Investor-State Dispute Settlement: Thinking Forward. Julien Chaisse
|
|
|
- Nathan Golden
- 5 years ago
- Views:
Transcription
1 Investor-State Dispute Settlement: Thinking Forward Julien Chaisse FULFILLING THE VISION EU FUTURES? Tuesday, 17 October 2017 Session 5A Towards an Australia/EU FTA 14:30 16:00
2 Investor-state dispute settlement (ISDS) Overall number of known ISDS claims to more than 700 Major development in international economic law International Centre for Settlement of Investment Disputes (ICSID) as main forum Services sector is becoming the main target of investors claims Relative share of cases against Asia States is on the rise Australia and EU countries/invest ors fully involved as claimants and respondents 24/10/2017 (c) Julien Chaisse 2
3 Key questions What should be the ISDS mechanism in Australia- EU FTA? Getting the facts straight: Australia and EU practices What is the practical significance of the investment chapter (and ISDS) in EU-Australia FTA? Drivers and (latest) determinants of ISDS exclusion/inclusion in Australia-EU FTA - 24/10/2017 (c) Julien Chaisse 3
4 - Getting the facts straight: Australia and EU practices - 24/10/2017 (c) Julien Chaisse 4
5 23 Australia's bilateral investment treaties TITLE OF AGREEMENT STATUS DATE OF SIGNATURE DATE OF ENTRY INTO FORCE SIDE INSTRUMENTS Australia - China BIT (1988) In force 11/07/ /07/1988 No Australia - Papua New Guinea BIT (1990) In force 03/09/ /10/1991 No Australia - Viet Nam BIT (1991) In force 05/03/ /09/1991 No Australia - Poland BIT (1991) In force 07/05/ /03/1992 No Australia - Czech Republic BIT (1991) Terminated 29/07/1991 No Australia - Hungary BIT (1991) In force 15/08/ /05/1992 No Australia - Indonesia BIT (1992) In force 17/11/ /07/1993 No Australia - Romania BIT (1993) In force 21/06/ /04/1994 No Australia - Hong Kong, China SAR BIT (1993) In force 15/09/ /10/1993 No Australia - Czech Republic BIT (1993) In force 30/09/ /06/1994 No Australia - Lao People's Democratic Republic BIT (1994) In force 06/04/ /04/1995 No Australia - Philippines BIT (1995) In force 25/01/ /12/1995 No Argentina - Australia BIT (1995) In force 23/08/ /01/1997 No Australia - Peru BIT (1995) In force 07/12/ /02/1997 No Australia - Chile BIT (1996) Terminated 09/07/ /11/1999 No Australia - Pakistan BIT (1998) In force 07/02/ /10/1998 No Australia - Lithuania BIT (1998) In force 24/11/ /05/2002 No Australia - India BIT (1999) In force 26/02/ /05/2000 No Australia - Egypt BIT (2001) In force 03/05/ /09/2002 No Australia - Uruguay BIT (2001) In force 03/09/ /12/2002 No Australia - Sri Lanka BIT (2002) In force 12/11/ /03/2007 No Australia - Turkey BIT (2005) In force 16/06/ /06/2009 No Australia - Mexico BIT (2005) In force 23/08/ /07/2007 No 24/10/2017 Source: (c) Australian Julien Chaisse Government, Department of Foreign Affairs and Trade (September 26, 2017) 5
6 5 Australia's bilateral investment treaties with EU countries TITLE OF AGREEMENT STATUS DATE OF SIGNATURE DATE OF ENTRY INTO FORCE SIDE INSTRUMENTS Australia - China BIT (1988) In force 11/07/ /07/1988 No Australia - Papua New Guinea BIT (1990) In force 03/09/ /10/1991 No Australia - Viet Nam BIT (1991) In force 05/03/ /09/1991 No Australia - Poland BIT (1991) In force 07/05/ /03/1992 No Australia - Czech Republic BIT (1991) Terminated 29/07/1991 No Australia - Hungary BIT (1991) In force 15/08/ /05/1992 No Australia - Indonesia BIT (1992) In force 17/11/ /07/1993 No Australia - Romania BIT (1993) In force 21/06/ /04/1994 No Australia - Hong Kong, China SAR BIT (1993) In force 15/09/ /10/1993 No Australia - Czech Republic BIT (1993) In force 30/09/ /06/1994 No Australia - Lao People's Democratic Republic BIT (1994) In force 06/04/ /04/1995 No Australia - Philippines BIT (1995) In force 25/01/ /12/1995 No Argentina - Australia BIT (1995) In force 23/08/ /01/1997 No Australia - Peru BIT (1995) In force 07/12/ /02/1997 No Australia - Chile BIT (1996) Terminated 09/07/ /11/1999 No Australia - Pakistan BIT (1998) In force 07/02/ /10/1998 No Australia - Lithuania BIT (1998) In force 24/11/ /05/2002 No Australia - India BIT (1999) In force 26/02/ /05/2000 No Australia - Egypt BIT (2001) In force 03/05/ /09/2002 No Australia - Uruguay BIT (2001) In force 03/09/ /12/2002 No Australia - Sri Lanka BIT (2002) In force 12/11/ /03/2007 No Australia - Turkey BIT (2005) In force 16/06/ /06/2009 No Australia - Mexico BIT (2005) In force 23/08/ /07/2007 No 24/10/2017 (c) Julien Chaisse 6
