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Business and Economics > Banks and Banking

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Cover La aduana, una institución clave
La aduana, una institución clave
Fortaleciendo la administración aduanera en un mundo de cambios
Augusto Azael Pérez Azcárraga
,
Tadatsugu Matsudaira
,
Gilles Montagnat-Rentier
,
Janos Nagy
, and
R. James Clark

Abstract

Las administraciones de aduanas ven surgir nuevos retos a medida que aumenta el volumen del comercio internacional, aparece nueva tecnología y cambian los modelo de negocio. Este libro analiza los cambios y desafíos que enfrentan las administraciones de aduanas y propone formas de abordarlos. Describe los problemas que las autoridades deben tener en cuenta a la hora de elaborar su propia hoja de ruta para la modernización de las aduanas.

Keywords:
aduana; cumplimiento tributario; recaudación de impuestos; evasión fiscal; facilitación del comercio; gestión del riesgo aduanero; seguridad de fronteras; comercio; regímenes fiscales; política comercial; ingreso tributario; operadores comerciales; modernización de la aduana; tecnologías digitales; economía del sector público; administración pública; finanzas públicas; desarrollo económico; avances tecnológicos
Cover Technical Assistance Reports
Panama: Technical Assistance Report-Follow-Up on Stress Testing – Parts 2 and 3
International Monetary Fund. Monetary and Capital Markets Department
During two visits in 2023-24, the IMF mission implemented a set of recommendations made by a previous technical assistance mission in May 2022 which were aimed at improving the solvency stress model of the Superintendency of Banks, Panama (SBP). The mission also provided training on the design of a cash flow-based liquidity stress tool and another system-level liquidity stress testing methodology. During a follow-up mission, work was carried out on market risk and corporate risk, and the methodology for the liquidity stress test that was used during the 2023 Financial Sector Assessment Program (FSAP) with Panama was anchored at the SBP.
Keywords:
Panama; Superintendency of Banks Panama; systemic risk; financial stability; banking supervision and regulation; deposit-taking institutions; bank stress testing; corporate stress testing; solvency risk; liquidity risk; market risk.; cash flow; coverage ratio; IMF's Monetary; market risk Stress tool; B. Training in liquidity Stress tool; Market risk; Liquidity stress testing; Stress testing; Portfolio investment; Liquidity
Cover IMF Staff Country Reports
Panama: Financial Sector Assessment Program - Detailed Assessment of Observance and Basel Core Principles for Effective Banking Supervision
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses Panama’s Basel Core Principles for Effective Banking Supervision report. The Superintendency of Banks of Panama (SBP) has made significant progress in updating its regulatory and supervisory framework. The liquidity regulations are generally comprehensive; however, the Liquidity Coverage Ratio is calculated and reported on a Level 1 basis and not L2 or group-wide. Off-site analysis occurs on a frequent basis using a comprehensive suite of indicators and data points. The SBP has implemented a framework for credit concentration risk and large exposure limits, but the framework does not apply to all material sources of concentration risk. Regulations issued by the SBP set out a comprehensive set of requirements for a bank’s Board and senior management to be responsible for preparing financial statements that adhere to international accounting standards. Banks must identify and appropriately manage the market risks they face, and the Board of Directors has primary responsibility for establishing policies and procedures to identify these risks.
Keywords:
