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Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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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.
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Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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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.
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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.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery
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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.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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IFRS
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.
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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.
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Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
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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.
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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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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.
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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.
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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.
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Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.
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Transfer pricing
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
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Tax policy
Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.
For a full discussion of this new framework, see a replay of our recent webcast, Global developments in international tax.
Pillar 1 will usher in a reallocation of taxing rights to countries reflect an increasingly digitised global economy. According to new Pillar 1 provisions, some businesses will no longer just pay tax where they have a 'bricks and mortar' physical presence. They will also need to register and pay tax where they create value, including e-commerce sales initiated outside the jurisdiction.
There is a high threshold of qualification for businesses to qualify for Pillar 1 taxation – a €20 billion global turnover and pre-tax profit margin of more than 10% of revenue. There are also sector exclusions for regulated financial services and extractive industries. In practice, this means that the new rules will only apply to around 100 corporate giants worldwide, though there is scope to review and reduce the qualifying threshold in coming years.
In a widely welcome move, the agreement would put an end to the patchwork of unilateral digital taxes that have sprung up in recent years. Signatory nations have agreed not to impose any new digital taxes in their jurisdictions and withdraw existing ones once the new rules go into effect worldwide.
Fair share of tax
In another major step, the signatories also agreed to impose a minimum 15% corporate tax to apply across all their countries -- OECD Pillar 2. The 15% minimum tax seeks to end the 'race to the bottom' on tax rates worldwide where countries are competitively cutting corporate taxes to attract businesses and consequently forcing all countries to cut taxes to compete. In a further clampdown on aggressive tax planning, Pillar 2 would also make it much harder to minimise taxes by recording profits in low-tax jurisdictions while recording the costs in high-tax counterparts.
Crucially, the threshold for qualifying for the Pillar 2 minimum tax floor is much lower than Pillar 1 – a €750 million global turnover.
Coming soon
The agreement is a landmark in both how many economies have signed up and how quickly it has been finalised. The signatories include all the G20 economies, along with the majority of other OECD members.
Reflecting the political pressures driving these changes, the signatory countries have pledged to pass the rules into national legislation in 2022 and bring them into force in 2023.
Depending on the size of the business and the nature of its international operations, the need to bring taxation in line with the new laws will increase the number of permanent establishments and require a rethink of group structures and transfer pricing. In practice, this means aligning tax strategies and business models more closely.
Local legislative approval isn’t a given. In particular, without enactment in the U.S., the agreement could quickly unravel. The Biden administration played a strong role in driving the agreement over the line. But a two-thirds majority in the Senate would normally be needed to pass this kind of international treaty into law. Securing such support may be difficult. There is talk of using presidential executive authority to get around any hold-up in the Senate. For now, however, progress is by no means certain.
More generally, governments worldwide will be looking at whether the global agreement delivers what they believe is their rightful share of taxes. If it doesn’t, and consensus breaks down as a result, businesses could be left with the worst of all possible worlds. In particular, the situation could return to countries going it alone, with and all the discrepancy, complexity and instability this entails.