Regulation of determining the custom value developed on the basis of WTO principles, are used in Armenia which enables to prevent under invoicing or over invoicing of exporting and importing goods with maximum efficiency.

The study analysed 14 steps in the procurement process from specifications and vendor registration to shipment tracking, invoicing and payments, and found that specifications, supplier registration and requests for information during the tendering process and payments, were the most electronic , while invoicing was the least.

Italy s armada of Guardia di Finanza boats would hardly forestall a massive exodus of wealth if Italians see a sizable wealth tax coming. Over and under invoicing of trade, for example, is a time tested way to spirit money out of a country.

But doesn t China have a regime of strict capital controls that limits citizens from taking more than 50,000 per year out of the country? Yes, but there are many ways of moving money in and out of China, including the time honored method of under and over invoicing.

With the ongoing reform of the interstate ICMS (a tax levied on the circulation of goods and services), investors will have greater legal clarity and security. We will also seek to finalize the unification of the PIS Cofins taxes, Brazil s overly complicated and much criticized federal taxes levied on businesses invoicing.

In reality, while currency movements can have a significant impact on inflation in other countries, dollar movements have rarely had a meaningful or durable impact on prices in the US. The difference, of course, lies in the US dollar s dominant role in the invoicing of international trade prices are set in dollars.

Even if an SDR Substitution Account is established, it is unlikely that the dollar s share in international reserves would fall to an insignificant level. The dollar will remain important for many countries as a vehicle for intervention in foreign exchange markets, as well as for invoicing and for denominating internationally traded securities.

Likewise, use of the renminbi for the purpose of invoicing and settling trade with China is bound to continue growing. But in terms of the all important roles of a currency as an investment vehicle or reserve asset, the outlook for the renminbi is much less promising, owing to China s still tight capital controls and low level of financial development.

Just as the dollar is often the unit of account in debt contracts, even when neither the borrower nor the lender is a US entity, the dollar s share in invoicing for international trade is around 4.5 times America s share of world imports, and three times its share of world exports. The prices of some 93 of US imports are set in dollars.

Despite this imbalance, the US dollar s dominance as an invoicing currency is unlikely to change anytime soon not least because bringing about a shift would require coordination among a huge number of exporters and importers worldwide. The euro might seem like a strong contender, given the volume of trade among eurozone countries but, outside Europe, the currency is not used nearly as widely as the dollar.

In the meantime, Greece s regulatory authorities would be keeping a watchful eye over commercial lending practices, while a debt brake would prevent our government from indulging in old, bad habits, ensuring that our state never again slips into primary deficits. Cartels, anti competitive invoicing practices, senselessly closed professions, and a bureaucracy that has traditionally turned the state into a public menace would soon discover that our government is their worst foe.