Rabu, 08 Juni 2011

Emerging Markets

Emerging markets
Emerging markets are nations with social or business activity in the process of rapid growth and industrialization. based on data from 2006 there are around 28 emerging markets (according to 2010 data there are more than 40 emerging marketsin the world, with the economies of China and India considered to be the largest According to The Economist many people find the term outdated, but no new term has yet to gain much traction
The ASEAN–China Free Trade Area, launched on January 1, 2010, is the largest regional emerging market in the world
Terminology
Developing countries that are neither part of the least developed countries, nor of the newly industrialized countries
In the 1970s, “less economically developed countries” (LEDCs) was the common term for markets that were less “developed” (by objective or subjective measures) than the developed countries such as the United States, Western Europe, and Japan. These markets were supposed to provide greater potential for profit, but also more risk from various factors. This term was felt by some to be not positive enough so the emerging market label was born. This term is misleading in that there is no guarantee that a country will move from “less developed” to “more developed”; although that is the general trend in the world, countries can also move from “more developed” to “less developed”.
Originally brought into fashion in the 1980s by then World Bank economist Antoine van Agtmael the term is sometimes loosely used as a replacement for emerging economies, but really signifies a business phenomenon that is not fully described by or constrained to geography or economic strength; such countries are considered to be in a transitional phase between developing and developed status. Examples of emerging markets include Indonesia, Iran, some countries of Latin America, some countries in Southeast Asia, most countries in Eastern Europe, Russia, some countries in the Middle East, and parts of Africa. Emphasizing the fluid nature of the category, political scientist Ian Bremmer defines an emerging market as “a country where politics matters at least as much as economics to the markets.
The research on emerging markets is diffused within management literature. While researchers including C. K. Prahalad, George Haley, Hernando de Soto, Usha Haley, and several professors from Harvard Business School and Yale School of Management have described activity in countries such as India and China, how a market emerges is little understood.
In the 2008 Emerging Economy Report the Center for Knowledge Societies defines Emerging Economies as those “regions of the world that are experiencing rapid informationalization under conditions of limited or partial industrialization.” It appears that emerging markets lie at the intersection of non-traditional user behavior, the rise of new user groups and community adoption of products and services, and innovations in product technologies and platforms.
Newly industrialized countries as of 2010. This is an intermediate category between fully developed and developing.
The term “rapidly developing economies” is being used to denote emerging markets such as The United Arab Emirates, Chile and Malaysia that are undergoing rapid growth.
In recent years, new terms have emerged to describe the largest developing countries such as BRIC that stands for Brazil, Russia, India, and China along with BRICET (BRIC + Eastern Europe and Turkey), BRICS (BRIC + South Africa), BRICM (BRIC + Mexico) , BRICK (BRIC + South Korea), Next Eleven (Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam) and CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa) These countries do not share any common agenda, but some experts believe that they are enjoying an increasing role in the world economy and on political platforms.
It is difficult to make an exact list of emerging (or developed) markets; the best guides tend to be investment information sources like ISI Emerging Markets and The Economist or market index makers (such as Morgan Stanley Capital International). These sources are well-informed, but the nature of investment information sources leads to two potential problems. One is an element of historicity; markets may be maintained in an index for continuity, even if the countries have since developed past the emerging market phase. Possible examples of this are South Korea and Taiwan. A second is the simplification inherent in making an index; small countries, or countries with limited market liquidity are often not considered, with their larger neighbours considered an appropriate stand-in.
In an Opalesque.TV video, hedge fund manager Jonathan Binder discusses the current and future relevance of the term “emerging markets” in the financial world. Binder says that in the future investors will not necessarily think of the traditional classifications of “G10″ (or G7) versus “emerging markets”. Instead, people should look at the world as countries that are fiscally responsible and countries that are not. Whether that country is in Europe or in South America should make no difference, making the traditional “blocs” of categorization irrelevant.
The Big Emerging Market (BEM) economies are (alphabetically ordered): Brazil, China, Egypt, India, Indonesia, Mexico, Philippines, Poland, Russia, South Africa, South Korea and Turkey
Newly industrialized countries are emerging markets whose economies have not yet reached first world status but have, in a macroeconomic sense, outpaced their developing counterparts.