7 Title of FTAs Investment rules ISDS ISDS features ASEAN and New Zealand (AANZFTA) Yes Chile Yes China Yes, but ISDS claim under ChAFTA can only be made on the basis of a breach of either Party s obligation to provide nondiscriminatory ( national ) treatment to established investments of the other Party. Gulf Cooperation Council (GCC) negotiations India (CECA) negotiations Indonesia negotiations Japan market access outcomes, JAEPA provides enhanced protections and certainty for Australian investors in Japan, with provisions to ensure non-discrimination, and protection and security for investments. No In JAEPA, Australia and Japan agreed not to include an Investor-State Dispute Settlement (ISDS) mechanism. JAEPA does include a review clause which provides for future consideration of an ISDS mechanism. Korea KAFTA provides enhanced protections and certainty for Australian investors in Korea (and equally for Korean investors in Australia) with provisions to ensure non-discrimination, and protection and security for investments. Yes ISDS does not apply to decisions made concerning investments which are subject to review under Australia s foreign investment policy. And, procedural safeguards built into the ISDS mechanism, such as an expedited procedure to promptly dismiss frivolous claims. Malaysia BIT-like + work program No Malaysia Australia FTA omitted ISDS, although that was meaningless in practice as ISDS remains available to enforce similar substantive rights under the 2009 ASEAN Australia NZ FTA. New Zealand Regional Comprehensive Economic Partnership Singapore Thailand EU Trans-Pacific Partnership (TPP) United States No negotiations Yes Yes negotiations Yes No 24/10/2017 (c) Julien Chaisse 7
8 Australia tormented approach towards ISDS Australian government s stance on ISDS has undergone a number of dramatic turnabouts Since the initial controversy sparked by the first investment treaty claim to be commenced against Australia by Phillip Morris in History and/or partner countries don t provide strong indication what should be ISDS in EU-Australia Lessons To date, Australia has adopted ISDS provisions in 5 FTAs (Chile, Singapore, Thailand, Korea and NZ-ASEAN). Australia also has ISDS provisions in 21 bilateral investment treaties, including with 6 EU MS. As TPP provides for ISDS and since there are 6 EU Bits, hard to imagine there won t be ISDS in EU-Australia 24/10/2017 (c) Julien Chaisse 8
9 - What is the practical significance of the investment chapter (and ISDS) in EU- Australia FTA? - 24/10/2017 (c) Julien Chaisse 9
10 Which countries invest in 2016 in Australia? Rank Country A$b % of total 1 United States United Kingdom Australia s rank in global foreign direct investment (inward stock, 2015) Rank Country US$b % of total 1 United States 5, United Kingdom 1, Belgium Hong Kong (SAR of China) 1, Japan Singapore Hong Kong (SAR of China) China 1, Singapore Brazil China Germany Netherlands Luxembourg Switzerland EU total= 31.1% 8 France Spain Switzerland EU total= 24.8% 11 Germany Netherlands New Zealand Canada Canada Australia Bermuda Belgium Republic of Korea British Virgin Islands Virgin Islands, British Russian Federation France Italy Malaysia Ireland Ireland Mexico Cayman Islands Sweden /10/2017 Based on ABS catalogue Last Updated: May 2017 (c) Julien Chaisse Source: UNCTADstat database. Last Updated: October
11 Christian Bellak (2015) Meta-study of 141 studies/papers analyzing BITs impact on FDI flows All papers suffer major flaws/bias Bellak/Chaisse Bitsel Index 4.20 (2015) take sinto account the specific provisions on 1,200 BITs Finer analysis of stimuli that generates FDI Numerous tests ongoing 24/10/2017 (c) Julien Chaisse 11
12 R. Desbordes (2017) Mimeo: ADB Conference June 14-15, /10/2017 (c) Julien Chaisse 12
13 Known investment treaty cases EU Members as respondents (1994-Dec 2015) % disputes involves EU Member as RESPONDENT New Cases Cumulative 24/10/2017 (c) Julien Chaisse 13
14 Australia s (very positive) records By contrast, Australia only sued once Philip Morris Asia Limited v Australia, Award on jurisdiction and admissibility, PCA Case No , IIC 777 (2015), 17th December 2015, Permanent Court of Arbitration [PCA] Australian investors sued 5 times Churchill Mining PLC and Planet Mining Pty Ltd v Indonesia, Procedural Order No 14, ICSID Case No ARB/12/14, 12/40, IIC 663 (2014), 22nd December 2014, International Centre for Settlement of Investment Disputes [ICSID] Planet Mining Pty Ltd v Indonesia, Decision on jurisdiction, ICSID Case No ARB/ 12/40, IIC 635 (2014), 24th February 2014, World Bank; International Centre for Settlement of Investment Disputes [ICSID] Tethyan Copper Company Pty Limited v Pakistan, Decision on Claimant s request for provisional measures, ICSID Case No ARB/12/1, IIC 571 (2012), despatched 13th December 2012, International Centre for Settlement of Investment Disputes [ICSID] Tullow Uganda Operations Proprietary Company Limited and Tullow Uganda Limited v Uganda, Order taking note of the discontinuance of proceedings, ICSID Case No ARB/13/25, IIC 702 (2015), despatched 15th July 2015, World Bank; International Centre for Settlement of Investment Disputes [ICSID] White Industries Australia Ltd v India, Final award, IIC 529 (2011), 30th November 2011, Arbitration Source: OUP Claims (June 22, 2016) 24/10/2017 (c) Julien Chaisse 14
