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Financial administration
An accurate financial administration provides you with the information you need to take the right decisions. The big advantage of a digital financial administration is that it provides insight into your most important financial processes at any time, whether this is the invoices, salary payments or bank changes.
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Financial insight
You want to take the right decisions, based on trustworthy and clear management information. You want to have access to all your financial data, 24/7, in order to determine your position and be able to adjust where necessary.
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Global compliance partnering
Outsourced compliance services comprises the total financial compliance of your business, in accounting, financial reporting, payroll, legal and various tax reporting obligations. We can make sure you don’t have to worry.
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Impact House
Building sustainability and social impact. That sounds good. But how do you go about it in the complex world of stakeholders, regulations and frameworks and changing demands from clients and society? How do you deal with important issues such as climate change and biodiversity loss?
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Business risk services
Minimize risk, maximize predictability, and execution Good insights help you look further ahead and adapt faster. Whether you require outsourced or co-procured internal audit services and expertise to address a specific technology, cyber or regulatory challenge, we provide a turnkey and reliable solution.
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Corporate finance
Finding a suitable match at the most optimum terms. That, in a nutshell, aptly describes the objective of mergers and acquisitions. To most businesses mergers or acquisitions are not standard daily practice. It is, however, for the professionals at Grant Thornton! Seeking their services will add value instantly.
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Cyber risk services
What should I be doing first if my data has been kidnapped? Have I taken the right precautions for protecting my data or am I putting too much effort into just one of the risks? And how do I quickly detect intruders on my network? Good questions! We help you to answer these questions.
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Transaction services
What will the net proceeds be after the sale? How do I optimise the selling price of my business or the price of one of my business activities? How do I capitalise on synergies following an acquisition? Am I not offering too much? These are all good questions when you’re buying or selling a business. It’s a transaction that concerns significant amounts, impacts your future, and therefore must be executed properly. We provide a solid foundation for your decisions.
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Valuation, investigation & dispute services
Do you require a fact finding investigation to help assess irregularities? Is it necessary to ascertain facts for litigation purposes?
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Auditing of annual accounts
You are answerable to others, such as shareholders and other stakeholders, with regard to your financial affairs. Financial information must therefore be reliable. What is more, you want to know how far you are progressing towards achieving your goals and what risks may apply.
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IFRS services
Financial reporting in accordance with IFRS is a complex matter. Nowadays, an increasing number of international companies are becoming aware of the rules. But how do you apply them in practice?
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ISAE & SOC Reporting
Our ISAE & SOC Reporting services provide independent and objective reports on the design, implementation and operational effectiveness of controls at service organizations.
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Pre-audit services
Pre-audit services is all about making the company’s entire financial administration ready for checking before the external accountant begins his/her audit of the annual accounts.
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SOx law implementation
The SOx legislation dictates that management is structurally accountable for reporting on the internal control relevant to the financial statements.
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International corporate tax
The Netherlands’ tax regime is highly dynamic. Rules and the administrative courts raise new challenges in fiscal considerations on a nearly daily basis, both nationally and internationally.
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VAT advice
VAT is an exceptionally thorny issue, especially in major national and international activities. Filing cross-border returns, registering or making payments requires specialised knowledge. It is crucial to keep that knowledge up-to-date in order to respond to the dynamics of national and international legislation and regulation.
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Customs
Importing/exporting goods to or from the European Union involves navigating complicated customs formalities. Failure to comply with these requirements usually results in delays. In addition, an excessively high rate of taxation or customs valuation for imports can cost you money.
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Human Capital Services
Do your employees determine the success and growth of your organisation? And are you in need of specialists which you can ask your Human Resources (HR) related questions? Human Resources (HR) related questions? Our HR specialists will assist you in the areas of personnel and payroll administration, labour law and taxation relating to your personnel. We provide you with high-quality personnel and payroll administration, good HR guidance and the right (international) advice as standard. All this, of course, with a focus on the human dimension.
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Innovation & grants
Anyone who runs their own business sets themselves apart from the rest. Anyone who dares stick their neck out distinguishes themselves even more. That can be rather lucrative.
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Tax technology
Driven by tax technology, we help you with your (most important) tax risks. Identify and manage your risks and become in control!
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Transfer pricing
The increased attention for transfer pricing places greater demands on the internal organisation and on reporting.
