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Finance Chiefs Weigh the Impact, and the Odds, of a Global Minimum Tax

From WSJ: Multinational companies are calculating the potential costs of tax changes while awaiting more details. Finance executives at multinational companies are trying to assess the potential implications of a global minimum tax for their businesses, with many of them skeptical whether the plan will come to fruition anytime soon. The U.S. earlier this month won international support for a global minimum corporate tax, which stipulates that companies based in the 130 participating countries pay a tax rate of at least ...

The Return of the Finance Talent War

By John Touey, at If an organization doesn’t have a model responsive to employees’ new expectations, current team members may leave for a firm that does. Senior executive hiring has returned at an increased pace over pre-pandemic levels in recent months. Pent-up demand, stimulus-induced growth, and less-than-predicted economic damage have many organizations aggressively seeking to bring in new leadership talent. This year is already among the top five years of recruitment activity I have observed in a 20-year executive ...

US gains support for 15% minimum global corporate tax from 130 countries

From CFO Dive:
  • The (US) Joe Biden administration gained support from 130 countries to set a minimum global corporate tax of 15% aimed at ending “international tax competition,” curtailing billions of dollars in tax avoidance and shoring up revenues for ambitious federal programs.
  • The pledge by members of the Group of 20 nations and dozens of other countries followed negotiations led by the Organization for Economic Cooperation and Development (OECD). China, Russia and India had previously withheld support for ...

New head of global accounting rule-maker expected to zero in on technical details

From WSJ: Andreas Barckow on Thursday succeeded Hans Hoogervorst as chairman of the International Accounting Standards Board. The International Accounting Standards Board on Thursday got a new leader after a decade in which the standard-setter expanded its reach to more countries and implemented several key rule changes. Andreas Barckow, an accountant who had served as president of the Accounting Standards Committee of Germany until February and who formally took over the role of chairman of the IASB this month, is ...

EU: Addressing the debt–equity tax bias

The European Commission has published an inception impact assessment seeking feedback on the initiative to reduce the debt- equity tax bias in the EU, as part of the recent corporate tax reform proposal within the Communication for Business Taxation of the 21 Century. It is widely acknowledged in the academic literature that the debt-equity tax bias is highly distortive of investment decisions. Interest as a return on debt is tax planning efficient, whereas similar tax benefits are ordinarily not in place for equity investment. As a result, ...

“If It Is Legal, Is It Acceptable?” – an ethics quality discussion paper for all advisers

Against the backdrop of recent actions by governments and lawmakers, such as the G7 agreement on minimal global corporation tax and anti-tax avoidance initiatives of the EU, CFE has issued a discussion paper founded on its commitment to high professional standards in tax advice seeking to promote ethical professional judgment across all tax advisers in Europe. While tax advisers play a valuable role in the proper functioning of tax systems, this role can be undermined by the promotion of abusive tax arrangements ...

OECD paper outlines ways to address wealth inequality through inheritance tax

By Prenisha Govender, Associate, Tax Practice, Baker McKenzie Johannesburg On 11 May 2021, the Organisation for Economic Co-operation and Development (OECD) published a report exploring the role of inheritance taxes in addressing the impact of wealth inequality in poorer countries. The publication of the report was motivated by high wealth inequalities across OECD countries and the economic pressures suffered internationally as a result of the COVID 19 pandemic. According to the OECD, inheritance taxation could be an important tool “to address ...

Gartner Says More CFOs Intend to Increase Digital Investment Than Any Other Area in FY21

CFOs plan to increase technology investments, with 82% saying they intend to increase investment in digital capabilities in fiscal year (FY) 2021 compared to FY20, according to survey by Gartner, Inc. The survey of 115 CFOs was conducted by Gartner between July – December 2020, and it also revealed that 70% of respondents intend to increase spend in information technology in this fiscal year. “As COVID-19 lockdowns were imposed, most finance organizations tried to digitize as many processes as possible ...

Working capital scorecard: A tumultuous year for CFOs

From Many CFOs faced challenges collecting cash and keeping a lid on inventories as the pandemic raged and then subsided. Shortfalls in revenues, curtailed or redirected customer demand, liquidity pressures, receivables collection headaches  — on the working capital front, 2020 put finance departments to the test.  How did the largest U.S. companies perform overall? Many, especially those with market clout, improved their working capital performance and stayed plenty liquid. Still, for others, a pandemic-disrupted economy meant too much capital tied up ...

Women in finance say ‘mediocre’ male managers block progress

From Consumers Advisory: Careers for some women in finance are being held back by “mediocre” male middle managers adept at playing internal politics, according to a report backed by some of the City of London’s largest financial institutions. Research by Women In Banking and Finance and the London School of Economics — which has been supported by groups such as Goldman Sachs, Barclays and Citi, as well as the Financial Conduct Authority — also found a tendency among such managers to ...

CFOs rethinking cost savings of just-in-time supply chains

From CFO Dive: Covid-related disruptions made it clear a broader strategic approach is needed even once a supply and demand equilibrium is restored. CFOs are reexamining just-in-time production after the pandemic left many businesses unable to meet customer demand because of supply shortages. Until some form of equilibrium is once again reached, CFOs should rethink how just-in-time is used, says Debbie Fogel-Monnissen, CFO of the Institute for Supply Management. The pandemic made clear the total cost of the supply chain, ...

3 next-level time management strategies for CFOs

From CFO Daily News: No matter how many hours you put in, a CFO’s to-do list can feel never-ending. That makes time management an essential skill. And you know the solution isn’t working more hours. It’s working more efficiently in the hours you have each day. When you do that, not only do you avoid burnout yourself, you set a good example of productivity and work-life balance for your staff. So, how can you boost your time management skills? Check out some clever ideas other business professionals ...

The CFO at a crossroads: How to be a catalyst for transformation

From Gartner: CFOs find themselves at a pivotal moment as multiple sources of rapid transformation unfold all around them. The very nature of work is transforming, along with where work gets done and how it gets done. Additionally, the accelerating pace of investments to enable digital transformation across functions is another key cause for CFOs being at crossroads. However, CFOs are often brought in at the last minute to write checks rather than being key partners in guiding meaningful transformative ...

EU rules for VAT on insurance and financial services are adequate – CFE

CFE has issued an Opinion Statement responding to the European Commission’s public consultation on current VAT rules for insurance and financial services. “CFE are of the view that current exemption works well in general in the sector. However it is unfortunate the CJEU case law precludes the application of the cost sharing exemption and, particularly on transactions between Member States, there are problems with VAT-grouping. The exemptions have the benefit of avoiding problems which will otherwise arise when determining how to charge VAT ...

Flush with cash, startups move to hire CFOs earlier

From WSJ: Startups are beefing up finance departments as balance sheets swell and SPACs offer a new route to public markets. As startups raise record amounts of venture capital, one role is in particularly high demand: the chief financial officer. Historically, startups, many with just a couple dozen employees, have sought to stay nimble and keep payrolls light in early years. Many put off hiring senior finance executives until they matured into more complex operations or were preparing for a ...

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