Funny and Odd International Barter News
| SUBJECT | Beer for food trade at the pub
A man walks into a pub with a pumpkin under his arm... no, it's not a joke; rather, the premise of an intriguing new barter campaign, Produce for Pints, that's been launched by Surrey gastropub The Old Bear.
Bring in your home-grown produce (or locally shot game – it's grouse season, folks), submit it for inspection by the pub's head chef, and if it passes muster, he'll take it off your hands in exchange for a drink.
We say cheers to that!
| Surrey
United Kingdom | Drink more booze - get laundry powder!
Starting the 14th October, James Ready Beer will be encouraging students in six Ontario cities to exchange their JR beer caps for student-life essentials at in-bar promotional events.
At each event, participants are invited to play games, such as ring toss or beer pong, and win James Ready beer caps. They can then barter their winnings for products integral to campus life, such as laundry detergent or deodorant, which are "sold" at a table in the pub. | Ontario
Canada | Living without money
Daniel Suelo, 48, has been living without money or any barter system, and no food stamps or government help, for the past nine years. While in Ecuador on a Peace Corps mission, he witnessed a rural community acquire increased monetary wealth through farming and shift their traditional lifestyle towards a diet of unhealthy, processed food and a newfound addiction to television.
The experience led Suelo on a spiritual quest that realized itself in India, where he was particularly moved by the Sadhus, wandering monks who renounce all money and possessions. He made the conscious decision to return home, quit his job, and carve out a life without money.
Today, Suelo lives in a cave in Utah and gets around by hopping trains or hitchhiking. For food he relies on dumpster diving, foraging, fishing, and, occasionally, hunting. From the public library he authors a blog and a website where he discusses his everyday life and offers up deep philosophical musings on why a society based on the concept of money is harmful and contrary to our true nature.
He says he’s never been happier, living like “ants and deer and slugs and sparrows and bacteria and atoms and galaxies.” | Utah
United States of America | Bed, Barter or Bride
Three months after Kerry Coryell posted an ad on Craigslist saying she didn't have the money for her wedding but would barter services if anyone could help her out, the Laguna Niguel woman and her boyfriend Kurt VanDerLinde said "I do."
It was one for the O.C. record books. A crowd of media covered the extravaganza complete with flying doves, a 1964 Princess Rolls Royce limo and a ceremony on the Brig Pilgrim wooden tall ship in Dana Point Harbor.
After the ceremony, the bride changed into a different wedding gown (she got two) and headed off to Salt Creek Grille for a filet mignon reception for 100. When you add it all up, the day's festivities had an estimated worth of $75,000, but the couple didn't pay a thing. Most of the 35 O.C. vendors who came to their rescue didn't even ask for any bartering in return. | California
United States of America
| Taking it too far
Kalim Khan, who was recently in news for offering his sperms in exchange of a brand new car or a foreign tour, is an unhappy man today. He wanted to 'surprise; his fiancé with the bartered car or the tour, instead, the decision cost him his marriage.
Khan had registered his desire for bartering his sperm on the website,www.bartermaniac.com. "I wanted to give my sperms to an infertile couple who would be able to bring a child into the world," he said.
"In return, I had asked for a foreign tour or a car. I could not afford a grand gift for Shehnaz and that is the only reason I decided to barter my sperms for it." When Shehnaz and her family got to know about it, they were very embarrassed and broke off the wedding. | Mumbai
India | Jersey at it again
A New Jersey woman accused of stealing from vehicles in a preschool parking lot attempted to barter her way out of a conviction by trying to trade sex for her release.
