local knowledge. dispatchwork - iapa · fazal mahmood & company lahore, pakistan contact...
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Welcome to IAPA’s Quarterly newsletter
March 2019
IAPA - A leading global association of independent accountancy, law and business advisory firms
Established in 1979 No. 9 global association 1.4bnUSD turnover
193 member firms 70 countries 338 offices 1342 partners 10,478 staff
DISPATCHWORK IAPA’s quarterly news publication containing news
and information for Members of IAPA
Creating the fabric of a global society
Global Support.
Local Knowledge.
IAPA Social
IAPA CEO welcome
Ramon
Gonzalez
Latin-American Regional Chair
Dear Members,
Following on from my January issue of the new monthly
CEO Blog I am really pleased to continue to forward you
the larger, quarterly IAPA newsletter that includes
valuable news and updates from our member firms.
As we are evolving our association, this will actually be
the last issue of ‘Dispatchwork’! Come June time we will
have a fresh new website and our new newsletter will
mirror its bright and energised design with both CEO and
Global Chairman Welcome Letters. I very much look
forward to showcasing all of this later this year.
Here at IAPA we have been extremely busy over the last
3 months. What amazing recruitment for the first
quarter with wonderful new firms. I would like to start
by wishing the warmest of welcomes to our 13 new
firms from all around the world. You will see each one
detailed in this newsletter – we are delighted to have
you and I look forward to meeting many of you at our
EMEA Regional event in Mallorca in May.
As this newsletter goes out, I am in Asia Pacific visiting
our IAPA firms in India, Singapore and finishing in Sri
Lanka at the IAPA Asia Pacific Regional Conference in
Colombo (8-9 March). It has been a pleasure to meet all our
member firms in these countries and to understand further
the business needs of each and every one of you. We have
generated a deeper understanding of how IAPA can help
future business opportunities within and between these
countries and I am eager to put plans into action on my return
from the conference.
I also had the pleasure of visiting NY in January and attended
the AICPA conference. Understanding the future for
accounting firms is a hot topic and the future of AI is very real
and apparent. Inspired by the insights about the future of our
sector I look forward to sharing updates with you at future
conferences. Whilst in NY I also met with our colleagues from
the Wilson Elser White Plains office regarding IAPA’s
expansion in the USA and extended collaboration plans. Also,
special thanks to Norm Schulman and Naomi Torres from
Schulman Lobel firm, where hosted and supported me during
the selection of US Conference Hotel and venues. Again, I look
forward to updating you in my future blogs.
So please enjoy the Newsletter. Thanks, you to all members
for your contributions and I hope to see many of you soon in
the Conferences or on my travels.
H. Ozgur Demirdoven, IAPA CEO, [email protected]
Still time to register for Rio…
IAPA International Conference
Rio de Janeiro, Brazil
23-26 October 2016
Ozgur
IAPA EMEA Conference 2019, Mallorca, Spain. 2-5 May 2019.
Book by 15 March to catch the early bird…
Registration is OPEN
Visit the members’ portal for full information and to register
www.iapa.net/portal
IAPA New Members
IAPA is delighted to welcome the following new member firms:
Save the date:
IAPA EMEA Regional Conference 2018, Oslo, Norway
25-27 May 2018
Morri Rossetti e Associati
Milan, Italy Established in 2003, the firm offers legal
and tax assistance in more than 15 practice
areas.
Contact Partner:
Mr Davide Rossetti
Email: [email protected]
T: +39 02 76 07 971
www.mralex.it
Harris & Trotter LLP
London, UK A member of the UK200Group, the firm
offers both traditional accountancy
services and more innovative business
advisory
Contact Partner: Mr Nicholas Newman
Email:
[email protected] T: +44 207 4676300
www.harrisandtrotter.co.uk
AKGVG & Associates
New Delhi, India
Contact Partner: Mr Vineet Gupta
Email: [email protected]
T: +91 98111 18031
Website: www.akgvg.com
Established in 2002 the firm offers
services in assurance, advisory, taxation,
accounting/related support and
outsourcing with a portfolio of 450 clients.
