Ernst and Young Sets Out to Serve Asia-Pacific Clients
Following the marriage of Ernst & Young Far East and Oceania Areas on July 1, 2010, a new tax center with 27,000 people across 20 countries and territories is ready to serve clients in the Asia-Pacific.
The Asia-Pacific Tax Center (APTC) is said to enable Ernst & Young to take advantage of the diversity and significance of the region through the integration of its Asia-Pacific business model of 20 countries and a single strong leadership. Ernst & Young invested about US$1.2 billion as part of its global investment initiative which aims to provide services to emerging markets.
The APTC will have 100 tax professionals from Australia, China, Germany, Hong Kong Japan, Korea, Malaysia, the Netherlands, Singapore, Taiwan, the United Kingdom and the United States, with plans to triple in 18 months time and expand at a rate the EMEIA Tax Center has successfully sustained. Mike Carr, an Ernst & Young LLP partner based out of Hong Kong will lead the Asia-Pacific Tax Center.
Ernst & Young’s Global Vice Chairman for Tax Mark Weinberger said the Asia-Pacific Tax Center would allow the company to deliver technical expertise and centralized service to its clients with area-wide business and industry knowledge such as cross-border tax planning, compliance and reporting, supply chain management, and process improvement.
“The hub houses some of our best tax professionals who have deep knowledge of the regional treaty network and real-world experience in navigating the tax risk associated with cross-border activity in the region,” commented Mike Sanders, Ernst & Young’s Asia-Pacific Managing Partner for Tax.
Carr also said that Ernst & Young has skilled tax professionals who would help “companies [in the Asia-Pacific] to identify and quantify the available credits in the countries where they do business and secure the tax benefits across the region.”