It’s not often I reproduce a KPMG press release, but this one is worth noting:
Taxing authorities seeking to enforce transfer pricing regulations are considering a broader range of company transactions that can result in more detailed investigations, according to a new publication from KPMG International.
Among the “red flags” now seen by tax authorities worldwide as [...]
The FT has reported that:
Britain’s big energy companies should be forced to open their books to show separately how much profit they make from their supply and generation arms, John Hutton, business secretary, has argued.
Mr Hutton has urged Ofgem, the energy regulator, to address the “lack of transparency” in the accounts of Britain’s big companies, [...]
I was at the IASB round table discussion on the future governance arrangements of the IASB and its trustees in London yesterday. The paper we were discussing is here.
Perhaps unsurprisingly I was the only representative of civil society to speak during the session I attended. I made these points:
1. The IASC Trustees say (page 2) [...]
The committee set up by Alastair Darling to consider the future of corporation tax, and in particular the taxation of foreign profits, meets for the first time on Monday 9 June even though the consultation paper that gave rise to the furore that caused its establishment has now been withdrawn.
I admit that this means that [...]
The FT has published an analysis this morning of the trend for companies to relocate their headquarters. Its conclusion is:
A view sometimes aired in government is that large countries such as the UK should be more sanguine about losing the headquarters of big domestic businesses and focus on attracting “real business” into the country, regardless [...]
Dennis Howlett has done a great job writing on the above issue.
So good, I just recommend you go over to his place and read it.
If ever there was a measure of the crisis in accounting, this is it.
SHARETHIS.addEntry({ title: “Off blance sheet reporting irretrievably broken”, url: “http://www.taxresearch.org.uk/Blog/2008/04/10/off-blance-sheet-reporting-irretrievably-broken/” });
At the core of what the Tax Justice Network campaigns for is greater transparency. With regard to multinational corporations this could be achieved by country-by-country reporting. A new Tax Justice Network briefing paper explains how, and why this is so important.
SHARETHIS.addEntry({ title: “Country-by-country reporting”, url: “http://www.taxresearch.org.uk/Blog/2008/04/02/country-by-country-reporting-2/” });
German banking regulators are saying that there are good reasons for changing the rules of international banking in the light of the credit crunch, and they’ll go it alone if need be, according to the FT. I especially agree with the sentiment that:
Berlin also wants tougher accounting rules that would prevent banks from shifting certain [...]
Prem Sikka had this letter in the FT yesterday, follwoing on from a blog here:
PM’s proposed cure for markets is problematic
From Prof Prem Sikka.
Sir, The UK prime minister’s view that a deficit of transparency, particularly in commercial organisations, is the source of many of the problems plaguing financial markets is spot on (”Ways to fix [...]
The Tax Justice Network has updated its two page summary of why country-by-country reporting is essential for multinational corporations, as the current credit crisis is proving almost daily.
The new version is available for download here.
SHARETHIS.addEntry({ title: “Country-by-country reporting: a new summary of why this is essential”, url: “http://www.taxresearch.org.uk/Blog/2008/01/28/country-by-country-reporting-a-new-summary-of-why-this-is-essential/” });
