Archive for category Global Financial System

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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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.
 
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* 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.

 

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More Trade News in Brief Week 19 (5 – 11 May 2014)

 
* ICC – Guide to International Franchising
 
The International Chamber of Commerce (ICC) has published a practical guide to help business people understand why, how and when to use franchising to expand into new foreign markets.
 
Check the Using Franchising to Take Your Business International: ICC Strategies and guidance for master franchising, area development and other arrangements”.
 
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* US & Singapore – FATCA Agreement
 
United States and Singapore have initialled the text of an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA).
 
Check here for more.
 
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* EU & Japan – FTA by 2015
 
The European Union (EU) and Japan agreed to a one-year review that should lead to the “early conclusion of a highly comprehensive and ambitious” free trade agreement (FTA).
 
Read more here.
 
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* US & Israel – Reach FATCA Agreement
 
United States and Israel have concluded the text of an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA).
 
See more following the link.
 
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* USTR Releases Annual Report on Intellectual Property Rights
 
The Office of the United States Trade Representative (USTR) has released its annual “Special 301” Report on the adequacy and effectiveness of U.S. trading partners’ protection and enforcement of intellectual property rights (IPR). 
 
Find the Press Release 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 OECD

 
* OECD – Economic Outlook
 
OECD published its last Economic Outlook: global economy strengthening but significant risks remain.
 
Check the OECD’s latest Economic Outlook.
 
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* OECD – Services Trade Restrictiveness Index
 
The OECD’s new Services Trade Restrictiveness Index (STRI) provides a unique and comprehensive snapshot of services trade restrictions across 18 sectors in 40 leading economies, representing over 80% of global services trade.
 
Read more about Services Trade Restrictiveness Index (STRI).
 

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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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