{ "title": "IMF Fiscal Monitor (FM) -- Taxing Times, October 2013", "publication": "Fiscal Monitor, October 9, 2013", "sourceUrl": "https://www.imf.org/en/publications/fm/issues/2016/12/31/taxing-times", "canonical": "https://www.imf.org/en/publications/fm/issues/2016/12/31/taxing-times", "overlayPath": "/en/publications/fm/issues/2016/12/31/taxing-times/index.md", "summary": "The Fiscal Monitor was launched in 2009 to survey and analyze the latest public finance developments, update fiscal implications of the crisis and medium-term fiscal projections, and assess policies to put public finances on a sustainable footing.", "publishDate": "2013-10-09", "series": "Fiscal Monitor", "sections": [ { "heading": "Overview", "content": "- The Fiscal Monitor was launched in 2009 to survey and analyze the latest public finance developments, update fiscal implications of the crisis and medium-term fiscal projections, and assess policies to put public finances on a sustainable footing. It is prepared twice a year by the IMF's Fiscal Affairs Department.\n- Persistently high debt ratios in advanced economies and emerging fragilities in the developing world cast clouds on the global fiscal landscape.\n- With narrowing budget deficits in advanced economies, the average public debt ratio is expected to stabilize in 2013–14—but it will be at a historic peak.\n- Fiscal vulnerabilities are rising 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." }, { "heading": "Short-term outlook and fiscal vulnerabilities", "content": "- Strengthening fiscal balances and buttressing confidence remain at the top of the policy agenda.\n- Fiscal sustainability risks:\n - Remain high in advanced economies.\n - Are rising in emerging market economies.\n- The degree of urgency for fiscal adjustment differs across countries." }, { "heading": "Main findings on taxation and fiscal adjustment", "content": "- This issue explores whether and how tax reform can help strengthen public finances.\n- Key findings:\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.\n - Improving tax compliance remains a central challenge in emerging market economies and low-income countries.\n- Tax policy topics examined include:\n - The revenue story to date: How (and what) countries are taxing.\n - Finding and minding the gap and closing the gaps.\n - Fixing international taxation.\n - Room at the top? and Making tax reform happen.\n - Taxation and financial stability; Taxation and growth.\n - Specific measures such as a One-Off Capital Levy? and trends in planned measures, 2009-13." }, { "heading": "Analytical components, empirical evidence, and policy tools included", "content": "- Chapters and major sections:\n - Front Matter, Preface, Executive Summary\n - 1. Recent Fiscal Developments and the Short-Term Outlook\n - 2. Taxing Our Way out of—or into?—Trouble\n- Boxes:\n - Constructing an Index of the Difficulty of Fiscal Adjustment\n - Fiscal Reforms to Unlock Economic Potential in the Arab Countries in Transition\n- Figures (selected):\n - Revisions to Overall Balance and Debt-to-GDP Forecasts since the Last Fiscal Monitor\n - Fiscal Trends in Advanced Economies\n - Fiscal Trends in Emerging Market Economies\n - Fiscal Trends in Low-Income Countries\n - Public Spending and Aid Contraction Scenario in Low-Income Countries, 2008–18\n - Change in Fiscal Vulnerability Index, Fall 2013 Compared with Spring 2013\n- Tables and cross-country data (selected):\n - Fiscal Balances, 2008–14\n - General Government Debt, 2008–14\n - Assessment of Underlying Fiscal Vulnerabilities over Time\n - Assessment of Underlying Fiscal Vulnerabilities, October 2013\n - Selected Advanced Economies: Gross Financing Needs, 2013-15\n - Selected Emerging Market Economies: Gross Financing Needs, 2013-14\n - Selected Advanced Economies: Financial Sector Support\n- Tax-focused empirical and methodological work:\n - Peer Comparison of Revenues; Increase in Tax Effort and Fiscal Adjustment Needs; Trends in C-Efficiency, 1993-2011\n - Redistribution through Direct Taxes and Social Transfers; Changes in Top Marginal Personal Income Tax Rate and Disposable Income Inequality between the Mid-1980s and the Late 2000s\n - Revenue Gains from Returning Marginal Tax Rate on Top 1 Percent to 1980s Level; Implied Welfare Weights for Top Incomes and Top Marginal Rates, Late 2000s, Low Elasticity of Taxable Income\n - Potential Revenues from Recurrent Net Wealth Taxes; Average Composition of Gross Wealth Held by Top 10 Percent of Households\n - Measuring VAT Gaps; Empirical Evidence on the Growth Effects of Different Taxes; Increasing Revenue from Real Property Taxes\n- Appendixes and supporting material:\n - Recent Developments in Public Health Spending and Outlook for the Future\n - Assessing Potential Revenue: Two Approaches\n - Increasing Revenue from Real Property Taxes\n - Methodological and Statistical Appendix, including Data and conventions, Fiscal policy assumptions, and extensive Statistical Tables covering Advanced Economies, Emerging Market Economies, and Low-Income Countries\n\nIMF Fiscal Monitor (FM) -- Taxing Times, October 2013\n\n---\n\n Content in this bundle\n\n- تقرير الراصد المالي، أكتوبر 2013 : ملخص واف\n - تقرير الراصد المالي، أكتوبر 2013 : ملخص واف (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - تقرير الراصد المالي، أكتوبر 2013 : ملخص واف (PDF){rel=\"external\" type=\"application/pdf\"}\n- 2013年10月《财政监测报告》概要, 2013年10月9日\n - 2013年10月《财政监测报告》概要, 2013年10月9日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 2013年10月《财政监测报告》概要, 