Olmix

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Olmix solutions are based on macroalgae offering a full range of innovative solutions to reduce the need for pesticides and chemical additives. UHY Glassman Esquivel y Cía, Mexico and UHY Blancas Sandoval & Asociados, SAC, Peru provide accounting, tax, payroll, legal, business advisory services and Transfer Pricing studies.

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eTeam

eTeam is a recruitment, talent management and consulting business based in New Jersey, US, with an operation that increasingly spans the globe. The group navigated a diverse range of tax regimes, financial regulations and business cultures to create the most efficient corporate structure in each location led by UHY Hacker Young, Letchworth, UK and supported by Lauer & Dr. Peters KG, Germany; UHY Farrelly Dawe White Limited, Ireland; UHY in Malaysia; Govers Accountants/Consultants, Netherlands; UHY M.L.Aguirre & Co. CPAs, Philippines; UHY Lee Seng Chan & Co, Singapore and Balmer- Etienne AG, Switzerland.

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Elton John Aids Foundation

The Elton John AIDS Foundation (EJAF), is one of the world’s foremost independent charities working to support people affected by, or at risk of, HIV or AIDS. UHY Hacker Young in London and UHY LLP in New York, have successfully carried out audits of both EJAF UK and EJAF US.

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Dolph Lundgren

Dolph Lundgren is an actor, screenwriter, and producer. UHY Fay & Co in Malaga Spain, helped Dolf build his property portfolio, take advantage of international film opportunities and secure his financial future. More recently, UHY Advisor SRl (Tax & Accounting), Rome, Italy, was introduced to Dolf.

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B&H Worldwide

B&H Group provides time-critical freight and management solutions to airlines, MROs and component suppliers. UHY member firms provided B&H with streamlined group audit and tax services in the UK, Australia, Germany, Hong Kong, Malaysia, New Zealand, Singapore and the US.

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Viatec

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Viatec constructs and maintains wind turbines for onshore wind farms. Led by UHY ECA in Poland and supported by UHY member firms in Belarus Belgium, France, Finland, Germany, Georgia, Norway, Spain, Sweden and the Netherlands, providing accounting, audit and business advisory services.

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Issue 2020...

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This edition includes six case studies featuring a range of international clients across a variety of market sectors: Biotech, media & communications, Not-for-Profit, recruitment & managed services, renewable energy and transport and infrastructure.  

Top earners in G7 pay over 60% more in income tax compared with those in BRIC countries...

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High earners on an income of 1.5million USD in G7 countries pay over 60% more in income tax than those in BRIC economies, according to new research by UHY International, the international accountancy network*.

For individuals earning 1.5 million USD per annum in the G7, they pay on average 719,751 USD in tax (47.9% effective tax rate) compared with 446,883 USD in tax (29.8% effective tax rate) in BRIC countries.

UHY says G7 countries risk losing out on substantial tax receipts if their tax regimes become uncompetitive for wealthy individuals and they look to relocate their businesses to lower-tax jurisdictions, taking jobs and economic growth with them.

G7 countries including France, Canada the US and UK, have all recently taken measures to reduce or withdraw top rate tax bands imposed following the financial crisis. In 2014 for example, France’s rate of 45.8% (on a $1.5m income), was substantially higher than the current rate of 40.0%. In 2014, the French government also decided to scrap the country’s 75% marginal rate on incomes above €1 million.

The new British Prime Minister, Boris Johnson, said during his campaign for Conservative party leader, that he would cut taxes for higher earners by raising the 40% income tax threshold from 50,000 GBP to 80,000 GBP.

Outside the G7 and BRIC countries, other emerging economies continue to offer some of the most generous tax regimes to high earners**. In Nigeria and Pakistan for instance, those earning 1.5million USD, would pay just 19% and 25% income tax respectively.

Out of all the countries studied, Russia had the lowest income tax rate, where all tax payers, including high earners, pay just 13% income tax.

Denmark taxes individuals earning 1.5 million USD, over half of their income – 53.2% in total – ranking the highest among the 30 countries studied, followed by Japan, The Netherlands, Canada and Ireland.

Denmark’s high taxes are used to pay for the Danish welfare system, where higher education and healthcare are free for all citizens. The Danish welfare model also provides young families with long periods of parental leave (up to 52 weeks) and inexpensive childcare facilities.

UHY says another reason why the income tax burden on employees in Denmark is high is because the vast majority of social security contributions are borne by the employee rather than the employer. In other countries, such as Sweden and France, more of the social security costs are shifted onto the employer.

Lower income taxpayers

For lower income taxpayers earning 25,000 USD, there is almost no difference between the amount of tax paid among the G7 and BRIC countries. A taxpayer earning 25,000 USD in a G7 country would pay 16.5% income tax on earnings, compared to 16.4% for a worker in a BRIC economy.

Emerging economies average a tax rate of 23.5% on a 25,000 USD income, far in excess of the 16.5% average among the G7 or the 19.2% average in Europe**. This reflects the lower average cost of living in BRIC economies compared with in the G7.

There are signs, however, that some emerging economies are moving towards lower income tax rates for lower incomes as they grow. In China for example the effective rate for individuals earning 25,000 USD has been cut substantially over the last five years – when UHY last studied taxation of income, the tax rate for an individual earning 25,000 USD stood at 10.8% compared with just 5.1% today.

Rick David, Chairman of UHY International, says: “Taxes on the top earners residing in G7 economies have eased off slightly since the changes imposed after the financial crisis.”

“Many Western European governments are still concerned though that their jurisdictions may become uncompetitive given the low tax rates in other developing jurisdictions so a number of countries have now taken steps to reduce their top rate of tax.”

