Managing indirect taxes in rapid-growth markets. Executive summary
|
|
- Clinton Garrison
- 5 years ago
- Views:
Transcription
1 Managing indirect taxes in rapid-growth markets Executive summary
2 Introduction Welcome to the executive summary of Managing indirect taxes in rapid-growth markets sketch the issues and opportunities that multinational companies face in emerging markets, or as we refer to them here, RGMs. By interviewing clients, investment agencies and the EY Indirect Tax professionals who live and work in RGMs, we are able to highlight the everyday challenges that businesses are tackling. We explain here what lessons they have learned and the leading practices they have developed. To read the fascinating case studies and commentary from the tax professionals we interviewed, please consult the fulllength study at ey.com/rapidgrowth. Figure 1. EY s 25 rapid-growth markets Mexico Colombia Since 2008, many developed economies Multinational businesses have responded featured in this report currently account have selected them based on three criteria: potential Size of the economy and population transformation of their business models as side, there are customs duties, excise taxes and taxes on Chile ey.com/rapidgrowth
3 Russia Czech Republic Qatar Saudi India China South Korea Ghana Malaysia Indonesia Brazil Contents As the balance of world trade shifts to RGMs, the nature of taxation also shifts 2 Five global indirect tax trends: how do they play out in the RGMs? 3 Indirect tax issues and opportunities in rapid-growth markets 4 Trading with rapid-growth markets 4 Investing in rapid-growth markets 5 Operating in rapid-growth markets 7 Effective management 9 Seizing opportunities avoiding pitfalls 9 Contacts 11
4 Part I As the balance of world trade shifts to RGMs, the nature of taxation also shifts Trade in all directions Indirect taxes on the rise consumption taxes to more comprehensive in the enforcement landscape is due to a do deploy modern computer systems to store vast amounts of taxpayer data and business outcomes, speed up deliveries 2 Managing indirect taxes in rapid-growth markets Executive summary
5 Five global indirect tax trends: how do they play out in the RGMs? 1 VAT and GST rates are increasing 2 Excise duties are on the rise again 3 Free trade reduces customs but confronts protectionism Tax administrations are focusing on compliance and enforcement Managing indirect taxes in rapid-growth markets Executive summary 3
6 Part II Indirect tax issues and opportunities in rapid-growth markets Trading with rapid-growth markets To the point: Managing the impact of customs duties on trade Levied to raise revenue or protect domestic payable can often be used as the taxable Corporate executives and EY professionals importer of record; the pros and cons of Some RGMs offer exemptions in free trade enforced, and the trend is that compliance companies should strive for transparency 4 Managing indirect taxes in rapid-growth markets Executive summary
7 Taxes on consumption increase costs due to: apply this type of consumption tax at the national, federal and Multiple import taxes time of importation and eventual recovery countries, and complex supply chains are not accommodated by Free trade zones create indirect tax opportunities formalistic approaches to enforcement and, more broadly, the processes, standardized procedures and the use of appropriate Investing in rapid-growth markets To the point: Tax and business incentives help companies decide where to invest Managing indirect taxes in rapid-growth markets Executive summary 5
8 VAT director responsible for Europe, Middle East and Africa Statutory incentives, usually in the form of direct and indirect tax reductions, are available to all companies that satisfy criteria Given the diversity and availability of incentives, therefore, many companies that invest in RGMs have a chance to improve their Trends in incentives Moving up the value chain Companies can qualify for tax exemptions up to 100% for 10 enforcement, the Chinese authorities have announced the creation A regional boost Incentives aren t gifts Becoming a registered taxpayer of VAT or GST 6 Managing indirect taxes in rapid-growth markets Executive summary
9 sales made, but they are required to account for the tax, and at Effective planning is essential Operating in RGMs To the point: Figure 2. Risk of VAT/GST penalties in 46 countries surveyed 9% Increased 26% Decreased 65% Stayed the same issues in RGMs Corporate tax executives in our survey of RGM operations Complexity and rapid legislative change in RGMs Withholding and recovery rules are more challenging Managing indirect taxes in rapid-growth markets Executive summary 7
10 Multinational compliance Companies need a more systematic approach to customs and international trade Customs and transfer pricing to produce a product, many subsidiaries of one company trade The arm s length principle: good in theory, tricky in practice 8 Managing indirect taxes in rapid-growth markets Executive summary
