Archive for category Banking System

More Trade News in Brief Week 37 (7 – 13 September 2015)

New DTA Protocols

Switzerland has signed protocols to its double taxation agreements (DTAs) with Norway and Albania.

See more following the link.

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EFTA and Georgia Start FTA Talks

The member states of the European Free Trade Association (EFTA) and Georgia held a first round of negotiations towards a free trade agreement (FTA).

Check for more here.

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New Zealand Seeks Signature of Gulf FTA

New Zealand is looking for a free trade agreement with the Gulf States.

Check for more here.

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Asian Infrastructure Investment Bank (AIIB)

The Asian Infrastructure Investment Bank (AIIB) is an international financial institution proposed by the government of China.

At least 47 countries and territories from five continents have applied to join the Beijing-led Asian Infrastructure Investment Bank as founding members.

Sweden and Kyrgyzstan were among the last to apply before the deadline, 31 March 2015, adding further weight to the regional financing body, which has seen its influence grow even before it officially starts operation.

Check here for more.

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More Trade News in Brief Week 51 (15 – 21 Dicember 2014)

* US and Cuba to Normalize Relations

The leaders of the United States and Cuba agreed to restore full diplomatic relations between the two countries.

Check here for more.

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* Russia to Launch Alternative to SWIFT Bank Transaction System

Russia plans to launch its own international inter-bank system by May 2015. The national payment system department of the Central Bank of Russia (CBR) will be in charge of the new project.

Find more here.

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 * The 2014 edition of the World Intellectual Property Indicators

WIPO’s World Intellectual Property Indicators 2014 provides a wide range of indicators covering the following areas of intellectual property: patents, utility models, trademarks, industrial designs, microorganisms and plant variety protection.

It draws on data from national and regional IP offices, WIPO and the World Bank.

Download the full report.

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* World Economic Situation and Prospects 2015 (WESP) Report

The UN World Economic Situation and Prospects 2015 (WESP) report, which was launched today, estimates growth in 2015 of 3.1 per cent and in 2016 of 3.3 per cent.

Read more about it here.

 

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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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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 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.

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* 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.
 
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* 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.

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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.
 
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* 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.
 
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* 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.
 

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News from OECD

 
* OECD – Climate Deal for 2015
 
All the OECD’s member countries confirmed their desire to work towards a deal on combating climate change.
 
Full OECD Ministerial Statement on Climate Change here.
 
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* OECD – Single Global Tax Exchange Standard
 
The OECD’s 34 member countries endorsed the implementation of a new single global standard on automatic exchange of information.
 
Read the Declaration on Automatic Exchange of Information in Tax Matters.
 
 

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News from BIS

 
* Capital Requirements for Bank Exposures to Central Counterparties
 
Bank for International Settlements (BIS), in collaboration with BCBS, the Committee on Payment and Settlement Systems (CPSS), and the International Organization of Securities Commissions (IOSCO) completed its work on the capital treatment of bank exposures to central counterparties.
 
The final standard will take effect on 1 January 2017.
 
Check here for more.
 
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* Supervisory Framework for Measuring and Controlling Large Exposures
 
Bank for International Settlements (BIS) sets out a supervisory framework for measuring and controlling large exposures.
 
The framework is scheduled to take effect from 1 January 2019.
 
Check here for more.
 

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