This report captures feedback gained during 2015 from CCOs in 20 global insurance entities with head offices in Europe, North America, Africa and Asia. Our findings indicate that substantial changes have taken place in many compliance functions, while others are still underway with more likely to follow.
Transformation of the insurance sector was a key driver of the recent large deal activity in 2015. This industry transformation is ongoing and expected to accelerate, fueling a highly active insurance M&A market in 2016 and beyond. Global insurance M&A themes 2016 explores some of the key sector transformational themes driving M&A and how insurers are responding to post-merger integration and transformation challenges.
The guide offers a step-by-step process for setting up a family office. It covers practical considerations such as costs, governance, risk management and technology, as well as explaining the advantages a family office can bring. In addition, the guide provides up-to-date details about the legal structures available for family offices in 14 countries around the world.
This update aims to highlight some points of interest around the definition of ‘exporter' under the new EU Customs Code. A literal reading of the new Customs Code indicates that non-EU entities cannot be an exporter as of 1 May 2016. This appears to require export process adjustments for non-EU companies which currently operate as exporters in the supply chain.
MiFID II, a keystone of the European Union's response to the financial crisis, is now the biggest regulatory iceberg on European wealth and asset managers' radar. Its reach, complexity, growing scope and entry into effect as of January 2018 make it a top compliance priority for global giants and niche specialists alike.
While investors continue to find the Swiss real estate market attractive, the outlook has grown somewhat gloomier since last year. EY Real Estate Trend Barometer participants see the best opportunities for gains in the residential sector. The picture for hotel property prices, by contrast, is bleak.
For this fifth edition of the CFO Capital Confidence Barometer, we surveyed approximately 1,600 business leaders across 19 industry sectors and 53 countries. This report represents the views of the 446 CFOs among that group. It shows that CFOs are increasingly optimistic about the global economy, and that their appetite for acquisitions, innovation and value creation activities is on the rise.
On 6 October 2015, in a landmark judgment, the Court of Justice of the European Union (CJEU) struck down the Safe Harbour Agreement between the EU and the US. Therefore, according to the Swiss Federal Data Protection and Information Commissioner (FDPIC) the US Safe Harbour Agreement with Switzerland is also no longer a valid basis for data protection compliant transfers of personal data to the US.
Argentina - Switzerland Tax Treaty enters into force. On 28 October 2015, the remaining notification instruments for the entry into force of the Tax Treaty for the Avoidance of Double Taxation with Respect to Taxes on Income and on Capital (the Treaty) were exchanged between Argentina and Switzerland.
Notification procedure for intra-group dividends - latest legislative developments, Withholding tax - "to be or not to be?", The binding effect of tax rulings, Swiss Supreme Court confirmed its decision on currency translation differences, Federal Supreme Court ruling on one-time equity tax in quasi-mergers, New declaration for subjection concerning goods under customs control.
Refueling reinvented - Dr. Frank Pawlitschek explains why his Berlin start-up, ubitricity, is turning lampposts into charging stations for electric vehicles | The remarkable story of Mohed Altrad, EY
World Entrepreneur Of The Year™ 2015 | Meet the tech start-ups turning brilliant ideas into businesses | Eataly's Oscar Farinetti is on a mission to bring regional Italian food and drink to the world
Global Compliance and Reporting services is focused on helping national and multinational companies meet their tax filing requirements where they do business - be it through a complete (e.g. all tax filings) or partial outsourcing (e.g. only your companies income tax return) or be it through support in related projects.
OECD BEPS Action 5 - Impact of the Modified Nexus Approach on the Swiss license box / Tax impact of the lifting of the Swiss franc cap on 2014 financial statements / Developments regarding the notification procedure - consultation by the CEAT / Detailed clarification from the Swiss Federal Supreme Court on intra-group financing.
Mergers and acquisitions by large life science companies reached record volumes last year. According to Firepower fireworks, EY's new report on life sciences dealmaking in 2014, the value of all M&A transactions worldwide reached USD 223 billion, which represents an increase on 2013 of more than 150%.
