20th March 2019
MGI Worldwide once again ranks in the top-20 global accountancy networks in Asia-Pacific in the most recent International Accounting Bulletin World Survey.
The International Accounting Bulletin's (IAB) 2019 World Survey, released in February, shows that MGI Worldwide has once again cemented itself as one of the top accounting networks around the globe. In Asia-Pacific, we ranked at number 20 in both fees and staff data.
In terms of fees, MGI Asia members took in $65.9 million over the last year; a growth rate of six per cent. Accounting services made up 36 per cent of this income overall, shortly followed by audit making up 29 per cent of MGI Worldwide fees.
Another 14 per cent of MGI Worldwide’s fees in Asia came from tax services, while ten per cent came from advising businesses. Other services made up the remaining 11 per cent of fees.
Members of MGI Asia currently employ 1,303 staff, up by five per cent compared to last year. Of these, 161 are partners, with the remaining 1,142 being professionals. These staff were split across 51 offices throughout the region.
MGI Worldwide is represented in Thailand by Nathee Audit Co., and Thanadee Hongratana-uthai - one of the firm’s partners - described the situation there. He told the IAB that many Thai clients are becoming more conscious of the need for digitisation and better governance practices, usually due to the desire to pass their businesses along to the next generation.
Meanwhile, Deepak Goil - partner at Tambakad & Goil, another member of MGI Worldwide - spoke to the IAB about India, and the issues with the nation’s tax department. India rolled out a Goods & Services Tax in 2017, and it has caused many issues for businesses operating out of the country.
“This turmoil arose from moving to a completely different basis of taxation and shoddy implementation,” he said, “although the uncertainties surrounding it provided a great opportunity for us in terms of advisory services and assistance in enabling clients to comply with the new regulations.”
Mr Goil added that Indian businesses now have to deal with more extensive reporting requirements, which include company directors having to file “know-your-customer details” to their firms’ law departments. Even stricter requirements apply to high-value transactions, with Mr Goil referring to this as “a huge task in a country with about five million company directors”.
For more information please contact Regional Director Audrey Danasamy.
MGI Asia is part of MGI Worldwide, a top 20 ranked global accounting network with some 5,200 independent auditors, accountants and tax experts in over 260 locations around the world.