Global Connect Admin B.V in partnership with the DNHK are holding a German webinar on 15 June 2022 at 12:00, titled “Einführung in Global Connect Admin BV & Global Connect Consultancy BV Ein kurzer Überblick über Amelkis XBRL. Register on the following link: https://lnkd.in/eSKqWcQg #webinar #xbrl #german #globalconnectadmin #globalconnectconsultancy #DNHK
Through adversity we grow and this year’s summit taught to inspire just that; the tools needed to adapt in this vast – changing world and in every step of the way, to grow and draw strength and purpose from what has happened in the past.
The PS provided a platform for actionable insights, inspiration and networking with over 2000 meet-ups held per day at the 2021 Summit. Global Connect Consultancy B.V., together with Global Connect Admin B.V. again this year enriched their professional know-how and built on its vast & steadfast network!
It is the ability to find harmony in the noise and to know there is a safety net when we err. According to Itay Talgam this can be achieved by our ability to recognize and explore gaps, our decision to interpret the plans we create. This speaker is an orchestral conductor who teaches leadership by looking at examples of world leading maestros. In his book The ignorant Maestro Talgam explains that sometimes the best way to stimulate and let people develop their full potential under your direction is to be ignorant. Leaders do not have to be the one who knows everything, but the one who helps his leaders to develop their full potential and to coordinate the team so that those energies flow in a common sense, as happens in a well-assembled orchestra. He teaches his audience not to mind the gaps but to use them.
Other experts on the stage included Daniel Pink, expert on human behavior who aims to teach businesses that regret is both healthy and universal and an integral part of human life. Regret is not abnormal or dangerous, it clarifies what we value and teaches us to be better if we can learn from it.
Dr. Frederik Pferdt, CIE of Google teaches around the central idea that “it’s important to create an environment where everyone is allowed to bring in opinions”. His teachings focus on human mindset and how it channels our inner attitude towards every external event and how to reprogram our negativity bias and start inventing a better future, today.
Noteworthy insights from Linda Hill included inter alia that “most innovations arise from the collision of different ideas, perspectives, and ways of processing emotions”. Organizations are increasingly faced with pressure to innovate, but lack the tools to fuel, inspire and sustain that innovation. In summary the professor teaches her audience to reduce their should’ve and could’ve; be collaborative-ready; develop your successors and paying attention to both scale and speed.
We would like to thank our hosts at this years’ President’s Summit for the outstanding event that was had! Your hospitality is remarkable and the teachings are what we will draw from in the coming year. Thank you!
Join the leaders of future, the investors of tomorrow, and the founders of TODAY! Join Global Connect Consultancy B.V., your trusted partner in financial reporting – today, tomorrow and into the future. Our professional global team will ensure that you regain control of your financial data, allowing you to focus on your core business.
Tax security is a high priority for tax authorities. The most critical influences on investment and location decisions are uncertainties in corporate tax and the VAT system. It is crucial to ensure financial security, which is also the case with digital business models in Germany.
To have Tax Certainty, you need Compliance and Controversy. You have obligations to cooperate with the tax audit, and you need to record your work before and during this audit. Are there tax disputes? Then you can use dispute settlement instruments.
The recently applied administrative principles of the tax auditing practice in Germany are:
- Increased duty of cooperation, according to Section 90 (2) AO. The relevance of documents and data of foreign persons, such as e-mails, Messenger messages, and electronic media, is necessary. If necessary, you can contractually guarantee the internal group relationship.
- Increased obligation to cooperate in accordance with Section 90 (3) AO. You must provide evidence for data or documents as a basis for testing by using different methods.
- Suitability documentation. With the introduction of the « Best Method »-rule, you can leverage third-party comparison data for budget calculations and sensitivity analysis for valuation.
- Estimates, according to Section 162 (3) and (4) AO. Please refer to this Section if your documentation cannot be used, even if the content differs from the tax authorities’ view.
ATAD implementation law (Anti-Tax Avoidance Directive)
Little change has taken place in ATAD. If you wish to read about this law, the European Commission is consistent in releasing ATAD information.
Tax CMS: Accounting obligations and tax audits in Germany
« For tax evasion of the various forms of intent, conditional intent is already sufficient. » Legal Framework – Decision Implementing Section 143 AO.
If the taxpayer has set up an internal control system (ICS) to meet tax obligations, this may be an indication against intent or recklessness. However, this does not exclude an investigation of the concerned individual case.
Verbandssanktionengesets/Association Sanctions Act (VerSanG):
The basis of the association sanction is a so-called association law. This includes tax evasion. Association acts can be punished with hefty fines; the amount of the fine depends on the company’s size. If there are sufficient factual indications, public prosecutors are obliged to conduct an investigation (principle of legality). It is explicitly stated that (fiscal) CMS measures can have a mitigating effect as part of the sanction.
Transfer Pricing Life Cycle
Even errors down to the smallest details can cause issues. You can use the Transfer Pricing Life Cycle to determine where attention is necessary.
- Identification: Provide continuous identification of transfer pricing issues.
- Tax Assessment: Provide a tax analysis of the identified transfer pricing issues based on provided calculations.
- Contract and Action Instructions: Ensure documented formalization of transfer pricing models in written agreements and instructions.
- Methodology and Actual Implementation: Ensure uniform application of transfer pricing methods for comparable transactions.
- Data Delivery and Calculation: Provide a consistent calculation of transfer prices according to the defined methodology.
- Booking: Provide the accounting mapping of transfer prices in an understandable and uniform form. Monitoring: Provide regular monitoring of compliance with transfer pricing models throughout the year.
- Archiving: Provide audit-proof storage of the data in an understandable form.
- Process Monitoring and Escalation: Provide monitoring of processes and escalations.
- TP Documentation: Secure the documentation content for so-called local files.
- Tax audit: Ensure implementation of tax audit findings in subsequent years.
If you need further information, or if you have any questions, feel free to contact us. You can find the necessary information on this topic on the OECD (Organisation for Economic Cooperation and Development), the BMF (Federal Ministry of Finance of Germany), the European Commission, and KPMG Germany websites.
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Global Connect Admin Tax Workshop für Chinese Companies in the Netherlands
On March 5, the Global Connect Admin Tax Workshop for Chinese Companys in the Netherlands took place in Amsterdam. More than 30 interested participants of Chinese companies based in the Netherlands took part in our seminar « Tax advantages for a Dutch company ». Our tax experts have provided information in Chinese and English on relevant topics of Dutch tax legislation. The focus was on low corporate tax rate, which is still decreasing in recent years, no withholding taxes for interests and royalties, withholding tax for dividends as low as 15% (to Chinese residents is 10%) and possible participation exemption.
Furthermore, the latest news in tax regulations in 2019 was on the agenda: The Global Connect admin team explained to the participants that 19% and 25% in 2019, respectively. The substantive tax will increase, which is 25% in 2019 and the lower VAT rate has increased to 9% in 2019. In addition, it dropped Wealth tax rate insignificantly. Expat settlement has been shortened to 6 years in 2019. A number of innovations that must be observed in the company administration.
The second part of our seminar was very practical and focused on invoice compliance requirements. Using concrete examples, the participants from all over the Netherlands were able to practice the correct billing process.
Do you have any questions about tax advantages for Dutch company? Please feel free to contact us directly to see what GCA can do for you. Global Connect Admin B.V. (GCA) is a trusted partner in all matters of company administration, financial management, bookkeeping and accounting. As an experienced administration office, we provide our client with an extensive package of services. We closely align these services with our clients’ specific needs and adapt our corporate culture to guarantee a long-term partnership.