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Business and Economics > Corporate Taxation

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Cover IMF Staff Country Reports
Haiti: First Review Under the Staff-Monitored Program-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This paper highlights Haiti’s First Review under the Staff-Monitored Program (SMP). The SMP will help the government restore macroeconomic stability and lower inflation―a key goal given the burden of high inflation on the poor. The SMP seeks to advance decisive governance reforms to enhance accountability. In particular, it emphasizes greater accountability through stronger public finance management, revenue administration, transparency, and anti-corruption measures. Progress on governance is key to ensure inclusive growth. The authorities have taken steps to strengthen accountability in the collection and use of public resources and have boosted the transparency of public procurement for emergency resources. IMF staff will continue to work closely with the authorities to support implementation of their program and help them build public support. Indeed, most elements of the authorities’ program are underpinned by ongoing IMF technical assistance. The IMF Fund will also continue to coordinate closely with Haiti’s other development partners to leverage efforts in support of common objectives.
Keywords:
Haiti's Staff-Monitored Program; transparency policy; central bank financing; management of the International Monetary Fund; governance reform; Social assistance spending; Energy subsidies; Commercial banks; Global
Cover IMF Staff Country Reports
Republic of Nauru: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Nauru
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation with Republic of Nauru highlights that it remains vulnerable to climate change and has a narrow economic base and limited capacity. Development challenges are increased by unavailability of land and high incidence of noncommunicable diseases. Growth was stronger than expected in FY2018 but slowed in FY2019. The outlook is subdued, with growth expected to reach 2 percent in the medium term. Revenues are projected to decline, necessitating a fiscal adjustment. Risks are skewed to the downside and include the scaling down of Regional Processing Centre activity and revenues, volatile fishing revenues, climate change, and delays in fiscal and structural reforms. Fiscal adjustment is required to avoid a breach of the fiscal anchor, contain debt, and maintain the Trust Fund contributions. New sources of economic growth and income are needed to support Nauru’s development agenda. Policies should be implemented in the near term to support private sector activity, including through financial sector development, state-owned enterprises reform, and land rehabilitation. The effectiveness of education and health spending needs to be improved to meet development goals.
Keywords:
ISCR; CR; Nauru; windfall revenue; PFTAC TA; revenue gain; authority; GFS reporting; development agenda; staff advice; Extra-budgetary funds; Budget planning and preparation; Government cash forecasting; Pacific Islands; Global
Cover IMF Staff Country Reports
Cambodia: Selected Issues and Statistical Appendix
International Monetary Fund
The Selected Issues paper discusses Cambodia’s poverty and growth, private sector development, public financial management reform, and debt sustainability. It summarizes the Poverty Assessment and describes the regime of tax incentives, costs, and limits for private investment. It also summarizes the assessment of Cambodia’s Public Expenditure Management system and Public Financial Management Reform Program. It highlights the key reform priorities, and provides historical background on Cambodia’s external and domestic debt. It also includes a statistical appendix and a summary of the tax system.
Keywords:
ISCR; CR; Cambodia; poverty incidence; debt; government; poverty estimate; poverty reduction; investment incentive; poverty assessment; public expenditure management system; further poverty reduction; Tax holidays; Tax incentives; Southeast Asia; Eastern Europe; Asia and Pacific; Mekong; Europe
Cover IMF Staff Country Reports
Guatemala: Staff Report for the 2005 Article IV Consultation
International Monetary Fund
This 2005 Article IV Consultation highlights that following three years of sluggish economic growth, activity in Guatemala improved somewhat in 2004, with real GDP rising by 2¾ percent, but consumer price inflation drifted upward to more than 9 percent. Monetary policy is being geared to reducing inflation to the 4–6 percent range. The exchange system is flexible, but the central bank has intervened in the foreign exchange in 2004 to contain the appreciation of the quetzal against the U.S. dollar. In January 2005, a rules-based mechanism for interventions was introduced.
Keywords:
ISCR; CR; government; policy; government agenda; GDP; priority; private sector; renewed commitment; U.S. dollar; market-oriented policy; exchange rate; Public sector; Central America
Cover The Composition of Fiscal Adjustment and Growth
The Composition of Fiscal Adjustment and Growth
Lessons from Fiscal Reforms in Eight Economies
Mr. George A Mackenzie
,
Mr. Philip R. Gerson
, and
Mr. David William Harold Orsmond

Abstract

This study examines the composition of fiscal adjustment - tax and expenditure policies and administrative procedures, and some aspects of public enterprise reform - in a sample of eight countries (Bangladesh, Chile, Ghana, India, Mexico, Morocco, Senegal, and Thailand) during a period of fiscal reform (usually 1978-93), to determine whether and to what extent the fiscal reforms fostered growth during the adjustment period.

Keywords:
OP; IMF staff country report; country; government finance statistics yearbook; tax category; services tax; expenditure program; Income; Capital spending; Income and capital gains taxes; Middle East; Global; finance government expenditure; policy reform; expenditure reduction; policy issue; public expenditure management systems; Public sector; Public enterprises