La crisis financiera produjo que los bancos centrales cambiaran su objetivo. De mantener estable los precios pasaron a asegurar la estabilidad del sistema financiero. (The Economist, July 18, 2009, p.66)
La crisis financiera de los Estados Unidos (2007-2009) así lo revela. El Presidente de la Reserva Federal, Ben Bernanke, elevó exponencialmente la liquidez de la economía estadounidense mediante la aplicación de una política monetaria expansiva. Esa política evitó el descalabro del sistema financiero, pero devaluó el dólar frente al Yen.
En la República Dominicana sucedió algo similar en el período 2003-2004. La crisis bancaria, causada por la mala gestión de los banqueros, llevó al Banco Central a cambiar su objetivo. De mantener estable los precios -y la tasa de cambio- pasó a asegurar la estabilidad del sistema financiero.
El Banco Central decidió -al igual que en los Estados Unidos- salvar a todos los depositantes. Esto provocó un exceso de liquidez que llegó a los 100 mil millones de pesos.
La consecuencia de la expansión monetaria es conocida. El peso se devaluó frente al dólar hasta febrero de 2004, cuando el exceso de liquidez llegó a su punto más alto, alcanzando la tasa de cambio 55 pesos por dólar. A partir de esa fecha se aplicó una política monetaria restrictiva y en agosto de 2004 la tasa de cambio se había reducido a 42 pesos por uno.
Se devaluó el peso, pero el sistema financiero se salvó.
domingo, 2 de mayo de 2010
Australia establecerá un ISR de un 40% a las mineras
Esta nota es importante a propósito de entender el porqué es imprescindible modificar el contrato de la Barrick Gold en la República Dominicana.
De no modificarse ese contrato la tasa impositiva efectiva durante los primeros 7 años será menor al 30%.
Esto contrasta considerablemente con la tasa impositiva efectiva que existe en Australia en la actualidad (43%) o la prevista después de la reforma (57%).
Solicitemos al Congreso Nacional el cambio del contrato de la Barrick Gold para que la tasa impositiva efectiva sea igual a un 50%, pues los dominicanos son los dueños del oro.
Incluso sería recomendable que se estableciera el destino de las recaudaciones, para que los beneficiarios se empoderen de la lucha a favor de los intereses nacionales.
May 2 (Bloomberg) -- Australia will impose a 40 percent tax on the profits of resource companies like BHP Billiton Ltd. and Rio Tinto Group to pay for infrastructure, retirement and company levy changes as part of the broadest overhaul of its tax system since the Second World War.
The government, commenting on Treasury Secretary Ken Henry’s 10-year tax plan, said the tax would start in 2012 and raise A$12 billion ($11.1 billion) in the first two years. The move to better tap into the nation’s mining boom, fueled by commodities demand from China and India, comes as Prime Minister Kevin Rudd prepares for an election later this year.
“This will use super profits on resources owned by all Australians,” Rudd told reporters in Canberra, saying he’s prepared for a backlash to the measures. “This will help convert Australia’s strong economic position today into enduring prosperity.”
The changes set up a potential clash between Rudd and resources companies that make up 9 percent of the economy and last week warned that a 40 percent levy and double taxation with state royalties would threaten $108 billion worth of planned investment.
“If implemented, these proposals seriously threaten Australia’s competitiveness, jeopardize future investments and will adversely impact the future wealth and standard of living of all Australians,” BHP’s Chief Executive Officer Marius Kloppers said in an e-mailed statement today. The company’s effective tax rate will increase to 57 percent from 2013 from 43 percent now on its Australian earnings, it said.
Profit Cut
BHP, the world’s biggest mining company with 51 percent of its assets in Australia, will have earnings cut by 19 percent as a result of the tax, Merrill Lynch & Co. said in an April 27 report on the 40 percent tax. Rio, the world’s second-largest iron ore exporter, which has about a third of its assets in Australia, would see a 30 percent earnings cut.
The proposal may erode Australia’s “competitiveness, severely curtail investment and limit job growth,” said David Peever, Rio’s managing director for Australia.
“Altering the rules for existing multibillion dollar projects in mid stream, after large amounts of capital have already been put at risk over many years, would be the worst possible message Australia could send to investors,” Peever said in a statement.
The government today said it will compensate companies for the state royalties they have paid.
