Analysis of past revisions to UK Trade statistics
|
|
- Avis Dawson
- 8 years ago
- Views:
Transcription
1 Analysis of past revisions to UK Trade statistics David Ruffles Office for National Statistics 1 Drummond Gate London SW1V 2QQ Tel: bop@ons.gov.uk Following an announcement in the March 24 edition of Economic Trends 1, ONS now regularly publishes information on revisions in the background notes of its First releases. This article on the ONS website looks at the revisions performance for UK Trade statistics and the reasons behind the significant mean or average revisions seen in the figures for Total trade. An article looking at revisions to quarterly GDP growth and its production and expenditure components 2 is already available on the ONS website and others will follow in the coming months. Introduction One indication of the reliability of the key indicators in the UK Trade First Release can be obtained by monitoring the size of revisions between first publication and estimates twelve months later. The table below records the size and pattern of revisions to total trade that have occurred over the last five years. These show that the first estimate for both exports and imports tends to understate the value twelve months later. However, there is little impact on the overall trade balance. Please note that these indicators only report summary measures for revisions. In addition, the revised data may itself, be subject to sampling or other sources of error. The table covers estimates of UK trade first published from December 1998 (for October 1998) to November 23 (for September 23). A spreadsheet giving these estimates and the calculations behind the averages in the table is available on the National Statistics website at: Value in Dec 24 Revisions between first publication and estimates twelve months later Average over the last 5 Average over the last 5 years years without regard to sign (average absolute revision) million million million Total trade exports (IKBH) * 733 Total trade imports (IKBI) * 722 Total trade balance (IKBJ) A statistical test has been applied to the average revision to find out if the mean revision is statistically significantly different from zero. An asterisk (*) indicates where the mean revision is statistically significant. Background The first step in examining the cause of these statistically significant mean revisions was to look separately at the components of total trade, that is trade in goods and trade in services. The following chart shows that, for both exports and imports, for all three components the first published estimates tend to understate the estimate twelve months later. Trade in goods The second step was to look separately at trade in goods with EU countries (in this case the EU (15)) and trade in goods with non-eu countries. The following chart shows that, for both exports and imports, it is the average revisions to trade with the EU that dominate the overall scale of the revisions.
2 m illio n 8 Chart 1: Average revisions to trade in goods and services over the last 5 years G o o d s & S e r v i c e s G o o d s S e r v i c e s E x p o r t s Im p o r t s m illio n 5 Chart 2: Average revisions to trade in goods over the last 5 years T o ta l g o o d s E U n o n - E U -1 E x p o r t s Im p o rt s Trade in goods with non-eu countries The size of average revisions for both exports to and imports from non-eu countries is so small that no further investigation has been undertaken into these. The size of these revisions is not a surprise given the data source. The figures for trade with non-eu countries show the trade as declared by importers and exporters, or their agents, and for which documentation has been received and processed in HM Customs & Excise (HMCE) during the month. The first step in examining the cause of these statistically significant mean revisions was to look separately at the components of total trade, that is trade in goods and trade in services. The following chart shows that, for both exports and imports, for all three components the first published estimates tend to understate the estimate twelve months later.
3 Importers are required to present a Customs declaration before they can obtain Customs clearance and remove the goods. Under the procedures for the control of exports the principle is the same - namely that goods cannot be cleared for export until a Customs declaration has been made. It is therefore less likely that data will be revised. The first step in examining the cause of these statistically significant mean revisions was to look separately at the components of total trade, that is trade in goods and trade in services. The following chart shows that, for both exports and imports, for all three components the first published estimates tend to understate the estimate twelve months later. Trade in goods with EU countries Trade with EU countries is reported to HMCE via a different system. The Intrastat system is linked to Value Added Tax (VAT) and has applied since 1993, with minor variations, in all EU member states. In the UK all VAT-registered businesses are required to complete two additional boxes on their VAT returns, which are normally submitted quarterly. These show the total value of exports of goods to customers in other Member States (dispatches) and the total value of imports of goods from suppliers in other Member States (arrivals). Traders whose annual value of dispatches or arrivals exceed given thresholds are required to provide a supplementary declaration each month, showing full details of their dispatches (exports) and arrivals (imports) during the month. These thresholds are reviewed annually. This is done to minimise the burden on business of the Intrastat system whilst ensuring reliable estimates through maintaining the coverage by value of UK trade required by European legislation. These detailed Intrastat declarations form the basis of the statistics for trade in goods with EU countries. Traders who have a legal responsibility to provide Intrastat declarations are required to do so by the end of the calendar month following the month to which the declaration refers. However, where traders fail to provide Intrastat returns by this deadline estimates of the total value of such trade are imputed by HMCE. These are based on the trade reported by these traders in a previous period and the growth rate since that period for traders who have provided returns for the current month. Late declarations of trade with EU countries are subsequently incorporated into the month s figures to which they relate, with a corresponding re-assessment of the initial estimates for late-response. The total values of arrivals and dispatches by VAT registered traders who are below the Intrastat thresholds are available from their VAT returns. The figures are included in data for the month in which the VAT return is received by HMCE, although the VAT return itself may relate to a period of more than one month. During the period under examination, the UK Trade First Release on 9 July 23 included revisions to imports of goods from the EU for the period since 1999 to reflect initial adjustments for the impact of VAT missing trader intra-community (MTIC) fraud. Because of the exceptional nature of this revision and its size the following chart shows the effect of removing this revision. m illio n 5 Chart 3: Average revisions to trade in goods over the last 5 y e a rs e x c lu d in g in itia l a d ju s tm e n t fo r im p a c t o f M T IC fra u d T o ta l g o o d s E U n o n - E U - 1 E x p o r t s Im p o r t s Im p o r t s - M T IC
