 25 anniversary with an Anniversary Symposium. The event was celebrated with clients and attended by Kreston Global Chief Executive, Liza Robbins, virtually. Kreston Pedabo marked its 25th anniversary in November 2023 with a strategic rebranding to expand its international services. Comprising 10 partners and 150 staff across three Nigerian locations, Kreston Pedabo specialises in audit, tax compliance, financial advisory, and more.
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Kreston Brighture, China, November newsletter 2023
November 22, 2023
Kreston Global firm, Brighture, shares its expertise in its latest newsletter covering financial news and updates from China.
Kayode Oni is an accomplished finance analyst with a proven track record of accounting and consulting. Experienced in finance, accounting, financial analysis, investment appraisal, tax laws and regulations, consulting, project management, and data analytics, Kayode is a valuable asset in the financial sector at Kreston Pedabo.
With over 12 years of experience spanning diverse sectors such as financial services, real estate & hospitality, consumer markets, and oil & gas, Tyna Adediran is a resourceful and self-motivated Business Analyst and Management Consultant. Specialising in areas like Strategy Design & Execution, Project Management, and SME Transformation, she is known for her strong skills in data collection, diagnostics, and critical thinking. Beyond her professional expertise, Tyna is a passionate advocate for continuous learning, sustainable business practices, and youth empowerment, reflecting her commitment to making a positive impact on both the business world and society at large.
Kreston Pedabo on Africa Industrialisation Day
November 20, 2023
Sector:Energy
Agenda 2063 is Africa‘s development blueprint for inclusive and sustainable socioeconomic growth and development. African Heads of State and Governments adopted the continental agenda during the golden jubilee celebrations of the Organisation of African Unity (OAU)/African Union (AU) in May 2013. Agenda 2063 seeks to deliver on seven development aspirations, each with its own goals to move Africa closer to achieving “The Africa We Want.”
The blueprint contains key activities to be carried out in five Ten-Year implementation plans, ensuring that Agenda 2063 delivers quantitative and qualitative transformational outcomes for Africa’s people over a 50-year timeframe.
Agenda 2063
The implementation of Agenda 2063 at continental, regional, and national levels has progressed steadily during the reporting period. This is attributed to remarkable progress and achievements made towards the realisation of several goals and targets of the First Ten-Year Implementation Plan of Agenda 2063.
The data in the second continental progress report on the implementation of Agenda 2063 indicates that Nigeria has achieved a 40% score concerning the goals set for the seven development aspirations. This marks a significant increase of 208%, up from the 13% recorded in the first continental progress report on implementing Agenda 2063.
Key areas where Nigeria has contributed significantly to the implementation of Agenda 2063 include:
Increased access to internet and electricity
Reduced under-five mortality rate
Increased access to anti-retroviral treatment
Increased women’s access to sexual and reproductive health services
Reduced prevalence of underweight among under-five children
Reduced the proportion of Official Development Assistance (ODA) in the national budget
Reduced unemployment rates
Increased real GDP per capita and annual GDP growth rates
Increased enrolment in pre-primary, primary and secondary schools
Increase in the proportion of the population with access to safe drinking water and safely managed sanitation services.
Increase in the share of manufacturing in GDP.
Key beneficial legislation for international businesses
No specific, unified legislation applies to all international businesses looking to expand into Africa. The legal landscape in Africa is diverse, and each country has its own set of laws, regulations, and policies governing international business activities.
However, some regional economic communities in Africa/Trade blocs, such as the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA), have taken steps to harmonise certain aspects of business laws among member states to facilitate trade and investment.
International businesses aiming to expand into Africa typically need to navigate a range of legal considerations, including investment laws, taxation, employment laws, industry-specific regulations, trade agreements, intellectual property laws, and local content laws, among others.
Businesses must conduct thorough due diligence and seek legal advice tailored to the country or countries in which they plan to operate. Additionally, regulations and business environments can change, so it is advisable to consult legal experts with the most recent and relevant information.
A focus on Nigeria
In Nigeria, however, efforts have been made to attract foreign direct investment (FDI) through its investment promotion agency, the Nigerian Investment Promotion Commission (NIPC). The NIPC Act provides the legal framework for investments in Nigeria and incentivises investors in various sectors.
