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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.
Background of the ViDA proposal
Several EU member states (MSs) have already introduced their own electronic invoicing (e-invoicing) systems and/or electronic communication of certain data according to the tax authorities’ requirements (continuous transaction controls/digital reporting requirements (DRR)).
For example, in Italy, invoices must be issued electronically via SdI (so called "Sistema di interscambio") for supplies between Italian resident subjects (business-to-business (B2B) and business-to-consumer (B2C)).
Major changes in the EU VAT were proposed at the end of last year, for more information see our article “The European Commission proposes ambitious VAT reforms”. The proposed measures include an EU real-time digital reporting requirement (DRR) based on e-invoicing to be implemented step by step, starting in 2024. Please find more information in our articles “ViDA: digital reporting based on e-invoicing” and “Major EU developments in e-invoicing and digital VAT reporting”.
Latest country e-invoicing developments
Many countries have rolled out their own e-invoicing developments.
France
E-invoicing will be introduced in phases from 2024
B2B e-invoicing and e-reporting will become mandatory for large taxpayers who will be required to issue e-invoices and report other transactions from 1 July 2024. It will also be mandatory for all taxpayers to receive e-invoices from this date. From 2025, e-invoicing will become mandatory for medium-sized companies. All taxpayers should issue e-invoices from 2026. The technical specifications have already been made public.
Romania
Currently, businesses that supply B2B products that are considered as high risk from a tax fraud perspective are required to use the existing e-Invoicing system (e-Factura).
Mandatory B2B e-invoicing and the e-Factura system for transactions between taxable persons in Romania will be introduced from 2024. The EU has already given green light to these plans.
Poland
According to the draft law, e-invoicing will become mandatory for B2B transactions from 1 July 2024. The EU institutions still have to give green light to these proposals.
Spain
In June 2023, the draft of the implementing regulation concerning the e-invoicing obligation was published. E-invoicing becomes obligatory if both the supplier and the recipient of the invoice are businesses established or domiciled in Spain. It is expected that the e-invoicing requirement enters into force by July 2024, although the exact timetable remains uncertain. For businesses with yearly revenues of EUR 8 million or more the e-invoicing becomes mandatory one year after the adoption of the implementing regulation, and for other businesses two years after the adoption of the regulation. The EU still needs to give its approval.
Germany
From 2026, e-invoicing becomes mandatory for domestic B2B transactions between businesses established in Germany according to the last proposal. From 1 January 2025, e-invoices for domestic B2B supplies between taxable persons established in Germany would have to be issued. However, other formats, in particular paper or PDF invoices, would still be permitted until 31 December 2025. E-invoicing would become mandatory from 1 January 2026, as only electronic invoices would be permitted to be sent from this date. The European Commission has already given green light to those plans. The European Council still needs to give its approval.
Belgium
Belgium plans to introduce mandatory B2B e-invoicing and DRR as part of the ViDA proposal from July 2024. The Belgian Minister of Finance has announced the intention to introduce mandatory B2B e-invoicing from July 2024, most likely through Peppol. The introduction will be phased out in stages depending on the business’s annual turnover. Belgium will also introduce DRR with the goal of having a pre-filled VAT return. The proposal is subject to approval by the parliament.
ViDA - latest EU developments
ViDA proposal still needs approval from the European Parliament and the representatives of the MSs (the European Council).
European Parliament suggests amendments to the ViDA Proposals
On 20th June 2023, the European Parliament (EP) issued draft reports containing suggested amendments to the ViDA proposals. Most importantly, the draft reports propose postponing the entry into force of the ViDA by up to 24 months. Other suggestions include removing the deeming fiction for short-term accommodation and passenger transport services, adjusting the 45-day qualification for short-term accommodation, preserving the domestic reporting requirements introduced by MSs; extending the 2 days' deadline for the issuance of electronic invoices and DRR; making the EN Standard for electronic invoices optional for MSs.
The European Council will vote on the ViDA in October 2023
The European Council, which consists of the representatives of the EU MSs, is expected to vote on the ViDA proposal in October 2023.
Possible further developments
Several EU countries have adopted or planning to adopt the e-invoicing and DRR, France and Romania are the next countries where the requirements come into force already in 2024.
The VAT community and businesses are awaiting with interest how and when the important changes proposed by the ViDA are adopted, since these will overhaul the entire VAT compliance landscape. Businesses operating in the EU market need to start preparing for e-invoicing by (further) digitalizing their business processes and familiarizing themselves with requirements since e-invoicing may go ahead as soon as 2024.
How to be prepared for the ViDA and e-invoicing?
- Make sure you understand the new definition of e-invoicing and requirements in various countries
- Ensure that you are able to extract reliable data from your ERP/bookkeeping systems for VAT determination and reporting
- Review VAT treatment of the transactions to ensure timely issuance of correct VAT invoices and reports
- Assess whether systems are suited to the new way of exchanging data with clients/suppliers and authorities
- Ensure that your sales system can:
- Create and send structured e-invoices,
- Receive and use structured e-invoices.
- Implement changes in ERP if necessary
Do you have any questions about the ViDA or e-invoicing? Do not hesitate to contact us.
Contact one of our specialists