Month: August 2021

Minimising the minimum tax? The critical effect of substance carve-outs

From EU Tax Observatory: In July 2021, 132 countries agreed to a minimum tax rate of at least 15% on their multinationals’ profits. However, the joint statement includes a provision that could substantially reduce the effectiveness of this policy. Specifically, the proposed agreement allows multinationals to reduce profits subject to the minimum tax by an …

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Median pay for CFOs of JSE-listed companies is R3.2 million – PwC

A PwC report into executive remunerations trends in South Africa says median pay for CEOs of JSE-listed companies was R5.2 million in 2020 and R3.2 million for CFOs. The median pay for CEOs of large-cap companies was R13.3m. For CFOs of large-cap companies, the median pay was R7.6m and for executive directors R5.6m. The median …

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Companies find it’s a good time to push pension obligations off balance sheets

From WSJ: Finance chiefs are stepping up their efforts to move pension obligations off company balance sheets through annuity purchases and other financial tools, taking advantage of well-funded plans and a respite from the scramble over the past year to deal with the Covid-19 pandemic. For years, sponsors of single-employer pension plans have purchased annuities from …

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OECD: Nominal corporate income tax rates continue to fall

The OECD has announced that on average, global nominal corporate income tax rates have continued the downwards trend, down 8 points on average from the year 2000 (28.3%) to year 2021 (20%). Across 111 jurisdictions, 94 had lower corporate income tax rates in 2021 compared with 2000, while 13 jurisdictions had the same tax rate, and only 4 …

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6 CFO tips for finding gold in online ratings

From CFO Dive: Businesses aiming to increase sales and customer satisfaction should consider shifting more investment and staff toward improving the online ratings and reviews of their products, a McKinsey study found. Amid pandemic-induced growth in e-commerce, the volume of online ratings and reviews surged 87% from Dec. 2019 until Dec. 2020, McKinsey said. While online customer …

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130 countries sign historic agreement on international tax reform

From Tax Advisers Europe: In July, 130 countries signed the global agreement on international tax reform, based on a two-pillar solution which allows multinational companies to pay more tax in the countries where they operate as well as a global minimum tax rate. As estimated by the OECD, a total amount of USD 100 billion of profits per …

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Is a ‘Massive Wave Of Bankruptcies’ just around the corner?

From Benziga: The surge in corporate debt has created a ticking time bomb in the market, says one analyst. The U.S. economy is steadily recovering from the pandemic, and more than $6 trillion in government stimulus appears to have prevented a worst-case economic catastrophe. The SPDR S&P 500 ETF has even nearly doubled from its pandemic …

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Why CFOs speak to the press (and whether they should)

From Cfodive.com: Finance chiefs’ credibility, diligence and deep knowledge of the numbers make them ideal candidates for press interviews and company spokespeople, PR specialists say. When Twitter permanently banned former President Donald Trump from its platform, company CFO Ned Segal broke the news in a CNBC interview about the micro-blogging platform’s first quarter earnings. “If …

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