4 As Intrastat is a monthly reporting system that is prone to late response it is not unexpected that the size of the revisions would be much greater than for trade with non-eu countries. The first published estimates for trade with the EU have always included estimates for non-response and partial response in an effort to anticipate the value of late returns. Despite this the analysis still showed a tendency towards underestimation in the first estimates. Accordingly HMCE have been investigating the likely causes of these statistically significant mean revisions. The investigations In order to evaluate the quality of the value of trade declared to HMCE at the time the first estimates of trade are produced, the difference between the actual trade received (12 months after) and this provisional value was analysed using the following formula: Actual Total Trade = provisional value of declared trade + partial response estimate + late response estimate + Error in partial response + Error in late response + Residual Error Y = v +z 1 + z 2 + (x 1 - z 1 ) + (x 2 - z 2 ) + RE RE =Y - v - z 1 - z 2 - e 1 - e 2 where: Y RE v x 1 x 2 z 1 z 2 e 1 e 2 = actual total trade = Residual Error = provisional value of declared trade = actual partial response = actual late response = partial response estimate = late response estimate = actual partial response partial response estimate = actual late response late response estimate Using data covered the period March 21 to June 23, HMCE investigated the following categories: (i) (ii) (iii) Partial response trade value error Late response trade value error Residual Error This period was chosen due to the availability of historic partial response estimates. Late and partial response The current methodology for late-response compares traders who have submitted against traders who submitted declarations for the corresponding month a year ago (base month). Those traders who were present in the base month but have not yet submitted a declaration for the current month have a late response estimate calculated. These estimates are adjusted once a late declaration has been received by HMCE. New traders, who have entered the Intrastat register in recent months and are not declaring on time, would not have a late-response estimate (as they were not in the base month). The methodology assumes that the number of traders leaving the register would be approximately equal with the number of traders entering the register. However, problems can arise when traders change their VAT registration (perhaps as a result of an internal reorganisation, mergers or sales). Similarly problems can arise when a trader starts submitting returns for the first time. If he then becomes a late-responder there may be no history of previous trade upon which to base an estimate. To allow for this ONS makes an initial adjustment to both exports and imports (reducing to zero over the following 2 months).
5 Furthermore some traders may submit first declarations for a month that do not include all their trade in that month. Later declarations are then received for the rest of their trade. The pattern of receipt at HMCE of these partial returns is analysed to enable ONS to make initial adjustments to both exports and imports to anticipate these later declarations. These initial adjustments are reduced in subsequent months as late declarations are processed. The methodology for estimating late and partial response assumes that traders leaving the register balance new traders coming into the Intrastat system, so that using the historical data to estimate current trends are valid. However, recently there has been an increase in the proportion of new traders and an increase in the proportion of small traders. In particular a much larger than normal number of new traders entered the Intrastat register in 24, due to the lowering of the threshold for submission of detailed declarations from January 24 and EU enlargement which occurred on 1 May 24. This change in the profile of the trader register means that the original assumption is no longer valid and an additional adjustment should be made to the estimates for partial and late response. In addition, there was a noticeable impact from May 24, as a higher proportion of new Intrastat traders failed to change over to submitting Intrastat following EU enlargement. As a result it is difficult to predict the value of late declarations in 24 and the early months of 25 based on past history. Residual error The following charts show the residual error for arrivals (Chart 4) and for dispatches (Chart 5). Chart 4: The residual error for Arrivals 8 6 Value ( millions) Mar-1 Jun-1 Sep-1 Dec-1 Mar-2 Jun-2 Sep-2 Dec-2 Mar-3 Jun-3 Month Source: HMCE Chart 5: The residual error for Dispatches 8 7 Value ( Millions) Mar-1 May-1 Jul-1 Sep-1 Nov-1 Jan-2 Mar-2 May-2 Jul-2 Sep-2 Nov-2 Jan-3 Mar-3 May-3 Month Source: HMCE
6 The average residual error for arrivals for the period March 21 to June 23 is 2 million per month. The bulk of this residual error is due to the variability in the value of trade. There is also an effect identified from the methodology for late-response and partial response. The average residual error for the period March 21 to June 23 is around 37 million. The bulk of this residual error is due to the variability of trade. The residual error for dispatches is similar to arrivals, and fluctuates from 1 million in June 21 to 7 million in June 22. The conclusions The work highlights that two of the additional estimates that HMCE produces, namely late-response and partial response, may be under or over estimated; with an average difference of 25 million for arrivals and 85 million for dispatches per month over the period March 21 to December 23. More importantly, the research has highlighted an area of trade that the current estimates do not cover. This residual error is due to incomplete estimation of partial and late response, processing error or some methodological inaccuracy. The average residual error is approximately + 3 million. As a result of these findings, and from the first publication of September 23, ONS has agreed with HMCE to include an adjustment of 2 million in its first estimates for both exports and imports from the EU to improve the quality of these early estimates. This is a conservative adjustment designed to reduce the size of the revisions to trade in goods while HMCE undertake a full review of its estimation methodology. This review will take place during 25 now that the particular data issues in 24 have settled, i.e. the impacts from the reduction in the Intrastat Threshold in January and EU enlargement in May. In addition, HMCE will continue to provide ONS with estimates based over the latest 12 months with additional summary statistics, to enable monitoring of the situation. Trade in services The initial monthly estimates for trade in services are derived from a number of monthly, quarterly and annual sources. The only monthly data available for the first calculation are for the Travel from the International Passenger Survey (IPS). Even these data will change on a quarterly and annual basis, taking on later information. For components where no monthly data are available, estimates have