Editorial

Dear Readers,

The Key Issue for the December edition of our magazine appears under the Accounting and Finance section. In business valuation - particularly among small and medium-sized enterprises - the multiples-based approach is a very popular mean value method. So that the simplicity does not turn into a negative surprise, we have collected for you weighty arguments against the indiscriminate use of this methodology. 

In the Tax section, first of all, we present a new regulation from the German Fiscal Code that provides for new obligations for taxpayers following a tax audit, namely, to proactively initiate consequential amendments -  this is contrary to the hitherto standard discrete period taxation. Our second report is more encouraging and concerns benefits in kind. Yet, here too the fiscal authority often appears to be a killjoy and that is why the restrictive requirements, particularly in the case of vouchers, need to be taken into account. The third report deals in detail with the question of whether an own name and own brand are separately marketable and, thus, can be recognised as economic assets. And here too the fiscal authority is able to get a slice of the pie if the name is used abroad. 

Subsequently, in the Legal section we have parcelled up two important changes for businesses. Pay in companies not only has to be equalised for women and men, but also as of the coming year, it will need to be made transparent. By contrast, the possibility to form companies online constitutes a way to cut red tape that is to be welcomed. 

Finally, as we get in the mood for Christmas, we have some small offerings in our ‘In Brief’ section. We would like to highlight the parcel with the requirement to verify the payee in the case of credit transfers. 

You can look forward to an interesting read. Wishing you and your families a lovely Christmas season, 

Your PKF Team