-
Business valuations
We offer expert valuation advice in transactions, regulatory and administrative matters, and matters subject to dispute – valuing businesses, shares and intangible assets in a wide range of industries.
-
Capital markets
You need corporate finance specialists experienced in international capital markets on your side if you’re buying or selling financial securities.
-
Complex and international services
Our experience of multi-jurisdictional insolvencies coupled with our international reputation allows us to deliver the best possible outcome for all stakeholders.
-
Corporate insolvency
Our corporate investigation and recovery teams can help you manage insolvency situations and facilitate the best outcome.
-
Debt advisory
An optimal funding structure for your organisation presents unprecedented opportunities, but achieving this can be difficult without a trusted advisor.
-
Expert witness
Our expert witnesses analyse, interpret, summarise and present complex financial and business-related issues which are understandable and properly supported.
-
Financial models
A sound financial model will help you understand the impact of your decisions before you make them. Talk to us about our user-friendly models.
-
Forensic and investigation services
We provide investigative accounting and litigation support services for commercial, matrimonial, criminal, business valuation and insurance disputes.
-
Independent business review
Is your business viable? Will it remain viable in the future? A thorough independent business review can help your organisation answer these fundamental questions.
-
IT forensics
Effective ESI analysis is integral to the success of your business. Our IT forensics experts have the technical expertise to identify, preserve and interrogate electronic data.
-
Mergers and acquisitions
Grant Thornton provides strategic and execution support for mergers, acquisitions, sales and fundraising.
-
Raising finance
Raising finance - funders value partners who can deliver a robust financial model, a sound business strategy and rigorous planning. We can guide you through the challenges that these transactions can pose and help you build a foundation for long term success once the deal is done.
-
Relationship property services
Grant Thornton offers high quality independent advice on the many financial issues associated with relationship property from considering an individual financial issue to all aspects of a complex settlement.
-
Restructuring and turnaround
Grant Thornton’s restructuring and turnaround service capabilities include cash flow, liquidity management and forecasting; crisis and interim management; financial advisory services to companies and parties in transition and distress
-
Transaction advisory
Our depth of market knowledge will steer you through the transaction process. Grant Thornton’s dynamic teams offer range of financial, commercial and operational expertise.
-
Corporate tax
Grant Thornton can identify tax issues, risks and opportunities in your organisation and implement strategies to improve your bottom line.
-
Employment tax
Grant Thornton’s advisers can help you with PAYE (payroll tax), Kiwisaver, fringe benefits tax (FBT), student loans, global mobility services, international tax
-
Global mobility services
Our team can help expatriates and their employers deal with tax and employment matters both in New Zealand and overseas. With the correct planning advice, employee allowances and benefits may be structured to avoid double taxation and achieve tax savings.
-
GST
GST has the potential to become a minefield and can be expensive when it goes wrong. Our technical knowledge can help you minimise the negative impact of GST
-
International tax
International tax rules are undergoing their biggest change in a generation. Tax authorities around the world are increasingly vigilant, especially when it comes to global operations.
-
Research and Development
R&D tax incentives are often underused and misunderstood – is your business maximising opportunities for making claims?
-
Tax compliance
Our advisers help clients manage the critical issue of compliance across accountancy regulations, corporation law and tax. We also offer business and wealth advisory services, which means we can provide a seamless and tax-effective offering to our clients.
-
Transfer pricing
Tax authorities are demanding transparency in international arrangements. We businesses comply with regulations and use transfer pricing as a strategic planning tool.
-
Audit methodology
Our five step audit methodology offers a high quality service wherever you are in the world and includes planning, risk assessment, testing internal controls, substantive testing, and concluding and reporting
-
Audit technology
We apply our audit methodology with an integrated set of software tools known as the Voyager suite. Our technology has been developed to produce quality audits that are effective and efficient.
-
Financial reporting advisory
Our financial reporting advisers have the expertise to help you deal with the constantly evolving regulatory environment.
-
Business architecture
Our business architects help businesses with disruptive conditions, business expansion and competitive challenges; the deployment of your strategy is critical to success.
-
Cloud services
Our team is led by cloud business experts who tailor services to the needs of your organisation, from strategy and implementation to ongoing services assurance.
-
Internal audit
Our internal audits deliver independent assurance over key controls within your riskiest processes, proving what works and what doesn’t and recommending improvements.
-
IT advisory
Our hands on product experience, extensive functional knowledge and industry insights help clients solve complex IT and technology issues
-
IT privacy and security
IT privacy and security should support your business strategy. Our pragmatic approach focuses on reducing cyber security risks specific to your organisation
-
Organisational & cultural change
The key to sustainable and future growth is a unified organisation operating within a strong cultural context, where transparency and communication are the priority for Kaimahi, and where visible leadership means walking the talk – but where does that journey begin?
