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  • Tax policy - Managing tax controversy: PwC
    of existing tax laws which have significantly increased collection levels The federal tax authorities continue to have a strategic focus on revising and simplifying audit processes through procedures and legislation This has led to increasing sophistication with respect to tax audits The government has attempted to focus on the needs and profile of taxpayers as well as the agility of administrative tax processes to speed up tax collection The tax authorities have also focused on their integration and cooperation with other tax authorities at the state and local level and have also pursued increased interaction with taxpayers through tax education and the encouragement of voluntary compliance Canada Moving towards a risk based audit approach The Canada Revenue Agency CRA is striving to enhance the efficiency of audits while reducing costs by moving towards a new risk based approach with respect to large case taxpayers Under this approach a taxpayer s risk profile is assigned a grade of low medium or high risk The grade is based on CRA s evaluation of a number of factors including the company s compliance history aggressive tax positions and audit history as well as its tax governance structure The CRA s risk evaluation will be a core element to the CRA s audit process as it determines the scope and amount of time to be spent on an audit China Greater transparency and information flow Chinese revenue authorities are increasingly casting a wider net to obtain accurate and comprehensive taxpayer information for purposes of conducting tax audits and assessments This trend is expected to become more pervasive over the next few years given that the traditional reliance on taxpayers to self disclose pertinent information has generally proven to be inadequate from the revenue authority s perspective In addition to the implementation of the new Corporate Income Tax Law Chinese tax authorities have issued various administrative circulars in recent years requiring taxpayers and withholding agents to report prescribed activities corporate structures business and other information to the relevant tax bureaus For example the authorities are now requesting contemporaneous transfer pricing documentation as well as certain information from Non China Tax Resident Enterprises Non TREs regarding indirect transfers of certain equity interests and those applying for tax treaty benefits Information from Chinese capital controlled foreign companies is also being sought India Retrospective legislation to impact disputes The Supreme Court of India recently pronounced its judgment in the Vodafone tax case The controversy in this case focused on the taxability in India of the offshore transfer of shares of a Cayman Islands Company by the Hutchison Group to the Vodafone Group The Indian Revenue Authorities contended that in view of the substantial underlying assets in India of the Hutchinson group the transfer was not of the share of the Cayman Islands Company but instead was in substance a transfer of the underlying Indian assets Accordingly the Revenue contended that the capital gain arising from the transfer was taxable in India and consequently withholding tax provisions would apply

    Original URL path: http://www.pwc.com/gx/en/services/tax/publications/managing-tax-controversy.html (2016-02-10)
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  • Disaster Risk Management, Business Continuity & Public-Private Collaboration: A PwC-UN Initiative
    careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Disaster Risk Management Business Continuity Public Private Collaboration A PwC UN Initiative Download Authors Oz Ozturk and Alexandre Cherix Losses from catastrophic events such as natural disasters represent an increasing burden for multinationals The cross border interdependencies embedded in today s global markets and supply chains are a double edged sword exposing businesses of all kinds and sizes to dramatic systemic risks with growing frequency Business and network interruptions interrupted supply chains commodity price volatility profit warnings and even constrained GDP growth are all par for the course and on the rise For their part governments and international and nongovernmental organisations have promoted numerous disaster risk reduction initiatives at the country or local level but too often without meaningful private sector involvement It s clear that just as large scale disasters don t respect national boundaries or organisational structure isolated approaches can t be effective in building true systemic resilience There is a better way forward although it will not be easy to implement Building a global public private platform for disaster resilience In response PwC has been collaborating with the United Nations under the auspices of its International Strategy for Disaster Reduction UNISDR in an initiative focused on creating a sustainable private public disaster risk management platform with the ultimate goal of creating risk resilient societies This report provides an in depth look at this critical initiative along with insights on the disaster risk management approaches and experiences gathered from leading global businesses It

