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EU LAUNCHES MAJOR VAT REFORM CONSULTATION

A MAJOR public consultation has been launched by the European Commission, which will allow accounting practices and accountants to say how the European Union’s VAT system should be reformed. The Commission is due to make a comprehensive reform on these issues by this autumn (2017), which is expected to allow EU member states more freedom to set VAT rates.…

Indonesian batik producers are turning to social media to boost sales, helping them maintain production when not only standard marketing and distribution channels are not delivering enough revenue but standalone websites and major e-commerce sites.

Rusydi Bawazir, producer of Nargis Batik Podhek, from Madura, East Java province, started online marketing three years ago by using website: nargis.web.id.…

Hacking and data breaches keep Asian IT departments awake at night, but many of the most serious cyber security incidents can be prevented with greater vigilance from HR professionals. Of course, there are a wide variety of risks being posed to companies from online environments, from denial-of-service attacks, to Trojan programmes that monitor computer use, and theft of identities and intellectual property.…

THE UNITED States should do more to boost anti-money laundering (AML) and combating the financing of terrorism (CFT) controls for designated non-financial businesses and professions (DNFBPs), the Financial Action Task Force (FATF) has concluded. It its latest mutual evaluation report on the USA, the global AML/CFT body, working with the Asia/Pacific Group on Money Laundering (APGML), also called for tougher laws controlling company formation in certain states, notably Delaware, Wyoming and Nevada.…

2016 – Winners and losers

RETAILERS & BRANDS

WINNERS

US-based sportswear brand Under Armour delivered its 26th consecutive quarter of 20%-plus revenue growth in the third quarter of 2016, with sales increases across all divisions. Net sales were up 22% in the third quarter to USD1.47bn.…

AS BANGLADESH grapples with the problem of childhood stunting, a United Nations expert has called for a boost in animal protein consumption within this south Asian country to tackle the crisis. Stunting is a condition where children grow at slower rates than the average person, being shorter than a typical person of their age.…

As the festive season approaches, airport industry representatives in the United States are seeing visions of sugarplums dancing in their heads in contemplation of funding prospects under the incoming presidential administration.

Republican President-elect Donald Trump, who takes office January 20, has made the poor condition of US infrastructure a campaign talking point, at times characterising airports in the country as “third-world facilities”.…

The US auditing watchdog the Public Company Accounting Oversight Board (PCAOB) has fined Deloitte Brazil (Deloitte Touche Tohmatsu Auditores Independentes) USD8 million for falsifying audit reports, then trying to cover up the violations through more false documents and testimony. The PCAOB also banned Deloitte Brazil from taking on new audit work with in the United States until the independent monitor it appointed confirms progress on remedial benchmarks.…

The reputation of talcum powder in the USA as being synonymous with product purity and safety is under threat, as a series of health-based legal cases hit American courts. Indeed, the name ‘Baby Powder’ given to the product by Johnson & Johnson stands as innate testimony to wholesomeness.…

THE HEAD of the European Union’s anti-fraud office (OLAF) has advised personal care product brand owners to work closely with customs authorities to help beat the counterfeit trade. OLAF director-general, Giovanni Kessler spoke out at a joint OLAF press conference in Brussels with the Belgian Customs and Excise Administration to highlight how their cooperation had brought down a fake perfume and cigarette smuggling ring.…