Paul Browne, Partner, London Yongmei Cai, Partner, Beijing Jay Lee, Partner, Hong Kong
|
|
|
- Herbert Summers
- 5 years ago
- Views:
Transcription
1 One Belt One Road and RMB internationalisation: a look at how recent PRC regulatory developments provide significant opportunities for market participants in the Financial Markets in the UK and Europe Paul Browne, Partner, London Yongmei Cai, Partner, Beijing Jay Lee, Partner, Hong Kong
2 One Belt One Road and RMB internationalisation Setting the scene OBOR and RMB internationalisation : what are they and why are they important What we will cover today Key regulatory developments Market trends and opportunities 1 / B_LIVE_EMEA1: v1
3 PRC regulatory developments Fast pace of regulatory change to be considered in context of internationalisation of RMB Some key developments development of offshore RMB bond market 8 October 2015: Cross-border Interbank Payment System (CIPS) to be launched 14 September 2015: NDRC Notice on Corporate Foreign Debt Issuance 1 June 2014: SAFE Rules on Cross-border Guarantees QFII / RQFII QDII / QDII 2 Free Trade Zones Shanghai / Hong Kong Stock Connect also Bond Connect? Panda bonds 2 / B_LIVE_EMEA1: v1
4 Top 10 payment currencies in the world % of global payments, as of March % 44.64% 40% 30% 20% 22.21% 10% 8.49% 3.07% 2.03% 1.93% 1.88% 1.64% 1.17% 1.04% 0% USD EUR GBP JPY CNY CAD AUD CHF HKD THB Source: SWIFT, Standard Chartered Research Simmons & Simmons LLP Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated partnerships and other entities. 3 // B_LIVE_EMEA1: v1
5 OBOR Purpose and goals Purpose Achieve win-win cooperation that promotes common development and prosperity Enhance mutual understanding and trust, and strengthen all-round exchanges Encourage Chinese firms to go abroad in search of new markets or investment opportunities Help resolve certain strategic problems related to overcapacity, industrial restructuring and imbalance in foreign trade Promote RMB internationalization 4 / B_LIVE_EMEA1: v1
6 OBOR Countries, regions and projects involved Overview map of OBOR routes 5 / B_LIVE_EMEA1: v1
7 OBOR Countries, regions and projects involved Countries In general, approximately: 43 countries in Asia; 16 countries in Europe; 4 countries in the Commonwealth of the Independent States; and 1 country in Africa are involved in the OBOR initiative. The table below sets out the countries involved in the OBOR initiative as of July / B_LIVE_EMEA1: v1
8 OBOR Countries, regions and projects involved Countries Southeast Asia Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, Laos, Brunei, Myanmar, Cambodia, Timor-Leste South Asia Central Asia Nepal, Bhutan, India, Pakistan, Bangladesh, Sri Lanka, Maldives Kazakhstan, Turkmenistan, Kyrgyzstan, Uzbekistan, Tadzhikistan, Afghanistan West Asia Central and East Europe Iran, Iraq, Georgia, Armenia, Azerbaijan, Turkey, Syria, Jordan, Israel, Saudi Arabia, Bahrain, Qatar, Yemen, Oman, Kuwait, etc. Albania, Bosnia, Croatia, Bulgaria, Czekh, Estonia, Hungary, Latvia, Lithuania, Macedonia, Romania, Poland, Serbia, etc. The Commonwealth of the Independent States Others Russia, Belarus, Ukraine, Moldova Mongolia, Egypt 7 / B_LIVE_EMEA1: v1
9 OBOR Opportunities - Overseas Initial theme -- Overseas projects and financing opportunities Initial projects Transportation infrastructure projects such as railways, ports, roads, airports Central and South East Asia State level Cooperation opportunities with Chinese state resources and financial institutions through: Silk Road Fund Asia Infrastructure Investment Bank ( AIIB ) 8 / B_LIVE_EMEA1: v1
10 OBOR Opportunities Provincial level All 31 Chinese provinces have indicated they will actively participate in the implementation of the OBOR initiative. Two-thirds of these provinces have included it as a development priority and have featured it in their annual work plans for Some examples: Qinghai Province Guangdong Province 9 / B_LIVE_EMEA1: v1
11 OBOR Opportunities Private firms State-owned enterprises and large financial institutions are expected to take the centre stage at the initial phase. Construction machinery companies, building materials producers and infrastructure operating companies. 10 / B_LIVE_EMEA1: v1
12 China onshore assets owned by foreigners Foreign portfolio investment in China s onshore assets is rising 1,400 1,200 1, Equities Bonds CNY bn 0 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Source: PBoC, Standard Chartered Research 11 / B_LIVE_EMEA1: v1
13 RQFII Programme has been expanded globally Data as of end April-2015 Quota ceiling for the region (CNY bn) Number of licences Approved quota (CNY bn) Hong Kong Singapore London Paris Korea Frankfurt Qatar Canada Australia Switzerland Luxembourg Total Source: SAFE, PBoC announcements, Standard Chartered Research Simmons & Simmons LLP Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated partnerships and other entities. 12 // B_LIVE_EMEA1: v1