Miriam Ullah, 37, whose child was enrolled at the school, tried to bribe a detective after she was caught breaking into a parled vehicle at an unidentified preschool. When investigators took the woman into custody, she propositioned a detective, saying she would have sex with him if he released her without charges. She now faces counts of bribery to go along with her six counts of burglary and theft. | New Jersey
United States of America |
| | Reciprocal Trade & Barter In The News This Week
TITLE
| Barter Trade for Upscale Items Creates a Playground for the Affluent
| Reuters | October 1, 2009 | Bartering becoming more popular amid recession
| Chicago Tribune | October 10, 2009 | Bartering is back
| Irish Times | October 5, 2009 | In Bad Times, Bartering Can Beat Buying
| Washington Post | October 4, 2009 | Barter 2.0: Money Reinvented
| Business West | October 12, 2009 | Valley businesses keep workers happy with 'barter bonuses'
| ABC TV | October 13, 2009 | Short on cash? How to find businesses willing to barter
| NBC TV | October 11, 2009 | FactFinder: Bartering is booming
| KRCG | September 23, 2009 | Extreme Frugality: Barter me this
| Gourmet.com
| September 24, 2009 | Subaru Azerbaijan announces Barter
| APA | October 1, 2009 | | Barter trade could replace fiat currency transactions | The Nation | October 16, 2009 | Food Barter Salaries
| Standart | September 30, 2009 | Bartering is Big Business
| China News | October 9, 2009 | Barter Makes Comeback
| Bismark Tribune
| September 28, 2009 | I'll Trade You! Bartering is perfect for the New Economy
| Huffington Post | October 4, 2009 | Harcore coupon clipping is Fight Club for mums. Barter rises at home.
| Nashville Scene | October 14, 2009 | Financial education "cannot start too early"
| Money News | October 12, 2009 | Swap till you drop
| Mother Nature Network | October 14, 2009 | Bartering clothes for food
| WTOL11 | September 28, 2009 | | Cleveland Browns trade Braylon Edwards to Jets for Chansi Stuckey | Theindian News
| October 8, 2009 | | A proven growth strategy: How to get a barter program to bear fruit | Business Management Daily | October 5, 2009 | A new paradigm shift with vision: The economy, business, our resources and stakeholders
| Cocorioko | September 24, 2009 | | Arunachaleese want development through barter | Organiser | October 18, 2009 | German Sterligov: Anticrisis Settlement & Commodity Centre - A True Story
| Russian Business News | October 13, 2009 | eBay sales fall by 11 percent but Bartering is up by 100%
| Huffington Post | October 16, 2009 | Middle East Organization Tries to Rewrite Numismatic History
| Numismaster | October 14, 2009 | | Inside A Depression | New York Times | October 16, 2009 | | After five decades: Going home to zimbabwe | Canadian Press | September 27, 2009 | | Barter system keeps businesses flowing | Democrat and Chronicle | September 25, 2009 | | Auction and Barter website launched for cities | Rockland & Roseville Today | October 9, 2009 | Ye old recipe for success
| Manchester Evening News | October 2, 2009 | Niger Marshall Delta Plan: Barter Deals Abound
| The Nigerian Times | October 13, 2009 | How to Holiday for Nothing
| The Guardian | October 16, 2009 | Money and Happiness
| Daily Nation | October 4, 2009 |
International Counter-Trade Opportunities
While not a major part of the Ormita business, we do regularly recieve offers of counter-trade goods and services in large quantities for import/export trade. Counter-trade involves an immediate return of goods of equivalent value back to the seller and may require three or four-way transactions to take place in the country of purchase so that suitable goods can be delivered to the seller in return. Below are some of our recent, available, opportunities.
JOB TITLE
| Celestite Ore. 1 Million Metric Tonnes ready for loading. More available as requested. Will trade for Barium Carbonate.
Ref: #845h32
| Middle East | October 16, 2009 | Middle east legal services able to be provided for foreign and local companies operating in the Gulf. Service includes legal statements, evaluation, representation and guidance in investement projects, preparation of litigation and/or arbitration. Will trade for other professional legal services.
Ref: #727he832 | Middle East | October 16, 2009 | Rice (25% broken maximum) wanted in exchange for precious metals. Minimum rice order 100 Tonnes.
