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  • More to do on digital - Digital not used to disrupt organisations, say Irish business leaders, new survey reveals | PwC Ireland | Media centre | Press release
    areas for improvement include increasing executive team engagement making more effective use of business data and consistently measuring outcomes As our economy continues on a renewed growth path more investment is needed by companies in Ireland to realise the full potential of digital Investing cautiously for short term gains Irish companies are more cautious than global companies when it comes to investing in digital For example just one in ten companies in Ireland are spending more than 15 of revenues on digital This lags significantly behind the global result whereby approximately one in three companies are spending more than 15 of revenues on digital Three quarters 68 of this spend is in non IT areas such as marketing sales customer service operations and is similar globally At the same time executives are seeking more strategic value from digital investments In Ireland creating better customer experiences is the number one priority for digital investments Ireland 44 Globally 25 Globally the number one priority for digital investments is growing revenue Ireland 35 Globally 45 The survey reveals that less than half 42 of Irish companies have a dedicated team for digital innovation compared to 65 global CEOs leading the charge but internal roles need clarification CEOs are leading the digital charge and setting the tone that digital is essential for the entire organisation Ireland scores well for CEOs championing digital Ireland 74 Global 73 However the CIO s role continues to change For example in three years time 42 of Irish business leaders expect CIOs to lead all digital efforts compared to 33 today According to the survey just over half 56 of Irish respondents said that their organisation s culture embraces the speed of rapid change and disruption compared to over two thirds 68 globally More Irish companies see the lack of alignment and clarity of roles and responsibilities relating to digital ownership as a barrier to progress when compared to global counterparts Ireland 67 Global 59 Alan Murphy Senior Manager PwC Ireland s Technology Consulting added Crucially in Ireland the survey identifies a lack of digital skills and confusion over roles and responsibilities for digital ownership Ineffective Third Party providers is also a key inhibitor to drive digital Irish companies are saying they see the digital opportunities but have some way to go to mobilise their people to get the full benefits from digital The survey further revealed Ineffective third party partners 76 is the top barrier for Irish companies for achieving expected results from digital investments The top barrier globally is the integration of new and existing technologies and data 73 Similar to global players nearly three quarters 70 of Irish companies say that the lack of properly skilled teams is a key barrier to achieving expected results from digital initiatives Data analytics is the most important digital skill for their business but only 60 of Irish respondents feel this capability is developed and less than one in five 14 feel it is highly developed compared to 40 globally

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-digital-iq-survey.html (2016-02-18)
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  • Seizing the change agenda - key theme for the PwC Business Forum 2015 on 17 November | PwC Ireland | Media centre | Press release
    Gill Senior Director Sales Engineering Avaya Joe LaRocque Managing Director Affiliate Strategic Initiatives Legg Mason Global Asset Management Peter McCann IBM Treasury Centre Manager David McGee Partner PwC Digital and Technology Practice David McRedmond Chief Executive TV3 and Jim Power Economist Speaking at the conference launch Enda McDonagh PwC Assurance Leader said Investment in digital technologies are increasingly seen by leading global organisations as being key to gaining a competitive edge in the market place Inherent in any fit for purpose digital strategy is the need to actively manage cyber risk There is a great opportunity for Irish businesses in a growing economy to seize this change agenda and conference attendees will hear first hand how others have leveraged digital to create strategic advantage as well as how to protect their organisations from cyber attack ENDS Notes to editors Keynote speakers About Mike Harris Serial Entrepreneur CEO and Author of Find Your Lightbulb Founder of Firstdirect the world s first 24 7 telephone bank in 1989 and is famous for delivering consistently outstanding customer service 10 years later he launched internet bank Egg which he took from concept to a 1bn plc within 3 years He was also CEO of Mercury Communications and Chairman of mobile phone company One To One He was Chairman of the Innovation Board at Royal Bank of Scotland from 2005 to 2009 He was also founding investor and Chairman of digital identity company Garlik until its sale to Experian in Dec 2011 He is a regular speaker on disruptive innovation and advises on game changing potential to emerging businesses He co founded Monument Partners focusing on investment opportunities in Africa and South America He is Chairman of FEBE Network For Entrepreneurs By Entrepreneurs an alliance to find the next generation UK global growth companies About