14 Faster approvals under QFII, RQFII, and QDII Annual quota approval (CNY bn) 300 R-QFII QFII QDII Jan-Apr Simmons & Simmons LLP Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated partnerships and other entities. 13 // B_LIVE_EMEA1: v1 Note: QFII and QDII approvals are converted at USD-CNY=6.2 Source: SAFE, Standard Chartered Research
15 International debt securities by currency Outstanding amount (USDbn), % of world total 10,000 9, % (8.8 tn) 41.1% (9 tn) 8,000 7,000 6,000 5,000 4,000 3,000 2, % (2.1 tn) 1, % (430 bn) 0.5% (119 bn) USD EUR GBP JPY CNY Source: BIS, Standard Chartered Research. *As of December 2014 Simmons & Simmons LLP Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated partnerships and other entities. 14 // B_LIVE_EMEA1: v1
16 Offshore RMB Bond Primary Issuances (RMB billion) Source: BOCHY, Bloomberg Simmons & Simmons LLP Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated partnerships and other entities. 15 // B_LIVE_EMEA1: v1
17 Other developments China ABS Shanghai / Hong Kong Stock Connect Bond Connect 7 th China UK Economic and Financial dialogue 16 / B_LIVE_EMEA1: v1
18 It s not a question of if, it s a question of when. IMF Managing Director Lagarde Simmons & Simmons LLP Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated partnerships and other entities. 17 // B_LIVE_EMEA1: v1
19 Let s create a golden decade for the UK-China relationship. Hon George Osborne MP, Chancellor of the Exchequer 18 / B_LIVE_EMEA1: v1
20 19 / B_LIVE_EMEA1: v1
21 simmons-simmons.com elexica.com This document is for general guidance only. It does not contain definitive advice. SIMMONS & SIMMONS and S&S are registered trade marks of Simmons & Simmons LLP. Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated practices. Accordingly, references to Simmons & Simmons mean Simmons & Simmons LLP and the other partnerships and other entities or practices authorised to use the name Simmons & Simmons or one or more of those practices as the context requires. The word partner refers to a member of Simmons & Simmons LLP or an employee or consultant with equivalent standing and qualifications or to an individual with equivalent status in one of Simmons & Simmons LLP s affiliated practices. For further information on the international entities and practices, refer to simmonssimmons.com/legalresp. Simmons & Simmons LLP is a limited liability partnership registered in England & Wales with number OC and with its registered office at CityPoint, One Ropemaker Street, London EC2Y 9SS. It is authorised and regulated by the Solicitors Regulation Authority. A list of members and other partners together with their professional qualifications is available for inspection at the above address. 20 / B_LIVE_EMEA1: v1
Cross-Border Tax Regimes. Steven Sieker Partner, Baker McKenzie 28 June 2018
Cross-Border Tax Regimes Steven Sieker Partner, Baker McKenzie 28 June 2018 Taxation in the Cross-Border Context Payer service recipient / borrower / IP licensee / employer payments for services rendered
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)
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
Turkey Country Profile
Turkey Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Turkey EU Member State Double Tax Treaties With: Albania Algeria Australia Austria
Today's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, October
Today's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, November
Today's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Thursday, October
Austria Country Profile
Austria Country Profile EU Tax Centre March 2014 Key tax factors for efficient cross-border business and investment involving Austria EU Member State Yes Double Tax Treaties With: Albania Algeria Armenia
Today's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Thursday, July
Turkey Country Profile
Turkey Country Profile EU Tax Centre June 2018 EU Tax Centre June 2018 Turkey Key tax factors for efficient cross-border business and investment involving Turkey EU Member State Double Tax Treaties No
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
Today's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, July 14,
Today's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, December
Today's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, February
Today's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, January
Today's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, April
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);
Today's CPI data: what you need to know
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, August
Cyprus has signed Double Tax Treaties (DTTs) and conventions with 61 countries.
