Ernst & Young

Whistleblower sues EY over Dubai gold refinery scandal

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Oil market clearing price will be set by US shale.

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Source: Oil & Gas Financial Journal 20 February 2017

According to Ernst & Young US Energy Leaders, US shale production will serve as a natural cap on crude prices for the foreseeable future, and the resulting compressed price cycles will require oil and gas companies to make significant changes in strategy in order to compete effectively.

Shale plays — through the ongoing application of technology innovations and cost improvements — have disrupted the traditional supply curve. Read the rest of this entry »

75% of businesses identify tax risk as top transfer pricing priority

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Source: EY Press Release, 22 November 2016

Seventy-five percent of businesses identify tax risk management as their top transfer pricing priority, according to an EY report, In the spotlight: a new era of transparency. Rising from 66% in 2013, the survey of 623 tax and finance executives across 36 countries reflects the striking impact of global calls for greater tax transparency on the boardroom agenda.

Peter Griffin, EY Global Transfer Pricing Leader, says “As governments increasingly move toward real-time reporting processes and the focus on transfer pricing intensifies, businesses need to evaluate the tools available to align their transfer pricing activities with IT reporting systems. Relying on periodic, ad hoc manual adjustments is no longer enough and could be costly both in terms of time and resources.”

EY Press Release here


HMRC defeats Ernst & Young avoidance scheme

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HM Revenue and Customs (HMRC) has defeated a tax avoidance scheme used by a major brewery, protecting around £30 million in tax.

The avoidance scheme, marketed by Ernst & Young in 2003 to brewery Greene King plc and other large groups, involved loans between group companies. The aim was for one company in a group to get tax relief on interest paid to another group company without that other company paying tax on the income it received.

HMRC Press Release here


Increasing global cooperation in enforcement against corruption

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EY’s 14th Global Fraud Survey 2016: Corporate misconduct – individual consequences finds a worldwide clamor for enhanced transparency at a time of increased geopolitical tensions and heightened volatility in financial markets. The escalating threats of cybercrime, terrorist financing and, more recently, the revelations regarding widespread possible misuse of offshore jurisdictions (“possible” ?? – ed), have increased pressure on governments to act and companies to identify and mitigate fraud, bribery and corruption issues.

Conducted between October 2015 and January 2016, the survey of nearly 3,000 senior business leaders from 62 countries and territories highlights overwhelming corporate support for enhanced beneficial ownership transparency, with 91% of executives recognizing the importance of establishing the ultimate beneficial ownership of entities with which they do business.

EY Press Release here