CBAM 2023 guide: Obligations, reporting and strategies From October 1, 2023, the Carbon Border Adjustment Mechanism (CBAM) will bring new statutory reporting obligations for energy-intensive imported goods. This blog article sheds light on the background, affected companies and their obligations under this EU regulation. Climate protection, and in particular limiting global warming, is one of the greatest challenges of our […]
How Japanese managers in Germany can overcome challenges Japanese expat managers in Germany face challenges with culture, language, colleagues, clients, authorities, and requests from the headquarter. Japanese managers often become department heads or chief financial officers without a technical background. Japanese companies prefer this challenging environment to find the best candidates for advancement: either with our withour success. This article […]
Starting a business in Germany as a foreigner: the GmbH Starting a business in Germany? Consider the popular option of Gesellschaft mit beschränkter Haftung (GmbH), which stands for Limited Liability Company. This article outlines necessary steps and a typical timeline and costs to establish a GmbH. Options to establish a company in Germany Various options exist to opening a business […]
Inheritance and gift tax Germany: all you need to know Inheritances and gifts with a foreign link are becoming more common, including implications on inheritance and gift tax in Germany. This occurs when someone involved in the process resides in another country. Transferring assets in a different country can also cause this to happen. For example, this could include a […]
Optimizing taxes: Conversion of a sole proprietorship into a GmbH To save on taxes, a sole proprietorship can be converted into a limited liability company (GmbH). This is possible for up to 8 months retroactively and tax-neutral. This article explains the advantages and disadvantages of a GmbH and the conversion of a sole proprietorship into a GmbH. Background Entrepreneur A […]
Imagine you have made a mistake on your tax return and the tax office has already issued an audit order. In this case, a self-disclosure could serve to save the day. But what if this option is excluded? This is where the penalty-exempt resignation comes into play – a legal “lifeline” that many people are unaware of. In this article […]
Self-disclosures in tax matters have recently become a sensitive topic for many taxpayers – especially against the backdrop of ongoing collective information requests by the tax investigation department in the area of cryptocurrencies/bitcoins. Since January 1, 2015, there has been an important change in German tax law that is particularly relevant for those who are thinking about filing a self-disclosure. […]
For sole proprietors, it often makes sense to set up a holding structure to save taxes in the long term and to use the available cash flow from tax savings for further growth. This article explains the advantages, disadvantages and implementation of a holding structure based on a practical example. Advantages and disadvantages of a holding structure Before we dive […]
Digitalization of accounting not only means moving from a paper-based to a paperless office, but also redefining accounting processes. Thanks to modern technologies, companies can manage, analyze and use their financial data more efficiently. Selected examples of accounting processes that benefit from digital transformation In the following, we show selected examples of accounting processes that benefit from digital transformation: 1. […]