11 Part III Effective management: seizing opportunities and avoiding pitfalls To the point: control and detailed local requirements to meet their multiple include: of indirect taxes and incentives to avoid unnecessary costs and Managing indirect taxes in rapid-growth markets Executive summary 9
12 VAT director responsible for Africa and the Middle East Managing VAT/GST and customs Identify and quantify risks and opportunities in cross-border indirect taxation. Adopt effective controls and be alert to change in the market. Companies need standardized procedures and internal controls Designate management responsibilities and communicate across the organization. executive has the ability to reach into many corporate Get involved at the planning stage. Maximize internal and external resources. Use local knowledge. Some RGMs are so idiosyncratic in their Use technology. Managing grants and incentives Involve incentives specialists: potential pitfalls in the incentives Create partnerships and start the journey 10 Managing indirect taxes in rapid-growth markets Executive summary
13 Contacts Leaders Global Compliance Incentives Global Director Indirect Tax Philip Robinson Americas Jeffrey N. Saviano Jean-Hugues Chabot Robert Smith Europe, Middle East, India and Africa (EMEIA) Gijsbert Bulk Geert Vandenplas Robin Maxwell Jackie Hubbard Aaron Bromley Gino Dossche Karen Hensley-Chelstowska Robin Parsons Christine Oates Sonja Vancrayenest Customs and International Trade William M. Methenitis Neil Byrne Managing indirect taxes in rapid-growth markets Executive summary 11
14 Country VAT contact Telephone Argentina Gustavo Scravaglieri Brazil Jefferson Sanches Chile Alicia Dominguez China and Hong Kong Robert Smith Colombia Aleksan Oundjian Czech Republic Jan Capek Stanislav Kryl Egypt Sherif Al-Kilany Ghana Wilfred Okine India Harishanker Subramaniam Indonesia Iman Santoso Kazakhstan Zhanna Tamenova South Korea Kyung Tae Ko Scott Fife Malaysia Aaron Bromley Mexico Jose Olmedo Nigeria Abasss Adeniji Poland Dorota Pokrop Radoslaw Szczech Qatar Garrett Grennan Russia Victor Borodin Vitaly Yanovskiy Saudi Arabia Garrett Grennan South Africa Leon Oosthuizen Thailand William Chea Turkey Sedat Tasdemir Cansu Yagci Ukraine Vladimir Kotenko United Arab Emirates Garrett Grennan Vietnam Huong Vu 12 Managing indirect taxes in rapid-growth markets Executive summary
15 Country Customs contact Telephone Argentina Sergio Stepanenko Brazil Frank de Meijer Chile Alicia Dominguez China and Hong Kong Robert Smith Colombia Gustavo Lorenzo Czech Republic Stanislav Kryl Egypt Sherif El-Kilany Ghana Issac Sarpong India Harishanker Subramaniam Indonesia Ary Sutoto Kazakhstan Zhanna Tamenova South Korea Scott Fife Malaysia Siok Kiat Koh Mexico Rocio Mejia Nigeria Abasss Adeniji Poland Radoslaw Szczech Qatar Garrett Grennan Russia Yuriy Volkov Saudi Arabia Garrett Grennan South Africa Kayn Woolmer Thailand William Chea Turkey Sercan Bahadir Ukraine Eduard Zlydennyy United Arab Emirates Garrett Grennan Managing indirect taxes in rapid-growth markets Executive summary 13
16 EY About EY About EY s Tax services ED None
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
Executive summary Managing indirect tax controversy. Dealing with audits and disputes
Executive summary Managing indirect tax controversy Dealing with audits and disputes Executive summary VAT/GST and customs high on the tax agenda Knowing the indirect tax rules for your business operations
Indirect tax alert. EU VAT refunds for non-eu businesses. Are you preparing your 2012 EU VAT refund application?
May 2013 Indirect tax alert EU VAT refunds for non-eu businesses Are you preparing your 2012 EU VAT refund application? According to an Organization for Economic Cooperation and Development (OECD) survey
Indirect Tax Alert. EU VAT refunds for non-eu businesses require action by 30 June Executive Summary
10 June 2015 EU VAT refunds for non-eu businesses require action by 30 June 2015 Executive Summary Non-EU businesses that have incurred value added tax (VAT) in Europe during 2014 may be able to recover
Indirect Tax Alert. EU VAT refunds for non-eu businesses require action by 30 June Executive summary
3 June 2014 EU VAT refunds for non-eu businesses require action by 30 June 2014 Executive summary Non-EU businesses that have incurred VAT in Europe in 2013 may be able to recover VAT by applying to the
wts study Global WTS PE Study A high-level overview of most discussed PE issues in EU, OECD and BRICS countries
wts study Global WTS PE Study A high-level overview of most discussed PE issues in EU, OECD and BRICS countries Table of Contents Preface 3 Conclusions at a glance 4 Summary from the survey 5 Detailed
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
Managing indirect taxes in the digital age. Digital: disruptive business or business disruption?
