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Mario Pessoa, Andrew Okello, Artur Swistak, Muyangwa Muyangwa, Virginia Alonso-Albarran, and Vincent de Paul Koukpaizan
The value-added tax (VAT) has the potential to generate significant government revenue. Despite its intrinsic self-enforcement capacity, many tax administrations find it challenging to refund excess input credits, which is critical to a well-functioning VAT system. Improperly functioning VAT refund practices can have profound implications for fiscal policy and management, including inaccurate deficit measurement, spending overruns, poor budget credibility, impaired treasury operations, and arrears accumulation.This note addresses the following issues: (1) What are VAT refunds and why should they be managed properly? (2) What practices should be put in place (in tax policy, tax administration, budget and treasury management, debt, and fiscal statistics) to help manage key aspects of VAT refunds? For a refund mechanism to be credible, the tax administration must ensure that it is equipped with the strategies, processes, and abilities needed to identify VAT refund fraud. It must also be prepared to act quickly to combat such fraud/schemes.
Mr. John Kiff, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Mr. Ashraf Khan, Mr. Tanai Khiaonarong, Majid Malaika, Mr. Hunter K Monroe, Nobu Sugimoto, Hervé Tourpe, and Peter Zhou
This paper examines key considerations around central bank digital currency (CBDC) for use by the general public, based on a comprehensive review of recent research, central bank experiments, and ongoing discussions among stakeholders. It looks at the reasons why central banks are exploring retail CBDC issuance, policy and design considerations; legal, governance and regulatory perspectives; plus cybersecurity and other risk considerations. This paper makes a contribution to the CBDC literature by suggesting a structured framework to organize discussions on whether or not to issue CBDC, with an operational focus and a project management perspective.
International Monetary Fund
This paper is a detailed assessment of compliance of the Basel Core Principles for effective banking supervision adopted by the Argentinean government. The financial sector in Argentina is dominated by the banking sector, with financial conglomerates managing about 85 percent of banking assets, 78 percent of investment funds, and 32 percent of insurance business. The Executive Board identifies the need for strengthening political and financial independence of the Central Bank of Argentina (BCRA). They also recommend a suitable legal framework for banking supervision and powers to enforce compliance with laws and regulations.
International Monetary Fund
This note provides an update on the status of Doha negotiations and an outlook on significant non-Doha trade issues that should be tackled in the near future. Section II investigates what has stalled progress on Doha since the IMF Executive Board was last briefed in October 2008 (World Bank and IMF, 2008). Section III illustrates that notable gains would come from a Doha conclusion, both from actual new market access and--perhaps more crucially--from the added trade security that Doha would bring. However, Section IV suggests that the time may now have come to devote more resources to discussing important non-Doha issues at the WTO. Section V concludes that the Fund should continue to support both a Doha conclusion as well as the important work on non-Doha issues.
International Monetary Fund
En los últimos años, el FMI ha publicado cada vez más informes y trabajos que abarcan los fenómenos y tendencias en materia económica y financiera en los países miembros. Un equipo de integrantes del personal técnico del FMI elabora cada informe tras celebrar consultas con los funcionarios de los gobiernos; el país miembro puede optar por publicar el informe.
International Monetary Fund
This Article IV Consultation reports that the overall balance of the central government of Paraguay is expected to be in equilibrium, while the central bank intends to withdraw excess liquidity as necessary to limit inflation to no more than 5 percent. Executive Directors commended the Paraguayan authorities for preserving macroeconomic stability in 2009 in the face of a severe drought and the global financial crisis. They emphasized the importance of fiscal reforms, aimed at increasing the tax ratio, strengthening fiscal management, and reducing fiscal risks.
International Monetary Fund
This report provides a summary of the level of observance with the Financial Action Task Force (FATF) and recommendations to strengthen their observance. IMF staff reviewed the institutional framework, relevant laws, regulations, guidelines, and other requirements to deter money laundering (ML) and financing of terrorism (FT) through financial institutions (FIs) and designated nonfinancial businesses and professions (DNFBPs). The assessment is based on the information available at the time of the on site visit by the team. During the mission, there was one ML prosecution under way, but previously there had been no ML prosecutions.
Mr. Robert C. Effros

Abstract

This volume, edited by Robert C. Effros, focuses on how technology is affecting the world of banking and finance in an era of increasing globalization. The advent of electronic money, stored value cards, and internet transactions are discussed, as well as the impact of technology on cross-border banking and its implications for central banks. Other issues examined are the legal and regulatory frameworks for risk management of banks, sovereign debt, the international laws of bank secrecy, and financial services within the context of the GATT Agreement on Trade Services.