www.bethelfinance.com
ST GEORGE'S, Grenada - Grenada's Prime Minister Dr Keith Mitchell met
on Wednesday in Bridgetown with his Barbadian counterpart Freundel
Stuart, where they discussed issues on the regional agenda for the
upcoming CARICOM heads of government summit in Trinidad this July.
It was the first meeting between the two since they were elected in general elections in their respective countries in February.
Mitchell was in Barbados on Wednesday to present the annual David
Thompson Lecture at the Cave Hill Campus of the University of the West
Indies.
He was due to speak on the issue of science and technology, as Grenada resumes its lead role on the issue among CARICOM states.
The lecture series is held in the name of the late Barbadian leader,
whom Stuart succeeded after he succumbed to cancer while in office in
2010.
Mitchell was due to deliver the lecture at 7 pm, but scheduled a series
of meetings following his arrival in Bridgetown on Wednesday morning,
including one with Stuart.
Key among issues discussed between the two leaders were regional
integration, as it relates to the OECS countries; the overall financial
situation in the region, including a resolution on the situation with
CLICO Financial -- the former giant, but now-liquidated financial
conglomerate based in Trinidad.
As has been his mantra since assuming office, Mitchell again pledged to
engage aggressively with regional stakeholders including governments,
social and private sectors in resolving the fiscal crisis.
Friday, April 12, 2013
Thursday, April 11, 2013
Jersey Financial Sector Vacancies On The Rise
www.bethelfinance.com/rm
Jersey Finance has noted the most recent findings of Jersey's Labour Market Survey, which reveals that around a quarter of total current private sector vacancies in Jersey are in the finance sector, despite more than 2,000 people reportedly still seeking work.
While the results of the Survey suggest a gap between skills and vacancies, the finance industry remains Jersey's biggest employer, with the number of job opportunities available within the industry providing a positive indication of its strength and growth potential.
Jersey Finance has a well-established Education Programme. With a remit to address current and future gaps in the skillset of Jersey's financial services workforce, Jersey Finance regularly assists with training support of the unemployed, helps coordinate industry input into a locally delivered degree in financial services and organises a comprehensive financial services education programme for schools.
As well as working closely with Careers Jersey, Skills Jersey, Highlands College and the Jersey International Business School, Jersey Finance also receives a significant and growing amount of engagement from member firms. In March this year, Jersey Finance in partnership with Back to Work run and induction day for their Advanced Admin/Finance scheme where ten member firms took part in hosting organisational tours, running sector talks and mock interviews. In additions, a new report on the future of Jersey's finance industry will provide further direction on the long-term importance of education and training to support an evolving financial services sector. Skills Jersey are also planning to work in partnership with Jersey Finance to carry out a finance industry skills survey in 2013.
Geoff Cook, CEO Jersey Finance said:
"It's a challenging environment for all businesses in terms of job creation, so the fact that there are a number of vacancies currently available within the finance industry should be seen as an opportunity by keen job seekers who have the right attitude and who are prepared to learn new skills. In fact, the anecdotal evidence from firms is that in terms of jobs available, the landscape is very positive, with a broad range of junior and experienced roles on offer.
The expertise and specialist skills of its workforce have long been the foundation of Jersey's finance industry and this will continue to be the case. With many firms having re-structured their operations as a result of the financial downturn, there is now a collaborative focus from government and the industry, particularly on school leavers and graduates, to ensure the next generation has the right skills for an evolving industry.
The links the finance industry have developed with government bodies regarding initiatives such as Advance to work and Advance Plus as well as programmes developed with educational organisations are proving particularly invaluable in offering appropriate training and helping to up-skill the local workforce."
Jersey Finance has noted the most recent findings of Jersey's Labour Market Survey, which reveals that around a quarter of total current private sector vacancies in Jersey are in the finance sector, despite more than 2,000 people reportedly still seeking work.
While the results of the Survey suggest a gap between skills and vacancies, the finance industry remains Jersey's biggest employer, with the number of job opportunities available within the industry providing a positive indication of its strength and growth potential.
