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  • EY - CFO: need to know | Digital readiness - EY - Global
    to continue that digital could help address Because of these inefficiencies and the relenting advances digital continues to make CFOs risk losing profit potential because they have no insight into the organization s overall digital budget They also risk falling behind their competitors and exposing their organizations to regulatory and contractual compliance issues Additionally they risk missing the significant changes occurring across the international tax landscape which has a direct impact on a company s bottom line Digital is fundamentally changing how companies do business By understanding their organization s digital maturity identifying the digital priorities and creating a holistic and strategic approach to their current financial framework CFOs can get the best return on their digital investment Of equal importance CFOs can leverage digital to build trust within the organization and among clients regulators and shareholders CFO digital readiness in media and entertainment CFO digital readiness in media and entertainment For media and entertainment CFOs their digital strategy needs to be synonymous with their business strategy Developing a business strategy built for a digital world means looking holistically at all aspects of the business the internal organizations the customer experience and the business model that drives it Making digital a priority means understanding how it is changing business models and how fast change is happening Consumer behavior is changing and how companies deliver media to audiences is being transformed The march of digital is also driving changes in advertising and consumer revenue streams These alterations are happening today are irreversible and show no signs of relenting in the near future A business strategy built for a digital world means fundamentally shifting the culture within the organization to one of innovation agility and speed Successful M E CFOs recognize that digital change is too disruptive for incremental approaches and that what helped to build them to this point will not continue to drive the organization forward Done correctly CFOs can unlock real value can understand more about their customers their organizations and how to drive growth CFO digital readiness in health CFO digital readiness in health See a transcript of this video Within the health care industry like almost every industry digital is driving opportunities and challenges Even as health care takes an increasingly larger share of a country s GDP digital technology computational power artificial intelligence and cognitive analytics threatens to fundamentally disrupt the way health care is delivered Because of this health organizations are feeling the pressure to catch up even as their R D capabilities lag behind forcing consolidations and de consolidations to innovate and adapt more quickly These pressures are further exacerbated by the rise of the super consumer payers providers patients and policymakers who are leading the demand from an industry that is used to supply However among these challenges digital enables unique opportunities for health care organizations to deliver customized medicine It is well known that only circa 30 of patient therapies are actually effective By using digital technology to align therapies to a

    Original URL path: http://www.ey.com/GL/en/Issues/Managing-finance/EY-cfo-need-to-know-digital-readiness (2016-02-10)
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  • EY - China VAT reform: are you ready? - EY - Global
    Controversy Transaction Tax VAT GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Strategic Growth Markets How we help Entrepreneurship EY SGM Initial public offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Services Tax VAT GST and Other Sales Taxes China VAT reform are you ready China VAT reform are you ready Share China the world s second largest economy is expected to complete the final stage of its comprehensive value added tax VAT reform within the next 6 to 12 months Chinese tax officials are embarking on major structural changes to lead the nation into a new era with the goal of aligning the country s indirect tax policies with international practices worldwide more than 140 countries have already implemented a full VAT regime In recent years the Chinese Government has indicated that its goal is to transform the nation from a production based economy into a more service oriented economy and it has identified a VAT reform as one of the pathways to a successful transition Nevertheless the VAT conversion can be a challenging process as China s VAT system is already considered one of the most complicated in the world For example the Government has not implemented a simple VAT rate approach for all sectors of the economy and some industries will remain exempt from VAT Even after the reforms are fully implemented in 2016 the level of complexity in China s VAT system is expected to remain the same Are you ready for VAT reform Businesses affected by the VAT reforms need to be prepared for the transition It is essential for companies in these industries to review their resources to analyze how they will process and manage VAT in China and assess whether changes need to be made to their processes Common feedback from the new VAT taxpayers involved in the Shanghai Pilot was that they underestimated the financial and operational impact of the change on their companies We anticipate that the targeted industries that will be subject to the VAT reform will likely experience a difficult transition and face challenges to adjust to an accurate cut off between BT and VAT practices The hotel and restaurant banking and insurance real estate and construction health care and education industries will soon be drastically impacted by the VAT reform implementation What exactly will be changed by the China VAT reform and how should taxpayers in affected industries prepare for this tax transformation In this report we discuss the

