Ryan Acquires France-based VAT Systems to Accelerate EU VAT Compliance Services

0
355
Ryan Acquires France-based VAT Systems to Accelerate EU VAT Compliance Services


DALLAS & PARIS–(BUSINESS WIRE)–Ryan,
a leading global tax services and software provider, announced today the
acquisition of Paris, France-basedVAT
Systems
, a tax specialty firm that serves as a one-stop shop for all
international value-added tax (VAT) compliance and recovery services.

Ryan is the largest Firm in the world dedicated exclusively to business
taxes and brings a multidisciplinary team of more than 2,200
professionals serving more than 14,000 clients globally, including many
of the world’s most prominent Fortune 500 companies. VAT Systems
bolsters Ryan’s European presence with expertise and deep client and
policy-maker relationships across many of the regions key to Ryan’s
client base. Leveraging the recently announced investment by private
equity firmOnex
Corporation
, the strategic acquisition of VAT Systems serves as a
platform to build the largest indirect tax practice in North America and
Europe for a portfolio of corporate clients worldwide.

“Ryan’s growing base of multinational clients seeks our expertise to
reduce the challenges faced in managing the complexity of international
and multijurisdictional tax compliance and navigating the currents of
global tax reforms. As a trusted advisor, we are constantly looking for
opportunities to increase the value we bring to our clients,” said G.
Brint Ryan, founder, chairman and chief executive officer of Ryan. “VAT
Systems has established a well-deserved reputation for its unparalleled
expertise in VAT compliance, which is a critical aspect of the next
phase of our growth. Together, the combined operations will be able to
provide our expanded client roster with innovative solutions to improve
efficiency and develop a more holistic approach to tax compliance.”

Global enterprises that conduct business within the European Union (EU)
require an understanding of the different sets of rules for each
jurisdiction, as they may be required to register for VAT and collect
and pay this tax in different EU Member States. The ever-changing tax
regulations around the world make it virtually impossible for companies
to maintain the needed capabilities and resources in-house. Potential
consequences for non-compliance can be additional VAT costs of roughly
20 percent of the cost of goods or services. Additionally, companies may
have to pay interest and penalties of up to 100 percent of due VAT,
which can be assessed up to five years after the taxable transaction.
With the addition of VAT Systems and its pan-EU expertise, Ryan will
provide clients with customized, end-to-end solutions and consulting
expertise in the laws, languages, and requirements to assist in finding
cost-saving opportunities to reduce their tax liability, recover
capital, and remain compliant in the countries in which they operate.

“This is the ideal time for VAT Systems to join Ryan to expand the range
of services and add significant resources for our clients operating in
this dynamic global regulatory environment,” said Andreas Kozanitis,
chairman, CEO and founder of VAT Systems. “The strong values and deep
expertise of our professionals have allowed VAT Systems to continuously
drive positive outcomes for our clients. We look forward to our future
together under the name Ryan VAT Systems and to providing enhanced
offerings and new service lines for our valued clients as part of one of
the fastest-growing tax services firms in the world.”

In accordance with French law, VAT Systems employees were given a 60-day
notification of the pending transaction, which closed on December 11,
2018. Mr. Kozanitis will continue to lead Ryan VAT Systems and Ryan’s
client growth in Europe.

About VAT Systems

Founded in 2004, VAT Systems is an international group of companies that
acts as a one-stop shop for all international taxation issues in more
than 30 countries, including VAT compliance, VAT recovery, excise taxes,
customs, foreign payroll, and foreign permanent establishments.
Headquartered in Paris, France, it operates in Europe and around the
world through its subsidiaries and international network of local tax
specialists.

About Ryan

Ryan, an award-winning global tax services and software provider, is the
largest Firm in the world dedicated exclusively to business taxes. With
global headquarters in Dallas, Texas, the Firm provides an integrated
suite of federal, state, local, and international tax services on a
multijurisdictional basis, including tax recovery, consulting, advocacy,
compliance, and technology services. Ryan is a six-time recipient of the
International Service Excellence Award from the Customer Service
Institute of America (CSIA) for its commitment to world-class client
service. Empowered by the dynamicmyRyanwork environment, which
is widely recognized as the most innovative in the tax services
industry, Ryan’s multidisciplinary team of more than 2,200 professionals
and associates serves over 14,000 clients in more than 50 countries,
including many of the world’s most prominent Global 5000 companies.
“Ryan” and “Firm” refer to the global organizational network and may
refer to one or more of the member firms of Ryan International, each of
which is a separate legal entity. For more information on Ryan, visit
its website at www.ryan.com.

Read More

LEAVE A REPLY

Please enter your comment!
Please enter your name here