Jersey Finance has a well-established Education Programme. With a remit to address current and future gaps in the skillset of Jersey's financial services workforce, Jersey Finance regularly assists with training support of the unemployed, helps coordinate industry input into a locally delivered degree in financial services and organises a comprehensive financial services education programme for schools.
As well as working closely with Careers Jersey, Skills Jersey, Highlands College and the Jersey International Business School, Jersey Finance also receives a significant and growing amount of engagement from member firms. In March this year, Jersey Finance in partnership with Back to Work run and induction day for their Advanced Admin/Finance scheme where ten member firms took part in hosting organisational tours, running sector talks and mock interviews. In additions, a new report on the future of Jersey's finance industry will provide further direction on the long-term importance of education and training to support an evolving financial services sector. Skills Jersey are also planning to work in partnership with Jersey Finance to carry out a finance industry skills survey in 2013.
Geoff Cook, CEO Jersey Finance said:
"It's a challenging environment for all businesses in terms of job creation, so the fact that there are a number of vacancies currently available within the finance industry should be seen as an opportunity by keen job seekers who have the right attitude and who are prepared to learn new skills. In fact, the anecdotal evidence from firms is that in terms of jobs available, the landscape is very positive, with a broad range of junior and experienced roles on offer.
The expertise and specialist skills of its workforce have long been the foundation of Jersey's finance industry and this will continue to be the case. With many firms having re-structured their operations as a result of the financial downturn, there is now a collaborative focus from government and the industry, particularly on school leavers and graduates, to ensure the next generation has the right skills for an evolving industry.
The links the finance industry have developed with government bodies regarding initiatives such as Advance to work and Advance Plus as well as programmes developed with educational organisations are proving particularly invaluable in offering appropriate training and helping to up-skill the local workforce."
Wednesday, April 10, 2013
Positive 2012 For Manx Shipping Registry
www.bethelfinance.com
The Manx Shipping Registry continued to thrive in 2012, finishing the year on a new high of 15 million Gross Registered Tonnes, an increase of over 8% year-on-year, according to its annual report.
The Isle of Man is home to one of the world's fastest growing registries, averaging tonnage growth of 11% over the past few years. Although the total number of ships on the register has remained relatively static for the past few years, at approximately 1,050, the workload for registrars has increased significantly, dealing with around 10 new registrations each month, and various other filings.
The Registry has seen significant growth from Asia in particular. Since 2009, more than 20 vessels operated from Singapore have registered under the Isle of Man ensign, representing around 12% of Manx Gross Registered Tonnes (1.7m). Recognizing Singapore as a strategic location for the Registry, in April of 2012 the Isle of Man established a representative office in Singapore, and exhibited for the second time at the Singapore Yacht Show, as well as events in China and Japan.
Other key highlights for the Registry in 2012 included that it retained its important ISO 9001/2008 accreditation with flying colours in November. The Registry hit all is quality targets in respect of the fleet performance during the year, maintaining white list positions on the Paris and Tokyo memoranda of understanding for Port State Control, and its accreditation under the United States' Coast Guard's Qualship 21 program which recognizes "quality" states.
The International Chamber of Shipping's Flag State Performance Table for 2012 recognized the Isle of Man as continuing to have positive indicators in all categories, positioning it as one of twelve flag states, of a total of 111, to have achieved a "clean sheet."
For the Registry, 2012 saw the final steps taken to achieve compliance with the Maritime Labour Convention 2008. The Registry announced that it is now close to concluding the necessary legislative amendments to the island's regime to have an appropriate regulatory framework in place when the Convention enters into force in August 2013.
By the end of 2012 the Registry had carried out 10 Maritime Labour Convention inspections on Isle of Man registered vessels and most of the Ship Registry's office-based surveyors are now qualified to carry out Maritime Labour Convention inspections. The Registry has acknowledged that with 530 Maritime Labour Convention inspections yet to be completed, 2013 is shaping up to be a busy year both for shipowners and Isle of Man surveyors.