Fazal Mahmood & Company
Lahore, Pakistan
Contact Partner: Mr Fazal Mahmood
Email: [email protected]
T: +92 300 8477383
Website: www.fmc.com.pk
Established in 1984 the firm has HQ in
Lahore with branches in Islamabad,
Karachi and the US offering full range of
audit, accounting, tax and consultancy
services
IAPA New Members
IAPA is delighted to welcome 9 member firms previously members of the ‘International Association of Professional Advisers’:
Save the date:
IAPA EMEA Regional Conference 2018, Oslo, Norway
25-27 May 2018
In January 2019 IAPA was absolutely thrilled to
announce the appointment of 9 new firms in the
EMEA region who were previously members of the
‘International Association of Professional Advisers’.
Not only does the addition of these firms strengthen
the already strong EMEA region generally, but also
enhances IAPA’s geographical coverage in two new
countries; Switzerland and Poland.
Thomasz Wiklinski from the International Association
of Professional Advisers said:
"A year ago, during the Board meeting of the
International Association of Professional Advisers we
discussed the future and possible ways of development
of our organization. We found setting up a co-
operation with IAPA International as one of the best
options and planned activities to initiate it. It was my
big surprise when the very next week I received a
message from Ozgur Demirdoven with similar
proposal. We sat down at the table, started discussion
and getting know each other, involving members of
both organizations.
We recognized that we shared the same values and a similar
view of the future. During General Meeting our members said
unanimously ‘yes’ to this idea and today we are one
organization. I am very enthusiastic about this co-operation
and trust that together we can create bigger value for our
members and their customers, serving them better in a larger
number of countries.”
Ozgur Demirdoven, IAPA CEO, comments:
“I am very excited now we have closed this deal. It has been
a natural fusion of firms and a fantastic opportunity; a great
story of success for both sides. The whole process took exactly
1 year and finally we are here! Hence, special thanks goes to
Tomasz Wiklinski, President of ‘International Association of
Professional Advisers’, for his tremendous support and
patience during this process and also to all the nine members’
Partners for trusting us for widening their horizons. Welcome
to the IAPA Family!”
The nine firms, their contact details and their respective
countries are detailed below:
IAPA news
NEW: Joint event with the UK200Group
‘Facilitating International Business’
Manchester, UK. Anticipated date: Friday 12 July
IAPA and the UK200Group are organising a joint one-day event in Manchester, UK (date to be confirmed but at the
moment 12 July 2019) for all IAPA and UK200Group members to learn how members can help each other ‘facilitate
international business’. The day will be Free Of Charge, so delegates just have to arrange their own travel and
accommodation if needed. External speakers will be invited to speak on International Business, potential issues
following the Brexit outcome and implications for tariffs and customs. As with all IAPA events a key focus will be on
member engagement and discussions on how members can work together to generate business. More detail to
come shortly.
IAPA International Conference 2019
The IAPA 2019 International Conference will take place in Singapore 21-24 November
2019. The Grand Hyatt will host the event and we are working hard to create a thought
provoking and inspiring programme. IAPA
will be 40 years old in 2019 and we
anticipate a very special event in Singapore
to celebrate. We have also designed a
special 40th anniversary logo to celebrate
IAPA’s ruby anniversary (left).
New IAPA Corporate Video 2019
Member Survey, 2019 Having been busy filming during the 2018 International Conference, Miami, IAPA will be releasing a series of videos
from members who describe on film the benefits of IAPA, highlighting the importance of relationships within the
association and how valuable these are to develop international business solutions. We will also be showcasing our
NEW corporate video…ready for our new website and IAPA app. Watch this space, we look forward to showing you!
