Nexia Global Insight October
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CENTRAL AND EASTERN EUROPE
Still open for business
Central and Eastern Europe continues to provide attractive inward investment opportunities – even if the region is expected to record the slowest growth among world emerging markets in 2011.
Growth may be sluggish, but incentives remain, with governments across the region responding to recession with a range of policy moves aimed at foreign investors.
The result is that inward incentive packages generally remain intact and, in some cases, there are now improved opportunities for companies to set up and do business in the region.
For example, in Hungary the government is pursuing a policy of economic reform, which includes cutting personal income and corporate tax rates to increase the country's...
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ASIA PACIFIC
Foreign companies operating in China will need to take account of income tax changes that will hit their expatriate employees.
The new income tax arrangements, which are effective from 1 September 2011, are aimed at shifting the tax burden from low-income earners to higher-income earners.
Current inflation rates are taking a big bite out of workers' paychecks, so the changes will come as a welcome relief to mid-level and low-level earners.
Fair share
The changes are also aimed at ensuring that wealthier taxpayers in China pay their fair share of income...
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FINANCIAL REPORTING
A consistent, worldwide set of international financial reporting standards – IFRS – is coming, and the sooner your company understands and embraces them, the fitter it will be for the future.
The ultimate goal of convergence to IFRS is a single set of accounting standards that companies worldwide will use...
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FINANCIAL REPORTING
Globally harmonized International Financial Reporting Standards (IFRS) will have a huge impact on privately owned companies and two of the more wide-reaching issues will be revenue recognition and leasing transactions.
While many countries continue to question the effect of the proposed convergence of rules, the International Accounting Standards Board (IASB)...
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OFFSHORE INVESTMENTS
Red tape burden of US foreign account rules for offshore investors
The new FATCA legislation – the Foreign Account Tax Compliance Act – in the US will create an additional administrative...
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MERGERS & ACQUISITIONS
Guidelines on new M&A scheme in Singapore
Foreign companies looking to invest in Singapore have a window of opportunity
to take advantage of changes in the rules governing...
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FOCUS ON...
The benefits of outsourced finance functions
Outsourced finance functions are increasingly used by international groups to improve the quality and timeliness of their management information.
This...
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EUROPE
UK tax regime aims to attract multinationals
A significant shift in UK tax policy in recent years has been designed to encourage more overseas businesses to relocate...
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EUROPE
Concern over EU harmonization of e-invoicing rules
The EU Commission is expected to issue guidelines later this year to avoid uncertainty over new rules for electronic VAT...
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EUROPE
Substance requirements a threat to overseas susidiaries? tax breaks
Companies operating subsidiaries overseas and benefiting from lower taxes in those countries should take note of new international guidelines on...
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EUROPE
Liechtenstein overhauls its tax regime
This year has seen a complete redrawing of Liechtenstein's Tax Act, resulting in a single Act regulating the taxation of...
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