Recent news for international businesses

March/April 2012

IRS reopens voluntary disclosure program for unreported offshore assets
The IRS recently announced it has reopened its Offshore Voluntary Disclosure Program/Initiative (OVDI) for a third time. Under the program, individuals and entities with previously unreported offshore financial accounts can come into full compliance with US tax law and greatly minimize their chances of facing criminal prosecution.

Many taxpayers unintentionally violate federal tax laws by failing to report income from foreign accounts or assets.


International R&D incentive opportunities
Many governments encourage business investment in research and development (R&D) to make their country more attractive than their competitors for R&D investments. Incentives vary from country to country, with some offering one or more of the following: foreign tax credits, rebates or abatements, or cash grants. The definition of R&D for purposes of the incentives is generally broader than traditional R&D activities and includes improvements to existing products and manufacturing processes.
 

Hong Kong tax update: HKSAR Government Budget 2012-13
On Feb. 1, 2012, Mr. John Tsang, Financial Secretary of Hong Kong, delivered his fifth and last budget speech. He forecasts Hong Hong's GDP to grow 1 to 3 percent in 2012 after growing 5 percent in 2011 and a surplus of HKD66.7 billion in the Consolidated Account for 2011/12.

In a perceived worsening economic environment, Mr. Tsang proposed a series of measures to help enterprises by reducing their operating costs and enhancing competitiveness so as to protect employment. Baker Tilly Hong Kong provides an update on some of the major relief measures.
 

Baker Tilly International announces new member firm in Slovakia
Baker Tilly International has announced the appointment of a new member firm in Slovakia. Newly established Baker Tilly Slovakia will operate out of the capital city Bratislava and further strengthens our existing coverage across Central Europe. While the main service focus is currently on audit and accounting, the firm has five-year growth plans in place to develop both tax and transaction support.

Geoff Barnes, CEO and President of Baker Tilly International, commented: "We are delighted to welcome Baker Tilly Slovakia to the network. We believe that by working with a single firm in each country, we are picking the best fit for our business and building a genuinely unified network to deliver the international advice clients demand. Baker Tilly Slovakia's ambitious growth plans and commitment to delivering high quality client services make the firm an ideal fit with the Baker Tilly International strategy."

Contact our international services team >