The Manx Shipping Registry continued to thrive in 2012, finishing the year on a new high of 15 million Gross Registered Tonnes, an increase of over 8% year-on-year, according to its annual report.
The Isle of Man is home to one of the world's fastest growing registries, averaging tonnage growth of 11% over the past few years. Although the total number of ships on the register has remained relatively static for the past few years, at approximately 1,050, the workload for registrars has increased significantly, dealing with around 10 new registrations each month, and various other filings.
The Registry has seen significant growth from Asia in particular. Since 2009, more than 20 vessels operated from Singapore have registered under the Isle of Man ensign, representing around 12% of Manx Gross Registered Tonnes (1.7m). Recognizing Singapore as a strategic location for the Registry, in April of 2012 the Isle of Man established a representative office in Singapore, and exhibited for the second time at the Singapore Yacht Show, as well as events in China and Japan.
Other key highlights for the Registry in 2012 included that it retained its important ISO 9001/2008 accreditation with flying colours in November. The Registry hit all is quality targets in respect of the fleet performance during the year, maintaining white list positions on the Paris and Tokyo memoranda of understanding for Port State Control, and its accreditation under the United States' Coast Guard's Qualship 21 program which recognizes "quality" states.
The International Chamber of Shipping's Flag State Performance Table for 2012 recognized the Isle of Man as continuing to have positive indicators in all categories, positioning it as one of twelve flag states, of a total of 111, to have achieved a "clean sheet."
For the Registry, 2012 saw the final steps taken to achieve compliance with the Maritime Labour Convention 2008. The Registry announced that it is now close to concluding the necessary legislative amendments to the island's regime to have an appropriate regulatory framework in place when the Convention enters into force in August 2013.
By the end of 2012 the Registry had carried out 10 Maritime Labour Convention inspections on Isle of Man registered vessels and most of the Ship Registry's office-based surveyors are now qualified to carry out Maritime Labour Convention inspections. The Registry has acknowledged that with 530 Maritime Labour Convention inspections yet to be completed, 2013 is shaping up to be a busy year both for shipowners and Isle of Man surveyors.
Monday, April 8, 2013
Israel to Return to One-Year State Budgeting
www.bethelfinance.com/rm
Israel will abandon the two-year budget format initiated by the previous government and return to one-year planning for spending, Finance Minister Yair Lapid announced today.
The next budget will cover a 17-month transitional period from mid-2013 through 2014 after parliamentary elections delayed the current proposal, Lapid said in a statement today.
Lapid, appointed finance minister three weeks ago after the Yesh Atid party he founded unexpectedly came in second in January’s election, must cut billions of shekels from government-promised funding to reduce the deficit to less than 3 percent of gross domestic product. The Bank of Israel is forecasting the deficit at 3.6 percent of GDP for this year.
“The considerable gap between two-year forecasts and actual government revenue led the economy to the deep overdraft that we are currently facing,” Lapid said. “Building a one- year work plan will narrow the margin of error between forecasts and actual revenue.”
Yael Andorn, a former deputy budget director, will serve as director general of the Finance Ministry, Nilly Richman, a spokeswoman for Lapid, said by telephone today. Andorn will be the ministry’s first female director general in the country’s 65-year history.
The two-year budget format was initiated for 2009 and 2010 by former Finance Minister Yuval Steinitz. Steinitz, who is currently serving as Minister of International Relations, said the two-year format was more efficient and allowed the government time to work on other issues besides spending allocations and taxes.
Israel will abandon the two-year budget format initiated by the previous government and return to one-year planning for spending, Finance Minister Yair Lapid announced today.
The next budget will cover a 17-month transitional period from mid-2013 through 2014 after parliamentary elections delayed the current proposal, Lapid said in a statement today.
Lapid, appointed finance minister three weeks ago after the Yesh Atid party he founded unexpectedly came in second in January’s election, must cut billions of shekels from government-promised funding to reduce the deficit to less than 3 percent of gross domestic product. The Bank of Israel is forecasting the deficit at 3.6 percent of GDP for this year.