Individual investors can invest in emerging markets either through ADRs (American depositor Receipts – stocks of foreign companies that trade on US stock exchanges) or through exchange traded funds (exchange traded funds or ETFs hold basket of stocks). The exchange traded funds can be focused on a particular country (e.g., China, India) or region (e.g., Asia-Pacific, Latin America).
FTSE list
The FTSE Group distinguishes between Advanced and Secondary Emerging markets on the basis of their national income and the development of their market infrastructure. The Advanced Emerging markets are classified as such because they are upper middle income GNI countries with advanced market infrastructures or high income GNI countries with lesser developed market infrastructures.
The Advanced Emerging markets are:
 Brazil  Hungary  Mexico
 Poland  South Africa  Taiwan
The Secondary Emerging markets include some upper middle, lower middle and low income GNI countries with reasonable market infrastructures and significant size and some upper middle income GNI countries with lesser developed market infrastructures. The secondary emerging markets are:
 Chile  China  Colombia  Czech Republic
 Egypt  India  Indonesia  Malaysia
 Morocco  Pakistan  Peru  Philippines
 Russia  Thailand  Turkey  UAE
MSCI list
As of May 2010, MSCI Barra classified the following 21 countries as emerging markets
The list tracked by The Economist is the same, except with Hong Kong, Singapore and Saudi Arabia included (MSCI classifies the first two as developed markets and the third one as a frontier market).
S&P list
As of 31 December 2010, Standard and Poor’s classified the following 19 countries as emerging markets
Dow Jones list
As of May 2010, Dow Jones classified the following 35 countries as emerging markets:
Global Growth Generators
“Global Growth Generators”, or 3G (countries), is an alternative classification determined by Citigroup analysts as being countries with the most promising growth prospects for 2010-2050. These consist of Indonesia, Egypt (but not Turkey), seven other emerging countries, and two countries not previously listed before, specifically Iraq and Mongolia. The only country to appear in all emerging market lists or groups is Indonesia.
Six major emerging economies
According to World Bank issued at May 2011, BRIC countries plus South Korea and Indonesia will lead the world’s economy with more than a half of all global growth by 2025.
SUMBER : http://en.wikipedia.org/wiki/Emerging_markets
Diposting oleh di Tidak ada komentar:

Tiga Hambatan Investasi di Indonesia

                                                        Tiga Hambatan Investasi di Indonesia
Lambatnya pembangunan di Indonesia akibat masih adanya hambatan bagi para investor untuk masuk ke Indonesia.
Kepala Badan Koordinasi Penanaman Modal (BKPM) Gita Wirjawan mengindikasikan ada tiga hambatan yang selama ini menghalangi niat investor untuk menanamkan modalnya di Indonesia. Tiga hal tersebut adalah regulasi, proses dan peran pemerintah
“Hambatannya adalah yang pertama regulasi, terus prosesnya, kemudian peran pemerintah,” ungkapnya pada acara buka puasa bersama seluruh pegawai BKPM di Gedung Kantor BKPM, Jalan Gatot Subroto, Jakarta Rabu (25/8/2010) malam.
Dalam hal regulasi menurut Gita, yang paling sulit adalah pembebasan lahan. Dia memberi contoh proyek tol yang akan dibangun. “Orang sudah dapat konsesi tol 15-20 tahun, tapi tidak bisa terselesaikan. Seperti lingkaran setan,” jelasnya.
Yang kedua, Gita menyoroti tentang permasalahan proses yang harus dilalui para investor sangatlah sulit. Dia mencontohkan, bila ada investor yang tertarik untuk berinvestasi dalam pembangunan infrastruktur di Indonesia, tapi investor tersebut tidak tahu harus datang kemana, apakah ke Bappenas, Kementerian Pekerjaan Umum, kementerian Keuangan, Kementerian Perhubungan atau ke lembaga yang terkait lainnya.
Terlebih lagi kalau mereka berinvestasi di daerah, proses perizinannya sangat berbelit, apakah kepada Gubernur, Bupati atau Camat. Untuk itu, Gita menegaskan jika hal ini perlu penyederhanaan.
Selanjutnya, hambatan ketiga adalah mengenai peran pemerintah dalam setiap proyek yang dijalankan pihak swasta. Dalam setiap proyek yang akan dibangun, peran pemerintah sangatlah kurang, hal ini menyebabkan proyek tersebut tidak berjalan atau terkesan maju-mundur.
