International Business Report 2010
Taxing times 2010 1
Governments around the world are under pressureto reduce the levels of national debt that haveaccumulated during the deepest and longestrecession for a generation. This need to raise financehas concentrated media attention on the amount oftax paid by businesses. Headlines tend to highlightthe effective rate of tax paid by quoted companieson their reported profits, but this rate does notreflect the full tax burden.
All businesses pay, or help to collect, a range oftaxes in addition to the tax levied on their profits,such as sales taxes, customs duties, employmentrelated taxes and social security charges. Theburden of taxation comes not only from the rate of tax, but the requirement to administer parts ofthe tax system on behalf of the local tax authority.
Privately held businesses (PHBs) make up 98 per cent of businesses worldwide but the amountof tax they pay never makes the headlines. TheGrant Thornton International Business Report(IBR) 2010 sought the opinions of owners anddirectors of PHBs worldwide in 36 participatingkey economies on the issue of tax. Specific taxissues focused on in this report are ‘the mostburdensome aspects of taxation’ and ‘those aspectsof taxation regimes that influence choice of locationwhen establishing a foreign base’.
The results provide a comprehensive picture ofthe perceived tax burden of different groups oftaxes experienced by PHBs across the world.Businesses in some economies, such as Hong Kongand Singapore, are very satisfied with their local taxsystems, but PHBs in most other economies feelburdened by at least one category of tax.
International Business Report 2010
An emerging pattern this year is the shift in theperceived tax burden from taxes on business profitsto employment related taxes. This may be becausebusiness owners have been reluctant to dispensewith key workers through the recession, eventhough their business has made little or no profit.The employment related taxes paid on the workers’salaries then make up a significant part of the totaltax burden for the PHB market.
When PHBs plan to set up operations in a newterritory, tax incentives are important, but thebusiness owner is also looking for stability in thelocal tax regime. PHBs are prepared to takeeconomic risks with a new venture but do notalways consider the tax risks, which can beminimised with suitable forward planning.
The core message to PHBs is that they need tomove tax issues higher up the agenda when makinginvestment decisions in both their home marketsand in foreign jurisdictions. In the home market thetaxes may be more familiar, but the PHB needs tobe prepared to be flexible in the face of changing taxrates and new types of tax charges.
Ian EvansGlobal leader – tax servicesGrant Thornton International
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The tax climate
Tax reviewsSome Governments have recognised that their tax system needs a thorough overhaul to allow thelocal economy to compete on a global basis. In 2009 the Government of New Zealand set up aworking group to review the country’s tax system,but there was no clear outcome from that report.As a result the Government has not made anysignificant changes to the tax system.
The Indian tax regime is subject to constantamendment. For instance, in order to boost theinformation technology sector, the Indiangovernment granted a ten year tax holiday tocompanies writing software that was set to expire in March 2009. This tax holiday was extended fortwo years, one year at a time. These sorts of changes to regulations add to the uncertainty inbusiness planning. However, India has recentlyrewritten its direct tax code, which is due to comeinto effect in 2010.
In other jurisdictions governments have taken apiece-meal approach to changing the tax system byadding numerous amendments to the tax code, withno overall plan of how the whole system shouldwork together. This is the approach taken in theUnited States and it does not produce the idealenvironment for domestic or internationalbusinesses.
Over the last two years many economies haveexperienced the deepest and longest recession inliving memory. Governments have used bail-outs,targeted loans, quantitative easing and other macroeconomic methods to hold off what could havebeen a longer lasting depression. Now those rescueremedies need to be paid for, and the funds canmostly come from tax revenues.
This means tax rates or tax policies need tochange, but how and when the changes will happenis unclear. The commonality for PHBs across theglobe is uncertainty.
Pressure to changeThe pressure to increase tax yields is putting thestructure of tax regimes under stress. Many of thosetax regimes were designed, or evolved, in a bygoneera and are not fit to serve a modern economy thatneeds a fast and responsive mechanism to increasetax revenues or provide targeted stimuli to specificbusiness sectors.
