Funding The Future Tax Revenue Mobilization In The Pacific Island Countries

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Funding the Future: Tax Revenue Mobilization in the Pacific Island Countries

Mouhamadou Sy,Mr. Andrew Beaumont,Enakshi Das,Mr. Georg Eysselein,Mr. David Kloeden,Katrina R Williams
Funding the Future Tax Revenue Mobilization in the Pacific Island Countries Book PDF

Author : Mouhamadou Sy,Mr. Andrew Beaumont,Enakshi Das,Mr. Georg Eysselein,Mr. David Kloeden,Katrina R Williams
Publisher : International Monetary Fund
Page : 62 pages
File Size : 43,5 Mb
Release : 2022-09-12
Category : Business & Economics
ISBN : 9798400219023

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Funding the Future: Tax Revenue Mobilization in the Pacific Island Countries by Mouhamadou Sy,Mr. Andrew Beaumont,Enakshi Das,Mr. Georg Eysselein,Mr. David Kloeden,Katrina R Williams Pdf

Pacific Island Countries (PICs) face daunting spending needs related to achieving the UN Sustainable Development Goals (SDGs) and adapting to the effects of climate change. Boosting tax revenues will need to be an essential pillar in creating the fiscal space to meet SDG and climate-adaptation spending needs. This paper assesses the additional tax revenue that PICs could potentially collect and discusses policy options to achieve such gains. The main objectives of the paper are to (1) review the critical medium-term development spending requirements and available financing options, (2) document the main stylized facts about tax revenues in the PICs and estimate the additional tax revenue that countries could raise, (3) highlight the main bottlenecks preventing the PICs from further increasing their tax revenue collection with an emphasis on weaknesses in VAT systems, (4) draw lessons from successful emerging and developing countries that have managed to substantially and durably increased their tax revenues, and (5) propose tax policy and revenue administration reform priorities for Pacific Island Countries to boost tax revenues. The paper’s main findings are (1) The current revenue mix is skewed toward non-tax revenues, (2) PICs could collect an additional 3 percent of tax revenue in the short to medium term, (3) Many bottlenecks are preventing the PICs from boosting their tax revenue collection, and (4) The potential offered by efficient VAT systems is not fully exploited. To increase tax revenue in the Pacific Islands, the paper proposes the following reforms: (1) unwinding recent fiscal relief measures, (2) strengthening or introducing a VAT system; (3) rationalizing tax exemptions, (4) closing loopholes in the tax system, (5) reforming tax administration, and (6) introducing a medium-term revenue strategy.

Samoa

International Monetary Fund. Asia and Pacific Dept
Samoa Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 96 pages
File Size : 53,5 Mb
Release : 2023-03-15
Category : Business & Economics
ISBN : 9798400236938

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Samoa by International Monetary Fund. Asia and Pacific Dept Pdf

After a three-year recession triggered by the COVID-19 pandemic, the economy is recovering, boosted by the reopening of tourism. However, higher global commodity prices briefly raised inflation to double-digit rates. Disciplined fiscal policies, buoyant revenue and remittances, and donor support have contributed to fiscal and external stability. The banking system has remained resilient to the economic downturn, although there has been some deterioration in asset quality. Pressures on correspondent banking relationships continue. With the pandemic-driven decline in investment, as well as rising numbers of seasonal workers abroad, output is projected to remain well below pre-pandemic trends.

Solomon Islands

International Monetary Fund. Asia and Pacific Dept
Solomon Islands Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 84 pages
File Size : 40,6 Mb
Release : 2023-05-12
Category : Business & Economics
ISBN : 9798400241345

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Solomon Islands by International Monetary Fund. Asia and Pacific Dept Pdf

The economy is recovering from the shocks of civil unrest in November 2021 and a local outbreak of COVID-19 in early 2022, driven by increasing activity after the reopening of the border and preparation for the 2023 Pacific Games. But the recovery has been fragile, as Russia’s war in Ukraine has led to a decline in the terms of trade and rising inflation. A large pipeline of infrastructure projects financed by concessional borrowing is expected to support medium-term growth and help reduce a large infrastructure gap. But the country’s external position is projected to significantly weaken because of these projects and declining log exports, with reserve coverage declining as a result. This outlook highlights the pressing needs for reform to improve public investment management, as well as to diversify the economy and enhance its competitiveness.

