The speed at which small and medium businesses, in Latin America, join the glocal economies will depend on their ability to innovate and adapt in the aftermath of COVID-19 as José Gómez and Oscar Bobadilla explains.
For a business to truly create a culture for innovation, the first step requires the establishment of an environment where ideas can flow freely, and curiosity is encouraged. But while it is crucial to communicate the importance of curiosity, communicating it alone is not enough to shape culture – it must be driven from the top as Chief Innovation Officer Paul Herring explains.
Conversations have already started about how the increased government expenditures to support citizens during the pandemic will be funded. Rob Mander of RSM International suggests that resisting the urge to increase taxes may be the best way to support economic growth.
It’s quite clear that coronavirus is a devastating, exceptional and extraordinary worldwide event which will have a significant financial impact on many entities.
The financial reporting implications of coronavirus, together with the Government support, could prove challenging.
Transfer pricing refers to the price of goods and services that are exchanged cross border between related companies. Multinational enterprises (“MNE’s”) should establish a transfer pricing policy that ensures profits are recognised in accordance with where economic value is created.