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Taxing Times

Taxing Times

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Published by ritholtz1
Persistently high debt ratios in advanced economies and emerging fragilities in the developing world cast clouds on the global fiscal landscape. In advanced economies, with narrowing budget deficits, the average public debt ratio is expected to stabilize in 2013–14—but it will be at a historic peak. At the same time, fiscal vulnerabilities are on the rise in emerging market economies and low-income countries—on the back, in emerging market economies, of heightened financial volatility and downward revisions to potential growth, and in low-income countries, of possible shortfalls in commodity prices and aid. Strengthening fiscal balances and buttressing confidence thus remain at the top of the policy agenda. Against that backdrop, this issue explores whether and how tax reform can help strengthen public finances. Taxation is always a sensitive topic and is now more than ever at the center of policy debates around the world. Can countries tax more, better, more fairly? Results reported in this issue show that the scope to raise more revenue is limited in many advanced economies and, 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, where the potential for raising revenue is often substantial, improving compliance remains a central challenge.
Persistently high debt ratios in advanced economies and emerging fragilities in the developing world cast clouds on the global fiscal landscape. In advanced economies, with narrowing budget deficits, the average public debt ratio is expected to stabilize in 2013–14—but it will be at a historic peak. At the same time, fiscal vulnerabilities are on the rise in emerging market economies and low-income countries—on the back, in emerging market economies, of heightened financial volatility and downward revisions to potential growth, and in low-income countries, of possible shortfalls in commodity prices and aid. Strengthening fiscal balances and buttressing confidence thus remain at the top of the policy agenda. Against that backdrop, this issue explores whether and how tax reform can help strengthen public finances. Taxation is always a sensitive topic and is now more than ever at the center of policy debates around the world. Can countries tax more, better, more fairly? Results reported in this issue show that the scope to raise more revenue is limited in many advanced economies and, 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, where the potential for raising revenue is often substantial, improving compliance remains a central challenge.

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Categories:Business/Law
Published by: ritholtz1 on Oct 18, 2013
Copyright:Attribution Non-commercial

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03/18/2014

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Fiscal Monitor
 Taxing Times
 World Economic and Financial Surveys
INTERNATIONAL MONETARY FUND
13
       O       C       T
 
FISCAL MONITOR
October 2013
Taxing Times
International Monetary Fund
World Economic and Financial Surveys
 
©2013 International Monetary FundCover: IMF Multimedia Services DivisionComposition: Maryland Composition, Inc.
Cataloging-in-Publication Data 
Fiscal monitor—Washington, D.C. : International Monetary Fund, 2009 v. ; cm. — (World economic and inancial surveys, 0258-7440)wice a year.Some issues have also thematic titles.1. Finance, Public—Periodicals. 2. Finance, Public—Forecasting—Periodicals. 3.Fiscal policy—Periodicals. 4. Fiscal policy—Forecasting—Periodicals. 5. Financial crises—Periodicals. 6. Global Financial Crisis, 2008–2009—Periodicals. I. International Monetary Fund. II. Series: World economic and inancial surveys.HJ101.F57ISBN: 978-1-48435-758-3 (paper)ISBN: 978-1-48435-042-3 (ePub)ISBN: 978-1-48436-674-5 (Mobipocket)ISBN: 978-1-48437-430-6 (PDF)Publication orders may be placed online, by ax, or through the mail:International Monetary Fund, Publication ServicesP.O. Box 92780, Washington, DC 20090, U.S.A.elephone: (202) 623-7430 Fax: (202) 623-7201E-mail: publications@im.org  www.imbookstore.org  www.elibrary.im.org 

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