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The paper discusses key incentive-related issues of the sovereign debt restructuring mechanism recently outlined by the IMF First Deputy Managing Director. The structure of incentives in the mechanism should be consistent with the principle of favoring market-oriented, voluntary solutions to financial crises. The paper frames the mechanism in the context of involving the private sector in financial crisis resolution (PSI), and identifies the conditions for setting up an appropriate incentive structure. The paper explores issues relating to the functioning of the mechanism, including access policy on IMF resources; the power to activate the mechanism; its relation with intermediate PSI instruments; and its impact on investment in emerging markets.
Exports and Imports --- Finance: General --- Financial Risk Management --- Taxation --- International Monetary Arrangements and Institutions --- International Lending and Debt Problems --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Bankruptcy --- Liquidation --- Taxation, Subsidies, and Revenue: General --- Debt --- Debt Management --- Sovereign Debt --- Financial Crises --- Finance --- Public finance & taxation --- International economics --- Economic & financial crises & disasters --- Tax incentives --- Moral hazard --- Debt sustainability analysis --- Sovereign debt restructuring --- Debt restructuring --- Financial sector policy and analysis --- External debt --- Asset and liability management --- Financial crises --- Debts, External --- Financial risk management --- Brazil
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La quête d'égalité et d'équité — et ce que peuvent faire les gouvernements pour la satisfaire — est au cœur du débat économique et social dans le monde entier. Dans la région du Moyen-Orient et de l'Afrique du Nord (MOAN), ce thème revêt une signification particulière, mais n'a pas été suffisamment traité. Cette note de réflexion étudie le rôle que peuvent jouer les régimes fiscaux, interfaces essentielles entre les États et leurs citoyens, pour répondre aux exigences de plus grande équité économique dans les pays de la région MOAN. Elle conclut que dans les pays qui ont des régimes fiscaux bien établis ne reposant pas sur les hydrocarbures (principalement des pays importateurs de pétrole), les réformes devraient viser en priorité à simplifier la structure de la fiscalité et à introduire une plus grande progressivité de l'impôt sur le revenu, à élargir la base d'imposition, et à améliorer la conception et l'application des taxes foncières. L'administration fiscale devrait être plus efficace et conviviale. La simplification des régimes fiscaux réduirait le risque de traitement arbitraire. Les pays de la région MOAN dont les recettes fiscales hors hydrocarbures sont moins développées pourraient commencer par introduire une TVA et un impôt sur le revenu des sociétés à faible taux, instaurer des taxes foncières et des droits d'accises, et renforcer leurs capacités administratives et leur expertise fiscale, tout en établissant des plans pour l'introduction d'un impôt sur le revenu des personnes physiques. Dans toute la région, la réussite de ces réformes nécessitera d'assurer une communication efficace et transparente, et d'entretenir un dialogue constructif entre l'État et les citoyens.
Personal Finance -Taxation --- Public Finance --- Taxation --- Corporate Taxation --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- Fiscal Policy --- International Relations and International Political Economy: Other --- Taxation, Subsidies, and Revenue: General --- Taxation and Subsidies: Incidence --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Business Taxes and Subsidies --- Tax Evasion and Avoidance --- Public finance & taxation --- Corporate & business tax --- Revenue administration --- Income and capital gains taxes --- Personal income tax --- Corporate income tax --- Value-added tax --- Revenue --- Income tax --- Corporations --- Spendings tax --- Tunisia
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Fairness – and what governments can do about it – is at the forefront of economic and social debate all over the world. In MENA, this has been at the core of recent political transitions but has not been adequately addressed. This SDN explores how tax systems – a critical interface between the state and citizens – can play a role in meeting demands for greater economic fairness in MENA countries. The SDN finds that for countries with well-established non-hydrocarbon tax systems (mostly oil importers) reforms should focus on simplifying tax structures and introducing more progressivity of personal income taxes, broadening tax bases, and better designing and enforcing property taxes. Tax administration should be more efficient and user-friendly while simplifying tax regimes will reduce the scope for arbitrary implementation. MENA countries with less established non-hydrocarbon revenue systems can begin with a “starter pack” that includes introduction of low-rate value-added and corporate income taxes, excises, and property taxes while building up administrative capacity and taxation expertise together with plans for introducing a personal income tax. Across the region, effective communication, transparency, and constructive dialogue between the State and citizens are critical to the success of reforms.
