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財務簽證
財務簽證
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稅務簽證
稅務簽證
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營業稅簽證
營業稅簽證
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公開發行及上市櫃專案輔導與規劃
公開發行及上市櫃專案輔導與規劃
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IFRS專區
IFRS專區
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移轉訂價服務
移轉訂價服務
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跨國交易租稅規劃
跨國交易租稅規劃
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外國專業投資機構之稅務代理人
外國專業投資機構之稅務代理人
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所得稅法第四條及第二十五條專案核定申請
所得稅法第四條及第二十五條專案核定申請
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租稅協定之專案申請
租稅協定之專案申請
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租稅獎勵申請
租稅獎勵申請
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稅負平衡政策訂定與假定稅計算
稅負平衡政策訂定與假定稅計算
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代為計算薪資及各項扣繳
代為計算薪資及各項扣繳
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資遣通報
資遣通報
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處理薪資轉帳事宜及繳納扣繳稅款
處理薪資轉帳事宜及繳納扣繳稅款
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勞保賠償給付申請
勞保賠償給付申請
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勞健保,二代健保及退休金之申報及繳納
勞健保,二代健保及退休金之申報及繳納
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年底開立扣繳憑單
年底開立扣繳憑單
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IT 顧問服務
IT 顧問服務
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PRIMA 顧問服務
PRIMA 顧問服務
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營運計劃書編制
營運計劃書編制
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績效考核服務
正大聯合會計師事務所協助企業進行績效制度建立及優化,協助管理者與員工在目標上達成共識,並透過激勵和幫助員工取得優異績效從而實現組織目標的管理,真實反映員工的工作表現,目的在幫助企業激發員工的工作熱情和提高員工的能力和素質,淘汰不良員工,客觀具體、制度公平,迅速反映員工在職能上的表現並調整工作內容,創造勞資雙贏的局面。
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沙賓氏法案第404條遵循查核
沙賓氏法案第404條遵循查核
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內部稽核服務
內部稽核服務
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協議程序(併購交易實地查核)
協議程序(併購交易實地查核)
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風險管理服務
協議程序(併購交易實地查核)
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舞弊調查服務
舞弊調查服務
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電腦鑑識服務
電腦鑑識服務
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外籍人士工作證申請
外籍人士工作證申請
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商業文件英日文翻譯服務
商業文件英日文翻譯服務
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公司、分公司、行號設立登記
公司、分公司、行號設立登記
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外商分公司、辦事處設立登記
外商分公司、辦事處設立登記
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陸資來台投資設立登記
陸資來台投資設立登記
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行政救濟
行政救濟
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企業法律諮詢
企業法律諮詢
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破產與限制
破產與限制
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公司解散和清算
公司解散和清算
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供應商和員工背景調查
供應商和員工背景調查
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存證信函草稿服務
存證信函草稿服務
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中英文協議的準備和審查
中英文協議的準備和審查
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放寬限制出境
放寬限制出境
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勞動法合規與勞資談判
勞動法合規與勞資談判
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企業和個人資產規劃
企業和個人資產規劃
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企業評價服務
企業評價服務
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Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG)
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財團法人及社團法人等非營利組織(公益慈善基金會)
財團法人及社團法人等非營利組織(公益慈善基金會)
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文化教育相關產業(私立學校)
文化教育相關產業(私立學校)
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其他政府委託專案查核
其他政府委託專案查核
Rising exports amongst reasons to be optimistic
Twelve months on from the first Grant Thornton Future of Europe report the situation in the eurozone remains difficult. Growth rates are flat, if not negative, and moves to integrate states more fully through a banking union – in order to break the link between weak banks and weak sovereigns – are not moving as quickly as many would like. The messy bailout of Cyprus and the rejection of austerity measures by the Portuguese courts have renewed fears that the eurozone could break up.
In Spain, we are deeply embroiled in the troubles of the currency union. The economy shrank by 0.8% in the final quarter of 2012 and by 1.4% across the year. Output remains more than 5% below its 2008 peak and is forecast to contract by a further 1.6% this year. The government is trying to reign in bloated state and regional budgets, yet net government debt is expected to reach 84% of GDP by the end of this year, up from 57% in 2011. The deficit is not expected to fall within the 3% range mandated by the European Commission until 2014. Unemployment is touching 27%, rising to 57% for young people – only Greece is suffering more in this regard.
However, I also see some encouragement in the labour market. Spain is undergoing a severe and painful internal devaluation which has seen unit labour costs fall by 10% from their 2009 peak. This is increasing the competitiveness of Spain as a place to do business. The decision of Nissan to invest €130m in its Barcelona plant was based upon agreements with trade unions to limit wage increases and recast working conditions. And Nissan are not the only car giants looking at Spain. Ford, Renault and Volkswagen are all expanding production to take advantage of the low wages which make our country an ideal location from which to manufacture and export automobiles.
Given the current necessary fiscal adjustments, domestic demand is not going to get Spain growing again, at least not in the short to medium-term. I am therefore encouraged by the increasingly global outlook of our businesses. Data from The Economist suggests that the number of exporting businesses increased to 130,247 in 2012, 28.4% higher than in 2008. Moreover, despite weak regional and global demand, figures from the Ministry of Economy and Competitiveness suggest Spanish merchandise export earnings stand 20.3% higher than they did in 2007. This compares very favourably to the much-vaunted German export machine which saw an increase of just 13.7% over the same period. And all the while, Spain is reducing its dependence on its neighbours: the share of merchandise exports to the EU fell to 62.8% in 2012, down from 70.7% in 2008. Our current account deficit has been slashed to just 0.8% and I expect it to climb into surplus in the short term.
To suggest that globalisation is the answer to all of Spain’s woes is too simplistic. Many challenges remain before growth and jobs return to the economy. And the solution for many of them will require further difficult negotiations between EU members. However, where others see a crisis, we at Grant Thornton see an opportunity. Spain is a great country, a fact our most dynamic business leaders are exporting all over the world every day.
See our unique take on the eurozone crisis which has now been viewed more than 1.3m times on YouTube.
José María Fernández is Managing partner of Grant Thornton Spain.