Download or read book Funding the Future Tax Revenue Mobilization in the Pacific Island Countries written by Mouhamadou Sy and published by International Monetary Fund. This book was released on 2022-09-12 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pacific Island Countries (PICs) face daunting spending needs related to achieving the UN Sustainable Development Goals (SDGs) and adapting to the effects of climate change. Boosting tax revenues will need to be an essential pillar in creating the fiscal space to meet SDG and climate-adaptation spending needs. This paper assesses the additional tax revenue that PICs could potentially collect and discusses policy options to achieve such gains. The main objectives of the paper are to (1) review the critical medium-term development spending requirements and available financing options, (2) document the main stylized facts about tax revenues in the PICs and estimate the additional tax revenue that countries could raise, (3) highlight the main bottlenecks preventing the PICs from further increasing their tax revenue collection with an emphasis on weaknesses in VAT systems, (4) draw lessons from successful emerging and developing countries that have managed to substantially and durably increased their tax revenues, and (5) propose tax policy and revenue administration reform priorities for Pacific Island Countries to boost tax revenues. The paper’s main findings are (1) The current revenue mix is skewed toward non-tax revenues, (2) PICs could collect an additional 3 percent of tax revenue in the short to medium term, (3) Many bottlenecks are preventing the PICs from boosting their tax revenue collection, and (4) The potential offered by efficient VAT systems is not fully exploited. To increase tax revenue in the Pacific Islands, the paper proposes the following reforms: (1) unwinding recent fiscal relief measures, (2) strengthening or introducing a VAT system; (3) rationalizing tax exemptions, (4) closing loopholes in the tax system, (5) reforming tax administration, and (6) introducing a medium-term revenue strategy.
Download or read book Samoa written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2023-03-15 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: After a three-year recession triggered by the COVID-19 pandemic, the economy is recovering, boosted by the reopening of tourism. However, higher global commodity prices briefly raised inflation to double-digit rates. Disciplined fiscal policies, buoyant revenue and remittances, and donor support have contributed to fiscal and external stability. The banking system has remained resilient to the economic downturn, although there has been some deterioration in asset quality. Pressures on correspondent banking relationships continue. With the pandemic-driven decline in investment, as well as rising numbers of seasonal workers abroad, output is projected to remain well below pre-pandemic trends.
Download or read book Solomon Islands written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2023-05-12 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy is recovering from the shocks of civil unrest in November 2021 and a local outbreak of COVID-19 in early 2022, driven by increasing activity after the reopening of the border and preparation for the 2023 Pacific Games. But the recovery has been fragile, as Russia’s war in Ukraine has led to a decline in the terms of trade and rising inflation. A large pipeline of infrastructure projects financed by concessional borrowing is expected to support medium-term growth and help reduce a large infrastructure gap. But the country’s external position is projected to significantly weaken because of these projects and declining log exports, with reserve coverage declining as a result. This outlook highlights the pressing needs for reform to improve public investment management, as well as to diversify the economy and enhance its competitiveness.
Download or read book Revenue Mobilization in Developing Countries written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2011-08-03 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fund has long played a lead role in supporting developing countries’ efforts to improve their revenue mobilization. This paper draws on that experience to review issues and good practice, and to assess prospects in this key area.
Download or read book Republic of Fiji written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2023-06-28 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a small island dependent on tourism, Fiji’s economy contracted sharply with the pandemic and then rebounded strongly in 2022, as tourism recovered with the reopening of international travel. Growth momentum is expected to continue in 2023, as tourist inflows approach pre-pandemic levels. The new government installed in December has committed to pursue economic reforms that promote inclusive growth and fiscal sustainability. Downside risks to the outlook stem from weaker growth in tourism-source countries, delayed recovery in hotel capacity, and exacerbated skilled labor shortages. Fiji remains vulnerable to external shocks related to natural disasters and climate change.
Download or read book Global Economic Prospects January 2023 written by World Bank Group and published by World Bank Publications. This book was released on 2023-02-17 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global growth is expected to decelerate sharply, reflecting synchronous policy tightening aimed at containing very high inflation, worsening financial conditions, and continued disruptions from Russia’s invasion of Ukraine. Investment growth in emerging market and developing economies (EMDEs) is expected to remain below its average rate of the past two decades. Further adverse shocks could push the global economy into recession. Small states are especially vulnerable to such shocks because of the reliance on external trade and financing, limited economic diversification, elevated debt, and susceptibility to natural disasters. Against this backdrop, it is critical that EMDE policy makers ensure that any fiscal support is focused on vulnerable groups, that inflation expectations remain well anchored, and that financial systems continue to be resilient. Urgent global and national efforts are also needed to mitigate the risks of global recession and debt distress in EMDEs and to support a major increase in EMDE investment.
Download or read book Vanuatu written by International Monetary and published by International Monetary Fund. This book was released on 2023-03-22 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following a successful COVID-19 containment strategy, the border reopened in July 2022, and tourism is returning to Vanuatu. Economic activity is expected to be strong in the near term, with real GDP growing around 3.4 percent in 2023, as tourism and construction activities resume. High imported prices are likely to stoke inflation and push the current account into deficit, while fiscal policy will turn more expansionary. The Economic Citizenship Program (ECP) is facing significant challenges, with important implications for revenue and governance, while Air Vanuatu, the national airline, is facing serious operational and financial difficulties. Key structural vulnerabilities relating to climate change, limited infrastructure development capacity, and weak governance, persist.
Download or read book Reforms in the Pacific written by Bruce Knapman and published by Australian Geographic. This book was released on 1999 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the results of an assessment of Bank assistance to reform efforts in six Pacific Developing Member Countries (PDMCs). The assessment was undertaken at the request of the Board of Directors of the Bank. As the bank has transformed itself from being primarily a project lender to being a broad-based development institutions, a wave of economic, public sector and governance reform has broken on most PDMC shores.
Download or read book Kiribati written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2023-09-15 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Due to supportive fiscal policies, the economy recovered strongly in 2021, with real GDP growing 7.9 percent. However, a domestic outbreak of COVID-19 and the subsequent lockdown restrictions imposed in the first half of 2022 along with a severe drought dampened economic activities. With the reopening of borders in August 2022, GDP growth is expected to increase from an estimated 1.2 percent in 2022 to 2.5 percent in 2023. Inflation has picked up recently due to the recovery in domestic demand, supply shortages, and elevated commodity prices and freight costs. Risks to the outlook are mainly on the downside.
Download or read book Vanuatu written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2019-06-13 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: Four years after Cyclone Pam struck Vanuatu causing extensive damages, reconstruction is near completion with full recovery in sight. The authorities are now focused on implementing their broader development plans that were slowed by the rebuilding process, which will require fiscal discipline and reforms to maintain debt sustainability. The authorities should continue their constructive engagement with development partners for technical assistance, capacity development, and concessional and grant-based funding. In parallel continuing to reform and strengthen the governance of institutions and removing vulnerabilities to corruption will be important.
Download or read book Malaysia written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2024-03-10 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: Malaysia’s growth momentum has slowed but remains resilient to external headwinds. While monetary policy has paused its tightening cycle, fiscal policy is consolidating, and the ringgit had been under pressure through most of 2023. The government’s commitment to the reform priorities outlined in its national strategic plans is yet to fully materialize, with the economy’s path to high-income status hanging in the balance.
Download or read book Tax Administration Reform in China written by John Brondolo and published by International Monetary Fund. This book was released on 2016-03-17 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Tax administration improvements have contributed significantly to a doubling of China’s tax-to-GDP ratio and the substantial reduction in taxpayers’ compliance costs since the mid-1990s. This paper describes the key features of China’s tax administration and their evolution over the last 20 years. It also identifes emerging challenges to the tax system and areas where further tax administration improvements are needed to sustain tax revenue and reduce taxpayers’ compliance costs in the future.
Download or read book Case Studies in Tax Revenue Mobilization in Low Income Countries written by Mr.Bernardin Akitoby and published by International Monetary Fund. This book was released on 2019-05-14 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Financial Sector Development in Pacific Island Economies Country reports written by Marian E. Bond and published by . This book was released on 2001 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 1 assesses the state of financial sector development in seven of the 12 Pacific developing member countries of the Asian Development Bank (ADB). It consolidates the findings of individual country reports on the Fiji Islands, Kiribati, Papua New Guinea, Samoa, Solomon Islands, Tonga, and Vanuatu, and recommends strategies for developing sound financial systems in the areas of macroeconomic policy, banking systems, nonbank financial institutions, financial markets, microfinance, and land tenure systems. Volume 2 specifically analyzes the attempts by Pacific developing member countries' governments to strengthen and develop their financial systems in order to promote economic development. They emanate from a regional technical assistance project that had the objective of formulating strategies for financial sector development, which would be the basis of a policy dialogue between the governments and ADB. Recommendations are of special relevance to the operations and management of central banks.
Download or read book Republic of Nauru written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2020-01-29 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2019 Article IV Consultation with Republic of Nauru highlights that it remains vulnerable to climate change and has a narrow economic base and limited capacity. Development challenges are increased by unavailability of land and high incidence of noncommunicable diseases. Growth was stronger than expected in FY2018 but slowed in FY2019. The outlook is subdued, with growth expected to reach 2 percent in the medium term. Revenues are projected to decline, necessitating a fiscal adjustment. Risks are skewed to the downside and include the scaling down of Regional Processing Centre activity and revenues, volatile fishing revenues, climate change, and delays in fiscal and structural reforms. Fiscal adjustment is required to avoid a breach of the fiscal anchor, contain debt, and maintain the Trust Fund contributions. New sources of economic growth and income are needed to support Nauru’s development agenda. Policies should be implemented in the near term to support private sector activity, including through financial sector development, state-owned enterprises reform, and land rehabilitation. The effectiveness of education and health spending needs to be improved to meet development goals.
Download or read book Understanding Revenue Administration written by Mrs.Andrea Lemgruber and published by International Monetary Fund. This book was released on 2015-05-20 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Vanuatu written by International Monetary Fund. Statistics Dept. and published by International Monetary Fund. This book was released on 2021-02-09 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Vanuatu National Statistics Office (VNSO) requested a mission by the IMF’s Pacific Financial Technical Assistance Centre (PFTAC) for conducting a feasibility study on the implementation of a quarterly national accounts (QNA) in Vanuatu. This study outlines the staff, organizational and data requirements for Vanuatu to implement a quarterly national accounts program.
