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Guru EagleHasLanded Uncovers IMF & WTO Document...

12/28/2011

 
Guru EagleHasLanded uncovers IMF and WTO document...
Below are two excerpts from the Jan 2011 document outlining each groups role...
Click Here to Read The Full Document

What the IMF can and can't do with a countries exchange rates...
The IMF can exercise “firm surveillance” but it cannot compel a country to change its exchange rate. Nor can it order commercial foreign exchange dealers to change the prices at which they trade currencies. It can offer economic advice and discuss how changes in countries’ exchange rates might be in their own interest. It can also provide a forum, such as its new multilateral consultation mechanism or discussion on the IMF executive board, where other countries can urge a country to change its exchange rate procedures. However, in the end, the authority to make the change resides with the country alone.

WTO (World Trade Organization) and IMF working in concert.....One of the corresponding purposes of the IMF is to “facilitate the expansion and balanced growth of international trade” in order to facilitate high levels of employment, economic growth, and development in all its member countries.”8 The WTO seeks to expand international trade through the reduction or elimination of tariffs or other barriers to trade. The IMF pursues this goal mainly through efforts to promote international monetary and exchange rate stability. It also has standards, which it has been reluctant to employ, for determining whether currencies are being manipulated and whether they are valued properly relative to other currencies. Trade policy issues may feature prominently in the IMF’s surveillance activities, relative to its member countries, and steps to reduce barriers to trade are often included in its policy advice and its loan conditionality. IMF surveillance reports often provide important contributions for the WTO’s own Trade Policy Reviews, which assess its member countries’ trade policies.


Tax form 8938--Is it related to the dinar?

12/23/2011

 


Update Dec. 21, 2011 —Form 8938 and its instructions are now available on page Form 8938, Statement of Foreign Financial Assets.


IR-2011-117, Dec. 14, 2011

WASHINGTON — The Internal Revenue Service in coming days will release a new information reporting form that taxpayers will use starting this coming tax filing season to report specified foreign financial assets for tax year 2011.

Form 8938 (Statement of Specified Foreign Financial Assets) will be filed by taxpayers with specific types and amounts of foreign financial assets or foreign accounts. It is important for taxpayers to determine whether they are subject to this new requirement because the law imposes significant penalties for failing to comply.

The Form 8938 filing requirement was enacted in 2010 to improve tax compliance by U.S. taxpayers with offshore financial accounts. Individuals who may have to file Form 8938 are U.S. citizens and residents, nonresidents who elect to file a joint income tax return and certain nonresidents who live in a U.S. territory.

Form 8938 is required when the total value of specified foreign assets exceeds certain thresholds. For example, a married couple living in the U.S. and filing a joint tax return would not file Form 8938 unless their total specified foreign assets exceed $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.

The thresholds for taxpayers who reside abroad are higher. For example in this case, a married couple residing abroad and filing a joint return would not file Form 8938 unless the value of specified foreign assets exceeds $400,000 on the last day of the tax year or more than $600,000 at any time during the year.

Instructions for Form 8938 explain the thresholds for reporting, what constitutes a specified foreign financial asset, how to determine the total value of relevant assets, what assets are exempted, and what information must be provided.

Form 8938 is not required of individuals who do not have an income tax return filing requirement.

The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file an FBAR (Report of Foreign Bank and Financial Accounts). For more go to the FBAR page on this website.

Failing to file Form 8938 when required could result in a $10,000 penalty, with an additional penalty up to $50,000 for continued failure to file after IRS notification. A 40 percent penalty on any understatement of tax attributable to non-disclosed assets can also be imposed. Special statute of limitation rules apply to Form 8938, which are also explained in the instructions.

Form 8938, the form’s instructions, regulations implementing this new foreign asset reporting, and other information to help taxpayers determine if they are required to file Form 8938 can be found on the FATCA page ofirs.gov.

See TD 9567.

http://www.irs.gov/businesses/corporations/article/0,,id=236667,00.html

France attentive to pending Kuwaiti demands, urges Iraqi progress

12/16/2011

 
Posted: December 16, 2011 in Iraq: Chapter VII, Iraqi Dinar/Politics
Tags: Ban Ki-Moon, Chapter VII of the United Nations Charter, france, Iraq, kuwait, Kuwaiti,United Nation, United Nations Secretary General, United Nations Security Council


The Currency Newshound Commentary:  This is a clear explanation by France, a permanent member of the United Nations as well as member of the United Nations Security Council on the remaining issues which Iraq must achieve prior to being considered for full relief from Chapter VII sanctions.  These conditions are as follows:
  • the marking and demarcation of the borders
  • compensation
  • the archives which were stolen
  • the question of the disappeared Kuwaiti citizens
  • statement by PM Maliki saying Iraq will not attack Kuwait in the future (not mentioned below)
This article as well as the conclusions made by the UNSC Iraq-Kuwait review show Chapter VII sanctions are in fact still in place and not lifted.

In a personal opinion, I believe Iraq as well as Kuwait are intensifying their 


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