{
  "title": "Luxembourg: Selected Issues",
  "publication": "IMF Staff Country Reports, June 7, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/06/07/luxembourg-selected-issues-549933",
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  "summary": "This Selected Issues paper explores implications for safeguarding fiscal space in Luxembourg. The analysis discusses the main drivers of revenues and expenditures in recent years.",
  "sections": [
    {
      "heading": "Overview and scope",
      "content": "- Publication title: Luxembourg: Selected Issues\n- Publication date: June 7, 2024\n- Series: Country Report No. 2024/156\n- Issue: 156\n- Pages: 17\n- DOI: https://doi.org/10.5089/9798400277931.002\n- ISBN: 9798400277931\n- ISSN: 1934-7685\n- Publisher series: IMF Staff Country Reports\n- Primary subjects: Corporate income tax, Expenditure, International organization, Monetary policy, Personal income tax, Revenue administration, Social protection spending, Taxes\n- Keywords noted in the source: ample fiscal space, CIT revenue, copyright page, Corporate income tax, GDP share, Global, Personal income tax, personal income taxation, property taxation reform, Social protection spending, spending pressure"
    },
    {
      "heading": "Main findings on fiscal position and drivers",
      "content": "- The paper analyzes the main drivers of revenues and expenditures in recent years.\n- Ageing costs are rising and constitute an important background factor for the fiscal outlook.\n- Recent revenue increases should not be taken as given."
    },
    {
      "heading": "Fiscal outlook and risks",
      "content": "- The analysis discusses the fiscal outlook accounting for the announced government plans and fiscal risks.\n- To preserve ample fiscal buffers and support the government’s commitment of keeping Luxembourg’s AAA rating, a more prudent fiscal policy would be advisable."
    },
    {
      "heading": "Policy options and recommendations",
      "content": "- Additional tax reforms should be done in a budget-neutral manner.\n- The growth of compensation of employees should be limited.\n- Social programs should be better targeted, and their efficiency increased.\n- Early pension reform would help limit spending pressures.\n- A national framework could help anchor fiscal policy and maintain a credible commitment to prudent fiscal policies."
    },
    {
      "heading": "Institutional and cross-cutting suggestions",
      "content": "- Safeguarding ample fiscal space requires attention to both revenue assumptions and expenditure pressures.\n- Strengthening the credibility of fiscal policy can support the AAA rating commitment.\n\nInternational Monetary Fund. Luxembourg: Selected Issues (IMF Staff Country Reports 2024, 156).\n\n---\n\n Content in this bundle\n\n- Luxembourg: Selected Issues; IMF Country Report No. 24/156; May 13, 2024\n  - Luxembourg: Selected Issues; IMF Country Report No. 24/156; May 13, 2024 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Luxembourg: Selected Issues; IMF Country Report No. 24/156; May 13, 2024 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 7, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400277931.002",
    "Publication title: Luxembourg: Selected Issues",
    "Publication date: June 7, 2024",
    "Series: Country Report No. 2024/156",
    "Issue: 156",
    "Pages: 17",
    "DOI: https://doi.org/10.5089/9798400277931.002",
    "ISBN: 9798400277931",
    "ISSN: 1934-7685",
    "Publisher series: IMF Staff Country Reports",
    "Primary subjects: Corporate income tax, Expenditure, International organization, Monetary policy, Personal income tax, Revenue administration, Social protection spending, Taxes",
    "Keywords noted in the source: ample fiscal space, CIT revenue, copyright page, Corporate income tax, GDP share, Global, Personal income tax, personal income taxation, property taxation reform, Social protection spending, spending pressure",
    "The paper analyzes the main drivers of revenues and expenditures in recent years.",
    "Ageing costs are rising and constitute an important background factor for the fiscal outlook.",
    "Recent revenue increases should not be taken as given.",
    "The analysis discusses the fiscal outlook accounting for the announced government plans and fiscal risks.",
    "To preserve ample fiscal buffers and support the government’s commitment of keeping Luxembourg’s AAA rating, a more prudent fiscal policy would be advisable.",
    "Additional tax reforms should be done in a budget-neutral manner.",
    "The growth of compensation of employees should be limited.",
    "Social programs should be better targeted, and their efficiency increased.",
    "Early pension reform would help limit spending pressures.",
    "A national framework could help anchor fiscal policy and maintain a credible commitment to prudent fiscal policies.",
    "Safeguarding ample fiscal space requires attention to both revenue assumptions and expenditure pressures.",
    "Strengthening the credibility of fiscal policy can support the AAA rating commitment.",
    "**Luxembourg: Selected Issues; IMF Country Report No. 24/156; May 13, 2024**"
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