April 2024 Edition

Get Ready for BKR's Upcoming Regional Meetings!

May 18-21

Americas Regional Meeting

InterContinental Buckhead Hotel

Atlanta, Georgia, USA

June 1-3

EMEA Regional Meeting

Grand Visconti Palace Hotel

Milan, Italy

June 15-17

Asia-Pacific Regional Meeting

Grand Hyatt Hotel

Kuala Lumpur, Malaysia

BKR Ranks Fifth in 2024 International Accounting Bulletin World Survey

BKR International is excited to announce that it has placed fifth in the International Accounting Bulletin's (IAB) 2024 World Survey for global associations, with more than $1.6 billion in annual fees, an increase of 4% and up from seventh place over last year.

BKR Members Make Accounting Today's 2024 Top Lists

BKR International is pleased to announce that Member Firm Anchin, Block & Anchin LLP (New York) has made Accounting Today's 2024 "Top 100 Firms" and "Top Tax Firms" in the US lists.

Among the "2024 Regional Leaders" rankings, DiSanto, Priest & Co. (Warwick) made the "Top Firms: New England" list, Anchin, Block & Anchin LLP again placed in the "Top Firms: The Mid-Atlantic" list, and Mize CPAs Inc. (Topeka) made both the "Top Firms: Midwest" and "Beyond the Top 100: Firms to Watch" lists.

Congratulations to our members!

BKR Center of Excellence Releases Workforce Engagement Report

The BKR Center of Excellence has undertaken a significant project around Workforce Retention for the benefit of its members. The research for this project included surveys of our members’ CPA staff at all levels and follow-up investigation on the relevant issues.

As a result of this undertaking, a significant number of recommendations are presented, including the following on communications:

“A great start at a ‘formal communication program’ would be to provide a bi-monthly, firm-wide update delivered by selected individuals. At the outset, it can be as simple as addressing the following three questions, with time for questions from the floor:

1. What significant changes, if any, have taken place at the firm?

2. How is the firm performing in comparison to budget?

3. What is the general state of affairs at the firm with the economy and with the profession? 

Additional questions can be addressed as the staff provides feedback.”

There is also an extensive section on the hybrid work environment:

“Overall, it seems that remote work is highly desirable among employees and can have several benefits for them. This is especially true with individuals under the age of 35 who look far more favourably on remote access. 

Based on the feedback and subsequent research, the work week should be broken down into three categories: mandatory office time, flexible office time, and remote work time. The timing of the mandatory component can be different by team but should be consistent in terms of length and expectations throughout the firm. This is also the case with flexible office time. The required days or blocks can differ, but they should be consistent.”

This extensive report is available to all member firms here.

Eurofast Ltd (Lefkosia [Nicosia]) Introduces Refreshed Brand Identity

Eurofast Ltd is proud to announce the introduction of its new brand identity. This dynamic revitalization initiative showcases a fresh logo, vibrant color palette, and an enhanced website, marking a significant milestone in Eurofast's journey of innovation and growth.

Rooted in a steadfast commitment to excellence, Eurofast continues to lead the industry, offering a comprehensive suite of services, including payroll and employment, tax and transfer pricing, accounting and compliance, and advisory and corporate services. The enduring dedication to delivering tailored solutions and surpassing client expectations is ingrained in every aspect of the brand.

Eurofast reaffirms its position as a trusted partner and advisor, empowering businesses to thrive in an ever-evolving landscape. Stakeholders are encouraged to join in celebrating this exciting evolution and stay tuned for more groundbreaking developments from Eurofast.

You are invited to visit Eurofast's new website at www.eurofast.eu to explore the refreshed brand identity and innovative services, and check out the firm's new video here. You can also connect with Eurofast on social media platforms, such as Facebook, Instagram, LinkedIn, and YouTube to stay updated on the latest news and insights. Eurofast looks forward to engaging with you there!

WWS Wirtz, Walter, Schmitz GmbH (Düsseldorf) Appoints New Partner

WWS Wirtz, Walter, Schmitz GmbH is delighted to announce the appointment of a new partner.

Auditor and Tax Consultant Matthias Gehlen has joined the circle of shareholders and management of the long-established multidisciplinary consulting company. The 33-year-old holds a bachelor's degree with a focus on "Taxes and Auditing" from the Niederrhein University of Applied Sciences and, after a stint at an international consulting company, has been working for WWS Group since 2018.

Flynth Adviseurs & Accountants B.V. (Arnhem) Introduces Use of Game-Based Assessments

Netherlands-based member firm, Flynth Adviseurs & Accountants B.V. is the first accounting organization to introduce company-wide use of game-based assessments.

As an accounting and advisory organization for SMEs, it is crucial for Flynth to attract the right talent and professionals for a long-term relationship. An assessment during the application process benefits both parties. Thus, as the first major advisory and accounting organization in the Netherlands, Flynth has chosen to collaborate with Equalture, an innovative partner in the field of game-based assessment solutions. Starting no later than May 1, every applicant at Flynth will be tested with an assessment based on a game.

Flynth believes that it is important to place the right people in the right positions, allowing employees to have control over their own careers. Utilizing game-based assessments at the start of the selection process not only improves the quality of incoming talent but also contributes to retention. These assessments are designed to prevent manipulation and biases. For example, practicing in advance plays no role, and language is scarcely used in the assessments, making the process more inclusive. The use of game-based techniques not only yields reliable results, but also reduces stress and provides a fairer chance for candidates. It also positively affects candidates' perceptions.

Ingrid van Gelder, manager of recruitment at Flynth, emphasizes, "A game-based assessment focused on objectivity, inclusivity, and competency-driven recruitment will help us broaden our labor market. At the same time, the assessment method and the personal report are gifts to the candidate."

