Команда администраторов Global Connect желает вам счастливого китайского Нового года!
Надеемся, что Год Быка принесет вам здоровье и благополучие.
Надеюсь, в этом году коронавирус будет под контролем.
2020 год был тяжелым для всех; Однако будем надеяться, что 2021 год принесет тепло и позитив.
Как говорят китайцы: 牛气 冲天 Сильный, как бык!
2020 was a year full of challenges and finding new means of fiscal innovations. The global economies suffered due to the COVID-19 pandemic. However, China ended up the first G20-country to be recovering. This recovery has to do with Beijing’s policy responses and epidemic control strategy, which is quite remarkable since China was the pandemic’s epicenter. Economics expect that China’s economy will be as strong as it was pre-pandemic.
From 16 to 18 December 2020, the Central Economic Work Conference was held in Beijing, with the CPC Central Committee and the Central Military Commission members. President Xi Jinping summarized the economic work in 2020, analyzing the current economy. In his speech, he explained the specific arrangements and planning of the economic work in 2021. On 6 January 2021, the People’s Bank of China (PBOC) published an online financial outlook statement. The PBOC adheres to the general principle of pursuing progress while ensuring stability. Furthermore, the bank offers adequate financial support in new developments. Some of the key takeaways are:
Financial support mechanisms
Support for technology innovation, private companies, and enterprises from medium- to micro-sized is on its way. This support includes an extension of PBOC inclusive loan repayment policies and loan support programs, with guidance from financial institutions.
Innovation of technology
Meanwhile, the Chinese government wishes to strengthen national strategic scientific and technological capabilities. This is exciting news for scientific research institutions and universities since they will be involved in this new nationwide system.
Implementation of a prudent monetary policy
PBOC calls the policy flexible, precise, reasonable, and moderate. This policy is beneficial for the market-oriented reform of the renminbi’s (RMB) exchange rate. China continues to advance the RBM’s internationalization, promoting and developing local and foreign currencies in onshore and offshore markets.
Control of the industrial supply chain
According to the Chinese government, the industrial and supply chain’s security and stability are the foundation for new developments. Major industry problems, from fundamental issues to complex weak points, need to be solved to strengthen the economy.
Leverage of financial technology
PBOC carries out digital currency pilot programs to encourage credit reporting in digital finance and economic governance, to combat and monitor money laundering.
Domestic demand
The Chinese government needs to promote employment and shared prosperity, improve social security, optimize income distribution structure, and expand middle-income groups. For this to happen, the government needs to invest in education, forming a strong domestic market, rationally guiding consumptions, savings, and healthcare. China continues to invest in the digital economy and new infrastructure to strengthen unified planning and macro guidance. Therefore it is necessary to overall plan industrial layouts and to avoid repeated destruction of emerging industries.
Reforming and opening-up of the financial sector and the economic socialist market system
China wishes to improve diversified channels for bond default disposal and implement a prudential management scheme for real estate finance and a high-level socialist market economic system. This involves participation in global financial governance, expanding the two-way opening-up in the financial sector and the capital market, and keeping the foreign exchange reserve scale stable. China is also considering joining the Comprehensive and Progressive Trans-Pacific Partnership Agreement, keeping in mind the importance of using internationally accepted rules to maintain national security.
Improvement of the macro-prudential policy framework
For a faster improvement, China brings major financial activities, institutions, markets and infrastructures under macro-prudential management, improving financial holding companies’ supervision system.
Anti-monopoly
Combatting monopoly and unfair competition is an inherent requirement for improving the socialist market economy system. The Chinese State supports the innovation and development of platform enterprises as well as public and non-public economies. While enhancing international competitiveness, it is necessary to regulate under the Chinese law and improve digital rules, such as data collection and consumer rights.
Prevention and diffusion of financial risks
The PBOC takes measures to enhance prudential supervision of financial activities of internet platform companies. This strengthens an anti-trust push, prevents the disorderly expansion of capital, and improves inclusive financial services.
Advance of green finance
One of the global hot topics is carbon neutrality. Just as the European Commission, China has familiar carbon neutrality goals in mind: achieving carbon neutrality by 2060. China channels more financial resources toward green development for the green future, promoting a carbon emission trading market and continuing international green finance cooperation.
