Archive for category Auditing & Accounting

More Trade News in Brief Week 6 (8 – 14 February 2016)

EU, Andorra Sign AEOI Agreement

The European Union (EU) and Andorra have signed a deal to automatically exchange tax information.

See more here.

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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.

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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.

 

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More Trade News in Brief Week 38 (14 – 20 September 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.

Check for more here and here.

Useful links:

UNWTO World Tourism Barometer

UNWTO Tourism Highlights, 2015 Edition 

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* 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.

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* 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.

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* 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. 

Download the entire news release (PDF 160KB)

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* 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.

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* New ICC Dispute Board Rules

New Rules governing ICC Dispute Boards will come into effect on 1 October 2015.

For more information click here.

 

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More Trade News in Brief Week 19 (4 – 10 May 2015)

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.

Check here for more.

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Digital Single Market for Europe

The Digital Single Market strategy is made up of three policy areas or ‘pillars’:

Better online access to digital goods and services

An environment where digital networks and services can prosper

Digital as a driver for growth

Please read more here.

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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.

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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.

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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.

 

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More Trade News in Brief Week 12 (16 – 22 March 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.

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* 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.

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* 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.

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* 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.

Check here and here for more.

 

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More Trade News in Brief Week 44 (27 October – 2 November 2014)

* Understanding National Accounts from OECD
 
The second edition of OECD’s guide Understanding National Accounts provides a comprehensive explanation of how national accounts are compiled and what they mean.
 
Read more here.
 
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* The Global Community of Practice on Food Loss Reduction
 
The Global Community of Practice (CoP) on Food Loss Reduction is launched jointly by the three Rome-based United Nations agencies, the Food and Agriculture Organization (FAO), the International Fund for Agricultural Development (IFAD) and the World Food Programme.
 
The Global Community of Practice on Food Loss Reduction attempts to reduce food losses and waste, which account for one third of food produced for human consumption, by bringing together for the first time a range of resources and allows stakeholders to share experiences and best practices.
 
The Global Community of Practice on Food Loss Reduction aims to become a global reference point that facilitates the sharing of information and linkages between stakeholders including public entities, civil society and the private sector.
 
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* ICC Adopts New Set of Rules for Dispute Resolution in Trade Finance
 
The International Chamber of Commerce (ICC) Banking Commission unanimously adopted today revised rules for Documentary Credit Dispute Resolution by Expertise (DOCDEX).
 
Find more here.

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* 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
 

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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.

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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.
 
 

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News from EU

 
 
* EU – Simpler and Fairer VAT System
 
The change in VAT rules will be applied from January 2015.
 
Check here from details.
 
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* 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.
 
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* 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.
 

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