[Federal Register: July 15, 2005 (Volume 70, Number 135)]
[Notices]
[Page 40980-40981]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15jy05-39]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF COMMERCE
Bureau of Economic Analysis
Proposal To Collect Information on Transactions of U.S.
Affiliates With Their Foreign Parents
ACTION: Proposed collection; comment request.
-----------------------------------------------------------------------
SUMMARY: The Department of Commerce, as part of its continuing effort
to reduce paperwork and respondent burden, invites the general public
and other Federal agencies to comment on proposed and/or continuing
information collections, as required by the Paperwork Reduction Act of
1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)).
DATES: Written comments must be submitted on or before 5 p.m.,
September 13, 2005.
ADDRESSES: Direct all written comments to Diana Hynek, Departmental
Paperwork Clearance Officer, Department of Commerce, Room 6625, 14th
and Constitution Avenue, NW., Washington, DC 20230 (or via the Internet
at dhynek@doc.gov).
FOR FURTHER INFORMATION CONTACT: Obie G. Whichard, Chief, International
Investment Division, (BE-50), Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230; phone (202) 606-9890 (or
via the Internet at obie.whichard@bea.gov).
SUPPLEMENTARY INFORMATION:
I. Abstract
The Transactions of U.S. Affiliate, Except a U.S. Banking
Affiliate, with Foreign Parent (Form BE-605) and Transactions of U.S.
Banking Affiliate with Foreign Parent (Form BE-605 Bank) obtain
quarterly sample data on transactions and positions between foreign-
owned U.S. business enterprises and their ``affiliated foreign groups''
(i.e., their foreign parents and foreign affiliates of their foreign
parents). The data collected are used in the preparation of the U.S.
international transactions accounts, national income and product
accounts, and input-output accounts. The data are needed to measure the
amount of foreign direct investment in the United States, monitor
changes in such investment, assess its impact on the U.S. and foreign
economies and, based upon this assessment, make informed policy
decisions regarding foreign direct investment in the United States.
BEA proposes the following changes to the survey: (1) To maintain
consistency of the U.S. international transactions accounts with
current international statistical standards, collect information on
payments to and receipts from the foreign parent and foreign affiliates
of the foreign parent gross of any taxes withheld. Previously, the
information was collected net of taxes withheld. (2) To avoid potential
duplication, modify the instructions for the survey to instruct
respondents to exclude positions and transactions in financial
derivatives contracts that are to be reported on or derived from
information reported to the Federal Reserve Bank of New York on the new
Treasury International Capital Form D, Report of Holdings of, and
Transactions in, Financial Derivatives Contracts with
[[Page 40981]]
Foreign Residents. These changes will not have a material effect on
overall respondent burden.
II. Method of Collection
Forms BE-605 and BE-605 Bank are quarterly reports that must be
filed within 30 days after the end of each quarter (45 days after the
final quarter of the respondent's fiscal year) by every U.S. business
enterprise that is owned 10 percent or more by a foreign investor and
that has total assets, sales or gross operating revenues, or net income
(positive or negative) of over $30 million. Potential respondents are
those U.S. business enterprises that were required to report in the BE-
12, Benchmark Survey of Foreign Direct Investment in the United
States--2002, along with those U.S. business enterprises that
subsequently entered the direct investment universe. The data collected
are sample data covering transactions and positions between foreign-
owned U.S. business enterprises and their affiliated foreign groups.
Universe estimates are developed from the reported sample data.
III. Data
OMB Number: 0608-0009.
Form Number: BE-605/BE-605 Bank.
Type of Review: Regular submission.
Affected Public: Businesses or other for-profit organizations.
Estimated Number of Respondents: 3,950 per quarter; 15,800
annually.
Estimated Time Per Response: 1\1/4\ hours.
Estimated Total Annual Burden Hours: 19,750.
Estimated Total Annual Cost: $790,000 (based on an estimated
reporting burden of 19,750 hours and an estimated hourly cost of $40).
IV. Request for Comments
Comments are invited on: (a) Whether the proposed collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information has practical utility;
(b) the accuracy of the agency's estimate of the burden (including
hours and cost) of the proposed collection of information; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology.
Comments submitted in response to this notice will be summarized
and/or included in the request for OMB approval of this information
collection; they also will become a matter of public record.
Dated: July 11, 2005.
Madeleine Clayton,
Management Analyst, Office of the Chief Information Officer.
[FR Doc. 05-13907 Filed 7-14-05; 8:45 am]
BILLING CODE 3510-06-P