Gita mengambil contoh proyek pembangunan rel kereta dari Manggarai ke Bandara Soekarno-Hatta. Proyek ini sebenarnya dikualifikasi, dan sudah tender.
Namun sampai saat ini belum jalan, pemerintah juga belum bisa memberi jaminan. Hal ini dikarenakan pemerintah kurang tegas dalam menjalankannya. Karena itulah proyek ini terkesan maju-mundur.
“Saya percaya dengan diskusi yang sudah dilakukan dalam dua bulan terakhir ini dengan Menteri Keuangan, Menteri Perhubungan, Menteri PU, Menteri Perindustrian dan Kepala Bappenas, mengenai paradigma baru untuk menyikapi satu-persatu permasalahan 
SUMBER : http://economy.okezone.com/read/2010/08/26/20/366779/inilah-3-hambatan-investasi-di-indonesia
Diposting oleh di Tidak ada komentar:

Domestic Direct Investment


Investment Scenario
The measures initiated in the Union Budget 2011-12 have endorsed sustainability of private investments in the Indian Economy that would take the GDP growth to 9 per cent in 2011-12. The measures that would help revive private investments include directions given to institutions like NABARD and SIDBI to provide financial assistance to the micro, small and medium enterprises (MSME), introducing ‘sugam’ to reduce the compliance burden of small tax payers falling within presumptive taxation, freeing small businesses (with turnover of upto US$ 0.132 million) from formalities of audit, further liberalisation of interest subvention on housing loans and creation of ‘India Microfinance Equity Fund’ of US$ 22 million.
Gregory Ko, ING Investment Management-Asia Pacific, has remained optimistic on investor sentiments in India for the coming fiscal in his recent interview. Considering robust economic recovery as the theme of investment, he believes that sectors including IT, metal and energy would show bright streaks of performance in the coming months.
A study by the marketing research firm Nielsen has stated that 18 per cent of the Indians have rated their individual finance as excellent and 66 per cent of them consider it to be good for the calendar year 2011. Confidence in the economic growth has made Indians optimistic about their personal finances, revealed the study.
Among the top 20 investment attracting states, Karnataka has emerged as most preferred destination with the highest share of 9.1 per cent in domestic investment plans in April-September 2010, as per ‘Associated Chambers of Commerce and Industry of India Investment Meter (AIM). Karnataka clocked an year-on-year (y-o-y) growth of 73.8 per cent and attracted investments of US$ 85.49 billion.
Uttar Pradesh acquired second spot with a growth of 75.5 per cent (y-o-y) attracting massive investment plans of US$ 45.14 billion during the period.
Availability of rich mineral resources like coal and ironore along with cheap manpower availability helped Jharkhand rank third on investment radar with total planned investments at US$ 44.03 billion having a share of 6.3 per cent in total investments during the reported period. Gujarat and Orissa stood at fourth and fifth position by attracting investment plans worth US$ 43.19 billion and US$ 42.10 billion, respectively during April-September 2010-11.
As per the AIM assessment report for corporate investments across states and sectors, total investment plans of India Inc increased significantly from US$1,753.7 billion in 2009 to US$ 2,221.4 billion during April-September, 2010.
In terms of sectoral analysis, the study shows that the power and services were the major sectors attracting investment in 2010.
A study undertaken by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) has revealed that the first nine months of 2010-11 (April–December) have witnessed more than three-fold increase in value terms in the Merger & Acquisitions (M&A) growing from US$ 13.54 billion in the corresponding period to US$ 58.73 billion. The number of deals also rose to 222 from 129 during the same period, domestic ones being 103 (41.41 per cent) in number. The major mergers and acquisitions occurred in telecom followed by energy, metal & mining, pharmaceutical and BFSI sectors.
Even going by January 2011’s deals, the IT & IT-enabled services (ITeS) segment has emerged as the largest ranking sector in inorganic strategy. According to Grant Thornton’s January data, IT &ITeS tracked the highest in terms of value, with the industry investing US$ 1.2 billion in M&A over 12 deals. The sector also led the chart in terms of investment from private equity firms.
India Inc is expected to spend around US$ 95.47 billion on information and communication technology (ICT) by 2014, growing at a compound annual growth rate (CAGR) of 10.9 per cent, as per the research firm Gartner. In 2009, the spending on ICT stood at US$ 56.82 billion.
