Assurance & tax
Insights in a time of crisis: the 2008 audit committee survey
The current financial crisis has made the role of the bank audit committee exponentially more challenging. We reveal, how increased risks, strained resources and heightened scrutiny are impacting bank committees and why their oversight is more important than ever to the financial health of an organization.
Understanding the implications of the ‘bank bonus tax’: a Q&A
The UK Government introduced a new bank payroll tax in its 2009 Pre-Budget Report that will impact companies within the banking sector. The ‘bank bonus tax’ – a 50 percent charge on discretionary bonuses exceeding $25,000 – will apply to bonuses issued between 9 December 2009 and 5 April 2010.
Eight steps to ensure VAT package compliance
Businesses that supply and/or purchase services across the European Union will be affected by the “VAT package” – a series of rules by the European Council which became effective 1 January 2010. The new measures are meant to provide a simpler approach and to thwart VAT arbitrage opportunities previously available to taxpayers.
France adopts transfer pricing documentation requirement
Contemporaneous transfer pricing documentation is now required for French entities whose revenue or gross assets are equal to, or exceed, €400 million (US$575 million), and for French entities affiliated with an entity whose revenue or gross assets exceed that same threshold. Here are some transfer pricing changes to be aware of.
Six strategies for restructuring intercompany loans
As a result of the market turmoil, large multinational enterprises are considering restructuring or renegotiating intercompany loans to repatriate cash and achieve tax efficiency. While scarcity of credit and capital means companies stand to benefit from factoring in a liquidity premium when pricing their intercompany lending transactions, loan characterization continues to be a thorny issue.