With or without COVID-19 in mind, doing business with China can be challenging. However, with adequate preparations, you can get off to a great start in a country known for global trade and healthy economies. Are you curious about your opportunities? Feel free to talk to us; we are happy to help you on your way or find someone who can assist you.
Related GCA articles:
The 2020 New Year Resolutions of China in Finance
An Update on the Clean Energy Industry in China
Openness of the Chinese Financial Market is substantively Enlarged
Sources
People’s Bank of China (中国人民银行) – Chinese Government (中华人民共和国中央人民政府) – People’s Daily Online (人民网)
Seeing the forest for the trees during the COVID-19 pandemic is a significant challenge. What rights do you have in the Netherlands as a (non-)Dutch business owner? Access to specific support packages depend on your living and working situation. If you live in France, for example, but pay taxes in the Netherlands, you can use schemes of the Dutch Tax Authorities, such as «special deferment of payment» and «reduction of the provisional assessment.» What kind of help is out there for foreign employees in the Netherlands? What can you do if your Dutch company is located in France? Which financial aid packages apply to you? We have listed relevant financial aids for you.
The WW (Unemployment Insurance Act)
In case you have employees whom you have employed for an indefinite period, you must record their employment contracts in writing to apply for the low unemployment insurance premium. You must indicate that you have done this in the tax return, even if it is still incomplete. For employees who started working before 31 December 2019, you had the option to arrange this until 1 July 2020. Many companies and institutions, such as hospitals, are now dealing with the WW’s premium differentiation. The Dutch cabinet had therefore decided to give employers more time, mainly due to the coronavirus impact.
An immediate record of the employment contract in writing is necessary for employees who entered your company after 31 December 2019. This contract does not necessarily have to be on paper; you can save the employment contract digitally if you have signed and scanned the written agreement or if you set up a digital contract with a qualified electronic signature from you and your employee. Further options are to send the employment contract by e-mail, to which the employee replies that they agree. Another option is to save the employment contract in your HR-system.
Due to the coronavirus, many sectors, such as healthcare, have to deal with much extra overtime. As a temporary scheme, no employer, regardless of the industry, has to pay the high unemployment insurance premium retroactively in 2021. Usually, this was required if employees with a permanent employment contract of <35 hours worked overtime for 30%.
Widening of the free space
Under the work-related expenses scheme, you have the option of spending part of your taxable wages on untaxed allowances, benefits in kind, and provisions for your employees. The free space on your taxable salary, up to and including 400,000 euros, is 3% in 2021. The year before, this was only 1.3%. For amounts of the wage bill above 400,000 euros, the free space remains 1.18% in 2021.
This space offers you an opportunity extension to provide extra support for your employees during the pandemic with the financial scope. You can kill two birds with one stone by purchasing a gift voucher or gift package for your employees. By doing that, you help both your employees and the sectors affected by the crisis.
Reduction of the average wage
If you are dealing with a decrease in turnover due to the corona crisis, you may set the customary wage lower for your payroll tax returns for 2021 and 2020. To do this, you do not need permission from the Dutch tax authorities. However, it would be best if you meet the following conditions: pay attention to the current account debt or dividend, the wages of the holder of substantial interest, and turnover influencing due to special matters (e.g., a strike, merger, or division). You determine the customary wage of 2021 by dividing the «2021 turnover excluding VAT» by the «2019 turnover excluding VAT.» Multiply this amount by the customary of 2019. You can read the 2020 and 2021 calculation overview on the Dutch tax authority website.
Frontier work
Each country has its corona measures, which affect employees who live or work across the border. There are various options for frontier workers; the Netherlands works efficiently with Belgium and Germany. The following applies to the withholding and remittance of payroll tax:
However, what does this situation look like if you are an employer who employed French workers? What if they are forced to stay at home while retaining their salary? To ensure that entrepreneurs who live or work across the border are not left out, the Dutch government has used the Tozo loans. Entrepreneurs can apply for this benefit, for example, from 1 March 2021, with retroactive effect from the previous month (1 February 2021). From 1 October 2020 to 1 April 2021, the third Tozo support package, Tozo 3, is active. Tozo 4 is operational from 1 April 2021 to 1 July 2021. Examples of the Tozo scheme are:
If, as a Dutch company, you employ a French employee during the pandemic, you can make use of the relaxation of administrative obligations for payroll taxes. You may not determine the French employee’s identity at this time through a physical ID. Usually, the employee falls under the anonymous rate of 52%. However, you do not have to do this until the 30th or June 2021. You must still apply the employee’s identity correctly as soon as possible. Due to the prescribed working from home and maintaining a distance of 1.5 meters, it can be challenging to comply with all administrative obligations for payroll taxes. In this case, the tax authorities will not impose any consequences.
