Ralentissement dans les BRIC: faut-il s en inquiéter?

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Ralentissement dans les BRIC: faut-il s en inquiéter?"

Transcription

1 Ralentissement dans les BRIC: faut-il s en inquiéter? Présentation : Andrea Goldstein, Economiste à l OCDE Mercredi 18 décembre 213, 18 rue de Martignac Paris

2 The BRICs in the International Investment Landscape Andrea Goldstein Club du CEPII 18 décembre 213

3 FDI in the Current Globalization Wave (1994 = 1) GDP trade (exports) FDI (inflows) FDI (outflows) Sources: UNCTAD, World Bank, WTO

4 The BRICs in the Current Globalization Wave (1994 = 1) GDP trade (exports) FDI (inflows) FDI (outflows) Sources: UNCTAD, World Bank, WTO

5 The BRICs in the Global Investment Landscape: As Destinations (US$ bn) Brazil Russia India China Source: UNCTAD

6 The BRICs in the Global Investment Landscape: As Sources (US$ bn) Brazil Russia India China (2) Source: UNCTAD

7 BRIC Big Business: Irresistible Growth (number of entries among the world s 5 largest companies, by turnover) Brazil Russia India China Source: Fortune

8 although not so global (value of the Trans-nationality Index) TNI 2 1 World Emerging economies BRIC Brazil Russia India China Source: elaboration on UNCTAD data

9 including SOEs FG5 rank COMPANY NAME Country Industry FA/TA% FR/TR% 1 5 Sinopec Group China Petroleum Refining 1 na 2 6 China National Petroleum China Petroleum Refining State Grid China Utilities 4 13 Japan Post Holdings Japan Mail, Package, and Freight Delivery 5 15 Gazprom Russia Energy na 6 23 Petrobras Brazil Petroleum Refining Pemex Mexico Mining, Crude-Oil Production Statoil Norway Petroleum Refining Petronas Malaysia Petroleum Refining Électricité de France France Utilities China Mobile Communications China Telecommunications Indian Oil India Petroleum Refining na China National Offshore Oil China Mining, Crude-Oil Production China Railway Construction China Engineering, Construction China Railway Group China Engineering, Construction U.S. Postal Service United States Mail, Package, and Freight Delivery Rosneft Oil Russia Petroleum Refining Deutsche Bahn Germany Railroads Baosteel Group China Metals China Telecommunications China Telecommunications Average: 1 23 Non-OECD average: OECD average: Source: OECD elaboration on Company annual reports, Fortune Global

10 Outward IM&A profiles, All countries listed non-listed SOE non-listed SOE listed Source: OECD elaboration on Datastream.

11 Outward IM&A profiles in 212: Brazil and China vs. France and Norway Brazil China listed nonlisted SOE listed SOE nonlisted listed non-listed SOE listed SOE nonlisted France Norway listed non-listed SOE listed SOE nonlisted listed nonlisted SOE listed SOE nonlisted Source: OECD elaboration on Datastream.

12 Inward IM&A profiles, All countries listed non-listed SOE non-listed SOE listed Source: OECD elaboration on Datastream.

13 Inward IM&A profiles of six countries, 212 Australia Canada China listed non-listed SOE nonlisted SOE listed listed non-listed SOE nonlisted SOE listed listed non-listed SOE nonlisted SOE listed Norway United States India listed non-listed SOE nonlisted SOE listed listed non-listed SOE nonlisted SOE listed listed nonlisted SOE nonlisted SOE listed Source: OECD elaboration on Datastream.

14 Total number of IIAs concluded per year in comparison with IIAs with an explicit reference to SOE in definition of investor 1% 12 9% 1 8% 7% 8 6% 6 5% 4% 4 3% 2 2% 1% % Number of treaties which have no express reference to SOE Number of treaties which have express reference to SOE Percentage of IIAs with reference to SOE in total treaties concluded in a given year Source: OECD survey of 1,814 Bilateral Investment Agreements.

