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Europe > Ukraine

You are looking at 1 - 10 of 16 items for :

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Cover IMF Working Papers
Who Pays the Bill? Distributional and Fiscal Consequences of Elevated Inflation in Thailand
Piyaporn Chote
,
Corinne C Delechat
,
Thanaphol Kongphalee
,
Vatsal Nahata
,
Mouhamadou Sy
,
Pym Manopimoke
, and
Tamon Yungvichit
This paper analyzes the distributional impacts of inflation in Thailand. For that aim, the paper uses rich micro-survey data on 46,000 Thai households to study the effect of the recent elevated inflation on poverty, its distributional effects on different income levels, and the fiscal cost to compensate households from real income losses. To study the multidimensional impact of inflation, the paper also studies how inflation differentially affects households through the consumption, income, and wealth channel. The analysis shows that under a baseline scenario, poverty in Thailand could increase by 1.3 percentage points—about 900,000 people—in the absence of government intervention. Targeted fiscal support to only compensate households that are below the national poverty line from rising inflation amount to 0.05 percent of GDP. However, fiscal support to compensate relatively rich households, defined as those above the median of the income distribution, amount to 1.4 percent of GDP. Moreover, due to high levels of debt, richer households benefit from inflation relative to poorer households. Finally, the paper also delves into policy responses undertaken by the Thai government and Asian and emerging economies to mitigate elevated inflation.
Keywords:
Inflation; poverty; inflation dynamics; income effect; fiscal cost.; elevated inflation; inflation component; rising prices; energy price; Income; Energy prices; Consumption; Food prices; Global; Asia and Pacific
Cover IMF Staff Country Reports
Ukraine: Technical Assistance Report—A Follow-Up on Distributed Profit Tax, BEPS Implementation, Voluntary Disclosure Program, and Indirect Methods for Determining Taxable Income
International Monetary Fund. Fiscal Affairs Dept.
Tax policy in Ukraine is engaged in two fronts at once. On one front, very significant work has been done over the years on the gradual improvement and updating of the tax system; on the other, it questions essential tenets of the existing system, exploring fundamental changes to it. While serious efforts have been devoted, for example, to the modernization of the international aspects of the income tax, upgrading the regime to OECD standards, there is a strong push from some quarters of the policy debate to do away with the Corporate Profit Tax (CPT) altogether. The central idea is to replace it with a Distributed Profit Tax (DPT), generally referred to in Ukraine as the Exit Capital Tax (ECT). In essence, this system would not tax profits as they accrue to the corporation, deferring the tax to when the corporation distributes dividends to the shareholder.
Keywords:
ISCR; CR; taxable income; tax authority; PEM resident; tax return; domestic law; tax burden; transfer pricing; CFC rule; double taxation; Personal income; Controlled foreign corporation rules; Legal support in revenue administration; Double taxation; Income and capital gains taxes; Global
Cover IMF Staff Country Reports
Ukraine: Technical Assistance Report-Distributed Profit Tax; Voluntary Disclosure of Assets; and BEPs Implementation
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report focuses on Ukraine’s distributed profit tax, voluntary disclosure of assets, and Base Erosion and Profit Shifting Work Program implementation. The recommendations largely favor simplifying rules, improving the definition of basic concepts, eliminating potential loopholes, and adhering more closely to international standards in some cases. Thus, for the sake of simplification, the report recommends that Controlled Foreign Corporation rules should apply to the ‘first onshore’ person rather than having to trace them back to the ultimate beneficial owner in Ukraine. Also, it recommends that the proposed interest deduction limitation should eliminate the carry-forward currently permitted, limit deductions to net interest expense and exempt the financial sector from this limitation. Some key definitions can be improved too. The report suggests that if there is an urgent need to promote private investments, the accelerated depreciation tool should be applied for plant and machinery and structures housing them for say another five years.
Keywords:
ISCR; CR; passive income; parent company; tax amnesty; accelerated depreciation; capital gain; CFC income; tax authority; double taxation; transfer pricing; tax burden; CFC rule; income tax; tax treaty; tax code; Personal income; Double taxation; Controlled foreign corporation rules; Foreign assets; Tax law; Global; Africa
Cover Policy Papers
Review Of The Fund’s Income Position For FY 2019 And FY 2020
International Monetary Fund. Finance Dept.
This paper reviews the Fund’s income position for FY 2019 and FY 2020. The paper updates projections provided in April 2018 and proposes decisions for the current year. The paper includes a comprehensive review of the Fund’s income position as required under Rule I-6(4). No change is proposed in the margin for the rate of charge that was established under this rule in April 2018 for the period FY 2019–20.
Keywords:
PP; fy; position; SDR; income position; FY 2018; income discussion; SDR exchange rate; meeting FY; income of the arrangement; sensitivity analysis; intermediation cost; lower-than-expected surcharge income; income of the Endowment Subaccount; SDR billion; Personal income; SDR interest rate; Reserves accumulation; Arrears; Credit; Global
Cover Policy Papers
Review of the Adequacy of the Fund's Precautionary Balances
International Monetary Fund. Finance Dept.
