EY announces Martin Fiore as Americas Vice Chair
'Martin's innovative approach to issues facing our industry and operational excellence within Tax makes him an ideal candidate for this vital role,' Kevin Flynn said. 'He maintains a vigilant watch on market trends to inform our clients about landscape changes and opportunities on how to best navigate them.'
Fiore is based in New York and will oversee tax strategy and all client services, leading a group of more than 18,000 people across Canada; the United States; North, Central and South America; Israel; and the Caribbean. Fiore will become a member of the US Management Committee, the Americas Operating Executive and the Global Practice Group and will lead the Tax practice in a time of pivotal policy reform.
In his previous roles, including US-East Region Tax Managing Partner and EY Americas Tax Talent Leader, Fiore has led EY US and clients through geopolitical changes and technological shifts, including Artificial Intelligence, affecting tax. A 31-year veteran of EY US, he also spent seven years on the Americas Inclusiveness Advisory Council and was executive sponsor of the technology committee that first introduced EY to intelligent automation. In 2021, he became an award-winning author with the publication of his first book, Humanity Reimagined.
'I'm honored and excited to be chosen to lead our Tax practice,' said Fiore. 'And I feel privileged to inherit the exceptional work of my predecessor, Kevin Flynn. I will continue to embrace the technological changes needed to transform tax across compliance, reporting and law while keeping our people at the center.'
Notes to editors
About EYEY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets.
Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.
Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
Julia MenefeeEY US Media Relationsjulia.peters@ey.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
5 days ago
- Malay Mail
Stablecoins inspire hope, and hype, in Hong Kong
HONG KONG, July 31 — Stablecoin excitement has gripped Hong Kong as the city prepares to launch a licensing system for the less volatile type of cryptocurrency, but authorities warn against overplaying its future role in financial systems. The digital units have been touted as a cheaper, easier way to carry out monetary transactions—and their popularity is soaring, with more than US$270 billion in circulation worldwide. Unlike the heady highs and lows of bitcoin, the value of most stablecoins is kept steady by being linked to an existing national currency—mainly the dollar—or a commodity like gold. Stablecoins are useful internationally because they enable fast, low-cost cross-border payments, handy in markets where hard currency is limited, such as Argentina and Nigeria. The tokens, bought and sold on digital exchanges, are also used as a safe way for crypto investors to station their profits, instead of converting to cash. 'The size of the stablecoin market has reached a level where the cash flows have geopolitical implications,' said Paul Brody, global blockchain leader at consulting firm EY. More than 99 per cent of stablecoin assets are in US dollars, so for other countries 'if you're not a player, you could find yourself frozen out', Brody told AFP. The US House of Representatives this month passed an act codifying stablecoin use, which Senator Bill Hagerty said will 'ensure the dominance of the US dollar'. Hong Kong's own stablecoin regulations come in on Friday, part of a push to position itself as an Asian crypto hub as US President Donald Trump's support for the sector fuels a global resurgence. 'Overly idealistic' 'The opportunities are massive,' said Rita Liu, whose payment company is developing a Hong Kong dollar-denominated stablecoin in a government-run trial. 'There's a wave of legitimising the digital asset industry... Hong Kong is trying to be at the forefront of that wave,' said Liu, chief executive of RD Technologies. Crypto trading has been banned since 2021 in mainland China, which sees it as a 'bit too close to gambling', Brody said. He and others think stablecoins could prove more acceptable to Beijing, which has experimented with its own 'e-yuan' central bank digital currency. Officials may first want to see how things go in the semi-autonomous territory of Hong Kong. So far, 'a few dozen institutions' have expressed interest in issuing stablecoins or requested more information, Hong Kong Monetary Authority head Eddie Yue said last week. But he called for the public to 'rein in the euphoria' over the new bill, as 'in the initial stage, we will at most grant a handful of stablecoin issuer licences'. 'Some discussion on stablecoins may be overly idealistic,' Yue warned, especially around their 'potential to disrupt the mainstream financial system'. The hype can inflate companies' stock prices, he added, a point echoed by Lily King of crypto company Cobo. 