Members: please send your logos to Joy by 15 March Please can all contact partners email a high res photo of their firm’s logo to Joy Lord ([email protected]) by 15 March to
place on our fantastic new website. The format of the logo can be jpg or png.
We also ask that every contact partner upload their photo onto the members’ portal so when individuals are
searching for you /your firm’s services they see your face. This is a great advantage to you when members meet you
at IAPA events or when visiting your offices. Simply log in to the portal, select ‘my account’ and add the ‘profile
picture’.
IAPA Tax Bulletin
Farewell to Louise
IAPA members’ App
We are very sad to say farewell to Louise at the Centre who left on Wednesday 6 March. Louise
worked for IAPA as Head of Communications and Member Services and got to know so many of
you well at IAPA conferences and events. She will be greatly missed. Thank you to all members
who have wished her all the best. She has decided to have a break in her career after over 8
years at IAPA. Her replacement at the Centre has yet to be finalised.
Webinars not to be missed…
Software Spotlight – Client Onboarding: Practice Ignition, 13 March 2019
We look forward to introducing the new IAPA members’ App that will make
accessing certain IAPA information very quick and simple whilst on the go….
including the member search facility, the IAPA portal, our events, registration for
events, the CEO blogs and of course the new corporate video. Joy will update
everyone on its development very soon!
Join this webinar to learn how Practice Ignition, an Australian based software company, is currently helping over
2,500 accounting firms around the world to solve the above challenges and more. Following an overview of the
company, their software and the challenges they solve, Trent McLaren - Practice Ignition’s Head of Accounting - will
take you through a high-level demo of the product to show you the power of this tool. This will be an interactive
webinar enabling you to ask questions via the chat section.
To register simply email Joy @ [email protected] now.
IAPA published its sixth Tax Bulletin, January 2019 with entries from Israel, Malta, Netherlands, Singapore, UAE and
the UK. Thank you to all those that contributed. The next issue will be April 2019.
This document has been produced in response to member feedback that requested a regular synopsis of any new tax
rules / country specific tax updates from jurisdictions around the world, to keep IAPA members and their clients up to
date and to offer a key point of contact should any member want to know more.
Does your firm currently face any of these problems?
On-boarding new clients
Re-contracting existing clients
Collecting overpayments
Generating engagement letters
Tracking engagement letters
News from IAPA member firms:
As an active member of IAPA, it is our privilege to share the latest news of our firm. Cornerstone Alliance LLP Expanding our firm, we have merged with Cornerstone Alliance LLP. These robust mergers are a result of good relations and having an acute sense of entrepreneurship. Growing the Helmi Talib Group together, we look forward to the successes of the future. New faces On the lookout for suitable candidates to join our firm, we are glad to announce the new faces of Helmi Talib & Co. Welcoming four Audit Associates: Mujahid, Khusaini, Jacqueline and Sukhmeet, and our Public Relations Executive, Amanda, we are thrilled to integrate them into the Helmi Talib Group. Bringing fresh ideas and different perspectives to the table, we strive to always keep the firm current and versatile.
A well-deserved break! Trading in our bird’s eye view of cosmopolitan Cecil Street for the beckoning sounds of nature, it was a breath of fresh air as we took some time to relax and wind down. Everyone is familiar with the proverb “all work and no play makes Jack a dull boy”. Well, we didn’t want to risk finding out if it was true.
Instead, in November 2018, we crossed the sea to the Indonesian island of Bintan for our company’s Annual Retreat! Dressed as sailors and cabin stewards, we paid homage to the Dinner & Dance nautical theme! Before digging into the sumptuous seafood dinner, we participated in team-building games by the beach, as well as several entertaining rounds of charades.
This short yet meaningful getaway saw the importance of cohesive bonding and the fostering of new and existing work relations. Helmi Talib & Co’s Sports and Recreation Club (HTSRC) was behind the success of yet another memorable event! Kudos to the hardworking team! Corporate Social Responsibility As responsible corporate citizens at heart, we look forward to doing our part for society through various volunteer opportunities throughout the year.