been derived on the basis of recent trends. As estimation makes up the bulk of the first published estimates, sizeable average revisions are to be expected. More details of the data sources and estimation methodology were described in Economic Trends (November 1996 and September 1997). The monthly data set is constrained to the data published both quarterly and annually, so revisions result from quarterly survey results replacing the initial estimates and annual survey results which in turn replace the results from the much smaller quarterly samples. In the period under consideration, there were also specific revisions from a specific methodological improvement - the doubling in sample size of the International Trade in Service (ITIS) survey from September 21. Given these two main sources of revision to the initial dataset, the investigation of the revisions to total trade in services has been undertaken for the revisions between the first published estimates and estimates published three and twelve months later, although the latter may not cover revisions from annual inquiries for all months. These analyses showed, for both exports and imports, that roughly a third of the statistically significant mean revision shown in the first graph occurred between the first published estimate and the estimate three months later. The investigations In researching the cause of the statistically significant mean revisions to the first estimates it has been necessary to look at each of the eleven broad categories of services and the pattern of revisions between first estimates, first quarterly results and annual results. The eleven categories of services are as follows: (a) Transportation (b) Travel (c) Communication services (d) Construction services (e) Insurance services
7 (f) Financial services (g) Computer and information services (h) Royalties and licence fees (i) Other business services (j) Personal, cultural and recreational services and (k) Government services Unfortunately, difficulties with data availability at the detailed level mean that it has been impossible to carry out this analysis for an equivalent period to the analyses carried out above. However we have investigated such data as are available which amounted to 23 observations for the 3-month analysis and 17 observations for the 12-month analysis. The findings Looking first at the revisions made three months after first publication, for exports the components showing statistically significant mean revisions are insurance services, government services, other business services, communications services and royalties and licence fees. Of these, the largest component within total exports of services is other business services (accounting for around 3% of the total) with the remainder being much smaller components. Similarly, looking at the revisions made three months after first publication for imports of services, the components showing statistically significant mean revisions are transportation services, government services, travel and royalties and licence fees. Of these, travel is the largest component of total imports of services, representing around 4% of the total. It is somewhat surprising that the revisions to travel are statistically significant as monthly data are used in the initial estimates and the revisions do not therefore result from actual data replacing that produced by estimation. Because of the limited data, it does not make sense to comment on whether any of the accounts show statistically significant mean revisions between the first published estimate and that published twelve months later. However, within exports of services from the period commencing January 22, the revisions have all been upwards with the exception of January 23 where there was a downward revision. The largest revisions were to financial services, other business services and insurance services. These are large components within the total exports of services making up around 3%, 15% and 7% of total exports respectively. These components are all ones where the impact of revisions due to the use of data from annual inquiries with larger samples would be expected to be significant. Other business services will also have affected by the increase in the sample size of the ITIS survey mentioned above. Within imports of services during the same period, all the revisions made have again been upwards. Other business services and transportation are the main areas where the largest revisions from the first published estimate occur. These revisions may again be attributed to the receipt of annual inquiry data from much larger samples and in the case of other business services, as mentioned above, the increase in sample size of the ITIS survey. Volume and price indices for trade in goods As an additional analysis, we have examined the revision profile of the month-on-month changes in the headline volume and price indices for trade in goods between first publication and estimates twelve months later. The following table shows that at World level only the import price index showed a statistically significant mean revision. World Revisions in month-on-month percentage change between first publication and estimates twelve months later Average over the last 5 years Average over the last 5 years without regard to sign (average absolute revision) Exports Volume excluding oil and erratics (BOMA) Export Price (BQKR) Import Volume excluding oil and erratics (ELAL) Import Price (BQKS).1*.3 A statistical test has been applied to the average revision to find out if the mean revision is statistically significantly different from zero. An asterisk (*) indicates where the mean revision is statistically significant.
8 Within these World export figures only the EU export volume showed a statistically significant mean revision. While for prices only the EU import price index showed a statistically significant mean revision. The intention is that a similar article will appear in approximately twelve months time. Acknowledgements The author would like to thank Rafael Mastrangelo and Tricia Williams (Statistics and Analysis of Trade Unit, HM Customs and Excise) and Vivienne King (Trade in Services Branch, ONS) for their contributions to this article. 1 More information about the revisions material in this Release can be found on the National Statistics website: 2
Report on further research into the impact of Missing Trader Fraud on UK Trade Statistics, Balance of Payments and National Accounts
Report on further research into the impact of Missing Trader Fraud on UK Trade Statistics, Balance of Payments and National Accounts David Ruffles and Tricia Williams Trade in Goods Branch Statistics and
More informationUK Trade Statistics and the Impact of Missing Trader Intra- Community Fraud
UK Trade Statistics and the Impact of Missing Trader Intra- Community Fraud Caroline Lakin Trade in Goods Branch Balance Of Payments Division Drummond Gate London UK caroline.lakin@ons.gsi.gov.uk Sandra
More informationStatistical Bulletin. UK Trade, January 2014. Correction. Coverage: UK Date: 14 March 2014 Geographical Area: UK Theme: Economy
Statistical Bulletin UK Trade, January 2014 Coverage: UK Date: 14 March 2014 Geographical Area: UK Theme: Economy Correction Important note to users: 10 December 2014 On 18 November 2014 and 27 November
More informationWelcome. VAT news from the Isle of Man I hope you enjoy our newsletter.
