DALLAS and PARIS (Dec. 12, 2018) – Ryan, a leading global tax services and software provider, announced today the acquisition of Paris, France-based VAT 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 firm Onex 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.
À propos de Ryan
Ryan, est un fournisseur mondial primé pour ses services et logiciels fiscaux. La société représente actuellement le plus grand cabinet au monde spécialisé exclusivement en fiscalité des entreprises. Le cabinet offre une gamme intégrée de services fiscaux fédéraux, provinciaux et internationaux sur une base multinationale, incluant des services de recouvrement fiscal, de conseil, de défense, de conformité et de technologie. Ryan a été récipiendaire du prix international pour l’excellence de son service, décerné par le Customer Service Institute of America (CSIA) à 11 reprises, pour son engagement envers un service à la clientèle de classe mondiale. Grâce à l’environnement de travail dynamique myRyan, largement reconnu comme le plus innovateur du secteur des services fiscaux, l’équipe multidisciplinaire de Ryan, qui compte plus de 4 800 professionnels et associés, dessert plus de 30 000 clients dans plus de 80 pays, dont un grand nombre de sociétés font partie du classement Global 5000. Pour de plus amples renseignements sur Ryan, visitez https://ryan.com/canada-fr/.
PERSONNE-RESSOURCE POUR LES MÉDIAS
Melodie Elliott
Première directrice, contenu et communication marketing
Ryan
+1 972.934.0022
melodie.elliott@ryan.com