IMF-World Bank Financial Sector Assessment Program; Board audit committee; Banco Nacional de Panama; adequacy ASSESSMENT process; vice presidency; Bank legislation; Credit risk; Market risk; Operational risk; Liquidity risk; Global
Cover IMF Staff Country Reports
Panama: Financial Sector Assessment Program - Technical Note on Macroprudential Framework and Policies
International Monetary Fund. Monetary and Capital Markets Department
This paper presents a technical note on Macroprudential Framework and Policies in Panama. The institutional framework for macroprudential policy in Panama broadly meets the principles of good design, in particular for the banking sector, but needs to be further operationalized. The quality of design and implementation of macroprudential policies will ultimately depend on a number of factors, including the quality of available data. The macroprudential framework could be further improved in several areas. The report recommends to expand the macroprudential policy toolkit with tools to contain excessive leverage and systemic risks in the corporate sector. The Superintendency of Banks of Panama has made important progress on its public communication on macroprudential policy and has produced an internal draft macroprudential policy strategy document. The SBP is encouraged to continue improving the draft macroprudential policy strategy document and publish it within the planned timeframe, by end-2023. An information and data sharing mechanism has been established across supervisory agencies.
Keywords:
IMF-World Bank Financial Sector Assessment Program; Superintendencia de Bancos de Panamá; Superintendencia de Seguros y Reasseguros de Panamá; Unidad de Análisis Financiero de Panamá; Macroprudential Policy committee; Macroprudential policy; Financial sector stability; Loans; Countercyclical capital buffers; Macroprudential policy instruments; Central America; Global
Cover IMF Staff Country Reports
Panama: Financial Sector Assessment Program - Technical Note on Financial Safety Net, Resolution, and Crisis Management
International Monetary Fund. Monetary and Capital Markets Department
This paper presents a technical note on financial safety net, resolution, and crisis management in Panama. Key institutional pillars of a financial safety net have not been established in Panama. An explicit industry-funded deposit insurance system should be established as a key element of an effective financial sector safety net in Panama. Superintendency of Banks of Panama (SBP) is the resolution authority for banks in Panama; the SBP relies on strong prudential supervision to avoid bank failures and remove weak institutions. The current approach to bank resolution has not changed since the 2012 Financial Sector Assessment Program and recent technical assistance missions. The legal framework underpinning SBP corrective actions, its overall powers and approach to handling bank insolvency has not changed since passage of the Banking Law in 2008. Panamanian authorities have undertaken a review of the current resolution framework and have determined there is need for improvement. The authorities should build upon current domestic and regional efforts, and develop their internal, interagency, and cross-border coordination and communication mechanisms for bank resolution and crisis management.
Keywords:
IMF-World Bank Financial Sector Assessment Program; Banco Nacional de Panamá; FSAP assessment's finding; staff team of the International Monetary Fund; deposit insurance system; Bank resolution framework; Bank resolution; Crisis resolution; Crisis management; Financial sector stability; Global; Central America
Cover Таможенные вопросы
Таможенные вопросы
Укрепление таможенной службы в меняющемся мире
Augusto A Perez Azcarraga
,
Tadatsugu Matsudaira
,
Gilles Montagnat-Rentier
,
Janos Nagy
, and
R. James Clark

