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Accounting Advisory
Our accounting advisory team help businesses meet their complex financial reporting requirements. The team can support in applying new financial reporting standards, IFRS/ US GAAP conversions, financial statement preparation, consolidation and more.
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Payroll
Our team can handle your payroll processing needs to help you reduce cost and saves time so that you can focus on your core competencies
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Managed accounting and bookkeeping
Outsourcing the financial reporting function is a growing trend among middle market and startup companies, as it provides a cost-effective way to improve the finance and accounting function. Our team can help with financial statement preparation, consolidation and technical on-call advisory.
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Accounting Advisory
Our team helps companies keep up with changes to international and domestic financial reporting standards so that they have the right accounting policies and operating models to prevent unexpected surprises.
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Crypto Accounting Advisory Service
Our team can help you explore appropriate accounting treatment for accounting for holdings in cryptocurrencies, issuance of cryptocurrencies and other crypto/blockchain related accounting issues.
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ESG Reporting and Accounting
As part of our ESG and Sustainability Services, our team will work with you on various aspects of ESG accounting and ESG reporting so that your business can be pursue a sustainable future.
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Expected Credit Loss
Our team of ECL modelling specialists combine help clients implement provisioning methodology and processes which are right for them.
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Managed Accounting and Bookkeeping Services
Outsourcing the financial reporting function is a growing trend among middle market and startup companies, as it provides a cost-effective way to improve the finance and accounting function. Our team can help with financial statement preparation, consolidation and technical on-call advisory.
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Business Tax Advisory
Our business tax team can help you navigate the international tax landscape, grow through mergers and acquisitions, or plan an exit strategy.
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Corporate Finance
Our corporate finance team helps companies with capital raising, mergers and acquisitions, private equity, strategic joint ventures, special situations and more.
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Financial Due Diligence
From exploring the strategic options available to businesses and shareholders through to advising and project managing the chosen solution, our team provide a truly integrated offering
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Valuations
Our valuation specialists blend technical expertise with a pragmatic outlook to deliver support in financial reporting, transactions, restructuring, and disputes.
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Sustainability with the ARC framework
Backed by the CTC Grant, businesses can tap on the ARC Framework to gain access to sustainability internally, transform business processes, redefine job roles for workers, and enhance productivity. Companies can leverage this grant to drive workforce and enterprise transformation.
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Business Tax Advisory
Our business tax team can help you navigate the international tax landscape, grow through mergers and acquisitions, or plan an exit strategy.
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Corporate Tax Compliance
Our corporate tax teams prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and realise tax benefits.
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Tax Governance
Our Tax Governance Services are designed to assist organisations in establishing effective tax governance practices, enabling them to navigate the intricate tax environment with confidence.
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Goods and Services Tax
Our GST team supports organisations throughout the entire business life-cycle. We can help with GST registration, compliance, risk management, scheme renewals, transaction advisory and more.
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Transfer Pricing
Our Transfer Pricing team advises clients on their transfer pricing matters on and end-to-end basis right from the designing of policies, to assistance with annual compliance and assistance with defense against the claims of competing tax authorities.
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Employer Solutions
Our Employer Solutions team helps businesses remain compliant in Singapore as well as globally as a result of their employees' movements. From running local payroll, to implementing a global equity reward scheme or even advising on the structure of employees’ cross-border travel.
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Private Client Services
Our private client services team provides a comprehensive cross section of advisory services to high net worth individuals and corporate executives, allowing such individuals to concentrate on their business interests.
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Welfare and benefits
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Career development
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A whole of business change
Emerging markets are at the forefront of the global shift from direct to indirect taxation. Reduced corporate tax rates in many countries and new or enhanced value-added-tax (VAT) or goods-and-services-tax (GST) are causing the shift.
VAT or GST implementation is invariably challenging, but there’s no need to make it any more difficult than it needs to be by leaving it until the last minute or by only involving tax and finance teams. Your entire business needs to be responsive to this change as every function, from marketing to Human Resources (HR), will be affected.
- The greater emphasis on indirect tax reflects an overall shift from taxing goods and services at the point of supply to where they’re consumed.
A global shift
The GCC is a telling example of taxation’s direction of travel, as states that had been able to rely on oil and gas revenues for the bulk of government expenditure decide that they have to introduce VAT in the wake of subdued fuel prices. Unlike China and Malaysia, which have moved from a standard sales tax to VAT/GST, the GCC has no existing sales taxes and therefore the new tax is a cultural, as well as strategic and operational leap.
India is also looking to boost tax revenue by moving its existing sales taxes to a new harmonised GST system. But the government’s ambitions go further as GST filing and collection will be managed through a purpose-built technology network, marking the latest stage in the digitisation of public services. The challenges are heightened by the complexity of the IT demands and multitude of overlapping federal, state and inter-state GST.
- The big danger is thinking of VAT/GST as simply a sales tax or as a fairly simple change, only affecting the tax and wider finance teams.
Issues and complexities
Our experience of implementation in both developed and emerging markets suggests that the business impact of VAT/GST is often under-estimated, leading to under-resourcing and inadequate preparation time. In reality, there are multiple issues and complexities to consider and address:
- Political sensitivity - as VAT/GST systems affect consumer prices, their introduction is bound to be contentious.
- Price, profit and reputation - clearly, some prices will rise as a result of the tax, but companies often under-estimate the additional impact of higher systems and compliance costs.
- Operational challenges - from applying the tax rules to individual products through to filing and payment, the operational demands of VAT/GST are much greater than a standard sales tax.
- International reach - understanding VAT/GST liabilities and claims across multiple cross-border operations is proving to be increasingly difficult for multinational groups
Six fundamentals of efficient implementation
As the differences between VAT/GST systems in India, China, the GCC and Malaysia highlight, there is no common preparation for implementation in emerging markets. But certain fundamentals apply:
- Instil cross-organisational awareness - VAT/GST implementation is a whole of business change, rather than just a tax or finance compliance project.
- Business and supply chain mapping - early evaluation of the legislation and its impact will enable issues to be addressed with enough time to minimise deficiencies ahead of a go live date.
- Strategic assessment/planning - business teams should look closely at the implications for pricing, marketing and supply chain management.
- Project governance - assess resourcing priorities and put in place a governance framework as early as possible.
- Project planning - all stakeholders should come together to determine time frames and key milestones.
- Hand over and operationalisation - it’s likely that tax, strategy and project management consultants will play a crucial role in planning and implementation. Support should include how to move to an in-house business-as-usual operation.
Be prepared
The better prepared your business is, the bigger the opportunity. If you would like to discuss any of the points raised in this article a full list of our indirect tax contacts is available in our International indirect tax guide.