Flynth Values Competencies and Skills

The immense pressure on the labor market demands the courage to do things differently. Therefore, Flynth is taking a further step in broadening the labor market potential.

"We are broadening our potential by not only looking at education but also at the competencies and skills of candidates. Competency-oriented recruitment is becoming increasingly important, including in the accounting and advisory sectors. Implementing game-based assessments during the application process allows Flynth to give competencies a larger role within the selection process and to bind candidates who may not yet have the right education (unless legally required), but do possess the necessary competencies and skills," says Ingrid.

Besides the increased focus on competencies, the use of game-based assessments enables Flynth to maintain an inclusive and objective selection process. "This way, we offer all candidates equal and fair chances," she adds.

Flynth Collaborates with Equalture

To introduce the game-based assessment, Flynth is working with Equalture, a software developer in this area. Equalture focuses on enterprise organizations and has an extensive track record in these assessments. It operates with the vision, "A world where everyone has an objective and fair chance at a job and is selected based on talent. That's the world we want to create."

Ingrid van Gelder and Chairman of the Board Bas Hidding discuss the new collaboration with Equalture. A video is available for more insights.

B&C (Milan) Share Legislation Insights on Corporate Tax Residency and Product Safety

B&C Tax and Legal recently outlined the details of new Italian legislation on corporate tax residency, which was introduced through the Internationalization decree. The legislation sets forth new criteria for determining the tax residency of companies. The amendments to the Income Tax Consolidation Act now consider a company to be a resident in Italy for tax purposes if it has its registered office, place of effective management, or main place of ordinary management within the country. These criteria aim to provide a more immediate and clear understanding of a company's tax residency. For a more detailed analysis, read the full article here.

The firm also recently highlighted the key points of EU Regulation 2023/988 on the general safety of consumer products placed on the EU market. This regulation, effective from December 13, 2024, emphasizes the general obligation for economic operators in the production and distribution chain to only place safe products on the market. It covers products intended for consumers and sets new rules for online sales, ensuring uniformity in product safety standards. The regulation expands the definition of "safe product;" introduces obligations for manufacturers, importers, distributors, and online marketplace providers; and emphasizes cooperation among economic operators and with supervisory authorities. Product traceability, risk assessment, consumer remedies, and penalties for non-compliance are also discussed in the comprehensive framework of the regulation. For a more detailed analysis, read the full article here.

John Conway (Dublin) Pens New Article, "Ireland: A Destination for Non-Doms"

The recent announcement that the UK plans to severely restrict its non-dom regime has led many UK-based non-doms to start the search for alternative destinations.

Countries high on the list may include Italy, Spain, Malta, Singapore, and Ireland.

Ireland may attract man UK-based non-doms due to its proximity, and it also has a similar tax regime for non-doms.

The UK has historically been an attractive location for non-doms for many reasons. The tax regime was favorable, but also the UK is a world heavy weight in many economic and financial activities, particularly the financial sector based around the city of London. As a result, many global wealthy individuals relocated to the UK and benefitted from its non-dom tax regime.

Ireland has a non-dom tax regime similar to the one that operated in the UK. In fact, the Irish non-dom regime is arguably superior to that of the UK. Unlike the UK, Ireland does not have a time limit, and, therefore, it does not impose a “deemed-domicile” rule after a certain number of years. There is also no annual charge for non-doms, and no application or formal qualification process.

Ireland has, in recent decades, also been a popular relocation destination for entrepreneurs and high net-worth individuals. The booming tech and pharma sectors in Ireland meant that many foreign executives have located to Ireland, and the Irish non-dom regime has benefitted these individuals along with other tax reliefs, such as SARP (Special Assignee Relief Programme).

It is relatively straight forward to become a non-dom in Ireland and avail of the remittance basis of taxation. If an individual plans in advance, it may also be possible to bring “capital” funds into Ireland tax free.

Like other jurisdictions, Ireland is keeping its non-dom regime under review. However, in its current format, it is bound to be a consideration for many UK-based individuals who may be affected by its recent restriction on its non-dom regime.

If you have any queries with respect to becoming a non-dom in Ireland, please contact the Ormsby & Rhodes (Dublin) Tax Team.

Yair Holtzman, Sharlene Sylvia-Casimir, and Gleb Gorkhover (New York) Published in March Edition of Checkpoint

Check out the recent article, "Taxing Changes Ahead: New R&E Amortization Rules for 2023 and Beyond," by Yair Holtzman, Sharlene Sylvia-Casimir, and Gleb Gorkhover of BKR Member Firm Anchin, Block & Anchin LLP (New York), published in the March edition of Thomson Reuters' Checkpoint.

BKR members can read the piece in full here.

Catch up with BKR's Regions

Read the latest BKR news from around the world:

Accountancy Europe Updates Available

Register for an Account on BKR's New Website

If you haven't done so already, be sure to sign up for an account on BKR's new website here so that you can access exclusive members-only content. Once submitted, your account will be approved within one business day (usually much sooner!).

Once you have access, we encourage you to join as many BKR Groups as you like.

Membership is open to everyone!

Promote Your Firm and BKR on Social Media

In an effort to promote BKR and our members, we request that member firms share their social media handles with BKR's Executive Office so we may easily tag your firm in our posts. Send your LinkedIn, Twitter, and Facebook handles to info@bkr.com. We also encourage you to tag BKR in your posts, and be sure to use #BKRelationships when promoting your BKR membership.

Catch up with all of the latest Member News on the BKR website.

Submit your firm's news and updates to info@bkr.com.

Volume 46 | Number 4

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