NOW (Temporary Emergency Bridging Measure to maintain Employment)
The NOW organization scheme replaces the WTV (Shortening of Working Time). The NOW is a substantial contribution towards wage costs, for which you receive an advance from the UWV (Institute for Employee Insurance). This allowance goes from 80% to 85% of the wage bill. The wage bill exemption remains 10%. If your company has a Dutch business address, you can use NOW. If your company has a French business address, but you and your employees are covered by the Dutch social insurance, you can apply for NOW as well. The application period for NOW 3.2, under modified conditions, is from 15 February 2021 to 14 March 2021. NOW 3.3. will most likely take place from 17 May 2021 to 13 June 2021.
TVL (Allowance Fixed Expenses)
SMEs and self-employers have the option of obtaining a partial allowance for fixed expenses. If you have a structural turnover loss of >30% and meet the conditions, you can request an allowance of up to 90,000 euros from the TVL through the RVO (Netherlands Enterprise Agency). This TVL scheme applies from 1 October 2020 to 30 June 2021.
Fixed travel allowance
If your employees receive a fixed travel allowance, you do not need to adjust this allowance, even if they work entirely or mainly at home due to the pandemic. Until 1 April 2021, the existing fixed travel allowances can still be reimbursed tax-free by the employer, even if these are no longer (fully) implemented. You must meet this condition as an employer: the fixed travel allowances were granted by you before 13 March 2020. If you want to read more information, the Dutch tax authorities have made an FAQ overview about payroll taxes and travel expenses during the corona crisis.
From 1 June 2020, the Dutch government implemented the rule that everyone on public transport must wear a mask. Until 1 April 2021, you may reimburse or provide masks’ costs tax-free to your employees as a targeted exemption.
WHOA (Homologation Private Agreement in Bankruptcy Act)
If you are at risk of bankruptcy due to high debts while still running a viable business, you can agree on a debt settlement with the WHOA without all creditors’ consent. Companies without good survival chances also benefit from this agreement because they can quit without bankruptcy. Besides, you keep control of your company during the WHOA-process. With the WHOA-Roadmap, you can follow the step-by-step path from preparation to an agreement:
The content and structure of the agreement must, however, comply with the regulations. For example, you must divide your creditors into classes or a hierarchy. The WHOA gives you the freedom to set this up yourself. If you fail to approach one or more creditors, these creditors retain their right to full payment of your outstanding debts. A majority within a class must agree to the proposal. The aim of the agreement must be that your company will be financially healthy again after restructuring. If your company has no survival chances, a better result should be achieved through this agreement compared to bankruptcy. Besides, the agreement must be feasible and well-thought-out, under the legal regulations on the agreement’s decision-making and content. Finally, the agreement must be reasonable; the plan is not intended to put creditors and shareholders in a disadvantageous position and suddenly change your staff’s terms of employment.
Do you have offices, units, or shares in France or the EU? Then you can benefit from a general agreement procedure, thanks to the recognition of the EU member states. The registration and publication of these approval procedures are in the public Insolvency Register. From 1 April 2021, these will most likely be entered in the Trade Register as well.
Whether or not corona still exists, the Dutch government and tax authorities request you to prepare everything in a timely matter. If you request a deferment of payment, you do not have to pay immediately. Send your declaration in good time, even during the crisis, because the UWV needs data to use specific support schemes as useful as possible. If you are entitled to emergency funds, you can rely on these by having your papers in order. As you can see in this article, if you meet the conditions, you have many options for obtaining Dutch government support. The Netherlands mainly cooperates effectively with Germany and Belgium, but there is support available for French workers and companies as well. We especially recommend keeping an eye out on the current information, data, programs, forms, and disruptions via the Dutch government websites. In addition, we are always ready to talk to you and support you.