In December 2018, 20 members from our firm dedicated an afternoon to a good cause. Collaborating with the Ang Mo Kio Family Service Centre (AMKFSC) and Food Bank Singapore, we packed non-perishable food items along with a small gift for the elderly residents of Ang Mo Kio housing estate. Knocking on doors and engaging them in short conversation was truly a humbling experience for us all. Food for thought, indeed.
www.helmitalib.com
Helmi Talib & Co: What’s new?
Cowgills appointed to support Henri Lloyd Group
Cowgills have been appointed by British based sailing &
menswear clothing specialist Henri Lloyd Group and its
subsidiary company Henri Lloyd UK, to provide a range of
business support services, following a recent restructure of
the business.
Cowgills will be working with Henri Lloyd, official
performance clothing supplier to Team Ineos UK led by Sir
Ben Ainslie, in the run up to the 36th America’s Cup in
Auckland 2021.
Cowgills were initially appointed to provide outsourced
financial support and audit services. In addition to this,
project based corporate taxation advisory services were
provided to the business during a period of complex
corporate restructuring.
The team is working closely with Patrik Simonson, the
newly appointed CFO of the global Henri Lloyd business,
who has been heavily involved in the initial set up of a
newly formed UK group, alongside Graham Allen, Head
of Henri Lloyd UK.
Commenting on the appointment Alex Hesketh, Head of
International at Cowgills said: “Henri Lloyd is a strong
British brand and we are delighted to be able to support
the team as they emerge following the restructure. It’s
been a truly international effort to ensure the brand has
a prosperous future, with investment coming from a
group of Swedish Investors led by Hans Eckerstrom.”
Graham Allen added: “Cowgills are one of the few
regional accountancy firms to offer a bespoke
international advisory service and their support has
been invaluable through this period of change. Not only
have they provided a solid service in respect of the day
to day matters, but the tax implications of the
restructuring process were complex and both Alex’s and
the team’s specialist advice has helped us enormously,
as we focus on positioning Henri Lloyd as one of the
leading premium clothing brands.”
Originally established in Manchester in 1963, Henri Lloyd
has offices at 1 St Peter’s Square. The brand will be
relaunching its global on-line presence later in 2019 and
currently operates five stores nationwide in Salcombe,
Cowes, Dartmouth, Lymington and Cheshire Oaks.
www.cowgills.co.uk
IAPA US Regional Conference, 28-30 June 2019
New York City
SAVE THE DATE
Registration opening soon
Open to all IAPA
members
@ The Park Lane Hotel,
NYC
External speakers,
roundtable discussions,
organized networking and
fantastic social evenings
Hosted by Norm Schulman,
Schulman Lobel, New York City
Italian Labour Law: trends for 2019
New Crisis and Insolvency Code: (D.lgs. 14/2019) introduce
for the first time an organic discipline with regard to
employment relationship in the event of company affected
by crisis.
2019 Budget Law: such of the financial provisions for 2019
are related to labour laws: in particular, affecting
employment, pensions and mobility.
Dignity Decree: in addition to restrain the applicative field for
flexible work, the Decree introduced new elements of
complexity in the Italian Labor Law. In particular the new rule
on fixed-terms contract and staff agencies contract presents
several critical issues.
Gig Economy: The government announced a legislative
intervention aimed to regular the work relation between
riders and the application of food delivery.
Whistleblowing: On November 15th 2017, with the Law
n. 179, Italy enforced a new legal discipline on
whistleblowing, completing the existent legislation for
public employees and providing a separate process for
private ones.
Social buffer: The Government (D.L. 119/2018) has
reintroduced the possibility for total or partial
downsizing companies’ case to request an
extraordinary wage subsidy (CIGS) in crisis situations.
The new provision is aims to safeguard employment
by providing funds to enable companies in crisis to
either continue operating or sell their business, by
rehiring redundant employees.
