Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.

Grant Thornton’s teams can work with you to help you understand these regulations, develop a strategy tailored to your business’ individual tax needs and manage tax risk around the globe.

Base erosion and profit shifting (BEPS)

Businesses with a footprint in a number of countries will be aware of the variations in tax policies between regions.

Insight Navigating BEPS: implications and actions Read more
Insight EU Commission –'Action-plan' for VAT Read more

In recent years, these tax discrepancies have been at the centre of a public outcry and received huge amounts of media attention. Through aggressive tax planning, some organisations capitalised on these discrepancies and regional variations to avoid corporate tax or reduce their liability. This practice is known as base erosion and profit shifting (BEPS). Although legal in the vast majority of cases, this practice has raised ethical concerns worldwide.

The Organisation for Economic Co-operation and Development (OECD) has launched a 15-step action plan to tackle and reduce BEPS, which could lead to major changes in international tax standards.

View a copy of the action plan

If you do business across borders, it’s essential you understand these possible changes to tax systems. Having a firm grasp on the OECD’s plans could protect you from reputational damage and also make sure your business is compliant with necessary rules and regulations.

Accounting reforms in the EU

New rules applicable from 2016 will have a major impact on the relationship between public-interest entities and their auditors. We can work with you to consider how new regulations affect your tax strategy.

What is changing? 

Under a new regulation from the European Commission, the European parliament and the Council of EU Members, there will be restrictions on the types (and number of) advisory services you can receive from your auditor.

From 2016, there will be a cap of 70% of the audit fee, averaged over three years, on the level of (allowable) non-audit services you can receive from your auditor.

Under the new regulations, you will also need to change your auditor at least every 10 years – though this may be longer in certain circumstances.

How new rules affect your business

As a result of these regulations, you’ll have the opportunity to work with new firms on your audit and advisory solutions. By building a relationship with Grant Thornton, you can benefit from our team’s fresh insights into your business. If you have any questions or would like to find out more about how we can help, contact Lorraine Parkin, our tax services leader.