‘Highest’ Taxes
“Under the plan announced today, Australia will have the highest taxed mining industry in the world,” Minerals Council of Australia Chief Executive Officer Mitch Hooke said in an e- mailed statement. “Australia’s hard-earned reputation as a stable investment environment will be dramatically undermined.”
The government runs the risk of “taking away from Australia the strongest industry we have and the one that saved us from the global financial crisis,” said Keith De Lacy, chairman of Brisbane-based Macarthur Coal Ltd., the world’s largest producer of pulverized coal. “Always 50 percent of our net profits went into development and exploration and so much of that is going now so obviously we’ll grow slower.”
The introduction of the resource tax would cut Australia’s competitiveness, Citigroup Inc. said on April 28 before the release of the review. Mining companies’ tax burden currently stands at 35 percent, Citigroup said in its report last week.
Chinese and Indian demand for resources from Australia, the world’s biggest exporter of coal, iron ore and alumina, helped the A$1.2 trillion economy skirt recession during the global financial crisis. China is the nation’s largest resource customer.
Aging Population
Rudd’s Labor government, which has led the opposition Liberal-National coalition in opinion polls, commissioned the tax review two years ago to create a simpler and fairer system to meet the needs of a growing and aging population. One quarter of a projected population of 36 million will be aged 65 and over by 2050, increasing pressure on roads, rail, ports, schools and hospitals.
The government will use the resource tax revenue to create a A$5.6 billion infrastructure fund, cut company taxes to 28 percent in mid-2014 from the current 30 percent and boost retirement funds, now worth A$1.3 trillion. It will also give a tax concession for resource exploration, including geothermal, affecting 4,300 companies, Treasurer Wayne Swan said.
The company tax rate, reduced to 30 percent from 36 percent by the previous Liberal-National government, will be cut to 28 percent by mid-2014, with 720,000 small businesses getting a one-year head-start. The government may decrease the rate further.
Retirement Funds
The government will also increase the amount companies have to pay into people’s retirement fund to 12 percent from 9 percent of their gross salary in mid-2019. Australia will also make it more attractive for some 8.4 million Australian workers to increase their own contributions to the pool and the changes will add A$85 billion to the A$1.34 trillion fund, Swan said.
In total, the government’s tax policy changes will add 0.7 percent a year to the nation’s economy.
Economic growth in Australia will accelerate to 3.5 percent in 2011 from 3 percent this year, and the country will continue to be among nations leading the world on raising borrowing costs, the International Monetary Fund said on April 21. Glenn Stevens, the first Group of 20 central bank governor to raise rates after the global recession, also expects Australia’s economic growth to strengthen this year.
To contact the reporters on this story: Gemma Daley in Canberra at gdaley@bloomberg.net; Marion Rae in Canberra at mrae3@bloomberg.net
De no modificarse ese contrato la tasa impositiva efectiva durante los primeros 7 años será menor al 30%.
Esto contrasta considerablemente con la tasa impositiva efectiva que existe en Australia en la actualidad (43%) o la prevista después de la reforma (57%).
Solicitemos al Congreso Nacional el cambio del contrato de la Barrick Gold para que la tasa impositiva efectiva sea igual a un 50%, pues los dominicanos son los dueños del oro.
Incluso sería recomendable que se estableciera el destino de las recaudaciones, para que los beneficiarios se empoderen de la lucha a favor de los intereses nacionales.
May 2 (Bloomberg) -- Australia will impose a 40 percent tax on the profits of resource companies like BHP Billiton Ltd. and Rio Tinto Group to pay for infrastructure, retirement and company levy changes as part of the broadest overhaul of its tax system since the Second World War.
The government, commenting on Treasury Secretary Ken Henry’s 10-year tax plan, said the tax would start in 2012 and raise A$12 billion ($11.1 billion) in the first two years. The move to better tap into the nation’s mining boom, fueled by commodities demand from China and India, comes as Prime Minister Kevin Rudd prepares for an election later this year.
“This will use super profits on resources owned by all Australians,” Rudd told reporters in Canberra, saying he’s prepared for a backlash to the measures. “This will help convert Australia’s strong economic position today into enduring prosperity.”
The changes set up a potential clash between Rudd and resources companies that make up 9 percent of the economy and last week warned that a 40 percent levy and double taxation with state royalties would threaten $108 billion worth of planned investment.
