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Global Family Business Tax Monitor

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While tax regimes around the world vary greatly, generally countries are supporting and encouraging investment and growth in family businesses, with low tax liabilities for the transfer of businesses to the next generation either upon retirement or inheritance. The Global Family Business Tax Monitor report, explores these details and other insights related to the impact of tax regimes on family businesses across the globe.

Publié dans : Business

Global Family Business Tax Monitor

  1. 1. April 2016 GlobalFamilyBusiness TaxMonitor Family Business Kpmg.com/enterprise Comparing the impact of tax regimes on family businesses
  2. 2. © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 22© 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Generally countries are supporting and encouraging investment and growth in family business, with low tax liabilities for the transfer of business to the next generation Where tax is due, many countries have mechanisms that allow for payments to be diminished or deferred Impactoftaxregimesonfamilybusinesssuccession uponinheritanceandretirement
  3. 3. © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 33© 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. FamilyBusinessSuccessionuponInheritanceandRetirement CASE STUDY John Smith has owned his Family Business for over ten years. The business is now valued at €10 million (which includes €5 million of goodwill). All assets in the company are used for the purposes of the business. John’s wife Sarah died in 2010 and he has one daughter, Anna, who is 35 years old. 1 2 INHERITANCE John died in early 2015 and his will passed the business to Anna, who intends to continue the business for the next 20 years or so. What is the tax impact of John’s death? RETIREMENT In 2015, John, who is getting older, wished to retire. He decides to gift Oakwood to Anna, who intends to continue the business for at least the next 20 years. The gift is not related to any employment of Anna in the business. What is the tax impact of John’s gift in 2016 presuming that John is still alive?
  4. 4. © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 4 14 countries apply no tax on a family business transfer through inheritance From €0 to over €4.5 million for transfer of family business through inheritance Taxregimesaroundtheworldvarygreatly >€3 million €1 million - €3 million <€1 million Transfer through inheritance (before exemptions)
  5. 5. © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 5 From €0 to over €5 million for transfer of family business on retirement 10 countries apply no tax on a family business transfer on retirement Taxregimesaroundtheworldvarygreatly >€3 million €1 million - €3 million <€1 million Transfer on retirement (before exemptions)
  6. 6. © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 6 The exemptions provided create a far more level playing field in the taxation of business assets across all types of economies The tax landscape changes dramatically when introducing country specific tax exemptions and reliefs Exemptions&reliefsarecomplexalthoughgenerous Transfer through inheritance
  7. 7. © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 7 By decreasing the tax burden, governments encourage family members to keep their assets and business within the generations and to grow and develop it Sometimes conditions that have to be met for the exemptions to apply, including a minimum period of time that the shares should have been held by the donor prior to the gift and how long the business should be continued post-transfer Exemptions&reliefsarecomplexalthoughgenerous Transfer on retirement
  8. 8. © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 8 INHERITANCE While the tax on inheritance is higher that on a lifetime transfer, a thought should be given to advanced planning to ensure the tax implications of all the available options are understood RETIREMENT Ten countries apply a higher tax on the on retirement than on inheritance (sometimes of over €1 M), preferring assets remaining in the hands of the older generation for as long as possible Whentopassthebusinesson?
  9. 9. © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 9 While from a tax perspective it may be more beneficial to transfer the business to the family members through inheritance, this can lead to the younger generation feeling frustrated that they do not ‘own’ the business they are working to help grow Whentopassthebusinesson?
  10. 10. © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 1010© 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Inheritance? Retirement? Timely preparation The difference in tax treatment may impact considerably on the owner’s decisions about when to transfer the business. Unfavorable tax policies may influence a business to relocate impacting the local economic growth Lack of timely preparation may cost them a considerable sum or even put the ongoing ownership of the business at risk ImportanttoConsider Impact on the local economy
  11. 11. © 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 1111© 2016 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Methodology The Global Family Business Tax Monitor is based on the findings of 42 countries who undertook a taxation review on two scenarios for a Family Business valued at €10 M. The Monitor has explored the effects taxation can have on the transfer of the business to family members upon inheritance and as a lifetime transfer. Each participating country was given two case studies and a questionnaire to complete providing details on how their country would tax each event. Further research and analysis was then undertaken to highlight key trends in relation to exemptions and reliefs. The 42 countries engaged in the study are: Australia Austria Belgium Bosnia & Herzegovina Brazil Canada China Croatia Cyprus Czech Republic Estonia Finland France Germany Greece India Ireland Isle of Man Italy Jamaica Japan Jordan Latvia Lithuania Luxembourg Malta Mexico Netherlands Norway Pakistan Poland Portugal Senegal Serbia Slovakia South Africa Spain Sweden Switzerland Turkey UK US Contacts GLOBAL Dennis Fortnum Partner, Global Chairman of KPMG Enterprise T: +1 416 228 7232 E: dfortnum@kpmg.ca Christophe Bernard Partner, Global Head of KPMG Enterprise, Family Business T: +33 (0) 1 5568 9020 E: cbernard@kpmg.fr For more information on the report, contact us or visit: www.kpmg.com/enterprise Click here to download the full report
  12. 12. © 2016 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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