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Huawei CFO leaves Canada after US deal on fraud charges, detained Canadians head home

From The Economic Times: Chinese company’s finance chief secures exit from Canada and her U.S. extradition fight; two Canadians detained in China are released. Huawei Chief Financial Officer Meng Wanzhou flew home to China on Friday after reaching an agreement with U.S. prosecutors to end the bank fraud case against her, relieving a point of tension between China and the United States. Within hours of the news of the deal, two Canadians who were arrested shortly after Meng was taken into custody in December 2018 were ...

OECD’s international tax agreement to eliminate double taxation

From Tax Advisers Europe: In a recent interview, Pascal Saint-Amans, Director of the Center for Tax Policy and Administration said that the technical agreement being finalised by the Members of the Inclusive Framework in the Two-Pillar agreement on taxation of the digital economy and minimal global corporate tax will eliminate double taxation. In the interview, Mr Saint-Amans confirmed, “You need to eliminate double taxation and there will be a panel with independent parties which will decide. We will eliminate double taxation ...

CFOs might be at greater risk of problem gambling

Few companies have employee gambling policies but putting one in place could help head off trouble, specialists say. From CFO Dive. CFOs are at risk of becoming problem gamblers, experts say, since CFOs have access to company and personal funds, and often feel their number-crunching ability can give them an edge. Other factors add to the danger too, Keith Whyte, executive director of the National Council on Problem Gambling, said, including stock trading, which can be a hazard for professionals ...

New fed vaccine mandate issued: What CFOs need to know now

From Cfodailynews: Employers with 100 or more employees, get ready: You just got hit with a new vaccine mandate for COVID-19. Soon your entire workforce will need to be vaccinated (and you must offer paid time off to get vaccinated). And if they opt out due to religious or health reasons, those individuals must be tested weekly. That’s the upshot of President Biden’s new executive order. If you fit the bill, you’ll want to start preparing now to comply. The order ...

Inflation pressures forcing CFOs to take action

From Experts may call consumer price increases ‘transitory,’ but fighting rising costs has become a priority for finance chiefs. The U.S. Labor Department’s consumer price index stayed in heady territory in August. Prices for the basket of consumer products and energy goods rose 5.3% from a year earlier and 0.3% from July. Both of those numbers, though, were one-tenth of a percentage point lower than economists’ projections. Some economists took the below-expectations results as a sign that the robust price ...

The skill that can make or break a CFO’s career

From Of the many vitally important roles and responsibilities of a chief financial officer, the ability to deliver compelling financial presentations would likely not make the top five. But as many CFOs would attest, these presentations can make or break careers. Deliver a compelling and persuasive presentation and you’re a hero. Deliver a rambling, unfocused one, and that next promotion is in jeopardy. Over my years in television, both as a studio executive and a producer, I’ve had the ...

EU deploys anti-dumping measures against trade partners, Ireland’s low-tax regime ‘running out of road’

From Tax Advisers Europe: The European Commission has leveraged on its new trade policy instruments towards third countries, whereby the EU takes defensive against unfair trade practices, including dumping and products benefiting from foreign State Aid/ subsidies entering the Single Market. The EU has used the trade policy anti-dumping instruments against a number of foreign trade partners in 2020, notably against China (99 measures), Russia (9 measures), India (7 measures) and the United States (6 measures). “Ensuring fair trade conditions ...

CFOs debate duration of inflation

From “It’s not clear yet what inflation will stick and what will be temporary,” Chipotle Mexican Grill CFO Jack Hartung said Thursday. Throughout the summer, business leaders, analysts and consumers have shared a common concern: the continued trend of inflation. In late June, a CNBC survey found U.S.-based CFOs citing inflation as their companies’ biggest external risk factor, surpassing the COVID-19 pandemic, cybersecurity concerns and consumer demand; virtually no CFO cited inflation as a concern in the first half of the ...

Big Four firms EY, Deloitte report higher revenue

The professional-services firms are looking to expand their technology offerings to clients, says WSJ. Ernst & Young and Deloitte Touche Tohmatsu both recorded higher revenue for the past fiscal year, allowing them to plan for further investments in services and technologies for clients. EY’s revenue climbed to $39.96 billion for the fiscal year ended June 30, up 7.3% from the previous year, the company said Wednesday. Deloitte, its larger rival, on Wednesday reported that revenue rose 5.5% to $50.2 billion ...

Biden Mandates Vaccines for Large Companies

“We’re going to reduce the spread of COVID-19 by increasing the share of the workforce that is vaccinated in businesses all across America.” From US President Joe Biden has significantly extended COVID-19 vaccine requirements into the American workplace, saying large employers must have their workers vaccinated or tested weekly. The new vaccine requirement for companies with 100 or more employees is part of a six-part plan to curb the fourth wave of the coronavirus that Biden unveiled in a ...

Gartner identifies the top technology trends that CFOs should address today

Hyperautomation and intelligent composable business are the top strategic trends that CFOs should immediately address, according to Gartner, Inc. “These trends reflect the need for finance leaders to quickly and efficiently adjust to rapidly changing business conditions,” said Alejandra Lozada, senior director, research in the Gartner Finance practice. “Hyperautomation stresses the importance of moving away from manual and onerous processes to automated processes which can be more easily adjusted to changing business conditions. Similarly, intelligent composable business highlights the need ...

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 amount equal to 5% of the value of their assets and payroll in each country. This carve-out would allow companies to escape taxation as long ...

Is Rising Corporate Debt a Problem?

Why growing corporate debt may not be as potentially troubling as it seems, according to Deloitte. U.S. corporate debt had been on the rise since 2010, when the economy recovered from the previous recession, and that trend continued last year during the COVID-19 pandemic. At the end of 2020, the total debt outstanding for nonfinancial businesses in the United States was about $17.7 trillion. Which companies have been driving the debt binge? Which companies are well-placed financially to repay this ...

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 TGP for CEOs of medium-cap companies was R7.9m. The median TGP for CFOs of medium-cap companies was R4.8m and for executive directors R4.0m. For the ...

4 ways to slash overhead costs in the new normal

From CFO Daily News: Your team has clear insight into the financials that can help your company uncover new ways to save. Take overhead costs, for example. Finance staffers see all the bills that come in for things like rents and leases, electricity costs, office supplies and maintenance. And as their role transforms from a back-office function to a strategic business partner, staffers can better use that insight to lower overhead costs. Check out four tips, inspired by the finance ...

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