Asia's next tiger?
Article Abstract:
The Philippines has finally shed its image as the 'sick man of Asia' as it continues to achieve political and economic stability. The country's turnaround is widely attributed to the government of Pres. Fidel Ramos. Under his leadership, the threat of domestic insurgencies and military coups has lessened considerably. The economy began to grow as a result of reform measures that included the privatization of state companies and the liberalization of 'strategic' industries. A 7.1% economic growth rate was achieved in the first half of 1996, and it is expected to reach around 9% in 1998. This would place the Philippines in league with China and Thailand as the world's fastest growing economies. The favorable economic and political environment has resulted in increased foreign investment and reverse capital flight. However, the country still faces a number of problems, including poor tax collection and the question of who will succeed the president when his term ends in 1998.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1996
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Transfer pricing for the next century
Article Abstract:
The OECD released the first part of a report that establishes its new transfer pricing guidelines in July 1995. It is hoped that the new guidelines will help tax authorities and taxpayers achieve consistency in transfer pricing procedures, and will solve disputes related to transfer pricing. The new guidelines divide methodologies involved in transfer pricing into three fundamental categories: traditional transaction methods, transactional profit methods and global formulary apportionment or unitary taxation. The guidelines point out that transfer pricing is not an exact science but involves judgment, that gathering and using required information is not easy, and that tax administrators should not automatically think that associated enterprises are intent on manipulating their profits. Companies with foreign affiliates would do well to study these guidelines because they are expected to have an impact well into the next century.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1995
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New century, new boardroom
Article Abstract:
Several changes are foreseen in the structure and individual members of boards of directors in the 21st century. These changes will be driven by globalization, education and training, disclosure and sanctions and accountability. The board member of the future will possess three main characteristics, namely, competence, integrity and empowerment. Competence refers to the possession of a thorough knowledge of business. Integrity involves the adherence to a high moral code while empowerment means the freedom for directors to perform their jobs. The board of the 21st century will also remain unitary with 10 members at the most. It will make use of information technology in decision making and will emphasize profitability.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1998
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