Related GCA articles:
Corona Countermeasures on Tax Matters Recommended by OECD
Press Conferences in Japan and the Netherlands: Different news, different actions
Sources:
Government of the Netherlands – Belastingdienst – the Municipality of Maastricht– RVO – UWV – KvK
Tax security and certainty are the backbones of the world of taxes. The goal of the OECD/G20 BEPS project is to create a consensus-based international tax rule to address base erosion and profit shifting, thereby protecting tax bases. At the same time, this also ensures the provision of more certainty and predictability to the taxpayer.
The development of BEPS 2.0
On the 14th of October 2020, the OECD, with support of the G20, published the Tax Challenges Arising from Digitalisation report on the BEPS 2.0 Pillar One¹ Blueprint. The deadline for (draft) submissions for the report focusing on Pillar Two² was the 14th of December 2020, with virtual public consultation meetings on the 14th and 15th of January 2021. Reports with a consensus solution and elaboration of technical aspects are expected to be published during this year, with implementation – using MLI – for the relevant agreement by the end of 2021.
¹In Pillar One the profits are redistributed among market countries.
²Pillar Two introduces the global minimum tax rates.
Pillar One
Pillar One aligns tax rights with the involvement of the local market. There is a need for a multination consensus for this to happen; otherwise, the unilateral digital tax measures could increase significantly.
Pillar One is a series of proposals to rethink tax allocation rules in a changing economy. The intent is to attain some of the remaining profits of multinational corporations taxed in the jurisdiction resulting in revenue. Think of residual profit generated by capital, risk management functions, and/or intellectual property. Automated Digital Services (ADS) and Consumer-Facing Businesses (CFB) apply as well. This makes the scope wide enough so that the encompassing companies can benefit from significant and long-lasting interactions with customers and market users. This process links tax rights related to these companies’ income sources, which do not need to depend on physical presence in the jurisdiction.
Amount A:
The new tax law awards high profits based on a formula, which does not necessarily take the business position. Amount A includes winnings earned through online activities of an automated digital nature of goods or services sold to consumers, including the associated IP licenses. Specific inclusions and exclusions are suggested from this. In addition, Amount A has been allocated based on local revenues, determined through procurement rules, with elimination measures for double taxation.
Amount B:
Amount B is the standard business compensation for ‘baseline’ routine marketing and distribution activities. Alternative methods for this Amount can be applied if supported by evidence.
What companies should be aware of
The changes regarding taxation have a multinational set-up. They are also technically complex; the effects and uncertainties will be drastic for many companies. The size of the covered companies is not yet final. However, this is by no means limited to highly digitized business models.
Implementation of the BEPS 2.0 measures is likely to occur soon, although many details are still unclear. The rules do not only apply to classic digital companies. In addition, these rules will shift the installation location in favor of the market states. The technical implementation is demanding; the demands on availability and integrity of data are high. New risks of double taxation are emerging, which can probably only be mitigated by international communication processes.
It is important to stay on top of the news and keep your business as stable as possible. Useful and necessary information on BEPS can be found on the websites of OECD and KPMG. Seeking professional assistance is always helpful to avoid potential issues. We are always here to hear your needs.
Related GCA articles
Tax Pricing Agenda 2021: Tax Innovation
Tax Pricing Agenda 2021: Tax Efficiency
Transfer Pricing Guidance on Financial Transactions by OECD
Certainty in Global Tax Issues Expected to Increase
Base Erosion and Profit Shifting
Sources
To perform tax work efficiently, one must be aware of developments in the tax world, as well as the external factors that come into play. According to the OECD, COVID-19 significantly affects the tax world. However, what is the situation during and after the pandemic? How do you efficiently work on the BEPS-analysis, design a TP-model, make the correct situation analysis, and implement an appropriate implementation strategy?
COVID-19
On the 18th of December 2020, the OECD published their guidance on the transfer pricing implications of the COVID-19 pandemic. The guidance states the need for the analysis of industries and the competitive situation. However, the current situation cannot be compared to the financial crisis of 2008. Therefore, you should pay attention to the differentiated benchmarking, based on the outcome tests and the allocation of extraordinary costs, according to the distribution of functions and risks. ‘Force majeure’ is an exception. State aid is granted according to general TP principles. Besides, always stay alert to changes and assume that you have to make adjustments once the pandemic is over.