The Federal Government of Nigeria has adopted rigorous efforts to ensure that areas of concern for foreign investors, such as bureaucratic red tapes, incorporation processes, taxation, capital repatriation, and visa policies, are relaxed to the fullest extent possible to open up Nigeria’s economy to fair competition and prosperity.
Consequently, in line with the NIPC Act 22, the Nigerian Investment Promotion Commission regularly consults with crucial Government agencies to negotiate specific incentive packages in identified strategic areas of investment interest. These consultations have led to an increasingly attractive business environment with tax holidays for pioneer companies producing exportable goods, newly established industries in manufacturing, or expansion of production in sectors vital to the economy. The Government also grants non-tax incentives to non-pioneer firms in addition to industry-specific incentives.
NIPC Act
Section 24 of the NIPC Act provides that a foreign investor in an enterprise to which the Act applies shall be guaranteed unconditional transferability of funds through an authorised dealer in a freely convertible currency of:
dividends or profits (net of taxes) attributable to the investment;
Payments in respect of loan servicing where a foreign loan has been obtained; and
The remittances of proceeds (net of all taxes) and other obligations in the case of the sale or liquidation of the enterprise or any interest attributable to the investment.
Foreign Trade Zones
Foreign investors can set up businesses directly in Free Trade Zones (FTZs) without incorporating a company in the customs territory. Registered companies may also apply as a separate entity to operate in an FTZ that would append the company’s name with the FZE (Free Zone Enterprise) suffix to gain the FTZ benefits.
FTZ incentives include:
Exemption from all Federal, State, and Local Government Taxes, Rates, and Levies.
Duty-free importation of capital goods, machinery/components, spare parts, raw materials, and consumable items in the zones.
100% foreign ownership of investments.
100% repatriation of capital, profits, and dividends.
Waiver of all import and export licenses.
One-stop approvals for permits, operating licenses, and incorporation papers.
Permission to sell 100% of goods into the domestic market (in which case applicable customs duty on imported raw materials shall apply).
For prohibited items in the customs territory, free zone goods are allowed for sale provided such goods meet the requirement of up to 35% domestic value addition.
Rent-free land during the first 6 months of construction (for Government-owned zones).
News
Meera Rajah
Partner (VAT & Duty) and Head of South East Asia Business at James Cowper Kreston
Meera Rajah heads up James Cowper Kreston’s VAT services and leads their expansion into South East Asia. She has developed extensive technical knowledge over more than 20 years specialising in VAT and adopts a practical approach that has successfully argued against HMRC to achieve substantial VAT savings and compensation for clients.
Her experience is comprehensive, encompassing business restructuring (mergers and acquisitions), VAT cost reduction strategies, international cross-border supply chains, partial exemption methods, land and property transactions, film production, charities, and VAT planning and mitigation. Additionally, Meera assists businesses in disputes with HMRC, drawing on her years of valuable experience from previous roles within the organisation. Her background with HM Revenue and Customs has equipped her with a range of skills and expertise in inspections and negotiations, greatly benefiting her clients.
Understanding VAT compliance in the UK: Realreed and a tale of caution
November 3, 2023
A recent High Court ruling serves as a stark reminder to businesses that they cannot take previous HMRC VAT enquiries or inspections as a conclusive assurance of their VAT compliance. Meera Rajah, a leading expert in VAT services at James Cowper Kreston, sheds light on this pivotal decision and its implications for businesses. Read her full article here or the summary below.
The misconception about HMRC enquiries and VAT compliance in the UK
It’s a common but erroneous belief that an HMRC enquiry, especially one that concludes without an assessment or explicit ruling, validates the accuracy of past VAT returns. However, as Meera points out through the example of Realreed Ltd, such assumptions can lead to significant misinterpretations of a business’s VAT position.
Realreed Ltd’s Case: A misunderstood VAT exemption
Over 22 years, Realreed Ltd underwent five HMRC VAT enquiries, all while mistakenly declaring certain income as VAT exempt when it should have been standard-rated. The business believed these enquiries had established a “legitimate expectation” of their VAT practices, only to be corrected by the High Court’s rigorous analysis.
