BIZweek n°298 10 jui 2020
BIZweek n°298 10 jui 2020
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  • Parution : n°298 de 10 jui 2020

  • Périodicité : hebdomadaire

  • Editeur : Capital Publications Ltd

  • Format : (260 x 370) mm

  • Nombre de pages : 9

  • Taille du fichier PDF : 5 Mo

  • Dans ce numéro : tariff profile 2020 de Maurice.

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VENDREDI 10 JUILLET 2020 BIZWEEK ÉDITION 298 On 6th of July, the World Trade Organisation (WTO) published the latest version of Tariff Profiles across the world. This publication covers the latest available tariff data (either 2019 or 2018) and the latest available import data (either 2018 or 2017). The tariff information provided for the European Union covers its 28 member states as of 31 December 2019. The United Kingdom withdrew from the European Union as of 1 February 2020. The European Union and the United Kingdom have communicated that during the transition period, which ends on 31 December 2020, European Union law, with a few limited exceptions, continues to be applicable to and in the United Kingdom. During that transition period, the EU most-favoured nation (MFN) applied and preferential tariffs continue to be applicable in the United Kingdom. About World Tariff Profiles The World Tariff Profiles is a joint publication of the WTO, ITC and UNCTAD devoted to market access for goods. This statistical yearbook contains a comprehensive compilation of the main tariff parameters for each of the 164 WTO members plus other countries and customs territories where data is available. Each tariff profile presents information on tariffs imposed by each economy on its imports complemented with an analysis of the market access conditions it faces in its major export markets. Mauritius Part A.1 Tarifs and imports  : Summary and duty ranges Summary Total Ag Non-Ag WTO member since 1995 Simple average final bound 86.6 119.4 17.0 Binding coverage  : Total 20.4 Simple average MFN applied 2019 0.8 1.5 0.7 Non-Ag 7.6 Trade weighted average 2018 1.0 2.2 0.8 Ag  : Tariff quotas (in%) 0 Imports in billion US$ 2018 4.8 0.9 4.0 Ag  : Special safeguards (in%) 0 Frequency distribution Agricultural products Non-agricultural products Duty-free 0 <= 5 5 <=10 10 <=15 15 <= 25 25 <= 50 50 <=100 > 100 NAV Tariff fines and import values (in%) Final bound 0 0 0 0 0 2.5 1.3 96.1 MFN applied 2019 92.5 0 3.1 2.7 0 1.2 0.5 0 Imports 2018 91.3 0 1.8 4.8 0 0.9 1.3 0 0 Final bound 5.7 0 0 0 0 0 1.8 0.1 0 MFN applied 2019 96.4 0.0 0.1 2.6 0 0.9 0 0 Imports 2018 95.2 0 0.3 3.0 0 1.5 0 0 Part A.2 Tariffs and imports by product groups Product groups -AVG Final bound duties MFN applied duties Imports Duty-free in% Max Binding in% AVG Duty-free in% Max Share Animal products 120.5 0 122 100 0.0 100.0 0 2.3 100.0 Dairy products 101.8 0 122 100 0.0 100.0 0 2.3 100.0 Fruit, vegetables, plants 118.6 0 122 100 0.0 100.0 0 2.2 100.0 in% in% Duty-free Coffee, tea 118.7 0 122 100 2.5 91.7 30 0.6 95.7 Cereals & preparations 116.4 0 122 100 0.3 97.8 15 4.9 99.7 Oilseeds, fats & oils 121.3 0 122 98.8 1.3 87.3 15 1.6 73.2 Sugars and confectionery 122.0 0 122 100 18.8 76.5 80 0.4 37.2 Beverages & tobac,co 122.0 0 122 100 8.8 55.0 30 2.2 64.6 Cotton 122.0 0 122 100 0.0 100.0 0 1.0 100.0 Other agricultural products 122.0 0 122 100 1.2 88.8 15 1.0 85.9 Fish &fish products 122.0 0 122 0.8 0.0 100.0 0 4.6 100.0 Minerais & metals 62.4 4.0 65 2.8 0.5 97.1 30 13.8 95.2 Petroleum 0 0.0 100.0 0 8.5 100.0 Chemicals 42.3 45.8 122 2.6 0.4 97.2 30 9.5 87.7 Wood, paper, etc. 48.8 25_0 65 1.4 3.8 82.8 30 5.0 75.9 Textiles 0 0.9 94.7 30 5.4 95.4 Clothing 0 0.0 100.0 0 1.6 100.0 Leather, footwear, etc. - - - 0 0.9 96.8 30 2.0 91.8 Non-electrical machinery 18.9 71.0 65 15.3 0.0 100.0 0 9.0 100.0 Electrical machinery 10.0 84_5 65 43.8 0.7 97.5 30 9.5 99.9 Transport equipment 46.4 28.6 65 5.3 0.5 97.1 30 8.7 97.4 Manufactures,n.e.s. 0.0 100.0 0 26.2 0.9 94.3 30 4.0 94.1 Part B Ex orts to major trading artners and duties faced Agricultural products Major markets Bilateral imports Diversification - in million US$ 95% trade in no. of MFN AVG of traded TL Pref. margin HS 2-digit HS 6-digit Simple Weighted Weighted in% Duty-free imports g 1. European Union 2018 131 9 16 11.8 51.6 51.6 94.9 99.8 2. Kenya 2018 46 2 4 48.8 30.3 30.3 100.0 100_0 3. Mozambique 2018 35 1 2 8.6 2.6 2.6 100.0 100.0 4. Madagascar 2018 20 6 7 15.2 17.8 17.8 100.0 100_0 5. United States of America 2018 18 2 3 11.1 30.7 0.0 75.0 44.3 Non-agricultural products LA TOUR WORLD TRADE ORGANISATION Tariff profile 2020 of Mauritius 1. European Union 2018 750 31 122 5.2 14.5 14.5 100.0 100.0 2. United States of America 2018 298 9 26 8.6 9.5 9.5 98.0 100_0 3. South Africa 2018 203 20 69 16.2 34.9 34.9 100.0 100.0 4. Zambia 2018 203 15 36 12.4 18.8 18.8 100.0 100_0 5. Madagascar 2018 80 24 73 12.6 13.9 13.9 100.0 100.0 TL in% Value I in% 4