We are a fairly regulated economy in India but the taxadministration system is bureaucratic and at times arduousfor smaller companies. Our tax rates are not very high butthe multiple compliances for direct tax, VAT and servicetax make compliance a pain for organisations that are notlarge enough to pay a considerable professional fee forexternal assistance. The growth in the Indian economy has occurred despite the prevailing tax system.”Pallavi Joshi BakhruGrant Thornton, India
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In Puerto Rico for the next three fiscal years, commercialproperty owners will have to pay an additional specialassessment of real estate property taxes. This temporarytax increase has been imposed as part of the government’sefforts to reduce its fiscal deficit. This has aggravated theeconomic burden of the sluggish real estate market on the island.”Maria de los Angeles RiveraKevane Grant Thornton, Puerto Rico
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Instant revenuesGovernments need to raise additional tax revenuesurgently in many economies, just to service theburgeoning public debt. They cannot wait for aconsidered tax review to produce structural changesto the tax code that may increase total tax revenuein the long term. They need money fast and indirecttaxes are often the obvious answer.
The rates for direct taxes on business profits orpersonal income normally need to be set from thebeginning of the financial year, with the taxcollected at the end of that year or some monthsafterwards. So any increases in direct taxes can takeyears to generate additional funds for thegovernments concerned. In contrast, increases inthe rates or scope of indirect taxes tend to produce a fairly instant revenue stream, as the taxes arecollected by businesses on behalf of governmentson a quarterly or monthly basis.
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International Business Report results
Tax burdensBusiness owners were asked which element of thefollowing aspects of taxation they regard as thegreatest burden for businesses in their country.
Taxes on business profits are seen as the mostburdensome tax for PHBs on a global basis, with 25 per cent of business owners citing these as thegreatest burden in their country. This is similar toprevious years – 27 per cent in 2009 and 24 per centin 2008.
Personal taxes and employment taxes paid bythe business carry similar weight for PHBs, with 22 per cent and 23 per cent reporting these as themost burdensome tax groups respectively. This was similar to the tax burden found in 2009 when19 per cent of PHBs picked personal taxes and 20 per cent chose employment related taxes as thegreatest burden.
Figure 1: Most burdensome taxes perceived by businesses globallyAverage percentage of businesses
Business profits 25
Employment taxes 23
Personal income tax 22
Indirect taxes 12
Gains on selling a business 4
No burdensome taxes 4
Real estate sale or transfer 2
Customs duties 1
Income taxes 1
Wealth taxes 1
Source: Grant Thornton IBR 2010
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The greatest tax burden for PHBs in the US has shifted from taxes on business profits (30 percent) to personal income taxes (36 per cent). In 2009 PHBs in the US ranked taxes on personalincome and business profits as equally burdensome,with 35 per cent of PHBs citing each of those taxesas the greatest burden. In 2009 only 11 per cent ofPHBs said employment related taxes were thegreatest burden.
In most economies there is a clear leader interms of which tax group is the most burdensomefor PHBs. The exception is Chile where the taxburden is balanced equally between indirect taxesand personal tax (at 31 per cent). In 2009 there wasan equal balance for PHBs in Spain and the UKbetween employment taxes and business profittaxes but in 2010 a clear majority of PHBs in bothSpain and the UK now believe employment taxes tobe the greatest burden.
Figure 2 shows the most burdensome taxes byeconomy, with the economies ranked according tothe percentages of PHBs that report each tax groupas the most burdensome for businesses in theircountry. Argentina tops the table for indirect taxburdens with 53 per cent of PHBs citing that taxgroup as the most burdensome in their country.The number of economies where indirect tax isperceived as the greatest burden is growing eachyear, with businesses in nine countries now placingthis at the top of their list of tax burdens (comparedwith five in 2008 and eight in 2009). By contrastPHBs in just six economies report tax on businessprofits as the greatest burden, compared with 11 in2008 and 12 in 2009.