    Original URL path: http://www.pwc.com/gx/en/services/advisory/consulting/risk/resilience/publications/unisdr-disaster-risk.html (2016-02-10)
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  • Global Economic Crime 2014 Survey: Fraud, Corruption and Cybercrime: PwC Forensic Services
    United Kingdom United States Complete list of PwC territory sites Economic crime threatens your business processes challenges the integrity of your people and can tarnish your reputation The schemes evolve with trends and technology but the overall threat level remains The benefits and risks of a networked world are here to stay The C Suite gets the message Wheter financial or collateral the stakes and the costs are high The adversary in the shadows or hiding in plain sight 1 2 3 4 5 6 It comes as no surprise to learn that economic crime such as fraud IP infringement corruption cybercrime or accounting fraud continues to be a major concern for organisations of all sizes across all regions and in virtually every sector But as our 2014 Global Economic Crime Survey reveals the real story is not so much that economic crime stubbornly persists The real story is that economic crime is threatening your business processes eroding the integrity of your employees and tarnishing your reputation Which is why this year s report one of the broadest and most comprehensive economic crime surveys we have ever conducted with over 5 000 global respondents is focused not only on breaking down the facts figures trends and regions but also on analysing how and where it may be affecting you So you can address the issue from both a preventive and strategic perspective We invite you to explore the rich trove of data trends and analysis of economic crime uncovered by our 2014 Global Economic Crime Survey and contact us to learn more Global economic crime survey infographics Share Global Economic Crime Survey About the survey Key findings Business processes under threat The crimes Accounting fraud Asset misappropriation Money laundering Procurement fraud Anti competition anti trust Financial services Cybercrime Bribery corruption

    Original URL path: http://www.pwc.com/gx/en/services/advisory/consulting/forensics/economic-crime-survey.html (2016-02-10)
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  • Technology, Security and Disruption: Risk Strategy: PwC
    market and provider Measuring supplier performance can protect your business and your reputation 21 12 14 Measuring key suppliers performance protects your business and reputation Measuring supplier performance can protect your business and your reputation 21 12 14 Measuring key suppliers performance protects your business and reputation Compliance in 2025 An increasingly important future role for industrial manufacturing 21 10 14 The business environment in 2025 is not going to get less risky or less complex That s why the industrial manufacturing Chief Compliance Officer will play an increasingly critical role in setting strategy steering the business clear of dangerous waters and helping business managers take the right risks The surprising truth about the C Suite star of 2025 21 10 14 The business environment in 2025 is not going to get less risky or less complex That s why the Chief Compliance Officer will play an increasingly critical role in setting strategy steering the business clear of dangerous waters and helping business managers take the right risks Compliance in 2025 A key future role for retail consumer companies 21 10 14 The business environment in 2025 is not going to get less risky or less complex That s why the retail consumer Chief Compliance Officer will play an increasingly critical role in setting strategy steering the business clear of dangerous waters and helping business managers take the right risks Compliance in 2025 An increasingly critical future role for technology companies 21 10 14 The business environment in 2025 is not going to get less risky or less complex That s why the technology Chief Compliance Officer will play an increasingly critical role in setting strategy steering the business clear of dangerous waters and helping business managers take the right risks Compliance in 2025 A continued critical role for the pharmaceutical life sciences industry 21 10 14 The business environment in 2025 is not going to get less risky or less complex That s why the Pharma Life Sciences Chief Compliance Officer will play an increasingly critical role in setting strategy steering the business clear of dangerous waters and helping business managers take the right risks Compliance in 2025 A key future role for the insurance industry 21 10 14 The business environment in 2025 is not going to get less risky or less complex That s why the insurance Chief Compliance Officer will play an increasingly critical role in setting strategy steering the business clear of dangerous waters and helping business managers take the right risks What motivates your CEO over the long term Shareholder or social value 14 10 14 How many chief executives want to create a socially valuable legacy And how many of those can balance such longer term priorities with the urgent demands of their investors and shareholders This juggling act is hard to pull off even for the minority of CEOs surveyed who desire this legacy Social listening How market sensing trumps market research 20 08 14 Customers don t always tell you what

