Proposal To Collect Information on Transactions of U.S. Affiliates With Their Foreign Parents, 40980-40981 [05-13907]

Agencies

• DEPARTMENT OF COMMERCE
• Bureau of Economic Analysis
• Economic Analysis Bureau

[Federal Register Volume 70, Number 135 (Friday, July 15, 2005)]
[Notices]
[Pages 40980-40981]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-13907]


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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.

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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