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Parma Bains, Nobuyasu Sugimoto, and Christopher Wilson
BigTech firms are gradually entering the financial sector and becoming important service providers, particularly in emerging markets. BigTechs have entered financial services using platform-based technology to facilitate payments and more recently expanded into other areas, such as lending, asset management, and insurance services. They accumulate data from their nonfinancial and financial activities and draw on consumer data held in different parts of their business (such as via social media). BigTechs are applying new approaches to existing financial services products and services such as underwriting using big data and are also applying machine learning for their key business decisions, such as pricing and risk management across multiple financial sectors. Incumbent financial firms have also increased their reliance on BigTech firms to host core IT systems (for example, cloud-based services, which have the potential to improve efficiency and security). This rapid and significant expansion of BigTechs in financial services and their interconnectedness with financial service firms are potentially creating new channels of systemic risks. To achieve effective implementation and multiple objectives of financial regulation and supervision, a hybrid approach, combining a mix of entity- and activity-based approaches, is needed.
Parma Bains, Nobuyasu Sugimoto, and Christopher Wilson

BigTech firms are gradually entering the financial sector and becoming important service providers, particularly in emerging markets. BigTechs have entered financial services using platform-based technology to facilitate payments and more recently expanded into other areas, such as lending, asset management, and insurance services. They accumulate data from their nonfinancial and financial activities and draw on consumer data held in different parts of their business (such as via social media). BigTechs are applying new approaches to existing financial services products and services such as underwriting using big data and are also applying machine learning for their key business decisions, such as pricing and risk management across multiple financial sectors. Incumbent financial firms have also increased their reliance on BigTech firms to host core IT systems (for example, cloud-based services, which have the potential to improve efficiency and security). This rapid and significant expansion of BigTechs in financial services and their interconnectedness with financial service firms are potentially creating new channels of systemic risks. To achieve effective implementation and multiple objectives of financial regulation and supervision, a hybrid approach, combining a mix of entity- and activity-based approaches, is needed.

Parma Bains, Nobuyasu Sugimoto, and Christopher Wilson

insurance services. They accumulate data from their nonfinancial and financial activities and draw on consumer data held in different parts of their business (such as via social media). BigTechs are applying new approaches to existing financial services products and services such as underwriting using big data and are also applying machine learning for their key business decisions, such as pricing and risk management across multiple financial sectors. Incumbent financial firms have also increased their reliance on BigTech firms to host core IT systems (for example, cloud

Mr. Bernardin Akitoby, Mr. Jiro Honda, Hiroaki Miyamoto, Keyra Primus, and Mouhamadou Sy
How can Low-Income Countries (LICs) enhance tax revenue collection to finance their vast development needs? We address this question by analyzing seven tax reform experiences in LICs (Burkina Faso, The Gambia, Maldives, Mauritania, Rwanda, Senegal, and Uganda). Three lessons stand out, although reforms must be tailored to individual circumstances: (i) Tax reforms require first and foremost political commitment and buy-in from key stakeholders; (ii) Countries that pursue both revenue administration and tax policy reforms tend to see much larger and persistent gains; and (iii) A successful strategy often starts with fiscal reform measures with immediate effect to build momentum. These can include: simplifying the tax system; curbing exemptions; reforming indirect taxes on goods and services (e.g., excises); and better managing compliance risks through strengthening taxpayer segmentation (often beginning with strengthening the Large Taxpayers Office). A comprehensive reform strategy (e.g., a medium-term revenue strategy) can help to properly sequence reform measures and facilitate their implementation.
Mr. Bernardin Akitoby, Mr. Jiro Honda, Hiroaki Miyamoto, Keyra Primus, and Mouhamadou Sy

the Tax Administration Act. This Act mandated the revenue authority to enforce the Taxation Acts of the country and administer tax procedures (such as registration of taxpayers, recovery of tax, taxpayer identification numbers). Following the establishment of the MIRA, a common Taxpayer Identification Number was implemented to be used by all importers and exporters, as well as the MIRA. Also, core IT systems were installed, and e-filing/e-payment was implemented and used for TGST, withholding tax, green tax, and the remittance of tax returns. The authorities also

Mrs. Andrea Lemgruber, Mr. Andrew R Masters, and Mr. Duncan Cleary

variation in numbers reported—from countries spending 30–40 percent of their budgets on HR costs to others that reported figures above 80 percent. Again, there may be definitional difficulties in the questions asked, and further research is needed. Information Technology External rather than internally (in-house) developed IT systems are employed by most of the survey respondents. While many tax and customs administrations develop core IT systems themselves, survey results reveal that a greater number look to external suppliers to meet their IT needs. This finding

International Monetary Fund
The report focuses on the role played by financial market infrastructures (FMIs) in maintaining and promoting financial stability in Japan. FMIs are important tools that contribute to the Japanese financial sector, especially in the domain of domestic financial stability. The oversight and supervision framework of important FMIs are discussed and analyzed. Even though the supervision of FMIs is fragmented, the report highlights the measures to be taken to strengthen the effectiveness of FMIs.
International Monetary Fund

assigned full-time executive and management-level personnel to JGBCC and JGBCC created a section dedicated to risk management. In May 2011, JGBCC put in place detailed internal procedures and automated processes for various aspects of default management including liquidation of defaulting participant’s positions. The CCP also established clear rules on how to allocate bonds subject to settlement fails in line with the revision of the fails practice in November 2010. In addition, its core IT system has been renewed and additional IT functions, critical for conducting

Mrs. Andrea Lemgruber, Mr. Andrew R Masters, and Mr. Duncan Cleary
During the past few years, the Fiscal Affairs Department (FAD) has developed the Revenue Administration Fiscal Information Tool (RA-FIT), a tax and customs data gathering initiative. This paper, the first of its kind internationally given the number of countries covered, analyzes the results of the first round of RA-FIT data for 85 countries. It begins the process of making summarized cross-country information available to revenue administrations, in particular in developing economies, to help them improve their performance. Topics covered include performance measurement, institutional arrangements, and core operations of tax and customs administration. RA-FIT is in its second round of data gathering, now via an online portal; these data will be analyzed and in future made available to participating countries and technical assistance partners/donors through an online dissemination platform.
International Monetary Fund

aim at bringing the level down to those typical in advanced economies, i.e., 5 to 10 percent of tax revenue. Steps will also be taken to identify and write off uncollectible debt through a transparent and accountable process. 25. We completed the first stage of the upgrade of our core IT system (SIGTAS) in October 2010. While this upgrade has mitigated some weaknesses in the system, a replacement option will be needed in the medium term to implement the ‘fast track’ methodology recommended by a February 2011 IMF TA mission. We are developing a plan by end-2011 to