15 - Drivers and determinants of ISDS exclusion/inclusion in Australia-EU FTA - 24/10/2017 (c) Julien Chaisse 15
16 Where do we stand? The notion of dispute settlement and, in particular, the possibility for a foreign investor to sue host-state does not seem a problem Australia has come at age + positive records EU never opposed and considerable offensive / defensive interests Two main legal question relates to Type of investor-state dispute settlement (court or arbitration) Scope of investment chapter and possible claims 24/10/2017 (c) Julien Chaisse 16
17 Recommendation September 13, 2017 No investment chapter (and no ISDS/ICS) While the proposals foresee the establishment of an effective and binding dispute settlement mechanism, there is no mentioning of ISDS/ICS. 24/10/2017 (c) Julien Chaisse 17
18 European Commission s proposal On 16 September 2015 the European Commission presented its draft proposal for a new Investment Court System to replace the investor-state dispute arbitration mechanism forming part of the proposed Transatlantic Trade and Investment Partnership ( TTIP ). TTIP fate uncertain but EU-Vietnam and EU-Canada include ICS On 12 November 2015 the European Commission finalised this proposal and made it public, following extensive negotiations with the European Council, European Parliament, stakeholders and citizens. The proposal had been formally transmitted to the United States ( US ). 24/10/2017 (c) Julien Chaisse 18
19 Concluding remarks Ball is now in the Member States' court. Two main options: a) include FDI protection and state-to-state DS in the "EU-only" treaty; b) create separate mixed agreements for FDI and/or portfolio investment protection. EU-Australia FTA focusing on exclusive competence to be completed soon (ASAP) While other matters (including investment protection and ICS) are on a slow track 24/10/2017 (c) Julien Chaisse 19
20 CUHK Faculty of Law 24/10/2017 (c) Julien Chaisse 20
Division on Investment and Enterprise
Division on Investment and Enterprise Readers are encouraged to use the data in this publication for non-commercial purposes, provided acknowledgement is explicitly given to UNCTAD, together with the reference
FOREIGN ACTIVITY REPORT
FOREIGN ACTIVITY REPORT SECOND QUARTER 2012 TABLE OF CONTENTS Table of Contents... i All Securities Transactions... 2 Highlights... 2 U.S. Transactions in Foreign Securities... 2 Foreign Transactions in
Reporting practices for domestic and total debt securities
Last updated: 27 November 2017 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on
APA & MAP COUNTRY GUIDE 2017 DENMARK
APA & MAP COUNTRY GUIDE 2017 DENMARK Managing uncertainty in the new tax environment DENMARK KEY FEATURES Competent authority Danish Tax Office ( SKAT ) APA provisions/ guidance Types of APAs available
INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED
E 4 ALBERT EMBANKMENT LONDON SE 7SR Telephone: +44 (0)20 7735 76 Fax: +44 (0)20 7587 320 MSC./Circ.64/Rev.5 7 June 205 INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING
THE ICSID CASELOAD STATISTICS (ISSUE )
THE ICSID CASELOAD STATISTICS (ISSUE 03-) The ICSID Caseload Statistics (Issue 03-) This issue of the ICSID Caseload Statistics updates the profile of the ICSID caseload, historically and for the Centre
Key Issues in the Design of Capital Gains Tax Regimes: Taxing Non- Residents. 18 July 2014
Key Issues in the Design of Capital Gains Tax Regimes: Taxing Non- Residents 18 July 2014 How do we tax non-residents on capital income? Domestic design issues Tax treaty issues Interrelationship between
THE ICSID CASELOAD STATISTICS (ISSUE )
THE ICSID CASELOAD STATISTICS (ISSUE 0-) The ICSID Caseload Statistics (Issue 0-) This issue of the ICSID Caseload Statistics updates the profile of the ICSID caseload, historically and for the calendar
EQUITY REPORTING & WITHHOLDING. Updated May 2016
EQUITY REPORTING & WITHHOLDING Updated May 2016 When you exercise stock options or have RSUs lapse, there may be tax implications in any country in which you worked for P&G during the period from the
The Capital Requirements (Country-by-Country Reporting) Regulations December 2017
