Corporate

Nexia International, a worldwide network of independent accounting, tax and consulting firms, has been named a full member of the Forum of Firms – an endorsement of its globally coordinated quality assurance ethos.

The Forum of Firms is an association of international networks of accounting firms, which aims to promote consistent and high-quality standards of financial reporting and auditing practices worldwide.
 
Kevin Arnold, Executive Director of Nexia International, said:

Nexia international’s traditional tax meeting was held at Ceylan Intercontinental Hotel between 1-4 June 2011 with the participation of more than hundred tax partners and specialists from all over the world.

Delegates from all over the world had shared their opinions about Turkey and Tayfun Bayazıt, chairman of Yapı Kredi Bank had a speech titled “Turkey, Country for the present and future…"

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The Turkish government took a huge step in tax collection with the new Law on Restructuring Several Receivables and Amending Social Security and General Health Insurance Law and Some Other Laws and Statutory Decrees. The  Law has been published in the official gazette on 25.02.2011 and the submission period will be expired on the 02.05.2011

The New Law considered a Tax Amnesty in Turkey allows for a large scale settlement of existing fiscal liabilities, reducing penalties and interests as well as providing an immunity against a potential tax audit.

The main purpose of the law is to increase the collection of tax by allowing taxpayers to avoid tax litigations and assessments for the years within the scope, provided that they pay an additional amount of Value Added Tax (“VAT”), Income Tax, Corporate Tax, some of the Withholding Income Taxes computed based on their existing liability

Nexia International welcomes the development of the European Commission's Green Paper “Audit Policy: Lessons from the Crisis” and the opportunity to contribute to that debate.

We believe it is fundamental that the role of the auditor is acknowledged and understood by all stakeholders in global capital markets and that there is greater transparency. We also support the recognition by the Green Paper of the distinction between large listed and systemic risk companies on the one hand and mid-market and smaller companies on the other.

At the same time we consider there is room for enhancement of audit quality – which will be achieved only if the future direction of the audit profession is based on a framework for audit delivery which is attractive professionally and financially, taking into account both risk and reward.

Nexia International has produced a positioning paper to summarise our response to the Green Paper. Mike Bishop (Chairman, Europe, Middle East & Africa region) comments:

“As one of the largest global accounting networks, we are well placed to provide insight into the global audit profession and equally well placed to put forward practical, workable ideas to address some of the concerns raised in the Green Paper.

We have consulted widely within our network in formulating our response and we are keen and ready to work with the European Commission and with the Regulators to seek practical ways in which trust can be restored to the global audit profession”.

For a copy of our formal response, click here

Global accounting network Nexia International has expanded its presence in the US with corporate tax specialist, Global Tax Management, Inc, a member of The GTM Group of companies.

The GTM Group is a consulting firm headquartered in Radnor, Pennsylvania, with three service lines – tax, technology and internal audit. Global Tax Management, Inc is the largest member of The GTM Group that services mainly Fortune 500 companies and middle market companies across a variety of industries including pharmaceutical, manufacturing, banking and finance. Services include federal, state and international taxes, tax technology and tax accounting. With five offices throughout Pennsylvania, Delaware and Northern New Jersey, the firm has more than 80 professional staff, including 14 principals and directors, and annual gross fee income of approximately US$16.5m.

Nexia International’s Executive Director Kevin Arnold says the move is part of its strategy to recruit high quality members with a strong presence in their local markets to reinforce Nexia’s position as one of the leading independent mid-tier global networks. “We are looking for strong practices in key areas to bolster our presence in the US and GTM is a good strategic fit,” says Arnold.

Larry Chastang (LarsonAllen), Nexia International Regional Chairman, North & Central America, says: “The GTM Group brings a unique group of very talented individuals to the Nexia International network. Their emphasis on tax planning and direct representation of corporate tax departments, including for Fortune 500 companies, is impressive. Combined with the worldwide reach and resources of Nexia International, the result is impressive.”

Our Smart Grid And Smart metering seminar was held on 2nd of November in Istanbul and 3rd of November in Ankara.
The seminar, that enabled brain storming between leaders of the energy sector and Wipro’s sector professionals has taken its start with Eric Smith’s opening presentation. Eric Smith shared with the audience his views and examples of the success stories and applicable strategies in Turkey.
After his presentation, Eric Smith left the word to Smart Grid Solutions Head of Wipro, Ravi Mandalika. Ravi gave various examples of the electricity market around the globe like India, Canada, USA, EU countries and Australia and he presented various solution offers of Wipro.
Finally  Brent Hughes, who has 32 years of experience in the field, told the audience about his work on Theft Identification and different applications in various countries. He also expressed his views on how to reduce theft in distribution companies while sharing ideas about the road map.
We are pleased to thank everyone who joined and contributed to our seminar.
 

The World Accounting Intelligence , continually updated database providing data on the global accounting industry, has published its Turkey Audit Industry Survey in June. It has important information regarding Audit Firms in Turkey and Audit Market.

To jointly address the energy industy in Turkey through a new energy consultancy and risk management company

Date, Place: 14.07.2010, Wednesday, Istanbul:  The managing partners of AS / Nexia Turkey, including Dutch partner Kasper Walet and executives of Wipro Technologies, the global IT services business of Wipro Limited(NYSE:WIT) signed a collaboration agreement to jointly address the energy industry in Turkey.

AS/Nexia has formed a new company in order to provide consultancy services for companies operating in the generation, distribution, wholesale and retail segments of the Turkish energy market, which will work in collaboration with Wipro Technologies. The name of the company is determined to be ETRM Energy Consultancy and Risk Management Corp.

Through ETRM, AS/Nexia Turkey in collaboration with Wipro will provide integrated solutions to energy companies in the building of organizational structures and new strategies; and will establish the necessary technological infrastructure required by these new structures and strategies.

AS/Nexia Turkey took part in “Istanbul Summit of Public Offering Campaign” held in Istanbul on 6-7 May under the sponsorship of SPK (Capital Markets Board), TOBB (Turkish Union of Chambers and Commodity Exchanges), İMKB (Istanbul Stock Exchange), TSPAKB (Association of Capital Market Intermediary Institutions of Turkey) and İSO (Istanbul Chamber of Industry).During the summit, where many industry representatives came together and 514 companies with potential for public offering attended, 3 panels and 8 workshops were held with 82 lecturers. 

Company executives showed great interest to the summit, where Nexia/Turkey provided information on all public offering phases to those companies with potential for public offering at its own stand.In the summit that those 514 companies of public offering potential took part for two days; 49 intermediary institutions, 25 law offices, 10 independent audit firms, 69 fund management companies, 22 associations and capital market entities, 50 consultancy companies and 17 foreign fund management companies were also involved.