The High Court’s stance on HMRC inspections and VAT liability
The High Court’s review of HMRC’s case reports and notes revealed that no formal decision regarding the VAT liability had been given. This judgment emphasises that businesses cannot presume inspections as endorsements of their VAT return accuracy and must instead ensure they independently verify their VAT treatment.
The responsibility of accurate VAT returns rests with the businesses
The court’s decision underlines the ultimate responsibility businesses hold for the accurate submission of VAT returns. Meera Rajah’s examination of the case highlights the need for companies to maintain vigilance over their VAT affairs and seek expert guidance to navigate the complexities of VAT legislation.
To grasp the full extent of this High Court decision and its implications for your business, read the complete article by Meera Rajah. It’s an essential read for those looking to ensure their VAT compliance is beyond reproach. If you would like support with your VAT obligations in the UK, please get in touch.
News
Kreston NBB Saudi Group announces Kreston NBB Cluster Advisory
Saudi Arabian Kreston member firm, Kreston NBB Saudi Group, today announced the establishment of a new advisory organisation, Kreston NBB Cluster Advisory, to meet the growing need for advisory services to clients in the region.
Kreston NBB Cluster Advisory offers a wide range of management consulting services designed for a range of client types. These include corporate governance, risk and compliance services, corporate restructuring, financial advisory services, accounting services, internal audit, and forensic accounting services.
Founded by Kreston NBB Saudi Group Managing Partner Nefal Barrak, the new firm is branded as Kreston NBB Cluster Advisory to take advantage of the extensive global reach of the Kreston Global network. The advisory firm has an ambitious growth strategy and is focused on building a solid quality-led national, regional, and international offering, strengthened by extensive training expertise, to ensure clients can achieve maximum potential. Two of the firm’s partners, Nefal Barrak and Samer J. Yamin, are ex “Big 4“ corporate finance and deal advisory specialists, and are looking forward to working in an entrepreneurial environment with ambitious growing clients.
Nefal Barrak, Managing Partner at Kreston NBB Cluster Advisory, said:
“The establishment of our advisory practice is to meet increasing client demand for specialist consulting services which we are seeing in both Saudi Arabia and the Middle East as a whole. We know the international market is a key growth area here in Saudi Arabia, and Kreston’s Middle East region is highly active and well-connected. As a firm looking to build a strong sustainable future, being able to take advantage of the Kreston Global network is key thanks to its dynamic, ever-growing community of firms serving their clients with dedication and commitment. We are excited to be able to offer a truly multi-disciplinary service to local and international clients.“
“It is always exciting to see firms expand their portfolio and grow and I’m looking forward to watching Kreston NBB Cluster Advisory and their colleagues across the Middle East collaborate on national and international clients in the region.”
News
Kreston Global network welcomes new member firm in Nigeria
October 3, 2023
Sector:Finance
Kreston Global has welcomed Nigerian firm, Pedabo, to the Kreston Global network.
Founded in 1998 by Ajibade Fashina and Albert Folorunsho, Pedabo will mark its 25th anniversary in November with a rebrand to Kreston Pedabo, part of a strategy to extend its international services offering to a wide range of private and listed companies. Made up of 10 partners and 150 staff across three locations in Nigeria, the firm specialises in audit, assurance, tax compliance and advisory, financial advisory and risk management, management consulting and other support services.
The addition of Pedabo to Kreston Global’s network further strengthens its African regional presence, which consists of 30 member firms across 29 countries providing a range of financial, audit and accounting, taxation and other advisory services to businesses exploring inbound and outbound growth opportunities.
Liza Robbins, Chief Executive of Kreston Global, said:
“Pedabo has built an exceptional reputation in the Nigerian tax, audit and advisory landscape over the past 25 years. The breadth and depth of their expertise make them a trusted business partner for inbound and outbound clients. We look forward to working with them to build their standing in the international market, forging links across the network and beyond. They will be a great asset to our network and our African firms are extremely excited to be working with them.”