“The considerable gap between two-year forecasts and actual government revenue led the economy to the deep overdraft that we are currently facing,” Lapid said. “Building a one- year work plan will narrow the margin of error between forecasts and actual revenue.”
Yael Andorn, a former deputy budget director, will serve as director general of the Finance Ministry, Nilly Richman, a spokeswoman for Lapid, said by telephone today. Andorn will be the ministry’s first female director general in the country’s 65-year history.
The two-year budget format was initiated for 2009 and 2010 by former Finance Minister Yuval Steinitz. Steinitz, who is currently serving as Minister of International Relations, said the two-year format was more efficient and allowed the government time to work on other issues besides spending allocations and taxes.
Thursday, April 4, 2013
Singapore Looks At International Tax Issues
www.bethelfinance.com
In her speech to the recent Asia-Pacific Regional Tax Conference in Singapore, Teo Josephine, Minister of State for Finance and Transport, discussed taxation issues in the region that are important to businesses, including double taxation agreements( DTAs) and trasfer pricing.
She pointed out how Singaporean companies are internationalizing their businesses. In 1990, Singapore's cumulative stock of foreign direct investment (FDI) abroad was about SGD16 bn (USD 12,9 bn) and, by 2000, had only grown to about SGD100 bn. However, in the last decade, that FDI has grown quickly to reach over SGD400 bn, with inward FDI totaling just over SGD650 bn.
Asia accounts for more than half of Singapore's FDI abroad, and, as of end of 2011, the top three outbound investment destinations for Singaporean companies within Asia were China, Malaysia and Indonesia, which together accounted for 60%.
With more Singaporean businesses internationalizing, Josephine Teo confirmed that cross-border business transactions and investment activities have also increased in volume. More companies have foreign sources of income and are subject to tax rules in more than one tax jurisdiction.
To overcome possible instances of double taxation, she also confirmed that Singapore has developed a wide DTA network, to facilitate cross-border businesses by providing greater tax certainty and by reducing the cost of doing business both in Singapore and overseas. To date, Singapore has signed 74 comprehensive DTAs, and is still looking to expand that network.
However, she noted that " treaties alone are not enough and implementation matters just as much. Tax authorities worldwide have increased their enforcement activities to ensure that transfer prices have not been set to avoid tax. With the imposition of stricter penalties and documentation requirements, as well as increased audit activities, transfer pricing has now become a leading risk management issue for cross-border businesses."
In Singapore, if in doubt, she added, businesses can approach the Inland Revenue Authority of Singapore to seek upfront tax certainty on their pricing arrangements through Advance Pricing Arrangements. Where necessary, the Inland Revenue Authority of Singapore also helps businesses resolve cross-border transfer pricing disputes through Mutual Agreement Procedures with Singapore's treaty partners.
From 2007 to March this year, Inland Revenue Authority of Singapore has concluded 10 transfer pricing cases under a Mutual Agreement Procedures, and 27 bilateral Advance Pricing Arrangements involving seven other jurisdictions.
" Businesses will be pleased to know that Inland Revenue Authority of Singapore intends to deepen its transfer pricing capability to assist businesses with cross-border transfer pricing issues," Josephine Teo concluded. " We support cross-border businesses that are engaged in activities with real economic substance. General anti-avoidance provisions in our tax regime are set up to prevent abusive business transactions, and to ensure that our corporate sector remains healthy and robust."
In her speech to the recent Asia-Pacific Regional Tax Conference in Singapore, Teo Josephine, Minister of State for Finance and Transport, discussed taxation issues in the region that are important to businesses, including double taxation agreements( DTAs) and trasfer pricing.
She pointed out how Singaporean companies are internationalizing their businesses. In 1990, Singapore's cumulative stock of foreign direct investment (FDI) abroad was about SGD16 bn (USD 12,9 bn) and, by 2000, had only grown to about SGD100 bn. However, in the last decade, that FDI has grown quickly to reach over SGD400 bn, with inward FDI totaling just over SGD650 bn.