    Original URL path: http://www.ey.com/GL/en/Services/Tax/VAT--GST-and-other-sales-taxes/EY-china-vat-reform-are-you-ready (2016-02-10)
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  • EY - Global digital tax developments - EY - Global
    Welcome to the world of digital economy taxation Perhaps we saw it coming when the Organization for Economic Co operation and Development OECD declared in 2014 and re declared just recently that the digital economy is the economy itself Certainly we all hope for the best out of the new global tax models they have been developing since But hope is not a strategy And tax uncertainty can act as a drag on corporate innovation growth and profitability So now it s time to ask are we ready G20 leaders have now put their final seal of approval on the recent output of the OECD s two year old base erosion and profit shifting project This broad new global framework for taxation released in early October will profoundly change the international tax landscape across all industries as it addresses new issues created by their increasingly digital business models In fact change has already begun with countries taking inspiration from the draft BEPS recommendations to institute their own domestic digital economy tax policies So we now have the final BEPS recommendations in place but clearly global BEPS implementation will be no lock step process as countries choose their own timing variations and even divergences from the OECD recommendations Additionally certain digital tax policies will continue to be developed with the Task Force on the Digital Economy TFDE the group within the OECD tasked with developing BEPS Action 1 saying that a supplementary report reflecting the outcome of continued work on the overall taxation of the digital economy should be released by 2020 See our full analysis of Action 1 as well as an interview with Raffaele Russo leader of the BEPS project and co chair of the TFDE To analyze the 15 BEPS action items and the work still ahead we are conducting an open series of webcasts in addition to providing ongoing analysis on our BEPS web page and interested parties are invited to register here The ongoing challenge in the corporate world will be to run a robust ever changing global business amid such tax uncertainty The most forward looking corporate tax executives have engaged in the BEPS process analyzed its implications and stockpiled scenario plans They may well be ahead of the competition in protecting their bottom lines and their future prospects But even they will find the coming months and years bedeviling In reality none of us is fully prepared How could we be Knowledge will be key which brings us to this global digital tax developments review Inside our global tax and industry specialists report tax changes on the ground identify patterns emerging from one country to the next and analyze their fundamental business implications Today we are seeing corporate responses including a new trend toward onshoring intellectual property as we describe in a companion piece titled The dawning of digital economy taxation Looking ahead technology innovation guarantees that horizon issues such as 3D printing and its digital redefinition of global manufacturing and distribution will continue

    Original URL path: http://www.ey.com/GL/en/Services/Tax/ey-global-digital-tax-developments (2016-02-10)
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  • EY - Optimizing your social security mobility program - EY - Global
    organizations with internationally mobile populations We invited some of the world s most recognizable organizations across 16 industry sectors to share the challenges and concerns they face when managing their international social security obligations The survey reveals several key trends particularly the need to establish clear internal ownership over compliance responsibilities accurately assess policy effectiveness and to understand conflicting home and host requirements in relation to short term business traveler populations It also highlights just how many organizations are inadvertently missing opportunities to access strategies that would significantly reduce their overall mobility program costs Results at a glance Unlike income tax it is more difficult to amend incorrect social security payments Ineffective processes to enable real time communication can often result in compliance failures Understanding which area of the business is responsible for ISS is the first step toward achieving accountability Currently 59 of organizations do not have an effective communication process to ensure timely and accurate social security withholding Only 34 of organizations have a process in place to capture global non cash and off payroll items subject to SSCs regularly Organizations must navigate changing compliance requirements alongside growing STBT populations How receptive are authorities to applications for retrospective certificates of coverage if the pre departure deadline is missed STBT compliance requirements should be considered separately from the broader assignee population However 48 of organizations do not have a specific STBT policy Only 13 of respondents have a process or technology to support STBT social security compliance International assignments can adversely impact employee state pensions allowances and health care benefits Policies should contain the right level of guidance to resolve issues and minimize risk and provide flexibility to support potential cost saving opportunities for the business As employees become more aware of their eligibility for retirement benefits organizations that fail to manage this process face reputational risk Today 49 of organizations do not have policies to protect the social security benefits of employees that drop out of their home country scheme during an international assignment Only 52 of organizations with a social security policy will attempt to protect employees against any detrimental impact resulting from an international assignment Most organizations experience a lack of visibility over one of the most significant assignment costs social security Significant opportunities exist to reduce social security costs within global mobility programs while avoiding detrimental impacts on employees Accurate cost estimates can provide the business with a comprehensive cost breakdown of each assignment prior to deployment Up to a 65 combined SSC rate can be expected in some locations Over 80 of organizations fail to apply for contribution refunds available to them and over 56 fail to take full advantage of exemptions available to them Achieving a fully optimized global social security program is dependent on the flow of real time accurate cross border employee information both within the organization and with home and host tax and social security authorities Survey participants highlight a growing awareness of the need to unify policy and process

