Tax, Legal, Bookkeeping & Payroll Services 2015 kpmg.hr

Transcription

1 KPMG IN CROATIA Tax, Legal, Bookkeeping & Payroll Services 2015 kpmg.hr

2 High performing people cutting through complexity to deliver informed perspectives and clear solutions that our clients and stakeholders value

3 Welcome to KPMG in Croatia KPMG is a global network of professional firms providing audit, tax and advisory services. We operate in 155 countries and have people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG in Croatia today employs over 170 staff members serving Croatian and multinational companies, government entities and private investors. Our clients include some of the largest companies operating within Croatia as well as worldwide. They benefit from our knowledge of the local business environment combined with the experience and the resources of the worldwide network of KPMG member firms. At KPMG, we are passionate about earning your trust. We take deep personal accountability, individually and as a team, to deliver exceptional service and value in all our interactions with you. Ultimately, we measure our success from the only perspective that matters yours. Locally as well as globally, our size means that we have extensive knowledge and experience in most business sectors, including financial services, telecommunications, energy and utilities, real estate, industrial and consumer markets, government and public sector, infrastructure and tourism. In the financial sector, we concentrate on banking, insurance and asset management. In the industrial and consumer markets, we focus on the automotive industry, energy, power and natural resources, as well as on the food and retail sectors. We are also working closely with companies in the communications industry, electronics and media. To help our clients recover from the global recession, we offer services focusing on accounting advisory, financial restructuring, cost and liquidity management, business process improvement and tax efficiency, among others. Our local experience, enhanced by the technical and industry knowledge of our global network means we bring a deep understanding of our clients' business. It enables our professionals to deliver informed and timely advice. Our management group includes native and excellent speakers of local languages, English, German and Italian languages and advantages of local business awareness with international best practice. KPMG operates in Croatia trough three professional service companies: KPMG Croatia d.o.o., KPMG savjetovanje d.o.o. and KPMG Legal s.r.o. advokátní kancelář Branch Office Zagreb. In every industry, tax has become a boardroom issue. Whether a company is seeking to expand business locally or reach across national boundaries, management should be building tax considerations into its overall business strategy. The number one priority of KPMG s tax practice is to deliver a portfolio of services that matches organisations changing needs in today s global marketplace. Tax can represent a substantial outflow of funds from every business. Add to this the drain on management time caused by increased reporting obligations, a more aggressive approach by the tax authorities and harsher penalties for noncompliance, and your tax burden can be significantly larger than you would like. We help clients manage their tax charge and deal effectively with the tax authorities. Beyond this, effective tax advice can give companies a competitive advantage. KPMG s tax advisors are often involved in transactions that are fundamental to our clients commercial success. Therefore, we understand that we need to know our clients business thoroughly. We focus on finding opportunities and leveraging them to the advantage of clients in the form of significant tax savings through tailored strategies. Now, more than ever, cost saving is at the forefront of business priorities and tax should be high on the list. The local legislative environment is changing rapidly as our local economies open up to foreign investment and adjusts to EU integration. In addition to new legislation, there are significant changes in the interpretation of existing regulations. In these circumstances, effective tax advice and innovative planning can give your business a competitive advantage. Our tax practice shares the same core global KPMG values of clarity, excellence, innovation and, most of all, client service. We offer a range of domestic business and personal tax services designed to meet the needs of your business whatever its size. Because we know how complex tax matters can be, we make it our business to stay abreast of new laws, policies, accounting and commercial principles and international tax treaties. Our aim is to turn this knowledge into value for the benefit of our clients, communities and our people.

