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Business valuations
We offer expert valuation advice in transactions, regulatory and administrative matters, and matters subject to dispute – valuing businesses, shares and intangible assets in a wide range of industries.
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Capital markets
You need corporate finance specialists experienced in international capital markets on your side if you’re buying or selling financial securities.
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Complex and international services
Our experience of multi-jurisdictional insolvencies coupled with our international reputation allows us to deliver the best possible outcome for all stakeholders.
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Corporate insolvency
Our corporate investigation and recovery teams can help you manage insolvency situations and facilitate the best outcome.
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Debt advisory
An optimal funding structure for your organisation presents unprecedented opportunities, but achieving this can be difficult without a trusted advisor.
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Expert witness
Our expert witnesses analyse, interpret, summarise and present complex financial and business-related issues which are understandable and properly supported.
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Financial models
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Forensic and investigation services
We provide investigative accounting and litigation support services for commercial, matrimonial, criminal, business valuation and insurance disputes.
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Independent business review
Is your business viable? Will it remain viable in the future? A thorough independent business review can help your organisation answer these fundamental questions.
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IT forensics
Effective ESI analysis is integral to the success of your business. Our IT forensics experts have the technical expertise to identify, preserve and interrogate electronic data.
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Mergers and acquisitions
Grant Thornton provides strategic and execution support for mergers, acquisitions, sales and fundraising.
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Raising finance
Raising finance - funders value partners who can deliver a robust financial model, a sound business strategy and rigorous planning. We can guide you through the challenges that these transactions can pose and help you build a foundation for long term success once the deal is done.
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Relationship property services
Grant Thornton offers high quality independent advice on the many financial issues associated with relationship property from considering an individual financial issue to all aspects of a complex settlement.
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Restructuring and turnaround
Grant Thornton’s restructuring and turnaround service capabilities include cash flow, liquidity management and forecasting; crisis and interim management; financial advisory services to companies and parties in transition and distress
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Transaction advisory
Our depth of market knowledge will steer you through the transaction process. Grant Thornton’s dynamic teams offer range of financial, commercial and operational expertise.
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Virtual asset advisory
Helping you navigate the world of virtual currencies and decentralised financial systems.
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Corporate tax
Grant Thornton can identify tax issues, risks and opportunities in your organisation and implement strategies to improve your bottom line.
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Employment tax
Grant Thornton’s advisers can help you with PAYE (payroll tax), Kiwisaver, fringe benefits tax (FBT), student loans, global mobility services, international tax
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Global mobility services
Our team can help expatriates and their employers deal with tax and employment matters both in New Zealand and overseas. With the correct planning advice, employee allowances and benefits may be structured to avoid double taxation and achieve tax savings.
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GST
GST has the potential to become a minefield and can be expensive when it goes wrong. Our technical knowledge can help you minimise the negative impact of GST
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International tax
International tax rules are undergoing their biggest change in a generation. Tax authorities around the world are increasingly vigilant, especially when it comes to global operations.
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Research and Development
R&D tax incentives are often underused and misunderstood – is your business maximising opportunities for making claims?
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Tax compliance
Our advisers help clients manage the critical issue of compliance across accountancy regulations, corporation law and tax. We also offer business and wealth advisory services, which means we can provide a seamless and tax-effective offering to our clients.
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Tax governance
Mitigate tax risks and implement best practice governance that will stand up to IRD scrutiny and audits.
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Transfer pricing
Tax authorities are demanding transparency in international arrangements. We businesses comply with regulations and use transfer pricing as a strategic planning tool.
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Audit methodology
Our five step audit methodology offers a high quality service wherever you are in the world and includes planning, risk assessment, testing internal controls, substantive testing, and concluding and reporting
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Audit technology
We apply our audit methodology with an integrated set of software tools known as the Voyager suite. Our technology has been developed to produce quality audits that are effective and efficient.
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Financial reporting advisory
Our financial reporting advisers have the expertise to help you deal with the constantly evolving regulatory environment.
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Business architecture
Our business architects help businesses with disruptive conditions, business expansion and competitive challenges; the deployment of your strategy is critical to success.
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Cloud services
Leverage the cloud to keep your data safe, operate more efficiently, reduce costs and create a better experience for your employees and clients.
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Internal audit
Our internal audits deliver independent assurance over key controls within your riskiest processes, proving what works and what doesn’t and recommending improvements.
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IT advisory
Our hands on product experience, extensive functional knowledge and industry insights help clients solve complex IT and technology issues
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IT privacy and security
IT privacy and security should support your business strategy. Our pragmatic approach focuses on reducing cyber security risks specific to your organisation
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Payroll assurance
Our specialist payroll assurance team can conduct a review of your payroll system configuration and processes, and then help you and your team to implement any necessary recalculations.