Republic of Fiji

International Monetary Fund. Asia and Pacific Dept
Republic of Fiji Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 69 pages
File Size : 48,6 Mb
Release : 2023-06-28
Category : Business & Economics
ISBN : 9798400247798

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Republic of Fiji by International Monetary Fund. Asia and Pacific Dept Pdf

As a small island dependent on tourism, Fiji’s economy contracted sharply with the pandemic and then rebounded strongly in 2022, as tourism recovered with the reopening of international travel. Growth momentum is expected to continue in 2023, as tourist inflows approach pre-pandemic levels. The new government installed in December has committed to pursue economic reforms that promote inclusive growth and fiscal sustainability. Downside risks to the outlook stem from weaker growth in tourism-source countries, delayed recovery in hotel capacity, and exacerbated skilled labor shortages. Fiji remains vulnerable to external shocks related to natural disasters and climate change.

Global Economic Prospects, January 2023

World Bank Group
Global Economic Prospects January 2023 Book PDF

Author : World Bank Group
Publisher : World Bank Publications
Page : 334 pages
File Size : 41,9 Mb
Release : 2023-02-17
Category : Business & Economics
ISBN : 9781464819506

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Global Economic Prospects, January 2023 by World Bank Group Pdf

Global growth is expected to decelerate sharply, reflecting synchronous policy tightening aimed at containing very high inflation, worsening financial conditions, and continued disruptions from Russia’s invasion of Ukraine. Investment growth in emerging market and developing economies (EMDEs) is expected to remain below its average rate of the past two decades. Further adverse shocks could push the global economy into recession. Small states are especially vulnerable to such shocks because of the reliance on external trade and financing, limited economic diversification, elevated debt, and susceptibility to natural disasters. Against this backdrop, it is critical that EMDE policy makers ensure that any fiscal support is focused on vulnerable groups, that inflation expectations remain well anchored, and that financial systems continue to be resilient. Urgent global and national efforts are also needed to mitigate the risks of global recession and debt distress in EMDEs and to support a major increase in EMDE investment.

Vanuatu

International Monetary
Vanuatu Book PDF

Author : International Monetary
Publisher : International Monetary Fund
Page : 115 pages
File Size : 42,7 Mb
Release : 2023-03-22
Category : Electronic
ISBN : 9798400238079

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Vanuatu by International Monetary Pdf

Following a successful COVID-19 containment strategy, the border reopened in July 2022, and tourism is returning to Vanuatu. Economic activity is expected to be strong in the near term, with real GDP growing around 3.4 percent in 2023, as tourism and construction activities resume. High imported prices are likely to stoke inflation and push the current account into deficit, while fiscal policy will turn more expansionary. The Economic Citizenship Program (ECP) is facing significant challenges, with important implications for revenue and governance, while Air Vanuatu, the national airline, is facing serious operational and financial difficulties. Key structural vulnerabilities relating to climate change, limited infrastructure development capacity, and weak governance, persist.

Kiribati

International Monetary Fund. Asia and Pacific Dept
Kiribati Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 68 pages
File Size : 53,8 Mb
Release : 2023-09-15
Category : Business & Economics
ISBN : 9798400255090

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Kiribati by International Monetary Fund. Asia and Pacific Dept Pdf

Due to supportive fiscal policies, the economy recovered strongly in 2021, with real GDP growing 7.9 percent. However, a domestic outbreak of COVID-19 and the subsequent lockdown restrictions imposed in the first half of 2022 along with a severe drought dampened economic activities. With the reopening of borders in August 2022, GDP growth is expected to increase from an estimated 1.2 percent in 2022 to 2.5 percent in 2023. Inflation has picked up recently due to the recovery in domestic demand, supply shortages, and elevated commodity prices and freight costs. Risks to the outlook are mainly on the downside.

Malaysia

International Monetary Fund. Asia and Pacific Dept
Malaysia Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 114 pages
File Size : 53,5 Mb
Release : 2024-03-10
Category : Business & Economics
ISBN : 9798400269837

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Malaysia by International Monetary Fund. Asia and Pacific Dept Pdf

Malaysia’s growth momentum has slowed but remains resilient to external headwinds. While monetary policy has paused its tightening cycle, fiscal policy is consolidating, and the ringgit had been under pressure through most of 2023. The government’s commitment to the reform priorities outlined in its national strategic plans is yet to fully materialize, with the economy’s path to high-income status hanging in the balance.

Revenue Mobilization in Developing Countries

International Monetary Fund. Fiscal Affairs Dept.
Revenue Mobilization in Developing Countries Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 86 pages
File Size : 50,5 Mb
Release : 2011-08-03
Category : Business & Economics
ISBN : 9781498339247

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Revenue Mobilization in Developing Countries by International Monetary Fund. Fiscal Affairs Dept. Pdf

The Fund has long played a lead role in supporting developing countries’ efforts to improve their revenue mobilization. This paper draws on that experience to review issues and good practice, and to assess prospects in this key area.