“If implemented, these proposals seriously threaten Australia’s competitiveness, jeopardize future investments and will adversely impact the future wealth and standard of living of all Australians,” BHP’s Chief Executive Officer Marius Kloppers said in an e-mailed statement today. The company’s effective tax rate will increase to 57 percent from 2013 from 43 percent now on its Australian earnings, it said.
Profit Cut
BHP, the world’s biggest mining company with 51 percent of its assets in Australia, will have earnings cut by 19 percent as a result of the tax, Merrill Lynch & Co. said in an April 27 report on the 40 percent tax. Rio, the world’s second-largest iron ore exporter, which has about a third of its assets in Australia, would see a 30 percent earnings cut.
The proposal may erode Australia’s “competitiveness, severely curtail investment and limit job growth,” said David Peever, Rio’s managing director for Australia.
“Altering the rules for existing multibillion dollar projects in mid stream, after large amounts of capital have already been put at risk over many years, would be the worst possible message Australia could send to investors,” Peever said in a statement.
The government today said it will compensate companies for the state royalties they have paid.
‘Highest’ Taxes
“Under the plan announced today, Australia will have the highest taxed mining industry in the world,” Minerals Council of Australia Chief Executive Officer Mitch Hooke said in an e- mailed statement. “Australia’s hard-earned reputation as a stable investment environment will be dramatically undermined.”
The government runs the risk of “taking away from Australia the strongest industry we have and the one that saved us from the global financial crisis,” said Keith De Lacy, chairman of Brisbane-based Macarthur Coal Ltd., the world’s largest producer of pulverized coal. “Always 50 percent of our net profits went into development and exploration and so much of that is going now so obviously we’ll grow slower.”
The introduction of the resource tax would cut Australia’s competitiveness, Citigroup Inc. said on April 28 before the release of the review. Mining companies’ tax burden currently stands at 35 percent, Citigroup said in its report last week.
Chinese and Indian demand for resources from Australia, the world’s biggest exporter of coal, iron ore and alumina, helped the A$1.2 trillion economy skirt recession during the global financial crisis. China is the nation’s largest resource customer.
Aging Population
Rudd’s Labor government, which has led the opposition Liberal-National coalition in opinion polls, commissioned the tax review two years ago to create a simpler and fairer system to meet the needs of a growing and aging population. One quarter of a projected population of 36 million will be aged 65 and over by 2050, increasing pressure on roads, rail, ports, schools and hospitals.
The government will use the resource tax revenue to create a A$5.6 billion infrastructure fund, cut company taxes to 28 percent in mid-2014 from the current 30 percent and boost retirement funds, now worth A$1.3 trillion. It will also give a tax concession for resource exploration, including geothermal, affecting 4,300 companies, Treasurer Wayne Swan said.
The company tax rate, reduced to 30 percent from 36 percent by the previous Liberal-National government, will be cut to 28 percent by mid-2014, with 720,000 small businesses getting a one-year head-start. The government may decrease the rate further.
Retirement Funds
The government will also increase the amount companies have to pay into people’s retirement fund to 12 percent from 9 percent of their gross salary in mid-2019. Australia will also make it more attractive for some 8.4 million Australian workers to increase their own contributions to the pool and the changes will add A$85 billion to the A$1.34 trillion fund, Swan said.
In total, the government’s tax policy changes will add 0.7 percent a year to the nation’s economy.
Economic growth in Australia will accelerate to 3.5 percent in 2011 from 3 percent this year, and the country will continue to be among nations leading the world on raising borrowing costs, the International Monetary Fund said on April 21. Glenn Stevens, the first Group of 20 central bank governor to raise rates after the global recession, also expects Australia’s economic growth to strengthen this year.
To contact the reporters on this story: Gemma Daley in Canberra at gdaley@bloomberg.net; Marion Rae in Canberra at mrae3@bloomberg.net
Aristy Escuder: Toribio cabildea Gobernación BC
El economista Jaime Aristy Escuder dijo hoy que el actual administrador del Banco de Reservas, Daniel Toribio, cabildea el cargo de gobernador del Banco Central “desde la propia alcoba del presidente Leonel Fernández” y advirtió sobre los inconvenientes que su designación podría acarrear en las variables económicas del país, especialmente en el nivel de la tasa de cambio.Escuche la primera parte de la Consulta Economica,segunda parte
Acompañado de Robert Contreras y Fabricio Gómez Mazara en el programa “Consulta Económica”, que se transmite cada sábado a partir de las 11 de la mañana en la Z101, Aristy Escuder consideró que el nivel del dólar en el mercado nacional podría aumentar si a partir del 16 de agosto, Toribio sustituye a Héctor Valdez Albizu como jefe de la política monetaria en la República Dominicana.
