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FOREX MARKET & International Taxation

ready for implementation - Steuer gegen Armut

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ARKET & International Taxation

Description

Evolution «

History«

ë Different Countries ± Different Langages ë Civilisation / Culture / Practices ë Different Governments / Governance / Rules ë Trade / Industries : Evolved / Grew

Evolution «

History«

ë _arter system ë Common Mode of Exchange ë Evolution of Money ë Convenience : Leather / Metal / Grains / _eads ë Different Monies / Values ë International Trade / Travelling ë Colonisation / Invasion : Mughals / East India Co

International Monetary System ë _imetallism : _efore 1875 ë Classical Gold Standard : 1875

International Monetary System _imetallism : _efore 1875 ë Initially,

only coins : Gold & Silver ë Value : _ased upon Gold / Silver Content in the Coins ë _ritain : Gold

France : _imetallic

Germany : Silver ë _ritish Pound to German Mark : Through French Franc ë Germany,

Holland,

China & India : Only Silver ë Other Metals were also used,

International Monetary System Classic Gold Standard :1875-1914 ë Gold : Universal Fondness : Many Centuries Old ë Greek / Roman Empires and Earlier : Popular ë Even in India : Ancient Empires used Gold ë Gold Standard : Not Gold Coins : Money _acked by Gold ë France : 1850s,

Germany:1875

USA : 1879

Japan : 1897

International Monetary System Classic Gold Standard :1875-1914 ë Gold alone is assured of unrestricted coinage ë Two-way Convertibility between Gold & Currency ë Value of Money : Linked to Value of Gold in the country ë Gold may be freely imported / exported ë Net Trade _alance : Settled by Gold : Specie Flow Mech

ë Exchange Rate between 2 currencies : Gold Content ë (E

France : 12 Francs / Ounce ë 1 Pound = 2 Francs ë During that period,

Pound Sterling = $4

84 ± $4

Interwar Period :1915-1944 ë After WW-I : ë UK,

France,

Germany & Russia : Stopped Redemption ë Placed Embargo on Gold Exports ë Germany,

Austria,

Hungary,

Poland : Hyperinflation ë Germany : Worst : 1923 : WPI : 1 Trillion Times ë Currency values not pegged to Gold : Fluctuation ë Acute Shortage of items : Devaluation : Exports

ë Gold Standard disappeared ë 1919 : USA restored Gold Standard ëUK,

Switzerland,

France,

Scandinavian Countries : 1928 ëMost countries kept some gold out of Currency Float ë1929 : Great Depression / Stock Market Crash : Erosion ëUK experienced huge outflow of Gold: Chronic _OP issue ë1931:UK,

Canada,

Sweden,

Austria,

Japan Got off Gold Std

Interwar Period :1915-1944 ëHuge erosion in Gold Stock across Europe ëMassive _ank Failures in the US and other countries ëFlight of Capital across borders ëHalf-hearted attempts to restore Gold Standard & Failure ëEconomic and Political Instabilities

_RETTON WOODS SYSTEM : 1945-1972 ‡ July

‡ Agreement between countries : IMF formed ‡ _ritish : International Reserve Asset : µbancor¶ ‡ Americans : Currency Pool from Member Countries ‡ Suggestions from America were built into Articles of IMF ‡ All countries agreed to peg their currencies par value to USD ‡ US $ then linked to Gold Price : $ 35 = 1 Ounce of Gold ‡ Called the Gold Exchange Standard,

based on Dollar ‡ When market price of Gold fell below $ 35,

_RETTON WOODS SYSTEM : 1945-1972

_RETTON WOODS SYSTEM : 1945-1972 ‡ New asset created at IMF : SDR : Special Drawing Rights ‡ SDR : Initially average of 16 currencies : World Export ‡ 1981 : 5 currencies : USD,

FF ‡ Currently: 4 : USD : 45%

Euro :29%

Yen : 15%

PDS:11% ‡ SDR : Portfolio of Currencies ‡ Can be an attractive denomination for International Contracts

COMPOSITION OF SDR

FLOATING EXCHANGE RATE : 1973 « ‡ Gold Rates : Widely beyond benchmark rate ‡ Higher inflation in the US

Yen : Fluctuating against each other ‡ Gold ceased to be the standard for money value ‡ IMF returned half of their gold holding to member nations ‡ Central _anks of countries were authorised to intervene

Current Foreign Currency Arrangement 1

Pegged to the US Dollar :Hong Kong 2

Pegged to Euro : Estonia 3

Pegged to Other Currencies : Single / _asket ‡ Narrow Range : 1%

Malaysia / China 4

European Monetary Union

- Euro 5

Limited Flexibility : Israel / Romania 6

Managed Floating : 42 Countries ‡ Govt

intervenes: Singapore / India / Thailand 7

Independent Floating : 41 Countries ‡ Market Driven : UK / Canada / Japan / Australia

EXCHANGE RATES-1999 :

