IBFed Letters to the OECD as talks continue at international level to agree on a new tax framework

We acknowledge the significant efforts and investment that member countries, industry and taxpayers have made in contributing to the current Pillar 1 framework. We welcome an approach that is both simple and effective for applying Pillar 1. Banks have a taxable, physical presence in places where they operate regulated business. Therefore, they should be outside the scope of Pillar 1 . Moreover, metrics such as balance sheet or gross revenues do not consider the extremely high capital costs associated with running regulated banks compared with other industries (such as technology and consumer goods companies). We believe that the application of a “worldwide” basis of taxation is a robust equivalent of the Income… Read More

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IBFed memo on Retail Central Bank Digital Currencies and Global Stable Coins

IBFed shares its views on Retail Central Bank Digital Currencies and Global Stable Coins. We assess how the creation of digital currencies could potentially support the digitalization of the economy. We also discuss the role of central banks, commercial banks and other private actors in this journey, the advantages and disadvantages of different scenarios. Last but not least, we address the potential effects to the banking business model and to consumer and commercial customers. To learn more, click here:  CBDC-GSC-memo_18-June-2021 (2)

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