INFORMATION SHEET 14 Title: Cyprus Double Tax Treaties Authored: January 2016 Updated: August 2016 Company: Reference: Chelco VAT Ltd Cyprus Ministry of Finance General Cyprus has signed Double Tax Treaties
Figure I Changes in real GDP growth rates in China
Chapter 3 Trends in the Chinese economy Section 1 Macroeconomic trends in China In this section, we will provide an overview of the Chinese economy in 2016, mainly the trends in major economic indicators.
Comperative DTTs of Pakistan
Comperative DTTs of Pakistan 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 S. No. COUNTRY CONTINENT Republic/Dem ocratic/kingdo m/sultanate P.E. BUSINESS PROFIT SHIPPING AIR TRANSPORT DIVIDEND INTEREST ROYALITIES
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
HKGCC proposals on Belt-and-Road Opportunities for Hong Kong s Financial Services Sector
HKGCC proposals on Belt-and-Road Opportunities for Hong Kong s Financial Services Sector Background 1. The Mainland s Belt-and-Road Initiative seeks to promote regional economic growth through economic
Asian Double Tax Treaties 2011
Corporate Establishment, Tax, Accounting & Payroll Throughout Asia Asian Double Tax Treaties 2011 A compilation of all Asian countries and regional double tax treaties and who they have signed them with.
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
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%](/thumbs/88/116150947.jpg "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
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
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
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
HEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES
HEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES AT A GLANCE GEOGRAPHY 77 COUNTRIES COVERED 5 REGIONS Americas Asia Pacific Central & Eastern
Supplementary Table S1 National mitigation objectives included in INDCs from Jan to Jul. 2017
1 Supplementary Table S1 National mitigation objectives included in INDCs from Jan. 2015 to Jul. 2017 Country Submitted Date GHG Reduction Target Quantified Unconditional Conditional Asia Afghanistan Oct.,
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
Cyprus has signed Double Tax Treaties (DTTs) and conventions with 61 countries.
INFORMATION SHEET 14 Subject: Cyprus Double Tax Treaties Authored: January 2016 Updated: January 2017 Company: Reference: Costas Tsielepis & Co Ltd Cyprus Ministry of Finance General Cyprus has signed
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%
Unravel the complexities of RMB Internationalisation The Rising Role of RMB- A Corporate Perspective 24 May 2012 PUBLIC
Unravel the complexities of RMB Internationalisation The Rising Role of RMB- A Corporate Perspective 24 May 2012 1. RMB Internationalisation Overview A Global Trade Currency A Global Investment Currency
(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
Request to accept inclusive insurance P6L or EASY Pauschal
5002001020 page 1 of 7 Request to accept inclusive insurance P6L or EASY Pauschal APPLICANT (INSURANCE POLICY HOLDER) Full company name and address WE ARE APPLYING FOR COVER PRIOR TO DELIVERY (PRE-SHIPMENT
AIIB Strategy Briefing
AIIB Strategy Briefing Background, Strategies, Investment and Challenges AIIB 2 nd Annual Meeting of the Board of Governors Governor Seminar I June 2017 Presentation I. Background and Context of Setting
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
Asia Key Economic and Financial Indicators 20-Oct-16
Asia Key Economic and Financial Indicators -Oct- ASEAN Brunei (BN) Cambodia (KH) Indonesia () Laos (LA) Malaysia () Myanmar (MM) Philippines () Singapore () Thailand () Vietnam () East Asia China (CN)
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
Romania Country Profile
Romania Country Profile EU Tax Centre March 2014 Key tax factors for efficient cross-border business and investment involving Romania EU Member State Yes Double Tax Treaties With: Albania Algeria Armenia
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
Cyprus has signed Double Tax Treaties (DTTs) and conventions with close to 60 countries.
INFORMATION SHEET 14 Subject: Cyprus Double Tax Treaties Authored: January 2016 Updated: February 2016 Company: Reference: Costas Tsielepis & Co Ltd Cyprus Ministry of Finance General Cyprus has signed
Managing Risks along the Belt & Road. Navigating Country, Geopolitical and Business Entity Risks with data and analytics
Managing Risks along the Belt & Road Navigating Country, Geopolitical and Business Entity Risks with data and analytics June 2018 FOREWORD The 'Belt and Road Initiative' offers significant benefits in
Luxembourg-Kazakhstan business relations A focus on financial services. 2 March 2017
Luxembourg-Kazakhstan business relations A focus on financial services 2 March 2017 Arendt & Medernach s story in Kazakhstan First visit to Kazakhstan in 2011 Moscow office opened in October 2012 Covering
Dutch tax treaty overview Q4, 2013
Dutch tax treaty overview Q4, 2013 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
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
Asia Key Economic and Financial Indicators 13-Jul-17
Asia Key Economic and Financial Indicators -Jul-7 ASEAN Brunei (BN) Cambodia (KH) Indonesia () Laos (LA) Malaysia () Myanmar (MM) Philippines () Singapore () Thailand () Vietnam () East Asia China (CN)
SURVEY TO DETERMINE THE PERCENTAGE OF NATIONAL REVENUE REPRESENTED BY CUSTOMS DUTIES INTRODUCTION
SURVEY TO DETERMINE THE PERCENTAGE OF NATIONAL REVENUE REPRESENTED BY CUSTOMS DUTIES INTRODUCTION This publication provides information about the share of national revenues represented by Customs duties.