Abstract

Перед таможенными службами во всем мире встают новые задачи: растущий объем международной торговли, революция в новых технологиях и фундаментальные изменения в бизнес-моделях. Преимущества хорошо функционирующей таможенной администрации очевидны, равно как и необходимость развития эффективных, действенных, справедливых и современных таможенных администраций. Книга «Таможенные вопросы» анализирует многочисленные изменения и проблемы, с которыми сталкиваются таможенные администрации, и предлагают пути их решения. Предлагая разноплановый взгляд на основные аспекты таможенного администрирования, книга служит руководством для директивных органов и должностных лиц таможенных служб при оценке текущего состояния их таможенных систем в целях разработки, совершенствования или продвижения своих планов действий по модернизации таможенной службы.

Keywords:
таможня; соблюдение обязательств по уплате налогов; принудительное взыскание налогов; уклонение от уплаты налогов; обеспечение безопасности границ; торговля; модернизация налоговой службы; государственная служба; государственные финансы; налог на добавленную стоимость
Cover IMF Staff Country Reports
Panama: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper presents the main features and weaknesses of the current Panamanian tax system and provides an international comparison of its performance. Panama’s macroeconomic performance has been notably robust. Panama’s macroeconomic performance has been notably robust, but Panama’s tax collection has been historically low. A tax system without adequate revenues led to chronic fiscal deficits and a lack of resources to invest in human capital (education and health) and promote social inclusion policies. In addition, the tax system is notably regressive, and several rules are very inefficient and distortive contradicting the overall policy objective of the country to attract investment. Taxation of the business sector is very complex. On the other hand, the system is very generous regarding benefits. Overall, the desirable reform direction is clear: A reduction in tax incentives, following their analysis, as well as stronger anti-abuse provisions, and revenues from an international minimum tax can finance reductions in the inefficient parts of the tax system, such as the multiple business taxes and the strict loss carry forward.
Keywords:
VAT indicator; directorate General; C. consumption tax; tax comparison; revenue performance; International reserves; Total factor productivity; Tax incentives; Corporate income tax; Caribbean; Central America; South America; Global; Asia and Pacific
Cover IMF Staff Country Reports
Panama: Technical Assistance Report-Macroprudential Policy Frameworks
International Monetary Fund. Monetary and Capital Markets Department
This technical assistance report on Panama discusses macroprudential policy frameworks. The mission assisted the Superintendency of Banks of Panama (SBP) in developing a roadmap to strengthen the macroprudential policy framework in Panama. The mission found that the SBP has adequate capacity to conduct macroprudential policy. The mission’s main recommendation is to tighten the link between policy objectives, assessments, and tools. The mission recommends preparing and publishing a macroprudential strategy document to clarify the set of indicators and tools corresponding to the policy objectives. This will help the SBP take timely actions with the policy tools tailored to emerging systemic risks. Communication should also be enhanced by making more use of the Financial Stability Report to explain policy decisions and to provide the underlying analysis. The mission also made recommendations on other aspects, such as the expansion of the policy toolkit, in particular to include borrower-based measures on the loan-to-value and debt-service-to-income ratios), which will be followed up on in the second mission.
Keywords:
Financial sector stability Financial sector policy and analysis Macroprudential policy Macroprudential policy instruments; SBP plan; policy objective; TA project; policy action; Policy evaluation; SBP's communication; Macroprudential policy; Financial sector stability; Systemic risk; Systemic risk assessment; Commercial banks; Central America
Cover Customs Matters
Customs Matters
Strengthening Customs Administration in a Changing World
Augusto Azael Pérez Azcárraga
,
Tadatsugu Matsudaira
,
Gilles Montagnat-Rentier
,
Janos Nagy
, and
R. James Clark

Abstract

Customs administrations around the world face new challenges: an increasing volume of international trade, a revolution in new technologies, and fundamental changes in business models. The benefits of a well-performing customs administration are clear, as is the need to develop efficient, effective, fair, and modern customs administrations. Customs Matters analyzes the many changes and challenges customs administrations face and proposes ways to address them. By offering a cross-sectional view of the main aspects of customs administration, the book guides policymakers and customs officials as they evaluate the current state of their customs system with a view to developing, reinforcing, or relaunching their own roadmaps for customs modernization.

Keywords:
customs; tax compliance; tax enforcement; tax evasion; border security; trade; customs modernization; public administration; public finance; value-added tax; customs administration; customs territory; customs performance; trade facilitation perspective; customs matter; Customs administration core functions; Trade facilitation; Customs procedures; Imports; Global; Central America; Sub-Saharan Africa; Caribbean; North America
Cover IMF Staff Country Reports
Panama: Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Panama
International Monetary Fund. Western Hemisphere Dept.
This paper focuses on Panama’s Request for Purchase Under the Rapid Financing Instrument. The coronavirus disease 2019 pandemic has disrupted Panama’s economy and created urgent balance of payments (BOP) and fiscal financing needs. The government has resolutely implemented measures to contain and mitigate the spread of the pandemic. However, significant uncertainties remain, and the economic fallout could intensify further if containment measures must be extended. The authorities stand ready to continue cooperating with the IMF in finding solutions to the balance of payments and fiscal imbalances. Measures have also been taken to maintain financial sector stability, including by allowing banks to use the accumulated dynamic provisioning to improve their liquidity position and absorb the impact of potential credit losses. The IMF emergency support under the Rapid Financing Instrument will help provide much needed resources to address BOP needs and support essential pandemic-related health expenditure. The support of other international financial institutions and development partners is crucial to close the remaining BOP and budgetary gaps, ease the adjustment burden, and preserve economic growth.
Keywords:
ISCR; CR; financing; Executive Board discussion; deficit; authorities project real GDP; authority; urgent balance of payments; IMF emergency support; balance of payments gap; response to the outbreak; Panama's response; COVID-19; Current account; Global; Central America; Western Hemisphere