For more information about the abovementioned
matter, please visit the following link:
http://morrirossetti.it/mm?id=2258
Morri Rossetti enhances the ‘Restructuring and Business Crisis’
department with the entrance of Fabrizio Garofoli as Of Counsel
Morri Rossetti improved the service line of the
‘Restructuring and Business Crisis’ division, acquiring the
expertise of Fabrizio Garofoli as of Counsel.
Fabrizio is an expert in insolvency proceedings (out-of-
court and judicial), having assisted many companies in
various industries, as debt advisor (i) in preventive
feasibility study of the different insolvency proceedings, (ii)
in restructuring and recovery plans and (iii) in management
of relations with the creditors and with the bodies
responsible of the insolvency preceding or in his role of
independent auditor.
Mr Garofoli is registered in the Milan Register of Chartered
Accountants and Accounting Experts (ODCEC), of the
Technical Consultants of the Court of Milan and of the
Statutory Auditors. He is also Vice President of the
Corporate Law Commission of the ODCEC in Milan.
Lastly, he has been a member of the State Examinations
Committee of Chartered Accountants and Accounting
Experts at Bocconi University.
Stefano Morri, founding partner, has commented the
following:
“I am glad to have Fabrizio in our team; I believe he will
be a great added value to the services we provide as a
Firm to our national and international corporate Clients.
Fabrizio’s professional activity will represent a precious
contribution to the Firm’s development in restructuring
practices, combining his experiences with the already
existing advanced legal competence”.
http://morrirossetti.it
UAE: Strongest excise tax
According to The Federal Tax Authority (FTA), UAE is
registered with one of the highest compliance rates of 97.7%
for excise tax returns requirements. 715 companies had
registered for the tax returns post implementation of excise
tax in 2017. This implementation has been well received by
all concerned institutions at the local, regional and
international levels.
From October1, 2017, the UAE charged 50% excise duty on
fizzy drinks and 100% on tobacco and energy drinks. It is more
introduced as deterrent to consumption of tobacco and high
energy drinks. The World Health Organization (WHO)
appreciated UAE’s anti-smoking efforts through this
imposition of tax on tobacco products.
Annual revenue of approximately Dh7 billion was estimated
to be generated from excise tax. In addition to this, the UAE
implemented 5% value added tax (VAT) to broaden its
revenue base amidst decline in oil prices.
Digital tracking of products for excise tax will commence
soon. This will further enhance compliance. High
compliance is a good omen for any tax laws and it's
encouraging for administrators.
The high rate of commitment to Excise Tax Return
submissions shall be attributed to the ease of the
procedure provided by the authority to provide returns.
The digital tax stamp scheme for tobacco products is
most significant amongst all. This will come into effect
from the beginning of 2019 and shall establish a
comprehensive tracking framework. This framework
shall support the authority's efforts in collecting taxes,
combating tax evasion and upholding the rights and
duties of taxable persons in the UAE.
http://www.kothariauditors.com
Poland – leader in implementation of Mandatory Disclosure
Requirements
On May 25, 2018, the Council of the European Union
formally adopted new mandatory disclosure rules
(MDRs) for qualifying intermediaries and relevant
taxpayers. As of July 1, 2020, intermediaries or – in some
cases – taxpayers, will be required to disclose to their tax
authorities information on reportable cross-border
arrangements. Despite this application date, reportable
cross-border arrangements, the first step of which is
implemented between June 25, 2018 and July 1, 2020,
must also be reported, by August 31, 2020.
Poland implemented the new regulations as the first
country in Europe. The new law requires regular
reporting from January 1, 2019. Moreover, it was
extended also to domestic arrangements and results in
substantial reporting burden for intermediaries and
taxpayers supported by substantial financial penalties
for missing reporting (even 21,6 mln PLN!). Polish Minister
of Finance issued 100 pages explanations to the law
published originally on 4 pages. The explanations create
even more questions related to the proper
implementations of the law.
www.thomas.pl
The new code on company crisis
On February 14, 2019, the new code of company crisis
and insolvency was published in the Official Gazette
(Legislative Decree no. 14/2019).