Romania Country Profile
Romania Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Romania EU Member State Yes Double Tax Treaties With: Albania Algeria Armenia
Oesterreichische Kontrollbank AG. Financing Waste Management Projects in Brazil September 2017
Oesterreichische Kontrollbank AG Financing Waste Management Projects in Brazil September 2017 1 OeKB Group insuring your success 3.500 clients of our export service approx. 400 employees covering more
Building the expert platform for Asian investments. asiafundmanagers.com
Building the expert platform for Asian investments 1 There is a gap of 9 trn. USD 9 21 trn. USD if allocated to world GDP** 12trn. USD today* trn. USD * 17,29 percent of world equity market cap (MSCI,
The UAE as a Structuring Hub
The UAE as a Structuring Hub MATTHIEU DAGUERRE TTN NICE 25 SEPTEMBER 2015 www.m-hq.com PART I PART II PART III HIGH LEVEL OVERVIEW WHICH VEHICLE FOR WHICH PURPOSE A COUPLE OF BESTSELLERS UNDER THE SPOTLIGHT
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
TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime
A F R I C A WA T C H TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime Afghanistan Albania Algeria Andorra Angola Antigua and Barbuda Argentina Armenia
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
CNH and China QFII market: Opportunities and Challenges A Fund Custodian and Administrator's Perspective"
CNH and China QFII market: Opportunities and Challenges A Fund Custodian and Administrator's Perspective" Eric Chow HSBC Securities Services June 2011 2 Agenda About HSBC Securities Services (HSS) Introducing
Annex Supporting international mobility: calculating salaries
Annex 5.2 - Supporting international mobility: calculating salaries Base salary refers to a fixed amount of money paid to an Employee in return for work performed and it is determined in accordance with
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
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
WIRE TRANSFER GUIDE RECEIVING WIRE TRANSFERS
RECEIVING WIRE TRANSFERS Incoming Domestic Wire Instructions: Receiving Bank Name: Genesee Regional Bank Receiving Bank Address: 3380 Monroe Ave. Rochester, NY 14618 Receiving Bank Routing, Transit, ABA
Withholding Tax Rates 2014*
Withholding Tax Rates 2014* (Rates are current as of 1 March 2014) Jurisdiction Dividends Interest Royalties Notes Afghanistan 20% 20% 20% International Tax Albania 10% 10% 10% Algeria 15% 10% 24% Andorra
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
Valid from 1 January A. Taxpayers
Leaflet. 29/410 of the Cantonal Tax Office on withholding taxes applicable to pension benefits under public law for persons without domicile or in Switzerland (of 19 March 2013) Valid from 1 January 2013
APA & MAP COUNTRY GUIDE 2018 UKRAINE. New paths ahead for international tax controversy
APA & MAP COUNTRY GUIDE 2018 UKRAINE New paths ahead for international tax controversy UKRAINE APA PROGRAM KEY FEATURES Competent authority Relevant provisions Types of APAs available Acceptance criteria
GEF Evaluation Office MID-TERM REVIEW OF THE GEF RESOURCE ALLOCATION FRAMEWORK. Portfolio Analysis and Historical Allocations
GEF Evaluation Office MID-TERM REVIEW OF THE GEF RESOURCE ALLOCATION FRAMEWORK Portfolio Analysis and Historical Allocations Statistical Annex #2 30 October 2008 Midterm Review Contents Table 1: Historical
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
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
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
UBI Pramerica SGR. US Economic Environment. Richard K. Mastain, Senior Vice President Jennison Associates LLC. April 2008
UBI Pramerica SGR US Economic Environment Richard K. Mastain, Senior Vice President Jennison Associates LLC Subadvisor to Certain UBI Pramerica SGR Funds April 2008 Notice This presentation is for informational
2019 Daily Prayer for Peace Country Cycle
2019 Daily Prayer for Peace Country Cycle Tuesday January 1, 2019 All Nations Wednesday January 2, 2019 Thailand Thursday January 3, 2019 Sudan Friday January 4, 2019 Solomon Islands Saturday January 5,
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
SHARE IN OUR FUTURE AN ADVENTURE IN EMPLOYEE STOCK OWNERSHIP DEBBI MARCUS, UNILEVER