Asimismo, el economista advirtió que desde el Banco Central, Toribio estaría en capacidad de controlar una posible auditoría que debería realizar la Superintendencia de Bancos a la entidad que actualmente él dirige, sobre el préstamo de RD$483 millones al empresario español Arturo del Tiempo Marqués para la construcción de la torre Atiemar, en el Distrito Nacional, la cual se halla bajo custodia después que su propietario fuera apresado en España por la introducción a ese país de un cargamento de cocaína que salió desde República Dominicana.
Insistió en que la Superintendencia de Bancos debe ingresar a Banreservas e identificar qué ocurrió en torno al préstamo a del Tiempo Marqués, cuya solicitud fue rechazada por dos bancos, y establecer las penalidades de lugar. Reclamó investigar la extensión del “tremendo agujero” financiero que -a su juicio- ha creado Toribio en su institución y si se han hecho otros préstamos a personas sindicadas como traficantes de droga. “No se sabe cuántos préstamos dudosos hizo el Banco de Reservas”, afirmó, al tiempo de reclamar explicaciones a Toribio sobre el préstamo de la torre Atiemar.
Insistió en la importancia del Banco de Reservas para la economía dominicana, ya que es la segunda mayor institución financiera de la República Dominicana, donde un agujero financiero puede afectar toda la política macroeconómica del país.
Junto a Contreras y Gómez, insistió también en que la política macroeconómica dominicana, que ha sido uno de los puntos luminosos de la gestión gubernamental peledeísta en los últimos años, pueda ser politizada llevando al organismo rector de la política monetaria a un miembro del Comité Político del gubernamental Partido de la Liberación Dominicana (PLD).
http://www.z101fm.com/index.php?option=com_content&view=article&id=14657:aristy-daniel-toribio-cabildea-cargo-gobernador-banco-central&catid=78:finanzas&Itemid=178
Acompañado de Robert Contreras y Fabricio Gómez Mazara en el programa “Consulta Económica”, que se transmite cada sábado a partir de las 11 de la mañana en la Z101, Aristy Escuder consideró que el nivel del dólar en el mercado nacional podría aumentar si a partir del 16 de agosto, Toribio sustituye a Héctor Valdez Albizu como jefe de la política monetaria en la República Dominicana.
Asimismo, el economista advirtió que desde el Banco Central, Toribio estaría en capacidad de controlar una posible auditoría que debería realizar la Superintendencia de Bancos a la entidad que actualmente él dirige, sobre el préstamo de RD$483 millones al empresario español Arturo del Tiempo Marqués para la construcción de la torre Atiemar, en el Distrito Nacional, la cual se halla bajo custodia después que su propietario fuera apresado en España por la introducción a ese país de un cargamento de cocaína que salió desde República Dominicana.
Insistió en que la Superintendencia de Bancos debe ingresar a Banreservas e identificar qué ocurrió en torno al préstamo a del Tiempo Marqués, cuya solicitud fue rechazada por dos bancos, y establecer las penalidades de lugar. Reclamó investigar la extensión del “tremendo agujero” financiero que -a su juicio- ha creado Toribio en su institución y si se han hecho otros préstamos a personas sindicadas como traficantes de droga. “No se sabe cuántos préstamos dudosos hizo el Banco de Reservas”, afirmó, al tiempo de reclamar explicaciones a Toribio sobre el préstamo de la torre Atiemar.
Insistió en la importancia del Banco de Reservas para la economía dominicana, ya que es la segunda mayor institución financiera de la República Dominicana, donde un agujero financiero puede afectar toda la política macroeconómica del país.
Junto a Contreras y Gómez, insistió también en que la política macroeconómica dominicana, que ha sido uno de los puntos luminosos de la gestión gubernamental peledeísta en los últimos años, pueda ser politizada llevando al organismo rector de la política monetaria a un miembro del Comité Político del gubernamental Partido de la Liberación Dominicana (PLD).
http://www.z101fm.com/index.php?option=com_content&view=article&id=14657:aristy-daniel-toribio-cabildea-cargo-gobernador-banco-central&catid=78:finanzas&Itemid=178
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