Archive for category Auditing & Accounting
EU, Andorra Sign AEOI Agreement
The European Union (EU) and Andorra have signed a deal to automatically exchange tax information.
See more here.
FTA Talks – China & GCC
FTA talks between China and the GCC – comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates – originally began in 2004 but faltered in 2009. They resumed the talks this month and they are seeking to complete them by the end of 2016.
See more following the link.
Canada, Taiwan Sign Double Tax Treaty
Canada and Taiwan have signed a double tax agreement (DTA) that will limit the withholding tax rates on income from dividends, interest, and royalties, and provide for the exchange of tax information.
Read more here.
Posted by Bogdan Marius Beleuz in Agriculture & Food Security, Auditing & Accounting, Corporate Business & Management, Geopolitical Issues, Globalization Challenges, International Trading, Labour & Employment, More Trade News in Brief, Reports & Analysis, Statistics, Reports & Analysis, Worlwide Customs on September 19, 2015
* WTO – Rise in Global Tourism Continues
International arrivals rose by 5 per cent in Europe, Asia and the Pacific, and the Middle East, and by 4 per cent in the Americas, according to figures released by the UN World Tourism Organization (UNWTO).
The most popular regions proved to be the Caribbean and Oceania, which saw a rise of seven per cent, while Central and Eastern Europe and Central America saw a rise of six per cent.
* G20 Labour Markets in 2015
The report G20 Labour Markets 2015: Strengthening the Link between Growth and Employment, compiled by the International Labour Organization (ILO), the Organisation for Economic Co-operation and Development (OECD) and the World Bank Group, reveals that growth among G20 economies averaged 3.2 per cent over the last three years compared to 4.1 per cent from 2000 to 2007.
Read more here.
* FAO Food Price Index
According to the FAO Food Price Index, which tracks international market prices for five major food commodity groups – cereals, meat, dairy products, vegetable oils and sugar – virtually all food groups registered marked dips in price in August.
Find more here.
* G7 and BRIICS Merchandise Trade Continues to Slow in Second Quarter of 2015
Total G7 and BRIICS international merchandise trade, in current US dollars, continued to contract in the second quarter of 2015, with exports and imports declining by 0.9% and 1.2% respectively, compared with the previous quarter.
* Belize, Switzerland ratify Trade Facilitation Agreement
Belize and Switzerland have become the 13th and 14th WTO members to ratify the WTO’s Trade Facilitation Agreement (TFA). The TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues.
More information on trade facilitation and the TFA can be found at: www.wto.org/tradefacilitation.
* New ICC Dispute Board Rules
New Rules governing ICC Dispute Boards will come into effect on 1 October 2015.
For more information click here.
South Korea, Vietnam Sign FTA
The bilateral FTA upgrades the South Korea – ASEAN agreement by further cutting import duties, more than 90 percent of all their traded goods.
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Digital Single Market for Europe
The Digital Single Market strategy is made up of three policy areas or ‘pillars’:
Please read more here.
ECB publishes its Euro Money Market Study 2014
The European Central Bank (ECB) is publishing its biennial report entitled “Euro Money Market Study 2014”.
Check it here.
ICC Revises DOCDEX Rules
The International Chamber of Commerce (ICC) has revised its DOCDEX rules, a dispute resolution mechanism specifically designed to address trade finance concerns.
Check here for more.
New ICC Cyber Security Guide
The International Chamber of Commerce (ICC) has published a new straight-speaking guide to help companies of all sizes manage their approach to cyber security and mitigate threats posed by cybercrime.
Click here for more.
Posted by Bogdan Marius Beleuz in Agriculture & Food Security, Auditing & Accounting, European Union Issues, European Union Regulation, Financial & Investment Markets, Financial Transactions, Fiscality, Fiscality, Auditing & Accounting, Global Financial System, Global Tax Agreements, Intellectual Property, International Trading, Law & Legislation, More Trade News in Brief, Reports & Analysis, Statistics, Reports & Analysis on March 23, 2015
* Switzerland, EU Ink New Savings Tax Pact
Switzerland and the European Union (EU) have initialled an agreement on the automatic exchange of tax information (AEOI). Account data will be collected from 2017, with the first exchange scheduled for 2018.
See more clicking here.
* EU: Combatting Corporate Tax Avoidance
The European Commission presented a package of tax transparency measures as part of its ambitious agenda to tackle corporate tax avoidance and harmful tax competition in the EU. A key element of this Tax Transparency Package is a proposal to introduce the automatic exchange of information between Member States on their tax rulings
Read more here.
* China and US Telecoms Giants Lead Global Patent Activity in 2014
According to the UN World Intellectual Property Organization (WIPO) annual review of international patent filings, a leading Chinese telecoms giant overtook a Japanese firm as the largest applicant last year, and China and the US together accounted for 87 per cent of the total growth in filings under WIPO’s Patent Cooperation Treaty (PCT).
Under that system, some 215,000 applications were filed in 2014, a 4.5 per cent increase over the previous year, WIPO said in a news release.
* WTO: Assistance in Food Safety, Animal and Plant Health
Five agencies and their partners operating a programme to help developing countries meet international standards on food safety and animal and plant health have approved plans for 2015–2019 designed to further strengthen safe trade.
The decision will allow the Standards and Trade Development Facility (STDF) to continue to provide assistance to developing countries,
The STDF was set up in 2004 by the UN Food and Agriculture Organization (FAO), World Organization for Animal Health (OIE), World Bank, World Health Organization (WHO) and World Trade Organization (WTO), and is run by the five partners together with donor countries and representatives of developing countries.
Posted by Bogdan Marius Beleuz in Agriculture & Food Security, Auditing & Accounting, Banking System, Energy & Natural Resources, Geopolitical Issues, Global Financial System, Global Tax Agreements, Globalization Challenges, International Trading, More Trade News in Brief, Statistics, Reports & Analysis, Sustainable Development on November 9, 2014
——————————————————————————————————————————————–—* WTO Report Says Restrictive Trade Measures Continue to Rise in G-20 Economies Restrictive trade measures introduced by G-20 economies since 2008 continue to rise, according to the latest WTO report on recent trade developments issued on 6 November 2014. > WTO Report on G-20 Trade Measures (mid-May 2014 to mid-October 2014) > Summary and Status of G-20 trade and trade-related measures since October 2008 (Excel Format) > OECD/UNCTAD Report on G-20 Investment Measures
- ensure the coherence of corporate income taxation at the international level, through new model tax and treaty provisions to neutralise hybrid mismatch arrangements (Action 2);
- realign taxation and relevant substance to restore the intended benefits of international standards and to prevent the abuse of tax treaties (Action 6);
- assure that transfer pricing outcomes are in line with value creation, through actions to address transfer pricing issues in the key area of intangibles (Action 8);
- improve transparency for tax administrations and increase certainty and predictability for taxpayers through improved transfer pricing documentation and a template for country-by-country reporting (Action 13);
- address the challenges of the digital economy (Action 1);
- facilitate swift implementation of the BEPS actions through a report on the feasibility of developing a multilateral instrument to amend bilateral tax treaties (Action 15); and
- counter harmful tax practices (Action 5).
- 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.
——————————————————————————————————————————————–— * 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.