“Pedabo is indeed excited to begin this new phase; as founding partners, Albert and I are elated and proud of the progress that we have made in building the Pedabo we see today having truly established a Legacy of Excellence, but we are even more enthusiastic about the next 25 years and the new leadership that will take the firm to new heights with the Kreston brand. The choice of Kreston was not one that was made lightly, and we intend to establish a truly successful collaboration as we explore the Pedabo future leveraging the strengths and opportunities of the 13th largest accountancy network worldwide. So… Hearty cheers to Pedabo and on to the next 25 years of excellence on a global scale!”
To learn more about doing business in Nigeria, click here.
News
Herbert M. Chain
Shareholder, Mayer Hoffman McCann P.C. Deputy Technical Director, Global Audit Group, Kreston Global
Herbert M. Chain is a highly experienced auditor and is a financial expert with over 45 years of experience in business, accounting, and audit, having served as a Senior Audit Partner at Deloitte. He holds certifications from the National Association of Corporate Directors and the Private Directors Association, with knowledge of private company governance and effective risk management. He has extensive knowledge in the financial services sector, including asset management and insurance. Herb is a member of MHM’s Audit Methodology Steering Committee.
Guillermo Narvaez is a Tax Partner at Kreston FLS Mexico City Office and the Technical Tax Director, Global Tax Group, Kreston Global and member of the International Fiscal Association (IFA). Guillermo is a tax expert on international taxation, corporate taxes, transfer pricing, mergers and acquisitions, corporate reorganisations and litigation.
Within international taxation, Guillermo specialises in the analysis and interpretation of treaties to avoid double taxation applied to international transactions.
Global cryptocurrency accounting and tax standards
September 8, 2023
In a recent article exploring global cryptocurrency accounting and tax standards in Bloomberg Tax, Herbert M. Chain, Deputy Technical Director of Kreston Global Audit Group and Shareholder, Mayer Hoffman McCann P.C., and Guillermo Narvaez, Technical Tax Director at Kreston Global Tax Group and Tax Partner, Kreston FLS, delve into the difficulties of codifying digital assets within the scope of existing accounting standards. You can read the full article on Bloomberg Tax, or read the summary below.
Cryptocurrency accounting and tax standards in the United States
On September 6 2023, the Financial Accounting Standards Board (FASB) approved new rules for accounting for cryptocurrencies. The standard requires crypto assets to be measured at fair value each reporting period, while also requiring enhanced disclosures for annual and interim reports. The rules will be effective for 2025 annual reports, but may be adopted for earlier periods. The FASB expects to formally issue the standard by year-end. On the taxation front, crypto assets are considered personal property, subject to capital gains tax. The U.S. Internal Revenue Service recently proposed new regulations set to come into effect in 2026, with a focus on simplifying tax filings and curbing evasion.
Global accounting and tax standards for cryptocurrency
The authors highlight that there is currently no unified global framework to govern cryptocurrencies due to the divergence in local criteria, with China, Japan, Canada and the EU offering no classification. The tax treatment varies from jurisdiction to jurisdiction, often classifying crypto as personal property, intangibles, or other asset classes for tax purposes. The lack of consensus extends to valuation models, though countries like the U.S., UK, and Australia propose fair value accounting.
Cryptocurrency regulatory challenges
When it comes to regulation, the global scene is diverse and regulators worldwide find themselves in a difficult position. Guidelines must be robust enough to address the inherent risks of this fast-evolving sector, without curbing its innovative potential. The urgency of these efforts has been underscored by recent setbacks in the crypto space, including the collapse of the FTX digital currency exchange platform. Such incidents have heightened concerns and accelerated regulatory initiatives.
In the United States, the government has released “The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks,” a comprehensive guide addressing issues surrounding protection and enforcement. Meanwhile, the European Union has made strides in creating a unified regulatory framework through its recently adopted Markets in Crypto Assets (MiCA) rules. Not to be left behind, Canada has also stepped into the regulatory arena by issuing its first set of federal guidelines.
As nations continue to take individualistic or collective strides, the onus remains on stakeholders to remain updated and adaptable, ensuring compliance while optimising opportunities.
Double taxation challenge for cross-border activity
Cross-border transactions of crypto assets also present unique tax implications. With no uniform classification of digital assets as currencies, existing double taxation treaties play a pivotal role in determining tax liability.
Navigating the maze of global tax and accounting rules for cryptocurrencies is not straightforward, but Double Tax Treaties (DTAs) offer some guidance. These treaties, modelled on a global standard, contain Articles 7 and 12, which help determine whether income from selling a crypto asset counts as a “business profit” or a “royalty.”
Establishing the application of Article 7 and Article 12
Article 7 applies when you Are making money from ongoing operations in another country, but only if you have a stable, permanent business there. Article 12 comes into play when you get paid for allowing, among others, the use of an intangible asset like a cryptocurrency.
Countries often hold back some tax right at the source when a royalty payment is involved. So, figuring out whether your crypto sale is a business profit or a royalty is crucial. Business profits are usually taxed in your home country unless you have a permanent operation in a foreign country. Royalties, on the other hand, can be taxed right where the payment originates.
Considering cryptos under Article 12
Cryptos are intangible, just like a piece of copyrighted software. However, there is debate around whether just using the software counts as “use of copyright,” which is what traditionally triggers a royalty tax. Typically, you would need to have in-depth control or rights over the software for it to be considered a royalty.
Think of it like this: If you buy off-the-shelf software, you are paying for the use of the software itself, not the underlying algorithms or any other intellectual property. Therefore, this payment is not considered a royalty. Likewise, if you are simply buying or selling cryptocurrencies, and not tapping into its underlying algorithm for further financial gains, it may not count as a royalty either.
What is the practical impact? If your crypto income is not a royalty, you might escape withholding tax in the other jurisdiction, as per Article 7. This is especially significant given crypto assets’ growing market capitalisation, which currently hovers around $1.2 trillion.
As cryptocurrencies continue to disrupt traditional financial systems and gain economic relevance, the regulatory landscape is ever-changing. Whether it is accounting standards or tax treatments, differences exist across countries—from complete bans to open-armed acceptance. It is crucial, then, to consult experts to understand how each jurisdiction treats crypto assets, as global policies are far from settled.
As the regulatory landscape for crypto assets is still developing, with very different positions being taken across jurisdictions. Accordingly, seeking expert advice from accounting and/or tax advisors is vital.
If you have questions about crypto assets, accounting and taxation challenges and would like to speak to an expert, please get in touch.
News
Christina Tsiarta
Advisory services on sustainability, ESG & climate change, Kreston ITH
Christina is an experienced consultant specialising in ESG, sustainability, and climate change. She has over 13 years of expertise and has worked with various organisations, including local municipalities, national government agencies, the Directorates-General of the European Commission, and the private sector across different industries.
Laurent Le Pajolec
Member of Board EXCO A2A Polska, Kreston Global ESG Committee member
General Manager and shareholder of consulting companies with a Marketing/ business development and a Financial background with direct experience with several sectors (Real estate, Transport, Fintech, Legaltech, M&A, Import- Export, HR, Restructuring). Exco Polska Board Member.
New International Standard on Sustainability Assurance (ISSA) 5000 proposed by IAASB
Introduction of ISSA 5000: The IAASB has proposed ISSA 5000 as an answer to the growing call for transparent and verifiable sustainability reporting. This proposition follows shortly after the release of initial standards on sustainability and climate disclosures by the International Sustainability Standards Board and the expected climate-related disclosure rule by the U.S. Securities and Exchange Commission.
The Essence of ISSA 5000: Tom Seidenstein, the chair of IAASB, highlighted the importance of ISSA 5000 as a mechanism to fortify trust in sustainability reporting. The proposed standard will be compatible with various other reporting frameworks including those issued by the European Union, ISSB, and more. Both professional accountants and non-accountant assurance practitioners can use the standard for sustainability assurance engagements.
Stakeholder engagement: Emphasizing the importance of inclusivity and holistic viewpoints, the IAASB has embarked on an outreach program to gain insights from diverse stakeholders. These insights will be crucial in refining the final standard, according to Josephine Jackson, IAASB vice-chair.
Current landscape & challenges: Christine Tsiarta from Kreston ITH in Cyprus explains that while there is an increasing awareness of climate-related risks, many audit firms lack the knowledge and skills to accurately address these concerns. As regulations intensify, audit firms will need to enhance their capacities to recognize, monitor, and manage such risks. Laurent Le Pajolec from Exco Poland elaborated on the potential hindrances for auditors, including the necessity for independence, proper education, and adequate support from companies.