This paper reviews the adequacy of the Fund’s precautionary balances, using the framework approved by the Board in 2010. The review takes place on the standard two-year cycle and assesses developments since the last review in 2016.
Keywords:
PP; balance; financial risk; lending portfolio; risk management framework; precautionary balance; credit capacity; net income; about SDR; fund lending; Credit; Personal income; Credit risk; Market risk; Currencies; Global
Cover IMF Staff Country Reports
Ukraine: Technical Assistance Report-Self-Funding of the National Securities and Stock Market Commission
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses the self-funding model of the National Securities and Stock Market Commission (NSSMC) in Ukraine. There are a number of challenges with NSSMC’s funding and the constraints placed on it through the Ukrainian government budget process. The analysis conducted by the NSSMC and reviewed by the mission confirms the general benefits of moving to a self-funding model for the NSSMC. The legislative measures should be complemented by improvements in the NSSMC systems and processes. Self-funding of securities and other financial services regulators is increasingly becoming the international norm. The trend to self-funding is even more pronounced within Europe.
Keywords:
ISCR; CR; fee revenue; supervision fee; market participant; fee payer; fee regime; NSSMC estimate; Budget planning and preparation; Securities markets; Securities; Personal income; Minimum wages; Europe
Cover Policy Papers
Review of the Adequacy of the Fund's Precautionary Balances
International Monetary Fund
This paper reviews the adequacy of the Fund’s precautionary balances, using the framework approved by the Board in 2010. The review takes place on the standard two-year cycle. The paper discusses developments since the last review in 2014 and revisits several issues discussed at that time. The framework provides an indicative range for the target for precautionary balances linked to credit outstanding, and allows for judgment in setting this target. A reserve coverage ratio of 20-30 percent draws on approaches in other IFIs, adapted to the circumstances of the Fund, and is a guide for determining the target. At the same time, Directors have emphasized the continued importance of judgment and Board discretion in light of a broad assessment of financial risks facing the Fund.
Keywords:
PP; income; precautionary balance; SDR; balance; balance sheet; Fund income; income position; Fund lending; retained earnings; Personal income; Credit; Credit risk; Market risk; Capital adequacy requirements; Global
Cover Policy Papers
Review of Access Limits and Surcharge Policies
International Monetary Fund
Scope and strategy: This paper reviews access limits and surcharge policies in the Fund’s General Resources Account (GRA). It builds on the preliminary Executive Board discussion that took place in May 2014, against the backdrop of the 14th Review quotas expected to become effective early in 2016, which will on average double individual members’ quotas. At the meeting in 2014, most Directors considered that a moderate increase in normal access limits in SDR terms would broadly restore the normal Fund access to levels considered acceptable in 2009, and saw merit in adjusting the surcharge threshold to allow for a moderate increase in the SDR value of credit not subject to the charge.
Keywords:
PP; IMF executive board review; financing role; threshold; SDR; refund; surcharge policy; b. paragraph 4; decisions III; Credit; Personal income; Currencies; Balance of payments need; Credit risk; Global
Cover Policy Papers
Review of the Fund's Income Position for FY 2015 and FY 2016
International Monetary Fund
FY 2015 net income is now projected at SDR 1.5 billion. Lending continues to be the main source of income, although advance repurchases have lowered projected lending income in FY 2015 by SDR 0.3 billion. Investment income remains constrained in the low interest environment but the returns were somewhat stronger than projected. A revaluation of pension obligations, required under accounting standard IAS 19 and stemming from a further fall in the discount rate, is projected to entail an adjustment to FY 2015 net income of about SDR 0.8 billion. The paper proposes that GRA net income of SDR 1.3 billion, which excludes the retained earnings of the gold endowment, be placed to the special reserve.* After the placement to reserves, precautionary balances are projected at SDR 14.0 billion at the end of FY 2015. The paper further proposes to retain currencies available for transfer to the Investment Account in the GRA, pending completion later this year of the Board’s review of the mandate for the Fixed-Income Subaccount.
Keywords:
PP; SDR; net income of SDR; income; SDR billion; intermediation cost; staff calculation; GRA net income; meeting FY; fund's Income position; Personal income; SDR interest rate; Reserves accumulation; Financial statements; Discount rates; Global
Cover Technical Notes and Manuals
Definitions of Government in IMF-Supported Programs
Ms. Claudia H Dziobek
,
Mr. Alberto F Jimenez de Lucio
, and
Mr. James A Chan
This note addresses the following main issues: • Statistical definitions of government (Government Finance Statistics Manual 2001) • Institutional structure of government and public sector • What is a precise definition of government and why it is relevant • Potential pitfalls of lacking a precise definition of government • Definitions of government in IMF-supported programs • Applications for fiscal rules and other fiscal policy design
Keywords:
TNM; government; definition of government; definition; country; precise definition; Statistical definition of government; Government Finance Statistics Manual 2001 (GFSM 2001); System of National Accounts 2008 (2008 SNA); intragovernment transfer; government entity; government balance sheet; federation government; governments of the State; Government finance statistics; Personal income; Public sector; Special Data Dissemination Standard (SDDS); Central and Eastern Europe