BEPS-analysis (Base Erosion and Profit Shifting)
Base Erosion and Profit Shifting (BEPS) refers to tax planning strategies of multinational corporations that exploit gaps and discrepancies of tax rules to avoid tax. The BEPS-package provides governments with 15 actions with (inter)national instruments to tackle tax evasion. The tools give businesses greater certainty by reducing disputes over the application of international tax rules and standardizing compliance requirements.
Recognizing the characteristics and risks of tax evasion, as well as safeguarding the assets and other value drivers, is useful for companies. A DEMPE-analysis (Development, Enhancement, Maintenance, Protection & Exploitation) is convenient for intangible assets.
TP-model (Transfer Pricing Model)
The aftermath of COVID-19 has caused changes in TP-models for multinationals. Multinational corporations must evaluate specific steps in their transfer pricing policies for protection and support during the pandemic.
In addition, a suitability analysis – e.g., benchmarking, TNMM and/or profit distribution – can help you with the design of a TP-model. A transaction structure, such as the extraction of permits, can play a significant role in the TP-model format.
The requirements fora n efficient TP-model are:
Tax situation analysis
When analyzing the tax situation, pay attention to the following:
Implementation strategy
Consider the following points in the implementation strategy:
Crisis-related adjustments to the TP-model concerning compliance and tax efficiency may be necessary. In principle, the situation regarding COVID-19 does not allow for unique TP routes; however, there are planning options. BEPS sets new requirements for the TP-model but also offers the possibility to check the efficiency of this model. The Base Erosion and Profit Shifting often suggest the analysis of margin-based TP-models with central strategy carriers. International mutual agreement procedures can be part of the tax strategy.
If you have any inquiries, feel free to talk to us, so we can work together to see how you can move forward with your company. You can find information about tax matters on the websites of the OECD and KPMG as well.
Related GCA articles:
Transfer Pricing Agenda 2021: Tax Innovation
Transfer Pricing Agenda 2021: Tax Certainty
Transfer Pricing Guidance on Financial Transactions by OECD
More Global Transparency on Assets and Less Tax Havens on the List
Certainty in Global Tax Issues Expected to Increase
Sources
OECD – KPMG – KPMG Germany
Tax security is a high priority for tax authorities. The most critical influences on investment and location decisions are uncertainties in corporate tax and the VAT system. It is crucial to ensure financial security, which is also the case with digital business models in Germany.
To have Tax Certainty, you need Compliance and Controversy. You have obligations to cooperate with the tax audit, and you need to record your work before and during this audit. Are there tax disputes? Then you can use dispute settlement instruments.
The recently applied administrative principles of the tax auditing practice in Germany are:
ATAD implementation law (Anti-Tax Avoidance Directive)
Little change has taken place in ATAD. If you wish to read about this law, the European Commission is consistent in releasing ATAD information.
Tax CMS: Accounting obligations and tax audits in Germany
«For tax evasion of the various forms of intent, conditional intent is already sufficient.» Legal Framework – Decision Implementing Section 143 AO.
If the taxpayer has set up an internal control system (ICS) to meet tax obligations, this may be an indication against intent or recklessness. However, this does not exclude an investigation of the concerned individual case.
Verbandssanktionengesets/Association Sanctions Act (VerSanG):
The basis of the association sanction is a so-called association law. This includes tax evasion. Association acts can be punished with hefty fines; the amount of the fine depends on the company’s size. If there are sufficient factual indications, public prosecutors are obliged to conduct an investigation (principle of legality). It is explicitly stated that (fiscal) CMS measures can have a mitigating effect as part of the sanction.
Transfer Pricing Life Cycle
Even errors down to the smallest details can cause issues. You can use the Transfer Pricing Life Cycle to determine where attention is necessary.
If you need further information, or if you have any questions, feel free to contact us. You can find the necessary information on this topic on the OECD (Organisation for Economic Cooperation and Development), the BMF (Federal Ministry of Finance of Germany), the European Commission, and KPMG Germany websites.
Related GCA articles:
Transfer Pricing Agenda 2021: Tax Efficiency
Transfer Pricing Agenda 2021: Tax Certainty
Transfer Pricing Guidance on Financial Transactions by OECD
Base Erosion and Profit Shifting
Transfer Pricing Focus of International Tax Authorities
Sources:
Organisation for Economic Cooperation and Development – Federal Ministry of Finance (Germany) – European Commission – KPMG Germany
A lot has changed since the 1800s, where during the industrial revolution, humanity produced carbon dioxide (CO2) and other gasses that could harm the climate. The main difference is that these effects used to be mainly local, not global as they are now. However, humanity needing energy sources to survive has not changed in these 200 years. How do we combat global warming? We could stop using electricity and gas altogether, but that is most unlikely. The solution to our problem is using green energy: Now is the time to invest in Hydrogen!