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Sustainable tax
In this rapidly changing world, it is increasingly important to consider environmental impact (in accordance with ESG), instead of limiting considerations to financial incentives. Multinational companies should review and potentially reconsider their tax strategy due to the constantly evolving social standards
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Pillar Two
On 1 January 2024 the European Union will introduce a new tax law named “Pillar Two”. These new regulations will be applicable to groups with a turnover of more than EUR 750 million.
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Cryptocurrency and digital assets
In the past decade, the utilization of blockchain and its adoption of a distributed ledger have proven their capacity to revolutionize the financial sector, inspiring numerous initiatives from businesses and entrepreneurs.
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Streamlined Global Compliance
Large corporations with a presence in multiple jurisdictions face a number of compliance challenges. Not least of these are the varied and complex reporting and compliance requirements imposed by different countries. To overcome these challenges, Grant Thornton provides a solution to streamline the global compliance process by centralizing the delivery approach.
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Expand into new markets
Do you seek for opportunities in the global business arena? Whether you are about to open a new office in a foreign country or considering an international acquisition, you need certainty of making the right choices for your company. Global expansion isn’t always as simple as it sounds. The good thing is that we’re here to help!
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Expanding your business in the Netherlands
International expansion is an important step. The Netherlands can be your gateway to Europe for doing business abroad. But why you should choose the Netherlands?
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Global contacts
Wherever you choose to do business, you want access to people with the best ideas and critical thinking that will enable you to grow your business at home and abroad.
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Corporate Law
From the general terms and conditions to the legal strategy, these matters need to be watertight. This provides assurance, and therefore peace of mind and room for growth. We will be pro-active and pragmatic in thinking along with you. We always like to look ahead and go the extra mile.
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Employment Law
Small company or large multinational: in any company your people are of the utmost importance for your business. Employment brings with it many issues in many areas and often has legal consequences. For big strategic, but also for more everyday questions about employment law, our lawyers are ready to help you out. Also for questions about international employment law. Do you have your own HR department? We’ll gladly assist them. We deliver bespoke services and are there when you need us.
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Sustainable legal
Sustainability is more than a buzzword - it is the core of our legal advice towards sustainable success. From drafting sustainable contracts, integrating sustainable HR policies and ESG due diligence within our M&A practice to advising on ESG and other (national and international) legislation: we prefer to be pragmatic and proactive in helping your business.
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Maritime sector
How can you continue to be a global leader? The Netherlands depends on innovation. It is our high-quality knowledge which leads the maritime sector to be of world class.
At the same time our everyday lives are affected by globalisation and digitalisation in ways we are not aware of. The internet, our ways of transportation, the way we communicate and the way we learn are all products of an increasingly digitalised and globalised world.
In the past decade, as digitalisation and globalisation of the world rapidly increased, the way of doing business evolved. The digital transformation of doing business has had far-reaching economic and social impacts resulting in significant changes. In today’s digitalised world, multinational companies are able to conduct business on a large scale in a jurisdiction with little or no physical presence there. This international development has sparked global debates in many legal and regulatory domains as well as in the field of international tax. International tax rules are based on agreements made in the 1920s when business revolved around brick and mortar factories and the only products sold were physical. Back then, the fundamentals of the international tax rules for determining where and how much tax should be paid were based on physical presence and the arm’s length principle. These fundamentals greatly aligned with the economic environment of that day. However, it has become more and more apparent that these fundamentals fall short in the modern day.
Through technological development, physical presence in a jurisdiction has become less essential for large multinationals. Factors induced by globalisation and digitalisation – such as the growth of intangible assets and companies’ ability to shift profits to low or no tax jurisdictions – pose a serious threat to the fundamentals of the international tax rules. Under the current international tax rules, profits from cross-border activities of a foreign company can only be taxed in another jurisdiction if that foreign company has a physical presence in that jurisdiction. In addition, technological advancement has made it simpler for large multinational companies to shift their profits to low or no tax jurisdictions. This tension created by the decreasing extent to which physical presence is required for (multinational) companies and their ability to shift profits to low- or no-tax jurisdictions imposes constant challenges to the effectiveness of the existing rules to distribute taxing rights between countries from cross-border activities.