After numerous regulatory interventions over time, the
Italian legislator has finally produced an organic reform
of the company crisis aimed at supporting the
regeneration of companies. The new Code, in fact, aims
to reform in an organic and unitary way the subject of
the insolvency procedures and the crisis from over-
indebtedness.
In the new text of the law, the term “bankruptcy”, is
replaced by “judicial liquidation”: the negative meaning
that characterized the bankrupt debtor, who should
now be less hesitant to bring out the state of crisis, thus
disappears.
From this perspective, the reform introduces new tools: the
alert procedures and assisted composition of the crisis
before the OCRI (Body of composition of the company
crisis). These are instruments designed to immediately bring
out the crisis in order to prevent the activation of
procedures to regulate the crisis and insolvency, with a view
to the company’s restructuring.
In other regards, existing procedures (in particular
agreements implementing recovery plans, agreement with
creditors, debt restructuring and bankruptcy agreements -
rectius judicial liquidation -) are streamlined and adapted to
the practice formed under the previous bankruptcy law.
For further information please visit:
http://morrirossetti.it/mm?id=2260
Price Bailey named again in The Sunday Times Top 100
Companies to Work For 2019
Price Bailey, recently awarded National Firm of the Year
at the British Accountancy Awards, has been recognised
for the second year running by The Sunday Times as one
of the UK’s ‘Top 100 Companies to Work For’ in their 2019
survey.
Listed in The Sunday Times 19th annual ‘Top 100
Companies to Work For’ in the mid-size category, the East
Anglian and London based chartered accountants and
business advisers were also placed in the 50 Best
Companies to Work For in London and in the 75 Best
Companies to Work For in East of England.
Over 800 businesses registered to take part and the views
of thousands of employees determined the rankings,
making it the largest survey of workplace engagement in
the UK. Both employees and management took part to
ensure a holistic view of the organisation’s HR policies and
practices from across a wide range of organisations such
as recruitment, construction, charity, advertising or
accountancy.
Martin Clapson, Managing Director at Price Bailey and
our Global Chairman, said: “We are very pleased to be
listed for the second year running in The Sunday Times 100
Best Companies to Work For. We received valuable
feedback from this survey, and I am proud that our people
think that Price Bailey is a great place to work. We have
had an amazing year, being awarded National Firm of the
Year and Graduate and Non-Graduate Programme of the
Year at the British Accountancy Awards, but this
recognition measures Price Bailey against businesses and
organisations from all sectors.”
Nadia Khan, Human Resources Partner at Price Bailey added:
“Our key point of difference at Price Bailey is our people and
we continually work to
improve our employee
engagement, so I am
delighted that we have
again been listed as one of
the best companies to work
for in the UK. This is
testament to the quality of
our teams and their level of
commitment to the Firm.”
www.pricebailey.co.uk
March 2019
IAPA Asia Pacific Regional Conference 2019, 8-9 March Colombo, Sri Lanka. Software Spotlight: Client Onboarding. Practice Ignition, 13 March
May 2019
IAPA EMEA Regional Conference 2019, 2-5 May Mallorca, Spain. REGISTRATION IS OPEN
June 2019
IAPA US Regional Conference 2019, 28-30 June New York, USA. REGISTRATION IS OPENING SOON
July 2019
IAPA & UK200Group Joint FIFO Event, 2019, 12 July Manchester, UK Subject: “Facilitating International Business”
September 2019
BHD Canada Conference, 2019, 4-8 September Banff, Alberta, Canada
November 2019
UK200Group Annual Conference, 2019, 13-15 November Liverpool, UK
IAPA International Conference 2019, 21-24 November Singapore
IAPA future conferences, events and webinars 2019