Asia accounts for more than half of Singapore's FDI abroad, and, as of end of 2011, the top three outbound investment destinations for Singaporean companies within Asia were China, Malaysia and Indonesia, which together accounted for 60%.
With more Singaporean businesses internationalizing, Josephine Teo confirmed that cross-border business transactions and investment activities have also increased in volume. More companies have foreign sources of income and are subject to tax rules in more than one tax jurisdiction.
To overcome possible instances of double taxation, she also confirmed that Singapore has developed a wide DTA network, to facilitate cross-border businesses by providing greater tax certainty and by reducing the cost of doing business both in Singapore and overseas. To date, Singapore has signed 74 comprehensive DTAs, and is still looking to expand that network.
However, she noted that " treaties alone are not enough and implementation matters just as much. Tax authorities worldwide have increased their enforcement activities to ensure that transfer prices have not been set to avoid tax. With the imposition of stricter penalties and documentation requirements, as well as increased audit activities, transfer pricing has now become a leading risk management issue for cross-border businesses."
In Singapore, if in doubt, she added, businesses can approach the Inland Revenue Authority of Singapore to seek upfront tax certainty on their pricing arrangements through Advance Pricing Arrangements. Where necessary, the Inland Revenue Authority of Singapore also helps businesses resolve cross-border transfer pricing disputes through Mutual Agreement Procedures with Singapore's treaty partners.
From 2007 to March this year, Inland Revenue Authority of Singapore has concluded 10 transfer pricing cases under a Mutual Agreement Procedures, and 27 bilateral Advance Pricing Arrangements involving seven other jurisdictions.
" Businesses will be pleased to know that Inland Revenue Authority of Singapore intends to deepen its transfer pricing capability to assist businesses with cross-border transfer pricing issues," Josephine Teo concluded. " We support cross-border businesses that are engaged in activities with real economic substance. General anti-avoidance provisions in our tax regime are set up to prevent abusive business transactions, and to ensure that our corporate sector remains healthy and robust."
Wednesday, April 3, 2013
Canada-Panama Free Trade Agreement In Force
www.bethelfinance.com
Canadian Ministerfor International Trade, Ed Fast has welcomed the entry into force of the Canada-Panama free trade agreement on April 1, 2013, eliminating more than 90% of Panamanian tariffs on Canadian exports.
Fast said : " Canada's Economic Action Plan, with its focus on creating jobs, growth and long-term prosperity in every region of our country, includes opening new markets that increase Canadian exports."
" Starting today, this historic agreement will benefit Canadian exporters by immediately eliminating tariffs on more than 90% of Canadian goods exported to Panama. Workers and businesses in a wide range of Canadian sectors, such as aerospace, pharmaceuticals, pulp and paper and agriculture and agri-food, will benefit from talking Canada's trading relationship with Panama to the next level.
" The trading relationship between Canada and Panama continues to grow by leaps and bounds, heaving increased by 62% in less than four years," added Diane Ablonczy, Canadian's Minister of State for Foreign Affairs. " This agreement is further proof of our Government's commitment to a robust presence in the Americas that increases economic opportunities for Canadians and delivers real benefits and prosperity for people throughout our hemisphere."
In less than six years, the Canadian Government has concluded free trade agreements with 9 countries: Panama, Peru, Honduras, Colombia, Jordan and European Trade Association member states of Iceland, Norway, Liechtenstein and Switzerland. In addition, Canada is engaged in ongoing free trade negotiations with the European Union, Japan, India and members of the Trans-Pacific Partnership- Brunei, Chile, Australia, Mexico, Malaysia, Peru, New Zealand, USA, Vietnam and Singapore.
Canadian Ministerfor International Trade, Ed Fast has welcomed the entry into force of the Canada-Panama free trade agreement on April 1, 2013, eliminating more than 90% of Panamanian tariffs on Canadian exports.
Fast said : " Canada's Economic Action Plan, with its focus on creating jobs, growth and long-term prosperity in every region of our country, includes opening new markets that increase Canadian exports."
