More Trade News in Brief Week 42 (13 – 19 October 2014)

 
* Eurostat Regional Yearbook 2014
 
Eurostat, the statistical office of the European Union, published The Regional Yearbook 2014.
 
Check here.
 
——————————————————————————————————————————————–—
 
* International Tourism Up by 5% in the First Half of 2014
 
International tourist arrivals grew by 4.6% in the first half of 2014 according to the latest UNWTO World Tourism Barometer. Destinations worldwide received some 517 million international tourists between January and June 2014, 22 million more than in the same period of 2013.
 
Read more about here.
 
 
——————————————————————————————————————————————–—
 
* South Africa & Hong Kong – DTA
 
Hong Kong and South Africa signed a comprehensive double taxation agreement (CDTA).
 
See more here.
 
 

, , , , , , , ,

Leave a comment

OECD Releases First BEPS Recommendations

 
The OECD released its first recommendations for a co-ordinated international approach to combat tax avoidance by multinational enterprises.
 
The recommendations, under the OECD/G20 Base Erosion and Profit Shifting Project, are designed to create a single set of international tax rules to end the erosion of tax bases and the artificial shifting of profits to jurisdictions to avoid paying tax.
 
The first 7 elements of the Action Plan released today focus on helping countries to:
 Please find more here.

, , ,

Leave a comment

China to Become World’s Largest Economy in 2024

 
According to a Report from IHS Economics, China will become the world’s largest economy in 2024.
 
IHS is a global information company with world-class experts in the pivotal areas shaping today’s business landscape: energy, economics, geopolitical risk, sustainability and supply chain management.
 
Read more about here.
 

, , ,

1 Comment

Corporate Income Tax Rates around the World

The key findings of the latest summary of worldwide corporate tax data published by The Tax Foundation are:
  • The United States has the third highest general top marginal corporate income tax rate in the world at 39.1 percent, exceeded only by Chad and the United Arab Emirates.
  • The worldwide average top corporate income tax rate is 22.6 percent (30.6 percent weighted by GDP).
  • By region, Europe has the lowest average corporate tax rate at 18.6 percent (26.3 percent weighted by GDP); Africa has the highest average tax rate at 29.1 percent.
  • Larger, more industrialized countries tend to have higher corporate income tax rates than developing countries.
  • The worldwide (simple) average top corporate tax rate has declined over the past decade from 29.5 percent to 22.6 percent.
  • Every region in the world has seen a decline in their average corporate tax rate in the past decade.
The Tax Foundation is a Washington, D.C.-based think tank founded in 1937 that collects data and publishes research studies on tax policies at the federal and state levels.
 
Read more about The Tax Foundation and Summary of Worldwide Corporate Tax Data 2014.
 
 

,

3 Comments

News from ICC

 
* Revised ICC Statement Advises Against Exit Taxes Regimes
 
The International Chamber of Commerce (ICC) has issued a revised policy statement acknowledging recent developments in the international taxation landscape.
 
More about ‘Exit taxes: Serious obstacles for international business restructurings and movements of capital’ here.

——————————————————————————————————————————————–—

* New Global Innovation Index
 
ICC launched the 7th edition Global Innovation Index 2014 (GII).
 
New Global Innovation Index recognizes innovation as a driver of economic growth, read more here.
 
——————————————————————————————————————————————–— 

* Guide on Effective Management of Arbitration
 
The ICC guideEffective Management of Arbitration: A Guide for In-House Counsel and Other Party Representatives” provides a practical toolkit for in-house counsel all around the world.
 
Check here for more.

, , , , , , ,

Leave a comment

More Trade News in Brief Week 31 (28 July – 3 August 2014)

 
* OECD – Global Standard for Automatic Exchange of Information
 
The OECD released the full version of a new global standard for the exchange of information between jurisdictions.
 
Check the Standard for Automatic Exchange of Financial Account Information in Tax Matters.
 
——————————————————————————————————————————————–—
 
* New WTO Trade Facilitation Agreement Facility
 
A new WTO initiative will help developing countries and least-developed countries reap the benefits of the WTO’s new Trade Facilitation Agreement.
 
Find more about here.

 

,

Leave a comment

News from EU

 
* Single Euro Payments Area (SEPA)
 
The Single Euro Payments Area (SEPA) is fully operational in all eurozone countries on 1st August 2014.
 
Check here and here for more.
 
——————————————————————————————————————————————–—
 
* Lithuania to Join Euro Area
 
EU Council formally approved the accession of Lithuania to the euro area and single supervisory mechanism (SSM) on 1 January 2015.
 
Read more here.
 
——————————————————————————————————————————————–—
 
* Southern African Region and the EU – EPA
 
The European Union and the Southern African Development Community (SADC) EPA Group (Botswana, Lesotho, Mozambique, Namibia, South Africa and Swaziland) concluded negotiations for an Economic Partnership Agreement (EPA).
 
For more information click here.
 

, , , , , , ,

Leave a comment

The 6th BRICS Summit

 

The 6th BRICS Summit will be held in Fortaleza, Brazil between 15 and 17 July. South Africa achieved full membership in December 2010 and, this year, the invited guest is Argentina.

Check the official website.

 

, , ,

Leave a comment

News from EU

 
 
* EU – Simpler and Fairer VAT System
 
The change in VAT rules will be applied from January 2015.
 
Check here from details.
 
——————————————————————————————————————————————–—
 
* EU – International Trade in Services
 
EU28 surplus up to €173 bn in 2013 and United States, Switzerland and China are the main partners.
 
Download the report here.
 
——————————————————————————————————————————————–—
 
* EU – Intellectual Property Rights (IPR)
 
The European Commission has today adopted two communications – an Action Plan to address infringements of intellectual property rights in the EU and a Strategy for the protection and enforcement of intellectual property rights (IPR) in third countries.
 
Read more about it here.
 

, , , , , ,

Leave a comment

%d bloggers like this: