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GLOBAL DEBT WILL SHATTER $100,000,000,000,000 THIS YEAR AS GOVERNMENTS PREPARE TO INCREASE SPENDING, WARNS IMF
The International Monetary Fund (IMF) is sounding the alarm on skyrocketing levels of debt held by governments around the world.
In its newest Fiscal Monitor Report, the IMF says global debt is expected to surpass $100 trillion by the end of the year.
That’s up from $97 trillion a year ago, with the United States accounting for about half of the $3 trillion increase.
The IMF says government debt is expected to reach about 93% of global gross domestic product by the end of this year and will approach 100% of GDP by 2030.
The report argues countries should confront their debt risks now, while interest rate reversals give lawmakers space to implement fiscal tightening measures.
“With inflation moderating and central banks lowering policy rates, economies are better positioned now to absorb the economic effects of fiscal tightening.
Delaying would be both costly and risky, as the required correction grows as time goes by; and experience shows that high debt and lack of credible fiscal plans can trigger adverse market reaction, constraining room to maneuver in the face of turbulence.”
The report also highlights the difficulty in truly identifying all government obligations, warning debt forecasts are often overly optimistic.
The IMF says its “debt-at-risk” model suggests that in a severely adverse scenario, global public debt could surge to 115% of GDP within three years due to the potential for weaker growth amid tight financial conditions and other factors like unforeseen policy changes.
Despite the risks, the IMF says government spending is actually set to increase.
“Previous IMF research has shown that fiscal discourse across the political spectrum has increasingly tilted toward higher spending.
And countries will need to increasingly spend more to cope with aging and healthcare; with the green transition and climate adaptation; and with defense and energy security, due to growing geopolitical tensions.”
Earlier this year, the UN also called for “urgent reforms” to the international financial system to address the concerns over surging public debt, which it referred to as a “growing burden to global prosperity.”
@ Newshounds News™
Source: DailyHodl
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KENYA IMPLEMENTS REAL-TIME CRYPTO TRACKING FOR BETTER TAX COMPLIANCE
▪️The KRA’s new system will integrate with crypto platforms to track real-time transactions, aiming to curb tax evasion and fraud.
▪️Kenya plans to use AI and machine learning to enhance tax compliance and recover lost revenue from the growing crypto market.
Tracking crypto transactions in real-time is something the Kenya Revenue Authority (KRA) is doing in big measure. This action is meant to solve the rising tax losses in the nation resulting from ineffective monitoring of the developing crypto market.
Given Kenya’s crypto sector’s projected Ksh 2.4 trillion in transactions between 2021 and 2022—about 20% of the country’s GDP—a more strong tax collection mechanism becomes absolutely vital.
Real-Time Tracking for Crypto Transactions to Enhance Tax Compliance
To gather important transaction data, including the time, date, and value of every operation, the new tax system will interface with crypto markets and exchanges.
Preventing tax avoidance and making sure all income connected to cryptocurrency is taxed in line with Kenya’s Income Tax Act are the main goals of the KRA.
Though organizations like the Capital Markets Authority or the Central Bank of Kenya mostly control them, profits from cryptocurrency transactions are legally taxable.
This legislative change coincides with the growing popularity of cryptocurrency in Kenya, despite not being as common as other financial innovations like mobile money.
Mostly because digital currencies have cheaper fees and simplicity of cross-border money transfers than conventional banking systems, many people utilize them to save money, send remittances, and make overseas purchases.
But because of their distributed character, cryptocurrency have also drawn appeal to people engaged in illicit operations such as money laundering and fraud.
Apart from real-time tracking, the KRA intends to improve tax compliance using artificial intelligence (AI) and machine learning technologies. These technologies will enable the authority to identify fraudulent behavior and maximize resource allocation, thereby perhaps recovering billions of tax-lost income.
The KRA has a larger reform agenda, including this technical makeover to modernize its systems and raise general tax collecting efficiency.
Simultaneously, comparable initiatives are under progress abroad. For instance, as we previously highlighted, Italy has suggested taxing crypto’s capital gains between 26% and 42%.
This action might fundamentally change the scene of European crypto investment since it will force investors to look for better tax conditions outside than Italy.
Aiming to support the expansion of its digital currency industry, Japan’s Financial Services Agency (FSA) is also contemplating a uniform 20% tax on crypto transactions, according to CNF.
@ Newshounds News™
Source: Crypto News Flash
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