Driving growth - Regine Sixt on how the car rental firm continues to be entrepreneurial after more than 100 years in business | EY World Entrepreneur Of The Year™ Uday Kotak on innovation in financial services | Meet Andrea Illy — coffee connoisseur | How Muhammad Yunus invented microfinance and social business
Interaction between OECD BEPS Initiative and IP rights / Lump-sum tax credit: summary of two recent clarifications by the Swiss Federal Supreme Court / Clarification on investment impairments by the Federal Supreme Court / Federal Supreme Court ruling on loan write-downs / VAT liability and group taxation - changes to the VAT Ordinance as of 1 January 2015.
Our 11th Capital Confidence Barometer (CCB) - released on 6 October -06.11.2014 finds that 40% of companies anticipate pursuing acquisitions in the next 12 months, the highest percentage in three years. More robust market conditions and expanding deal pipelines should see global M&A return to 2006 pre-crisis levels.
Organizations that succeed in today's uncertain economic times are often ones that have invested in building and maintaining the confidence of their stakeholders. By telling their performance story effectively and consistently to the investment community, regulators, commentators and customers, they earn support for growth and change.
In this report we seek to understand the ever-changing dynamic between managers and investors and capture how they are responding to new and existing challenges. As the hedge fund industry continues to mature, these insights offer a glimpse into where the industry is headed and the influencers who are directing its path.
Our global quarterly publication ranks 40 countries on the attractiveness of their renewable energy investment and deployment opportunities. Significant movement in the index reveals that attractive renewable energy prospects are no longer thee remit of only a few mature markeets - they are truly global.
International trade is one of the key drivers of economic growth. The expected increase in global trade volumes, combined with the vulnerability of global trade to internal and external threats, such as fraud and terrorist activities, have prompted a variety of measures aimed at controlling the global supply chain.
Executive summary / Client view: once bitten, twice shy / Manufacturer view: differentiate and customize to survive / Distributor view: the changing distribution equation / Regulatory compliance: the era of big data and complex chaos / Outlook: expectations for the global wealth and asset management industry
Switzerland's strengths make it an excellent business location. The number of foreign direct investments increased once again compared to the prior year. For the first time, Switzerland ranked ahead of Germany by some margin. This was thanks to record levels of location loyalty. Foreign investors have mainly reacted positively to the Corporate Tax Reform III.
Corporate tax reform III: report on the outcome of consultations with the cantons / Real Estate Transactions in Connection with Succession Planning / Legal nature of the assessment note: latest decision by the Federal Supreme Court / The Swiss-Chinese Free Trade Agreement enters into force on July 1, 2014 / Expatriates Ordinance / Swiss Company Cars in the EU
Standing the test of time - Karl-Friedrich Scheufele, Co-president of Chopard, on fast cars, luxury watches and the importance of heritage | Specsavers' John Perkins reveals his vision for the family business | How Ross Perot Jr. made his own mark | Sage's Ivan Epstein on partnerships and going public
The future of tax This periodical magazine is focused on the dynamic tax environment faced by companies operating across the globe. The new publication provides deep insights to our Tax professionals and clients on the most pressing tax and business issues of the day and features high profile tax and business leaders and policy makers.
In this edition of Performance journal, many of the articles examine aspects of operational excellence. For example, we give a unique perspective on the success factors for strategy execution in Africa. We discuss effective measurement techniques, specifically KPIs, but also introducing some ideas on how to measure open innovation.
MiFID II represents one of the centerpieces of financial markets reform and it is far from an incremental change. As a result of the expanded asset class coverage, structural market reform and its applicability for firms previously exempted, MiFID II will dramatically change almost the entire marketplace as we know it today, with far-reaching impacts on everyone engaged in the dealing and the processing of financial instruments. We expect no business or operating model - especially in the ...
This year's report provides an overview of the many and diverse Swiss stakeholders actively involved in and supporting the national biotech value chain. It is common knowledge that the path which leads from an idea to its successful introduction into the marketplace is long, risky and tedious. Making this journey requires a well-knit network that shares a common goal.