The Need for a Comprehensive View: Christine and Laurent emphasise the significance of holistic sustainability reporting. It is vital for companies to capture the complete picture, considering all emissions, including Scope 2 and Scope 3, to present an accurate representation of their sustainability efforts.
The Road Ahead: The IAASB has called for comments on the proposed standard through its website, aiming to ensure it addresses all concerns and offers a robust structure for sustainability assurance.
However, the road to comprehensive sustainability reporting isn’t without challenges. Christine Tsiarta, head of advisory services for sustainability at Kreston ITH in Cyprus, shed light on the current state of affairs, remarking, “So far, there hasn’t been lots of regulation requiring audit firms to report or help clients manage climate-related risks. Now we’re slowly seeing that changing and evolving. But as a result, even auditors themselves don’t have sufficient knowledge, skills and understanding.” She further highlighted the imminent evolution in the landscape as auditors increasingly acknowledge these risks’ relevance.
Laurent Le Pajolec elaborated on the obstacles auditors face. He mentioned the “lack of independence” and added, “It is difficult to be an engineer to identify, for example, what are the sources of emissions of CO2 for a company.” Le Pajolec and Tsiarta both underscored the significance of holistic sustainability reporting. Tsiarta states, “If you’re ignoring part of the picture, then you’re essentially giving a false image of what your impacts are.”
As the world inches closer to a sustainability-centric approach, standards like the proposed ISSA 5000 are indispensable. However, for it to be effective, the collaborative efforts of stakeholders, equipped with the right knowledge and approach, are paramount.
To learn more about the impact of the proposed International Standard on Sustainability Assurance (ISSA) 5000 on your business, please get in touch.
Carmen Cojocaru is a highly qualified professional with extensive experience in the fields of accounting, audit, tax, and business process outsourcing. Additionally, Carmen’s involvement with the ESG committee and Kreston Global highlights her commitment to promoting ethical business practices and fostering sustainable growth within the industry.
EFRAG approves European Commission’s adoption of European Sustainability Reporting Standards
August 2, 2023
Sector:ESG
EFRAG has approved the European Commission’s adoption of European Sustainability Reporting Standards (ESRS). The European Commission adopted the first ESRS, set on July 31, 2023. This is mandated by the Corporate Sustainability Reporting Directive (CSRD) and covers environmental, social, and governance matters. The adoption represents a significant step towards relevant and comparable sustainability reporting and identifying sustainability-related financial risks and opportunities for companies.
The European Commission adopted the ESRS after a comprehensive process that began in September 2020. EFRAG played a significant role in this procedure, including submitting a preparatory work report to the European Commission in February 2021, launching a public consultation on Exposure Drafts of ESRS in April 2022, and providing Technical Advice to the European Commission on the final draft standards delivered in November 2022.
EFRAG is putting significant efforts into developing standards for small and medium-sized enterprises (SMEs). Additionally, they are actively preparing guidance to encourage the implementation and interoperability of ESRS with overlapping ISSB standards, contributing to the joint work with the ISSB and ensuring the interoperability of ESRS with other relevant international standards.
On August 23, the EFRAG SRB will have a public session to receive an update on the first draft of the EFRAG Implementation Guidance and FAQ regarding materiality assessment (MAIG) and value chain (VCIG). Papers related to this will be posted on or before August 16, 2023. The EFRAG SRB and EFRAG SR TEG will also review the responses to the European Commission’s consultation for feedback on the Have Your Say portal on the draft ESRS to identify priority areas for further guidance. Furthermore, EFRAG will soon establish a single access point on its website for stakeholders to ask questions about the ESRS application.
Since its inception, EFRAG has aimed to contribute to the progress of sustainability reporting worldwide while preventing EU preparers and users from having to report multiple times. During its public session on August 23, 2023, the EFRAG SRB will receive an update on interoperability with other major standard-setting initiatives. The SRB acknowledges the excellent progress made in interoperability between the ESRS adopted by the European Commission and the ISSB standards published in June (IFRS S 1 and S 2). Additionally, the SRB will receive an update on joint efforts to promote straightforward interoperability of ESRS and ISSB climate-related standards. EFRAG and the GRI have approved a joint statement acknowledging a high level of commonality and the possibility for ESRS reporting entities to report regarding GRI, which will also be submitted to the EFRAG SRB.
