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Cover IMF Working Papers
Tec(h)tonic Shifts: Taxing the “Digital Economy”
Aqib Aslam and Ms. Alpa Shah
The ever-increasing digitalization of businesses has accelerated the need to address the many shortcomings and unresolved issues within the international corporate income tax system. In particular, the customer or “user”—through their online activities—is now considered by many as being a critical driving force behind the value of digital services. Furthermore, the rapid growth of digital service providers over the last decade has made them an increasingly popular target for special taxes—similar to wealth and solidarity taxes—which can also help mobilize much-needed revenues in the wake of a crisis. This paper argues that a plausible conceptual case can be made to tax the value generated by users under the corporate income tax. However, a number of issues need to be tackled for user-based tax measures to become a reality, which include agreement among countries on whether user value justifies a reallocation of taxing rights, establishing the legal right to tax income derived from user value, as well as an appropriate metric for valuing user-generated data if it is ever to be used as a tax base. Furthermore, attempting to tax only certain types of business is ill-advised, especially as user data is now being exploited widely enough for it to be recognized as an input for almost all businesses. Several options present themselves for consideration—from a modified permanent establishment definition combined with taxation by formulary apportionment, to user-based royalty-type taxes—each with their own merits and misdemeanors.
Keywords:
WP; user data; withholding tax; multinational enterprise; tax treatment; company activity; gross income; resource company; Corporate Taxation; Digitalization; income tax; social media; natural resource; digital economy; small business; Corporate income tax; Data collection; Income and capital gains taxes; Income tax systems; Global; profit margin; customer base; computer database; resident company; market power
Cover IMF Committee on Balance of Payments Statistics
IMF Committee on Balance of Payments Statistics
Annual Report 2017
International Monetary Fund. Statistics Dept.

Abstract

The 2017 Annual Report of the IMF Committee on Balance of Payments Statistics provides an overview of trends in global balance of payments statistics.

Keywords:
BY; BOP; term id; CPIS Guide; term; IIP data; ESS.
Cover Central Banking and Fintech—A Brave New World?
Central Banking and Fintech—A Brave New World?
CHRISTINE LAGARDE
International Monetary Fund. Communications Department

Abstract

Address at the Bank of England Twentieth Anniversary Conference London, U.K. September 29, 2017 International Monetary Fund Managing Director Christine Lagarde delivered this address at the Bank of England conference, “Independence—20 Years On” in London, U.K., on September 29, 2017.

Keywords:
MISC PUBS; Misc.; central bank governor; monetary policy; monetary policy transmission; firm; IMF experience; social media company; international law firm; unit of account; Virtual currencies; Currencies; Artificial intelligence; Global
Cover IMF Working Papers
Why are the G-20 Data Gaps Initiative and the SDDS Plus Relevant for Financial Stability Analysis?
Mr. Robert M Heath
In the wake of the recent global crisis the international community is giving an increased focus on stability of the financial system, so-called financial stability analysis. With the increasing need for data sets to undertake this analysis, the question naturally arises as to what types of data are needed? While various data initiatives are underway, two initiatives at the forefront are: (1) the IMF/FSB G-20 Data Gaps Initiative (DGI) created by the international statistical community and endorsed by the G-20 Finance Ministers and Central Bank Governors as well as the IMF’s International Monetary and Financial Committee, and (2) the new Special Data Dissemination Standard Plus (SDDS Plus), aimed particularly at economies with systemically important financial sectors. This paper explains the relevance of the DGI for financial stability analysis and the close link with the SDDS Plus. The importance of the SDDS Plus in promoting the dissemination to the public of a core set of data for financial stability analysis is emphasized.
Keywords:
WP; crisis; market; economy; securities; debt; Global crisis; financial stability; data dissemination; sectoral accounts; cross-border linkages; government debt; financial institutions; international community; securities data; data standards initiative; cross-border securities investment; security holding; equity securities issue; CDS market; cross border; Financial statistics; Financial sector stability; Financial sector; Special Data Dissemination Standard (SDDS); Financial soundness indicators; Global
Cover IMF Working Papers
Treating Intangible Inputs as Investment Goods: The Impact on Canadian GDP
Nazim Belhocine
This paper constructs a data set to document firms' expenditures on an identifiable list of intangible items and examines the implications of treating intangible spending as an acquisition of final (investment) goods on GDP growth for Canada. It finds that investment in intangible capital by 2002 is almost as large as the investment in physical capital. This result is in line with similar findings for the U.S. and the U.K. Furthermore, the growth in GDP and labor productivity may be underestimated by as much as 0.1 percentage point per year during this same period.
Keywords:
WP; intangible investment; national income; tow investment goods; data processing establishment; expenditure data
Cover IMF Staff Country Reports
Tunisia: Report on the Observance of Standards and Codes: Data Module; Response by the Authorities; and Detailed Assessments Using the Data Quality Assessment Framework
International Monetary Fund
The methodological soundness of statistics in Tunisia is consistent in several areas with outdated international statistical standards. The Central Bank of Tunisia (BCT) is responsible for the collection, processing, and dissemination of monetary and balance of payments statistics. The accuracy and reliability of statistics in Tunisia are broadly adequate. Adequate national accounts data and some brief methodological notes are disseminated, albeit with no analyses accompanying the data. However, there is now a need to proceed quickly with the migration to the new standards.
Keywords:
ISCR; CR; Ministry of Finance GFS site; MF representative; MF participation; Ministry of Finance comment; government finance data; Monetary statistics; Government finance statistics; Balance of payments statistics; Data collection; Maghreb
Cover IMF Staff Country Reports
France: Report on the Observance of Standards and Codes (ROSC)—Data Module
International Monetary Fund
The report on the Observance of Standards and Codes (ROSC) data module provides a review of France’s data dissemination practices against the International Monetary Fund’s (IMF) Special Data Dissemination Standard (SDDS), complemented by an in-depth assessment of the quality of six sets of macroeconomic statistics: national accounts, consumer price and producer price indices, government finance statistics, monetary statistics, and balance of payments statistics. Then, it presents recommendations to achieve improvements in the framework. Serviceability focuses on aspects of datasets, and accessibility deals with the availability of information to users.
Keywords:
ISCR; CR; INSEE Contact; information; accounting data; INSEE website; statistics; data-producing unit; release calendar; statistics portal; preoccupation of INSEE; INSEE's website; Fiscal accounting and reporting; Consumer price indexes; Monetary statistics; Europe; Global
Cover IMF Working Papers
You Say You Want A Revolution: Information Technology and Growth
Mr. James Morsink and Mr. Markus Haacker
The information technology (IT) revolution has arrived, but how much will it change the world? It has been established that IT is contributing to labor productivity growth through both increases in the levels of IT capital per worker and total factor productivity (TFP) growth in the production of IT equipment. The main outstanding issue is whether IT is contributing to TFP growth more generally. Using data on IT expenditure and production for a broad sample of countries, we find a positive, large, and significant effect of IT expenditure on the acceleration in TFP in the late 1990s and a smaller-and significant-effect of IT production. We also find evidence that the impact of IT expenditure on TFP growth increases over time, suggesting that spillovers materialize gradually. Our results suggest that the increase in IT expenditure across industrial countries during 1995-2000 will eventually lead to an average increase in TFP growth of about one-third of 1 percent per year.
Keywords:
WP; TFP; production; percent; IT expenditure; Information technology; technological change; growth; EDP expenditure; IT capital deepening; coefficient estimate; EDP production; productivity gain; beginning-of-period IT variable; IT activity; Total factor productivity; Capital productivity; Labor productivity; Productivity; Data processing; Europe