You are on page 1of 3

Definition

Collection of taxes from those who benefit from


theprovision of public goods by the government, and
the use of
those tax funds toward production and distribution of
the public goods
collection
1. General: Process of recovering amounts owed to
a firmby its customers.
2. Banking: (1) presentment of a check
or draft forpayment and, subsequently, receipt of its
amount in cashor as a credit entry.
(2) Transfer of delinquent or past-dueaccounts to
a collection agency (or a special department set
up for the purpose) for full or partial recovery of the
amount.
3. Foreign trade: Process through which
the global bankingsystem acts on behalf
of an exporter (or seller) to collectcash payment or
a time draft from the importer (or buyer)
in return for documents required for
taking delivery of the ordered goodsSUMMARY
83
Budgetary surveillance is a key factor inimproving the
management of the public finances.At a time with increased debt
and deficits, andlarger than usual uncertainty about the short
andmedium term evolution of the underlyingmacroeconomic
fundamentals, the structure withinwhich fiscal policy is set will be
key in guidingpolicy making. Addressing the upcomingchallenges
successfully will require strong fiscalframeworks at both EU and
national level.
At an EU level, the implementation of budgetarysurveillance was
deeply affected from the start ofthe crisis, due to the need to
support aggregatedemand around Europe through fiscal policy,
asmonetary policy reached its lower bound. TheEuropean rules-
based fiscal framework, whichrequires Member States to avoid
excessive deficitsand to achieve their medium-term
budgetaryobjectives (MTOs), was not conceived to cater forsuch
extraordinary circumstances. However, theStability and Growth
Pact, following the changesof the 2005 reform has proved flexible
enough toaccommodate a coordinated budgetary stimulusvia the
European Economic Recovery Plan(EERP), while anchoring
Member States' medium-term policies by requiring commitment to
timelybudgetary consolidation beyond reversing thebudgetary
stimulus.

Objectives of study

• Provide expert policy and operational advice to support


the Regions in the preparation of concept papers as
well as the identification, preparation, and
implementation of Customs and border management-
related investment and capacity building projects and
programs;
• Maintain active dialogue and relations with external
partners in the private sector and international agencies
to bring resources and state of the art expertise in
support of Bank operations;
• Represent the World Bank at appropriate international,
regional and national fora;
• Develop and implement a program of learning and
dissemination based on cross-country experiences and
best practices;
• Develop and maintain a register of consultants and
prepare standardized Terms of Reference;

ACKNOWLEDGEMENTS
This report was prepared in the Directorate-General of Economic
and Financial Affairs under the
direction of Marco Buti, Director-General, and Servaas Deroose,
acting Deputy Director-General.
The main contributors were Lucio Pench, Joaquim Ayuso Casals,
Salvador Barrios, Mateo Capo Servera,Kamil Dybczak, Roland
Eisenberg, Carsten Eppendorfer, Raffaele Fargnoli, Jonas Fischer,
ChristineFrayne, Anna Iara, Geir Johansen, Isabelle Justo, Bettina
Kromen, Veli Laine, Baudoin Lamine, KarolinaLeib, Sven
Langedijk, Janis Malzubris, Mary McCarthy, Laurent Moulin,
Balazs Parkanyi, Lucia Piana,Allard Postma, Rafal Raciborski,
Alessandro Turrini, Jan in 't Veld, Peter Weiss and Florian
Woehlbier.
Sven Langedijk was the coordinator of the report. Tamas Gabor
Szin was responsible for layout and IT
support.Secretarial support was provided by Dominique Prins and
Els Versteven