Trusted to deliver... Welcome I am delighted to introduce myself as the new Head of VAT Services. VAT is a constantly changing tax and this has been particularly noticeable latterly where changes have
More informationStatistical Bulletin. Balance of Payments, Quarter 2 (April to June) 2015. Main points
Statistical Bulletin Balance of Payments, Quarter 2 (April to June) 2015 Coverage: UK Date: 30 September 2015 Geographical Area: UK Theme: Economy Main points The United Kingdom s (UK) current account
More informationNational Accounts and Economic Statistics - International Trade Statistics
For Official Use STD/NAES/TASS/ITS(2006)21 Organisation de Coopération et de Développement Economiques Organisation for Economic Co-operation and Development 07-Sep-2006 English - Or. English STATISTICS
More informationEconomic Review, April 2012
Economic Review, April 2012 Author Name(s): Malindi Myers, Office for National Statistics Abstract This note provides some wider economic analysis to support the Statistical Bulletin relating to the latest
More informationStatistical Bulletin. UK Trade, November 2015. Main points for November 2015. Coverage: UK Date: 08 January 2016 Geographical Area: UK Theme: Economy
Statistical Bulletin UK Trade, November 2015 Coverage: UK Date: 08 January 2016 Geographical Area: UK Theme: Economy Main points for November 2015 UK trade shows import and export activity and is a main
More informationMobile Telephones & CPU Businesses - Reverse Charge Update
On 19th March 2007, the Government announced the implementation of the reverse charge measure for mobile phones and computer chips with effect from 1st June 2007. Reverse charge will not apply to electronic
More informationVAT Certificate Course
VAT Certificate Course Session 6 VAT Registrations & Compliance Obligations Saviour Bezzina 26 November 2014 Session 6 Agenda 2 Part 1 VAT Registrations 1.1 Article 10 Registration 1.3 Article 12 Registration
More informationUK Property Transaction Statistics
Coverage: United Kingdom Released: 21 October 2015 Next release: 24 November 2015 UK Property Transaction Statistics Frequency of release: Monthly Media contact: HMRC Press Office 03000 585 024 Statistical
More informationAddress Bedrijvenzone Machelen Cargo 751 1830 Machelen. Taxe sur la Valeur Ajoutée (TVA) or Belasting over de Toegevoegde Waarde (BTW)
BELGIUM Name of the firm Deny Cargo bvba Address Bedrijvenzone Machelen Cargo 751 1830 Machelen Contact Grégory Moortgat gregory.moortgat@denycargo.be Tel. No. +32 2 752 21 11 Managing Partner www.denycargo.be
More informationWhen developing your Marketing Plan you will need to consider some important factors such as:
Guide to Export Success Marketing Export marketing means exporting goods to other countries of the world as per the procedures framed by the exporting country as well as by the importing country and you
More informationHMRC TAX & NIC RECEIPTS
KAI Data Policy and Coordination Coverage: United Kingdom Theme: The Economy Released: 21 st August 2015 Next Release: 22 nd September 2015 HMRC TAX & NIC RECEIPTS Monthly and annual historical record
More informationMulti Country Inventory (MCI) shipments and VAT
Multi Country Inventory (MCI) shipments and VAT Do not let VAT be a barrier to using MCI Programme May 2014 All content in this webinar and this presentation is prepared by Meridian Global Services. Amazon
More informationAT&T Global Network Client for Windows Product Support Matrix January 29, 2015
AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network
More informationCoffee Year 2014-15 Futures Trading Analysis
Lower coffee exports lend support to Robusta prices The coffee market rallied slightly in June, led in most part by a recovery in Robusta prices. For the sixth month in a row exports were lower than last
More informationHMRC TAX & NIC RECEIPTS
Coverage: United Kingdom HM Revenue and Customs KAI Data Policy and Coordination Theme: The Economy Released: 22 nd January 2014 Next Release: 21 st February 2014 Frequency of release: Monthly (15 th working
More informationStatistics of Government revenues from UK oil and gas production
Coverage: United Kingdom Theme: The Economy Released: January 2016 Next proposed release: May 2016 Frequency of release: Tri-annually in January, May and June Statistics of Government revenues from UK
More informationVAT Treatment of Cross Border Transactions in the Single Market
RESPONSE TO GREEN PAPER COM (2010) 695 On the Future of VAT Introduction The European Council of Optometry and Optics (ECOO) would like to thank you for this opportunity to submit views. As an organisation
More information11 VAT on Intra-Community Trade
11 VAT on Intra-Community Trade 11.1 Over the period 2007 to 2011, Value Added Tax (VAT) has accounted for just over 30% of total tax receipts in Ireland. Approximately 90% of Irish VAT receipts relate
More informationBanking Taskforce. Appeals Process. Independent External Reviewer. Quarterly Report
Banking Taskforce Appeals Process Independent External Reviewer Quarterly Report July - September 2014 Table of Contents 1. Introduction and Summary... 2 2. Comments on Numbers... 4 3. Other Issues...
