GAA Accounting

The Journal of the Global Accounting Alliance

16/10/2014
by GAA Accounting
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Chartered Accountants Ireland supports move to secure Corporation Tax regime

The Irish Budget 2015 announced by Minister Michael Noonan on 14 October 2014 contains income tax and Universal Social Charge measures aimed at improving take-home pay, coupled with a raft of business tax incentives that will help manage employment costs and support indigenous and foreign businesses establishing and expanding in Ireland, according to Chartered Accountants Ireland.

While higher income earners, especially the self-employed, will be disappointed at missing out on the main benefits of the tax reliefs being introduced, Chartered Accountants Ireland believes the Minister was right to focus the new reliefs on the lower paid.

“Chartered Accountants Ireland is supportive of moves to secure the Corporation Tax regime by re-aligning the approach to the taxation of multinationals,” according to Brian Keegan, CAI Tax Director.  “The 12.5% rate doesn’t mean a low tax take.  For 2014, Corporation Tax makes up 11% of all tax revenue – eight times as much as local property tax for example.  That tax has to be secured above all else for future years,” Mr Keegan added.

16/10/2014
by GAA Accounting
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Why Big Companies Fail

By Yan Barcelo

Large players can run into trouble for any number of reasons — including inertia, strategic myopia and just plain old human folly.

At a venture capital event in San Francisco in February 2000, a month before the dot-com crash, investors and analysts were hit with a startling piece of news. Barely an hour before they were to attend a presentation by a networking company called xROS, they learned that the startup had been scooped up by Nortel for US$3.2 billion. Continue Reading →

16/10/2014
by GAA Accounting
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Corporate Tax: The real story

By Brian Kingston and Lincoln Schreiner

Canadian companies pay more taxes than their income statements show.

In Canada as in other countries, there has been a growing controversy about the taxes paid — or not paid — by large corporations. The concern is understandable. Particularly in times of weak economic growth, citizens deserve to know that the burden of taxation is fairly shared. But it is noteworthy that much of the media coverage of this issue focuses on the activities of a relatively small number of large international corporations that in recent years have paid little or no tax. Indeed, the same few companies seem to pop up in almost every news story and opinion piece that is critical of corporate tax practices. Continue Reading →

16/10/2014
by GAA Accounting
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Companies Make Cultivating Creativity a Priority

By Shane Schick

Instead of waiting for lightning to strike, smart companies are creating systems to cultivate innovation throughout their ranks.

About a year ago, software maker Intuit brought a group of VIP customers, industry analysts and media to a New York loft-style art gallery for a tour of its latest products and early-stage concepts. The setting may have seemed an odd choice for a company best known for its accounting applications, until guests saw what was on display. A huge video presentation of street maps, for instance, showed how companies can leverage the firm’s location-based data, while consumer offerings included an app for Google Glass eyewear that lets users pay for purchases figuratively through the blink of an eye. Continue Reading →

16/10/2014
by GAA Accounting
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The Abuse of Benefits

By Yan Barcelo

So you think that fudging a benefit claim doesn’t hurt anyone? Think again. The cost of benefit plans rises as a result and that could mean a cut in quality of coverage for all.

In 2009, the province of Quebec’s health insurance board uncovered a flagrant abuse of the healthcare system. An investigation that followed 3,456 suspected individuals found 2,081 of them systematically obtained coverage by the province’s health insurance board — yet they did not reside in Quebec. (Of the 2,081, just 1,059 had actually received medical or health services. The others had obtained coverage but hadn’t taken advantage of it yet.) Continue Reading →

16/10/2014
by GAA Accounting
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Ana Botin Become Europe’s Most Powerful Woman Banker

By Yan Barcelo

As the new chair of Spain’s Santander bank, Ana Botin becomes the most powerful woman banker in Europe.

The day following the death of Emilio Botin, who headed Spain’s Santander bank, his daughter Ana Botin, aged 54, was appointed chair of the bank, making her the most powerful woman banker in Europe, reports Parisian business daily Les Échos. Continue Reading →