Figure 2: Most burdensome taxes by economyPercentage of businesses
Business profits Personal income taxes Employment related taxes Indirect taxes No burdensome taxes
Japan (46%) Denmark (60%) Belgium (74%) Argentina (53%) Hong Kong (53%)
Vietnam (41%) Finland (54%) Poland (65%) Thailand (42%) Singapore (38%)
Mainland China (34%) New Zealand (38%) Sweden (52%) Mexico (41%)
Malaysia (32%) Netherlands (37%) France (52%) Taiwan (37%)
Greece (31%) Canada (37%) Brazil (45%) Botswana (36%)
Italy (23%) United States (36%) Australia (42%) Chile (31%)
South Africa (31%) Germany (39%) India (29%)
Chile (31%) Ireland (39%) Armenia (27%)
United Kingdom (38%) Philippines (25%)
Source: Grant Thornton IBR 2010
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“Polish employers must pay approximately 0.67 euros in taxesand social insurance for every euro paid to their employees.Employers are obliged to calculate and pay monthlywithholding tax, social insurance and health insurance fortheir employees, taking into account the employee’s income,decisions on the joint taxation of spouses, and varyingamounts of tax deductions. Employers must also calculateand pay contributions to the Labour Fund, GuaranteedEmployee Benefits Fund, Fund for Rehabilitation of theDisabled and the Company’s Social Fund. Labour costs andlabour laws favouring employees are therefore a seriousconstraint preventing business owners from reacting tomarket changes, including those in the labour market.”Dariusz BednarskiGrant Thornton Frąckowiak, Poland
Employment related taxes This group of taxes, paid by employers, is seen asthe greatest burden by PHBs in 12 of the 36economies surveyed, and by 23 per cent of PHBsglobally. Businesses in Europe feel the most painfrom payroll related taxes, with 38 per cent of PHBsreporting this group of taxes as the greatest burden.In contrast, in the Latin American and Asia Pacificregions employment taxes tend to have a lowprofile, for example only three per cent of Chileanbusinesses cite employment taxes as the top taxburden. However, there are exceptions in everyregion; for example over 40 per cent of Australianand Brazilian businesses find employment tax to be the most burdensome.
Three quarters of Belgian PHBs surveyedbelieved that employment taxes are the heaviest tax burden for their country. This is the highestresponse in respect of one group of taxes from all the countries in the survey.
Polish businesses are also united in theiropinion of employment related taxes with 65 percent of PHBs reporting this group of taxes as thegreatest burden for their country.
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Figure 3: Employment related taxes as the greatest burdenPercentage of businesses
Global average 23
Source: Grant Thornton IBR 2010
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Business profitsFor the third consecutive year Asia Pacific basedbusinesses report tax on business profits as beingthe most burdensome with 32 per cent of PHBs inthe region citing this as the greatest burden,compared to just 11 per cent of PHBs in LatinAmerican economies.
Part of the tax burden is created by relativelyhigh corporate tax rates. For the 2009 financial yearthe national corporate tax rate in Japan was 30 percent but corporations also pay local taxes, whichcan increase their effective tax rate to 42 per cent.This is one of the highest corporate tax rates in theworld. The corporate tax rate for 2009 in mainlandChina was 25 per cent for both domestic andforeign companies, but the administration of theChinese tax system adds to the tax burden asperceived by the local PHBs.
Indirect taxesThis group of taxes includes a range of differenttaxes such as:• sales, service and use taxes, including VAT, GST • commodity taxes• real and personal property taxes, such as
stamp duties• excise duties.
The burden of indirect taxes is perceived to begreatest by PHBs in Latin America (32 per cent onaverage) and by PHBs in emerging economies suchas Botswana, Armenia, Taiwan and Thailand (36,27, 37 and 42 per cent respectively).
The administration of indirect taxes can place aheavy burden on smaller businesses that may not beable to afford professional help to assist them.
Figure 4: Business profits as the greatest burdenPercentage of businesses
Mainland China 34
Global average 25
Source: Grant Thornton IBR 2010
Figure 5: Indirect taxes as the greatest burdenPercentage of businesses
Global average 12
United States 4
Source: Grant Thornton IBR 2010
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In the US the tax regime is overgrown in complexity, it is outof date and is not in touch with economic reality. The US taxsystem is out of sync with tax systems in other parts of theworld. US companies suffer competitively by this system.The tax code is a burden for domestic as well as globalcompetition.”Jeff OlinGrant Thornton, United States
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The tax system in Vietnam has only been inplace for about 20 years, and local businesses stillresent the relatively high corporate rate of 25 percent imposed by central Government. Many PHBowners feel they see no benefit from the corporatetaxes they pay.
