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Business and Economics > Public Finance

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Cover IMF Staff Country Reports
Samoa: Selected Issues
International Monetary Fund. Asia and Pacific Dept
2024 Selected Issues
Keywords:
money transfer operator; sectoral risk assessment; Australia labour mobility; transaction report; remittance corridor; risk remittance product; Remittances; Anti-money laundering and combating the financing of terrorism (AML/CFT); Medium taxpayer office; Correspondent banking; Financial sector; Australia and New Zealand; Pacific Islands; Global
Cover IMF How To Notes
How to Develop and Implement a Medium-Term Fiscal Framework
Teresa R Curristine
,
Isabell Adenauer
,
Virginia Alonso-Albarran
,
John Grinyer
,
Koon Hui Tee
,
Claude P Wendling
, and
Delphine Moretti
This Note provides guidance on developing and implementing a medium-term fiscal framework (MTFF). MTFFs aim to promote fiscal discipline and sustainability, transparency, and better-informed fiscal decisions. An MTFF comprises a set of institutional arrangements for prioritizing, presenting, reporting, and managing fiscal aggregates - revenue, expenditure, balance, and debt - generally over a three-to-five-year period. It incorporates a fiscal strategy, medium-term projections of key macroeconomic variables and fiscal aggregates, and ceilings on total expenditure to guide subsequent annual budgets. By introducing a medium-term perspective into fiscal and budgetary decision making, MTFFs provide a clearer understanding of the impact, trade-offs, and risks of policy choices. MTFFs contribute to enhancing transparency and accountability by communicating the government’s medium-term fiscal goals, policies, and fiscal performance. Ultimately, clarity on medium-term fiscal plans and on their effective implementation can bolster confidence in the government’s ability to manage its finances prudently and competently. In addition to providing guidance on how to design an MTFF and the institutional and technical arrangements needed to support implementation, the Note discusses key challenges and presents country examples from across the globe by income group and concludes with lessons learned.
Keywords:
fiscal frameworks; fiscal planning; budget cycles; MTFF; medium-term fiscal framework; emerging market economy country example; MTFF specification; koon hui tee; MTFF projection Tool; MTFF time horizon; Budget planning and preparation; Fiscal rules; Fiscal risks; Caribbean
Cover La aduana, una institución clave
La aduana, una institución clave
Fortaleciendo la administración aduanera en un mundo de cambios
Augusto Azael Pérez Azcárraga
,
Tadatsugu Matsudaira
,
Gilles Montagnat-Rentier
,
Janos Nagy
, and
R. James Clark

Abstract

Las administraciones de aduanas ven surgir nuevos retos a medida que aumenta el volumen del comercio internacional, aparece nueva tecnología y cambian los modelo de negocio. Este libro analiza los cambios y desafíos que enfrentan las administraciones de aduanas y propone formas de abordarlos. Describe los problemas que las autoridades deben tener en cuenta a la hora de elaborar su propia hoja de ruta para la modernización de las aduanas.