HSBC Holdings plc The Capital Requirements (Country-by-Country Reporting) Regulations 2013 31 December 2017 This report has been prepared for HSBC Holdings plc and its subsidiaries (the HSBC Group ) to
INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED
E 4 ALBERT EMBANKMENT LONDON SE1 7SR Telephone: +44 (0)20 7735 711 Fax: +44 (0)20 7587 3210 1 January 2019 INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS
KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX
KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX B KPMG s Individual Income Tax and Social Security Rate Survey 2009 KPMG s Individual Income Tax and Social Security Rate Survey 2009
2010/IEG/WKSP1/002 Overview of IIAs and Treaty-Based Investment Disputes
21/IEG/WKSP1/2 Overview of IIAs and Treaty-Based Investment Disputes Submitted by: UNCTAD Workshop on Dispute Prevention and Preparedness Washington, DC, United States 26-3 July 21 Workshop on dispute
Guide to Treatment of Withholding Tax Rates. January 2018
Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep
Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile
Americas Argentina (Banking and finance; Capital markets: Debt; Capital markets: Equity; M&A; Project Bahamas (Financial and corporate) Barbados (Financial and corporate) Bermuda (Financial and corporate)
Investment Policy Liberalization and Cooperation in ASEAN: Thailand s View
Investment Policy Liberalization and Cooperation in ASEAN: Thailand s View By Jaratrus Chamratrithirong 18 November 2010 Jakarta Roadmap Investment Policy Liberalization and Cooperation in ASEAN: An Overview
Corrigendum. OECD Pensions Outlook 2012 DOI: ISBN (print) ISBN (PDF) OECD 2012
OECD Pensions Outlook 2012 DOI: http://dx.doi.org/9789264169401-en ISBN 978-92-64-16939-5 (print) ISBN 978-92-64-16940-1 (PDF) OECD 2012 Corrigendum Page 21: Figure 1.1. Average annual real net investment
Double Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%)
Double Tax Treaties DTA Country Withholding Tax Rates (%) Albania 0 0 5/10 1 No No No Armenia 5/10 9 0 5/10 1 Yes 2 No Yes Australia 10 0 15 No No No Austria 0 0 10 No No No Azerbaijan 8 0 8 Yes No Yes
The Trans-Pacific Partnership:
The Trans-Pacific Partnership: Opportunities for Investment EVA HAMPL Director, Investment, Trade and Financial Services, USCIB USCIB Mission Advance American business interests at home and abroad Promote
Asian Noodle Bowl of International Investment Agreements (IIAs)
Asian Noodle Bowl of International Investment Agreements (IIAs) ARTNeT Conference 10 December, 2013 Macau, PRC Shintaro Hamanaka Economist, Office of Regional Economic Integration (OREI), Asian Development
Quarterly Investment Update First Quarter 2017
Quarterly Investment Update First Quarter 2017 Market Update: A Quarter in Review March 31, 2017 CANADIAN STOCKS INTERNATIONAL STOCKS Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging
Total Imports by Volume (Gallons per Country)
5/4/2016 Imports by Volume (Gallons per Country) YTD YTD Country 03/2015 03/2016 % Change 2015 2016 % Change MEXICO 53,821,885 60,813,992 13.0 % 143,313,133 167,568,280 16.9 % NETHERLANDS 11,031,990 12,362,256
Total Imports by Volume (Gallons per Country)
3/7/2018 Imports by Volume (Gallons per Country) YTD YTD Country 01/2017 01/2018 % Change 2017 2018 % Change MEXICO 54,235,419 58,937,856 8.7 % 54,235,419 58,937,856 8.7 % NETHERLANDS 12,265,935 10,356,183
H S B C H O L D I N G S P L C HSBC HOLDINGS PLC THE CAPITAL REQUIREMENTS. (Country-by-Country Reporting) REGULATION 2013
HSBC HOLDINGS PLC THE CAPITAL REQUIREMENTS (Country-by-Country Reporting) REGULATION 2013 31 December 2015 This report has been prepared for HSBC Holdings plc and its subsidiaries (the HSBC Group ) to
Rev. Proc Implementation of Nonresident Alien Deposit Interest Regulations
Rev. Proc. 2012-24 Implementation of Nonresident Alien Deposit Interest Regulations SECTION 1. PURPOSE Sections 1.6049-4(b)(5) and 1.6049-8 of the Income Tax Regulations, as revised by TD 9584, require
Turning tides. What Indonesia s reconsideration of bilateral investment treaties means for foreign investors
23 Article No. 05 Turning tides What Indonesia s reconsideration of bilateral investment treaties means for foreign investors Matthew Skinner and Zara Shafruddin, Jones Day Foreign investors in Indonesia
Balanced Plus Select Portfolio Pn
Factsheet as at : August 25, 2018 Balanced Plus Select Portfolio Pn Fund objective This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 10-12% over
IRS Reporting Rules. Reference Guide. serving the people who serve the world