2013年10月9日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Moniteur des Finances Publiques -- Octobre 2013 ; Résumé analytique\n - Moniteur des Finances Publiques -- Octobre 2013 ; Résumé analytique (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Moniteur des Finances Publiques -- Octobre 2013 ; Résumé analytique (PDF){rel=\"external\" type=\"application/pdf\"}\n- 財政モニター 2013年10月 総括\n - 財政モニター 2013年10月 総括 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 財政モニター 2013年10月 総括 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Fiscal Monitor: Taxing Times; October 2013\n - Fiscal Monitor: Taxing Times; October 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Fiscal Monitor: Taxing Times; October 2013 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 45762CH01Text.indd\n - 45762CH01Text.indd (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 45762CH01Text.indd (PDF){rel=\"external\" type=\"application/pdf\"}\n- 45762CH01Text.indd\n - 45762CH01Text.indd (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 45762CH01Text.indd (PDF){rel=\"external\" type=\"application/pdf\"}\n- 45762CH01Text.indd\n - 45762CH01Text.indd (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 45762CH01Text.indd (PDF){rel=\"external\" type=\"application/pdf\"}\n- 45762CH01Text.indd\n - 45762CH01Text.indd (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 45762CH01Text.indd (PDF){rel=\"external\" type=\"application/pdf\"}\n- 45762CH01Text.indd\n - 45762CH01Text.indd (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 45762CH01Text.indd (PDF){rel=\"external\" type=\"application/pdf\"}\n- 45762CH01Text.indd\n - 45762CH01Text.indd (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 45762CH01Text.indd (PDF){rel=\"external\" type=\"application/pdf\"}\n- Аналитическое резюмек; Бюджетный вестник; Октябрь 2013 года\n - Аналитическое резюмек; Бюджетный вестник; Октябрь 2013 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Аналитическое резюмек; Бюджетный вестник; Октябрь 2013 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- Monitor Fiscal - Resumen Ejecutivo; Octubre de 2013\n - Monitor Fiscal - Resumen Ejecutivo; Octubre de 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Monitor Fiscal - Resumen Ejecutivo; Octubre de 2013 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Fmdata\n - Fmdata (XLSX){rel=\"external\" type=\"text/html; charset=utf-8\"}\n\n---\n\n References\n\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/fm/issues/2016/12/31/taxing-times" } ], "bullets": [ "[Markdown version](/en/publications/fm/issues/2016/12/31/taxing-times/index.md)", "[Structured JSON version](/en/publications/fm/issues/2016/12/31/taxing-times/index.json)", "[Bundle manifest](/en/publications/fm/issues/2016/12/31/taxing-times/bundle-manifest.json)", "Published: October 9, 2013", "Series: Fiscal Monitor", "The Fiscal Monitor was launched in 2009 to survey and analyze the latest public finance developments, update fiscal implications of the crisis and medium-term fiscal projections, and assess policies to put public finances on a sustainable footing. It is prepared twice a year by the IMF's Fiscal Affairs Department.", "Persistently high debt ratios in advanced economies and emerging fragilities in the developing world cast clouds on the global fiscal landscape.", "With narrowing budget deficits in advanced economies, the average public debt ratio is expected to stabilize in 2013–14—but it will be at a historic peak.", "Fiscal vulnerabilities are rising in emerging market economies and low-income countries:", "Strengthening fiscal balances and buttressing confidence remain at the top of the policy agenda.", "Fiscal sustainability risks:", "The degree of urgency for fiscal adjustment differs across countries.", "This issue explores whether and how tax reform can help strengthen public finances.", "Key findings:", "Tax policy topics examined include:", "Chapters and major sections:", "Boxes:", "Figures (selected):", "Tables and cross-country data (selected):", "Tax-focused empirical and methodological work:", "Appendixes and supporting material:", "**تقرير الراصد المالي، أكتوبر 2013 : ملخص واف**", "**2013年10月《财政监测报告》概要, 2013年10月9日**", "**Moniteur des Finances Publiques -- Octobre 2013 ; Résumé analytique**", "**財政モニター 2013年10月 総括**", "**Fiscal Monitor: Taxing Times; October 2013**", "**45762_CH01_Text.indd**", "**45762_CH01_Text.indd**", "**45762_CH01_Text.indd**", "**45762_CH01_Text.indd**", "**45762_CH01_Text.indd**", "**45762_CH01_Text.indd**", "**Аналитическое резюмек; Бюджетный вестник; Октябрь 2013 года**", "**Monitor Fiscal - Resumen Ejecutivo; Octubre de 2013**", "**Fmdata**", "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)", "[Modify your profile](https://www.imf.org/en/email-subscription/login)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "related": [ { "title": "تقرير الراصد المالي، أكتوبر 2013 : ملخص واف", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/fm/2013/02/pdf/fmexsa.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/fm/2013/02/pdf/fmexsa.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/fm/2013/02/pdf/fmexsa.pdf", "mime": "application/pdf" } }, { "title": "2013年10月《财政监测报告》概要, 2013年10月9日", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/fm/2013/02/pdf/fmexsc.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/fm/2013/02/pdf/fmexsc.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/fm/2013/02/pdf/fmexsc.pdf", "mime": "application/pdf" } }, { "title": "Moniteur des Finances Publiques -- Octobre 2013 ; 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