15 Sources: Transparency International and World Bank Note: Since 213, all Doing Business rankings have been recalculated to reflect changes to the methodology and revisions of data due to new information. Has business life in the BRICs become harder? Ease of Doing Business Corruption Perceptions Ranking 27 Ranking 214 Score 25 Score 214 Brazil Russia India China

16 213 Investment Climate Statements While Brazil is generally considered a friendly environment for foreign investment, complex tax and regulatory requirements exist. In most cases, these impediments apply without discrimination to both foreign and domestic firms. investing in the Russian market still requires that firms navigate a complicated and fluid set of challenges ranging from complex and burdensome regulatory processes to corruption that marks both political and judicial structures. India underperforms its vast potential. Major areas of concern include rampant corruption, complex and lengthy investment and business approval processes, antiquated land acquisition and labor laws, and poor contract enforcement. India s historical preference for economic self-sufficiency informs current and proposed industrial and trade policies that protect domestic manufacturing, agriculture, and other sectors. Foreign investors often temper their optimism regarding potential investment returns with uncertainty about China's willingness to offer a level playing field vis-à-vis domestic competitors. In addition, foreign investors report a range of challenges related to current investment climate. These include industrial policies that protect and promote SOEs and other domestic firms, equity caps and other restrictions on foreign ownership, weak IPR protection, a lack of transparency, corruption, and an unreliable legal system. Source: US State Department, Bureau of Economic and Business Affairs

17 212 OECD FDI Regulatory Restrictiveness Index Closed = 1; Open = China Saudi Arabia Indonesia Jordan India Japan New Zealand Mexico Malaysia Tunisia Russia Iceland Canada Mongolia Kazakhstan Korea Australia Israel Ukraine Peru Austria United States Brazil Switzerland Kyrgyz Republic Norway Turkey Denmark Poland Chile Morocco Latvia Egypt United Kingdom Sweden Czech Republic South Africa Italy Hungary Slovak Republic France Ireland Lithuania Belgium Greece Argentina Colombia Germany Estonia Spain Finland Netherlands Romania Slovenia Portugal Luxembourg OECD average Average of adherent countries NON-OECD average Source: Mistura and Thomsen (214

18 Top reformers according to the OECD FDI Regulatory Restrictiveness Index FDI Reform (difference in scores between 1997 and 21) Top reformers ranked from left to right Source: Mistura and Thomsen (214

19 Insular capitalisms (board composition, N = 634) Domestic Continental Other OECD Emerging OECD US -zone JP CN RU non-eu UK MX BR

20 Insular capitalisms

21 Richard Matzke Mark Mobius Guglielmo Moscato Ivan Pictet Board of Directors elected at the Annual General Shareholders Meeting on June 27, 213

22 Male capitalism EU US M W M W BRICKVM JP M W M W

23 although the winner is

Corrigendum. OECD Pensions Outlook 2012 DOI: ISBN (print) ISBN (PDF) OECD 2012

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

More information

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 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

More information

Reporting practices for domestic and total debt securities

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

More information

STOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE

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

More information

Financial wealth of private households worldwide

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

More information

Guide to Treatment of Withholding Tax Rates. January 2018

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

More information

Double Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%)

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

More information

(Re)Inventing Israeli Capital Markets: Infrastructure for Growth

(Re)Inventing Israeli Capital Markets: Infrastructure for Growth (Re)Inventing Israeli Capital Markets: Infrastructure for Growth Globes Israel Business Conference December 8, 2014 From Scarcity to Innovation Paradox of Israeli Competitive Advantage From Vegetarian

More information

Third Revised Decision of the Council concerning National Treatment

Third Revised Decision of the Council concerning National Treatment Third Revised Decision of the Council concerning National Treatment OECD Legal Instruments This document is published under the responsibility of the Secretary-General of the OECD. It reproduces an OECD

More information

EQUITY REPORTING & WITHHOLDING. Updated May 2016

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

More information

TAXATION OF TRUSTS IN ISRAEL. An Opportunity For Foreign Residents. Dr. Avi Nov

TAXATION OF TRUSTS IN ISRAEL. An Opportunity For Foreign Residents. Dr. Avi Nov TAXATION OF TRUSTS IN ISRAEL An Opportunity For Foreign Residents Dr. Avi Nov Short Bio Dr. Avi Nov is an Israeli lawyer who represents taxpayers, individuals and entities. Areas of Practice: Tax Law,

More information

MONGOLIA is OPEN. for BUSINESS. Invest Mongolia Agency

MONGOLIA is OPEN. for BUSINESS. Invest Mongolia Agency MONGOLIA is OPEN for BUSINESS Invest Mongolia Agency WHY INVEST IN MONGOLIA 1. Large mineral resource base that can be leveraged for value added processing 2. Situated between two giant economies, China

More information

Approach to Employment Injury (EI) compensation benefits in the EU and OECD

Approach to Employment Injury (EI) compensation benefits in the EU and OECD Approach to (EI) compensation benefits in the EU and OECD The benefits of protection can be divided in three main groups. The cash benefits include disability pensions, survivor's pensions and other short-

More information

BULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - APRIL 2017 (PRELIMINARY DATA)

BULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - APRIL 2017 (PRELIMINARY DATA) BULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - APRIL 2017 (PRELIMINARY DATA) In the period January - April 2017 Bulgarian exports to the EU increased by 8.6% 2016 and amounted to 10 418.6 Million BGN

More information

BULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - MAY 2017 (PRELIMINARY DATA)

BULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - MAY 2017 (PRELIMINARY DATA) BULGARIAN TRADE WITH EU IN THE PERIOD JANUARY - MAY 2017 (PRELIMINARY DATA) In the period January - May 2017 Bulgarian exports to the EU increased by 10.8% 2016 and added up to 13 283.0 Million BGN (Annex,

More information

FDI linkages with innovation & technology-related benefits for SMEs

FDI linkages with innovation & technology-related benefits for SMEs FDI linkages with innovation & technology-related benefits for SMEs David Brown Chief Operating Officer WWW.CZECH-INVENT.ORG Beirut June 21 2011 CzechINVENT Mission Not-for profit technology agency established

More information

Summary of key findings

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

More information

A. Definitions and sources of data

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

More information

Global Business Barometer April 2008

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

More information

Rev. Proc Implementation of Nonresident Alien Deposit Interest Regulations

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

More information

LONG-TERM PROJECTIONS OF PUBLIC PENSION EXPENDITURE

LONG-TERM PROJECTIONS OF PUBLIC PENSION EXPENDITURE 7. FINANCES OF RETIREMENT-INCOME SYSTEMS LONG-TERM PROJECTIONS OF PUBLIC PENSION EXPENDITURE Key results Public spending on pensions has been on the rise in most OECD countries for the past decades, as

More information

World Consumer Income and Expenditure Patterns

World Consumer Income and Expenditure Patterns World Consumer Income and Expenditure Patterns 2011 www.euromonitor.com iii Summary of Contents Contents Summary of Contents Section 1 Introduction 1 Section 2 Socio-economic parameters 21 Section 3 Annual

More information

DOMESTIC CUSTODY & TRADING SERVICES

DOMESTIC CUSTODY & TRADING SERVICES Pricing Structure DOMESTIC CUSTODY & TRADING SERVICES A flat custody fee of 20bps per account type per year is applicable to all holdings and cash, the custody fee is collected each month but will be capped

More information

Does One Law Fit All? Cross-Country Evidence on Okun s Law

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

More information

Recommendation of the Council on Tax Avoidance and Evasion

Recommendation of the Council on Tax Avoidance and Evasion Recommendation of the Council on Tax Avoidance and Evasion OECD Legal Instruments This document is published under the responsibility of the Secretary-General of the OECD. It reproduces an OECD Legal Instrument

More information

Definition of international double taxation

Definition of international double taxation Definition of international double taxation Juridical double taxation: imposition of comparable taxes in two (or more) States on the same taxpayer in respect of the same subject matter and for identical

More information

APA & MAP COUNTRY GUIDE 2017 CANADA

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

More information

Enterprise Europe Network SME growth outlook

Enterprise Europe Network SME growth outlook Enterprise Europe Network SME growth outlook 2018-19 een.ec.europa.eu 2 Enterprise Europe Network SME growth outlook 2018-19 Foreword The European Commission wants to ensure that small and medium-sized

More information

TRADE IN GOODS OF BULGARIA WITH EU IN THE PERIOD JANUARY - JUNE 2018 (PRELIMINARY DATA)

TRADE IN GOODS OF BULGARIA WITH EU IN THE PERIOD JANUARY - JUNE 2018 (PRELIMINARY DATA) TRADE IN GOODS OF BULGARIA WITH EU IN THE PERIOD JANUARY - JUNE 2018 (PRELIMINARY DATA) In the period January - June 2018 the exports of goods from Bulgaria to the EU increased by 10.7% 2017 and amounted

More information

TAXATION (IMPLEMENTATION) (CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS) (AMENDMENT OF REGULATIONS No. 3) (JERSEY) ORDER 2017

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

More information

International Statistical Release

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

More information

Total Imports by Volume (Gallons per Country)

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

More information

The Challenge of Public Pension Reform in Advanced and Emerging Economies

The Challenge of Public Pension Reform in Advanced and Emerging Economies The Challenge of Public Pension Reform in Advanced and Emerging Economies Mauricio Soto Fiscal Affairs Department International Monetary Fund January 212 The views expressed herein are those of the author

More information

PENSIONS IN OECD COUNTRIES: INDICATORS AND DEVELOPMENTS

PENSIONS IN OECD COUNTRIES: INDICATORS AND DEVELOPMENTS PENSIONS IN OECD COUNTRIES: INDICATORS AND DEVELOPMENTS Marius Lüske Directorate for Employment, Labour and Social Affairs, OECD Lisbon, 28.09.2018 Marius.LUSKE@oecd.org www.oecd.org/els OUTLINE Talk based

More information

Total Imports by Volume (Gallons per Country)

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

More information

Economic Stimulus Packages and Steel: A Summary

Economic Stimulus Packages and Steel: A Summary Economic Stimulus Packages and Steel: A Summary Steel Committee Meeting 8-9 June 2009 Sources of information on stimulus packages Questionnaire to Steel Committee members, full participants and observers

More information

Total Imports by Volume (Gallons per Country)

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

More information

Total Imports by Volume (Gallons per Country)

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

More information

Total Imports by Volume (Gallons per Country)

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

More information

Report on Finnish Technology Industry Exports

Report on Finnish Technology Industry Exports Report on Finnish Technology Industry Exports Last observation October 2018, 2.1.2019 Goods Export of Technology Industry from Finland Goods Export of Technology Industry from Finland by Branches Source:

More information

Total Imports by Volume (Gallons per Country)

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

More information

Quarterly Investment Update First Quarter 2017

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

More information

COUNTRY COST INDEX JUNE 2013

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

More information

Institutions & Perceptions of Political Risk in International Investment

Institutions & Perceptions of Political Risk in International Investment Institutions & Perceptions of Political Risk in International Investment Quintin H. Beazer 1 Daniel J. Blake 2 1 Florida State University qbeazer@fsu.edu 2 IE Business School daniel.blake@ie.edu IPES 2014

More information

Quarterly Investment Update First Quarter 2018

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

More information

Export and import operations Tax & Legal, April 2017

Export and import operations Tax & Legal, April 2017 Export and import operations Tax & Legal, April 2017 Export and import operations Tax & Legal, April 2017 Effective trading operations in Uzbekistan Today Uzbekistan actively develops international trading.

More information

Summary 715 SUMMARY. Minimum Legal Fee Schedule. Loser Pays Statute. Prohibition Against Legal Advertising / Soliciting of Pro bono

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

More information

Total Imports by Volume (Gallons per Country)

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

More information

Other Tax Rates. Non-Resident Withholding Tax Rates for Treaty Countries 1

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

More information

Total Imports by Volume (Gallons per Country)

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

More information

Non-resident withholding tax rates for treaty countries 1

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

More information

San Francisco Retiree Health Care Trust Fund Education Materials on Public Equity

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

More information

The Global Tax Reset 2017 Audit Committee Symposium

The Global Tax Reset 2017 Audit Committee Symposium The Global Tax Reset Copyright 2017 Deloitte Development LLC. All rights reserved. 2017 Audit Committee Symposium Anticipate. Navigate. Focus. 1 The Global Tax Reset General context Multinational companies

More information

Total Imports by Volume (Gallons per Country)

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

More information

DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014

DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.

More information

Total Imports by Volume (Gallons per Country)

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

More information

Total Imports by Volume (Gallons per Country)

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

More information

Why Invest In Emerging Markets? Why Now?

Why Invest In Emerging Markets? Why Now? Why Invest In Emerging Markets? Why Now? 2018 Over the long term, Emerging Markets (EM) have been a winning alternative compared to traditional Developed Markets (DM)... 350 300 250 200 150 100 50 1998

More information

BETTER POLICIES FOR A SUCCESSFUL TRANSITION TO A LOW-CARBON ECONOMY

BETTER POLICIES FOR A SUCCESSFUL TRANSITION TO A LOW-CARBON ECONOMY BETTER POLICIES FOR A SUCCESSFUL TRANSITION TO A LOW-CARBON ECONOMY Rintaro Tamaki Deputy Secretary-General, OECD International Forum for Sustainable Asia and the Pacific (ISAP)1 Yokohama, July 1 Four

More information

Withholding Tax Rate under DTAA

Withholding Tax Rate under DTAA Withholding Tax Rate under DTAA Country Albania 10% 10% 10% 10% Armenia 10% Australia 15% 15% 10%/15% [Note 2] 10%/15% [Note 2] Austria 10% Bangladesh Belarus a) 10% (if at least 10% of recipient company);

More information

PENTA CLO 2 B.V. (the "Issuer")

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

More information

Pension Fund Investment and Regulation - An International Perspective and Implications for China s Pension System

Pension Fund Investment and Regulation - An International Perspective and Implications for China s Pension System Pension Fund Investment and Regulation - An International Perspective and Implications for China s Pension System Yu-Wei Hu, Fiona Stewart and Juan Yermo Financial Affairs Division OECD, Paris OECD/IOPS

More information

Total Imports by Volume (Gallons per Country)

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

More information

Sources of Government Revenue in the OECD, 2016

Sources of Government Revenue in the OECD, 2016 FISCAL FACT No. 517 July, 2016 Sources of Government Revenue in the OECD, 2016 By Kyle Pomerleau Director of Federal Projects Kevin Adams Research Assistant Key Findings OECD countries rely heavily on

More information

The Rule of Law as a Factor for Competitiveness

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

More information

Global Consumer Confidence

Global Consumer Confidence Global Consumer Confidence The Conference Board Global Consumer Confidence Survey is conducted in collaboration with Nielsen 4TH QUARTER 2017 RESULTS CONTENTS Global Highlights Asia-Pacific Africa and

More information

DFA Global Equity Portfolio (Class F) Performance Report Q4 2017

DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q3 2018

DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q2 2017

DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

APA & MAP COUNTRY GUIDE 2017 DENMARK

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

More information

DFA Global Equity Portfolio (Class F) Performance Report Q3 2015

DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

Public Financial Management (PFMx)

Public Financial Management (PFMx) Public Financial Management (PFMx) Module 03 PFM and Fiscal Policy Design This training material is the property of the International Monetary Fund (IMF) and is intended for use in IMF Fiscal Affairs Department

More information

Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012

Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012 Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012 This table shows the maximum rates of tax those countries with a Double Taxation Agreement

More information

International Statistical Release

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

More information

Why Invest In Emerging Markets? Why Now?

Why Invest In Emerging Markets? Why Now? Why Invest In Emerging Markets? Why Now? 2017 Over the long term, Emerging Markets (EM) have been a winning alternative compared to traditional Developed Markets (DM)... 350 300 250 200 150 100 50 1997

More information

Total Imports by Volume (Gallons per Country)

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

More information

Actuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of

Actuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of By i.e. muhanna i.e. muhanna Page 1 of 8 040506 Additional Perspectives Measuring actuarial supply and demand in terms of GDP is indeed a valid basis for setting the actuarial density of a country and

More information

Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile

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)

More information

International Statistical Release

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

More information

KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX

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

More information

Corporate Governance and

Corporate Governance and Corporate Governance and Third Edition Jill Solomon )WILEY A John Wiley and Sons, Ltd, Publication Preface Acknowledgements Introducton xv xvii xix Part I Corporate governance: frameworks and mechanisms

More information

CREDIT INSURANCE. To ensure peace, you must be prepared for war. CREDIT INSURANCE FUNDAMENTAL SOLUTION IN CREDIT RISK MANAGEMENT

CREDIT INSURANCE. To ensure peace, you must be prepared for war. CREDIT INSURANCE FUNDAMENTAL SOLUTION IN CREDIT RISK MANAGEMENT FUNDAMENTAL SOLUTION IN CREDIT RISK MANAGEMENT I would like to extend my relations with that customer... I would like to enter a new market... We have high exposure for that customer... We have delayed

More information

Slovakia Country Profile

Slovakia Country Profile Slovakia Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Slovakia EU Member State Double Tax Treaties Yes With: Australia Austria Belarus

More information

Withholding tax rates 2016 as per Finance Act 2016

Withholding tax rates 2016 as per Finance Act 2016 Withholding tax rates 2016 as per Finance Act 2016 Sr No Country Dividend Interest Royalty Fee for Technical (not being covered under Section 115-O) Services 1 Albania 10% 10% 10% 10% 2 Armenia 10% 10%

More information

The Challenge of Public Pension Reform

The Challenge of Public Pension Reform The Challenge of Public Pension Reform Baoping Shang Fiscal Affairs Department International Monetary Fund May 4, 212 This presentation represents the views of the author and should not be attributed to

More information

ide: FRANCE Appendix A Countries with Double Taxation Agreement with France

ide: FRANCE Appendix A Countries with Double Taxation Agreement with France Fiscal operational guide: FRANCE ide: FRANCE Appendix A Countries with Double Taxation Agreement with France Albania Algeria Argentina Armenia 2006 2006 From 1 March 1981 2002 1 1 1 All persons 1 Legal

More information

Belgium s foreign trade 2011

Belgium s foreign trade 2011 Belgium s Belgium s BELGIAN FOREIGN TRADE IN Analysis of the figures for (Source: nbb community concept*) The following results demonstrate that Belgian did not suffer the negative effects of the crisis

More information

10 GREAT MYTHS OF GLOBAL CIVIL SOCIETY

10 GREAT MYTHS OF GLOBAL CIVIL SOCIETY 10 GREAT MYTHS OF GLOBAL CIVIL SOCIETY Lester M. Salamon Johns Hopkins University Japan Commerce Association of Washington October 21, 2013 THE GLOBAL ASSOCIATIONAL REVOLUTION FOR-PROFIT SECTOR CIVIL SOCIETY

More information

Note: G20 includes only the 19 member countries (excludes European Union).

Note: G20 includes only the 19 member countries (excludes European Union). Note: G20 includes only the 19 member countries (excludes European Union). (Per cent) Variable 2007 2008 2009 2010 2011 2012 2013 2014 2015* GDP 5.7 3.1 0.0 5.4 4.2 3.4 3.3 3.4 3.1 Trade 7.9 2.9-10.3 12.5

More information

Sources of Government Revenue in the OECD, 2018

Sources of Government Revenue in the OECD, 2018 FISCAL FACT No. 581 Mar. 2018 Sources of Government Revenue in the OECD, 2018 Amir El-Sibaie Analyst Key Findings In 2015, OECD countries relied heavily on consumption taxes, such as the value-added tax,

More information

Sources of Government Revenue in the OECD, 2017

Sources of Government Revenue in the OECD, 2017 FISCAL FACT No. 558 Aug. 2017 Sources of Government Revenue in the OECD, 2017 Amir El-Sibaie Analyst Key Findings: OECD countries rely heavily on consumption taxes, such as the value-added tax, and social

More information

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, 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

More information

World s Best Investment Bank Awards 2018

World s Best Investment Bank Awards 2018 Global Finance will publish its selections for the 19th Annual World s Best Investment Banks in the April 2018 issue. Winners will be honored at an awards ceremony in New York City in March, and all award

More information

Open Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems. 5 October 2017

Open Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems. 5 October 2017 Open Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems 5 October 2017 Deutsche Börse Group 1 Settlement services: single point of access to cost-effective, low risk and

More information

Stronger growth, but risks loom large

Stronger growth, but risks loom large OECD ECONOMIC OUTLOOK Stronger growth, but risks loom large Ángel Gurría OECD Secretary-General Álvaro S. Pereira OECD Chief Economist ad interim Paris, 3 May Global growth will be around 4% Investment

More information

Emerging Markets Outlook

Emerging Markets Outlook Mark Mobius, Ph.D. Executive Chairman Templeton Emerging Markets Group Emerging Markets Outlook Dealer Use Only / Not for Distribution to the Public Agenda Performance Emerging Markets Equities: Demand

More information

Albania 10% 10%[Note1] 10% 10% Armenia 10% 10% [Note1] 10% 10% Austria 10% 10% [Note1] 10% 10%

Albania 10% 10%[Note1] 10% 10% Armenia 10% 10% [Note1] 10% 10% Austria 10% 10% [Note1] 10% 10% Country Dividend (not being covered under Section 115-O) Withholding tax rates Interest Royalty Fee for Technical Services Albania 10% 10%[Note1] 10% 10% Armenia 10% Australia 15% 15% 10%/15% 10%/15% Austria

More information

The macroeconomic effects of a carbon tax in the Netherlands Íde Kearney, 13 th September 2018.

The macroeconomic effects of a carbon tax in the Netherlands Íde Kearney, 13 th September 2018. The macroeconomic effects of a carbon tax in the Netherlands Íde Kearney, th September 08. This note reports estimates of the economic impact of introducing a carbon tax of 50 per ton of CO in the Netherlands.

More information

Withholding Tax Handbook BELGIUM. Version 1.2 Last Updated: June 20, New York Hong Kong London Madrid Milan Sydney

Withholding Tax Handbook BELGIUM. Version 1.2 Last Updated: June 20, New York Hong Kong London Madrid Milan Sydney Withholding Tax Handbook BELGIUM Version 1.2 Last Updated: June 20, 2014 Globe Tax Services Incorporated 90 Broad Street, New York, NY, USA 10004 Tel +1 212 747 9100 Fax +1 212 747 0029 Info@GlobeTax.com

More information