" Starting today, this historic agreement will benefit Canadian exporters by immediately eliminating tariffs on more than 90% of Canadian goods exported to Panama. Workers and businesses in a wide range of Canadian sectors, such as aerospace, pharmaceuticals, pulp and paper and agriculture and agri-food, will benefit from talking Canada's trading relationship with Panama to the next level.
" The trading relationship between Canada and Panama continues to grow by leaps and bounds, heaving increased by 62% in less than four years," added Diane Ablonczy, Canadian's Minister of State for Foreign Affairs. " This agreement is further proof of our Government's commitment to a robust presence in the Americas that increases economic opportunities for Canadians and delivers real benefits and prosperity for people throughout our hemisphere."
In less than six years, the Canadian Government has concluded free trade agreements with 9 countries: Panama, Peru, Honduras, Colombia, Jordan and European Trade Association member states of Iceland, Norway, Liechtenstein and Switzerland. In addition, Canada is engaged in ongoing free trade negotiations with the European Union, Japan, India and members of the Trans-Pacific Partnership- Brunei, Chile, Australia, Mexico, Malaysia, Peru, New Zealand, USA, Vietnam and Singapore.
Tuesday, April 2, 2013
Gibraltar Finalizing EU Corporate Tax Talks
www.bethelfinance.com/rm
Minor amendments will be required of Gibraltar's Income Tax legislation to bring it in line with international best standards as assessed by the European Union's Code of Conduct Group of Business Taxation, Gibraltar's Chief Minister Fabian Picardo has said.
Speaking to reports in Brussels, Picardo was quoted by the Gibraltar Chronicle as saying : " I believe we are literally at the stage of final tweaking of words in an amendment that may affect one or two sections of the Income Tax Act. I therefore expect that we will very shortly be putting a final draft to officials in the Code Group for an informal view. From the indications that we have, it will likely be a favorable one."
The Code of Conduct Group's assessment follows shortly on the heels of scrutiny of the Guernsey,Jersey and the Isle of Man's zero-ten corporate tax regimes, which concluded with separate but identical rulings that their deemed distribution provisions were "harmful." The provisions in question ensure that tax is paid on individuals' holdings in profit-making companies as their respective holdings appreciate. Under the regime, "deemed distribution" is presumed by the government and individual income tax is liable on the amount irrespective of whether a distribution has in fact been disbursed to the shareholder.
It is anticipated that after making the changes deemed necessary to its tax regime, Gibraltar's corporate tax framework-as in the case of Jersey, Guernsey and the Isle of Man - will be formally endorsed by the Code of Conduct Group and subsequently European Finance Ministers, but not before, Picardo anticipates, a "politically-motivated" challenge from Spain.
Minor amendments will be required of Gibraltar's Income Tax legislation to bring it in line with international best standards as assessed by the European Union's Code of Conduct Group of Business Taxation, Gibraltar's Chief Minister Fabian Picardo has said.
Speaking to reports in Brussels, Picardo was quoted by the Gibraltar Chronicle as saying : " I believe we are literally at the stage of final tweaking of words in an amendment that may affect one or two sections of the Income Tax Act. I therefore expect that we will very shortly be putting a final draft to officials in the Code Group for an informal view. From the indications that we have, it will likely be a favorable one."
The Code of Conduct Group's assessment follows shortly on the heels of scrutiny of the Guernsey,Jersey and the Isle of Man's zero-ten corporate tax regimes, which concluded with separate but identical rulings that their deemed distribution provisions were "harmful." The provisions in question ensure that tax is paid on individuals' holdings in profit-making companies as their respective holdings appreciate. Under the regime, "deemed distribution" is presumed by the government and individual income tax is liable on the amount irrespective of whether a distribution has in fact been disbursed to the shareholder.
It is anticipated that after making the changes deemed necessary to its tax regime, Gibraltar's corporate tax framework-as in the case of Jersey, Guernsey and the Isle of Man - will be formally endorsed by the Code of Conduct Group and subsequently European Finance Ministers, but not before, Picardo anticipates, a "politically-motivated" challenge from Spain.
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