More informationAnalysis of Employee Contracts that do not Guarantee a Minimum Number of Hours
Analysis of Employee Contracts that do not Guarantee a Minimum Number of Hours Coverage: GB Date: 30 April 2014 Geographical Area: GB Theme: Labour Market 1. Summary There is no legal definition of zero-hours
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationGrain Stocks Estimates: Can Anything Explain the Market Surprises of Recent Years? Scott H. Irwin
Grain Stocks Estimates: Can Anything Explain the Market Surprises of Recent Years? Scott H. Irwin http://nationalhogfarmer.com/weekly-preview/1004-corn-controversies-hog-market http://online.wsj.com/news/articles/sb10001424052970203752604576641561657796544
More informationComparison of Government Expenditure and Revenue statistics in the monthly Public Sector Finances and quarterly National Accounts
Comparison of Government Expenditure and Revenue statistics in the monthly Public Sector Finances and quarterly National Accounts 1. Summary This article explains the changes that ONS will be making to
More informationP/T 2B: 2 nd Half of Term (8 weeks) Start: 26-AUG-2013 End: 20-OCT-2013 Start: 21-OCT-2013 End: 15-DEC-2013
2013-2014 SPECIAL TERM ACADEMIC CALENDAR FOR SCRANTON EDUCATION ONLINE (SEOL), MBA ONLINE, HUMAN RESOURCES ONLINE, NURSE ANESTHESIA and ERP PROGRAMS SPECIAL FALL 2013 TERM Key: P/T = Part of Term P/T Description
More informationP/T 2B: 2 nd Half of Term (8 weeks) Start: 25-AUG-2014 End: 19-OCT-2014 Start: 20-OCT-2014 End: 14-DEC-2014
2014-2015 SPECIAL TERM ACADEMIC CALENDAR FOR SCRANTON EDUCATION ONLINE (SEOL), MBA ONLINE, HUMAN RESOURCES ONLINE, NURSE ANESTHESIA and ERP PROGRAMS SPECIAL FALL 2014 TERM Key: P/T = Part of Term P/T Description
More informationStatistics on Housing Benefit Recoveries and Fraud, and the Abstract of Statistics on Benefits (produced by the Department for Work and Pensions)
Assessment of compliance with the Code of Practice for Official Statistics Statistics on Housing Benefit Recoveries and Fraud, and the Abstract of Statistics on Benefits (produced by the Department for
More informationP/T 2B: 2 nd Half of Term (8 weeks) Start: 24-AUG-2015 End: 18-OCT-2015 Start: 19-OCT-2015 End: 13-DEC-2015
2015-2016 SPECIAL TERM ACADEMIC CALENDAR For Scranton Education Online (SEOL), Masters of Business Administration Online, Masters of Accountancy Online, Health Administration Online, Health Informatics
More informationInternational Business Tax Services
International Business Tax Services Introduction There are many reasons why the UK is an ideal location in which to trade. The UK itself offers a home market of approximately 62 million people, and can
More informationStatistical release P6242.1
Statistical release Retail trade sales (Preliminary) May 2014 Embargoed until: 16 July 2014 13:00 Enquiries: Forthcoming issue: Expected release date: User Information Services June 2014 13 August 2014
More information27 February 2014 Population
Statistical Bulletin Migration Statistics Quarterly Report, February 2014 Coverage: UK Date: 27 February 2014 Geographical Area: UK Theme: Population Office for National Statistics 1 Migration Statistics
More informationEnergy Strategy Review 2014. Review of our electricity and gas purchasing strategy in 2014
Energy Strategy Review 2014 Review of our electricity and gas purchasing strategy in 2014 Foreword from our Chairman Dorian Nineberg Chairmain Pulse have been procuring electricity and gas using a flexible
More informationContribution of the Scotch Whisky Industry to the Scottish Economy
Contribution of the Scotch Whisky Industry to the Scottish Economy Graeme Blackett November 2012 BiGGAR Economics Graeme Blackett mobile: 07890 998147 Email: graeme@biggareconomics.co.uk CONTENTS Page
More informationNon-EU Trade by declared Currency of Invoice (2012)
Trade Statistics UK trade in Goods Statistics: Official Statistics Release Non-EU Trade by declared Currency of Invoice (2012) UK Trade in Goods Statistics: Official Statistics Release Released: 06 September
More informationCoffee year 2014/15 ends with prices at 20-month low
Coffee year 2014/15 ends with prices at 20-month low The coffee market slumped further in September, following a slight rally in August, with the weakness of the real and peso again proving the most influential
More informationVAT PROFILE, LATVIA. SORAINEN 2012 All rights reserved
ZAB SORAINEN Kr. Valdemāra iela 21, LV-1010 Riga, Latvia phone +371 67 365 000 fax +371 67 365 001 latvia@sorainen.com VAT reg no LV90002573483 Estonia Pärnu mnt 15, 10141 Tallinn phone +372 6 400 900,
More informationThe New Prior Approval Rate Application Process Frequently Asked Questions
The New Prior Approval Rate Application Process Frequently Asked Questions 1. We understand that a complete underwriting manual must be filed electronically in SERFF with each private passenger automobile
More informationInnovation 4 Growth (I4G) Guidance for Applicants
Innovation 4 Growth (I4G) Guidance for Applicants V5.0 (August 2015)) Contents 1. About Innovation for Growth (I4G) and Regional Growth Fund...3 2. Am I eligible to apply?...3 3. The types of project we
More informationVAT GENERAL INFORMATION FOR BUSINESSES
VAT GENERAL INFORMATION FOR BUSINESSES SUPPLIERS OF SERVICES These notes are mainly intended for suppliers of services who are registered under article 10 of the VAT Act. If you are registered as an exempt
More informationMaryland Board of Public Accountancy CPA Examination Application Process (August 1, 2012)
Maryland Board of Public Accountancy CPA Examination Application Process (August 1, 2012) This report has been prepared to review the CPA examination process administered by the Board of Public Accountancy
More informationVAT (Value added tax)
VAT (Value added tax) Note it may be possible to use the Adobe Acrobat bookmarks facility to navigate this document If your enterprise is registered for VAT then the system will handle all of your VAT