Corporate tax reform III: measures for achieving a competitive tax system in a lively international environment / Popular initiative "Stop mass immigration" was accepted - What does this mean for our clients? / Federal Social Insurance Office publishes new guidelines on how imported/exported employee stock options are to be treated for social insurance purposes / Supplies abroad using consignment and call-off stocks and VAT implications / Swiss company cars: private use by employees residing ...
New lease of life - AfB CEO Paul Cvilak discusses the value in unwanted IT hardware and a diverse workforce | The Carlyle Group's CEO David Rubenstein takes a cerebral approach to fundraising | The Jelly Bean Factory's Peter and Richard Cullen are on a sugar high | Dr. Victor Allis puts puzzle solving at the core of Quintiq
Dealing with big data - Directors need to understand the opportunities and challenges of big data and be prepared to ask the right questions to help their organizations develop an appropriate and strategic approach to capturing, analyzing and capitalizing on the voluminous and rapidly increasing available data.
Application of notification procedure for dividend distributions - charging default interest in cases of late declaration / Indirect partial liquidation: quo vadis? / SME special: The "Mid-Cap" approach leads to success on transactions / Ernst & Young Transfer Pricing Survey / Offsetting tax losses after the assessment of a taxable profit / Offsetting tax losses after a temporary period of inactivity / New ruling from the Zurich Tax Appeals Court on offsetting operating losses against real ...
In the last few years, a range of powerful market forces and competitive imperatives have driven insurers across the industry to embrace advanced analytics. There is broad consensus that carriers need to adopt and expand analytics programs to improve insight into the business and decision making in everything from product design, marketing and distribution to underwriting and claims.
Tax Alert – Final rules announced on executive pay and corporate governance (Minder Initiative) for listed Swiss companies
The final Ordinance implementing the Minder Initiative, as well as its Explanatory Report, were published on 20 November 2013. The final Ordinance offers certain clarification on various hotly-debated outstanding questions surrounding the implementation of the Minder Initiative adopted by the Swiss electorate in March 2013. The final Ordinance provides that the new law enters into force as of 1 January 2014 and will remain in force until the Swiss Federal Parliament enacts all the provisions ...
On 25 September 2013, China and Switzerland signed a new Agreement for the avoidance of double taxation with respect to taxes on income and on capital (New Treaty), which will replace the current agreement that was signed in 1990, once it enters into force. The New Treaty still needs to be ratified by both countries before it can come into force. This Alert summarizes key changes in the New Treaty.
The Swiss M&A market was characterized by a record low disclosed deal value since 2008 and a corresponding low average deal size in the second quarter of 2013. Nevertheless, with respect to the number of announced transactions, a recovery was observed with slightly more transactions in Q2 2013, compared to the previous quarter.
Corporate tax reform III: national and international developments / Tax residence of an offshore financing company - new Swiss Federal Supreme Court ruling / Generalized Scheme of Preferences / EU developments affecting the VAT treatment of chain transactions (in the light of recent case law developments in Germany) / Joint and several liability on the part of general contractors / New travel document requirements for entry to the Schengen area / Changes Of The Tax At Source Procedure / The ...
Ernst & Youngshort's attractiveness surveys are widely recognized by our clients, the media and major public stakeholders as a key source of insight on foreign direct investment (FDI). Examining the attractiveness of a particular region or country as an investment destination, the surveys are designed to help businesses to make investment decisions and governments to remove barriers to future growth. A two-step methodology analyzes both the reality and perception of FDI in the respective ...
Draft rules announced on executive pay and corporate governance (Minder Initiative) for Swiss listed companies | Swiss Corporate Tax Reform III: increasing Switzerland's attractive-ness as a business location | European fund tax reporting: Switzerland | New rules regarding documentary evidence of intra-Community supplies | Amendment of the Customs Act, SR 631.0 (partial revision) - effect on provisions relating to customs warehouses | Federal Supreme Court decision on the social security ...
