Vertex visions

Written by Bill Brennan, M.S. in Taxation, CPA Nancy Manzano, M.S. in Taxation, CPA Robert Norton, M.S. in Taxation, CPA Bernadette Pinamont, J.D., CPA on . Posted in Treasury & Tax Management

Q & A  on understanding  new tax changes. 

Vertex's Chief Tax Office  provides insight regarding the impact of tax regulations, policy, enforcement and emerging technology trends on global tax department operations.

 

 1)  What information must be disclosed on the new CbC reporting template and what do CEOs need to know?

The Organisation for Economic Co-operation and Development (OECD) released the final version of its recommended Action 13 country-by-country (CbC) reporting template in September 2014 as part of its Action Plan on Base Erosion and Profit Shifting (BEPS).

Multinational entities (MNEs) will use this new CbC reporting template to report their income, taxes paid, and other indicators of economic activity. The intent is to improve the risk assessment capabilities of taxing authorities by providing them the country-by-country information of multinational companies at an early stage. According to the template, MNEs must report annually and for each tax jurisdiction in which they do business:


The Role of BEPS for Treasury Management

Written by Martin Bellin on . Posted in Treasury & Tax Management

Tax avoidance techniques of high-profile multinationals, including IKEA, Apple and Starbucks, have recently made public headlines and caused quite a stir. Subsequently, the debate surrounding base erosion and profit shifting (BEPS) made it onto the agenda of the highest levels of government, given that many of these schemes may be “sticky” but are actually legal. BEPS refers to the negative effect of multinational companies’ tax avoidance strategies by profiting from non-standardized taxation rules and minimizing their tax burden by way of profit reduction and profit shifting. Public outrage culminated in an Action Plan put forward by the Organization for Economic Cooperation and Development (OECD) addressing international tax rules and their perceived flaws by recommending 15 points of action.


Russia, Saudi Arabia and the $10 billion friendship

Written by Henry Martin on . Posted in Treasury & Tax Management

Aside from its economic significance, the recently-announced investment pact between Russia and Saudi Arabia could have far-reaching consequences for global alliances and relations.

The $10 billion deal seems to be a direct consequence of Russia's shift in focus from West to East. The political implications could be just as significant as the economic ones.While it's perhaps too soon to talk about a 'special relationship', the news that Saudi Arabia has given a solid commitment to invest up to $10 billion in Russia over the coming five years clearly signals a burgeoning rapprochement of sorts between the two states. The investment by Saudi Arabia's Public Investment Fund (PIF), which is effectively the Arab state's sovereign wealth investment fund, will be channelled through the state-operated Russia Direct Investment Fun (RDIF), and will be the single-biggest foreign direct investment in Russia in recent years.


New Finance Solutions

Written by Jamie on . Posted in Treasury & Tax Management

 

Interview with Dr. Faisal Khazaal of Elite capital & Co Ltd     

1. Can you give us a brief overview of the company’s history and the type of clients it works with?

Elite Capital’s history actually goes back to four years before its incorporation. Following my decision in 2005 and 2006 to move Deals Secure Group Holding Co. GP to the USA,  and shortly afterwards my decision to move Dr. Faisal Khazaa, LLD. Law Group LP, a unique professional relationship was forged between our Law Group and the One Holy Catholic & Apostolic Orthodox Church, under which we became their legal adviser in the Americas in 2009.


 

BBVA Bancomer Eyes Private Wealth

Written by Javier Diez Jenkin Head of Wealth Management at BBVA Bancomer on . Posted in Treasury & Tax Management

Mexican bank sets up new unit catering to ultra-high net worth individuals

The world today is in constant, rapid transformation, and this brings major opportunities for those who are prepared and have the best support. In this context, having extraordinary financial advice plus the right tools to act on it is fundamental. Having knowledge, availability, connectivity and efficiency remains a crucial advantage. To provide this support, BBVA Bancomer has launched a private banking service for ultra-high net worth individuals. With this new service, the bank aims to go beyond conventional ways of doing business and provide an unprecedented experience among today’s financial institutions.

In addition to solving basic business needs, BBVA Bancomer adds value to each and every aspect of its customers’ life. It will take care of all personal, business and family needs with a wide array of services tailored to each individual’s lifestyle. The Ultra High Net (UHN) Worth Private Banking model is based on personal service offered by seasoned bankers who offer specialized asset management; alternative investments; global reach; tax and legal advisory services; BBVA leasing; wealth and corporate management; educational counseling; and exclusive experiences.