{
  "title": "Fiscal Monitor, October 2013: Taxing Times",
  "publication": "Fiscal Monitor, October 9, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/fm/issues/2016/12/31/taxing-times-40434",
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  "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.",
  "sections": [
    {
      "heading": "Global fiscal landscape",
      "content": "- Persistently high debt ratios in advanced economies and emerging fragilities in the developing world cast clouds on the global fiscal landscape.\n- 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.\n- Fiscal vulnerabilities are on the rise in emerging market economies and low-income countries:\n  - In emerging market economies, vulnerabilities reflect heightened financial volatility and downward revisions to potential growth.\n  - In low-income countries, vulnerabilities reflect possible shortfalls in commodity prices and aid.\n- Strengthening fiscal balances and buttressing confidence remain at the top of the policy agenda."
    },
    {
      "heading": "Scope for tax reform and revenue mobilization",
      "content": "- The issue explores whether and how tax reform can help strengthen public finances.\n- Taxation is described as a sensitive topic and central to policy debates worldwide: \"Can countries tax more, better, more fairly?\"\n- Key finding on capacity to raise revenue:\n  - The scope to raise more revenue is limited in many advanced economies.\n  - Where tax ratios are already high, the bulk of the necessary adjustment will have to fall on spending.\n  - In emerging market economies and low-income countries, the potential for raising revenue is often substantial, but improving compliance remains a central challenge."
    },
    {
      "heading": "Subject areas and thematic focus",
      "content": "- Subjects highlighted: 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.\n- Keywords emphasize regional and topical coverage, including: Africa, Asia and Pacific, Caribbean, Europe, Middle East, North Africa, Sub-Saharan Africa, tax ratio, revenue gap, value-added tax, public health spending, short-term debt, spending increase, potential GDP, IMF staff estimate, FM, Global.\n\n---\n\n\n References\n\n- https://www.imf.org/en/publications/fm\n- United States and the IMF\n- Explore\n- Subscribe\n- More Formats on IMF eLibrary\n- Order a Print Copy\n- Expenditure\n- Fiscal policy\n- Fiscal stance\n- Income and capital gains taxes\n- Macroeconomic and fiscal forecasts\n- Personal income tax\n- Public debt\n- Public financial management (PFM)\n- Revenue administration\n- Taxes\n- Enhancing Tax Capacity: Revenue Gains from Strengthening Tax Administration\nOctober 24, 2025\n- Development Committee: The Managing Director's Written Statement\nOctober 20, 2025\n- The Managing Director's Global Policy Agenda, Fall 2025: Navigating a World In Transition\nOctober 16, 2025\n- Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF\nOctober 16, 2025\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/fm/issues/2016/12/31/taxing-times-40434"
    }
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    "Published: October 9, 2013",
    "Series: Fiscal Monitor",
    "DOI: https://doi.org/10.5089/9781484357583.089",
    "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.",
    "Fiscal vulnerabilities are on the rise in emerging market economies and low-income countries:",
    "Strengthening fiscal balances and buttressing confidence remain at the top of the policy agenda.",
    "The issue explores whether and how tax reform can help strengthen public finances.",
    "Taxation is described as a sensitive topic and central to policy debates worldwide: \"Can countries tax more, better, more fairly?\"",
    "Key finding on capacity to raise revenue:",
    "Subjects highlighted: 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 emphasize regional and topical coverage, including: Africa, Asia and Pacific, Caribbean, Europe, Middle East, North Africa, Sub-Saharan Africa, tax ratio, revenue gap, value-added tax, public health spending, short-term debt, spending increase, potential GDP, IMF staff estimate, FM, Global.",
    "[https://www.imf.org/en/publications/fm](https://www.imf.org/en/publications/fm)",
    "[United States and the IMF](http://www.imf.org/external/country/USA/index.htm)",
    "[Explore](https://www.elibrary.imf.org/)",
    "[Subscribe](https://www.imf.org/en/Publications/Newsletter/registration)",
    "[More Formats on IMF eLibrary](https://elibrary.imf.org/display/book/9781484357583/9781484357583.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781484357583)",
    "[Expenditure](https://www.imf.org/en/publications/publications-by-subject?subject=Expenditure)",
    "[Fiscal policy](https://www.imf.org/en/publications/publications-by-subject?subject=Fiscal+policy)",
    "[Fiscal stance](https://www.imf.org/en/publications/publications-by-subject?subject=Fiscal+stance)",
    "[Income and capital gains taxes](https://www.imf.org/en/publications/publications-by-subject?subject=Income+and+capital+gains+taxes)",
    "[Macroeconomic and fiscal forecasts](https://www.imf.org/en/publications/publications-by-subject?subject=Macroeconomic+and+fiscal+forecasts)",
    "[Personal income tax](https://www.imf.org/en/publications/publications-by-subject?subject=Personal+income+tax)",
    "[Public debt](https://www.imf.org/en/publications/publications-by-subject?subject=Public+debt)",
    "[Public financial management (PFM)](https://www.imf.org/en/publications/publications-by-subject?subject=Public+financial+management+%28PFM%29)",
    "[Revenue administration](https://www.imf.org/en/publications/publications-by-subject?subject=Revenue+administration)",
    "[Taxes](https://www.imf.org/en/publications/publications-by-subject?subject=Taxes)",
    "[Enhancing Tax Capacity: Revenue Gains from Strengthening Tax Administration",
    "[Development Committee: The Managing Director's Written Statement",
    "[The Managing Director's Global Policy Agenda, Fall 2025: Navigating a World In Transition",
    "[Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF"
  ],
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