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Middle East and Central Asia > Kyrgyz Republic

You are looking at 1 - 7 of 7 items for :

  • Type: Journal Issue x
  • Personal Income and Other Nonbusiness Taxes and Subsidies x
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Cover IMF Staff Country Reports
Kyrgyz Republic: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper undertakes a detailed analysis of the inflation dynamics and its determinants in the Kyrgyz Republic to shed light on the unprecedented inflationary surge since 2021. It employs two complementary methodologies to model a complex interplay between domestic and global factors, and policy variables. The paper constructs a new comprehensive measure of inflation expectations, encompassing both adaptive and forward-looking components, and as an additional novelty introduces external variables to the Phillips curve framework. The empirical analysis suggests that in addition to global food prices, which have historically driven inflation in the country, the role of domestic factors have become more prominent. On the other hand, the paper finds a much stronger contribution of liquidity conditions to inflation. This suggests a disconnect between policy interest rates and market liquidity, which needs to be addressed for better functioning of monetary policy transmission. The main policy implication is that to strengthen the effectiveness of monetary policy and support National Bank of Kyrgyz Republic’s intended transition to an inflation-targeting framework, excess liquidity needs to be drained and brought in conformity with the policy rate. This will require discontinuation of central bank’s participation in the domestic gold market, which is the main source of liquidity injections.
Keywords:
frontier analysis; dynamics in the Kyrgyz Republic; trade fragmentation; inflation expectation; Kyrgyz export; Inflation; Value-added tax; Income and capital gains taxes; Personal income tax; Global
Cover IMF Working Papers
Tax Potential vs. Tax Effort: A Cross-Country Analysis of Armenia's Stubbornly Low Tax Collection
Mr. David A. Grigorian
and
Mr. Hamid R Davoodi
Despite recording double digit growth since 2000, Armenia's tax-to-GDP ratio has been fairly stable at about 14½ percent. This paper catalogues a range of factors that may account for Armenia's stubbornly for tax collection by benchmarking Armenia's tax-to-GDP against some comparator countries and conducting an extensive econometric study of the main determinants of tax collection. We find empirical support for the hypothesis that the persistence of Armenia's low tax-GDP ratio can be traced to persistence of weak institutions and a large shadow economy. The gap between the potential and actual tax collection in Armenia could be as high as 6½ percent of GDP. We conclude with some policy recommendations that, if adopted, can boost revenue buoyancy.
Keywords:
WP; Armenia; tax revenue; tax potential; tax collection; institutions; shadow economy; tax-to-GDP ratio; CIS country; tax effort; revenue buoyancy; VAT collection; tax performance; tax morale; small share; Income and capital gains taxes; Tax administration core functions; Informal economy; Middle East and Central Asia
Cover IMF Staff Country Reports
Republic of Armenia: Selected Issues
International Monetary Fund
Although Armenia itself has a population of only about 3 million, an estimated 8 million Armenians live abroad. In this paper, the size and the sources of remittances to Armenia are first discussed. Then, the appropriate definition of remittances and subsequently present estimates of the macroeconomic effects of remittances to Armenia are outlined. Remittances play a significant role in the Armenian economy. They amount to between US$250 million and US$1 billion per year, and constitute from 25 percent to 80 percent of remittance receivers’ incomes.
Keywords:
ISCR; CR; remittance; tax; VAT; Armenia; GDP; revenue; remittances sender; remittances to Armenia; GDP growth; traditional remittance; remittances component; Remittances; Financial sector development; Tax administration core functions; Commercial banks; Middle East; Central and Eastern Europe; Eastern Europe; Baltics; Europe
Cover IMF Working Papers
The Russian Flat Tax Reform
Mr. Michael Keen
,
Mr. Alexander D Klemm
, and
Anna Ivanova
Russia dramatically reduced its higher rates of personal income tax (PIT) in 2001 establishing a single marginal rate at the low level of 13 percent. In the following year, real revenue from the PIT actually increased by about 26 percent. This 'flat tax' experience has attracted much attention (and emulation) among policymakers, making it perhaps the most important tax reform of recent years. But it has been little studied. This paper asks whether the strong revenue performance of the PIT was itself a consequence of this reform, using both macro evidence and, in particular, micro-level data on the experiences of individuals and households affected by the reform to varying degrees. It concludes that there is no evidence of a strong supply side effect of the reform. Compliance, however, did improve quite substantially-by about one third according to our estimates-though it remains unclear whether this was due to the parametric reforms or to accompanying changes in enforcement.
Keywords:
WP; wage rate; gross income; tax rate
Cover IMF Working Papers
Reforming Tax Systems: Experience of the Baltics, Russia, and Other Countries of the Former Soviet Union
Vahram Stepanyan
Starting in the early 1990s, the Baltics, Russia, and other (BRO) countries of the former Soviet Union initiated tax reforms that varied widely at the later stages. Recently, some of the BRO countries, basing decisions on the proposition that lowering of the top marginal income tax rate would significantly benefit economic development and increase tax compliance, have initiated a new stage of tax reforms. This paper reviews country experiences and suggests that (i) overall, there seems to be little evidence of a substantial improvement in income tax revenues resulting simply from a reduction in the top marginal tax rates, and (ii) in the BRO countries, the elasticity of the behavior of economic agents, in terms of labor supply, saving, and investment, with respect to income tax rates is not large, and a reduction of the existing income tax rates is unlikely to lead to a notable expansion of economic activity.
Keywords:
WP; reform; country; BRO country; tax system; rate; tax policy; tax reforms; reform effort; reform experience; reform initiative; tax reform objective; tax reform experience in BRO country; reform implementation; tax reform initiative; BRO countries tax policy reform; tax administration capacity; transition country; Personal income tax; Tax administration core functions; Income tax systems; Income and capital gains taxes; Baltics
Cover Tax Reform in the Baltics, Russia, and Other Countries of the Former Soviet Union
Tax Reform in the Baltics, Russia, and Other Countries of the Former Soviet Union
Mr. Liam P. Ebrill

Abstract

This paper provides an overview of the recent revenue performance in the Baltics, Russia, and other countries of the former Soviet Union, and a survey of these countries efforts to modify tax policy in line with the needs of increasingly market-oriented economies and to increase the effectiveness of tax administration. It focuses principally on the 12 countries of the CIS, but refers also to the Baltic countries, and addresses the period from 1995 to mid-1998, prior to the August 1998 financial crisis in Russia.

Keywords:
OP; country; revenue action plans; government; cash revenue; GDP ratio; CIS country; revenue performance; Tax administration core functions; Tax collection; Tax law; Payroll tax; Baltics
Cover IMF Policy Discussion Papers
Social Protection in Transition Countries: Emerging Issues
Mr. Sanjeev Gupta
and
Mr. Ke-young Chu
The paper discusses the social protection implications of the weakening financial and administrative capacity of countries undergoing economic transition. The formal sector is shrinking, and unemployment and underemployment are rising rapidly. This is affecting both the revenue base of social protection programs and the ability of these countries to target social benefits. These developments make it imperative for these countries to restructure social benefits, rely more on self-targeting mechanisms to deliver benefits, as well as take immediate steps to improve payroll tax compliance. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the author(s) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.
Keywords:
PDP; transition country; country; wage; government; wage bill; government cash benefit; wage fund; sector wage; retirement age; earnings history; Wages; Income; Payroll tax; Pension spending; Aging; Baltics; Eastern Europe