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-seizing-the-change-agenda-key-theme-for-the-pwc-business-forum-2015.html (2016-02-18)
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  • SMEs going for growth and expanding borrowings | PwC Ireland | Media centre | Press release
    s 2015 SME Pulse Survey the full Survey which will be published in the coming weeks According to the survey one in five of Ireland s SMEs are planning new borrowings in the year ahead up from 12 last year A similar proportion 20 are planning to raise new equity up from less than one in ten 8 last year The survey also suggests that more SMEs in Ireland are planning to use other sources of finance within their overall capital structure up from 11 last year to 15 this year At the same time nearly half 44 of Irish SMEs say that the inability to finance business growth is a key business threat although this has eased compared to last year 61 A third 33 are calling for Government to prioritise access to affordable capital Speaking about these survey results in advance of the Irish Banking and Payments Federation Conference Declan McDonald Advisory Partner PwC said The survey shows that many Irish SMEs are still struggling to get finance albeit the situation has eased compared to last year We hope that this improvement in credit will continue to finance growth and promote entrepreneurship David Tynan Corporate Finance Partner PwC added As our economy continues on its renewed growth path Irish SMEs are looking for growth opportunities Our survey demonstrates that plans for new borrowings are on the increase although the mix of financial institutions may be changing The survey highlights that more Irish SMEs may be looking for alternative sources of finance In addition the fact that more SMEs are planning to raise equity should assist them in their debt financing ENDS Notes to editors The above messages are based on advance findings from PwC s 2015 SME Pulse Survey having participation of 62 Irish SME companies defined as

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-smes-going-for-growth-and-expanding-borrowings.html (2016-02-18)
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  • Digital Adspend grows by 25% in the first half of 2015 to a landmark high of €162m | PwC Ireland | Media centre | Press release
    the top spending categories in Display spend across digital platforms holding a share of 15 respectively of display spend Auto Telco and FMCG are in joint second position each holding a 10 share Irish Mobile Adspend now represents 2 in every 5 of total digital adspend Reflecting the global growth trend of growth in Mobile adspend the Irish market experienced 72 growth in mobile advertising to 65m in the first half of the year Mobile Search accounts for 70 of total mobile spend with Mobile Display advertising representing a 30 share Key Drivers for growth Growth of digital consumption 75 of Irish people use a smartphone Web traffic on smartphones in Ireland is almost a third higher than the EU average a quarter higher than the UK and a tenth higher than the US A third of all internet usage is via Smartphone 54 of Irish users consume video via smartphone on a daily basis 61 of all users consume short form video via smartphones Consumer Barometer 2015 Statcounter August 2015 Irish Marketers growing online budget Digital is the top ranking planned area of growth for Irish marketers in 2015 according to the Alternatives MII Sentiment Survey 2015 Digital Strategy is also marketers highest ranking growth strategy at 48 28 of marketers plan to dedicate between 20 and 50 of their budget to digital 47 of marketers will devote 20 of their budget to digital Alternatives MII Marketing Salary Employers Sentiment Survey 2015 Further growth predicted for Online Adspend PwC predicts 14 6 growth per year CAGR in Irish digital adspend during the period 2014 2019 PwC 2015 Global Entertainment and Media Outlook Media agency Carat predicts a 16 growth rate for digital in 2015 with Mindshare forecasting a growth of 14 for digital adspend Commenting on the study results Suzanne McElligott CEO IAB Ireland said With Irish marketers identifying digital as the key strategy to drive growth in 2015 our advertising industry has recognised that the gap between users ever increasing digital consumption and digital adspend must now be bridged Now more than ever there is a genuine collaboration between the key stakeholders in the digital sector in the establishment of agreed standards such as Viewable Impressions This collaboration is facilitated by IAB as the industry moves locally and globally to digital ad formats and practices that further enhance user engagement Nuala Nic Ghearailt Digital Marketing Manager PwC added The digital advertising industry in Ireland continues to show very strong growth which reached 25 in H1 2015 YoY We are seeing significant focus by advertisers on mobile advertising video on demand social media and native advertising ENDS Notes to editors Background to the study The IAB has been working with PwC since 1997 to survey the value of online adspend in Europe and North America 29 leading publishers participated in the study many of whom represent multiple websites Other participants include sales houses and advertising networks Participating publishers were selected on the basis of traffic data and market knowledge