As per a study ‘Indian Domestic Market: A Robust Opportunity,’ by Zinnov Management Consulting domestic market is the easiest to penetrate for start-ups and takes the least time to break in, followed by other growth markets and developed markets. The drivers in the domestic market include the fast paced economic growth and the growing software market.
Meanwhile, the Confederation of Indian Industry-Business Confidence Index (CII-BCI) for January-March 2011 increased by 0.5 points to 66.7 per cent as compared 66.2 per cent in the previous quarter. The survey said the sectoral break-up reveals that BCI is highest for the primary sector followed by services and manufacturing.
Investment initiatives
An empowered committee of the Punjab government has given approval to the following projects:
  • A ring-frame spinning unit of J D Spintex at Samana at a cost of US$ 7.96 million.
  • Gee EmmSpinfab’s project of ring spindle spinning unit in the Samana tehsil, at an investment of US$ 10.58 million.
  • Likewise, the committee also gave approval for setting up of an agriculture mega industrial food park with an investment of US$ 28.6 million by the International Mega Food Park in Ferozepur district.
  • SampuranAgri Venture’s agri mega project scheme for setting up of wasteland development project in Ferozepur district at a cost of US$ 13.66 million.
  • The committee also approved a policy for integrated sugar complexes at the state border. Under the policy, a sugar complex would comprise of a mill with minimum capacity of 3,000 TCD, power generation unit of minimum 15 Megawatt (MW), a distillery of 30 kl.
Mr Rahul Khullar, Secretary, Department of Commerce, informed during the Special Economic Zones (SEZ) Board of Approval meeting held on November 18, 2010, that so far 580 formal approvals have been granted for setting up of SEZs out of which 367 have been notified. He further informed that over US$ 38.94 billion have been invested in the SEZs.
The Maharashtra Economic Survey 2010-11 said the state continues to attract highest number of industrial proposals, despite rising competition from other states, and generates maximum employment. The report said it was the favoured destination for industries because of better infrastructure, skilled human resources and stable social conditions. A total of 786 industrial projects, including FDIs with an investment of US$ 25.35 billion were approved and 2,25,000 people were employed during September 2009 to August 2010. During the same period, 36 projects with an investment of US$ 1.91 billion were commissioned that employed 9,458 people.
National Aluminium Company Ltd. (NALCO), India’s largest producer and exporter of alumina and aluminium, on Tuesday signed a Memorandum of Understanding (MoU) with the union ministry of mines, for the financial year 2011-12 with a projected higher production of 63 lakh tonnes of bauxite and 21 lakh tonnes of alumina from its captive mines and refinery Complex at Damanjodi.
Road infrastructure in four districts of Arunachal Pradesh– Changlang, West Kameng, East Siang and West Siang – is up for a boost as the ministry of Development of North Eastern Region (DoNER) has sanctioned funds worth US$ 15.38 million for development of road network in the districts.
A major factor buoying investments is robust consumption demand, with domestic consumption of items such as automobiles and consumer electronics pacing up the growth of industrial revival. Automobile and allied industries are witnessing major capacity addition. As per the Society of Indian Automobile Manufacturers (SIAM), India’s auto market grew at 32.69 per cent in 2010. Passenger cars grew by 32 per cent, utility vehicles grew by 20.82 per cent and multi-purpose vehicles grew by 50.58 per cent during April-December 2010-11.
India’s power sector needs investment of upto US$ 400 billion in five years to end-March 2017, said P. Uma Shankar, Secretary, Union Ministry of Power. India plans to add 62 gigawatts of generation capacity, using mainly coal, in the five years to end-March 2012.
India could attract as much as US$ 169 billion in clean power project investments in the next decade, according to a report released by The Pew Charitable Trusts.
Furthermore, the natural gas industry has entered a high investment phase to create infrastructure to handle increasing volumes.
Mahanagar Gas Ltd (MGL), a natural gas distribution company, plans around US$ 219.00 million capital expenditure (capex) for expansion over the next five years, said V C Chittoda, Managing Director, MGL.
Hindustan Petroleum Corp Ltd (HPCL) plans to invest US$ 2.88 billion to almost double the capacity of its Vizag oil refinery in Andhra Pradesh to 15 million tonnes a year by 2013-14.