IRS Reporting Rules Reference Guide serving the people who serve the world The United States has and continues to maintain a policy of not taxing the deposit interest earned by United States (US) nonresidents
The Relative Significance of EPAs in Asia-Pacific
The Relative Significance of EPAs in Asia-Pacific 10 November 2015 Kenichi Kawasaki GRIPS/JIIA/RIETI 29 October 2011 Overview The relative significance of EPAs in Asia-Pacific TPP and RCEP are shown to
Does One Law Fit All? Cross-Country Evidence on Okun s Law
Does One Law Fit All? Cross-Country Evidence on Okun s Law Laurence Ball Johns Hopkins University Global Labor Markets Workshop Paris, September 1-2, 2016 1 What the paper does and why Provides estimates
Setting up in Denmark
Setting up in Denmark 6. Taxation The Danish tax system for individuals rests on the global taxation principle. The principle holds that the income of individuals and companies with full tax liability
Quarterly Investment Update First Quarter 2018
Quarterly Investment Update First Quarter 2018 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Market
FREE TRADE AGREEMENTS ANALYSIS
FREE TRADE AGREEMENTS ANALYSIS F R E E T R A D E A G R E E M E N T S I N F O R C E Free Trade Agreement About the Free Trade Agreement ASEAN-Australia-NZ Free Trade Agreement (AANZFTA) The AANZFTA is Australia
Balanced Select Portfolio Pn
Factsheet as at : September 22, 2018 Balanced Select Portfolio Pn Fund objective This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 8-10% over a
Other Tax Rates. Non-Resident Withholding Tax Rates for Treaty Countries 1
Other Tax Rates Non-Resident Withholding Tax Rates for Treaty Countries 1 Country 2 Interest 3 Dividends 4 Royalties 5 Annuities 6 Pensions/ Algeria 15% 15% 0/15% 15/25% Argentina 7 12.5 10/15 3/5/10/15
Financial law reform: purpose and key questions
Conference on Cross-Jurisdictional Netting and Global Solutions Update on Netting in Asia May 12, 2011 London School of Economics and Political Science Peter M Werner Senior Director ISDA pwerner@isda.org
No October 2013
DEVELOPING AND TRANSITION ECONOMIES ABSORBED MORE THAN 60 PER CENT OF GLOBAL FDI INFLOWS A RECORD SHARE IN THE FIRST HALF OF 2013 EMBARGO The content of this Monitor must not be quoted or summarized in
Financial wealth of private households worldwide
Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate
Non-resident withholding tax rates for treaty countries 1
Non-resident withholding tax rates for treaty countries 1 Country 2 Interest 3 Dividends 4 Royalties 5 Annuities 6 Pensions/ Algeria 15% 15% 0/15% 15/25% Argentina 7 12.5 10/15 3/5/10/15 15/25 Armenia
STOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE
STOXX Limited STOXX EMERGING MARKETS INDICES. EMERGING MARK RULES-BA TRANSPARENT UNDERSTANDA SIMPLE MARKET CLASSIF INTRODUCTION. Many investors are seeking to embrace emerging market investments, because
Global Business Barometer April 2008
Global Business Barometer April 2008 The Global Business Barometer is a quarterly business-confidence index, conducted for The Economist by the Economist Intelligence Unit What are your expectations of
Public Pension Spending Trends and Outlook in Emerging Europe. Benedict Clements Fiscal Affairs Department International Monetary Fund March 2013
Public Pension Spending Trends and Outlook in Emerging Europe Benedict Clements Fiscal Affairs Department International Monetary Fund March 13 Plan of Presentation I. Trends and drivers of public pension
Total Imports by Volume (Gallons per Country)
4/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 02/2017 02/2018 % Change 2017 2018 % Change MEXICO 53,961,589 55,268,981 2.4 % 108,197,008 114,206,836 5.6 % NETHERLANDS 12,804,152 11,235,029
Overview of FSC-certified forests January January Maps of extend of FSC-certified forest globally and country specific
Overview of FSCcertified forests January 2009 Maps of extend of FSCcertified forest globally and country specific Global certified forest area: 120.052.350 ha ( = 4,3%) + 11% Hectare FSCcertified forest
IMPORTANT TAX INFORMATION
00126803 IMPORTANT TAX INFORMATION Dear Hartford Funds Shareholder: The following information about your enclosed 1099-DIV from Hartford Funds should be used when preparing your 2014 tax return. The information
ABOUT THE DATA. IntelliRisk Advanced Global Data. Content Overview. Data Feeds and Frequency. Account Setup in IntelliRisk Advanced
ABOUT THE DATA Advanced Global Data Content Overview Data Feeds and Frequency Account Setup in Advanced Currency and Financial Data Claim Data Processing Help / International Services Team Data Feeds and
Summary of key findings