'Some applications may be influenced by public relations strategies, as stablecoin-related news often drives market sentiment,' she said. Bigger problems RD's Liu, a former senior manager at Chinese payment platform Alipay, feels that 'some of it is fake hype, and some is real', fuelled by 'people's hope in this industry'. Stablecoins account for about seven per cent of the global cryptocurrency market capitalisation, according to CoinGecko. If they eventually become 'a mainstay of the plumbing' in finance, Hong Kong could enjoy something of a 'first-mover advantage', said Jonas Goltermann at Capital Economics. Japan and Singapore already regulate stablecoins, while South Korea is exploring the possibility. While stablecoin issuers usually assure buyers their currency is backed up by real-world reserves, they are not risk-free, and sometimes deviate from their pegged value due to market fluctuations, tech issues or problems with the underlying assets. There is also the risk that stablecoins will become 'more of a niche product' if banks work out how to make their own programmable money, Goltermann said. 'It makes sense for Hong Kong to try anything—it's kind of on a declining path, for reasons that are not to do with technology. It's mostly about the politics, and its relationship with China,' he told AFP. 'It's not like stablecoins are a silver bullet that can fix that. But that doesn't mean it can't help.' — AFP
Free Malaysia Today
5 days ago
- Free Malaysia Today
Stablecoins inspire hope, hype in Hong Kong
The symbols of Bitcoin and the stablecoin Tether (USDT) have been displayed at a cryptocurrency store in Hong Kong. (AFP pic) HONG KONG : Stablecoin excitement has gripped Hong Kong as the city prepares to launch a licensing system for the less volatile type of cryptocurrency, but authorities warn against overplaying its future role in financial systems. The digital units have been touted as a cheaper, easier way to carry out monetary transactions – and their popularity is soaring, with more than US$270 billion in circulation worldwide. Unlike the heady highs and lows of Bitcoin, the value of most stablecoins is kept steady by being linked to an existing national currency – mainly the dollar — or a commodity like gold. Stablecoins are useful internationally because they enable fast, low-cost cross-border payments, handy in markets where hard currency is limited, such as Argentina and Nigeria. The tokens, bought and sold on digital exchanges, are also used as a safe way for crypto investors to station their profits, instead of converting to cash. 'The size of the stablecoin market has reached a level where the cash flows have geopolitical implications,' said Paul Brody, global blockchain leader at consulting firm EY. More than 99% of stablecoin assets are in US dollars, so for other countries 'if you're not a player, you could find yourself frozen out', Brody told AFP. The US House of Representatives this month passed an act codifying stablecoin use, which Senator Bill Hagerty said will 'ensure the dominance of the US dollar'. Hong Kong's own stablecoin regulations come in on Friday, part of a push to position itself as an Asian crypto hub as US President Donald Trump's support for the sector fuels a global resurgence. 'Overly idealistic' 'The opportunities are massive,' said Rita Liu, whose payment company is developing a Hong Kong dollar-denominated stablecoin in a government-run trial. 'There's a wave of legitimising the digital asset industry… Hong Kong is trying to be at the forefront of that wave,' said Liu, chief executive of RD Technologies. Crypto trading has been banned since 2021 in mainland China, which sees it as a 'bit too close to gambling', Brody said. He and others think stablecoins could prove more acceptable to Beijing, which has experimented with its own 'e-yuan' central bank digital currency. Officials may first want to see how things go in the semi-autonomous territory of Hong Kong. 'So far, 'a few dozen institutions' have expressed interest in issuing stablecoins or requested more information,' Hong Kong Monetary Authority head Eddie Yue said last week. However, he called for the public to 'rein in the euphoria' over the new bill, as 'in the initial stage, we will at most grant a handful of stablecoin issuer licences'. 'Some discussion on stablecoins may be overly idealistic,' Yue warned, especially around their 'potential to disrupt the mainstream financial system'. 'The hype can inflate companies' stock prices,' he added, a point echoed by Lily King of crypto company Cobo. 'Some applications may be influenced by public relations strategies, as stablecoin-related news often drives market sentiment,' she said. Bigger problems RD's Liu, a former senior manager at Chinese payment platform Alipay, feels that 'some of it is fake hype, and some is real', fuelled by 'people's hope in this industry'. Stablecoins account for about 7% of the global cryptocurrency market capitalisation, according to CoinGecko. 'If they eventually become 'a mainstay of the plumbing' in finance, Hong Kong could enjoy something of a 'first-mover advantage', said Jonas Goltermann at Capital Economics. Japan and Singapore already regulate stablecoins, while South Korea is exploring the possibility. While stablecoin issuers usually assure buyers their currency is backed up by real-world reserves, they are not risk-free, and sometimes deviate from their pegged value due to market fluctuations, tech issues or problems with the underlying assets. 'There is also the risk that stablecoins will become 'more of a niche product' if banks work out how to make their own programmable money,' Goltermann said. 'It makes sense for Hong Kong to try anything – it's kind of on a declining path, for reasons that are not to do with technology. 'It's mostly about the politics, and its relationship with China,' he told AFP. 'It's not like stablecoins are a silver bullet that can fix that. But that doesn't mean it can't help,' he added.
