Arc de Triomphe - Paris, France

New Audit Thresholds Leading to New Audit Standards Applied to SMEs in France

By Carole Hong Tran and Dominique Le Roi,

In France, since the introduction of the new law on audit thresholds adopted in May 2019, a number of SMEs are now exempt from statutory audit. A new audit mission has therefore been designed especially for those still wishing to have their annual accounts certified by an auditor, known as Audit Légal des Petites Entreprises (“ALPE”), which offers the following advantages:

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Understanding Economic Substance

By Alun Griffths, Forward Group Limited

The Council of the EU adopted a resolution on a Code of Conduct for business taxation, the aim of which was counteracting the effects of zero tax and preferential tax regimes around the world. In 2017, the Code of Conduct Group (Code Group) investigated the tax policies of both EU member states and third countries, assessing:

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Vienna, Austria

The Connection Between Investing and Thereby Obtaining a European Residency

By Dr Jörg Winkler, Hasberger_Seitz & Partner Rechtsanwälte GmbH

Four EU member states currently sell passports and 13 trade with residency rights through “golden visa schemes”. From 2008 to 2018, the EU welcomed more than 6,000 new citizens and close to 100,000 new residents through golden visa schemes. Spain, Hungary, Latvia, Portugal, and the UK have granted the highest numbers of golden visas – more than 10,000 each – to investors and their families. Next in line are Greece, Cyprus, and Malta.

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Update on South Africa’s Consideration of a Wealth Tax Regime

By Simphiwe Mili, Nolands

In 2015, the Davis Tax Committee was tasked to investigate the relevance of estate duty in the South African (“SA”) tax regime. The committee’s first interim report proposed abolishing estate duty and replacing it with a wealth tax. In 2018, the Davis Tax Committee was tasked with investigating the feasibility of a wealth tax in South Africa and this included investigating whether the wealth tax would perform better relative to estate duty. The debate between the proponents and the opponents of this tax has gained much momentum since 2018 and a specifically interesting debate is how this tax affects inheritance.

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