State-run GAIL plans a capex of US$ 8.89 billion for the next four-years for various undertaking various projects including sourcing of LNG.
Significantly, the central government is envisaging an investment of US$ 21.89 billion in the food processing industry by 2015. The government plans to attract the private sector and financial institutions to set up mega food parks and cold storage chains. An Expression of Interest (EoI) has been floated for setting up a total of 30 mega food parks across India by end of the 11th Five Year Plan (2007-2012), said Union Minister for Food Processing Industries, Mr Subodh Kant Sahai, on the sidelines of a CII Retail Summit. The allocation for the 11th Five Year Plan is US$ 1.09 billion with a plan of setting up 30 mega food parks. The Centre is also setting up cold storage chains. Ten mega food parks are already sanctioned, of which six are operational.
Further, investment in the infrastructure sector is expected to almost double at US$ 1,025 billion in the 12th Plan, compared to US$ 514 billion in the 11th Plan, according to the Planning Commission. Of the US$ 1,025 billion, 50 per cent is expected to come from private sector, whose investment has been 36 per cent in the 11th Plan.
India’s economy may be entering a new investment cycle going by expansion plans across industry sectors, a move that could create more jobs, boost demand for machinery and supporting infrastructure, and portend a strong pick-up in the growth momentum in the years ahead.
Electrical products maker Havells India has invested US$ 26.55 million in doubling the capacity of its cable and wire plant and expects revenue of US$ 398.26 million from the segment by FY’12.
Sumber : http://www.ibef.org/artdispview.aspx?in=16&art_id=28446&cat_id=595&page=2
Diposting oleh di Tidak ada komentar:

Foreign Direct Investment

Foreign direct investment (FDI) or foreign investment refers to the net inflows of investment to acquire a lasting management interest (10 percent or more of voting stock) in an enterprise operating in an economy other than that of the investor.[1] It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of payments. It usually involves participation in management, joint-venture, transfer of technology and expertise. There are two types of FDI: inward foreign direct investment and outward foreign direct investment, resulting in a net FDI inflow (positive or negative) and “stock of foreign direct investment”, which is the cumulative number for a given period. Direct investment excludes investment through purchase of shares.[2] FDI is one example of international factor movements
History
FDI is a measure of foreign ownership of productive assets, such as factories, mines and land. Increasing foreign investment can be used as one measure of growing economic globalization. The figure below shows net inflows of foreign direct investment in the United States. The largest flows of foreign investment occur between the industrialized countries (North America, Western Europe and Japan). But flows to non-industrialized countries are increasing sharply.
US International Direct Investment Flows:[3]
Period
FDI Inflow
FDI Outflow
Net Inflow
1960-69 $ 42.18 bn $ 5.13 bn + $ 37.04 bn
1970-79 $ 122.72 bn $ 40.79 bn + $ 81.93 bn
1980-89 $ 206.27 bn $ 329.23 bn - $ 122.96 bn
1990-99 $ 950.47 bn $ 907.34 bn + $ 43.13 bn
2000-07 $ 1,629.05 bn $ 1,421.31 bn + $ 207.74 bn
Total $ 2,950.69 bn $ 2,703.81 bn + $ 246.88 bn
Types
A foreign direct investor may be classified in any sector of the economy and could be any one of the followingan individual;
Methods
The foreign direct investor may acquire voting power of an enterprise in an economy through any of the following methods:
  • by incorporating a wholly owned subsidiary or company
  • by acquiring shares in an associated enterprise
  • through a merger or an acquisition of an unrelated enterprise
  • participating in an equity joint venture with another investor or enterprise
Foreign direct investment incentives may take the following formslow corporate tax and income tax rates
Global Foreign Direct Investment
UNCTAD said that there was no significant growth of Global FDI in 2010. In 2010 was $1,122 billion and in 2009 was $1.114 billion. The figures was 25 percent below the pre-crisis average between 2005 to 2007
Foreign direct investment in the United States
The United States is the world’s largest recipient of FDI. More than $325.3 billion in FDI flowed into the United States in 2008, which is a 37 percent increase from 2007. The $2.1 trillion stock of FDI in the United States at the end of 2008 is the equivalent of approximately 16 percent of U.S. gross domestic product (GDP).55
Benefits of FDI in America: In the last 6 years, over 4000 new projects and 630,000 new jobs have been created by foreign companies, resulting in close to $314 billion in investment] Unarguably, US affiliates of foreign companies have a history of paying higher wages than US corporationsForeign companies have in the past supported an annual US payroll of $364 billion with an average annual compensation of $68,000 per employeeIncreased US exports through the use of multinational distribution networks. FDI has resulted in 30% of jobs for Americans in the manufacturing sector, which accounts for 12% of all manufacturing jobs in the US
