WTS Global Company Profile 2017
WTS Global: The leading independent tax network » Founded in 2003 by WTS Germany » More than 130 countries » Over 3,500 tax professionals » Fully fledged tax service portfolio » No audit, free from conflict » Stringent quality reviews » Centrally managed organisation » Broad client base: From multinationals to private clients WTS Global - Company Profile 2
Connecting the world„s leading tax experts » Over 100 hand-picked partner firms » Recent tax awards within WTS Global include (inter alia) › Chambers and Partners • Tier 1 ranked global network 2017 • WTS Global (continuously since 2012) International Tax Review › • European Indirect Tax Firm of the Year 2017 • WTS Global • Germany Tax Firm of the Year 2017 • WTS Germany • India Tax Firm of the Year 2017 • Dhruva Advisors • Uruguay Tax Firm of the Year 2017 • Ferrere WTS Global - Company Profile 3
Global key values - our corporate DNA Innovative Excellent » Open-minded: Having an entrepreneurial spirit » Technical competence of the highest standards » Keen-spirited: Always curious about new » Top quality services developments and trends » Highly efficient, customised implementation of » Inquisitive challengers: Creating inventive practical solutions solutions for ever-changing challenges » Unique expertise based on multiyear » Forward thinkers: Pioneering digitisation and experience in industry, financial management the development of IT tax tools and consultancy Passionate Reliable » Working with pleasure and enthusiasm » Loyal partners, keeping our promises » Taking responsibilities and objectives with a » Quick response times and needs-based high degree of personal commitment solutions » Fully dedicated and people-focused: supportive » Responsible conduct and long-term strategy of and caring cooperation WTS Global - Company Profile 4
Our global client portfolio: Supporting a broad range of clients from all industries » Multinational companies » Non-profit organisations » Small and medium-sized companies » Private clients & family offices WTS Global - Company Profile 5
Offering a fully-fledged tax service portfolio globally Global services » Corporate Tax » Private Clients & Family Office Services » Mergers & Acquisitions » Global Mobility » Transfer Pricing & Valuation Services » Tax Controversy » Indirect Tax » International Tax and Permanent Establishments (ITP) » Customs Additional cross-cutting services » Financial Services » Real Estate » Tax Technology WTS Global - Company Profile 6
Shaping the future by anticipating trends Digitisation Business Partnering EU Audit Reform Tax Control US Tax Reform Framework BEPS – Litigation VAT in the GCC and Arbitration WTS Global - Company Profile 7
Global trend: Business Partnering Pioneering innovative tax partnerships » WTS Experience » Client benefits » < 15 years (WTS Germany) » Increaseing quality and flexibility » 50% of WTS Germany„s turnover » Reducing overall costs » Retaining in-house expertise and gaining permanent access to specialists around the world » Keeping governance and control in-house » Choice of tailored scope of services “A pioneered deal” by International Tax Review » Saving resources for strategic activities (Feb 8, 2017) WTS Global - Company Profile 8
Global trend: Digitisation Designing digitisation proactively Tax sector is changing Opportunities for companies WTS develops individual, future-proof solutions » Tax processes are re-defined » Increased process and cost » Many years of experience in and largely automated efficiency digital process consulting worldwide » Increased compliance safety, » In-house tax tool experts » Integration of mass data, minimisation of liability risks » Validated set of IT tax tools artificial intelligence (AI) and » Evaluation of innovative IT tools concepts in cooperation with top researchers » Establishment of solutions which closely link tax functions and business processes WTS Global - Company Profile 9
Global trend: BEPS (Base Erosion and Profit Shifting) BEPS: Generating benefits from obligations A total of 15 action items of the OECD against aggressive tax planning ! Need for action Opportunities 7: Business premises Smart use of process-supporting tools: » Checking existing structures and projects for » Minimising tax risks undetected business premises » Fulfilling reporting requirements in a reliable 13: Documenting transfer prices and efficient way » Introducing Master File » Using data in parallel with optimisation of the (revenue ≥ € 100m) existing transfer pricing system » Preparing a country-by-country report (consolidated revenue ≥ € 750m) WTS Global - Company Profile 10