Ref: #6772f38s | Asia | October 15, 2009 | Steel products. Metals and Scrap. Oil and petrochemicals. Raw materials. A range of products available from a country with limited hard currency. Trade for consumables, luxury items etc. Escrow arranged by Ormita.
Ref: #JJ8827d3 | Middle East | October 15, 2009 | Quit-smoking electric cigarettes. Specially designed for smokers who are wanting to reduce their nicotine consumption over time unconciously by decreasing the inhaled nicotine volume. Minimum order 500 packs. Will consider most trades of hard-goods. Pricing at wholesale.
Ref: #47js44829 | Europe | October 15, 2009 | Paper bags, Packaging boxes, paper presentation boxes and rolls, specialist paper products. Marked with your own logo etc. Minimum quantity order approximately $10,000 USD. Wholesale pricing. Will swap for rubbish paper / recycleable paper. May consider meat or other products.
Ref: #877j890ks9 | Asia | October 15, 2009 | Gaspary Minotti Gang Sow Jumbomatic 480-450 MK2 Machine. Located in Eastern Europe and valued at $150,000. Installed but never used. The sellers wish to swap for a travertine slab making machine.
Ref: 746299fh24 | Eastern Europe | October 14, 2009 | Organic sweetener for chocolate, confectionary etc made out of date syrup. Large quantities available and commercially packaged units also ready with labelling. Will trade for other commercial products on a wholesale-to-wholesale basis.
Ref: 457j382h | Middle East | October 15, 2009 | T-Shirt printing on barter. Minimum quantity 1,0000 units. Will barter shirts directly with other shirts.
Ref: 73672hd28 | Asia | October 12, 2009 | White Onyx, Pink Onyx, Beige Travertine & Dark Beige Travertine blocks available from the middle east in large quantities. Buy direct from the quarries and inspection is available. Long-term contracts only please. Will barter for other finished building materials world-wide.
Ref: 66h378wsj3 | Middle East | October 11, 2009 | Fertile real estate in the south of Russia [Krasodar region] and at coast of the black sea. Located 1,500 kilometres south of Moscow and one of Russia's southermost regions, it is home to over 5 million people, of which 54.2 percent live in urban areas. Neighbouring to Turkey [across the Black Sea] to the South and Rostov Oblast in the North. Ukraise [across the Azov Sea] to the West, and Georgia to the Southeast. Huge land tracts available. Will barter for other land and/or co-op for a development project in the area.
Ref: 66h62h82s | Central CIS | October 10, 2009 | Liquid bio-fertilizer. 100% organic and made using a probiotic materials. Will trade for many different commodities [ships, crude oil, rice, land, real-estate etc]. Can be mixed with chemical fertilizer if required. This oerganic fertilizer can digest humus or inorganic forms and the plant can absorb it from the roots.
Ref: 847h772ks2 | Asia | October 15, 2009 | Buy, rent or sell all types of heavy equipment, cranes and marine construction equipment as well as undertaking certain marine related construction projects. Will consider all types of barter. Minimum order $200,000 USD.
Ref: 7662hj72 | Asia | October 9, 2009 | Barter of Iron Ore lumps. 10,000 metres per week on a long term contract at a value of $65 per metre. Iron billets of 30% per shipment. 65.07 fe 3.51 sio2.0 s 0.68 al2o3 0.011 p. Sample analysis report available. To serious buyers or refineries only. Will consider most hard product trades able to be re-imported to region.
Ref: 736h7621e | Asia | October 11, 2009 | Reciprocal Trade, Barter & Taxation
Many people question how reciprocal trade can be legal in terms of accounting and taxation. In this newsletter we will investigate the implications of tax in a barter or reciprocal trade and show how to record the transactions in the General Ledger of a Company.
First: Yes, barter deals must be reported as income.
Second: Yes, barter purchases can be reported as an expense.