Managing indirect taxes in the digital age Digital: disruptive business or business disruption? The sharing economy: disruptive business or business disruption? Digital is transforming business models.
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
T. Rowe Price Funds. Supplement to the following summary prospectuses, each as dated below (as supplemented) MARCH 1, 2018 MAY 1, 2018 JULY 1, 2018
T. Rowe Price Funds Supplement to the following summary prospectuses, each as dated below (as supplemented) Africa & Middle East Asia Opportunities Emerging Europe Emerging Markets Stock Emerging Markets
Managing indirect taxes in rapid-growth markets
Managing indirect taxes in rapid-growth markets Welcome Welcome to Managing indirect taxes in rapid-growth markets. In this report, we look at issues and opportunities that multinational companies face
Emerging Markets Stock Fund
SUMMARY PROSPECTUS PRMSX PRZIX Investor Class I Class March 1, 2018 T. Rowe Price Emerging Markets Stock Fund A fund seeking long-term growth of capital through investments in common stocks of companies
Risk Mitigation Solutions
Risk Mitigation Solutions Lee Meddin, Deputy Treasurer & Global Head of Structured Finance July 30 th, 2007 The IFC Founded in 1956 to meet the needs of the private sector Part of the World Bank Group
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
Brown Advisory Somerset Emerging Markets Fund Class/Ticker: Institutional Shares / BAFQX Investor Shares / BIAQX Advisor Shares / BAQAX
Summary Prospectus October 31, 2017 Brown Advisory Somerset Emerging Markets Fund Class/Ticker: Institutional Shares / BAFQX Investor Shares / BIAQX Advisor Shares / BAQAX Before you invest, you may want
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
15 Popular Q&A regarding Transfer Pricing Documentation (TPD) In brief. WTS strong presence in about 100 countries
15 Popular Q&A regarding Transfer Pricing Documentation (TPD) Contacts China Martin Ng Managing Partner Martin.ng@worldtaxservice.cn + 86 21 5047 8665 ext.202 Xiaojie Tang Manager Xiaojie.tang@worldtaxservice.cn
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 Construction 2030 Expo EDIFICA 2017 Santiago Chile. 4-6 October 2017
Global Construction 2030 Expo EDIFICA 2017 Santiago Chile 4-6 October 2017 Graham Robinson Global Construction Perspectives Global Construction 2030 is the fourth in a series of global studies of the construction
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
[ ] Deduction for income earned in certain foreign states. (Foreign Earnings Deduction) - Section 823A TCA 1997
[34-00-09] Deduction for income earned in certain foreign states (Foreign Earnings Deduction) - Section 823A TCA 1997 Updated February 2017 1. Section 823A TCA 1997 The foreign earnings deduction provision
Emerging Markets Discovery Stock Fund
SUMMARY PROSPECTUS March 1, 2019 PRIJX REVIX PAIJX T. ROWE PRICE Emerging Markets Discovery Stock Fund (formerly known as Emerging Markets Value Stock Fund) Investor Class I Class Advisor Class The Securities
Issue 11 December Meeting the VAT e-audit challenge
Issue 11 December 2014 Meeting the VAT e-audit challenge Meeting the VAT e-audit challenge Themes and trends 01 We are living in a digital age. Technological advances in extracting and analyzing data are
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
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
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
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
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
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)
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
Planning Global Compensation Budgets for 2018 November 2017 Update
Planning Global Compensation Budgets for 2018 November 2017 Update Planning Global Compensation Budgets for 2018 The year is rapidly coming to a close, and we are now in the midst of 2018 global compensation
INTERNATIONAL FRAMEWORK FOR NUCLEAR ENERGY COOPERATION (IFNEC)
INTERNATIONAL FRAMEWORK FOR NUCLEAR ENERGY COOPERATION (IFNEC) Status of Reliable Nuclear Fuel Services Working Group Activities on Multinational Repository Concept Michelle Scott Senior Advisor U.S. Department
Market Correlation: Emerging Markets MSCI
Market Correlation: MSCI March 2, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside
Clinical Trials Insurance
Allianz Global Corporate & Specialty Clinical Trials Insurance Global solutions for clinical trials liability Specialist cover for clinical research The challenges of international clinical research are
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
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
(of 19 March 2013) Valid from 1 January A. Taxpayers
Leaflet. 29/460 of the Cantonal Tax Office on withholding taxes applicable to pension benefits under private law for persons without domicile or residence in Switzerland (of 19 March 2013) Valid from 1
STATISTICS Last update: 03/07/2017
STATISTICS 2012-2016 Last update: 03/07/2017 BU NEWS BUSINESS [USD, BILLIONS] New business by year, vs. total world exports 3,000 2,500 2,000 1,500 1,000 500 12,131 1,138 40 127 971 14,023 1,323 53 143
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
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
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
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)
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)
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
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
Putting China s Capital to Work The Value of Financial System Reform
McKinsey Global Institute Putting China s Capital to Work The Value of Financial System Reform Susan Lund, Senior Fellow McKinsey Global Institute October 25, 2006 KEY MESSAGES China has made steady advances
