Tax

Our tax practice is guided by a strategy that supports the way we do business, our culture, and how we conduct our own affairs. It underpins our Purpose and influences the decisions we make. It continues to strengthen and develop to better face the current and future challenges brought about by economic, fiscal, and regulatory developments which impact both our services and our clients’ needs. On a local and international fiscal level, we continue following developments concerning among others the initiative on the global minimum effective corporate taxation (Pillar II), ESG, Transfer Pricing and ATAD 3, to be able to support our clients adequately.

Starting from 1 January 2024, a new Directive mandated that payment services providers (PSPs) must gather and report information on certain cross-border payment transactions. This data is being entered into a centralised European database known as the Central Electronic System of Payment information (CESOP), which stores, aggregates, and cross-checks it with other European databases. 

In response, our firm, with the help of external experts, has implemented its previously developed solution that integrates the necessary regulatory, business, and technology expertise. This solution aids PSPs in automating and streamlining the entire CESOP reporting process across all EU Member States, thereby easing the compliance burden for our clients. Utilising the latest technology, the solution is highly scalable, capable of analysing large volumes of data, and generating the required XML reports.

Furthermore, although several significant challenges to the global economy naturally impacted our business, FY24 also yielded its successes. During this year, we built new capabilities and reached out to clients with solutions to their new regulatory obligations in the tax and legal space, particularly in relation to Pillar II and transfer pricing. 

From a regulatory standpoint, the landscape continues evolving, especially in the financial services sector. Our regulatory team continues to expand to better assist our clients in preventing financial crime, particularly in the areas of anti-money laundering and sanctions. Despite the industry's challenges, our Finance and Corporate Managed Services team has continued to discover new business opportunities, securing both local and international secondments within the finance and corporate managed space, while servicing an active and diverse client portfolio.

From a client events perspective, the highlight of the year was the biennial tax conference: Shaping Tomorrow’s Tax Realities. During this event we delved into pivotal issues around shaping today’s and tomorrow’s businesses. Among the topics addressed we looked at Pillar 2, Transfer Pricing, ESG and proposed EU Directives. We also assisted attendees with discovering how to leverage opportunities presented by local laws and regulations, and navigate them effectively.

We recognise that our team members are the key to our success. Our Tax practice comprises over 200 specialists in tax, legal, regulatory, compliance and corporate-managed services, along with support staff, to cater to the needs and challenges of our diverse local and international clients. In today's environment, we understand that our clients' challenges are intricate and demand more than they might have anticipated. By combining a variety of skills, experience and technology, we aim to provide them with sustainable and effective solutions.

By emphasising continuous learning and development, we ensure that our team always has the right tools to focus on their personal goals and areas of specialisation. Technology, automation and innovation remain essential as the Firm strives to maintain an engaged workforce and deliver top-quality service to our clients.