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Update of the 1993 SNA:
The Treatment of Units
Peter van de Ven
Two related problems
– Units conducting ancillary activities
– Holding companies, special purpose
entities (SPEs), trusts, etc.
– Eventually: Non-resident
unincorporated enterprises
Ancillary activities: definition
Ancillary activity =
Supporting activity undertaken within an enterprise in
order to create the conditions within which the
principal or secondary activities can be carried out
Examples:
– Purchasing of materials and equipment
– Hiring, training, managing and paying employees
– Storing materials or equipment
– Transport
– Sales promotion
– Cleaning and maintenance of buildings
May be done in separate establishment of corporation
Ancillary activities: present
treatment and related problems
SNA 1993: No separate establishment (or
corporation) => costs to be allocated to the
establishments being served
Problems related to present treatment:
– Contribution and role of “ancillary activities”
– Decomposition of GDP by economic activity
– Compilation of regional GDP
Ancillary activities: proposed
treatment
– No exception for ancillary activities
– Units undertaking ancillary activities should
be recognised as separate establishments
(or corporations), if they satisfy general
criteria for an establishment (or corporation)
– Valuation of output: sum of costs, including
costs of capital used
– Use of output: according to indicators such
as output, value added, or employment
Holdings, SPEs, trusts, etc.:
definition
– Units engaged in activities serving other
units within an enterprise group (or within
government):
– Control and direct subsidiaries
– Asset management
– Corporate treasury
– Securitisation
– Related to issue of ancillary activities
– Often little or no employment, or physical
presence, often non-resident units
Holdings, SPEs, trusts, etc.:
present treatment and related
problems
SNA 1993:
– In most cases no explicit guidelines
– Holdings: separate institutional units, to be
classified according to subsidiaries
– SPE’s, trusts, etc.: not always clear =>
ancillary corporations? => consolidation
with the parent company?
– What about resident units owned by nonresident units?
Holdings, SPEs, trusts, etc.:
proposed treatment
– Holdings: separate institutional units, to be
classified as other financial intermediaries
(not according to subsidiaries)
– SPEs:
– Non-resident SPEs: always separate
(notional) institutional units
– Resident SPEs: not institutional unit,
unless they satisfy criteria
– Classification according activity of SPE
– Trusts: separate institutional units, to be
classified as other financial intermediaries
Holdings, SPEs, trusts, etc.:
proposed treatment (continued)
– Non-resident SPEs controlled by
government: treatment should reflect
economic reality (i.c. fiscal activities of
government) appropriately
– Restructuring agencies of government:
some specific recommendations; see
relevant paper
Non-resident unincorporated
enterprises
When notional resident unit
– BPM: Significant production, long period of
time, physical presence, full set of accounts,
pay income tax, …
– SNA 1993: Always notional resident unit
– Physical presence not needed (e.g. financial
intermediation)
– Full set of accounts too restrictive
– Subject to, not paying, income tax
– Indications, not guidelines