A system that is designed to create financial efficiency for countries using the euro by providing a unified system in which to perform financial transactions. The SEPA seeks to create a better system for credit transfers, an improved debit system and a cheaper way for individuals and firms to make transactions within member countries or regions. The European Commission wants the European market to be self sufficient by the year 2010, but banks will begin to implement SEPA in 2008. Up to 29 countries are slated to become a part of SEPA; the goal is to make a unified system in which financial transactions can be performed with reduced transaction costs and greater efficiency.
A type of consumption tax that is placed on a product whenever value is added at a stage of production and at final sale. Value-added tax (VAT) is most often used in the European Union. The amount of value-added tax that the user pays is the cost of the product, less any of the costs of materials used in the product that have already been taxed. For example when a television is built by a company in Europe the manufacturer is charged a value-added tax on all of the supplies they purchase for producing the television. once the television reaches the shelf, the consumer who purchases it must pay the value-added tax that applies to him or her.
The pension fund for Japanese public sector employees. The GPIF pension fund is the largest in the world, with approximately $1.3 trillion (122 trillion yen) in assets under management as of 2009. The GPIF contributes to the stability of the Employee's Pension Insurance and National Pension programs. The GPIF invests in a mix of domestic and international stocks and bonds, as well as FILP bonds. A large amount of the GPIF’s assets are invested with external money managers, who are selected and monitored by GPIF managers. only a small portion of the assets in the domestic bond category are invested by in-house investment managers. The majority of the GPIF's assets are allocated to passive investment funds that seek to mirror the returns of a market index within each asset class.
The interest rate at which banks located in Asian time zones can borrow funds from other banks located in the region. In Asia, the SIBOR is used more commonly than the LIBOR. It is set daily by the Association of Banks in Singapore (ABS). More than anything else, the SIBOR serves as a benchmark, or reference rate for borrowers and lenders that are directly or indirectly involved in an Asian financial market. Because of its location, political stability, strict legal and regulatory environment as well as the volume of business undertaken in Singapore, the city state is regarded as a major hub of Asian finance. Commonly, very large loans to businesses in the area and interest rate swaps involving businesses participating in the Asian economy will be quoted or denominated in SIBOR plus a number of basis points.
An assumption by the IRS that interest on a loan has been paid if the stated interest rate is below a minimum. You must state the interest paid on an installment agreement, otherwise the interest rate used is lower than the applicable rate.
A trust created as a result of explicit instructions from a deceased's will. Typically, the remaining estate of the deceased (trustor) will act as the body of the trust, and the executor will manage it until the beneficiaries are capable of doing so individually.
A verification system used by many different institutions to authorize and guarantee the individual signatures applied to securities requiring transfers. This is the authentication benchmark used by the securities industry when making transfers.
An IRS program that utilizes volunteers to help provide free tax preparation services to low-income taxpayers. These services are provided at a variety of public locations such as libraries, schools and shopping malls, in certain high-need areas. Additionally, many locations offer free electronic filing services to qualifying taxpayers. While many low income-tax payers are fully capable of filling out a basic tax form, many lack an understanding of the complex rules for certain tax credits that can aid lower-income tax payers. The Volunteer Income Tax Assistance Program has been instrumental in helping these households receive thousands of dollars in additional refunds. The VITA program is always in need of volunteers and can be contacted at 1-800-829-1040. In addition to the VITA program, the IRS also offers another volunteer-staffed program aimed at helping the elderly (age 60 or older) receive free tax assistance.
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