Third: Provided you get the same value back as you provide there is little, if any, tax ramifications. It would be the same if you made a sale to one person valued at $100 in cash and then a purchase from another for the same amount. Provided both amounts are equal and the purchase is used for a standard, fully deductible, business-related expense then there should be no tax issues.
Provided that barter deals [direct or otherwise] are recorded at fair-market value there should not be a problem.
Is a tax invoice required for a barter transaction?
Yes. A tax invoice is required as it is for any other business transaction. It must comply with all usual invoicing standards as if it was cash but should state that the transaction was paid in barter.
Why do we need to record the transaction?
A United States Inland Revenue Service manual says: "The non-cash transactions give rise to taxable income for both parties of the exchange, regardless of whether the exchange is made directly or through a bartering club."
Essentially you are recording the value of a transaction so it can be proven that the transaction is of fair market value. Yes, there is taxable income involved in the transaction if one party benefited more than the other [there was a net profit] just like there would be if you completed a cash transaction and had a profit involved there.
Barter deals, however, are only useful if you get back the same value as you put out. Even if you get back more - then provided you spend it on other tax deductible purchases you have balanced both income and expenses to the same level and there should be no tax. Issues may arise, however, when looking at the fair market value of the transaction if the recorded value was different to that of an equivalent cash transaction.
Recording transactions at fair market value
The concept of "fair market value" is defined by the IRS as "the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell, and both having reasonable knowledge of the relevant facts. Fair market value may not be determined by a forced sale price, nor by the sale price of the item in a market other than that at which the item or a comparable item would be sold."
Essentially this means that you should record transactions as if they were cash, make purchases using the equivalent value and record it as cash and deduct it as cash.
Treating barter income and expenses the same as cash income in this way should remove any issues with taxation authorities because transactions are both being recorded and expensed the same way you would do with cash.
Setting up your accounting system
First: Set up an debtor account for the individual or company that you are bartering with. This is where you will record sales made. If sales are small and irregular [never involving the same buyer more than once or twice] you can set up a second "cash sale" account in your system for barter sales.
Second: Set up a second "bank" account labelled "barter". This account is where you will record the value of incoming sales when you have been paid in barter or barter credits. Even if your accounting is on a "payment" basis, provided you recieved "credits" from a barter network it will be deemed that you now have the income to spend and have, therefor, been paid. If it is a direct trade and you have not, yet, recieved equivalent goods or services in payment then you should still record the debt as owing to you in your debtor account created above and there will not, yet, be any entry in your barter bank account.
Third: Set up people you make purchases from using barter as creditors in your system. When you buy from them you will record the value you owe them, and payments made against that value.
Forth: When you spend barter credits, or someone fulfills their obligation to you for a barter transaction, take the equivalent credit out of the "barter" bank account and record it as a payment against the creditors account.
Simple - effectively you are operating bank accounts just as you would with cash. There is no difference except the method of payment will become "barter" and not cash. Provided you spend everything you earn on a tax-deductible business expense and transactions are recorded at fair market value you shouldn't have any problems.
Do not use barter to avoid tax. Record transactions properly and you should not have any issues.
LINKS
Australian Tax Office and Bartering
Canada Revenue Agency and Barter
New Zealand Inland Revenue Department and Bartering
South Africa Revenue Service
United Kingdom HMS Revenue and Customs
USA Inland Revenue Service and Barter
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Ensuring a Balanced Exchange Network
How many times have you seen barter exchange owners spend barter dollars that they do not have? What about "giving away" barter dollars when you join their exchange? Or prizes in barter credit?
One has to wonder where this "money" comes from....
In a recent article, BarterZone, a New Zealand based barter exchange was advertising a give-away promotion whereby it would offer $100,000 in barter credit for the lucky winner. Given that the exchange is already notoriously difficult to spend in - one has to ask where the money is coming from.
