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OECD tackles tax challenges from digitalisation

On October 9 2019 the OECD Secretariat published a proposal to advance international negotiations to ensure large and highly profitable Multinational Enterprises, including digital companies, pay tax wherever they have significant consumer-facing activities and generate their profits. The new OECD proposal brings together common elements of three competing proposals from membe ...

CFE Celebrates 60th Anniversary in Torino

Under the high patronage of the European Parliament, CFE Tax Advisers Europe celebrated its 60th Anniversary with a series of events, including General Assembly, the inaugural Global Tax Advisers Platform conference and technical committee meetings held over three days in Torino, Italy, hosted by the Italian member organisations of CFE - Associazione Nazionale Tributaristi Ital ...

Platform for Collaboration on Tax Issues Draft Transfer Pricing Toolkit

The Platform for Collaboration on Tax, a joint initiative of the IMF, OECD, UN and World Bank Group, has issued a draft toolkit designed to help developing countries in the implementation of effective transfer pricing documentation requirements. The toolkit considers current approaches of tax administrations concerning documentation for transfer pricing analysis and policy matt ...

Opinion on the Sofino case and its impact on capital movement

The CFE ECJ Task Force has prepared an Opinion Statement on the Sofina-case, in which the Fifth Chamber of the Court of Justice of the EU delivered its decision on 22 November 2018. In the decision, the Court held that the imposition of French dividend withholding tax violated the freedom of capital movement in light of the non-resident’s overall loss situation.The CFE Tax Advi ...

You’ve Landed a New CFO Job…. Now What?

The first 60 days at a new company can make or break the tenure of an incoming CFO. Here are some tips for tackling the priorities, according to Cfo.com. When stepping into the CFO chair at a new organization, some say that within the first few weeks you should: 1) Gain a clear picture of the business’s operations first, then meet with other senior executives.2) Aggressively ...

Bridging the Gaps in GAAP

Here are eight critical considerations for combating the creativity crisis in accounting from Tony Wayne at Cfo.com. This is a shortened version of the article, but the whole thing is well worth a read. The growth in disclosures of non-GAAP information has been a response to demand from investors and the financial community, as well as increased regulatory requirements and scr ...

THE ROLE AND MINDSET EXPECTED OF PROFESSIONAL ACCOUNTANTS

International Ethics Standards Board for Accountants (IESBA) is calling for comments on its draft Proposed Revisions to the Code to Promote the Role and Mindset Expected of Professional Accountants.   Some of the key points from the report: The concept of professional skepticism is most prominently dealt with in auditing and assurance standards. In this regard, the Internatio ...

Local complexities in accounting and tax continue as global harmonisation fails to bite

Accounting and tax professionals working for multinational businesses will continue to face significant challenges as the trend for greater harmonisation in global compliance and regulation fails to gather pace, a report by TMF Group, a leading provider of international business administration support services, reveals.   The ‘TMF Group Accounting and Tax Report’, part of the ...

ASEAN must move for financial integration

According to Abelardo "Billy" Cortez, IAFEI secretary and executive committee member, the 10-member Association of Southeast Asian Nations (ASEAN) has a population of 622 million people and enjoys a rate of economic growth in excess of advanced economies. Writing in the latest IAFEI Quarterly, Cortez says the AEC Blueprint calls for a smoothly-functioning regional financial sy ...

OPTIMISM SINKS TO 3-YEAR LOW; RECESSION EXPECTED BEFORE 2020 U.S. ELECTION

U.S. business optimism dropped this quarter to its lowest level in three years, according to third-quarter results from the Duke University/CFO Global Business Outlook. A majority of CFOs expect a recession to start before the presidential election. The CFO survey has been conducted for 94 consecutive quarters and spans the globe, making it the world’s longest-running and most ...

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