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
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
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
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
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
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
World Steel Industry Development and Market Prospects 13 th International Market and Trade Conference
World Steel Industry Development and Market Prospects 13 th International Market and Trade Conference Global Steel Industry in the post-crisis Period Global economic recovery continues to disappoint The
Methodology Calculating the insurance gap
Methodology Calculating the insurance gap Insurance penetration Methodology 3 Insurance Insurance Penetration Rank Rank Rank penetration penetration difference 2018 2012 change 2018 report 2012 report
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
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
Emerging Markets Where are the Yield Opportunities? Using Demographics to reduce the uncertainty
1 Emerging Markets Where are the Yield Opportunities? Using Demographics to reduce the uncertainty Global Demographics Limited October 2018 Can Demographics Reduce Uncertainty/Error in GDP Forecasts For
Ireland signs Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS
17 July 2017 Global Tax Alert Ireland signs Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS EY Global Tax Alert Library Access both online and pdf versions of all EY Global
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
THE ADVISORS INNER CIRCLE FUND II CHAMPLAIN MID CAP FUND (THE FUND ) ADVISOR SHARES (CIPMX) INSTITUTIONAL SHARES (CIPIX)
THE ADVISORS INNER CIRCLE FUND II CHAMPLAIN MID CAP FUND (THE FUND ) ADVISOR SHARES (CIPMX) INSTITUTIONAL SHARES (CIPIX) SUPPLEMENT DATED SEPTEMBER 5, 2017 TO THE SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT
WHY UHY? The network for doing business
The network for doing business UHY THE NETWORK FOR DOING BUSINESS We are connected Over 7,660 trusted advisors and consultants operating in over 296 business centres across more than 89 countries AFRICA
2010 SELECTIVE CAPITAL INCREASE
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized INTERNATIONAL FINANCE CORPORATION 2010 SELECTIVE CAPITAL INCREASE PROCEDURES FOR SUBSCRIPTIONS
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
Hong Kong Tax Alert. Hong Kong signs comprehensive double tax agreement with Romania. Who is covered by the CDTA. 27 November Issue No.
Hong Kong Tax Alert 27 November 2015 2015 Issue No. 19 Hong Kong signs comprehensive double tax agreement with Romania On 18 November 2015, Hong Kong signed a comprehensive avoidance of double taxation
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
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
Tax Newsflash January 31, 2014
Tax Newsflash January 31, 2014 Luxembourg s New Double Tax Treaties As of 1 January 2014, Luxembourg further enlarged its double tax treaty network with the entry into force of the new double tax treaties
PMITM. The world s leading economic indicator
PMITM The world s leading economic indicator The Purchasing Managers IndexTM (PMITM) is based on monthly surveys of carefully selected companies representing major and developing economies worldwide. KEY
Mongolia Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: June 2015
Mongolia Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 6 3 Indirect
Travel Insurance and Assistance
Travel Insurance and Assistance Worldwide research covering over 40 countries Series Prospectus Finaccord 1 Prospectus contents Page What is the research? Which countries are covered What methodology has
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
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
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
Air Passenger Forecasts
www.iata.org/pax-forecast Example report: numbers are for illustration purposes only Global report Page Table of Contents 1 Top Markets 2 Top Domestic Markets 3 Top International Country Pairs 4 Largest
Czech Republic Country Profile
Czech Republic Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Czech Rep. EU Member State Yes Double Tax With: Treaties Albania Armenia
Fiscal Policy and the Global Crisis
Fiscal Policy and the Global Crisis Presentation at Koҫ University, Istanbul Carlo Cottarelli Director IMF Fiscal Affairs Department June 9, 2009 1 Two fiscal questions What is the appropriate fiscal policy
Belgium Country Profile
Belgium Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Belgium EU Member State Double Tax Treaties Yes With: Albania Algeria Argentina
2009 Half Year Results. August 25, 2009
1 2009 Half Year Results August 25, 2009 2 Caution statement This presentation may contain forward looking statements, which are subject to risk and uncertainty. A variety of factors could cause our actual
YUM! Brands, Inc. Historical Financial Summary. Second Quarter, 2017
YUM! Brands, Inc. Historical Financial Summary Second Quarter, 2017 YUM! Brands, Inc. Consolidated Statements of Income (in millions, except per share amounts) 2017 2016 2015 YTD Q3 Q4 FY FY Revenues Company
M&A in a two-speed world Assessing risks and opportunities in rapid-growth markets
Growing Beyond M&A Maturity Index 212 M&A in a two-speed world Assessing risks and opportunities in rapid-growth markets www.mandamaturity.com Assess M&A risks and opportunities in 148 countries around
Travel Insurance and Assistance
Travel Insurance and Assistance Worldwide research covering over 40 countries Series Prospectus Finaccord Web: www.finaccord.com. E-mail: info@finaccord.com 1 Prospectus contents Page What is the research?