    Original URL path: http://www.ey.com/GL/en/Services/Tax/Human-Capital/ey-optimizing-your-social-security-mobility-program (2016-02-10)
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  • Tax Library - EY - Global
    global tax agenda Four megatrends interconnected global forces are transforming business society culture economies and individuals See why tax is in the front line of this change 20150521 July 2015 Collaborative deployment a key to global mobility Deploying staff internationally is becoming more complex Can better collaboration with other teams and countries help lead to success We explore the future of mobility 20150521 July 2015 Global Tax Policy and Controversy Briefing 16 The pace of change is increasing as we near the BEPS finish line Are you keeping up 20150521 June 2015 Managing Indirect Tax Controversy dealing with audits and disputes Our digital report Managing Indirect Tax Controversy dealing with audits and disputes can help your organization navigate the indirect tax landscape Discover how 20150521 June 2015 GAAR rising Strengthening the European Union Parent Subsidiary Directive with a new general anti abuse rule Our new report GAAR rising Strengthening the European Union Parent Subsidiary Directive with a new general anti abuse rule considers the effect of adding a general anti abuse rule GAAR to the directive across all 28 Member States of the EU 20150521 May 2015 Tax Insights Tax policy in developing economies From doing business in developing countries to managing tax controversy risks worldwide our latest edition examines emerging tax policies and trends 20150521 May 2015 Managing tax transparency and reputation risk How can companies manage the reputational risks posed by the debate over who s paying a fair share of taxes We share six tactics 20150518 May 2015 Indirect tax in 2015 Four trends are shaping today s rapidly changing indirect tax landscape See our high level overview and country by country updates to help you prepare 20150301 March 2015 The Outlook for Global Tax Policy in 2015 Our tax policy leaders in 32 jurisdictions identify key tax trends for the year ahead including BEPS expectations 20150224 February 2015 BEPS project OECD actions and this year s outlook See highlights of 2014 s OECD and country activities related to BEPS and get an inside look at possible BEPS developments in 2015 20150224 February 2015 Global tax policy outlook for 2015 Our tax policy leaders in 32 jurisdictions identify key tax trends for the year ahead including BEPS expectations 20150202 February 2015 How taxing the wealthy is changing With the rising wave of worldwide tax enforcement we outline ten principles to help you develop a framework for managing your personal tax affairs 20150113 January 2015 Global transfer pricing tax authority survey Transfer Pricing TP inquiries and audits are becoming more widespread and stringent in their approach See our recommendations for managing and mitigating this risk more effectively 20141210 December 2014 Indirect Tax Briefing issue 11 planning for the future How are businesses dealing with indirect tax challenges in the digital age We report on evolving approaches in today s ever changing world 20141203 December 2014 Tax Insights the era of transparency Is your business prepared to manage the risks associated with today s emphasis on tax transparency See

    Original URL path: http://www.ey.com/GL/en/Services/Tax/Tax-Library (2016-02-10)
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  • EY - Tax - Contact us - EY - Global
    Capital Markets Insurance Government Public Sector Health Life Sciences Media Entertainment Mining Metals Oil Gas Power Utilities Private Equity Real Estate Hospitality Construction Technology Telecommunications Services Advisory Actuarial Customer Cybersecurity Finance Financial Services Risk Management Internal Audit People Advisory Services Program Management Risk Assurance Risk Transformation Strategy Supply Chain and Operations Technology Assurance About Assurance Services Accounting Compliance and Reporting Climate Change and Sustainability Services Financial Accounting Advisory Services Financial Statement Audit Fraud Investigation Dispute Services Tax About Our Global Tax Services Country Tax Advisory Cross Border Tax Advisory Global Trade Global Compliance and Reporting Human Capital Private Client Services Law Tax Accounting Tax Performance Advisory Tax Policy and Controversy Transaction Tax VAT GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Strategic Growth Markets How we help Entrepreneurship EY SGM Initial public offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Services Tax Contacts Tax Services Overview About Our Global Tax Services Country Tax Advisory Cross Border Tax Advisory Global Trade Global Compliance and Reporting Human Capital Private Client Services Law Tax Accounting Tax Performance Advisory Tax Policy and Controversy Transaction Tax VAT GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Library Contacts Share Contacts Global Vice Chair Jay Nibbe Contact 44 20 795 17503 Deputy Global Vice Chair