Personal taxesThe burden of personal income taxes tends to befelt more strongly by PHBs in northern Europewhere personal income tax rates are high -particularly in Denmark, Finland and theNetherlands.
However, the burden of those taxes is also feltkeenly by PHB owners in countries where personalincome tax has received a lot of media attention.This media effect is apparent in New Zealand with38 per cent citing personal income as the mostburdensome.
No tax burdensEast Asia is the area to relocate to if you want toreduce your business tax burden. The PHBs ofHong Kong report a very high satisfaction ratingfor their local tax system, with 53 per cent sayingthere are no burdensome taxes in their country.This is a big increase on last year’s results when 38per cent of PHBs reported no burdensome taxes forthat economy. The high satisfaction stems from thefact that a very small proportion of the populationare required to pay tax.
Satisfaction with the local tax system is also veryhigh in Singapore where 38 per cent of PHBsreported no burdensome taxes. This is also amarked increase on the 2009 figure of 18 per cent.The tax systems of Hong Kong and Singapore arein fact very similar, except Singapore has a goodsand services tax (GST). However, that tax does notpresent a great burden with only 13 per cent ofPHBs in Singapore citing indirect taxes, (whichincludes GST), as the most burdensome tax groupfor their country.
Figure 6: Personal income tax as the greatest burdenPercentage of businesses
New Zealand 38
Global average 22
Source: Grant Thornton IBR 2010
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Mainland China has one of the most complicated taxsystems in the world. It incorporates every possible taxincluding VAT, business tax on services, corporate andpersonal taxes, plus worldwide taxes. Transfer pricing andanti-avoidance rules for multinational companies wererecently introduced and the administrative burden forthese companies has shot up. For example there are nineforms to complete to report transfer pricing. The taxregime is also moving towards greater enforcement withhigher penalties, which may be imposed on a daily basis.”Leo Guan Jingdu Tianhua Grant Thornton, China
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Personal tax rates have been a political hot potato in New Zealand since 2000 when the Labour Governmentput up the highest rate to 39 per cent. This high rate wasonly supposed to affect the top five per cent of individualsbut fiscal drag has put more people into the top taxbracket. There has since been a one per cent reduction inthe top rate, now the top income tax rate is 38 per cent forincomes over 70,000 New Zealand dollars. High personaltax rates encourage brain drain – the emigration of highlyqualified individuals to other countries, but this loss ofhome grown talent has reduced recently due to the worldwide financial crisis.”Greg ThompsonGrant Thornton, New Zealand
Influence of tax when investing overseasBusiness owners were asked which aspects oftaxation regimes would influence their decisionwhen considering establishing an operating base outside of their home country. Respondentscould choose more than one aspect of taxation,respond with ‘don’t know’, or confirm that taxation would not affect their decision to invest in another country.
On average 17 per cent of business owners saidaspects of a country’s taxation regime would notaffect their decision to set up an operating branch inthat location.
The responses across the globe were extremelyvaried. PHBs in northern Europe were amongthose least likely to focus on taxation in theirdecision to invest in other counties. Over 30 percent of PHBs in Poland, France, Demark, Finlandand Belgium said they would not include thetaxation regime of the target country in theirdecision to set up an operating base. In contrasttaxation is a far more important factor in theinvestment decisions for PHBs in southern Europe,Latin America and Asia Pacific. Less than ten percent of PHBs in Spain, Greece, Brazil, Argentina,Taiwan, Japan and mainland China said taxationwould not affect their decision to invest. However,in some of these countries there were also a veryhigh proportion of ‘don’t know’ responses, forexample: in Japan (39 per cent) and Brazil (49 per cent).
These responses show that taxation does notnecessarily top the list of factors that PHBsconsider when deciding where to locate operationsoverseas.
