New in the Legislation on Foreign Exchange Regulation and Foreign Exchange Control

Th is year, Federal Laws No. 499-FZ, No. 9-FZ and No. 224-FZ entered into force in Russia, which introduced serious changes to the legislation on currency regulation and currency control, caused by the requirements of the time and the developing fi nancial market.

TAXATION OF HOLDING COMPANIES IN THE NETHERLANDS: A SOUTH AFRICAN OBSERVATION

The South African government has expressed an intention to market itself as a gateway to investment in Africa. This will be achieved inter alia by redesigning certain aspects of the tax laws in order to encourage investment into South Africa in the form of headquarter companies as a special kind of holding companies. The Netherlands has over time adjusted its tax regime to achieve the same goal, viz, to attract holding companies for investment into European countries and globally. Specifically, the Dutch participation exemption and the advance-tax ruling system have been hailed as the key tax instruments that are instrumental in attracting foreign residents to setup holding companies in the Netherlands. Furthermore, the intentional absence of various tax instruments such as controlled foreign-company provisions and exchange-control regulations further enhance the Netherlands’ suitability to host holding companies. In light of the South African government’s intentions to attract holding companies, it is important to study the Dutch system applicable to holding companies to see what attributes, if any, South Africa could also adopt.

Internet penetration and international travel and tourism expenditure: The role of foreign exchange control

The total amount of digital travel sales worldwide increases significantly every year, yet previous studies on outbound tourism expenditures have scarcely discussed the role of foreign exchange control (Fxc) as a barrier to e-internationalization. In the era of e-commerce, residents of more than 40 economies are not allowed to buy or pay for foreign products by the Internet. This article, with data from 95 economies in the period 2012–2017, concludes that Internet penetration development increases international tourism expenditure. On the other hand, the control of foreign exchange decreases the relationship between internet penetration and tourism expenditure. Therefore, Fxc is clearly a barrier to electronic internationalization and tourism expenditure.

Efficient Route Management Method for Mobile Nodes in 6TiSCH Network

The combination of time slotted access and channel hopping technology in IEEE 802.15 TSCH networks enables high reliability and low power operation to meet the stability and real-time requirements of industrial applications. Basically, TSCH and RPL, a routing protocol for TSCH, are proposed for static nodes that generate fewer control messages, so they allow collisions in shared cells when they exchange control messages. In a topology containing mobile nodes, the collision of control messages in a shared cell makes the network difficult to recover quickly. The proposed scheme minimizes the collision of control messages by allocating dedicated control cells to form preferred parent nodes quickly for mobile nodes. We also proposed a method for establishing a fixed route from the root node to the mobile node in RPL to minimize the delay time. Through the simulation using the 6TiSCH simulator, it was confirmed that the performance of the proposed method was approximately 2.5 times better in terms of overhead and resource use, and 33% better in terms of network participation time of mobile nodes compared with existing solutions.

Decentralized control of level-shifted carrier-based pwm for modular multilevel interlinking converter in hybrid microgrid

The interlinking converters is one of the important components in the hybrid mirogrid system, the study of structure and control method of the interlinking converters in hybrid mirogrid has been implemented and achieved positive results. This paper proposes an improved decentralized control of level-shifted carrier-based PWM for a modular multilevel interlinking converter (IC-MMC) in standalone hybrid microgrid (HMG-Hybrid Microgrid). Main research objectives is to study the capability of the decentralized control method proposed for the IC-MMC unit when performing the power exchange control task between the DC and AC bus in the HMG system, increased flexibility in controls. Furthermore, the proposed control method for IC-MMC for HMG is also verified in term of dynamically reconfiguration when changing the number of modules in the MMC when the improve of system reliability is needed. The feasibility of the carrier level shift control method for IC-MMC in HMG has been verified by simulation model on MATLAB/Simulink software to evaluate the ability to exchange power between the DC bus and the AC bus.

Architect of the European Payments Union

In 1946, Robert Triffin went on to the International Monetary Fund, where he became head of the Exchange Control Division, before moving to Paris to lead the International Monetary Fund’s Representative Office in Europe. Thereafter, he was a special adviser to the (US) Economic Cooperation Administration in Paris. During these years, his focal point of interest was the European Payments Union (EPU). In his analysis of postwar Europe, Triffin emphasized that several structural factors, especially the low level of gold and dollar reserves and weak industrial capacity, impeded the successful operation of market forces. He favored a pragmatic regional approach with the EPU, giving priority to the abolition of bilateral trade and payment restrictions. Triffin played a key role in the EPU negotiations, especially with his proposal for the EPU unit of account.