    Original URL path: http://www.ey.com/gl/en/services/tax/Tax_Contact-Global-tax-leaders (2016-02-10)
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  • EY - Tax - EY - Global
    to do business to attract jobs and capital in a competitive globalized arena At the same time they want to increase the amount of revenue they bring in Governments are treading a fine line constantly assessing how to secure the tax revenues they see as rightly theirs while at the same time being in direct competition with other nations making sure they do not scare off mobile capital Tax administrations are adapting their enforcement strategies focus and policies in response to the changing business dynamics They are working to ensure resources are being applied to the right issues and taxpayers and to share leading practices and taxpayer information with their foreign counterparts to help collect every dollar due Disputes are on the rise The result has been more frequent complex and higher value disputes between taxpayers and taxing authorities a trend that is increasing as countries collaborate together and as emerging markets gain in stature and influence taking a more sophisticated approach to taxation Penalties are becoming more stringent and the threat of reputational risk has risen significantly We can help you navigate a route through the complexities We can help you monitor and react to quickly changing tax policy and assess the economic and fiscal impact Where tax policies might create an impediment to your business that is unintended by policy makers we can help you collaborate either solely or as part of a group of companies with government to Explain the impediment Develop alternative policy choices which are logical and well thought out Model the potential outcomes Deliver an alternative choice to the government in a form with which policymakers can comfortably work We also help you address your global tax controversy enforcement and disclosure needs We focus on pre filing controversy management and help you properly and consistently prepare your returns and the relevant back up documentation Where a controversy has already occurred our professionals leverage the firm s collective knowledge of how tax authorities operate and increasingly work together to help resolve difficult or sensitive tax disputes To ensure that continuous performance improvements are instigated after a controversy we work across our network of professionals to ensure that similar events are less likely to occur Seizing the opportunity in Global Compliance and Reporting Global Compliance and Reporting GCR is at a tipping point with risks on the rise Many companies distribute responsibility for GCR processes throughout their organization creating a patchwork Local jurisdictions are rewriting regulations focusing more intently on the collection of tax revenues and sharing more taxpayer information across borders Due to the combination of evolving business models transforming finance functions and an increasingly complex regulatory landscape there are new opportunities to better optimize efficiency control and value to help mitigate risk and improve performance What is Global Compliance and Reporting GCR comprises the key elements of a company s finance and tax processes that prepare statutory financial and tax filings as required in countries around the world These duties include Statutory accounting and

    Original URL path: http://www.ey.com/GL/en/Services/Tax/Tax_Services_Overview?id=CON-USDD-8PYF2P (2016-02-10)
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  • Seizing the opportunity in Global Compliance and Reporting: Global Compliance and Reporting Survey - EY - Global
    us 1 Forbes Global 2000 financial services organization GCR must be pulled into change initiatives Historical models are not sufficient to support the needs of the new business environment Fortune Global 500 respondents to our survey indicated that in just the past 12 months 64 experienced unplanned tax audits and almost half received unexpected tax assessments or penalties In addition almost two thirds say that changes in regulatory requirements will impose significant challenges on GCR processes A more rationally organized efficient and controlled GCR function can help mitigate these risks and unexpected costs The question is no longer whether companies need to redesign their GCR processes but how and when Finance change initiatives provide a catalyst for improved GCR The focus on standardized business processes particularly in finance provides a significant opportunity to create vastly more efficient GCR processes Almost two thirds of companies in our survey reported they have established standard global processes for tax provision preparation However less than half have standard global processes for other areas of GCR The opportunities to extend finance change into all areas of GCR are significant and tangible The risks that could result from excluding GCR from structural changes in the finance department are substantial GCR processes and systems in most companies lack standardization Companies with global standards for GCR processes and systems Local expertise makes for a successful GCR model Between 64 and 78 of survey respondents indicated that local country resources are vital to successful compliance with tax and regulatory requirements Yet the trend in finance has been to reduce the in country finance resources that traditionally supported local GCR processes At the same time the trend toward more aggressive tax enforcement actually heightens the need for skilled local expertise Accordingly it is essential that GCR functions have access to the right local expertise in a manner that supports quality and efficiency and drives value Leading companies blend the use of internal resources and external providers to optimize GCR Companies are taking a strategic view of their operating models and their GCR requirements to identify the optimal mix of internal and external resources and to create opportunities for internal resources to focus on the highest value activities The ideal mix of resources will vary by company but more than 80 of those who outsourced GCR processes indicated that external providers create access to a needed level of local expertise Similarly more than 70 reported that it enables access to expertise and methodologies that enhanced their processes while almost 60 said that it provided needed levels of flexibility and scalability Effective GCR models require a strong governance structure More than 40 of respondents indicated a lack of global governance over statutory financial filings More than 60 indicated no global governance over direct and indirect tax filings required by their companies These results point to a need for a greater level of control visibility and accountability within GCR By clarifying ownership and reducing the variety of departments responsible for GCR processes companies

    Original URL path: http://www.ey.com/GL/en/Services/Tax/Seizing-the-opportunity-in-Global-Compliance-and-Reporting--Global-Compliance-and-Reporting-Survey (2016-02-10)
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