1 VAT/GST treatment of cross-border services: 2017 survey Supplies of e-services to consumers (B2C) (see footnote 1) Supplies of e-services to businesses (B2B) 1(a). Is a non-resident 1(b). If there is
Global Select International Select International Select Hedged Emerging Market Select
International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country
San Francisco Retiree Health Care Trust Fund Education Materials on Public Equity
M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index
Marine. Global Programmes. cunninghamlindsey.com. A Cunningham Lindsey service
Marine Global Programmes A Cunningham Lindsey service Marine global presence Marine Global Programmes Cunningham Lindsey approach Managing your needs With 160 marine surveyors and claims managers in 36
A. Definitions and sources of data
Poland A. Definitions and sources of data Data on foreign direct investment (FDI) in Poland are reported by the National Bank of Poland (NBP), the Polish Agency for Foreign Investment (PAIZ) and the Central
Summary 715 SUMMARY. Minimum Legal Fee Schedule. Loser Pays Statute. Prohibition Against Legal Advertising / Soliciting of Pro bono
Summary Country Fee Aid Angola No No No Argentina No, with No No No Armenia, with No No No No, however the foreign Attorneys need to be registered at the Chamber of Advocates to be able to practice attorney
ANNEX 2: Methodology and data of the Starting a Foreign Investment indicators
ANNEX 2: Methodology and data of the Starting a Foreign Investment indicators Methodology The Starting a Foreign Investment indicators quantify several aspects of business establishment regimes important
Total Imports by Volume (Gallons per Country)
10/5/2017 Imports by Volume (Gallons per Country) YTD YTD Country 08/2016 08/2017 % Change 2016 2017 % Change MEXICO 51,349,849 67,180,788 30.8 % 475,806,632 503,129,061 5.7 % NETHERLANDS 12,756,776 12,954,789
A short history of debt
A short history of debt In the words of the late Charles Kindleberger, debt/financial crises are a hardy perennial we have been here many times before. Over the past decade and a half the ratio of global
THIRD MEETING OF THE OECD FORUM ON TAX ADMINISTRATION
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT THIRD MEETING OF THE OECD FORUM ON TAX ADMINISTRATION 14-15 September 2006 Final Seoul Declaration CENTRE FOR TAX POLICY AND ADMINISTRATION 1 Sharing
APA & MAP COUNTRY GUIDE 2017 CANADA
APA & MAP COUNTRY GUIDE 2017 CANADA Managing uncertainty in the new tax environment CANADA KEY FEATURES Competent authority APA provisions/ guidance Types of APAs available APA acceptance criteria Key
Total Imports by Volume (Gallons per Country)
1/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 11/2016 11/2017 % Change 2016 2017 % Change MEXICO 50,994,409 48,959,909 (4.0)% 631,442,105 657,851,150 4.2 % NETHERLANDS 9,378,351 11,903,919
Performance Derby: MSCI Regions & Countries STRG, STEG, & LTEG
Performance Derby: MSCI Regions & Countries STRG, STEG, & LTEG February 7, 2018 Dr. Ed Yardeni 516-972-7683 eyardeni@yardeni.com Joe Abbott 732-497-5306 jabbott@yardeni.com Please visit our sites at blog.yardeni.com
Total Imports by Volume (Gallons per Country)
11/2/2018 Imports by Volume (Gallons per Country) YTD YTD Country 09/2017 09/2018 % Change 2017 2018 % Change MEXICO 49,299,573 57,635,840 16.9 % 552,428,635 601,679,687 8.9 % NETHERLANDS 11,656,759 13,024,144
Total Imports by Volume (Gallons per Country)
10/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 08/2017 08/2018 % Change 2017 2018 % Change MEXICO 67,180,788 71,483,563 6.4 % 503,129,061 544,043,847 8.1 % NETHERLANDS 12,954,789 12,582,508
The Rule of Law as a Factor for Competitiveness
The Rule of Law as a Factor for Competitiveness Lessons from the Global Competitiveness Index 2008-2009 Irene Mia Director, Senior Economist Global Competitiveness Network, World Economic Forum OECD Workshop
Total Imports by Volume (Gallons per Country)
12/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 10/2017 10/2018 % Change 2017 2018 % Change MEXICO 56,462,606 60,951,402 8.0 % 608,891,240 662,631,088 8.8 % NETHERLANDS 11,381,432 10,220,226
Total Imports by Volume (Gallons per Country)
2/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 11/2017 11/2018 % Change 2017 2018 % Change MEXICO 48,959,909 54,285,392 10.9 % 657,851,150 716,916,480 9.0 % NETHERLANDS 11,903,919 10,024,814
Total Imports by Volume (Gallons per Country)
7/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 05/2017 05/2018 % Change 2017 2018 % Change MEXICO 71,166,360 74,896,922 5.2 % 302,626,505 328,397,135 8.5 % NETHERLANDS 12,039,171 13,341,929
Total Imports by Volume (Gallons per Country)
