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International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission was undertaken by the Real Sector Statistics Advisor in the Caribbean Regional Technical Assistance Centre (CARTAC) to St. Lucia during September 17–28, 2018, to provide advice to the Central Statistics Office (CSO) on compiling supply and use tables (SUT) for 2016. The 2006 base year for the GDP estimates is outdated and does not reflect the current structure of the economy. In addition, there is scope to improve the input data and methodology used in producing the GDP estimates and to implement the relevant System of National Accounts 2008 (2008 SNA) recommendations.
International Monetary Fund. Statistics Dept.

planned for February 25–March 1, 2019 to assist with finalizing the SUT . The CSO staff need to complete data collection by the revised milestone of December 2018. The I/O ratios and SUT industry and product balances will need to be recompiled in January 2019. Finally, the input-output industry table estimates will be compiled during February 2019, once the additional CIT data are available. 9. To support progress in the above work areas, the mission assisted in updating the project action plan and identified the following priority recommendations : Table 1

International Monetary Fund. European Dept.

the policy rate. In addition, adjustments were made to the CIT data series to filter the impact of special levies on industrial and financial sectors since 2012, and the social contributions data series to offset large one-off collections in 2018. Box 2. Profitability and Pressures from Lending Margin Compression Overall profitability of the Slovak banking system has been robust . Taking advantage of a low cost-to-income ratio, Slovak banks have recorded around 10 percent of average return on equity during post-crisis years, which is on the high side among

International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report reviews South Africa’s tax system and also examines the fiscal regime with a view to generating a sustainable revenue contribution from mining and petroleum in future. Mining has historically been the mainstay of the South African economy. Mineral exports remain the principal contributor to foreign exchange earnings on the current account. South Africa is not yet a significant producer of crude oil or natural gas. Oil and gas exploration nevertheless shows promise. Taxation is far from top of the list in current challenges facing the development of extractive industries in South Africa. The national goal of economic and social transformation in favor of Historically Disadvantaged South Africans has major impact on the mining sector.
International Monetary Fund. European Dept.
Leveraging its location and low-cost skilled labor, Slovakia has attained a very high level of integration with the global value chains, which has proved pivotal to exports growth and income convergence with the European Union. After half a decade of robust growth, the Slovak economy is decelerating. With rising trade tensions and a turning economic cycle, several vulnerabilities are coming to the fore. High dependence on exports combined with a concentrated export structure makes Slovakia particularly vulnerable to external developments. On the domestic front, a prolonged period of double-digit mortgage credit growth and declining bank profit margins have made households and the financial sector susceptible to labor and property market downturns.
William Joseph Crandall, Elizabeth Gavin, and Mr. Andrew R Masters

data and derived analyses. Over time, efforts will be required to improve responses in this area. In Figure 5 , on-time payment rates by value are presented for all four core taxes, but not by number as this data is not requested in ISORA. The underlying table and on-time payment rates for the four World Bank–defined income groups may be found in Appendix Tables 3 and 4 . Box 4. Five-year Analysis of Corporate Income Tax On-time Filing Rates There are 33 jurisdictions for which there is corporate income tax (CIT) data for the five-year period 2011 to

Fernando Broner, Aitor Erce, Alberto Martin, and Jaume Ventura
In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and, surprisingly, so did the share of the debt held by domestic creditors. Credit was reallocated from the private to the public sectors, reducing investment and deepening the recessions even further. To account for these facts, we propose a simple model of sovereign risk in which debt can be traded in secondary markets. The model has two key ingredients: creditor discrimination and crowding-out effects. Creditor discrimination arises because, in turbulent times, sovereign debt offers a higher expected return to domestic creditors than to foreign ones. This provides incentives for domestic purchases of debt. Crowding-out effects arise because private borrowing is limited by financial frictions. This implies that domestic debt purchases displace productive investment. The model shows that these purchases reduce growth and welfare, and may lead to self-fulfilling crises. It also shows how crowding-out effects can be transmitted to other countries in the Eurozone, and how they may be addressed by policies at the European level.
International Monetary Fund. Fiscal Affairs Dept.

Table 1 (see also paragraph 8). The significant decrease in CIT payments in 2011/12 is attributable to the major coal, platinum, diamond and copper mining entities in the group, only one of which forms part of the 4 modeled entities. Further information would be necessary to understand the causes behind such a drop in CIT levels. Large amounts of missing CIT data entries for tax year 2013 meant that this data was not analyzed. 13 Where actual tax payment data is presented, this is intended to reflect tax paid on mining income. Adjustments have been made for

William Joseph Crandall, Elizabeth Gavin, and Mr. Andrew R Masters
This paper presents the results of the International Survey on Revenue Administration (ISORA) deployed during 2016 and covering fiscal years 2014 and 2015. It is made possible by the participation of 135 tax administrations from around the world that provided data.