Keywords:
aduana; cumplimiento tributario; recaudación de impuestos; evasión fiscal; facilitación del comercio; gestión del riesgo aduanero; seguridad de fronteras; comercio; regímenes fiscales; política comercial; ingreso tributario; operadores comerciales; modernización de la aduana; tecnologías digitales; economía del sector público; administración pública; finanzas públicas; desarrollo económico; avances tecnológicos
Cover Technical Assistance Reports
Indonesia: Technical Assistance Report-Subnational Government Endowment Funds
International Monetary Fund. Fiscal Affairs Dept.
The Indonesian authorities are exploring options for the establishment of subnational government endowment funds and the Ministry of Finance (MoF) has drafted regulations in that context. However, the motivations and objective for establishing an endowment fund at the subnational level diverge across various stakeholders. Clarity of the objectives and purpose of the endowment fund will be critical for informing features of its architecture, and the endowment fund should be aligned with the national fiscal policy objectives. Establishing such funds at a time of fiscal deficit entails a “borrowing-to-save” approach which is not optimal from a fiscal policy perspective. Currently, there is a misalignment between the design of inflow and outflow rules, the endowment fund’s objectives, and the fiscal/economic context. In addition, the current draft MoF regulations restrict the investment policy to conform with the law on decentralization enacted in 2022. This report emphasizes that regardless of the structure of the endowment fund, it needs to be fully integrated within the budget. The report also provides recommendations on assessing the full cost of the subnational government endowment fund, its design and implementation, and provides suggestions to improve the draft MoF regulations.
Keywords:
Indonesia; Subnational government; Local government; Endowment Fund; Sovereign wealth fund; Intergovernmental fiscal relations; Decentralization; Intergenerational wealth; Inflows; outflow rules.; CD recipient; IMF Resident representative; government endowment funds; IMF Fiscal Affairs Department; draft government; FAD expert; Budget planning and preparation; Investment policy; Budget execution and treasury management; Natural resources; Public employment
Cover Таможенные вопросы
Таможенные вопросы
Укрепление таможенной службы в меняющемся мире
Augusto A Perez Azcarraga
,
Tadatsugu Matsudaira
,
Gilles Montagnat-Rentier
,
Janos Nagy
, and
R. James Clark

Abstract

Перед таможенными службами во всем мире встают новые задачи: растущий объем международной торговли, революция в новых технологиях и фундаментальные изменения в бизнес-моделях. Преимущества хорошо функционирующей таможенной администрации очевидны, равно как и необходимость развития эффективных, действенных, справедливых и современных таможенных администраций. Книга «Таможенные вопросы» анализирует многочисленные изменения и проблемы, с которыми сталкиваются таможенные администрации, и предлагают пути их решения. Предлагая разноплановый взгляд на основные аспекты таможенного администрирования, книга служит руководством для директивных органов и должностных лиц таможенных служб при оценке текущего состояния их таможенных систем в целях разработки, совершенствования или продвижения своих планов действий по модернизации таможенной службы.