    Original URL path: http://www.pwc.com/gx/en/services/advisory/consulting/risk/resilience/risk-strategy.html (2016-02-10)
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  • Delivering deal value: PwC
    Whether divesting part of your business or targeting a disposal a Carve Out process offers the opportunity to challenge and optimise the Carve Out entity s operating model We have experience of divestments ranging from standalone businesses to the most complex Carve Outs across a range of sectors advising on the sell side and buy side We understand both vendor and buyer perspectives and their impact on value to maximise your ability to deliver deal value Our flexible and rigorous Carve Out approach focuses on what really matters Developing a fit for purpose cost efficient standalone operating model Preparing robust and executable separation plans across operations and IT that safeguard the core business Defining flexible transitional arrangements to ensure the business can operate from Day 1 If you re planning to sell or purchase part of a business being carved out here s how we can help Divestment Support helping you prepare for sale We specialise in supporting vendors to prepare robust separation plans which stand up to the rigours of due diligence and maximise sale proceeds in the following areas Identification of inter company dependencies and separation risks Definition of an optimised standalone operating model for the Carve Out entity Optimisation of the vendor s remaining core operations Definition of an efficient IT environment to support the standalone business plan along with subsequent implementation support for the separation plan Advice to define the optimal Transitional Service Agreements TSAs and Long Term Arrangements LTAs required between the Carve Out entity and Vendor Support throughout the sale process including bidder meetings Carve Out Due Diligence On behalf of bidders we review management s separation plans including the following areas Robustness of the one off ongoing and stand alone cost assumptions estimates Ability of the IT systems and infrastructure to support the stand alone business Completeness and flexibility of transitional arrangements Robustness of separation plans including Day 1 readiness and capability building to migrate off transitional support Carve Out Planning and Implementation Working alongside the management team we develop detailed separation plans covering the period s pre and post Day 1 separation point Our depth of Carve Out experience ensures that critical Day 1 risks and actions as well as key steps to establish the standalone capabilities post TSA support are managed minimising business disruption and allowing management to focus on business as usual We provide a structured implementation approach that flexes with client needs enabling effective management of the separation including Detailed status reporting Issue and risk management Structure and discipline within the transition management office Carve Out Financials We advise management on the preparation of Carve Out Financial statements to meet regulatory requirements taking into account the optimum way these statements should be presented to investors Operational due diligence We can help you our client in buying and selling businesses by combining our full range of specialised industry knowledge with our deal experience Our team works with corporate and private equity clients to assess potential merger synergies stand alone performance

    Original URL path: http://www.pwc.com/gx/en/services/advisory/deals/deal-value-consulting.html (2016-02-10)
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  • Capital markets home: PwC global audit and assurance
    and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Capital markets Whatever transaction you are contemplating and whatever sector or countries you operate in PwC is there to support you every step of the way PwC s capital markets professionals deployed across the world s leading capital markets have the knowledge and experience in cross border listings regulatory regimes and business processes to help you master the many challenges of your transaction We take the time to explore your business and focus on uncovering ways for you to optimise value at every stage Equity Advisory Execute an IPO Execute a debt offering IPO Centre Our IPO Centre was created to make it easier for you to understand what you need to know and do to complete an IPO We bring together our sector expertise and our knowledge of local and international capital markets to help you evaluate the pros and cons of an IPO take you through the flotation process and prepare your business for life as a public company regardless of the market you choose to list on Learn about what you ll need to consider at every stage of your IPO Capital markets research and insights Audit and assurance services Financial statement audit Corporate reporting Integrated reporting Good practices Governance reporting Investor view Survey Webcasts Remuneration people and tax reporting Management and board reporting World Watch magazine Governance Corporate reporting Financial reporting Assurance Library of articles Talk to us IFRS reporting Regulatory compliance Sustainability reporting Capital markets Equity Advisory Execute an IPO Execute a debt offering Capital markets