3/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 12/2017 12/2018 % Change 2017 2018 % Change MEXICO 54,169,734 56,505,154 4.3 % 712,020,884 773,421,634 8.6 % NETHERLANDS 11,037,475 8,403,018
a closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017
GLOBAL TAX WEEKLY a closer look ISSUE 249 AUGUST 17, 2017 SUBJECTS TRANSFER PRICING INTELLECTUAL PROPERTY VAT, GST AND SALES TAX CORPORATE TAXATION INDIVIDUAL TAXATION REAL ESTATE AND PROPERTY TAXES INTERNATIONAL
ASEAN Law Association 12 th General Assembly Workshop
ASEAN Law Association 12 th General Assembly Workshop Trade and Investment Dispute Settlement Mechanisms in ASEAN The Evolving Landscape and Major Developments 25-28 February 2015 Locknie Hsu Professor
Current Issues in International Tax Policy
Current Issues in International Tax Policy Shigeto HIKI Director, International Tax Policy Division, Tax Bureau, Ministry of Finance, Japan The Fourth IMF-Japan High-Level Tax Conference For Asian Countries
Total Imports by Volume (Gallons per Country)
6/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 04/2017 04/2018 % Change 2017 2018 % Change MEXICO 60,968,190 71,994,646 18.1 % 231,460,145 253,500,213 9.5 % NETHERLANDS 13,307,731 10,001,693
Implication of Australia s measures for its non-discrimination obligations under the OECD Codes of Liberalisation
Organisation for Economic Co-operation and Development DAF/INV(2017)33/FINAL DIRECTORATE FOR FINANCIAL AND ENTERPRISE AFFAIRS INVESTMENT COMMITTEE English - Or. English 9 February 2018 Implication of Australia
Total Imports by Volume (Gallons per Country)
2/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 12/2016 12/2017 % Change 2016 2017 % Change MEXICO 50,839,282 54,169,734 6.6 % 682,281,387 712,020,884 4.4 % NETHERLANDS 10,630,799 11,037,475
(including the degree of openness to foreign capital) (3) Importance as a source of energy and/or mineral resources (4) Governance capacity of the gov
Section 2 Investment treaties Foreign direct investment has been growing rapidly worldwide since the 1980s, playing a major role in driving the growth of the global economy. In terms of the share of GDP
DIVERSIFICATION. Diversification
Diversification Helps you capture what global markets offer Reduces risks that have no expected return May prevent you from missing opportunity Smooths out some of the bumps Helps take the guesswork out
Global Tax Reset Transfer Pricing Documentation Summary. February 2018
Global Tax Reset Transfer Pricing Summary February 2018 Global Tax Reset Transfer Pricing Summary Overview The Global Tax Reset Transfer Pricing Summary ( Guide ) compiles essential country-by-country
Sourcing Outlook for the Fashion Industry. Julia K. Hughes USFIA Washington Trade Symposium July 30, 2015
Sourcing Outlook for the Fashion Industry Julia K. Hughes USFIA Washington Trade Symposium July 30, 2015 First, let s take a look at the data and trends Sourcing Trends for 2014 In 2014, imports grew 5%
ISSUE OF ENDORSEMENTS ATTESTING TO THE RECOGNITION OF A CERTIFICATE OF COMPETENCY
SHIPPING NOTICE 05/2011 (Rev 7) ISSUE OF ENDORSEMENTS ATTESTING TO THE RECOGNITION OF A CERTIFICATE OF COMPETENCY To: OWNERS, MANAGERS, CHARTERERS, CREWING AGENCIES AND MASTERS OF CAYMAN ISLANDS SHIPS
Denmark Country Profile
Denmark Country Profile EU Tax Centre June 2018 Key tax factors for efficient cross-border business and investment involving Denmark EU Member State Double Tax Treaties With: Argentina Armenia Australia
PENTA CLO 2 B.V. (the "Issuer")
THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW). IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING
Summary of Arbitral Rules
10th Anniversary Edition 2016-2017 The Baker McKenzie Arbitration Yearbook Summary of Arbitral Rules Summary of Arbitral Rules 1 Country Institution Express Argentina Buenos Aires Stock Exchange Arbitral
Denmark Country Profile
Denmark Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Denmark EU Member State Double Tax With: Treaties Argentina Armenia Australia
COUNTRY COST INDEX JUNE 2013
COUNTRY COST INDEX JUNE 2013 June 2013 Kissell Research Group, LLC 1010 Northern Blvd., Suite 208 Great Neck, NY 11021 www.kissellresearch.com Kissell Research Group Country Cost Index - June 2013 2 Executive
Global Exhibition Barometer 13 th edition (July 2014)
Global Exhibition Barometer 13 th edition A UFI report based on the results of a survey conducted in June among UFI*, SISO**, AFIDA*** & EXSA**** Members (*) Global (**) USA (***) Central & South America
The outcomes of the meeting which were agreed by participants 1, as well as the next steps in the process, are set out below 2.
