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Cover FinTech Notes
Taxing Stablecoins
Mr. Christophe J Waerzeggers
and
Mr. Irving Aw
This Fintech Note specifically considers the challenges that tax law systems face to achieve neutrality in taxing transactions in one specific type of crypto asset: stablecoins. Stablecoins are a category of crypto assets that aim to maintain a stable value relative to a specified asset or to a pool of assets, such as sovereign currencies. In this way, they are designed to address the problem of volatility in the prices of crypto assets; price volatility generally makes these assets poor candidates to be a store of value and is one of the main impediments against their more widespread adoption as a means of payment. The prospect of a more widespread adoption of stablecoins warrants a closer look at their tax treatment and associated challenges.
Keywords:
stablecoins; value-added tax; crypto assets; digital payments; tokens; income tax
Cover IMF Staff Country Reports
Sweden: Financial Sector Assessment Program–Technical Note on Macroprudential Policy
International Monetary Fund. Monetary and Capital Markets Department
Since the previous FSAP macroprudential policy in Sweden has advanced considerably. The mandate for FI is now well established, FI has increased risk weights on commercial real estate, tightened amortization requirements for residential real estate and increased several capital buffers – including changing the CCyB policy to set a positive neutral rate of 2%. During the pandemic many of these requirements were relaxed but have now been re-established as the economy recovers.
Cover IMF Staff Country Reports
Sweden: Financial Sector Assessment Program–Technical Note on Crisis Management and Resolution
International Monetary Fund. Monetary and Capital Markets Department
The Swedish financial safety net and crisis management arrangements rest on sound foundations and have been strengthened further by legislative and policy reforms in the financial sector. The introduction of the Banking Recovery and Resolution Directive (BRRD) ahead of the 2016 Financial Stability Assessment Program (FSAP) established a well-developed statutory regime for supervisory early intervention, crisis management and resolution in Sweden. Since then, the government has implemented new EU Regulations on Recovery and Resolution of CCPs via complementary Swedish legislation establishing an early intervention, recovery, and resolution planning regime for CCPs. The new Riksbank Act, which came into force in January 2023, provides an explicit statutory basis for the central bank to provide liquidity support to avert “a serious disruption to the financial system in Sweden.”
Cover IMF Staff Country Reports
Sweden: Financial Sector Assessment Program–Technical Note on Stress Testing of the Financial Sector
International Monetary Fund. Monetary and Capital Markets Department
Sweden’s financial system has weathered the COVID-19 pandemic well. Strong macro- fundamentals, regulatory capital buffers exceeding minimum requirements by a wide margin, ample liquidity reserves of banks, and prompt market liquidity support measures by the authorities helped the financial system exit the COVID-19 crisis without a significant impact on profitability, including loan portfolio losses.
Cover IMF Staff Country Reports
Guatemala: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guatemala
International Monetary Fund. European Dept.
Guatemala has weathered many crises well. Its ’s economy has proved resilient, building on a solid track-record of prudent policies—low fiscal deficits and debt-to-GDP ratio, and high international reserves—and strong remittance inflows. After a strong rebound in 2021, Guatemala’s economy has been slowing down—with GDP growth halving to a solid 4.1 percent in 2022. Inflation increased in 2022 but peaked in February 2023 (9.9 percent, year-on-year) to drop to 8.71 percent in March 2023. At the same time, public investment tends to be under-executed, poverty remains high, and tax revenue is weak, while substantial institutional, investment, and social gaps and governance weaknesses hinder progress. Addressing these requires higher broad-based and inclusive growth and further progress in the reform agenda. The authorities’ goal to attain investment grade and attract foreign investment could unlock opportunities. General elections are due June 25, 2023 (the second round on August 20, if needed).
Cover IMF Staff Country Reports
Luxembourg: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Cover IMF Staff Country Reports
Luxembourg: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Luxembourg
International Monetary Fund. European Dept.
Growth and employment have slowed somewhat, reflecting mostly weaker external demand, tighter financial conditions, and confidence effects. A large fiscal support package in the run up to the election has alleviated the impact of the energy shock on consumers and firms, with energy price controls limiting the pass-through to inflation and hence wage increases in a context of automatic wage indexation.
Cover IMF Staff Country Reports
Benin: Second Review under the Extended Fund Facility and the Extended Credit Facility Arrangements-Press Release; Staff Report; Debt Sustainability Analysis and Statement by the Executive Director for Benin
International Monetary Fund. African Dept.
Frontloaded financing under the 42-month Extended Fund Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements—approved by the IMF Executive Board in July 2022—has supported the authorities’ balanced policy response to exogenous shocks, helping boost business confidence and support the economic recovery. Nevertheless, there are important socio-economic headwinds from geoeconomic fragmentation, food insecurity, and the regional security situation. The authorities’ continued commitment to reform will help keep the economy on a sustainable path.
Cover IMF Staff Country Reports
Guatemala: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Cover IMF Staff Country Reports
Republic of Lithuania: Technical Assistance Report-Improvement of High Wealth Individuals Control Function– Project Report
International Monetary Fund. Fiscal Affairs Dept.
The purpose of this report is to provide an assessment of the development of the STI HWI Compliance Strategy and progress in executing the implementation plan tasks, as well as FAD recommendations for the future success of the HWI compliance program. The report will first focus in section II on key components of fully developed HWI compliance strategies currently in place in a number of tax administrations. The report includes in section III FAD’s findings, and early recommendations to the STI for consideration in the implementation of their strategy. It identifies the achievements and progress made by the STI in implementing their HWI Compliance Strategy including the tasks in their implementation plan. Section IV sets out additional FAD recommendations to assist the STI in reaching a fully developed level in the management of their HWI segment.
Keywords:
High-Wealth Individuals; Tax Administration; Lithuania; Compliance Strategy