Reforms in the Pacific

Bruce Knapman,Cedric Saldanha
Reforms in the Pacific Book PDF

Author : Bruce Knapman,Cedric Saldanha
Publisher : Australian Geographic
Page : 206 pages
File Size : 47,5 Mb
Release : 1999
Category : Economic assistance
ISBN : UCSD:31822029991973

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Reforms in the Pacific by Bruce Knapman,Cedric Saldanha Pdf

This book presents the results of an assessment of Bank assistance to reform efforts in six Pacific Developing Member Countries (PDMCs). The assessment was undertaken at the request of the Board of Directors of the Bank. As the bank has transformed itself from being primarily a project lender to being a broad-based development institutions, a wave of economic, public sector and governance reform has broken on most PDMC shores.

Vanuatu

International Monetary Fund. Asia and Pacific Dept
Vanuatu Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 87 pages
File Size : 51,7 Mb
Release : 2019-06-13
Category : Business & Economics
ISBN : 9781498319485

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Vanuatu by International Monetary Fund. Asia and Pacific Dept Pdf

Four years after Cyclone Pam struck Vanuatu causing extensive damages, reconstruction is near completion with full recovery in sight. The authorities are now focused on implementing their broader development plans that were slowed by the rebuilding process, which will require fiscal discipline and reforms to maintain debt sustainability. The authorities should continue their constructive engagement with development partners for technical assistance, capacity development, and concessional and grant-based funding. In parallel continuing to reform and strengthen the governance of institutions and removing vulnerabilities to corruption will be important.

Tax Administration Reform in China

John Brondolo,Zhiyong Zhang
Tax Administration Reform in China Book PDF

Author : John Brondolo,Zhiyong Zhang
Publisher : International Monetary Fund
Page : 128 pages
File Size : 53,5 Mb
Release : 2016-03-17
Category : Business & Economics
ISBN : 9781484301111

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Tax Administration Reform in China by John Brondolo,Zhiyong Zhang Pdf

Tax administration improvements have contributed significantly to a doubling of China’s tax-to-GDP ratio and the substantial reduction in taxpayers’ compliance costs since the mid-1990s. This paper describes the key features of China’s tax administration and their evolution over the last 20 years. It also identifes emerging challenges to the tax system and areas where further tax administration improvements are needed to sustain tax revenue and reduce taxpayers’ compliance costs in the future.

Global Trends 2040

National Intelligence Council
Global Trends 2040 Book PDF

Author : National Intelligence Council
Publisher : Cosimo Reports
Page : 158 pages
File Size : 43,5 Mb
Release : 2021-03
Category : Electronic
ISBN : 1646794974

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Global Trends 2040 by National Intelligence Council Pdf

"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

Republic of Nauru

International Monetary Fund. Asia and Pacific Dept
Republic of Nauru Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 54 pages
File Size : 48,5 Mb
Release : 2020-01-29
Category : Business & Economics
ISBN : 9781513528434

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Republic of Nauru by International Monetary Fund. Asia and Pacific Dept Pdf

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.

Globalisation and Governance in the Pacific Islands

Stewart Firth
Globalisation and Governance in the Pacific Islands Book PDF

Author : Stewart Firth
Publisher : ANU E Press
Page : 436 pages
File Size : 46,9 Mb
Release : 2006-12-01
Category : Business & Economics
ISBN : 9781920942984

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Globalisation and Governance in the Pacific Islands by Stewart Firth Pdf

"The Pacific Islands are feeling the effects of globalisation. Free trade in sugar and garments is threatening two of Fiji's key industries. At the same time other opportunities are emerging. Labour migration is growing in importance, and Pacific governments are calling for more access to Australia's labour market. Fiji has joined Samoa, Tonga, Tuvalu and Kiribati as a remittance economy, with thousands of its citizens working overseas. Meantime, Papua New Guinea and Solomon Islands grapple with an older kind of globalisation in which overseas companies exploit mineral and forest resources. The Pacific Islands confront unique problems of governance in this era of globalisation. The modern, democratic state often fits awkwardly with traditional ways of doing politics in that part of the world. Just as often, politicians in the Pacific exploit tradition or invent it to serve modern political purposes. The contributors to this volume examine Pacific globalisation and governance from a wide range of perspectives. They come from Papua New Guinea, Solomon Islands, Hawai'i, the Federated States of Micronesia, Samoa, Fiji, New Zealand and Jamaica as well as Australia."--Publisher's description.