More informationMFFA Belastingadvies Tax Advice
MFFA Belastingadvies Tax Advice Specialized in Expats and International Companies Amsterdam Zwolle Assen The Netherlands VAT in Europe an introduction General comments European Union: 27 member states
More informationStatistical release P0141
Statistical release Consumer Price Index January 2009 Embargoed until: 25 February 2009 11:30 Enquiries: Forthcoming issue: Expected release date User information services February 2009 25 March 2009 Tel:
More informationResources and Audit Committee. Corporate Collections and Recovery. Head of Housing & Community Safety
CLACKMANNANSHIRE COUNCIL THIS PAPER RELATES TO ITEM 10 ON THE AGENDA Report to: Resources and Audit Committee Date of Meeting: 26th February 2014 Subject: Corporate Collections and Recovery Report by:
More informationE-Commerce and ICT Activity, 2012. 95% of businesses had broadband Internet and 82% had a website.
Statistical Bulletin E-Commerce and ICT Activity, 2012 Coverage: UK Date: 04 December 2013 Geographical Area: UK Theme: Business and Energy Key points E-commerce sales represented 18% of business turnover
More informationEMR Capacity Market Implementation Coordination Workshop
EMR Capacity Market Implementation Coordination Workshop Place your chosen image here. The four corners must just cover the arrow tips. For covers, the three pictures should be the same size and in a straight
More informationIRAS e-tax Guide. GST: Partial Exemption and Input Tax Recovery
IRAS e-tax Guide GST: Partial Exemption and Input Tax Recovery Published by Inland Revenue Authority of Singapore Published on 31 Dec 2013 Disclaimers: IRAS shall not be responsible or held accountable
More informationStatistical Bulletin. Balance of Payments, Q4 2013. Key points. Summary. Coverage: UK Date: 28 March 2014 Geographical Area: UK Theme: Economy
Statistical Bulletin Balance of Payments, Q4 2013 Coverage: UK Date: 28 March 2014 Geographical Area: UK Theme: Economy Key points The United Kingdom s (UK) current account deficit was 22.4 billion in
More informationEnergy Purchasing Strategy Mid-year Review 2015
Energy Purchasing Strategy Mid-year Review 2015 Foreword from Ben Dhesi Ben Dhesi Managing Director I am pleased to introduce this midterm Energy Trading report for Pulse Business Energy. At a time when
More informationStatistical Bulletin. Balance of Payments, Quarter 4 and Annual 2014. Key points. Summary
Statistical Bulletin Balance of Payments, Quarter 4 and Annual 2014 Coverage: UK Date: 31 March 2015 Geographical Area: UK Theme: Economy Key points The United Kingdom s (UK) current account deficit was
More informationInsurance and Pension Funding Industry, Except Compulsory Social Services Review
Methodology of the Monthly Index of Services Insurance and Pension Funding Industry, Except Compulsory Social Services Review Introduction At the launch of the experimental Index of Services (IoS) in December
More informationCase 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8
Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138 Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 2 of 138 Domain Name: CELLULARVERISON.COM Updated Date: 12-dec-2007
More informationStatistical release P0141
Statistical release Consumer Price Index September 2009 Embargoed until: 28 October 2009 11:30 Enquiries: Forthcoming issue: Expected release date User information services October 2009 25 November 2009
More informationTHE ARLA REVIEW & INDEX
THE ARLA REVIEW & INDEX for Residential Investment FOURTH Quarter 2014 Fourth Quarter 2014 Compared with three months ago, the average weighted rental return for houses is up from 5.0% to 5.1%, its second
More informationConsumer ID Theft Total Costs
Billions Consumer and Business Identity Theft Statistics Business identity (ID) theft is a growing crime and is a growing concern for state filing offices. Similar to consumer ID theft, after initially
More informationInsurance Insights. When markets hit motorists. How international financial markets impact Compulsory Third Party insurance
Insurance Insights When markets hit motorists How international financial markets impact Compulsory Third Party insurance August 2012 Chris McHugh Executive General Manager Statutory Portfolio Commercial
More informationHarmonised Index of Consumer Prices: update on methodological developments
Harmonised Index of Consumer Prices: update on methodological developments Jim O Donoghue Office for National Statistics e-mail: hicp@ons.gov.uk National Statistics customer enquiry line: +44 (0)845 601
More informationCllr Kath Hartley, Putting Passengers First
Agenda Item No. 7 Meeting: Putting Passengers First Committee Date: 20 October 2014 From: Subject: Lead Member: Director of Operations Service Delivery Dashboard Cllr Kath Hartley, Putting Passengers First
More informationNAB Community Microfinance. NAB Microenterprise Loans Minimum requirements for business plans
NAB Community Microfinance NAB Microenterprise Loans Minimum requirements for business plans Money Magazine s Best of the Best Awards 2009 judged NAB Microenterprise Loans for the second year running,
More informationFirst estimate for 2014 Euro area international trade in goods surplus 194.8 bn 24.2 bn surplus for EU28
30/2015-16 February 2015 First estimate for 2014 Euro area international trade in goods surplus 194.8 bn 24.2 bn surplus for EU28 The first estimate for the euro area 1 (EA18) trade in goods balance with
More informationVAT guide for small businesses. VAT guide
VAT guide Contents VAT guide for small businesses What is VAT? Contents What is VAT? VAT, or Value Added Tax, is a tax that is charged on most goods and services that VAT registered businesses provide
More informationMedicare versus Private Health Insurance: The Cost of Administration. Presented by: Mark E. Litow, FSA Consulting Actuary.