Affiliates of foreign corporations spent more than $34 billion on research and development in 2006 and continue to support many national projects. Inward FDI has led to higher productivity through increased capital, which in turn has led to high living standards
Foreign direct investment in China
Starting from a baseline of less than $19 billion just 20 years ago, FDI in China has grown to over $300 billion in the first 10 years. China has continued its massive growth and is the leader among all developing nations in terms of FDIEven though there was a slight dip in FDI in 2009 as a result of the global slowdown, 2010 has again seen investments increase
Foreign direct investment in India
Starting from a baseline of less than USD 1 billion in 1990, a recent UNCTAD survey projected India as the second most important FDI destination (after China) for transnational corporations during 2010-2012. As per the data, the sectors which attracted higher inflows were services, telecommunication, construction activities and computer software and hardware. Mauritius, Singapore, the US and the UK were among the leading sources of FDI. FDI for 2009-10 at USD 25.88 billion was lower by five per cent from USD 27.33 billion in the previous fiscal. Foreign direct investment in August dipped by about 60 per cent to aprox. USD 34 billion, the lowest in 2010 fiscal, industry department data released showed
Foreign direct investment and the developing world
FDI provides an inflow of foreign capital and funds, in addition to an increase in the transfer of skills, technology, and job opportunitiesMany of the East Asian tigers such as China, South Korea, Malaysia, and Singapore benefited from investment abroad.[ A recent meta-analysis of the effects of foreign direct investment on local firms in developing and transition countries suggest that foreign investment robustly increases local productivity growth The Commitment to Development Indexranks the "development-friendliness" of rich country investment policies.
Foreign direct investment (FDI) or foreign investment refers to the net inflows of investment to acquire a lasting management interest (10 percent or more of voting stock) in an enterprise operating in an economy other than that of the investor.[1] It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of payments. It usually involves participation in management, joint-venture, transfer of technology and expertise. There are two types of FDI: inward foreign direct investment and outward foreign direct investment, resulting in a net FDI inflow (positive or negative) and “stock of foreign direct investment”, which is the cumulative number for a given period. Direct investment excludes investment through purchase of shares.[2] FDI is one example of international factor movements.
History
FDI is a measure of foreign ownership of productive assets, such as factories, mines and land. Increasing foreign investment can be used as one measure of growing economic globalization. The figure below shows net inflows of foreign direct investment in the United States. The largest flows of foreign investment occur between the industrialized countries (North America, Western Europe and Japan). But flows to non-industrialized countries are increasing sharply.
US International Direct Investment Flows:
Period
FDI Inflow
FDI Outflow
Net Inflow
1960-69 $ 42.18 bn $ 5.13 bn + $ 37.04 bn
1970-79 $ 122.72 bn $ 40.79 bn + $ 81.93 bn
1980-89 $ 206.27 bn $ 329.23 bn - $ 122.96 bn
1990-99 $ 950.47 bn $ 907.34 bn + $ 43.13 bn
2000-07 $ 1,629.05 bn $ 1,421.31 bn + $ 207.74 bn
Total $ 2,950.69 bn $ 2,703.81 bn + $ 246.88 bn
Types
A foreign direct investor may be classified in any sector of the economy and could be any one of the followingan individual;
Methods
The foreign direct investor may acquire voting power of an enterprise in an economy through any of the following methods:
  • by incorporating a wholly owned subsidiary or company
  • by acquiring shares in an associated enterprise
  • through a merger or an acquisition of an unrelated enterprise
  • participating in an equity joint venture with another investor or enterprise
Foreign direct investment incentives may take the following formslow corporate tax and income tax rates
Global Foreign Direct Investment
UNCTAD said that there was no significant growth of Global FDI in 2010. In 2010 was $1,122 billion and in 2009 was $1.114 billion. The figures was 25 percent below the pre-crisis average between 2005 to 2007
Sumber : Wikipedia
Diposting oleh di Tidak ada komentar:

Kebijakan Fiskal

Kebijakan fiskal
K
ebijakan fiskal adalah kebijakan ekonomi  yang digunakan pemerintah untuk mengelola atau mengarahkan perekonomian kekondisi yang lebih baik atau yang diinginkan dengan cara mengubah – ubah penerimaan dan pengeluaran pemerintah. Jadi kebijakn fiskal mempunyai tujuan yang sama  persis dengan kebijakan moneter. Perbedaannya  terletak pada instrument kebijakannya. Jika dalam kebijakan moneter pemerintah mengendalikan jumlah uang yang beredar, maka dalam kebijakan fiskal pemerintah mengendalikan penerimaan dan pengeluaran. Dalam kebijakan fiskal tidak terlepas dari pajak, karena pajak merupakan sumber penerimaan pemerintah yang penting.