4 Tax, Legal, Bookkeeping & Payroll Services Corporate tax and value added tax are typically amongst a company's most significant expenses. Compliance is expensive not only in financial terms, but also in terms of management resources, due to complex reporting obligations, potentially difficult tax inspections and harsh penalties for non-compliance. Our tax & legal practice aims to provide clients with high quality professional services which meet or exceed their expectations, based upon enduring relationships and trust. Our team of motivated professionals is managed in accordance with the same standards and procedures as are all KPMG member firms. This helps to ensure uniform high levels of service, proficiency of work, a strong client focus, as well as industry specialization. Tax services Domestic and international taxation advisory services Transfer Pricing Services International tax structuring Indirect taxation including VAT, customs and excise Indirect tax Compliance Center (ITCC) services Market entry assistance Tax and regulatory evaluations and due diligence investigations Mergers and acquisitions taxation services Personal income taxation Immigration services Investment Incentives Bookkeeping services Payroll services Legal services Our tax services include the provision of day-to-day tax advisory services, tax planning, analysis of industry specific issues, calculation or evaluation of tax balances for financial reporting purposes and notes to statutory financial statements, the preparation or review of corporate tax returns, the restructuring of companies as well as assistance in relation to tax authority inspections. Your tax advisor must be able to work with you to analyze the tax impact of your business decisions, and to formulate workable solutions for your tax issues. Our aim is to help you improve your business efficiency through effective tax planning and practical implementation in the tax compliance process. Our approach will typically involve assisting you in: identifying tax issues specific to the industry in which you operate and to your business; identifying and exploiting tax opportunities; identifying areas of potential risk or contention; determining the tax effectiveness of your business structure, both domestic and cross-border; structuring your activities so as to minimize risks, whilst at the same time taking advantage of potential opportunities.

5 Corporate tax Managing business in an underdeveloped tax environment which is undergoing continuous and rapid development is particularly challenging, especially in light of EU accession. But such an environment can also offer opportunities which can increase the value of your business. Corporate tax is a significant part of a profitable company s expenses. Conversely, for loss making entities, the recognition and valuation of corporate tax losses may have a significant impact on profit and regulatory capital. We work with our clients to help mitigate costs and to maximize potential opportunities arising from their business activities. Indirect taxation VAT can have a major cash flow impact on your business. Strict documentary and procedural rules require knowledge of both the theoretical and practical application of VAT. Major changes have been made to Croatia s indirect tax framework as part of Croatia EU accession. KPMG can provide a wide range of VAT services including: development and implementation of planning strategies to reduce VAT costs; health checks to pinpoint areas of exposure to VAT liabilities and associated penalties; advice on the VAT treatment of specific transactions; our indirect tax team members can also advise on the customs duty, excise duty or the indirect administrative or taxation implications of transactions. International tax While the impact of taxation on transactions within national boundaries is important, the impact of taxation on cross border transactions can be even more critical to a business. Understanding the tax systems in the countries where our clients work is fundamental both in avoiding double taxation and in identifying opportunities to keep the overall tax burden as low as possible. KPMG s professionals in Croatia and abroad work closely together to suggest strategies tailored to each client s individual needs and circumstances. Transfer pricing Croatia has transfer pricing legislation which is based on the standard OECD model. Given that all taxpayers which undertake transactions with related parties are required to maintain detailed transfer pricing documentation, businesses must plan for such documentation to be prepared. Within our team we have tax professionals who have extensive experience with the transfer pricing regulations of developed market economies, and we can offer comprehensive services in respect of transfer pricing, including preparing documentation supporting the provision of services, preparation of standard transfer pricing documentation and preparation of benchmarking studies. Personal income tax Personal income tax is an issue for any entity providing remuneration or any individual receiving remuneration: effective planning can result in a win-win situation of reduced costs with increased gains. Taxation authorities around the globe and in Croatia are focusing more on the provision of noncash remuneration to employees. Social security contributions should be taken into consideration in any remuneration plan. We have experience in tailoring compensation strategies to meet today s business demands.