According to the SRB, there has been significant advancement in the development of SME standards(both for listed SMEs (LSME) and for voluntary use (VSME)). The progress on sector standards is ongoing, but the European Commission will provide updated information on the timeline in the fall.
To learn more about your ESG reporting obligations, visit our Sustainability pages.
News
Herb Chain
Shareholder, Mayer Hoffman McCann P.C. Deputy Technical Director, Global Audit Group, Kreston Global
Herb is a highly experienced auditor and is a financial expert with over 45 years of experience in business, accounting, and audit, having served as a Senior Audit Partner at Deloitte. He holds certifications from the National Association of Corporate Directors and the Private Directors Association, with knowledge of private company governance and effective risk management. He has extensive knowledge in the financial services sector, including asset management and insurance.
Auditor role in financial statement fraud prevention
August 1, 2023
Auditors have a significant role in financial statement fraud prevention. Herbert M Chain, Deputy Technical Director at Kreston Global Audit Group and Shareholder at Mayer Hoffman McCann P.C. in the US, believes auditors serve as the sentinels, ensuring the accuracy and fairness of financial statements for regulators, stakeholders, and the public. He recently shared his thoughts with Bloomberg Tax. Read the full article here, or the summary below.
What is the financial impact of fraudulent activities?
Financial fraud remains a pervasive menace to the global economy, causing substantial damage to businesses and the economy. As noted by the Association of Certified Fraud Examiners, financial statement fraud, while being the least frequent (at 9%), was the most expensive source of financial damage in 2022, with a median loss of $593,000.
Financial statement fraud isn’t just about misrepresenting earnings or misappropriating assets. It can also be driven by attempts to manage tax liability, with parties distorting their income through manipulation, misrepresentation, or evasion to shrink their tax responsibilities. This correlation between tax reporting and financial statement fraud emphasises the necessity for robust internal controls, thorough auditing practices, and vigorous regulatory oversight.
What are the professional responsibilities of external auditors?
External auditors carry the weighty responsibility of identifying and responding to the risk of significant misstatement in financial statements due to fraud. Professional standards such as the American Institute of Certified Public Accountants AU-C Section 240 and the International Standard on Auditing 240 guide the responsibilities of auditors.
Though regional and terminology differences may exist, these standards largely define financial statement fraud as intentional acts that lead to significant misstatements in financial statements or misappropriation of assets. They underline the need for auditors to maintain professional scepticism, exercise sound judgment, and obtain sufficient evidence to ensure that financial statements are free from material misstatements caused by fraud or error.
The auditor’s toolkit: Mitigating fraud risk
To effectively counter fraud at the audit engagement level, auditors must familiarise themselves with tools like the fraud triangle, which helps assess fraud risks. This conceptual framework, developed by criminologist Donald R. Cressey, considers three key elements that could increase fraud risk: incentive/pressure, opportunity, and rationalisation/attitude.
However, strong internal controls can be bypassed or overridden by management, leading to material misstatements in financial statements. To address this risk, auditors must understand the control environment, assess the design and implementation of internal controls, analyse journal entries, accounting policies, and adjustments, and incorporate unpredictability into the audit procedures.
Encouraging team engagement to detect fraud
One of the key tactics to identify and respond to fraud risks is to encourage brainstorming sessions within the engagement team. These discussions facilitate the sharing of knowledge, experiences, and insights, and allow for the development of staff members.
The engagement team must prepare before the sessions, encourage open discussions, emphasise the need for professional scepticism, focus on unusual transactions, and document and follow up on all identified fraud risks and related audit procedures.
In this ever-evolving financial landscape, it is our duty as auditors to uphold the integrity of financial reporting, thus contributing to a stable economy and instilling trust in external stakeholders.
Speak to us about fraud prevention
If you would like to know more about how audit can help your company prevent fraud, please get in touch.
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