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PCI DSS
Our information security specialists are approved Qualified Security Assessors (QSAs) that have been qualified by the PCI Security Standards Council to independently assess merchants and service providers.
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Process improvement
As your organisation grows in size and complexity, processes that were once enabling often become cumbersome and inefficient. To maintain growth, your business must remain flexible, agile and profitable
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Procurement/supply chain
Procurement and supply chain inputs will often dominate your balance sheet and constantly evolve for organisations to remain competitive and meet changing customer requirements
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Project assurance
Major programmes and projects expose you to significant financial and reputational risk throughout their life cycle. Don’t let these risks become a reality.
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Risk management
We understand that growing companies need to establish robust internal controls, and use information technology to effectively mitigate risk.
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Robotic process automation (RPA)
RPA is emerging as the most sophisticated form of automation used to help businesses become more agile and remain competitive in the face of today’s ongoing digital disruption.
Budget 2016: the balancing act of taxing multinationals
Inland Revenue is stepping up its campaign on ensuring small businesses meet their tax obligations, so naturally the finger once again points at multinationals to stump up the cash to meet theirs. After all, the tax revenue from multinationals has the potential to materially increase Government revenues. This requires a change in rules which should be definitively signalled in Budget 2016, rather than a continuation of the rhetoric surrounding the current measured progress being made toward possible rule changes.
However, there is a fine balancing act that the Government needs to maintain to ensure these changes deliver successful outcomes. Our export presence overseas needs to be treated fairly to encourage foreign and domestic business in New Zealand, and our robust voluntary tax compliance regime needs to remain solid. All taxpayers should feel that everyone is paying their fair share. These competing factors are critical to avoiding an inappropriate focus on a particular revenue stream and risk alienating or “cutting off” an important part of our economy.
The debate over an appropriate level of taxation being paid by multinationals is not a new one. After running a programme to revise the rules of international taxation for several years, the OECD released a detailed recommended action plan surrounding 15 key areas in October 2015. Countries all over the world are revisiting their domestic rules to address these recommendations, but everyone simply changing their rules simultaneously isn’t that simple.
While global taxation principles share some common characteristics, there is no global uniformity. Tax also does not operate in isolation; it’s just one economic lever to manage people, resources, and to fund operations. Politics also plays a major part in which tax policies are seen as acceptable, and to help attract foreign investment.
Australia and the United Kingdom have already broken ranks and implemented rules targeting the perceived rorting of their countries’ taxes by certain multinationals. India and China’s tax authorities have sought to achieve the same outcome through more aggressive policing. New Zealand, on the other hand, has implemented minor changes to date but has held back on more substantive initiatives that correspond with the OECD’s programme. Our implementation will also be subject to the impact on the country’s business and compliance costs, and the generic public consultation process.
Caution is warranted by the Government, but it needs to actively do something so that New Zealand taxpayers do not remain aggrieved at the perceived inequality. The current tax proposals around global automatic information sharing - while to be commended as a necessary step in creating transparency between tax authorities - doesn’t sit well with New Zealand taxpayers as affirmative action.
This measured approach recognises multinationals play a significant role in our economy. We need the foreign investment to grow and develop our domestic markets. We also need to ensure we are not considered heavy handed by other countries when our exporters seek to do business in their country.
Kiwis are proud of their country, punching above their weight and their place on the international stage, but in reality, we are a small global player, often lost in the roundings of global businesses. Special rules or treatment for multinationals can easily lead to the tap in New Zealand being firmly turned off. We’re not that special in the eyes of the world, and that can have a significant impact on our economy, and the New Zealand customer experience.
We also shouldn’t lose sight of the range of requirements tax authorities place on multinationals, which could be implemented without being seen as overly heavy handed. For example, compulsory contemporaneous transfer pricing documentation based on the New Zealand presence (rather than a global transfer pricing study), or annual transfer pricing policy disclosure could lift the focus on New Zealand tax principles, rather than the current practices of imposing world policies on New Zealand.
We can’t afford to antagonise international businesses. Equally, New Zealand’s tax system shouldn’t be seen as a “soft touch” internationally. And most importantly, we need to ensure that New Zealand domestic taxpayers are treated fairly and that voluntary compliance is not compromised. Proactive and public implementation of enhanced rules on multinational business is required, and should be outlined in the Government’s 2016 Budget rather than the current approach which will take some time to see the full light of day.
Further enquiries, please contact:
Greg Thompson
Partner and National Director, Tax
Grant Thornton New Zealand
T +64 (0)4 495 3775
E greg.thompson@nz.gt.com