Medicare versus Private Health Insurance: The Cost of Administration Presented by: Mark E. Litow, FSA Consulting Actuary January 6, 2006 Medicare versus Private Health Insurance: The Cost of Administration
More informationSCREEN ACTORS GUILD PRODUCERS HEALTH PLAN
SCREEN ACTORS GUILD PRODUCERS HEALTH PLAN General Information ELIGIBILITY RULES AND REQUIREMENTS Effective January 1, 2015 Eligibility for health coverage under the Screen Actors Guild-Producers Health
More informationAnalysis One Code Desc. Transaction Amount. Fiscal Period
Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00
More informationForecasting Business Investment Using the Capital Expenditure Survey
Forecasting Business Investment Using the Capital Expenditure Survey Natasha Cassidy, Emma Doherty and Troy Gill* Business investment is a key driver of economic growth and is currently around record highs
More informationGuideline for accounting and tax procedures in NL
1 Guideline for accounting and tax procedures in NL 1. Annual Financial Statement 2. Corporate Income Tax Return 3. Transfer Pricing 4. VAT Return 5. EU Sales Listings 6. Intrastat Reports 7. Payroll Taxes
More informationThe impact on the UK economy of a reduction in fuel duty
The impact on the UK economy of a reduction in fuel duty Report for Fair Fuel UK March 2012 Centre for Economics and Business Research Ltd. Unit 1, 4 Bath Street, London EC1V 9DX t: 020 7324 2850 f: 020
More informationStatistical Bulletin. Index of Production, November 2015. Main points. Index of Production headline figures
Statistical Bulletin Index of Production, November 2015 Coverage: UK Date: 12 January 2016 Geographical Area: UK and GB Theme: Economy Main points Total production output is estimated to have increased
More informationInbound Tourism: December 2014
30 January 2015 1100 hrs 021/2015 Total inbound tourist trips for December 2014 were estimated at 66,619, an increase of 1.4 per cent when compared to the corresponding month of 2013. Excluding the passengers
More informationDomestic Energy Prices: Data sources and methodology
Domestic Energy Prices: Data sources and methodology 1. Introduction 1.1 Background Domestic Energy Prices Statistics Domestic price statistics provide important information for monitoring the energy market.
More informationAuthor Name(s): Abbe Williams, Stephanie Duff and Daniel Wisniewski Office for National Statistics
Blue Book 2012: Improvements to the measurement of insurance services Author Name(s): Abbe Williams, Stephanie Duff and Daniel Wisniewski Office for National Statistics 1. SUMMARY Financial intermediation
More informationebrief for freelancers and contractors Borrowing company money
ebrief for freelancers and contractors Borrowing company money The facts behind the Directors Loan Account Taking money from the business for personal use when trading as a partnership or sole trader is
More informationAccountants Professional Liability Insurance Proposal
AIG Europe Limited Proposer Details Name of Firm(s) Principal Address line one Principal Address line two City and postcode Telephone number Fax number Website address Does the Firm(s) have any branch
More informationEmployers Compliance with the Health Insurance Act Annual Report 2015
Employers Compliance with the Health Insurance Act Annual Report 2015 ea Health Council Health Council: Employers Compliance with the Health Insurance Act 1970 Annual Report 2015 Contact us: If you would
More informationInterest Rates. Countrywide Building Society. Savings Growth Data Sheet. Gross (% per annum)
Interest Rates (% per annum) Countrywide Building Society This is the rate of simple interest earned in a year (before deducting tax). Dividing by 12 gives the monthly rate of interest. Annual Equivalent
More informationChild and Adolescent Mental Health Services Waiting Times in Scotland
Publication Report Child and Adolescent Mental Health Services Waiting Times in Scotland Quarter ending 31 December 2012 Publication date 26 February 2013 An Official Statistics Publication for Scotland
More informationWelsh Index of Business Services Quarter 1, 2008
SDR 122/2008 19 August 2008 Welsh of Business Services Quarter 1, 2008 Welsh of Business Services The of Business Services for for the latest four quarters rose by 1.1 per cent compared with the previous
More informationScottish Independence. Charting the implications of demographic change. Ben Franklin. I May 2014 I. www.ilc.org.uk
Scottish Independence Charting the implications of demographic change Ben Franklin I May 2014 I www.ilc.org.uk Summary By 2037 Scotland s working age population is expected to be 3.5% than it was in 2013
More informationDate: 7 February 2013
Item No. Report title: Classification: Open Ward(s) or groups affected: From: Date: 7 February 2013 Meeting Name: Deputy Leader and Cabinet Member for Housing Management GW2: Leasehold and Ancillary Properties
More informationEUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes TAXUD/1032/07-EN Part 14 VAT in the European Community APPLICATION
More informationEnhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017
From -JAN- To -JUN- -JAN- VIRP Page Period Period Period -JAN- 8 -JAN- 8 9 -JAN- 8 8 -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -FEB- : days
More informationMethodology For Illinois Electric Customers and Sales Forecasts: 2016-2025
Methodology For Illinois Electric Customers and Sales Forecasts: 2016-2025 In December 2014, an electric rate case was finalized in MEC s Illinois service territory. As a result of the implementation of
More informationArchitectural Services Data Summary March 2011
Firms Typically Small in Size According to the latest U.S. Census Survey of Business Owners, majority of the firms under the description Architectural Services are less than 500 in staff size (99.78%).