-
Payroll assurance
Our specialist payroll assurance team can conduct a review of your payroll system configuration and processes, and then help you and your team to implement any necessary recalculations.
-
PCI DSS
Our information security specialists are approved Qualified Security Assessors (QSAs) that have been qualified by the PCI Security Standards Council to independently assess merchants and service providers.
-
Process improvement
As your organisation grows in size and complexity, processes that were once enabling often become cumbersome and inefficient. To maintain growth, your business must remain flexible, agile and profitable
-
Procurement/supply chain
Procurement and supply chain inputs will often dominate your balance sheet and constantly evolve for organisations to remain competitive and meet changing customer requirements
-
Project assurance
Major programmes and projects expose you to significant financial and reputational risk throughout their life cycle. Don’t let these risks become a reality.
-
Risk management
We understand that growing companies need to establish robust internal controls, and use information technology to effectively mitigate risk.
-
Robotic process automation (RPA)
RPA is emerging as the most sophisticated form of automation used to help businesses become more agile and remain competitive in the face of today’s ongoing digital disruption.
Budget 2014: An unpleasant dose of BEPs to solve our taxation woes?
An unpleasant dose of BEPs to solve our taxation woes?
While government officials and members of the OECD debate the nuances of how to remedy the dilemma that is international taxation, New Zealand businesses wait with baited breath as to how these discussions will impact them.
Our Government recognises the importance of these discussions and is comfortable sitting around the OECD table, assisting and influencing the outcome – all the time realising that once the proposals are finalised, we’ll have little say in whether they are adopted globally.
But could we actually be left worse off by what’s finally proposed? Should the Government be looking to take actions sooner, by implementing new domestic tax measures in the upcoming Budget?
The key focus of the OECD’s discussion has been around BEPS (base erosion and profit shifting). The most public examples of this have been exemplified through global organisations, such as Google, Starbucks and Amazon, who transfer profits globally, based on recognised international tax principles. In effect, profits are drawn away from the country of the customer, and often placed somewhere with low or no tax, effectively enhancing the return to the shareholder. And while this doesn’t offend the letter of the law, it has been called into question morally.
Make no mistake; if there was an easy answer to resolve this, it would already have been put in place. Some countries have implemented their own remedies, with India and China being two notable examples of jurisdictions that modify their domestic laws and interpretations to the benefit of their respective Governments.
But therein lies the problem. International business embraces multiple jurisdictions, none of whom have the same rules of taxation. While there are some broad principles on which tax regimes are based, the local implementation of these is unique. Likewise, while there are broadly accepted principles for the pricing of related party transactions, each country has its own interpretation of these. Reliance is often placed on Mutual Agreement Procedures contained in Tax Treaties to solve the impasse. However, the process of resolution is often arduous and long. And of course not all countries have Tax Treaties, particularly not tax havens!
Critically, there are only 34 countries which comprise the OECD. The notable omission of all BRIC countries (Brazil Russia, India and China) is an example of the potential lack of global reach of the proposals.
Our Minister of Revenue also recently acknowledged that the success of whatever solutions are proposed relies on the majority of countries adjusting their domestic tax laws to embrace the new international tax best practice. Even the most optimistic of us would agree this will take a considerable amount of time to implement, if it’s implemented at all. For years countries have sought to attract business through tax breaks and incentives (take the Ireland resurgence for example which was solely based on its reduced corporate tax rate to entice international head offices). It is hard to see a simultaneous and multilateral adjustment relating to BEPS recommendations being adopted by most countries, retrenching inducements they have in place and implementing uniformity of approach. Assuming there is the political ability to make these changes.
One of the proposals, to require taxation in the country of the customer, would be certain to leave New Zealand business worse off. With an export lead economy, the Minister of Revenue has recognised the devastating effect this would have on our economy. However, he remains confident this proposal will not be finally suggested.
It is certain there will be greater focus on ensuring multinationals pay tax somewhere in the world. The logical outcome would be to tighten the rules in the shareholder’s home country which would attract more tax revenue to that country. This would not be beneficial to New Zealand either, given the preponderance of foreign owned multinationals that run most New Zealand big business.
Somewhere in the mix of solutions, New Zealand needs to put its own stake in the ground. Several countries have already decried “enough is enough” and have addressed this issue through their own domestic tax rules. The New Zealand Government needs to consider whether it should be doing the same – and using this year’s Budget as a starting point. While generally unpopular (India’s 50 year backdated legislation last year was an example) implementing new domestic tax rules would be more beneficial than allowing the pillaging of New Zealand Gross Domestic Product by foreign countries seeking to shore up their own tax reserves.
Will we continue to wait for the OECD, or see some more of our own measures to grab a greater share of the global tax pie?
Further enquiries, please contact:
Greg Thompson
Grant Thornton New Zealand National Director and Partner, Tax
T +64 4 495 3775
E greg.thompson@nz.gt.com