Fiscal Monitor, October 2013: Taxing Times

October 9, 2013

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Fiscal Monitor, October 2013: Taxing Times, (USA: International Monetary Fund, 2013) accessed September 19, 2024

Summary

Persistently high debt ratios in advanced economies and emerging fragilities in the developing world cast clouds on the global fiscal landscape. In advanced economies, with narrowing budget deficits, the average public debt ratio is expected to stabilize in 2013–14—but it will be at a historic peak. At the same time, fiscal vulnerabilities are on the rise in emerging market economies and low-income countries—on the back, in emerging market economies, of heightened financial volatility and downward revisions to potential growth, and in low-income countries, of possible shortfalls in commodity prices and aid. Strengthening fiscal balances and buttressing confidence thus remain at the top of the policy agenda. Against that backdrop, this issue explores whether and how tax reform can help strengthen public finances. Taxation is always a sensitive topic and is now more than ever at the center of policy debates around the world. Can countries tax more, better, more fairly? Results reported in this issue show that the scope to raise more revenue is limited in many advanced economies and, where tax ratios are already high, the bulk of the necessary adjustment will have to fall on spending. In emerging market economies and low-income countries, where the potential for raising revenue is often substantial, improving compliance remains a central challenge.

Subject: Expenditure, Fiscal policy, Fiscal stance, Income and capital gains taxes, Macroeconomic and fiscal forecasts, Personal income tax, Public debt, Public financial management (PFM), Revenue administration, Taxes

Keywords: Africa, Asia and Pacific, Background color, Benefit tax, Caribbean, Europe, Fiscal stance, FM, Global, IMF staff estimate, Income and capital gains taxes, Interest rate, Macroeconomic and fiscal forecasts, Middle East, North Africa, Personal income tax, Potential GDP, Public health spending, Revenue gap, Short-term debt, Spending, Spending increase, Sub-Saharan Africa, Tax ratio, Value-added tax

Publication Details

Pages:

103
Volume:

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DOI:

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Issue:

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Series:

Fiscal Monitor No. 2013/002
Stock No:

FMOEA2013002
ISBN:

9781484357583
ISSN:

2219-276X

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