VAT: value added turmoil

Article Abstract:

The issue of value added tax (VAT) rates is a major barrier as Europe moves toward removing trade barriers by 1992. Experts believe there will be a large jump in cross-border shopping if rates are not equalized from country to country. A European Community (EC) plan to align VAT rates to two standard levels was heavily criticized by both high and low VAT states, but an alternative plan developed by Great Britain which suggests increasing duty-free allowances has little support. EC officials will meet with each EC country to discuss VAT issues in the next 12 months, but already, France, Germany and the Benelux countries are talking about erasing border controls and implementing more VAT synchronization by 1990.

Taxation, Laws, regulations and rules, European Union, Value-added tax, European Community

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Shotgun wedding

Article Abstract:

The 1986-1987 merger of Peat Marwick Mitchell and Co. and Klynvel Main Goerdler (KMG) did not always go smoothly when it became KPMG, the biggest world-wide accounting firm. Partners in over 100 countries where the firms had offices had to be convinced to merge. Some countries where the firms had offices refused to join the merger. KMG in the US lost its chairman John Thompson and a quarter of its partners. Peat Marwick lost many European partners when its continental European partnership was enveloped by the larger KMG organization. Positive results of the merger are: KPMG had revenues of $3.25 billion worldwide in 1987, and the company has strong representation in every country where it has offices.

Accounting, auditing, & bookkeeping, Management, Economic aspects, Acquisitions and mergers, Accounting firms, Accounting services, KPMG, Peat, Marwick, Mitchell and Co., KM and G International

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Japan takes it gently

Article Abstract:

Japanese investors are not rushing to take advantage of the numerous investment opportunities in eastern Europe. This is not due to lack of interest, but due to a business strategy different from their Western competitors. Instead of making heavy investments, most Japanese companies aim to sell their products, which is why they are busy building up their sales and distribution networks in the region. Japanese executives expect these networks to be instrumental in the acquisition of a big market share as eastern economies grow healthier. This strategy has already started showing paybacks, with Japanese exports to eastern Europe reaching nearly $1 billion in 1990 and continuing to rise in 1991.

Foreign investments, Japan, Cover Story, Eastern Europe, Corporations, Japanese foreign relations, Corporations, Japanese, Europe, Eastern

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