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September 28, 2023

Accounting News Roundup: Global Tax Avoidance; Deloitte Creeping Up on I-Banking; You Don’t Need a Promotion | 06.25.15

Companies Avoid Paying $200 Billion in Tax [WSJ]
The United Nations Conference on Trade and Development (aka Unctad) estimates, "that almost a third of all overseas investments—amounting to $6.5 trillion—have been routed through 'conduit countries' before reaching their destination “as productive assets.” While there are other reasons for channeling investments through a country other than their final destination, Unctad said tax avoidance was likely the main motivation for the practice."

Toshiba may add more outside directors after accounting irregularities [Reuters]
In a 3+ hour annual meeting, CEO Hisao Tanaka said, "This is the biggest crisis in our 140 years of business. To ensure this does not happen again, we are considering the appointment of more outside directors and improving governance."

Deloitte hires BNP executive in move into investment banking area [FT]
The FT writes that the hire is "a further indication of a trend for ‘big four’ professional services firms to try to muscle in on investment banks’ territory."

You Don’t Need a Promotion to Grow at Work [HBR]
A lateral move in your company can allow you to, "build new skills and relationships and get exposure to different products or services."

Japan shakes off 67-year ban on dancing after midnight [CNN]
The ban has been in place since 1948.

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