Simple: It is being made up out of thin air
Problem: This causes inflation [everyone in credit, no one in debt - i.e. too much credit chasing too few products and services]
Many barter exchange owners do not realise the imapct of simply making up money out of thin air. Spend, spend, spend is their personal motto while encouraging their members to "sell, sell, sell" [goodluck trying to buy anything though].
Sure, a barter exchange can function with a certain amount of inflation in it - provided there are enough members in the system and inflation levels do not exceed a certain percent. But when the scales are tipped, products become harder to find, members want to sell less and begin to worry about spending their credit, and trade volumes slow down.
The reason well run barter exchange networks DO WORK is that they offer a commodity backed solution: you exchange something you have for something you need. If you borrow money from the network then you are obliged to repay it in goods or services you have. In theory this creates a balanced system and those members who have credit in their accounts are matched against members whose accounts are in debt. In reality, though, if the exchange owner/operator itself is the one making the purchases then there will not necessarily be any places to spend that hard-earned credit.
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| | | | | | | | Turning empty rooms into cash
Every night 40% of all hotel rooms are empty. Imagine being able to monetise these rooms and get them to pay for themselves for once!
Ormita buyers will pre-purchase a certain amount of your previously unsold rooms from you on a fixed-term committment and will pay you a percentage of the room price in cash [to cover the incremental cost to provide cleaning, pay taxes and cover any fees] and the balance in goods and services that make up part of your regular monthly budget [maintenance, cleaning, food supplies, advertising etc].
You can also convert unsold rooms into investments in new start-ups / micro-enterprise in your local area! Imagine investing in the next Google for FREE!!!
Buyers pay you 20% in cash and the rest in Ormita credit. Ormita charges 7% on the transaction which comes out of the cash the buyer pays you.
We work to a fixed monthly budget with long-term committments between buyers and sellers and there is no over-pricing or inflation.
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Licensing Opportunities
Non-cash trade represents 30% of the worlds economic activity. 70% of Fortune 500 companies do it. 65% of New York Stock Exchange listed businesses do it. In Switzerland it accounts for nearly $6 billion USD a year in transactions and involves almost 30% of the Swiss business population. There has never been a better chance to get involved in opereating your own reciprocal trade organisation but here are some hints on how not to get stuck with the wrong one: Networks are like banksIf the operator says your new area can spend as much as it likes without balancing its buying and selling proportionally then there will eventually be a credit issue [too much or too little] causing trade to stop. Ensure that the technical issues are sortedAlot of things go into running a bank. Document management, version control and distribution. Affiliate tracking. Transaction processing. Customer Relationship Management. Campaign Management. Online learning systems. Email. Telephone systems. Ensure that you have all of the bases covered from day 1. Run a balanced networkDon't join just "anyone". Only accept businesses who will be useful to other participants in the network. The cost to service a business who is unable to trade [answering their emails, telephone calls, trying to find them buyers etc] may be higher than any of the revenue earned in the first place. Ensure that all of your policies and procedures are well documentedDocument things before-hand. Fixing issues after they occur takes time and is costly. You will need everything from a complaints procedure, standards guides, document approval forms, operations manuals, legal agreements of all types, human resources policies, transaction polocies and more. Have materials to educate your customersEnsure that your customers understand how the business operates as this will reduce questions later. Handy fact-sheets, guides and manuals will be useful to provide them with the resources they need to trade effectively and also "spread the word" about the network. Know your cost structureEnsure that you know the exact profit-margins on everything you do in the business. From sending out statements, to running events, to joining new members, to enrolling affiliates. Understand the impact on the greater communityRealise that your network needs the community as a whole to support it and give it buy-in. Have affiliate programs, offerings for non-profits and charities, reward community groups and students, get involved with universities and organisations. The more you can stimulate the local economy the better your reputation will be and the more trade you will be able to achieve. Ormita has it all - a complete working system available to roll-out immediately with everything you need to get going and in-depth onsite training. Ask us for more information. ![Ormita Corporate]()
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