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-digital-adspend-grows-to-a-landmark-high.html (2016-02-18)
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  • Higher geopolitical risk now compared to other Oil and Gas exploration locations following Finance Bill
    way of election between group companies for the purposes of calculating PPT Any PPT payable will be deductible as an expense in calculating the normal corporation tax due As the highest PPT rate of 45 will apply only to the most profitable fields the maximum tax rate that can apply to such fields is 55 This is an increase from the maximum 40 tax payable under the current system In addition to the above a minimum PPT payment will apply to fields in each year of production regardless of the profitability ratio This payment will effectively act as a royalty and will be calculated as 5 of the field s gross revenue after the cost of transporting petroleum via pipeline from the field to the place where it is first landed in the State Gross revenue includes all sales of petroleum extracted from the field including any amount derived from the assignment disposal or sale of any assets interest options or rights attached to or related to that field PwC s Partner for Oil and Gas Ronan MacNioclais said This means that the State will get a return from every successful find made under the new system and will receive a share of revenue in each year a field is in production However this could cause cash flow difficulties in some cases as the minimum PPT will still be payable even if the field is loss making It will be important for companies to ensure that this is built into their financial modelling prior to taking any investment decisions in order to avoid any surprises during the course of the project PPT will be payable by the due date of the company s corporation tax return for the period and the same provisions as apply to the collection and recovery of corporation tax will apply Companies liable to PPT will also be required to submit a return to Revenue in respect of the PPT giving a breakdown of cumulative filed costs and revenues to date The minimum 5 royalty may render certain high risk projects and marginal fields uneconomical and it had been hoped that the legislation would make some attempt to alleviate the burden for the most marginal fields There will also be a degree of disappointment that the Government has proceeded with the changes to the tax regime at a time when the industry is in turmoil due to low oil prices Notably 70 of respondents to the 2015 PwC Oil and Gas Survey believed that the new fiscal regime should be deferred or revised to make it more appropriate with only 19 believing it should be introduced as initially intended by Wood Mackenzie Ronan MacNioclais said It is therefore disappointing that the fiscal regime has been introduced at this time as it sends the wrong message to industry about the Government s seriousness in fostering a viable petroleum industry in Ireland Significant Changes to Relevant Contracts Tax Position Relevant Contracts Tax RCT is a withholding tax applying

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-higher-geopolitical-risk-now-compared-to-other-oil-and-gas-exploration-locations-following-finance-bill.html (2016-02-18)
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  • OECD new tax rules likely to be good news for Ireland, but 'a sea change' to tax rules | PwC Ireland | Media centre | Press release
    are concerned for multinationals MNCs The requirement to increase transparency means that tax authorities around the world will have greater insight into the tax affairs of MNCs The key proposal is Country by Country reporting for all MNCs with revenues of over 750m and will result in onerous information sharing on a confidential basis with tax authorities The provision of this information will also likely place significant compliance demands on management and tax functions Through the improved alignment of tax with activity jobs and economic substance the OECD have also signalled an end to Cash Box Caribbean companies This significant move will result in many MNCs exploring their options for bringing their IP onshore In a post BEPS world where the sustainability of very low tax rates may be questionable the Irish corporate tax rate of 12 5 may become even more attractive for MNCs looking to consolidate their operations in a location where they can demonstrate real economic substance In the area of coherence the OECD has suggested rules to address mismatches in tax systems excess interest deductions and the taxation of foreign subsidiaries However all of these suggestions are best practice in nature and there should be flexibility for governments in relation to implementation Peter Reilly PwC BEPS Policy Leader commented following the publication of the reports The release of the OECD reports will give many multinational companies much food for thought The increased transparency requirements will add an additional layer of compliance burden and will provide tax authorities with greater ammunition to query certain tax structures However the further guidance on the arm s length principle will mean that companies with real substance will be able to robustly defend the returns they make As a country attracting investment based on real substance real activity and real jobs