More informationGOVERNMENT EXPENDITURE & REVENUE SCOTLAND 2013-14 MARCH 2015
GOVERNMENT EXPENDITURE & REVENUE SCOTLAND 2013-14 MARCH 2015 GOVERNMENT EXPENDITURE & REVENUE SCOTLAND 2013-14 MARCH 2015 The Scottish Government, Edinburgh 2015 Crown copyright 2015 This publication is
More informationNew Faster Payout rules: What does it mean for Credit Unions?
New Faster Payout rules: What does it mean for Credit Unions? Karen Gibbons Manager Regulatory Reform, Policy and International Relations Doug Stewart Project Manager - SCV External Relations Agenda Background
More informationCoffee prices fall but Brazilian production estimated lower
Coffee prices fall but production estimated lower Coffee prices continued their decline as speculation over the current 2015/16 crop suggests that the market has no immediate supply concerns. Indeed, one
More informationTotal Factor Productivity of the United Kingdom Food Chain 2014 final estimate
28 th July 2016 Total Factor Productivity of the United Kingdom Food Chain 2014 final estimate 1. Key messages Total factor productivity of the UK food chain beyond the farmgate has decreased by 2.8 per
More informationSCOTLAND S FISCAL FRAMEWORK WRITTEN SUBMISSION FROM PROFESSOR DAVID BELL. 1. Introduction... 1. 2. Forecasting... 1. 3. Data... 4
SCOTLAND S FISCAL FRAMEWORK WRITTEN SUBMISSION FROM PROFESSOR DAVID BELL Contents 1. Introduction... 1 2. Forecasting... 1 3. Data... 4 4. Reporting by the Independent Fiscal Body... 5 5. Revenue Maximisation...
More informationStatistical release P0141
Statistical release Consumer Price Index November 2015 Embargoed until: 9 December 2015 10:00 Enquiries: Forthcoming issue: Expected release date Marietjie Bennett / Anita Voges December 2015 20 January
More informationEAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY
EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY Report by Executive Head of Finance and Asset Management 1 PURPOSE OF REPORT
More informationLending to small business
Lending to small business Supplementary submission to the Senate Economics Committee Inquiry into Access of Small Business to Finance David Richardson Senior Research Fellow The Australia Institute david@tai.org.au
More informationIRAS e-tax Guide. GST Guide on Insurance: Cash Payments and Input Tax On Motor Car Expenses
IRS e-tax Guide GST Guide on Insurance: Cash Payments and Input Tax On Motor Car Expenses Published by Inland Revenue uthority of Singapore Published on 31 Dec 2013 Disclaimers: IRS shall not be responsible
More informationFife NHS Board Activity NHS FIFE. Report to the Board 24 February 2015 ACTIVITY REPORT
1 AIM OF THE REPORT NHS FIFE Report to the Board 24 February 2015 ACTIVITY REPORT This report provides a snapshot of the range of activity that underpins the achievement of key National Targets and National
More informationAcademic Calendar 2015-2018 Arkansas State University - Jonesboro
Shared Governance Proposal Any constituent (individual or group) may submit a proposal into the shared governance process. In order to be considered, each proposal must contain the following and be directed
More informationRaising taxes. for a modern Mauritius
Raising taxes for a modern Mauritius 4. Tax Revenue: an overview 4.1. Total Collections The Mauritius Revenue Authority collected a total amount of Rs 25,195 million during the period July to December
More informationAnnex C Data Quality Statement on Statistics Release: Adults with learning disabilities known to Scottish local authorities 2012 (esay)
Annex C Data Quality Statement on Statistics Release: Adults with learning disabilities known to Scottish local authorities 2012 (esay) Data quality The six dimensions of data quality as defined by the
More informationMONTHLY COFFEE MARKET REPORT
E MONTHLY COFFEE MARKET REPORT March 2013 Coffee prices stabilized in March 2013, with the monthly average of the ICO composite indicator price essentially unchanged on the previous month. Contrasting
More information