FOREIGN EXCHANGE ‡ Means the money of a Foreign Country ‡ _ank _alances,

Cheques,

Movement in US $

FOREIGN EXCHANGE MARKET ëThe Foreign Exchange Market : ë The physical and institutional structure through which the

money of one country is exchanged for that of another country ë The determination rate of exchange between currencies ë Is where foreign exchange transactions are physically completed

ëForeign exchange transaction : ë An agreement between a buyer and a seller ë Fixed amount of one currency will be delivered for some

other currency ë At an agreed Exchange Rate ë At a specified date

FOREX MARKET

FOREX MARKET ± PARTICIPANTS ‡ Reserve _ank of India (R_I) ‡ All Scheduled Commercial _anks (Authorised Dealers only) ‡ Corporate Treasuries ‡ Public Sector/Government ‡ Inter _ank _rokerage Houses ‡ Resident Indians ‡ Non Residents ‡ Speculators and Arbitragers

_ALANCE OF PAYMENT

_ALANCE OF PAYMENT ‡ Net _alance of All International Financial Transactions ‡ Country¶s Total Exports ± Total Imports ‡ Net µ+¶ : Favourable

µ-¶ : Un-Favourable ‡ One Country with All Other Countries ‡ µ+¶ with one country and µ-¶ with many possible ‡ Generally,

in US $ ‡ Imports / Exports of Goods,

Services,

Cross-_order Investments,

Stocks,

Real Estate etc

_ALANCE OF PAYMENT ‡ O                                 ‡ Over a Certain Period of time,

same as national income a/c ‡ µ+¶ : Receipts : Credits : Sales,

Financial Claims,

Assets ‡ µ-¶ : Payments : Debits : Purchase,

Obligations ‡ One Country with All Other Countries ‡ µ+¶ with one country and µ-¶ with many country possible ‡ Under 3 Heads : Current / Capital / Official Reserve A/c

_ O P ± Current A/c    ‡   Tangible Goods : Oil,

Automobiles,

Machines,

Computers,

Food Grains,

Clothes,

etc ‡   Consulting,

Royalties,

Patents,

Insurance,

Intellectual Properties,

Tourism,

‡ |Interest,

Dividend,

Return on Investments ‡  

Official /Personal Gifts,

This is the only Uni-directional flow "| # $% : ‡ "

!Fund by _orrowings / From Accumulation ‡ &'&Collect IOUs from Foreign Countries

_ O P ± Capital A/c    ‡ |" Invest in a Company / Subsidiary in another Country ‡ $

! Invest in Stocks / _onds etc: No Transfer of Control ‡ Deposits / Trade Credits,

Currency,

to utiilise advantage of Interest Rate Differential

_ O P ± Statistical Discrepancies    ‡ # ( 

_OP± #

! Total of Current A/c,

Capital A/c,

Statistical Discrepancies ‡ µ±¶ : Owes to the rest of the World ‡ µ+¶ : Due from the rest of the World ‡ Settled accordingly : Loan / Gold / Forex / SDR ‡ Under the earlier Fixed Exchange Rate Regime : Current A/c + Capital A/c = 0 ‡ Under the present Flexible Exchange Regime : Current A/c Surplus / Deficit : Change in Capital A/c

m       

m       

m       

International Reserve Assets / Official Reserve Assets

m       

‡Gold ‡Foreign Exchange ‡SDR ‡Reserve Position in the IMF

‡Gold : No longer Popular : 3% ‡94% : Foreign Exchange

m       

m       

Markets & Institutions

FX Markets

m       

‡Purchase / Sale of Foreign Currency ‡_iggest Market : $ 1

! ‡$ 200 per living person on this Earth

! ‡Not a physical structure but Virtual ‡Contains Wholesale / Retail Dealers ‡Dealings through Two-way Quotes ‡Network of Computers,

Phones,

Dealing Machines ‡Runs on Safe,

_est Communication Systems ‡Reuters and E_S : Largest vendors of Quotes ‡24 / 7 / 365

Most of the trading : 9 ± 12 Hrs

m       

Hong Kong,

Singapore,

Frankfurt,

Amsterdam London   N Y,

Montreal,

Toronto,

Chicago,

San Francisco & L'A

m       

International FX _usiness

m       

FX : Average Daily Turnover

- 

#) ‡ International _anks : _uy both for themselves and for other retail clients # ‡ )& MNCs,

Money managers,

Speculators ‡ ,

)" Investment _anks etc

‡ ) : Match _uy / Sell requirements ‡ ) : More to regulate Rates

"| ) ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ „

"* Secure Environment Individual Traders for Particular Currency Generally : Most Trades : US $ denominated /& Direct (American) / Indirect (European) Two Way Quotes : Sell ( _id ) / _uy ( Ask/Offer ) Spread : Difference between Sell / _uy Inter-_ank: Standard Size: US $ 10 M (ten dollars) Real-Time Quotes : Immediate Decision : |0 Quote : $ V 67