Welcome to the 27th annual issue of EY's biotechnology industry report. Almost five years after the start of the global financial crisis, the challenges facing biotech companies have not diminished. Our analysis of 2012 trends suggests that many firms are still preoccupied with matters of efficiency: the quest to raise funds in a difficult financing environment and the need to deploy existing capital efficiently. In 2012, the "innovation capital" raised by biotech companies with ...
Base Erosion and Profit Shifting ("BEPS") / Offshore financing of Swiss corporate groups - follow-up / Forfeiture of tax losses in company mergers / Federal Supreme Court of Switzerland widens the scope of the Tax Savings / Agreement in respect of foreign companies / The revision of the Swiss Federal / Collective Investment Schemes Act (CISA) and its tax effects / New VAT practice: Distinction between VAT exempt without credit and taxable supply of real estate / Adoption of "minor" corporate ...
Beyond legal: the role of today's general counsel at the company and with the board / Trust and transparency: how boards can provide CEOs with a competitive edge / CFOs in high demand: addressing the board's increasing need for financial skills / Financial reporting and regulatory update: preparing for year-end reporting
Mining and metals companies are operating in a turbulent and changing environment of cost inflation, slowing economic growth, heightened geopolitical risk and volatile prices. With returns squeezed, companies are under pressure to control costs and allocate capital wisely. This requires a shift in priorities: from "growth for growth's sake" to a committed focus on capital optimization.
In this report we explore the practical issues — and ways to resolve them — that both regional and global Asian companies will need to consider in order to succeed in the next few years. The report contains challenging and thought-provoking insights for all businesses that are developing strategies for global expansion.
Our Global Capital Confidence Barometer finds that mining and metals companies have become less optimistic about the global economy over the six months to September, with only 21% viewing the global economy as improving vs. 65% in April. Given lower growth forecasts from China and the continuing Eurozone crisis, this is understandable, particularly given the impact on commodity price volatility.
Welcome to the 2012 global economy. Growth in many countries is faltering and unemployment rates are stagnating. Even the rapid growth countries are showing signs of slowdown. Some five years after the start of the financial crisis, economies are yet to recover and fiscal deficits continue to ricochet across borders.
Is the license box the silver bullet? / Lump sum taxation - current developments at federal and cantonal level / Expatriates Ordinance - Quo vadis? / Swiss Federal Supreme Court rejects offshore financing of Swiss real estate groups / VAT treatment of recharges - expenses with no added value / Germany: New draft bill regarding the proof of intra-Community supplies ("Gelangensbestätigung") / VAT invoicing in the European Community / ECJ decision on the formal requirements to 0% rate an ...
Our seventh Global Capital Confidence Barometer finds that leading companies see little immediate prospect of a recovery for the global economy. While the situation has stabilized in some markets, most executives expect this downturn to endure for at least a year, while many economists think it could persist for three years or more.
Q3'12 showed relative optimism for capital-raising in certain markets. However, in selected markets, capital market activity continues to be hampered by lack of investor confidence and economic uncertainty, stemming from concern over the ongoing European sovereign-debt crisis and global economic slowdown.
Amendments to the Inheritance Tax Agreement between Switzerland and France / Changes in the taxation of employee stock options from January 1, 2013 impose additional requirements on employers to provide proof and retain taxes / Global mobility ahead of new challenges - focus on growth markets / Paying executives fairly? The market and shareholders have their say / Double taxation agreement (DTA) / Recent/Upcoming VAT changes in the European Union / EFRAG revitalizes the discussions around IAS 12
Global IPO volume reached US$41.8 billion in 206 deals during the second quarter of 2012 (Q2'12). There was a 5% increase in the number of deals and a 141% increase in the capital raised compared to US$17.4 billion raised via 196 deals in the first quarter of 2012 (Q1'12). When compared with US$65.6 billion raised via 383 deals in Q2'11, there was a 46% decrease in the number of deals and a 36% reduction in the capital raised.
Amended German anti-treaty shopping rule poses risk to Swiss shareholders in German companies / The withholding tax agreements with the UK and Austria / Unilateral termination of the double tax treaty between Switzerland and Argentina / Recognition of deducted losses in company mergers / Accidental Expatriates / Germany: new changes to the changes to the documentation of intra-Community supplies / Sales/services in the European Union / VAT in the financial sector - FTA issues final practice ...
