Low confidence in harmonisation
Sunday January 30 2011 | 12:50 AM

A worldwide survey by accountancy consultancy Pricewaterhouse Coopers has revealed that just 40 per cent of chief executives believe that new regulations will be harmonised "because of cooperation among governments".

The Annual Global CEO Survey 2011 meanwhile indicates that just 41 per cent think that tax policies and rates will increasingly converge in the coming year.

Sixty-two per cent however say that international businesses will be "more transparent when reporting their financial results and tax obligations," according to the poll of 1,201 CEOs.

The survey also demonstrates a high level of pessimism regarding economic uncertainty, with 71 per cent "somewhat or extremely concerned" about prospects for the world economy.

Overall confidence however is improving, with forty-eight per cent saying they are "very confident" of growth in the next 12 months, compared to just 31 per cent last year.

"Nearly half of global CEOs expect more openness to free trade and capital flows, up from around one third a year ago," Dennis Nally, chairman of Pricewaterhouse Coopers International, added.

"Over half agreed that government and business partnership will be more effective at mitigating key global risks like [financial crises]."