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EU-ISRAEL TWINNING PROJECT Activity A.7 – Balance of Payments

EU-ISRAEL TWINNING PROJECT Activity A.7 – Balance of Payments. Jerusalem , 28-31 October , 2013 Debriefing. Mandatory result & expected output. Mandatory result of component (A6, A7, A8) Detailed work plan for the development of financial accounts in the Balance of Payments .

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EU-ISRAEL TWINNING PROJECT Activity A.7 – Balance of Payments

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  1. EU-ISRAEL TWINNING PROJECTActivity A.7 – Balance of Payments

    Jerusalem, 28-31 October, 2013 Debriefing
  2. Mandatory result & expected output Mandatory result of component (A6, A7, A8) Detailed work plan for the development of financial accounts in the Balance of Payments. Expected output of activity A.7 Report with recommendations on how to obtain improvements in the realm of revenues from direct investments with a better accordance to the BPM6 and the BMD4 manuals. Follow-up on the planning initiated after the A.6 activity.
  3. Structure Generally about FDI and data collection FDI investment income FDI in real estate
  4. FDI and data collection (1) Issues regarding published statistics Meeting withBoaz Fleishmann (MoF) Surveys and population Coverage analysis – very important ITRS, existing FDI reporting, other sources, including the experimental FDI survey Finding a better balance between ITRS and Direct reporting – what is right threshold? FDI survey in ICBS as supplementary data source to Bank of Israel’s data collection? Purpose to shed light on the, presumably large tail Analysis very much needed
  5. FDI and data collection (2) BPM6 and reporting forms Question on Ultimate Beneficiary Owner compulsory Short term: form 6 revised to account for full iip Bank of Israel planning for 2013 and 2014 will be coordinated closely with Twinning goals Long term - 3-6 (?) years New automotized reporting system Higher degree of integrated iip reporting Planning should start very early, possibly two years before any IT resources are involved
  6. FDI investment income Optimizing procedures Use directly reported dividends (making the split between FDI and portfolio more precise) FDI income, generally Ensure that Reinvested Earnings is treated consistently Intercompany loans – change the method ? Ensure collection of BPM6 items (directional principle) Consider the need of ICBS double-checking the income data – methodological support? No forecasting/estimation of equity income necessary as long as high quality data can be collected quarterly
  7. Real state Background Currently only transaction, based on ITRS More data and better estimations needed Outward Believed to be of relatively little importance Few possibilities exists ITRS Other countries’ IIP statistics Real estate brokers Future question on ”real estate abroad” included in Household Budget Survey
  8. Real state Inward Possible new data sources Tax information on transactions Building and Dwelling Register regarding stocks Preliminary (very!) results show that inward FDI in real estate is significant, possibly around 10 percent of total FDI Further work needed Estimation of 3 years Quality checks, especially regarding passport / ID variable What price index should be applied? Extrapolation of other cities than Tel Aviv and Jerusalem At a later stage, the Tax Authorities and other ministries could be involved in a reviewing process
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