VENDREDI 10 JUILLET 2020 BIZWEEK ÉDITION 298.. - II °.. ! qq. :  : ='  : 1181 IP*.. ACTA PUBLICA ACCOUNTING AND AUDIT Big Four told to outline plans for audit split by October The UK’s Big Four accounting firms have until 2024 to separate their audit practices following a severe edict from the accounting regulator that marks the largest shake-up of the industry in decades. The Financial Reporting Council has issued principles for the operational separation of the audit units of PwC, Deloitte, KPMG and EY a a 8 11811.r... Z 112 II II, =0.= :  : =lie/I.'.. ». 111 HUI.. sr,* lodmir-" lo..-61111/1.e 11:11611.= e :. a:14 i : :... II I...,:...e.'..=... 4.4 Imo.-". un »/111/1 so - i Oie.,- «.. 1111 1er 110Soes==Sildelall :  : :m. I. : ".Ml'Mili à... :  : i..:. 81,8111 11.1.:. =:. :  : 11/4 1.1: :. n r  : 111. I  : tie:. ^" «, .. « "" «..8. :.  : e:4. ; ":=.E Liii  : ri ".. ". :... « :.  : Il lin I If eee et ! ri i 2/1..%m. die I/te11:..._,Iiiiitsi.._...:-... 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I United Kingdom’s regulator orders the largest shake-up of the industry in decades. The Big Four accounting firms – PwC, Deloitte, KPMG and EY – must outline their plans to implement all 22 of the principles issued by the Financial Reporting Council (FRC) by the end of October, and have completed the measures by June 2024. It is the first structural overhaul of the way the firms operate since a string of reviews prompted by the failure of British outsourcer Carillion. Audit reformhas been thrown into sharp focus in recent years by high-profile corporate collapses such as at BHS, Thomas Cook, and most recently, Wirecard. The FRC’s new principles require that the firms pay auditors in line with the profits of their audits, ring-fence the finances of the audit division with a separate profit and loss account, and introduce an independent audit board to oversee the practice. The Big Four generate around a fifth of revenues from their audit practices, which have been dwarfed by the rapid expansion of their advisory divisions in recent years. The requirements are designed to improve audit quality and « audit market resilience » by ensuring that « no material, structural cross subsidy persists between the audit practice and the rest of the firm », according to the FRC. « In pursuing these objectives, we will seek to ensure that audit remains an attractive and reputable profession and increase deserved confidence in audit, » it said. The FRC ruled that profit payments distributed to audit partners « should not persistently exceed the contribution to profits of the audit practice » and said that auditors « should work for the benefit of shareholders of audited entities and wider society ; they are not accountable to audited entities’executive management. » The regulator stopped short of requiring auditors to be paid from a separate pool of profits generated only from audit fees. Critics of the industry had recommended such a requirement in order to stop a real or perceived conflict of interest due to auditors being paid from the same profits as a firm’s consultants. « Today the FRC has delivered a major step in the reformof the audit sector, » said Jon Thompson, chief executive of the FRC. « Operational separation of the UK’s audit firms is just the first step on the journey to restoring trust in UK plc, » said Jon Holt, head of audit at KPMG, adding, « KPMG supports operational separation in the UK. » The collapse of Carillion in 2018 sparked calls for an overhaul of the audit profession and an inquiry into KPMG, which had audited it for 19 years. Since then, the competition watchdog has recommended that the government introduce legislation to breakup the Big Four. The FRC is also set to transition into a new, more powerful statutory regulator called the Audit, Reporting and Governance Authority. Deloitte’s head of audit and assurance Stephen Griggs, said  : « We welcome this clarity from the FRC on the principles of operational separation and will continue working with them to develop our plans over the coming months. We remain committed to playing our role in delivering change that embraces audit quality, improves choice and restores trust. » [Source  : Financial Times, 6 July 2020] FRC urges government to implement audit reformThe government must act quickly to bring further reformof the audit sector as the FRC are unable to enact the full range of measures without a new statutory footing, according to Claire Lindridge, resources, capability and projects director at the Financial Regulatory Council (FRC)’s audit quality review team. Lindridge says the new reforms, while significant, are just the first of several steps. The main concern is in replacing the FRC with the audit reporting and governance authority (ARGA), for which legislation is required. « We definitely need government to enact some legislation to set ARGA on a statutory footing and to give ARGA the powers that it needs to enforce operational separation… but also to make changes into what companies are required to do, » she says. Lindridge is aware that the government has been preoccupied with the coronavirus crisis engulfing the world, not just the UK, and prior to that Brexit and a general election. However, the economic knock-on effects of coronavirus are likely to mean that audit comes under even more intense pressure than before, she says. « Clearly you could see this environment as one where there is going to be a lot more public interest in the health of companies, particularly those that have been the beneficiaries of government help in all its various forms that is there at the moment. « And so, it’s really important that directors are properly being held accountable for what they’re doing with that government support and the auditors are doing high quality audits on the financial statements that the directors are publishing. » 5

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