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Figure 7: Taxation would not affect my decisionPercentage of businesses
Global average 17
Mainland China 4
Source: Grant Thornton IBR 2010
Which aspects of tax regimes are consideredwhen investing abroad? Three aspects of tax regimes are given similarweighting by PHBs that are looking to invest inother countries:• low tax rates on business profits (39 per cent)• tax incentives, such as tax free period for five
years (41 per cent)• stability in the tax regime (38 per cent).
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Figure 8: Aspects of tax regimes considered when investing inanother country
Average percentage of businesses – globally
A tax-free period for five years 41
Low tax rate on business profits 39
A stable tax regime 38
Incentives for capital investment 31
The level of employment-related taxes 28
Don’t know 19
Incentives for research and development 18
Taxation would not affect the decision 17
Source: Grant Thornton IBR 2010
Only about five per cent of the population of Hong Kongare required to pay any tax at all. It is a simple tax system.There is no VAT or sales tax, no tax on investment incomeand no employment taxes paid by the employer. Corporationtax is only 16.5 per cent. Confidence in Hong Kong is high,because the local economy never went into deep recession.It was held up by high real estate values due to investmentfrom mainland China.”Gary JamesGrant Thornton, Hong Kong
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Some portions of the Japanese population think of taxes ascontributions to the government rather than costs and arenot as focused on saving taxes as other nationalities, inparticular western countries.”Yoichi IshizukaGrant Thornton, Japan
Stability in the tax regime Stability is a key factor that all PHBs look for in the target country, not only in the tax regime, butalso in the government. In every geographicalregion an average of 34 per cent or more of thePHBs surveyed said they would be influenced toinvest by the degree of stability in the local taxregime. This response was particularly high fromPHBs that have experienced political instability intheir home country, such as the Philippines andMalaysia. However, a significant proportion ofPHBs from countries that are considered to bepolitically stable such as Ireland and Australia,yearn for fiscal stability.
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Figure 9: Stable tax regime is influential when considering operating abroadPercentage of businesses
Global average 38
Source: Grant Thornton IBR 2010
Incentives for investmentPHBs do not tend to rate tax incentives for capitalinvestment as highly as other forms of fiscalincentive. Just 31 per cent of respondents indicatedthey would look for this when opening anoperating base in another country. This response isdown from 36 per cent in 2009 and 41 per cent in2008. Nordic countries are particularlyunimpressed by capital investment incentives withan average of just 18 per cent of PHBs from thosecountries saying they would be influenced by this.Tax incentives for capital investment are mostpopular with PHBs in Taiwan (80 per cent) andMalaysia (76 per cent).
Tax on business profitsLow tax on business profits is always a popularchoice of tax incentive for PHBs investing abroad.In this survey 39 per cent of PHBs said they wouldbe influenced by a low tax rate on business profitswhen considering where to set up operations inanother country. However, this figure is down from2009 (42 per cent) and 2008 (48 per cent).
Certain nationalities have a very differentattitude to taxes raised on business profits, seeingthe levy as a responsibility rather than a burden.For example only 29 per cent of Japanese PHBswould be influenced by low taxes on businessprofits in their overseas investment decisions.
Targeted tax breaksA well targeted tax break for investing businesses,such as a tax holiday for five years, can have a biginfluence on the decision to invest in anothercountry. This was the most influential tax optionfor PHBs in 14 economies with Taiwan (84 percent), Australia (80 per cent) and the Philippines (76per cent) topping the list. In comparison, only 20per cent of businesses in Japan and 22 per cent inSweden cite this as an influence.
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The UK tax system has seen much change in the last decadeand may see more this year. Is it a stable, certain place to dobusiness? That is the challenge for any government toencourage businesses to stay and relocate here.”Francesca Lagerberg Grant Thornton, United Kingdom
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“Employment related taxes are very high in Belgium; forevery one euro of net salary the employer bears a total costof three euros. The social security contributions alone canamount to up to 40 per cent of the employee’s gross pay.The total payroll burden for employers has increased inthe last year because salaries are tied to the cost of livingindex by law. This meant employers were forced toincrease wages by four per cent on 1 January 2009 justwhen businesses were being squeezed from all sides by the economic crisis.”Georges Keymeulen Grant Thornton, Belgium
The way forward: more co-operation
It is clear that there are some fundamental changesoccurring in tax systems around the world and thisinstability increases the tax risk for PHBs andpublicly owned multinational companies alike.However, PHBs do not always have the samefreedom to transfer their operations to differentjurisdictions to find favourable tax regimes, asmultinational companies do.
