Indonesia tax on metals risks China shipments

A piece of Ni about 3 cm in size Category:nick...

HONG KONG/JAKARTA May 4 Reuters – New Indonesian taxes on metals and curbs on shipment of raw minerals are likely to hit exports of nickel and bauxite to China, an industry source said on Friday, highlighting concerns over the impact of the policy on Southeast Asias biggest economy.Jakarta aims to boost investment in domestic ore processing to lift exports of higher-value finished metals by the G20 economy through the new rules which come into force on Sunday.

The resource-rich nation is imposing a 20 percent tax on some m etal ore exports and will prohibit shipments of raw minerals unless miners submit plans to build smelters.

The rules are likely to affect less than a third of Indonesias metal exports but are a precursor to a total ban on raw material exports by 2014.

Around 10,000 holders of mining business permits , mostly small-scale miners in the worlds top nickel miner and tin producer, will be required to produce plans of how they will process and smelt ores within Indonesia ahead of 2014, or face a ban on exporting from Sunday.

“Chinas imports of nickel laterite ores from Indonesia may fall sharply after May, which would force Chinese nickel-pig-iron producers to cut production as ore prices rise,” said a trade manager at a nickel pig iron producer in China, which has two ships at an Indonesian port trying to leave by Sunday.Indonesia supplied around 80 percent of Chinas nickel and 53 percent of its bauxite last year, according to PwC data.

via Indonesia tax on metals risks China shipments | Agricultural Commodities | Reuters.

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USA and Hong Kong Sign Mutual Recognition Agreement for Accounting

Hong Kong Institute of Certified Public Accoun...

NEW YORK and NASHVILLE, Oct. 24, 2011 /PRNewswire-USNewswire/ — The U.S. International Qualifications Appraisal Board (U.S. IQAB) and the Hong Kong Institute of Certified Public Accountants have entered into a five-year Mutual Recognition Agreement that establishes the basis for reciprocity between the U.S. and Hong Kong accounting professions.

“The agreement we’ve signed today with the Hong Kong Institute of Certified Public Accountants will make great strides in advancing the reciprocity of CPAs in the U.S. and in Hong Kong,” said William Treacy, chair of the U.S. IQAB.  “IQAB has thoroughly evaluated the educational, examination and experience requirements of CPAs in Hong Kong and is confident they are substantially equivalent to those of the U.S. CPA.”

The agreement was signed at NASBA’s 104th Annual Meeting in Nashville.

“Our agreement with the Hong Kong Institute validates our purposeful and determined quest to be truly global in mutual recognition of high quality accounting credentials.  We look forward to our association with the Hong Kong Institute and to more effectively facilitating the professional practice of accountancy on behalf of the public interest of both the United States and Hong Kong,” said David Costello, NASBA President & CEO.

The U.S. IQAB is a joint body of the American Institute of CPAs and the National Association of State Boards of Accountancy.

“This new agreement will allow qualified accountants in the U.S. and Hong Kong to work across borders,” said Barry Melancon, AICPA president and CEO.  “Globalization is rapidly changing the way business is done across the globe and CPAs will continue to play a vital role in the financial systems in the U.S. and abroad.”

via U.S. and Hong Kong Sign Mutual Recognition Agreement for Accounting