During the financial crisis of 2008, most countries saw their tax revenues drop in cash terms due to declining economic activity and tax cuts aimed at softening the effects of the recession that followed. During these turbulent times in which job uncertainty grew and government expenditures increased at a rapid pace, the public debate about the status of our global tax system ignited. In this time of financial insecurity it became more and more important that multinational companies pay their fair share of taxes. The debate reached a peak when Mrs Hodge spoke the famous words ‘’we are not accusing you of being illegal, we are accusing you of being immoral’’. Following the financial crisis, the G20 countries put tax at the top of their agenda with the Organization for Economic Co-operation and Development (OECD) as intergovernmental organisation to lead the way. In 2013, the OECD committed to address the growing public and political concerns with the Base Erosion Profit Shifting project (BEPS) consisting of 15 measures set out to equip governments with domestic and international tax rules. The first spear-point of the BEPS project was addressing the tax challenges arising from digitalisation.
Out of the 15 measures of the BEPS project, addressing the tax challenges arising from digitalisation turned out to be the most difficult. However, on 8 October 2021, more than 135 counties and jurisdictions committed to the Two-Pillar Solution to reform international tax rules and ensure that multinational companies pay their fair share of tax wherever they operate. The Two-Pillar Solution consists of Pillar One and Pillar Two. By re-allocating some of the taxing rights over the largest and most profitable multinational companies to the markets where they have their business activities and earn profits, Pillar One seeks a fairer distribution of profits and taxing rights regardless of physical presence. Pillar Two on the other hand provides for a global minimum effective tax rate of 15% for multinational companies with a consolidated group revenue of at least €750 million. With the global minimum effective tax rate, Pillar Two intends to put a floor on tax competition between jurisdictions and eliminate the effects of low or no tax jurisdictions.
The OECD expects that under Pillar One, taxing rights on more than USD $125 billion of profits will be reallocated to market jurisdictions each year. As to Pillar Two, the minimum tax rate of 15% is estimated to generate around $150 billion in additional global tax revenues per year. Initially it was envisaged for both Pillar One and Pillar Two to take effect in 2023. However, this initial target date turned out to be too ambitious. On 11 July 2022, the OECD published a progress report on Pillar One in which it is recognised that the implementation timeline will be delayed until 2024. Also, with respect to Pillar Two, the implementation process has not been straightforward and might end in a fragmented approach.
During the course of 2022, various countries have taken their own steps towards the implementation of Pillar Two. Whereas some countries are leading the pack, other countries are holding off and taking a back seat. The implementation of Pillar Two in the United States remains stalled, as proposed changes to the current U.S. global minimum tax — the tax on global intangible low-taxed income (GILTI) — were left out of the recently enacted tax reconciliation bill, the “Inflation Reduction Act.” On the other hand, the government of the United Kingdom has published its first draft legislation with respect to Pillar Two with an intended implementation date of 31 December 2023.
As for the European Union, the European Commission proposed to implement Pillar Two by ways of an EU directive. Without coordinated implementation of an EU directive, the commission fears that the scale, detail and technicalities of the Pillar Two rules could fragment the internal market of the EU, creating mismatches and distorting the fair market competition between EU Member States. On 22 December 2021, the European Commission published the first draft EU Directive on the Pillar Two rules. However, up until today the EU Member States did not reach unanimous consensus on the proposed directive. All the while in anticipation of the Pillar Two Solution, obligations arise for companies such as describing the possible impact of Pillar Two in the financial statements. During this process, Hungary took up the role of the black sheep amidst the EU Member States. Apart from Hungary, all Member States are aligned on the implementation of the Pillar Two directive. As EU directives on taxation require unanimous consent of all the Member States, the implementation of Pillar Two by ways of an EU directive might take a little longer. It does not come as a surprise that France, Germany, Italy, The Netherlands and Spain released a joint statement on 9 September 2022, expressing their commitment to implementing the Pillar Two rules in 2023 – albeit on a standalone basis.
Only time will tell whether the international tax rules will catch up with the digital transformation of the global economy in the coming years. It appears unlikely that all jurisdictions will enact and implement Pillar Two measures within the ambitious 2023 target. Nevertheless, there is still a commitment by more than 135 jurisdictions to introduce the rules. As such, companies should be thinking ahead of time how Pillar Two could impact their business in order to be ready ahead of implementation.