## Fiscal Monitor, October 2013: Taxing Times

_Fiscal Monitor, October 9, 2013_

## Source details

**Canonical URL:** [Fiscal Monitor, October 2013: Taxing Times](https://www.imf.org/en/publications/fm/issues/2016/12/31/taxing-times-40434)

## Other formats

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- [Structured JSON version](/en/publications/fm/issues/2016/12/31/taxing-times-40434/index.json)
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## Bibliographic details
- Published: October 9, 2013
- Series: Fiscal Monitor
- DOI: https://doi.org/10.5089/9781484357583.089

---

### Global fiscal landscape
- 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:
  - In emerging market economies, vulnerabilities reflect heightened financial volatility and downward revisions to potential growth.
  - In low-income countries, vulnerabilities reflect possible shortfalls in commodity prices and aid.
- Strengthening fiscal balances and buttressing confidence remain at the top of the policy agenda.

### Scope for tax reform and revenue mobilization
- 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:
  - The scope to raise more revenue is limited in many advanced economies.
  - 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, the potential for raising revenue is often substantial, but improving compliance remains a central challenge.

### Subject areas and thematic focus
- 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.

---


## References

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- [Expenditure](https://www.imf.org/en/publications/publications-by-subject?subject=Expenditure)
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- [Income and capital gains taxes](https://www.imf.org/en/publications/publications-by-subject?subject=Income+and+capital+gains+taxes)
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- [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
October 24, 2025](https://www.imf.org/en/publications/wp/issues/2025/10/24/enhancing-tax-capacity-revenue-gains-from-strengthening-tax-administration-571373)
- [Development Committee: The Managing Director's Written Statement
October 20, 2025](https://www.imf.org/en/publications/policy-papers/issues/2025/10/20/development-committee-the-managing-director-s-written-statement-571316)
- [The Managing Director's Global Policy Agenda, Fall 2025: Navigating a World In Transition
October 16, 2025](https://www.imf.org/en/publications/policy-papers/issues/2025/10/14/the-managing-director-s-global-policy-agenda-fall-2025-navigating-a-world-in-transition-570971)
- [Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF
October 16, 2025](https://www.imf.org/en/publications/policy-papers/issues/2025/10/16/progress-report-to-the-imfc-on-the-activities-of-the-independent-evaluation-office-of-the-571242)

_Source: https://www.imf.org/en/publications/fm/issues/2016/12/31/taxing-times-40434_