“However as developing countries mature and their middle classes expand, governments may decide to increase their marginal rates of tax on higher earners to meet greater demand for public services. This is beginning to happen in Asian countries such as India and China which have gradually been taxing higher incomes more and lower incomes less.”

“Over time, as the population of developing countries becomes wealthier, this tax disparity between the G7 and BRIC economies could reduce.”

*UHY studied tax data in 30 countries across its international network. The study captured the ‘take home pay’ for low (25,000 USD), middle (250,000 USD) and high income workers (1,500,000 USD), taking into account personal taxes and social security contributions.  The calculations are based on a single, unmarried taxpayer with no children.

**Emerging economies studied included Russia, China, Romania, Zambia, Uruguay, India, Vietnam, The Philippines, Poland, Argentina, Pakistan and Nigeria

Ranked by amount of tax to the government in percentage

For lower income taxpayers earning US$25,000, there is almost no difference between the amount of tax paid among the G7 and BRIC country averages

*UHY studied tax data in 30 countries across its international network. The study captured the ‘take home pay’ for low (25,000 USD), middle (250,000 USD) and high income workers (1,500,000 USD), taking into account personal taxes and social security contributions.  The calculations are based on a single, unmarried taxpayer with no children.

Notes for Editors

UHY global press contact: Dominique Maeremans on +44 20 7767 2621

Email: d.maeremans@uhy.com – www.uhy.com

Nick Mattison or Alex Williams

Mattison Public Relations

+44 20 7645 3636, +44 779 320 7325 or email: alex.williams@mattison.co.uk

About UHY

Established in 1986 and based in London, UK, UHY is a leading network of independent audit, accounting, tax and consulting firms with offices in over 300 major business centres across 100 countries.

Our staff members, over 8,200 strong, are proud to be part of the 16th largest international accounting and consultancy network. Each member of UHY is a legally separate and independent firm. For further information on UHY please go to www.uhy.com.

UHY is a member of the Forum of Firms, an association of international networks of accounting firms. For additional information on the Forum of Firms, visit www.forumoffirms.org

UHY strengthens presence in Europe...

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New member firm in Bosnia and Herzegovina joins the UHY network

We welcome, Revident d.o.o., our new member firm in Bosnia and Herzegovina to the global accountancy network UHY, extending our coverage within Europe. The firm is in the process of adopting the UHY branding and will soon be known as UHY Revident d.o.o.

Established in 2006, the firm’s main office is based in Mostar with further offices in Grude and Sarajevo.  The team brings wide-ranging experience in audit, advisory, corporate finance and tax services to a portfolio of domestic and international clients primarily represented in the art & entertainment, hospitality, manufacturing, mining & quarrying and retail sectors.

Senior partner, Božo Vukoja comments: “Being part of the UHY global network underpins our commitment to deliver quality services and enhances the services and advice we can offer our clients. The global presence of the network combined with the expertise and knowledge shared among UHY’s 8,200 colleagues around the world, not only strengthens our own capabilities, locally and internationally, but also these of our current and potential clients and their operations.”

Rick David, chairman of UHY comments: “We are delighted to welcome Revident d.o.o. to the UHY network. Bosnia and Herzegovina, is embarking on a new growth model and continues to embrace economic change including its impending membership of the European Union. Revident d.o.o.’s membership extends our footprint in the Europe and strengthens UHY’s regional market expertise and capabilities to serve our international clients who have business interests in this country and the wider region.”

 

UHY liaison office for Revident d.o.o

Contact: Matko Knezevic, +387 63  371  789, matko.knezevic@revident.ba W: www.revident.ba

Notes for Editors

UHY global press contact: Dominique Maeremans on +44 20 7767 2621

Email: d.maeremans@uhy.comwww.uhy.com

UHY strengthens presence in the Americas...

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New member firm in Paraguay joins the UHY network

We welcome, Consultoria Integral Del MERCOSUR (CIME), our new member firm in Paraguay, to the global accountancy network UHY, extending our coverage within the Americas region. The firm is in the process of adopting the UHY branding and will soon be known as UHY Consultoría Integral Del MERCOSUR (UHY CIME).

Consultoría Integral Del MERCOSUR (CIME), was established in 2000. With a team of 26 staff and two partners, the firm is based in Coronel Oviedo, with additional offices in the capital city of Asunción, as well as in the cities of Villarrica and Ciudad del Este.  The team brings wide-ranging experience in audit, accounting, tax, insolvency and corporate recovery, corporate finance, management and IT consultancy to a portfolio of domestic and international clients.

Managing partner of Consultoría Integral Del MERCOSUR (CIME), Miguel Vera comments: “The UHY network’s collaboration, combined with the reputable UHY brand, will give our firm a competitive edge in Paraguay and the wider region. The global presence of the network combined with the expertise and knowledge of UHY’s 8,200 people around the world, not only strengthens our own capabilities, locally and internationally, but also these of our clients and their operations.  We look forward to elevating our business through a successful cooperation with other firms operating within the UHY network.”

Rick David, chairman of UHY comments: “We are delighted to welcome Consultoría Integral Del MERCOSUR (CIME) to the UHY network. Paraguay has economic advantages of a young population, strong agricultural industry combined with vast hydroelectric power generation capabilities.  Consultoria Integral Del MERCOSUR (CIME)’s membership extends our footprint in the Americas region and strengthens UHY’s regional market expertise and capabilities to serve our international clients who have a business presence in this country and the wider region.”

 

UHY liaison office for Consultoría Integral Del MERCOSUR (CIME)

Contact: Miguel Vera, on +595 521 202386, Email: cime@cime.com.py, W: www.cime.com.py

Notes for Editors

UHY global press contact: Dominique Maeremans on +44 20 7767 2621

Email: d.maeremans@uhy.comwww.uhy.com