Macam –macam kebijakan fiskal:
  1. Kebijakan fiskal stabilistator otomatis : di negara – nagara maju kebijakan fiskalnya mempunyai stabilitasi otomatis. Peralatan stabitatornya adalah pajak dan pengeluaran yang dikategorikan dalam transfer paymen. Alat yang digunakan pemerintah untuk mrnjalankan kebijakan tersebut adalah dengan :
1.Perubahan penerimaan pajak otomatis
2.Tunjangan pengangguran dan pembayaran trasfer
  1. Kebijakan fiskal diskrisioner : kebijakan fiskal dari pemerintah yang digunakan untuk mengatasi masalah – masalah ekonomi yang sedang dihadapi. Kebijakan ini diartikan sebagai langkah-langah pemerintah untuk mengubah pengeluaran dan pungutan pajaknya dengan tujuan mengurangi gerk turun naiknyakegietan ekonomi dari waktu ke waktu, menciptakan tingkat kegiatan ekonomi dengan tingkat kesempatan kerja yang tinggi, tindak menghadapi masalah inflasi, dan selalu mengalami pertumbuhan yang memuaskan. Untuk menjalankan kebijakan ini pemerintah menjalankan sebagai berikut :
1.Membuat perubahan atas pengeluaran pemerintah
2.Membuat perubahan system pemungutan pajak
Pajak
Secara hukum, pajak dapat didefinisikan sebagai iuran wajib kepada pemerintah yang bersifat memaksa dan legal sehingga pemerintah mempunyai kekuatan hukum untuk menindak wajib pajak yang tidak memenuhi kewajibanya. Secara ekonomi pajak didefinisikan sebagai pemindahan sumber daya yang ada di sector rumah tangga  dan perusahaan ke sector pemerintah melalui mekanisme pemungutan tanpa wajib memberikan balas jasa langsung. Jika pungutan pemerintah sifatnya memeberikan balas jasa  langsung, maka pungutan ter sebut adalah retribusi.
Klasifikasi pajak
  1. Pajak objektif : pajak yang dikenakan berdasarkan aktifitas ekonomi para wajib pajak. Misalnya PPN.
  2. Pajak subjektif : pajak yang dipungut dengan melihat kemampuan wajib pajak. Biasanya bila kemampuan wajib pajak makin besar, beban pajaknya makin besar . indicator yang gunakan adalah pendapatan.
  3. Pajak langsung : Pajak yang beban pajaknya tidak dapat digeser kepada wajib pajak yang lain. Misalnya PPh dan PBB.
  4. Pajak tidak langsung : pajak yang beban pajaknya dapat digeser kepada wajib pajak lain. Misalnya PPn dan PPnBM.
Tarif pajak
  1. pajak nominal : pajak yang pengenaannya berdasarkan sejumlah nilai nominal tertentu.
  2. Pajak persentase : beban pajaknya ditetapkan berdasarkan persentase tertentu dari dasar penenaan pajak.pajak persentase dapat dibagi menjadi tiga  :
1.Pajak proposional : tarif persentasinya tetap, misalnya pajak penghasilan dikatakan proposional bila berapapun besarnya penghasilan , tarif pajaknya tetap 20 %
no Jumlah nilai penyerahan barang dan jasa (Rp) Tarif (%) Besarnya pajak (Rp)
1 200000 10% 20000
2 300000 10% 30000
3 1000000 10% 100000
2.Pajak progresif :  tarifnya makin tinggi bila dasar pengenaan pajaknya makin tinggi. Pajak penghasilan dikatakan progresif apabila tarifnya makin tinggi pada saat pendapatan makin tinggi.
