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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
  • 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)
  • 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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