Global trend: Tax Control Framework Tax Control Framework: Minimising error rates and liability risks » Prevention » Analysis » Control » Timely company audit » Data analytics / mass » Internal revision data » Tax control framework » Tax audit (incl. joint audit) » Tax audit simulation » Checking processes and » Audit › systems through tax Profit tax audit › Sales tax » Use of tax technology › Income tax › Customs duties Cooperative Compliance WTS Global - Company Profile 11
Trend: EU Audit Reform EU Audit Reform: Consulting without conflict – only with WTS Many companies are affected, especially capital market-oriented companies, ! banks and insurance companies » Germany » Other EU countries » Prohibited non-audit services during cooling- » Increased complexity with transnational in phase (1 year) and auditing activities: activities › Customs, income tax, tax control » Due to stronger regulations by numerous EU framework, tax asset management countries, it is necessary to frequently change advisors abroad, e.g. › Tax advisory services with considerable › reduction of the tax base or with transfer Basic prohibition of tax advisory services, of profits to foreign countries, e.g. group e.g. in France structure, transfer pricing, › Expansion of affected companies, e.g. Luxembourg/Ireland Model* Italy, Spain » Fee cap: Permissive non-audit services of › Longer cooling-in periods, e.g. France**, max. 70% of the average total fees of the Portugal, The Netherlands past three years * Affects, for example, US investors ** Cooling- in phase is 6 years; joint audit is obligatory if company is a PIE, i.e. basically two auditing companies are „conflicted“ WTS Global - Company Profile 12
Global trend: US Tax Reform US Tax Reform: Increasing global competitiveness » Intended to encourage domestic growth and » Timing delayed due to Administration decision make the US Tax Regime more competitive to repeal Obamacare as first priority globally » 2017 enactment questionable » No tax legislation currently in progress True tax reform vs. Tax rate reduction? Revenue neutrality vs. Increase to the deficit? Possible components of corporate tax reform » Reduced corporate income tax rate (various » One-time tax on existing offshore deferred profits rates from 15% to 20% have been proposed) » Eliminating a number of corporate deductions » Move from worldwide tax to a territorial tax » Immediate deductibility of cost of certain capital system investments » Reduction or elimination of interest expense » Potential changes in Net Operating Loss rules deduction » Repeal of Medical Device Tax separately through » Eliminating various “special interest” deductions Healthcare legislation and credits WTS Global - Company Profile 13
Global trend: VAT in the GCC VAT in the Golf Cooperation Council: Introducing 5% VAT » Introduction of 5% VAT in GCC covering the UAE, Bahrain, Saudi Arabia, Oman and Kuwait » Anticipated implementation in 2018 » Need for action » Opportunities » Awareness » Training » Business impact » Impact assessment and diagnostic reviews » Systems & documentation » Tax advisory and strategy » Compliance » Implementation assistance and redesigning business processes » VAT audit, compliance support and outsourcing WTS Global - Company Profile 14
Our global service lines and regions: Ensuring seamless project progress Organised as a matrix structure TP Indirect M&A ITP* Global Private Digital Tax Mobility Clients Solutions Americas Asia Pacific Africa Europe *International Tax & Permanent Establishments WTS Global - Company Profile 15
Service line: TP Transfer Pricing (TP) Scope of Services: Maik Heggmair Partner » Planning and implementation of TP systems and TP WTS (Munich) policies +49 (0) 89 28646-212 » OECD BEPS-compliant TP documentation and maik.heggmair@wts.de economic analyses Jared Walls » TP advice in business restructurings Partner » Defense in TP tax audit and litigation matters Economic Partners (Morristown, NJ) » Advice and assistance in APAs and MAPs +1 (0) 530 301-1818 » Valuation for TP purposes, including IP and exit jared.walls@econpartners.com taxation matters Areas of Focus / USPs: IT-Tools: » IT-supported solutions for transfer pricing » TPmanager » Combined expertise from former in-house tax » CbCR Manager departments, consulting and tax administration » CbCR-2-XML Manager » Interdisciplinary team of certified tax advisers » Economists and lawyers WTS Global - Company Profile 16
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