## IMF Fiscal Monitor (FM) -- Taxing Times, October 2013 _Fiscal Monitor, October 9, 2013_ ## Source details **Canonical URL:** [IMF Fiscal Monitor (FM) -- Taxing Times, October 2013](https://www.imf.org/en/publications/fm/issues/2016/12/31/taxing-times) ## Other formats - [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) ## Bibliographic details - Published: October 9, 2013 - Series: Fiscal Monitor --- ### Overview - 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: - 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. ### Short-term outlook and fiscal vulnerabilities - Strengthening fiscal balances and buttressing confidence remain at the top of the policy agenda. - Fiscal sustainability risks: - Remain high in advanced economies. - Are rising in emerging market economies. - The degree of urgency for fiscal adjustment differs across countries. ### Main findings on taxation and fiscal adjustment - This issue explores whether and how tax reform can help strengthen public finances. - Key findings: - 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. - Improving tax compliance remains a central challenge in emerging market economies and low-income countries. - Tax policy topics examined include: - The revenue story to date: How (and what) countries are taxing. - Finding and minding the gap and closing the gaps. - Fixing international taxation. - Room at the top? and Making tax reform happen. - Taxation and financial stability; Taxation and growth. - Specific measures such as a One-Off Capital Levy? and trends in planned measures, 2009-13. ### Analytical components, empirical evidence, and policy tools included - Chapters and major sections: - Front Matter, Preface, Executive Summary - 1. Recent Fiscal Developments and the Short-Term Outlook - 2. Taxing Our Way out of—or into?—Trouble - Boxes: - Constructing an Index of the Difficulty of Fiscal Adjustment - Fiscal Reforms to Unlock Economic Potential in the Arab Countries in Transition - Figures (selected): - Revisions to Overall Balance and Debt-to-GDP Forecasts since the Last Fiscal Monitor - Fiscal Trends in Advanced Economies - Fiscal Trends in Emerging Market Economies - Fiscal Trends in Low-Income Countries - Public Spending and Aid Contraction Scenario in Low-Income Countries, 2008–18 - Change in Fiscal Vulnerability Index, Fall 2013 Compared with Spring 2013 - Tables and cross-country data (selected): - Fiscal Balances, 2008–14 - General Government Debt, 2008–14 - Assessment of Underlying Fiscal Vulnerabilities over Time - Assessment of Underlying Fiscal Vulnerabilities, October 2013 - Selected Advanced Economies: Gross Financing Needs, 2013-15 - Selected Emerging Market Economies: Gross Financing Needs, 2013-14 - Selected Advanced Economies: Financial Sector Support - Tax-focused empirical and methodological work: - Peer Comparison of Revenues; Increase in Tax Effort and Fiscal Adjustment Needs; Trends in C-Efficiency, 1993-2011 - 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 - 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 - Potential Revenues from Recurrent Net Wealth Taxes; Average Composition of Gross Wealth Held by Top 10 Percent of Households - Measuring VAT Gaps; Empirical Evidence on the Growth Effects of Different Taxes; Increasing Revenue from Real Property Taxes - Appendixes and supporting material: - Recent Developments in Public Health Spending and Outlook for the Future - Assessing Potential Revenue: Two Approaches - Increasing Revenue from Real Property Taxes - 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 *IMF Fiscal Monitor (FM) -- Taxing Times, October 2013* --- ## Content in this bundle - **تقرير الراصد المالي، أكتوبر 2013 : ملخص واف** - [تقرير الراصد المالي، أكتوبر 2013 : ملخص واف (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/fm/2013/02/pdf/fmexsa.pdf.md){rel="alternate" type="text/markdown"} - [تقرير الراصد المالي، أكتوبر 2013 : ملخص واف (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/fm/2013/02/pdf/fmexsa.pdf){rel="external" type="application/pdf"} - **2013年10月《财政监测报告》概要, 2013年10月9日** - [2013年10月《财政监测报告》概要, 2013年10月9日 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/fm/2013/02/pdf/fmexsc.pdf.md){rel="alternate" type="text/markdown"} - [2013年10月《财政监测报告》概要, 2013年10月9日 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/fm/2013/02/pdf/fmexsc.pdf){rel="external" type="application/pdf"} - **Moniteur des Finances Publiques -- Octobre 2013 ; 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charset=utf-8"} --- ## References - [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) _Source: https://www.imf.org/en/publications/fm/issues/2016/12/31/taxing-times_