6 Our team: Paul Suchar Partner, Tax & Regulatory Services Tomislav Borošak Director, Tax Services Marinela Mostić Director, Legal Services Maja Maksimović Director, Tax Services Kristina Grbavac Senior Manager, Tax Services Katarina Antičević Ljubetić Manager, Tax Services Gordana Vrančić Boroš Manager, Bookkeeping and Payroll services Assistance during tax inspections Our tax and legal practice can provide you with advice on: your rights and obligations during a tax inspection; the rights and obligations of the tax inspectors; and can: meet the tax inspectors during tax inspections to explain positions to them or prepare documents to be provided to the tax inspectors; should the need we can assist our clients in preparing and submitting objections to minutes of inspection, appeals against decisions and law suits against resolutions. Global Mobility Services KPMG s Global Mobility Services (GMS) practice is dedicated to helping global companies better manage their international assignment programmes. When our clients send their employees on international assignments, KPMG professionals provide advice and proactive ideas on international human resources strategies. KPMG s international tax professionals can offer the following services: advice as to tax effective compensation packages; consideration of the interaction of tax and social security rules in Croatia and abroad notably the EU rules and regulations following Croatian EU acession; assistance in implementing contractual arrangements with assignees; tax return filing and payroll services immigration services. Real estate In recent years this sector has grown considerably, for tourist, commercial and residential property, and continues to be of great interest to foreign and domestic investors. The inter-relationship between corporate tax, VAT, specific property taxes and regulatory framework in Croatia needs to be taken fully into account. Effective tax planning has to take a longterm view, and the advice of qualified tax professionals at an early stage is essential to avoid costly errors in the structure adopted. Our taxation and legal team has significant experience in advising foreign and domestic investors in respect of the structuring of their property investments and disposals in Croatia. Investment incentives KPMG in Croatia has developed a reputation as a leading advisor on the complex procedures which are necessary to apply for tax and other investment incentives, and can offer practical guidance through this process, from initial studies and application preparation to ongoing compliance services, so that investors can benefit from as many incentives as possible. Bookkeeping and payroll Our team of experienced independent bookkeepers, all with an in depth knowledge of Croatian Financial Reporting and Standards, International Financial Reporting Standards are able to provide local and international clients with a wide range of bookkeeping, payroll and tax compliance services. We specialize in providing support in the preparation of financial and management reports for owners, for Group Reporting Packages and statutory financial reports. Our payroll services include complete management of your human resources databases including registration of employees with the relevant local institutions, preparation of the labor contract, calculation of payroll, standard job descriptions, preparation of staff procedures manuals, executing salary payments, etc.

7 KPMG provides services across the globe under three main functions: Audit, Tax and Advisory. Audit Reporting under International Financial Reporting Standards (IFRS) Reporting under local accounting standards US GAAP and other reporting requirements Tax Advisory Local and international taxation advisory services Tax management strategies Transfer pricing Market entry assistance Tax and regulatory reviews and due diligence Tax and regulatory support in mergers and acquisitions Assistance with negotiations and contract preparation Foreign currency advisory services Financial Advisory Services Transaction Services Buy-side Assistance (Pre- and Post-Deal) Sell-side Assistance (Pre- and Post-Deal) Capital Markets Service IPO, Debt and Equity Assistance Corporate Finance M&A Services Valuations Infrastructure and Projects Debt financing and Real Estate Advisory Restructuring Operational Restructuring Financial Restructuring Cash Management Crisis Management Insolvency Turnaround Executive Management Risk Consulting Internal Audit Services Internal Audit Enterprise Risk Management Corporate Governance Regulatory Compliance Sustainability Services Forensic Investigations Fraud Risk Management Dispute Advisory Services Regulatory Compliance Forensic Technology Indirect taxation including VAT, customs and excise Investment incentives Labour Law and taxation of personal income including inter alia implications for foreigners Incorporation, reorganisation and liquidation of legal entities Real estate and construction issues Tax accounting Tax compliance Legal services Financial Risk Management Credit Risk Market Risk Operational Risk Insurance Risk Actuarial Services Financial Statement Support Capital Adequacy & Regulatory Services Financial Instrument Accounting Accounting Advisory Services Global Conversion Services Quality Close Accounting Support IPO Reporting Advisory Post Deal Accounting Advisory Government Reporting Implementation Process Bookkeeping services Payroll services Management Consulting Business Performance Services Business Process Sourcing Business Process Improvement Change Management Financial Management IT Advisory ERP Controls Integration Security Services/ Security, Privacy and Continuity IT Attestation IT Project Advisory IRM in External Audit IRM in Internal Audit / IT Audit IT Strategy & Governance IT Sourcing

8 KPMG in Croatia Zagreb Eurotower, Ivana Lučića 2a/ Zagreb, Croatia T: +385 (0) F: +385 (0) E: kpmg.com/hr 2015 KPMG Croatia d.o.o and KPMG savjetovajne d.o.o.., a Croatian limited liability companies and a member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. Publication date: January Printed in Croatia. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. KPMG and the KPMG logo are registered trademarks of KPMG International Cooperative ( KPMG International ), a Swiss entity.