Keywords:
таможня; соблюдение обязательств по уплате налогов; принудительное взыскание налогов; уклонение от уплаты налогов; обеспечение безопасности границ; торговля; модернизация налоговой службы; государственная служба; государственные финансы; налог на добавленную стоимость
Cover IMF Staff Country Reports
Australia: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia
International Monetary Fund. Asia and Pacific Dept
The 2023 Article IV Consultation discusses that Australia’s post-pandemic recovery remained strong. However, growth is weakening on the heels of tighter macroeconomic policies and financial conditions. While inflation has peaked, it remains persistently high. Economic activity is projected to further decelerate in the near term, as the tightening of monetary conditions continues to take hold. Short-term policies should focus on navigating the economy to a soft landing, by bringing inflation back to target, while maintaining financial stability. Policy coordination will be critical. Structural reforms must address declining productivity growth and challenges related to ageing and put the economy on the path for a green transition. Structural policies should be centered on promoting productivity growth. Continued investment in digital infrastructure, more direct government funding for research and development, and more open foreign direct investment regime coupled with labor market and tax reforms are among the key structural policies.
Keywords:
CPI expenditure weight; state government leader; CPI indicator; Mid-Year Economic and Fiscal Outlook; fiscal policy coordination; employment white paper roadmap; Inflation; Housing; Productivity; Housing prices; Global
Cover IMF Staff Country Reports
Ireland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper provides an international perspective to the authorities’ two recent policy measures: setting up new savings and counter cyclical and climate infrastructure funds and reforming the judicial review of planning decisions in Ireland. The first essay presents international best practices in the design and operation of sovereign wealth funds that could inform the setup of the two new funds in Ireland. It highlights the importance of operating the funds within a strong fiscal policy framework. The second essay reviews Ireland’s planning and permitting system, underscoring the key elements that have hindered public investment. It also looks into the government’s proposed Bill to reform the planning system and contrasts its key features with those of other international jurisdictions. It finds that several issues may contribute to the inefficiencies in the planning and judicial review system, such as the loose standing requirements and lack of mandatory timelines related to judicial review, as well as institutional governance issues within the planning board, which the newly proposed reforms and legislative measures seek to address.
Keywords:
housing affordability; D. policy option; savings fund; modernizing judicial review; impulse response; Housing; Housing prices; Pension spending; Global
Cover IMF Working Papers
Housing Affordability: A New Dataset
Nina Biljanovska
,
Mr. Chenxu Fu
, and
Ms. Deniz O Igan
The rapid increase in house prices in the past few years, including during the COVID-19 pandemic, raises concerns about housing affordability. The price-to-income ratio is a widely-used indicator of affordability, but does not take into account important factors such as the cost of financing. The aim of this paper is to construct a measure of housing affordability that takes these factors into account for a large set of countries and long period of time. The resulting dataset covers an unbalanced panel of 40 countries over the period from 1970Q1 to 2021Q4. For each country, the index measures the extent to which a median-income household can qualify for a mortgage loan to purchase an average-priced home. To gauge the performance of the constructed indices, we compare them to other readily-available mesures of affordability and examine the evolution of the indices over time to understand the relevant drivers, including in a regression analysis to assess the extent to which government housing programs could contribute to improving affordability.
Keywords:
housing affordability; real estate markets; government housing program; affordability index; household income; indices in selected country; Housing; Housing prices; Mortgages; Income; Global; Eastern Europe; Baltics
Cover IMF Staff Country Reports
Republic of Nauru: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Nauru
International Monetary Fund. Asia and Pacific Dept
The 2023 Article IV Consultation discusses that Nauru faces structural challenges due to its small size and remoteness, and is highly dependent on imports. The narrow revenue base comprises fishing license fees, residual phosphate processing, and revenue from the Regional Processing Center (RPC). Nauru is vulnerable to the negative effects of climate change, as the population inhabit in a narrow coastal area. The health and economic impact of the pandemic has been limited in Nauru, thanks to successful vaccination and containment strategies. Growth is expected to moderate over the medium term due to the planned scale-down of the RPC. Risks to the outlook are tilted to the downside, stemming from continued pressure on financial services, delayed fiscal and structural reforms, and the uncertain future of the RPC. Nauru remains vulnerable to external shocks such as a rise in commodity prices, a sharp global slowdown, and climate change. Structural policies should improve human capital, climate resilience, diversification, and governance. Education spending should prioritize improving enrolment and attendance rates.
Keywords:
staff appraisal; joint statement; IMF staff representative; Nauru agency; NA statistics; External sector statistics; Global; Australia and New Zealand; Pacific Islands
Cover Technical Notes and Manuals
Corporate Income Tax Gap Estimation by using Bottom-Up Techniques in Selected Countries: Revenue Administration Gap Analysis Program
Patricio A Barra
,
Mr. Eric Hutton
, and
Polina Prokof'yeva
This technical note describes bottom-up CIT gap estimation techniques applied by revenue administrations in the following highly experienced countries in this approach: Australia, Brazil, Canada, Denmark, Sweden, the United Kingdom, and the United States. The main topics included in the descriptions are techniques applied, CIT gap results, advantages and disadvantages of different available options, and future developments and recommendations for any revenue administration interested in starting bottom-up CIT gap estimation programs having no prior experience.
Keywords:
Tax Administration; Tax Compliance; Corporate Income Tax; Tax Gap; Tax Evasion; Random Audit Program; Risk-Based Audits; bottom-up technique; CIT gap; gap definition; Ra-GAP team; members of the Revenue Administration Gap Analysis Program; Auditing; Revenue Administration Gap Analysis Program (RA-GAP); Small and medium enterprises