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Sebastian Beer
Profit shifting remains a key concern in international tax system debate, but discussions are largely based on aggregate estimates, with less attention paid to individual sectors. Drawing on a novel dataset, we quantify tax avoidance risks in the extractive industries, a sector which is revenue critical for many developing economies. We find that a one percentage point increase in the domestic corporate tax rate has historically reduced sectoral profits by slightly over 3 percent; and the response tends to be more pronounced among mining than among hydrocarbon firms. There is only weak evidence transfer pricing rules contain tax minimization efforts of MNEs in our sample, but interest limitation rules (e.g., thin capitalization or earnings based rules) do reduce the observable extent of profit shifting. Our findings highlight the challenge of taxing income in the natural resource sector and suggest how fiscal regime design might be strengthened.
International Monetary Fund. Statistics Dept.
The fourth and last technical assistance (TA) mission for the benefit of Guinea, under the project on improving external sector statistics (ESS) in 17 Francophone countries of West and Central Africa, funded by the Japanese government and administered by the IMF, took place in Conakry during August 26–30, 2019. The mission was hosted by the Central Bank of the Republic of Guinea (BCRG), which is the institution responsible for compiling the ESS. The main points addressed by the mission were to support (i) the process of participating in the coordinated direct investment survey (CDIS), (ii) the detailed technical work for improving the current and financial accounts, and (iii) the implementation of recommendations from previous missions.
International Monetary Fund. Statistics Dept.
The fourth and last technical assistance (TA) mission for the benefit of Guinea, under the project on improving external sector statistics (ESS) in 17 Francophone countries of West and Central Africa, funded by the Japanese government and administered by the IMF, took place in Conakry during August 26–30, 2019. The mission was hosted by the Central Bank of the Republic of Guinea (BCRG), which is the institution responsible for compiling the ESS. The main points addressed by the mission were to support (i) the process of participating in the coordinated direct investment survey (CDIS), (ii) the detailed technical work for improving the current and financial accounts, and (iii) the implementation of recommendations from previous missions.
International Monetary Fund. African Dept.
The Democratic Republic of the Congo is suffering directly from the COVID-19 pandemic with 215 confirmed cases and 20 deaths as of April 9. The economic impact, chiefly through lower commodity prices, was being felt even before the first confirmed case was reported on March 10. The authorities’ policy response to the pandemic has been firm, scaling up health care spending and putting in place measures to help contain and mitigate the spread of the disease. The pandemic is also dampening domestic revenue mobilization and putting significant pressures on foreign exchange reserves.