Research released today by EY shows that European asset managers are not taking a strategic approach to Solvency II. While over half of the 44 European asset managers surveyed have said they are being proactive in preparing for the regulations and two thirds have got a strategy in place, evidence from the survey suggests their approach remains largely reactive.
Welcome to the 26th annual issue of Beyond borders, EY's annual report on the global biotechnology industry. Our analysis of trends across the leading centers of biotech activity reveals both signs of hope and causes for concern. The financial performance of publicly traded companies is more robust than at any time since the onset of the global financial crisis, with the industry returning to double-digit revenue growth. Companies that had made drastic cuts in R&D spending in the ...
The Swiss economy can count on a very highly educated workforce supporting research, development and production in diff erent biotechnological and biomedical domains, various markets and diff erent application fi elds. The functioning network and collaboration between academia, industry - developers, suppliers and manufacturers - fi nancing institutions and service providers is key to a successful economic system.
The Swiss biotech industry has achieved a much higher profile in recent years based on its record of success. Unlike many other industries Swiss biotech stood up remarkably well during the economic crisis, and in fact achieved significant growth. The total turnover of the industry in 2010 was CHF 9.2 billion, while the workforce in Swiss biotech remained at approximately 19'000 employees.
The EU Commission issues its comments on the future of EU VAT (Claudio Fischer, Gijsbert Bulk, Audrey Fearing) / EU VAT refunds: Are you preparing your 2011 EU VAT refund application? / Agreement between the Swiss Confederation and the Federal Republic of Germany (Thomas Linkerhägner) / Important changes apply to the documentation for exports and intra-Community supplies from Germany / VAT — Changes in the real estate sector (Susanne Gantenbein, Mirjam Holzer) / VAT Info no. 14: Finance ...
The banking and financial industry is recovering from one of the most severe crises ever seen. With the introduction of Basel III, the resource of capital, which is already scarce, will be stretched even further and margins on both lending and saving activities will deteriorate, squeezing banks' profitability yet more.
This publication is another element in our "Transformation in Private Banking" series. It is designed to reduce complexity by narrowing down MiFID II to a selected set of key areas that are of strategic importance to the Swiss Private Banking industry. We hope you enjoy reading this brochure and encourage you to contact a member of our team for additional information.
This document is designed to help audit committee members navigate this challenging environment. We lay out 20 questions audit committee members should consider asking as they prepare for their upcoming discussions with management and the external auditors. We also provide additional insights and references to Ernst & Young publications.
Doing business in India is a guide for companies that are operating, or planning to set up operations in India. This report will equip you with deep understanding of the country's evolving commercial climate, the investment climate in key sectors, funding scenario, tax and regulations issues, among others.
Focus on the future: Audit committees and boards have been under a great deal of pressure the last few years. The challenging economic environment is one cause, but significant pressure is also a result of audit committee agendas that have expanded to include such time-consuming and complex issues as risk management, board diversity, succession planning, potential changes to accounting standards and new regulatory proposals that could change the face of corporate governance. In this issue we ...
European life and non-life insurers face important strategic decisions in 2012. Volatility and deterioration in macroeconomic and political factors are disrupting balance sheets, consumers and investors. Unfolding regulatory initiatives will have a pervasive influence on insurer operations. A mature insurance market across much of the landscape continues to make growth difficult to achieve.
In the fourth quarter of 2011, Swiss M&A market activity remained strong showing a significant rise in disclosed deal volume compared to the previous quarter, on a slightly lower number of transactions. As a result, the Swiss M&A market environment recorded a solid performance for the full year 2011.
The Swiss M&A market recorded a strong second quarter in 2011 as the number of deals remained high at the Q1 level. In addition, deal volume rose significantly by approximately 300% compared to Q1 2011 triggered by several large transactions. Thus, overall deal volume in Q2 2011 was significantly higher than the average level of the previous four quarters.