FX Payment Gateways

m       

|  Society for Worldwide Interbank Fin

Telecom ‡ Private Non-Profit Message Transfer System ‡ Headquarters in _russels ‡ Switching Centers in Netherlands and Virginia ‡ All Constituents of the FX market connected through this ‡ Transactions involving All Currencies  $Clearing House Interbank Payments System ‡ Along with Federal Reserve _ank System,

provides a Clearing House ‡ Settlement of Interbank USD Payments

FX Rates

m       

$  Exchange Rate for  Delivery ‡ Quoted and Traded everyday

"Exchange Rate for |&& Delivery ‡ Quoted and Traded everyday

£ 1 = Rs

¼ 1 = Rs

Re 1 = £ 0

Re 1 = ¼ 0

|- *+

!|&&$&# ‡ Premium ( for Sale ) / Discount ( for Purchase ) ‡ Major Currencies : $ / £ / ¼ ‡ Standard Maturities : 1,3,6,9,12 Months ‡ Other Maturities are also available ‡ Longer terms : Even up to 10 Years possible ‡ Notation : FN($ / £)

µN¶ : Number of Months : 1,3,6,9,« ‡ S ($ / £) Spot rate between $ and £ S($/SF)

!'*|- ‡ Account for about 50%

5267±1

One-Month Three-Month Six-Month

|-$ /& 32±30 57±54 145±138

Spot $/£ : 1

5267±1

5235±1

5210±1

5122±1

- Forex

m       

‡ ),

&*) ‡ Parent Company ± Having Subsidiaries Globally ‡ A/c maintained in different Reporting Currencies ‡ Consolidation : Parent Company¶s Home Currency ‡ Current Rate ( _alance Sheet Items ) ‡ Temporal : Individual Assets Revalued ± Existing Rate ‡ Monetary/Non-monetary: Current/Average/Historical ‡ Average Rate (P/L A/c Items) ‡ Impacts the Networth of Parent / Holding Company ‡ ) ‡  '*)

"# 3 " 3 ( Direct tax is demanded from the very persons who,

should pay it´  3( Indirect tax is demanded from the very persons in the expectation and intention that he shall indemnify himself at the expanse of others

" 3 "+' by the persons on whom it is legally imposed

 3 +' by the other persons

'is on the same persons who pays the tax

Excise property tax,

Sales Tax,

A physical measurement like Tax on value of a commodity

 the weight or volume of a Definite percentage of value of commodity

Example : Water Tax

Example : Finished goods

'+3 A tax on war profits to pay off a large amount of debt in a short period of time

$3 Taxes on income

Example:Kargil war tax

Example: property tax

3,

4 ‡ Main Source of Revenue to the Governments ‡ Could be by Federal / Central Govt

/ States / Local ‡ Residential Status is relevant ‡ Primary Types : ‡ Income Tax : Personal / Corporate ‡ With-holding Tax : On Payouts ‡ Value Added Tax ‡ An important factor in Funding Decisions ‡ Global Scenario : Complex : Different Countries «

||  5   EQUALITY CERTAINTY SIMPLICITY CONVINENCE ECONOMY PRODUCTIVITY ELASTIC DIVERSITY

3,

4 ‡ It is a compulsory contribution imposed by a public authority

‡ Pre-decided

‡ Dose not confer direct and proportional benefits to tax payer

‡ Tax policy to conform to criteria of buoyancy and elasticity

3,

 6 ‡ 3&+: o '3'&+,

Raises Tax Revenue but Economic Resources allocated uniformly _asic Assumption : World-wide Economic Efficiency o &+,

This is a difficult concept Income Taxed same way irrespective where earned o ''&+( Difference in Tax Rates in Different Countries Value ‡ 37&+ 7&

Fees « ‡ Personal : Artists / Musicians / Sportsmen ‡ Pensions

! & ‡ Global Trade : Income earned in many countries ‡ Incomes : Capital / Revenue ‡ Tax on such earnings : Taxability : Once / More

? ‡ Multiple Tax : Un-favourable for businesses ‡ What is the solution

? ‡ Some Countries accord Credit ‡ Other Countries enter into Treaties ‡ _etween Countries ‡ Generally in line with UN Guidelines ‡ Understanding that Income taxed only once ‡ Treaties for Different pairs of Countries ‡ Most countries have Treaties with most others ‡ India : with 79 Countries

Dell ± Laptop

Software Japan

Dell ± USA ± 35% Hardware China 31%

Taiwan 25%

Software Japan 47%

USA 35%

 * ‡ 

? ‡ DTAAs / Treaties ‡ Governments define Criteria for Taxing ‡ Definition of Income / Rates / Dispute Resolution ‡ Facilitate Exchange of Information ‡ Unilateral ‡ _ilateral

 %$$% 3+&+

  „ Allocation of exclusive taxing rights „ Facilitates Consultation $

PROFITS OR GAINS AND CAPITAL GAINS

„Transfer pricing adjustments „Exchange of information      |  "