Summary of Outcomes of the Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes Held in Mexico on 1-2 September 2009 178 delegates from over 70 jurisdictions and international
International Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the
ILLEGALITY IN INVESTMENT ARBITRATION. Sylvia T. Tonova
ILLEGALITY IN INVESTMENT ARBITRATION Sylvia T. Tonova Warsaw, Poland 7 June 2013 Investor-State Arbitration System Instruments: Bilateral Investment Treaties (BITs) Multilateral treaties (e.g. Energy Charter
Global Economic Indictors: CRB Raw Industrials & Global Economy
Global Economic Indictors: & Global Economy December 14, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
BRINKER CAPITAL DESTINATIONS TRUST
Important 2018 Tax Information Regarding Your Mutual s BRINKER CAPITAL DESTINATIONS TRUST The following tax information is furnished for informational purposes only. Please consult your tax advisor for
Reforming the IIA System: Investment Arbitration in Asia-Pacific and ASEAN
Reforming the IIA System: Investment Arbitration in Asia-Pacific and ASEAN Regional Seminar on IIAs and Sustainable Development, and 6 th Meeting of the Asia-Pacific FDI Network Bangkok, Thailand, 1-2
GS Emerging Markets Debt Blend Portfolio
Factsheet as at : November 12, 2018 GS Emerging Markets Debt Blend Portfolio Fund objective The Portfolio seeks to provide income and capital growth over the longer term. The Portfolio will mostly invest
TAXATION (IMPLEMENTATION) (CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS) (AMENDMENT OF REGULATIONS No. 3) (JERSEY) ORDER 2017
Taxation (Implementation) (Convention on Mutual Regulations No. 3) (Jersey) Order 2017 Article 1 TAXATION (IMPLEMENTATION) (CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS) (AMENDMENT OF
SINGAPORE - FINAL LIST OF MFN EXEMPTIONS (For the Second Package of Commitments) Countries to which the measure applies
All Sectors: Presence of: - unskilled and semi-skilled natural persons - skilled persons (include craftsmen skilled in a particular trade, but exclude specialists/professio nal personnel at management
Financial Globalization, governance, and the home bias. Bong-Chan Kho, René M. Stulz and Frank Warnock
Financial Globalization, governance, and the home bias Bong-Chan Kho, René M. Stulz and Frank Warnock Financial globalization Since end of World War II, dramatic reduction in barriers to international
Global Forum on Transparency and Exchange of Information for Tax Purposes. Statement of Outcomes
Global Forum on Transparency and Exchange of Information for Tax Purposes Statement of Outcomes 1. On 25-26 October 2011, over 250 delegates from 84 jurisdictions and 9 international organisations and
Japan s New Trade Policy in Asia-Pacific
Japan s New Trade Policy in Asia-Pacific August 22, 2013 Shujiro URATA Waseda University 1 Contents I. Japan s Economic Situation II. High Economic Growth and Regional Economic Integration in Asia-Pacific
IV Tax Administration in the Era of Globalization
IV The NTA promotes tax administration, including cooperation with foreign tax authorities to meet the era of globalization. As multinational enterprises conduct various cross-border economic activities
Market Correlations: CRB Raw Industrials Spot Price Index
Market Correlations: Spot Price Index December 15, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www.
AUSTRALIAN-BASED FUND MANAGERS ARE INCREASINGLY WELL CREDENTIALED TO ADVISE FOREIGN FUNDS.
MARCH 2012 TAX UPDATE AUSTRALIAN-BASED FUND MANAGERS ARE INCREASINGLY WELL CREDENTIALED TO ADVISE FOREIGN FUNDS. RELEASE OF SECOND EXPOSURE DRAFT LEGISLATION IN RESPECT OF THE FIRST TWO ELEMENTS OF THE
2017 Global Trends in Investor Relations
0 2017 Global Trends in Investor Relations Primacy of Geopolitical Risk Geopolitical risk is still the number one concern for companies globally. Concern is increasing regarding the impact of emerging
Dutch tax treaty overview Q3, 2012
Dutch tax treaty overview Q3, 2012 Hendrik van Duijn DTS Duijn's Tax Solutions Zuidplein 36 (WTC Tower H) 1077 XV Amsterdam The Netherlands T +31 888 387 669 T +31 888 DTS NOW F +31 88 8 387 601 duijn@duijntax.com