Czech Republic Country Profile
Czech Republic Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Czech Republic EU Member State Yes Double Tax Treaties With: Albania
Switzerland Country Profile
Switzerland Country Profile EU Tax Centre June 2018 Key tax factors for efficient cross-border business and investment involving Switzerland EU Member State No. Please note that, in addition to Switzerland
Czech Republic Country Profile
Czech Republic Country Profile EU Tax Centre June 2018 Key tax factors for efficient cross-border business and investment involving Czech Republic EU Member State Yes Double Tax Treaties With: Albania
Mobility challenges in Africa, Asia and the Middle East
Mobility challenges in Africa, Asia and the Middle East Panel discussion 26 29 October 2014 Disclaimer EY refers to the global organization, and may refer to one or more, of the member firms of Ernst &
Index. tax evasion ethics in tax system change in Bureaucracy 3-11 Canada
Ability to pay principle 58 Administrative burden 51-79, 73-90, 430 Albania 112 Alternative Minimum Tax (AMT) 75 Anti-capitalistic mentality 318 Appeals in Armenia 317 Argentina 281-308 Armenia 113, 309-358
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
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
10 Legal Tips for Foreign and Local Investors in South Africa
Successful together 10 Legal Tips for Foreign and Local Investors in South Africa Anna-Lena Becker Cape Town 04 October 2015 1 Agenda 01 Rödl & Partner 02 10 Legal Tips for Foreign and Local Investors
Market Briefing: Emerging Markets Stocks, Bonds, & Currencies
Market Briefing: Emerging Markets Stocks, Bonds, & Currencies October 26, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit
Switzerland Country Profile
Switzerland Country Profile EU Tax Centre July 2015 Key tax factors for efficient cross-border business and investment involving Switzerland EU Member State No. Please note that, in addition to Switzerland
US Economic Indicators: Import Prices, PPI, & CPI
US Economic Indicators: Import Prices, PPI, & CPI December 1, 17 Dr. Edward Yardeni 51-97-73 eyardeni@ Debbie Johnson --1333 djohnson@ Please visit our sites at blog. thinking outside the box Table Of
Hong Kong Tax Alert. Hong Kong signs comprehensive double tax agreement with Saudi Arabia. 31 August Issue No. 13
Hong Kong Tax Alert 31 August 2017 2017 Issue No. 13 Hong Kong signs comprehensive double tax agreement with Saudi Arabia On 24 August 2017, Hong Kong signed a comprehensive avoidance of double taxation
Luxembourg Country Profile
Luxembourg Country Profile EU Tax Centre June 2018 Key tax factors for efficient cross-border business and investment involving Luxembourg EU Member State Yes Double Tax Treaties With: Albania (a) Andorra
Market Briefing: US MSCI Stock Price Index vs Rest of the World
Market Briefing: US MSCI Stock Price Index vs Rest of the World January 29, 1 Dr. Edward Yardeni 51-972-73 eyardeni@ Joe Abbott 732-97-530 jabbott@ Mali Quintana 0--1333 aquintana@ Please visit our sites
Tax Recertification. More Information About the W-8BEN Tax Forms
Tax Recertification The government requires that all Morgan Stanley clients must certify the correct Tax Forms W-8BENs. Form W-8BEN expires after three (3) years and must be recertified by the end of the
International Debt Collection: the 2018 edition of collection complexity
Economic Insight International Debt Collection: the 2018 edition of collection complexity February 1, 2018 Authors: Maxime Lemerle +33 1 84 11 54 01 maxime.lemerle@eulerhermes.com Executive Summary The