Family-run businesses face significant challenges and need to assess their strategy carefully regardless of the industry segment they operate in. The increased compliance requirements mean that family-run businesses would need to decide which department would be responsible for VAT and related compliance. It may be the right moment to assess the duties and responsibilities of a family office in this regard, if already in place, or assess the feasibility of the set-up of a family office as part of the family’s wealth strategy.
EY and Thomson Reuters have partnered to discuss the impact of VAT on family-run businesses, the various opportunities and challenges that businesses may face, and how best to tackle these obstacles to be prepared for VAT implementation.
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