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International Monetary Fund. African Dept.
This paper discusses the progress made on Côte d'Ivoire’s National Development Plan (PND) 2012–15. In the area of planning, the 2012–13 PND served to move planning to the forefront of public action. In addition, the National Bureau of Population has been set up to better address the problems of population and development. In the area of justice and human rights, the policy guidance paper has been prepared and is now being implemented. In the area of civil protection, the actions carried out have centered on strengthening the institutional and legal framework for preventing and managing risks and disasters and building up the operational capabilities of bodies in charge of civil protection.
International Monetary Fund
We identify different sources of risk as important determinants of banks' corporate structures when expanding into new markets. Subsidiary-based corporate structures benefit from greater protection against economic risk because of affiliate-level limited liability, but are more exposed to the risk of capital expropriation than are branches. Thus, branch-based structures are preferred to subsidiary-based structures when expropriation risk is high relative to economic risk, and vice versa. Greater cross-country risk correlation and more accurate pricing of risk by investors reduce the differences between the two structures. Furthermore, the corporate structure affects bank risk taking and affiliate size.
International Monetary Fund. Monetary and Capital Markets Department and International Monetary Fund. Legal Dept.
This Technical Assistance Report paper on Chile advices on the planned integration of the superintendency for banking supervision, Superintendencia de Bancos y Instituciones Financieras (SBIF), into the Comisión para el Mercado Financiero (CMF). While the approved Bills contain important enhancements to the governance and regulatory framework, several legal aspects would benefit from further clarification. These include aspects related to the mandate, objectives, powers, and governance of the CMF. This report discusses the mission’s main observations and recommendations regarding the integration of the SBIF into the CMF. The report also provides an overview of the existing supervisory architecture and discusses the legal mandate, objectives, and powers of the new CMF, followed by a discussion on the governance arrangements that existed prior to the integration and of the main changes brought in the Law recently approved. It also discusses a possible blueprint for the organizational structure of the new CMF aimed at realizing the desired synergies in the supervision function and strengthening conglomerate supervision.
International Monetary Fund. European Dept.

Staff Report for the 2019 Article IV Consultation and Second Review under the Policy Coordination Instrument-Press Release; Staff Report; Information Annex; Staff Statement; and Statement by the Executive Director for Republic of Serbia

Rudolf Kroc

The author outlines an approach to increasing the efficiency of central bank management in a developing country— he stresses the importance of managerial skills and the need to build and to maintain a team of capable managers and supervisors.

International Monetary Fund. Monetary and Capital Markets Department and International Monetary Fund. Legal Dept.

This Technical Assistance Report paper on Chile advices on the planned integration of the superintendency for banking supervision, Superintendencia de Bancos y Instituciones Financieras (SBIF), into the Comisión para el Mercado Financiero (CMF). While the approved Bills contain important enhancements to the governance and regulatory framework, several legal aspects would benefit from further clarification. These include aspects related to the mandate, objectives, powers, and governance of the CMF. This report discusses the mission’s main observations and recommendations regarding the integration of the SBIF into the CMF. The report also provides an overview of the existing supervisory architecture and discusses the legal mandate, objectives, and powers of the new CMF, followed by a discussion on the governance arrangements that existed prior to the integration and of the main changes brought in the Law recently approved. It also discusses a possible blueprint for the organizational structure of the new CMF aimed at realizing the desired synergies in the supervision function and strengthening conglomerate supervision.

Mr. Kevin Fletcher, Mr. Sanjeev Gupta, Mr. Duncan P Last, Mr. Gerd Schwartz, Mr. Shamsuddin Tareq, Mr. Richard I Allen, and Ms. Isabell Adenauer

equivalent to 4 percent of GDP. Improved organizational structure of revenue administration, strengthened audit capacity, and fair tax enforcement all contribute to the expansion of the tax base. Revenue administration reforms are a particularly high priority in many countries in sub-Saharan Africa. 5 See IMF (2007b) for details.

Mr. Shamsuddin Tareq, Mr. Andrew Berg, Victor Duarte Lledo, Mr. Antonio Spilimbergo, Mr. Rolando Ossowski, Irene Yackovlev, Mr. Norbert Funke, Alejandro Hajdenberg, and Mr. Martin Schindler

implement. Improved organizational structures of revenue administration, strengthened audit capacity, and fair tax enforcement would contribute to expanding the tax base. There could be circumstances where countries have no choice but to temporarily raise some tax rates in their short-term adjustment packages . This could be the case, particularly, in countries where fiscal adjustment becomes urgent as the impact of the crisis intensifies and options are limited. Expenditure rationalization and increasing spending efficiency can also create fiscal space . While

International Monetary Fund

considered a reasonable target for most LICs. 13 The U.N. Millennium Project (2005) estimated that LICs could mobilize additional domestic revenues equivalent to 4 percent of GDP. Improved organizational structure of revenue administration, strengthened audit capacity, and fair tax enforcement all contribute to the expansion of the tax base. Revenue administration reforms are a particularly high priority in many countries in SSA. III. Choosing an Expenditure Path 11. The Fund’s advice and program design encourages aid recipients to fully and effectively spend all