What and where is Hydrogen?
DUJAT describes Hydrogen as a fashionable energy vector due to its potential to support the transition to a decarbonized energy system required to meet the Paris Agreement’s emission reduction goals.
If there is one country doing Hydrogen justice, it is Japan. While Europe is slowly but surely starting with the Hydrogen process, Japan already produces Hydrogen domestically. Hydrogen is made from natural gas and oil and provides energy for residential buildings, experimental power plants and fuel cell vehicles. To show that Japan is the Hydrogen Nation, the First Hydrogen Olympic Games are an inspiration to follow. Now you might wonder, if Japan already uses Hydrogen to provide for heat networks, how is Europe doing at this moment?
TopDutch
Sander Oosterhof, Director of Foreign Direct Investment and Business Development of NV NOM, explained why the northern province of the Netherlands, Groningen, has always been crucial for energy production. The TopDutch region collects interconnected, purpose-driven and people-powered ecosystems. These ecosystems are committed to finding green and digital solutions for global economic, social and ecological changes. In other words: investment in sustainable mobility with electrification, hydrogen technologies and new infrastructures.
According to Catrinus Jepma, Professor emeritus of the University of Groningen & Senior Advisor of the New Energy Coalition, the Netherlands may not be Hydrogen’s leader but the project-planning leader. Currently, the Netherlands and Europe thrive on oil, gas, wind and sun. GasUnie provides windmill parks in the North-Sea and extensive gas infrastructure. However, the gas and oil period is ending, and what if there is not enough sun and wind to produce sufficient energy? How do you store and transport excess energy? To start answering these questions, the Paris Agreement has set up goals for 2030 and 2050 to implement Hydrogen as efficiently as possible. By 2050 the EU aims to be climate-neutral with net-zero greenhouse gas emissions.
Europe’s Valley of Death
Europe needs to have a completely green system; this seems impossible, but 20 years ago, renewable energy was only 10%, whereas it is now 30%. Every 15 years, the goal is to improve renewable energy levels. This includes the transition from blue Hydrogen (natural gas to H2) to green Hydrogen (green gas to H2).
For Europe to move forward, governments need to get through the ‘valley of death.’ Many discussions surround renewable energy, which is not necessarily bad, but crucial decisions need to be made soon. Governments need to support industry investment initiatives in producing, transport, storing, and implementing Hydrogen. This support needs to line up with surrounding countries by, for example, launching a supporting research agenda.
The Dutch have their hands full with the Paris Agreement goals (as the Dutch would say, «Er is werk aan de winkel/There is still a lot to do»), but there are many opportunities. René Schutte, Hydrogen Program Manager of GasUnie, explained how the Netherlands has many options for current and future Hydrogen projects. He calls this the TopDutch call to action.
The Dutch (gas) infrastructure
GasUnie provides access to its system to the public. With the decrease of natural gas and the increase of green gas, CO2 needs to be reduced upfront. What the future holds can be seen in the image above:
«I want to invest in Hydrogen projects. What does that look like?»
There is much scaling up to do to increase renewable energy. Current phased roll-outs are implemented with a programmatic approach. These roll-outs ask for a lot of cooperation and funding between governments and industries. Luckily the interest in this Hydrogen project grows. For example, at this moment, the New Energy Coalition is working on HEAVENN: a Hydrogen Valley. International roll-out programs like these are crucial for the continuous development of Hydrogen in Europe.
What now?
Future investments make sure that not only industries but the entire world can continue to grow. We need to continue to think critically about our innovation methods. What are our long-term goals; how do our actions of today impact our future? Are you wondering how the future of your company unfolds? We would love to talk to you about it. In case you and your company are considering investments in Hydrogen, do not hesitate to contact NV NOM, the University of Groningen and/or GasUnie. Let’s go global; let’s go TopDutch!
Sources:
DUJAT – NV NOM – University of Groningen – GasUnie – the Paris Agreement – Japanese Olympic Committee