When a PHB does expand its operations intoanother country, the tax regime of the targetcountry is not necessarily high on the agenda, andin some cases it is not considered until after thedecision to invest has been made. PHB owners needto pay more attention to the taxation systems of thecountries they operate in, as tax is a real cost fortheir businesses.
Where the foreign tax regime is considered indetail, PHBs tend to look for incentives forinvestment that will relieve the types of tax burdenthey suffer from in their home countries. Forexample PHBs in northern Europe findemployment related taxes to be the mostburdensome. When European businesses considerexpansion into another country 40 per cent of themwant to know what level of employment relatedtaxes their new operating base will bear.
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PHBs across the globe consistently demandstability from all tax systems. This is reasonable as a stable tax system is easier to understand andcomply with.
However, change is necessary as tax regimesaround the world need to become morecoordinated to attract and retain internationalbusinesses.
The task for governments of all the majoreconomies is to sensibly manage the move towardsa streamlined international tax system.Consultation with all interested parties is key, andthat means listening to the PHBs as well as to thelarger multinational companies. It will also involveco-operation between governments, but this is a bigpolitical ask, as the instinct of all politicians is toprotect their own tax base as opposed to moves thatwould instil long term simplicity and stability in thetax regime.
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Please contact Rita Duarte if you would like more information on +44 (0) 20 7391 9564, [email protected] or visit the IBR website atwww.internationalbusinessreport.com.
healthcare, manufacturing, cleantech, food andbeverage, transport and hospitality.
Data was collected using 15-minute telephoneinterviews in most countries, and face to faceinterviews or postal questionnaires where culturaldifferences required a different approach. Fieldworkwas conducted locally from October to November2009.
The survey was commissioned by GrantThornton International and conducted by anindependent market research agency, ExperianBusiness Strategies.
Further details about the IBR methodology are available at:www.internationalbusinessreport.com/Results
IBR methodologyGrant Thornton IBR 2010 surveyed a sample of over7,400 chief executive officers, managing directors,chairmen or other senior executives in medium tolarge privately held businesses (PHBs) across 36economies. This unique survey draws upon 18 yearsof trend data for most European participants andseven years for many non-European economies. Thesample was randomly selected by number ofemployees or revenue of the businesses.
A minimum sample size of 100 per country was surveyed in order to guarantee statisticalreliability, although this number was higher in largereconomies. The global sample includes businessesfrom all industry sectors with robust global dataavailable for ten industry sectors: construction and real estate, technology, retail, financial services,
Antilles*ArgentinaArmeniaAustraliaAustriaBahamasBahrainBelgiumBermuda*BoliviaBotswanaBrazilBulgariaCambodiaCanadaCayman IslandsChannel IslandsChileMainland ChinaColombiaCosta RicaCyprusCzech RepublicDenmarkDominican RepublicEgyptFinland
FranceGabon*GeorgiaGermanyGhana*GibraltarGreeceGuatemalaGuineaGuyana*HondurasHong KongHungaryIcelandIndiaIndonesiaIran*IrelandIsle of ManIsraelItalyJamaicaJapanJordanKenyaKoreaKosovo
KuwaitLatvia*LebanonLiechtenstein*LuxembourgMacedoniaMalaysiaMaltaMauritiusMexicoMoldovaMoroccoMozambiqueNamibiaNetherlandsNew ZealandNicaraguaNigeria*NorwayOmanPakistanPanamaPhilippinesPolandPortugalPuerto RicoQatar
Romania*RussiaSaudi ArabiaSerbiaSingaporeSlovak RepublicSouth AfricaSpainSri Lanka*SwedenSwitzerlandTaiwanThailandTunisiaTurkeyTurks and Caicos*UgandaUkraineUnited Arab EmiratesUnited KingdomUnited StatesUruguayVenezuelaVietnamYemenZambia
This list represents the countries and territories where Grant Thornton International member andcorrespondent* firms currently have operations.April 2010.
