Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
Forensic and investigation services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
Mergers and acquisitions
Globalisation and company growth ambitions are driving an increase in M&A activity worldwide. We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer- term strategic goals.
Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery
Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
Innovation and investment incentives
Dynamic businesses must continually innovate to maintain competitiveness, evolve and grow. Valuable tax reliefs are available to support innovative activities, irrespective of your tax profile.
Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.
Outsourcing Changes to the Outsourcing legislation, specifically when offshoringSignificant changes to the dynamic of the financial services sector in recent years have shifted the paradigms in how we work. The increased digitisation of the workforce, changes in business models, globalisation, and remote working capabilities have led to a new approach to the delivery of services.
Asset management Inflation and tax planningThe recent onset of rapid inflation is an unwelcome development that is having a widespread impact on US businesses and tax planning.
As most of the Base Erosion and Profit Shifting (BEPS) Action Plan is made up of best practice recommendations rather than ‘red line’ requirements, it was always going to be applied electively and in different ways from country to country.
Yet implementation has already confounded expectations in the extent to which many of the optional recommendations are being embraced and fast-tracked by major economies worldwide. These legislative changes are set to have a significant impact on financial and operational structures, as well as effective tax rates.
At the same time, some of the BEPS actions that were meant to be universally and consistently implemented have stalled through lack of political momentum or international agreement on how they should be applied.
Country by country (CbC) reporting
The adoption of CbC reporting in so many economies worldwide, including Canada, China, India, the United States (US) and the European Union (EU), means that BEPS – or at least one key area of it (Action 13) – is up and running. In all, more than 100 countries and jurisdictions have signed up for minimum standards that include CbC as part of the Inclusive Framework on adoption and implementation.
Governments and tax authorities have embraced CbC reporting as an opportunity to enhance transparency and promote greater information sharing. Buy-in from the US is especially significant.
EU Anti-Tax Avoidance Directive (ATAD)
ATAD 1 is bringing key aspects of BEPS into EU and member state law including CbC reporting, restrictions on interest rate deduction, common patent box rules and actions to address hybrid mismatches. Crucially, ATAD 2 takes this further by extending the reach of the curbs on hybrid mismatch to arrangements involving countries outside the EU.
Where BEPS is stalling?
Some aspects of BEPS are still subject to international consultation on how they should be applied in practice. Part of the delay lies in the technical intractability of some of the measures – hard-to-value intangibles being a case in point. There is still a lack of clear guidance in key areas of transfer pricing for Permanent Establishments and how profits should be attributed to foreign branches.
Where the OECD's Action Plan is splintering?
While one of the main aims of the BEPS Action Plan is to bring greater consistency to the tax rules for MNEs, the architects of the plan recognised the need for flexibility in adapting the measures to local tax policy objectives. But we’re already seeing much greater fragmentation than the OECD envisaged. Even in the area of transfer pricing documentation where the master file and local country file concepts are very clear and straightforward, some countries are adding their own tweaks and requirements, which could add unwelcome extra burdens on business.
Navigating BEPS - the road ahead
Implementation has a long way to go but patterns are beginning to emerge. The countries enacting the BEPS actions fastest are the ones feeling the most public pressure for tax reform. The BEPS actions at the front of queue are the ones that are likely to have the biggest impact from both a revenue generating and political perspective.
Is your organisation up to speed? A survey we carried out last year revealed that more than three-quarters of participating businesses had not changed their approach to taxation to take account of BEPS.[i] Given the amount of strategic re-evaluation, financial restructuring and other heavy lifting that’s likely to be needed, it’s important to get into gear as soon as possible if you haven’t already. Equally urgent is the bolstering of tax risk governance and management needed to steer through levels of scrutiny that are increasing in both intensity and in crossjurisdictional co-ordination.
It’s therefore vital that your business has a clear and comprehensive view of the road ahead on tax and the best way to navigate it. We can help. If you would like to discuss any of the areas raised in this article, please contact your local Grant Thornton adviser or one of the contacts listed in the article.