Sinar Daily
25-07-2025
- Sinar Daily
How would a multi-year tax calendar benefit Malaysia's economy and businesses?
SHAH ALAM - The concept of a multi-year tax calendar has emerged as a potentially transformative measure for Malaysia's tax framework, aimed at promoting transparency, increasing compliance and enhancing long-term economic stability. Experts believe that such a policy could benefit not just businesses but also the government by enabling better planning and ensuring more predictable revenue streams within a single fiscal framework. The idea, discussed by tax professionals at a recent forum, centres around setting out tax changes including new taxes, adjustments to rates and implementation timelines, possibly over a three to five-year period. This would help businesses anticipate regulatory changes, make informed decisions and build trust in the tax system by offering a moderate, phased approach to taxation. Speaking at the roundtable programme 'Mapping the Journey of National Tax Reform', RDS Partnership Senior Associate Nur Hanina Mohd Azham said the calendar would allow businesses to anticipate and better plan their operations. "A multi-year tax calendar will benefit the government because it gives businesses the ability to anticipate and plan better," she said. RDS Partnership Senior Associate Nur Hanina Mohd Azham According to her, the implementation helps to manage businesses more efficiently by providing awareness of upcoming changes 'When businesses can manage their operations more efficiently through early awareness of upcoming tax changes, it leads to higher compliance. In the long run, this increases revenue collection for the government," she added. The call for a structured tax timeline comes after recent public outcry over abrupt tax changes, such as the introduction of the High-Value Goods Tax (HVGT) and amendments to service tax laws, which were rolled out within weeks of being announced. Taking the point further, Tax Partner at Ernst & Young Tax Consultants Sdn Bhd, Jalbir Singh Riar said the introduction of a multi-year tax calendar would significantly improve public confidence and help businesses avoid being blindsided by abrupt policy changes. "I think having this tax calendar makes a lot of sense. It gives businesses and consumers confidence that there won't be sudden announcements. "Take the HVGT or the service tax expansion, for example, those were announced and implemented almost overnight. That uncertainty is what we want to avoid," he explained. According to him, a multi-year tax calendar would not only support better planning but also foster trust and long-term compliance by removing the element of surprise in tax implementation. It would provide a more predictable environment for all stakeholders. "If the government can commit to a calendar that says, for example, GST will return in 2027, then businesses can prepare, budget and align their operations accordingly. That clarity benefits everyone," he said. One of the key questions raised was about the implementation process on who has the authority to enact such a calendar and how binding it would be? Jalbir explained that the power to draft and introduce the tax schedule lies with the Finance Ministry adding that it does not necessarily require parliament's approval unless it involves new legislation. Tax Partner at Ernst & Young Tax Consultants Sdn Bhd, Jalbir Singh Riar "The power lies with the Finance Ministry to draft and introduce the schedule. This doesn't necessarily require parliament's approval unless new legislation is being tabled. "The Finance Ministry can decide on the tax roadmap in consultation with stakeholders and issue it as part of budget announcements," he said. The underlying goal, both experts stressed, is ensuring that the rakyat (people) are not burdened by taxes and that businesses have sufficient lead time to adapt. 'The rakyat must ultimately benefit. They must not feel a heavy tax burden just because implementation was rushed. The multi-year tax calendar is a step toward achieving that balance," he added. As Malaysia's economy continues to recover and evolve in a post-pandemic world, industry leaders believe that a long-term, predictable tax policy is essential for national growth and investment confidence. Experts conclude that this foresight allows companies to better anticipate and plan their operations and budgets, fostering more efficient management and consequently, improving voluntary tax compliance, which can lead to more stable and higher government revenue. Furthermore, a clear tax schedule is expected to build greater public confidence and trust in the government by alleviating the confusion and negative impacts often arising from sudden tax policy announcements. The roundtable discussion programme "Creating Resolutions" focused on the topic "Mapping the Journey of National Tax Reform", and featured panelists including Petaling Jaya Member of Parliament Lee Chean Chung, tax lawyer Nur Hanina Mohd Azham from RDS Partnership, Jalbir Singh Riar, Indirect Tax Partner at Ernst & Young Tax Consultants Sdn Bhd and Datuk Syed Naqis Shahabuddin Syed Abdul Jabbar, President of the Bumiputra Retailers Organisation Malaysia (BRO). The session took place at Studio F, Sinar Harian.
