EuropeFides GM Prague June 2018

Written by Im Sooi Lean on 25 June 2018

The beautiful city of Prague was the host this time for the EuropeFides GM in June where it was held at The Novotel Praha Wenceslas Square.

The two day event started with the popular informal dinner on Thursday night which allows the members to catch up with everyone from previous GMs and meet the new members for the first time. Presentations were lined up throughout the event, and the first one was ‘GDPR’ – the hot topic which started with an update of the General Data Protection Regulation, following on from  that, Radomir Pivoda of Pavelka Partners, our hosts, gave a presentation from a different aspect of GDPR, the ‘selling’ aspect, the opportunities to provide new services to our clients and to create new interesting client relationships. GDPR compliance is also an opportunity to get management’s attention as data protection has become a board level topic.

Next up was the ‘Restructuring Family Businesses’ presentation with Pavelka Partners and Grupo Alcazar, our new member from Spain. This session discussed the steps and advantages of restructuring. Vertical restructuring with trusts were discussed using case studies. Jesus Rubino Gomez of Grupo Alcazar discussed assets protection and tax efficiency for corporate structuring with Spain as platform for Latin American businesses. After a break for lunch, we then listened to an introduction to Anti Tax Avoidance Directive (ATAD) and Its Implementation by Pascal Bouvy of Bouvy & Avocats. The ATAD prohibits several structures and contains a general anti abuse rule to counteract aggressive tax planning when other rules do not apply. The members discussed its implementation in their member states. We ended the day with a presentation from our host member on Czech IP Box and Investment Companies and Funds. A wonderful cocktail reception from our hosts Pavelka Partners at their offices with spectacular views of Prague followed, while Members enjoyed wine, canapes, whisky and cigars and great networking.

Saturday was the General Assembly. This included lively exchanges between members on marketing, newsletters and improving interactions between members. We discussed and shared ideas on Grupo Alcazar’s proposal to create a common platform to manage business opportunities. The Business Development Platform will be managed by a team made up of participating member firms. Morrisons, represented by Peter Savage, together with WSM, will be participating in this initiative. We will also be participating in the VAT specialists group as UK members providing UK VAT expertise.

The agendas for the General Meetings of 2019 in Sofia, Bulgaria (January) and in Shanghai, China (June) were discussed. We were then introduced to interesting presentations from potential new members from Nigeria and United States. The Prague meeting concluded with a sightseeing boat trip and dinner along Vltava River. Members were also treated to the live World Cup match between Germany and Sweden. We cheered along with our German members. The EuropeFides networking was very effective in marketing WSM, as a representative in the UK for members’ clients requiring tax and business advisory services. The liaison between WSM and Morrisons is ideal for members requiring services for their clients with dealings in the UK.

Im Sooi Lean Profile
Im Sooi Lean
Corporate Client Director