Tag Archives: PWC

Britain’s richest man Jim Ratcliffe emerged as a resident of Monaco after PwC stepped down as an auditor | Instant News


It’s official: Jim Ratcliffe, the richest man in England, is now a resident of Monaco.

The 67-year-old is registered as living in the kingdom on the French Riviera, where residents do not normally pay income tax or capital income, according to filings this week from a British company he helps manage.

Ratcliffe is worth $ 22.5 billion through a major stake in closely-held Ineos, a London-based chemical producer he has helped build since the 1990s. Relocation details have been circulating since 2018, and last year Sunday Times reported that tax planning around Ratcliffe and other senior Ineos executives caused tension with the company’s auditor, PwC. The accounting firm then resigned as Ineos’ auditor.

A PwC spokesman declined to comment. A representative from Ineos did not respond to requests for comment.

Monaco first emerged as an option for Ratcliffe when he and other Ineos executives considered moving the company’s headquarters about a decade ago after a tax disagreement with the British government. At that time, the prospect of transferring Ineos employees and their young families to a sovereign state prompted company leaders to settle into a larger jurisdiction in Switzerland.

Leaving England for Switzerland “was a sad moment – all three Ineos leaders defined themselves as being very ‘pro-British,’” according to a 2018 biography from the company co-authored by Ratcliffe. “The search for suitable relocation purposes is a mixture of emotion and tax pragmatism.”

Other wealthy supporters of Britain’s exit in the European Union have also shifted their wealth since the country chose to leave the trading bloc in 2016. James Dyson moved to Singapore, and Anthony Bamford, chairman of excavator maker JC Bamford Excavators Ltd., transferred a stake in the holding company. The Caribbean to Switzerland this year, changing the arrangement that grew his family’s fortune for decades.

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New Zealand Rebuild: PwC Report Explores the New Zealand Border Paradox | Instant News


New Zealand found itself at a crossroads after holding back the spread of COVID-19 domestically and enjoying almost no restrictions in daily life. However, with our borders closed, rising social and economic costs have increased.

PwC updated Rebuilding New Zealand the report, launched today (31 July 2020), explores this paradoxical situation, which is unique to our country. To enable the reopening of our borders, it is very important that New Zealand step up efforts and accept additional control measures to reduce the prospect of the widespread spread of COVID-19 in the future, recognizing that reopening such boundaries will certainly create the risk that cases the isolated will return. appeared in New Zealand.

“What is clear is that the ongoing constraints on some of our main export and trade sectors are very detrimental to our economy. The time has come to find a way to safely resume business and social relations. To do this, it is very important to have strict precautions outside the borders and joint government and business responsibilities, “said PwC CEO and Senior Partner Mark Averill.

That latest report consider many of the social, economic and political developments that have taken place since PwC first published Rebuilding New Zealand reported in early June, when the country emerged from lockdown.

PwC partner, David Bridgman, said: “There is ongoing and widespread uncertainty about the true impact of the economic downturn on our economy, because we are waiting for the full impact of wage subsidies and ending mortgage holidays and are beginning to appreciate the impact of the pandemic on us. major trading partners such as Australia and China. If we don’t take steps now to implement some level of support for businesses to increase trade, thousands more jobs will be lost and more good businesses will fail. “

As the country prepares for the upcoming general election in September, the new report also warns of the risk of a hiatus in decision making and the absence of action on the part of the Government, which is something New Zealand is unable to do.

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