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Ships and aircraft – The economic ownership principle – status on implementation

Ships and aircraft – The economic ownership principle – status on implementation. Nordic meeting on Trade in Goods and Services/ BoP 2014 Tórshavn , Faroe Islands, 16-18 September 2014 Søren Rich, Senior Adviser, Statistics Denmark. Outcome of Eurostat discussions 2010-2013 –Danish view.

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Ships and aircraft – The economic ownership principle – status on implementation

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  1. Ships and aircraft – The economic ownership principle – status on implementation Nordic meeting on Trade in Goods and Services/BoP 2014 Tórshavn, Faroe Islands, 16-18 September 2014 Søren Rich, Senior Adviser, Statistics Denmark

  2. Outcome of Eurostat discussions 2010-2013 –Danish view • In general satisfied with the outcome • Very important that business accounts standards IAS17 was adopted as a tool/method • No Holy Grail found: the perfect data source was not identified • Use of commercial databases like IHS Fairplay was fortunately not adopted as main data source… • … and recommendations from Task Force ‘Trade in Ships and Aircraft’ allow for the necessary freedom of collection methods. • Good cooperation with Iceland about finding a joint position on the issue and getting influence on the outcome of Task Force ‘Trade in Ships and Aircraft’

  3. Danish implementation of economic ownership principles so far Gradualimplementation of economicownership in External Trade in Goods Statistics: • Ships: Bareboat leasing included since 2010 • Aircraft: Activities of Danish leasing companies included since 2011 • Ships: Flagging in/out currently under investigations • Point of departure: Ships under foreign flag should not be included… • … but a confirmation is needed. • Full implementation of economic ownership is expected to take place with the finalisation of statistics for 2012 next year.

  4. Potential for Nordic cooperation • Close dialogue and exchange of experience on how to implement economic ownership concept within ships and aircraft • Exchange of (micro) data on identified transactions can facilitate the implementation of economic ownership and improve the quality • Sweden, Norway and Denmark could intensify the cooperation on how to record the transactions by Scandinavian Airlines

  5. The future of economic ownership in External Trade in Goods According to EU Commissions proposal for new legislation for business statistics (FRIBS) the following will happen to economic ownership principle: • Ships and aircraft: the principle is kept in FRIBS • Spacecraft: the principle is kept in FRIBS • Goods delivered to ships and aircraft: replaced by the flag nation of the ship/aircraft • Sea products: replaced by the flag nation of the ship landing the products.

  6. The end Thanks for your attention! Questions, comments? Søren Rich, sri@dst.dk

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