Deloitte fined £14m for conflict of interest over MG Rover [Guardian]
Deloitte, one of the UK's largest accountancy firms, has been fined a record-breaking £14m for a conflict of interest that occurred when it advised MG Rover Group and the Phoenix Four directors who bought the British carmaker before it collapsed. It is the largest fine issued by the Financial Reporting Council (FRC), the body that regulates accountants, which has also given Deloitte a severe reprimand. Maghsoud Einollahi, a former director of the accountancy firm, was fined £250,000 and given a three-year ban from accountancy.
PricewaterhouseCoopers U.K. Says 2013 Profit Rose 1.8 Percent [Bloomberg]
PricewaterhouseCoopers LLP’s U.K. partnership said profit rose 1.8 percent for the year ended in June, with its consulting and tax-advisory businesses reporting the most growth. Earnings increased to 740 million pounds ($1.2 billion) from 727 million pounds in the year-earlier period, PwC U.K. said in an emailed statement today. Profit per partner rose 4 percent to 705,000 pounds from 679,000 pounds. Consulting revenues rose 9 percent to 478 million pounds, while sales from advising on taxes increased 3 percent to 680 million. Assurance, which includes PwC U.K.’s auditing practice, still accounts for the biggest portion of the firm’s business and grew by 1 percent last year to 969 million pounds.
Pay of PwC partners is back at pre-crisis levels [Guardian]
The pay of partners at PwC, one of the UK's leading advisory firms, has returned to pre-banking crisis levels with the average profit per partner rising to £705,0000 in the current financial year. The 4% rise in the profits for partners in the year to the end of June came during a period when the Competition Commission was investigating the audit profession and the industry faced scrutiny about tax planning services for major companies.
President of Mexico Proposes Tax Overhaul [NYT]
Pressing ahead with plans to reshape Mexico’s economy, President Enrique Peña Nieto proposed on Sunday a sweeping overhaul of his country’s tax system, intended to collect billions of dollars to finance new social programs. In a speech from his residence, Mr. Peña Nieto described the broad outlines of his plan, which would eliminate many loopholes and exemptions that favor the richest Mexicans. He proposed new taxes on capital gains, carbon emissions and soft drinks, and increased income taxes for those making over about $39,000 a year. Still, he said, his proposal was “good news for Mexican families,” because the revenue it would generate would pay for a new universal pension for all Mexicans over 65, a new unemployment insurance scheme and more spending for schools and infrastructure.
Men Dressed as Super Heroes Rescue Kitty From Burning House [Gawker]
Batman and Captain America, since you're wondering.
Joe Kristan reminds us that there's one week to go until the corporate filing deadline. [Tax Update]
From JK "File late and it’s a penalty of $195 for each K-1 on the late return. That can add up in a hurry."
The NFL Is Back: The Tax Consequences Of Sports Gambling [Forbes]
Tony Nitti is "willing to bet […] that you’ve never taken the time to learn the tax consequences of your gambling activities." His post should help.
Feral pig pinches multiple six-packs of beer and runs riot at Pilbara camp sites [ABC]
It is believed the animal has drunk up to 18 cans of beer at the DeGrey River rest area, east of Port Hedland, over the past few days. Fionna Findley from Main Roads says the animal has caused a nuisance, ransacking bin bags left in the area by clean-up crews. "They bundled up the rubbish in liners and then they attend to other rest areas nearby, and when they returned it was all ripped apart," Ms Findley said. "And when they were talking to some of the road users that were parked over for the night, I think they were camping actually, they said the pig stole their beers, drank them and then afterwards proceeded to tear apart the bin liners. […] "It was last seen near the river itself, under a tree," Ms Findley said. "I think it's nursing its head today."