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-OECD-new-tax-rules-likely-to-be-good-news-for-ireland.html (2016-02-18)
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  • New tax landscape places major burdens on companies, says PwC report | PwC Ireland | Media centre | Press release
    relating to risk management and governance data processes and technology In addition due to the potential business and reputational risks associated with many transparency initiatives the tax function will need to be more engaged with the C suite stakeholders about such issues The second part in PwC s thought leadership series Tax Function of the Future explores predictions relating to global tax legislation and regulation as well as risk management and how legislative and regulatory change will mandate transformation Country by Country Reporting to have significant impact Joe Tynan PwC Ireland Head of Tax said Companies are voicing concern over how disclosures of wider tax and financial information on a country by country basis to tax authorities will be interpreted and potentially misused including the broader implications of such information ending up in the public domain PwC identifies the most immediate and sweeping initiative faced by tax functions to be the OECD s Country by Country Reporting CbCR recommendation and template CbCR will have a significant impact on the tax function and how it must engage with the wider organisation to be ready for initial compliance as well as meeting recurring annual obligations Changes to the tax function will also be shaped by other pending initiatives under the OECD s Base Erosion and Profit Shifting BEPS Action Plan as well as unilateral government actions that could upend existing international tax norms including the requirement by certain territories for the disclosure of a company s tax strategy So what do companies need to do They should think differently and strategically to address these risks while proactively engaging with their broader organisation and potentially the public said Joe Tynan Now is the time for companies to create a multi year plan to expand their tax function capabilities integrate new reporting requirements and

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-new-tax-landscape-places-major-burdens-on-companies.html (2016-02-18)
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  • PwC event highlights opportunities in the UK for Irish creative industry | PwC Ireland | Media centre | Press release
    Chilcott H E British Ambassador UK Trade Investment Ireland and PwC hosted an event to help the Irish creative industry explore the creative meets tech ecosystem in the UK The event focused on how the combination of a world class creative sector and emerging digital innovation is driving international development in an increasingly global marketplace Addressing the audience H E British Ambassador to Ireland Dominick Chilcott said If you are a Creative and think you want to grow your business on Ireland s doorstep is Europe s most sophisticated digital economy The UK is a wellspring of expertise and talent as well as a market of over 60 million potential consumers Last year in London alone nearly 1 5 billion pounds were invested in tech start ups Irish companies should feel in no way unpatriotic investing in the UK In fact people from Ireland make up the largest proportion of foreign born directors of companies in our country The economies of these islands are extremely interlinked when one of us does well it helps the other too Also speaking at the breakfast PwC Managing Partner Feargal O Rourke said The UK has one of the largest creative industry sectors in the world And as our nearest neighbour with a similar culture a competitive tax system and a transparent regulatory environment Irish creative companies have a superb expansion opportunity in the UK This can include collaborating on digital and technical expertise as well as seeking a full scale merger or acquisition As always when expanding into foreign markets you don t want any surprises It requires careful consideration to ensure you have the right marketing business tax and legal structures in place ENDS About PwC At PwC our purpose is to build trust in society and solve important problems We re

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-when-creative-meets-tech.html (2016-02-18)
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