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Business and Economics > Banks and Banking

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Cover Technical Notes and Manuals
Developing a Risk-Based Compliance Improvement Plan for Customs Administrations
Augusto Azael Pérez Azcárraga
,
José M García-Sanjinés
,
Rossana A San Juan
,
Selvin A Lemus
,
Philip R Wood
, and
Robert Kokoli
This technical note offers practical guidance to senior managers and technical staff in Customs administrations for developing a Compliance Improvement Plan (CIP) using an Integrated Risk Management (IRM) approach. It clearly outlines the components of a CIP based on IRM, explains what it entails for a Customs administration, and how to develop it step-by-step. Additionally, it underscores the importance of identifying and implementing tailored treatment measures for various trader segments, which is crucial for enhancing compliance levels. Furthermore, it emphasizes the need to identify key vulnerabilities within processes that may lead to the realization of risks, proposing appropriate strategies to address them. The note also highlights other critical factors that must be considered to ensure the effective implementation of a CIP.
Keywords:
Customs Administrations; risk management; integrated risk management; transactional risk management; customs compliance; compliance improvement plan; trade facilitation; segmentation; treatment measures; compliance indicators; compliance risks; institutional risk; governance; core customs processes; global risk index; core Customs process; IRM approach mean; risk management committee; compliance risk; views ofthe IMF; Customs administration core functions; Interest rate parity; Compliance improvement plans; Value-added tax; Global
Cover IMF Staff Country Reports
Republic of South Sudan: Third Review Under the Staff-Monitored Program with Board Involvement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of South Sudan
International Monetary Fund. African Dept.
This paper focuses on South Sudan’s Third Review under the Staff-Monitored Program with Board Involvement. Severe spillovers from the conflict in Sudan, including refugee inflows and damages to an oil pipeline, have exacerbated South Sudan’s difficult humanitarian and macroeconomic situation, resulting in an economic slowdown, sharp exchange rate depreciation, high inflation, and higher spending needs against the backdrop of large fiscal revenue losses. Discussions with the South Sudanese authorities during the Third Review of the Staff-Monitored Program with Board Involvement (PMB) focused on re-calibrating macroeconomic policy to address the impact of the external shocks. The authorities remain committed to implementing strong policies and reform measures to restore macroeconomic stability. IMF Management completed the Third review of the PMB with South Sudan. The implementation of commitments taken by the authorities under the Letter of Intent will continue to support macroeconomic stability and debt sustainability. The authorities remain committed to fiscal and monetary prudence and to implementing their medium-term reform agenda.
Keywords:
authorities' priority; government operation; VAT regime; authorities view; reform agenda; Oil production; Quasi-fiscal operations; Oil, gas and mining taxes; Global
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 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
Rwanda: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper revisits Rwanda’s options to create fiscal space to meet long-term development challenges. It examines strategies and options for a credible and comprehensive domestic revenue mobilization. The paper analyzes the driving factors of past reform successes and use an original dataset to highlight the benefits of implementing comprehensive tax reforms over selective reforms. The paper concludes that selective measures tend to yield protracted loss of revenue while measures implemented comprehensively lead to increases in revenue in the medium term. This stresses the need for an integrated approach to fiscal policy reform coordination to maximize long-term revenue benefits. For Rwanda, a comprehensive strategy for increasing tax revenues by adjusting rates, broadening the domestic tax base, improving tax compliance, and curbing tax evasion is the way forward. The strategy should shift higher tax burden from low-income households to higher income wealth cohorts with the view to advancing distributional fairness against growing inequality.
Keywords:
climate agenda; NDC financing; monetary policy transmission; financing option; implementation framework; Climate finance; Natural disasters; Central bank policy rate; Value-added tax; Global; Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Brunei Darussalam: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper discusses the potential role of carbon pricing for climate mitigation and revenue diversification strategy in Brunei Darussalam. Carbon pricing schemes are gaining momentum worldwide, including in Asia. The paper provides guidance on the choice between carbon taxes and emissions trading systems and their design. The paper compares the impact of several mitigation policies modelled for illustration in Brunei Darussalam. All policies reduce carbon dioxide emissions below baseline levels by 10-50 percent by 2030, with most of the reductions coming from the power generation and industry sectors. The policies also raise revenues equivalent to 1.6–7.2 percent of gross domestic product above the baseline in 2030. The policy yielding the most of emissions reduction and the most revenues is the combination policy of a carbon tax reaching $50 per tonne by 2030 and the fuel subsidies phase-out. The policy yielding smallest emissions reduction and revenues is feebates.
Keywords:
carbon pricing revenue; supply and demand demand shock; government digitalization; stakeholder agency; inflation decomposition; Carbon tax; Greenhouse gas emissions; Inflation; Fiscal stance; Global; Southeast Asia
Cover IMF Staff Country Reports
Republic of Poland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper focuses on balancing decarbonization with energy security in Poland. The paper describes the evolution and challenges related to the energy security situation and greenhouse gas (GHG) emissions in Poland over the last decades in the context of EU climate agenda. It also analyzes possible decarbonization paths and implications for energy import dependency. Despite increasing consumption of imported fossil fuels, Poland has managed to decouple economic growth from carbon emissions. The energy dependency of Poland is well below the EU average, due to a high reliance on domestic coal, which accounts for 72 percent of coal-fired power generation. The Poland-specific policy scenarios assume significant changes in the electricity mix and varying degrees of decarbonization ambition. Economic outcomes, in particular for employment, depend on how carbon tax receipts are spent. The objectives of energy security and decarbonization can be aligned. Fossil fuel imports are the main source of risk for energy security, while also being responsible for almost half of energy-related CO2 emissions. Policies to shift away from these fuels will benefit both climate mitigation and energy security. While decarbonizing the power sector will not directly contribute to energy security, it can be achieved without endangering it.
Keywords:
GHG emission reduction; impulse response; decarbonization scenario; monetary policy ANALYSIS; monetary policy scenario; Greenhouse gas emissions; Carbon tax; Inflation; Output gap; Europe; Global
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
Japan: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper proposes two new drivers of corporate cash holdings and tests them using firm-level data in Japan. In Japan, private savings have shifted from households to the corporate sector. The first driver is the rising share of intangible capital. The second contributing factor is declining corporate tax rates. Empirical results confirm that more intangible capital and lower corporate tax rates contribute to corporate cash holdings, with the tax cuts more relevant for public firms. In terms of magnitude, the rising intangible capital in Japan can explain about a quarter of the increase of cash holdings among public firms, and about 30 percent of the increase of cash holdings among private firms. The decreasing corporate tax rates can explain about 4 percent of the increase in cash holdings among public firms. The effect of tax cuts is much weaker among private firms due to various subsidies and exemptions for subject matter experts.
Keywords:
JGB yield curve; B. emission trend; STEM field; policy implication; STEM worker; Yield curve; Wages; Income; Carbon tax; Women; Global
Cover IMF Staff Country Reports
Cambodia: Selected Issues
International Monetary Fund. Asia and Pacific Dept
Selected Issues
Keywords:
credit growth; credit contribution; assessing risk; food price inflation; private sector credit; Tax incentives; Inflation; Property tax; Excises; Energy prices; Asia and Pacific; Global