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/capital-market.html (2016-02-10)
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  • Spotlight on China: PwC
    economy over the last decade with annual growth rates double or sometimes triple that of developed market peers As the dominant economy in the BRICs China s falter has caused some commentators to ask Whatever happened to the Brics given low growth in Russia and Brazil too Combined growth in the BRIC countries has dropped from 11 to 5 since 2010 according to this FT blog article China now faces serious structural challenges and its leadership is focusing reform across a number of areas including regulatory tax and activities of state owned enterprises A substantial proportion of recent Chinese investment hasn t been all that productive as discussed in our Megatrend matters blog Could China s investment boom be the next big bubble to burst In addition the decline in China s working age population highlights the risks of a looming skills shortage explored in our CEO Insights post To succeed in China s new normal you ve got to have talent To compound issues many companies are insourcing parts of their manufacturing activities originally outsourced to China in response to narrowing production cost gaps Meanwhile 71 of CEOs in China believe there are more growth opportunities this year than there were three years ago according to our 18th Annual Global CEO survey On the other hand global CEOs signalled a change in overseas investment sentiment ranking the US above China for the first time in over five years as their most important growth market outside of their own Nevertheless China s steady growth seems set to continue albeit at a slower rate for the next few years This is due to a wide range of positive drivers explored more in our recent Megatrend matters blog Is the Chinese economy facing a crisis including The benefits of a weaker currency for export markets Continued urbanisation fuelling demand for housing infrastructure and other supporting industries The continuing consumer and business adoption of new technological advances such as a rise in mobile phone usage and cloud computing China s commitment to invest in Greentech in terms of smarter and more sustainable technologies and cities Exponential growth of China s Telecommunications Media and Technology industry as illustrated in our MoneyTree China TMT Report also see our further research on China s Impact on the Semiconductor Industry Promoting development of the services sector And finally the rapid increase in China s M A activity Combined these factors support our latest forecasts in Global Economy Watch for China s GDP to grow by 6 5 in 2016 and for an average of 5 7 growth from 2017 to 2020 leaving China among the world s fastest growing major economies And size matters China is already the world s largest economy in purchasing power parity terms according to our World in 2050 report and is projected to overtake the US in around 2028 in market exchange rate terms Longer term China s annual growth rate is likely to level out to just above average global GDP

    Original URL path: http://www.pwc.com/gx/en/research-insights/spotlight/china.html (2016-02-10)
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  • New global goals: are they business critical? :PwC
    to take action despite only 10 business participants ranking business with prime responsibility 71 of business say they are already planning how they will respond to the SDGs 34 of business say they have agreed their plans and or are implementing them 37 of business say they are planning their approach 4 Gaps There are distinct gaps in how to go about it especially in areas where tough decisions are required Only 13 of business have identified the tools they need Only 29 are setting goals 5 Optimism We should be optimistic that engagement will increase by 2020 About one fifth of business are doing nothing right now 22 said they were either waiting for the SDGs to be ratified or for government regulation before doing anything or thought it was the government s responsibility not theirs But this drops to 4 when thinking about what they ll be doing in five years 6 Significance Citizens may have only a limited awareness of the SDGs but quickly recognised their significance 90 of citizens believe it is important that business signs up to the SDGs 78 of citizens said they were more likely to buy the goods and services of companies that had signed up to the SDGs increasing 90 for citizens from Latin America What are the implications for business and for achieving the global goals Close to the business community our results analysis has identified interesting insights Self interest driving SDG selection Business see their greatest impact and opportunity in areas that will help drive their own business growth When business profits from solving social problems when it makes profit while benefitting society and business performance simultaneously it creates solutions that are scalable Should we question the motives of business if their activity and ingenuity works to benefit of society Enlightened self interest focused on the SDGs could generate tangible results Business set to cherry pick the SDGs It s clear that business doesn t intend to assess its impact across all the SDGs its plan is to look at those relevant to their business or a sub set of these How will they choose It s less about picking the easiest most obvious or positive ones and more about picking the ones that are material to the business or have the greatest negative impact SDGs set to get left out in the cold Some SDGs don t make it onto the radar business doesn t register they have an impact on them or see an opportunity If business cherry picks a small number of SDGs some SDGs eg SDG 14 Life below water will have few business driven initiatives to make change Don t forget the people perspective Citizens get the significance of the SDGs these are business employees and customers It s a reason for business to take action and gives credibility to the business case 90 of citizens think it s important that business signs up to the SDGs 78 of citizens are more likely to

    Original URL path: http://www.pwc.com/gx/en/services/sustainability/sustainable-development-goals/sdg-research-results.html (2016-02-10)
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