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Editor’s Note Editor’s Note Hello and welcome to November’s issue of Finance Monthly.
In the news this month, Barack Obama has been re-elected in the US and now has to deal with the Fiscal Cliff that is fast approaching.
In January 2013, several tax breaks will end and public sector spending cuts will hit the US economy. Tax breaks for businesses that George W Bush passed in 2003 allowing big write-offs on new equipment will lapse, and around $108bn of cuts to departmental spending will kick in. We asked Keith Wade (Chief Economist, Schroders) to discuss this further and tell us what this means for the US economy.
Also in the news, it has been reported that Starbucks has been using tax avoidance tactics, thereby paying £8.6 million ($13.74m) in total UK tax over 13 years during which it recorded sales of £3.1 billion ($49bn). Of course, they are not the only firm to have been doing this; Charlie Elphicke MP told the UK House of Commons that Amazon had paid an effective UK tax rate of 2.5% on 2011 earnings of £309bn, while Google paid 0.4% on £2.5bn.
Finance Monthly spoke to Chas Roy Chowdhury (Head of Tax, ACCA), Michael Cashman (Head of Tax, Kemp Little LLP) and Miles Dean (Founder of Milestone) to shed some light on tax avoidance practice and discuss how it can be legal for companies to pay such small amounts of corporation tax in a country that has given it such large revenues.
We also have Eric Hemmendinger (Head of MSS Product Management, Tata Communications) discussing DDoS (Distributed Denial of Service) being used as a decoy by cyber criminals so they can steal confidential data, and explains why this is a serious issue for financial institutions.
In this issue we have our renowned features, including Finance Focus and The Interview, as well as our regular features, including Moves, Transactions, and Preqin Reports. Our special feature this month is Leading Advisor 100, where we present our winners by jurisdiction.
I hope you enjoy this issue of Finance Monthly.
Rebecca Harris Editor
PuBLISHER Parity Media Limited
EDITOR Rebecca Harris rebecca.harris@finance-monthly.com
PRODuCTION MANAGER Emma Tansey production@finance-monthly.com
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