Economies who participated in IBR 2010 are shown in bold.
*for a detailed explanation of the differences betweencorrespondent and member firms please visit www.gti.org
Tax contacts in IBRparticipating economies
ArgentinaGrant ThorntonFernando FucciT +54 11 4105 0000E [email protected]
ArmeniaGrant Thornton AmyotArmand PinarbasiT +374 10 26 09 64E [email protected]
AustraliaGrant ThorntonPeter GodberT +61 07 3222 0200E [email protected]
BelgiumGrant ThorntonGeorges KeymeulenT +32 2 469 0100E [email protected]
BotswanaGrant Thornton Rajesh NarasimhanT + 267 -3912983E [email protected]
BrazilTerco Grant ThorntonSergio KubiakT +55 11 3054 0261E [email protected]
Canada Raymond Chabot Grant ThorntonJean Gauthier T +1 514 393 4789 E [email protected]
CanadaGrant ThorntonGary DentT +1 416 360 4972E [email protected]
ChileSurlatina AuditoresJose Luis AvilesT +56 2 651 3000E [email protected]
China (mainland)Grant ThorntonWilfred ChiuT +86 10 5908 2102E [email protected]
DenmarkGrant ThorntonHanne Sogaard HansenT +45 35 27 13 61E [email protected]
FinlandGrant ThorntonSanteri KääriäinenT +358 9 51 23 33 19E [email protected]
FranceGrant ThorntonJérôme BogaertT +33 1 53 42 61 61E [email protected]
GermanyGrant ThorntonPaul ForstT +49 211 49 55 49 295E [email protected]
GreeceGrant ThorntonSotiris GioussiosT +30 2 10 72 80 000E [email protected]
Hong KongGrant ThorntonGary JamesT +852 3746 3137E [email protected]
IndiaGrant ThorntonPallavi Joshi BakhruT +91 11 4278 7016E [email protected]
IrelandGrant ThorntonFrank WalshT +353 1 6805 607 E [email protected]
ItalyGrant Thornton Bernoni & PartnersAlessandro DragonettiT +39 02 760 08 751E [email protected]
JapanGrant ThorntonYoichi IshizukaT +81 3 5770 8870E [email protected]
MalaysiaSJ Grant ThorntonSeah Siew YunT +60 3 2692 4022E [email protected]
MexicoSalles, Sáinz-Grant Thornton S.C.Luis ArguellesT +52 55 54 24 65 33E [email protected]
NetherlandsGrant ThorntonJacob MookT +31 182 53 19 22E [email protected]
New ZealandGrant ThorntonGreg ThompsonT +64 (0)4 495 3775E [email protected]
PhilippinesPunongbayan & AraulloMarivic C. EspañoT +63 2 886 5511E [email protected]
PolandGrant Thornton FrąckowiakDariusz BednarskiT +48 22 205 48 41E [email protected]
Puerto RicoKevane Grant Thornton María de los A. RiveraT 787-754-1915E [email protected]
RussiaGrant ThorntonAlexander SidorenkoT +7 495 258 99 90E [email protected]
SingaporeFoo Kon Tan Grant ThorntonAlbert NgT +65 6304 2359E [email protected]
South AfricaGrant ThorntonMike Teuchert T +27 21 481 9123E [email protected]
SpainAudihispana Grant ThorntonFrancisco BenedeT +34 93 206 39 00E [email protected]
SwedenGrant ThorntonMonica SoderlundT +46 8 563 070 74E [email protected]
TaiwanGrant ThorntonJay LoT +886 2 275 82 688E [email protected]
ThailandGrant ThorntonEdward StraussT +66 2 205 8120E [email protected]
TurkeyGrant ThorntonAykut HalitT +90 0 212 373 0000E [email protected]
United KingdomGrant ThorntonFrancesca LagerbergT +44 207 728 3454E [email protected]
United StatesGrant ThorntonJeff OlinT +1 312 602 8014E [email protected]
VietnamGrant ThorntonRonald ParksT +84 8 3910 9100E [email protected]
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