An invitation-only group of more than 100 chief financial officers that hail from some of the world’s largest companies, including Ford, Wells Fargo, Microsoft, Caterpillar, PepsiCo and Pandora, met at last week’s CFO Network conference to collaborate on the most pressing issues in global financial leadership today. Executives split up into five groups to debate their top priorities, which the whole conference then reviewed and voted on to select the top overall recommendations.
According to The Wall Street Journal, reforming international taxes ranked as the CFOs’ third overall priority – behind “bringing a broad perspective” as a strategic partner to the CEO and “setting the tone at the top for cyber security." Here’s the specific language that CFOs use to describe their tax-reform priority: “Advocate for a more efficient tax system to encourage companies to return cash to the U.S., including through territorial system, flat rate, and repatriation holidays. The money can benefit the U.S. economy.”
Most of the other items identified by the panel are of specific interest to tax executives – especially a priority entitled “Drive Value Through Internal Partnerships.” They described this priority, which falls under the heading of “Rethinking the CFO” role, this way: “The CFO provides insight and education around the various challenges and opportunities, such as helping the company make value-creating business decisions. The finance chief creates partnerships throughout the business [and] ensures the finance team thinks broadly about the business.”
This information reinforces the rising importance of tax and its strategic value to organizations across the globe. What's the top priority on your list?
Please remember that the Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information.