Issue paper definition of remittances
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Issue paper: Definition of remittances. Technical Subgroup on Movement of Persons – Mode 4 (New York, 22 - 24 February 2006). Overview. Background Personal transfers Personal remittances Total remittances. Background.

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Issue paper definition of remittances

Issue paper:Definition of remittances

Technical Subgroup on

Movement of Persons – Mode 4

(New York, 22 - 24 February 2006)


Overview
Overview

  • Background

  • Personal transfers

  • Personal remittances

  • Total remittances


Background
Background

  • TSG on Movement of Persons-Mode 4 submitted its recommendations to BOPCOM and the AEG

  • Recommendations bring BPM6 flows in line with 1993 SNA using items in the Annotated Outline

  • AEG and BOPCOM conclusions diverge slightly

  • What next?

    Reconcile the differences and resubmit to AEG and BOPCOM


Personal transfers
Personal transfers

  • Definition

    Personal transfers consist of all current transfers in cash or in kind made, or received, by resident households to or from other non-resident households

    BOPCOM: Agree with definition. Workers remittances supplementary item to maintain time series.

    AEG: Suggests possible inclusion of capital transfers

    [Question 1]


Personal remittances
Personal remittances

  • Definition

    Personal remittances = compensation of employees – social contributions + personal transfers + capital transfers between households

  • Essentially household-to-household transfers

  • Excludes: non-life insurance premiums and claims, investment income


Personal remittances cont ed
Personal remittances (Cont’ed)

  • BOPCOM: Agree with definition and “netting” COE of social contribution, taxes on income, travel and transportation costs related to short term employment.

  • Should personal remittances (“netting” COE) be part of the standard presentation?

  • Should capital transfers be included in the definition?


Personal remittances cont ed1
Personal remittances (Cont’ed)

  • AEG: Favors broader definition, proxy to disposable income from abroad:

    Personal remittances + social benefits

    Social benefits is likely to be an item of the standard presentation.

  • Should the new concept of disposable income from abroad be retained – in addition to personal remittances?


Total remittances
Total remittances

  • Definition

    Total remittances = personal remittances + social benefits + current transfers to NPISHs

    BOPCOM: Agree with above definition.

    AEG: Agree but raise issue of whether to include capital transfers.

  • Should current transfers to NPISHs be considered part of the standard presentation?

  • Should capital transfers to NPISHs be included in the definition?



Questions to the tsg
Questions to the TSG (AO)

  • What is the opinion of the TSG on whether to include capital transfers between resident and non-resident households in the definition of personal transfers in para 6?

  • Does the TSG agree with the definition of personal remittances as a household-to-household transfer defined as in para 12?

  • Is the TSG in favour of “netting” compensation of employees as part of the BOP standard presentation?

  • Does the TSG agree with the inclusion of capital transfers between households in the definition of personal remittances? Should capital transfers to/from households be a BOP standard component or a supplementary item?


Questions to the tsg cont ed
Questions to the TSG (Cont’ed) (AO)

  • Does the TSG agree with the definition of disposable income from abroad defined as the sum of personal remittances and social benefits?

  • Does the TSG agree with the definition of total remittances as defined in para 22?

  • What is the opinion of the TSG on whether to include capital transfers to NPISHs in the definition of total remittances?

    • If in favour, should capital transfers to NPISHs be a BOP standard component or a supplementary item?


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