How accountants can aid sustainability efforts

Accountants will have a key role to play as companies increasingly focus on sustainability issues, particularly in light of the recent UN conference that concentrated on climate change. "What's absolutely critical is that then there is a clear operational plan behind all these commitments," noted Maura Hodge of KPMG.

The Organisation for Economic Co-operation and Development expects global growth to reach 5.6% this year and 4.5% next year and is warning about the risk posed by inflation.

Japan approved an extra budget that includes 36 trillion yen ($315.68 billion) in funding, including money to support corporations, as the country looks to spur its economy amid the continuing pandemic.

China's government is reportedly looking to prevent firms from making initial public offerings overseas via variable interest entities, closing a loophole that numerous firms have used in the past. The government is developing a new set of guidelines on foreign listings, which would include the effective ban on using VIEs.

The Liberal government recently introduced new pandemic aid legislation that could provide support for individuals as well as businesses. "I see this legislation as very much the last step in our COVID support programs," said Deputy Prime Minister and Finance Minister Chrystia Freeland.

The largest companies in Britain saw their tax obligations fall 7.8% during the pandemic's first year as a result of tax breaks and decreased profits, according to PwC. The companies paid 77 billion pounds ($103 billion) in the year through March 2021, down from 84 billion pounds.

Mexico is attempting to bolster its steel industry by temporarily reimposing 15% tariffs on over 100 steel products. The tariffs will be implemented in June and go through the end of 2024.

Implementing a tax on Brazil's oil exports would deliver a blow to that country's oil industry, according to Petrobras CEO Joaquim Silva e Luna. "The eventual tax on oil exports could cause losses in the market," Silva e Luna said.

Sen. Charles Schumer indicated his intention to pass the Democrat's social spending and tax package by Christmas. The package, which already passed the House, includes international tax changes that could potentially make tax policy a less critical consideration when deciding where to locate a business.

Fines related to enforcement actions fell to $3.9 billion in fiscal 2021, compared with $4.7 billion during the previous fiscal year, according to the Securities and Exchange Commission. Whistleblowers received $564 million from the SEC for fiscal 2021.

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