SHARE IN OUR FUTURE AN ADVENTURE IN EMPLOYEE STOCK OWNERSHIP DEBBI MARCUS, UNILEVER DEBBI.MARCUS@UNILEVER.COM RUTGERS SCHOOL OF MANAGEMENT AND LABOR RELATIONS NJ/NY CENTER FOR EMPLOYEE OWNERSHIP AGENDA
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
Household Debt and Business Cycles Worldwide Out-of-sample results based on IMF s new Global Debt Database
Household Debt and Business Cycles Worldwide Out-of-sample results based on IMF s new Global Debt Database Atif Mian Princeton University and NBER Amir Sufi University of Chicago Booth School of Business
Financing the MDG Gaps in the Asia-Pacific
Financing the MDG Gaps in the Asia-Pacific Dr. Nagesh Kumar Chief Economist, ESCAP And Director, ESCAP Subregional Office for South and South-West Asia, New Delhi 1 2 Outline Closing the poverty gap: interactions
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
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
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
Scale of Assessment of Members' Contributions for 2008
General Conference GC(51)/21 Date: 28 August 2007 General Distribution Original: English Fifty-first regular session Item 13 of the provisional agenda (GC(51)/1) Scale of Assessment of s' Contributions
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
Belgium Country Profile
Belgium Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Belgium EU Member State Double Tax Treaties Yes With: Albania Algeria Argentina
Emerging Fixed Income A New Dawn. Simon Lue-Fong March 2007 I Lima
Emerging Fixed Income A New Dawn Simon Lue-Fong March 2007 I Lima Table of contents 1. The Changing Landscape Emerging USD Bonds have had a spectacular ride But where next? EMERGING USD BOND SPREADS SINCE
Save up to 74% on U.S. postage.
BRITISH COLUMBIA RATE CARD 2019 Effective January 27 2019 Save up to 74% on U.S. postage. Postage from $2.66 USD Delivery within 4 business days Tracking included Chit Chats Insurance from $0.35 Canada
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
Long Association List of Jurisdictions Surveyed for Which a Response Has Been Received
Agenda Item 7-B Long Association List of Jurisdictions Surveed for Which a Has Been Received Jurisdictions Region IFAC Largest 29 G10 G20 EU/EEA IOSCO IFIAR Surve Abu Dhabi Member (UAE) Albania Member
Poland Country Profile
Poland Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Poland EU Member State Yes Double Tax Treaties With: Albania Algeria Armenia
165 CHAPTER 8: ONE BELT, ONE ROAD AND CHINESE INVESTMENT Vivienne Bath * Introduction... 8-010 Chinese Regulation of Investment and Investment Policy... 8-020 OBOR and Investment... 8-030 China and International
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
Real Estate & Private Equity workshop
Real Estate & Private Equity workshop Moderator: Panelists: Joseph Hendry, Managing Director, Brown Brothers Harriman Gautier Despret, Senior Manager, Ernst & Young Patrick Goebel, Counsel, Allen & Overy
Interim Results 17 November 2011
Interim Results 17 November 2011 Alan Parker Executive Chairman First 100 days Considerations: Group leadership and strategy Business model, at home and abroad Customer attraction in different markets
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
Croatia Country Profile
Croatia Country Profile EU Tax Centre June 2017 Key tax factors for efficient cross-border business and investment involving Croatia EU Member State Double Tax Treaties With: Albania Armenia Austria Azerbaijan
2 Albania Algeria , Andorra
1 Afghanistan LDC 110 80 110 80 219 160 2 Albania 631 460 631 460 1 262 920 3 Algeria 8 628 6,290 8 615 6 280 17 243 12 570 4 Andorra 837 610 837 610 1 674 1 220 5 Angola LDC 316 230 316 230 631 460 6
Finland Country Profile
Finland Country Profile EU Tax Centre July 2016 Key tax factors for efficient cross-border business and investment involving Finland EU Member State Double Tax Treaties With: Argentina Armenia Australia
Bribery Watch. Global investigations. An overview of anti-bribery and corruption laws and enforcement in 150 countries.
Global investigations An overview of anti-bribery and corruption laws and enforcement in 150 countries November 2012 What is? It is very difficult and time consuming to keep track of anti-bribery and corruption
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