no Lapisan kena pajak (Rp)

Tariff pajak (%)
1 sampai dengan  25 juta 5%
2 25 juta sampai 50 juta 10%
3 50 juta sampai 100 juta 15%
4 100 juta sampai 200 juta 25%
5 Diatas 200 juta 35%



Tariff pajak (%)1sampai dengan  25 juta5%225 juta sampai 50 juta10%350 juta sampai 100 juta15%4100 juta sampai 200 juta25%5Diatas 200 juta35%
3.Pajak regresif  : kebalikkan dari paja   k progresif, tarif pajak justru makin rendah pada saat pendapatan tinggi.
no Jumlah nilai barang penyerahan barang dan jasa (Rp) Tariff pajak (%) Besarnya pajak (Rp)
1 100000 10% 10000
2 300000 8% 240000
3 500000 6% 30000
4 700000 5% 35000
Penerimaan non pajak
penerimaan negara non pajak misalnya penerimeen yang berasal dari SDA, laba BUMN,  dan juga berasal dari hibah
Sumber : Ekonomi I kelas I SMA  Master Learning
Diposting oleh di Tidak ada komentar:

Kebijakan Moneter

Kebijakan  moneter
k
ebijakan  Moneter  adalah suatu upaya mengendalikan atau mengarahkan perekonomian makro ke kondisi yang diinginkan yang lebih baik dengan mengatur jumlah uang yang beredar. Yang dimaksud dengan kondisi yang lebih baik adalah meningkatnya output keseimbangan dan atau terpeliharanya stabilitas harga (inflasi terkontrol ). Melalui kebijakan moneter pemerintah dapat mempertahankan, menambah, atau mengurangi jumlah uang yang beredar dalam upaya mempertahannkan kemamampuan ekonomi pertumbuhan, sekaligus mengendalikan inflasi.
Jika yang dilakukan adalah untuk menembah jumlah uang yang beredar, maka pemerintah dikatakan menempuh kebijakan moneter expansif . Sebaliknya jika uang yang beredar dikurangi, pemerintah menempuh kebijakan moneter kontraktif.
Instrumen kebijakan moneter
  1. Operasi  pasar  terbuka : Pemerintah mengendalikan jumlah uang yang beredar  dengan cara menjual atau memebeli surat- surat yang berharga milik pemerintah . Jika ingin mengurangi jumlah uang yang beredar , maka pemerintah menjual surat- surat yang berharga . Jika ingin menambah jumlah uang yang beredar , maka pemerintah akan membeli kembali surat- surat yang berharga tersebut.
  1. Fasilitas Disconto : Tingkat bunga yang ditetapkan pemerintah atas bank-bank umum yang meminjam ke bank sentral. Dalam kondisi tertentu, bank- bank mengalami kekurangan uang, sehingga mereka harus meminjam bank sentral. Kebutuhan ini dapat dimanfaatkan oleh pemerintah untuk mengurangi  atau menambah jumalah uang yang beredar.Jika pemerintah ingin menambah jumlah uang yang beredar , maka pemerintah menurunkan tingkat bunga pinjaman. Sebaliknya jika pemerintah ingin mengurangi jumlah uang yang beredar maka pemerintah akan menaikkan tingkat bunga.
  1. Rasio Cadangan Wajib: Penetepan rasio cadangan wajib juga dapat mempengaruhi jumlah uang yang beredar, jika rasio cadangan wajib diperbesar, maka kemampuan bank memberikan kredit lebih kecil dibandingkan sebelumnya. Sebaliknya bila pemerintah menurunkan rasio cadangan wajib maka akan menaikkan kemampuan bank memberikan kredit lebih besar sehingga menyebabkakan jumlah uang yang beredar menjadi banyak
  1. Imbauan moral : Dengan imbauan moral, otoritas moneter mencoba mengarahkan atau mengandalikan jumlah uang yang beredar . Misalnya gubernur bank Indonesia dapat memberikan saran agar perbankan berhati- hati dalam memberikan kredit atau membatasi keinginannya meminjam uang dari bank sentral
Sumber : Ekonomi I kelas I SMA  Master Learning
Diposting oleh di Tidak ada komentar:
Langganan: Postingan (Atom)