Two South African tax consultancies have banded together to ensure they can offer the best possible service to businesses seeking advice on trade, customs, excise tax, data analytics and related issues.
Cova Advisory and Peak Advisory have signed a memorandum of understanding (MoU) to offer mutual support and assistance in this fast-moving field.
“With the roll-out of the African Continental Free Trade Area, the complexities of Brexit and a new administration taking over in Washington, there are immense global challenges and uncertainties for South African business,” says Peak Advisory executive Dr Mark Thomas.
Thomas is a global trade specialist with expertise in excise, global trade automation and data analytics.
“It makes perfect sense for us to link up with Cova Advisory so that we can ensure seamless and comprehensive support to businesses which need a one-stop shop for advice,” he commented, noting that the MoU with Cova would help to underpin Peak Advisory’s support to clients in managing their trade compliance while balancing business needs with continuously changing regulations and procedures and growing data volumes.
The sentiment was echoed by Cova co-founder Duane Newman, who has extensive experience in trade, government incentives and green energy policy issues.
“Cova Advisory has built up a strong customs division team, and I believe our new professional relationship will help us to build on this competence. It promises to be rewarding for both parties,” he says.
“We both have extensive experience in the fields of excise tax and customs, but our links with Peak will enable Cova to extend our offering with state-of-the-art expertise in software development and data analytics,” Newman elaborates.
Both parties have agreed to put “rivalry” aside and will implement processes to share and channel projects to one another where this makes best sense both for the advisory firms and for clients.