Personal Finance -Taxation --- Public Finance --- Taxation --- Corporate Taxation --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- Fiscal Policy --- International Relations and International Political Economy: Other --- Taxation, Subsidies, and Revenue: General --- Taxation and Subsidies: Incidence --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Business Taxes and Subsidies --- Tax Evasion and Avoidance --- Public finance & taxation --- Corporate & business tax --- Revenue administration --- Income and capital gains taxes --- Personal income tax --- Corporate income tax --- Value-added tax --- Taxes --- Revenue --- Income tax --- Corporations --- Spendings tax --- Tunisia
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Fairness – and what governments can do about it – is at the forefront of economic and social debate all over the world. In MENA, this has been at the core of recent political transitions but has not been adequately addressed. This SDN explores how tax systems – a critical interface between the state and citizens – can play a role in meeting demands for greater economic fairness in MENA countries. The SDN finds that for countries with well-established non-hydrocarbon tax systems (mostly oil importers) reforms should focus on simplifying tax structures and introducing more progressivity of personal income taxes, broadening tax bases, and better designing and enforcing property taxes. Tax administration should be more efficient and user-friendly while simplifying tax regimes will reduce the scope for arbitrary implementation. MENA countries with less established non-hydrocarbon revenue systems can begin with a “starter pack” that includes introduction of low-rate value-added and corporate income taxes, excises, and property taxes while building up administrative capacity and taxation expertise together with plans for introducing a personal income tax. Across the region, effective communication, transparency, and constructive dialogue between the State and citizens are critical to the success of reforms.
Personal Finance -Taxation --- Public Finance --- Taxation --- Corporate Taxation --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- Fiscal Policy --- International Relations and International Political Economy: Other --- Taxation, Subsidies, and Revenue: General --- Taxation and Subsidies: Incidence --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Business Taxes and Subsidies --- Tax Evasion and Avoidance --- Public finance & taxation --- Corporate & business tax --- Revenue administration --- Income and capital gains taxes --- Personal income tax --- Corporate income tax --- Value-added tax --- Revenue --- Income tax --- Corporations --- Spendings tax --- Tunisia
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Energy subsidies are aimed at protecting consumers, however, subsidies aggravate fiscal imbalances, crowd out priority public spending, and depress private investment, including in the energy sector. This book provides the most comprehensive estimates of energy subsidies currently available for 176 countries and an analysis of “how to do” energy subsidy reform, drawing on insights from 22 country case studies undertaken by the IMF staff and analyses carried out by other institutions.
Power resources --- Business & Economics --- Industries --- Subsidies --- Electric utilities --- Energy policy --- Government policy. --- Energy and state --- State and energy --- Electric companies --- Electric light and power industry --- Electric power industry --- Government policy --- Industrial policy --- Energy conservation --- Electric industries --- Energy industries --- Public utilities --- Energy consumption. --- Consumption of energy --- Energy efficiency --- Fuel consumption --- Fuel efficiency --- Indonesia
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In the Middle East and North Africa (MENA) countries price subsidies are common, especially on food and fuels. However, these are neither well targeted nor cost effective as a social protection tool, often benefiting mainly the better off instead of the poor and vulnerable. This paper explores the challenges of replacing generalized price subsidies with more equitable social safety net instruments, including the short-term inflationary effects, and describes the features of successful subsidy reforms.
Subsidies --- Business subsidies --- Corporate subsidies --- Corporate welfare --- Government subsidies --- Grants --- Subventions --- Vouchers (Subsidies) --- Welfare, Corporate --- Government aid --- Foreign trade promotion --- Trade adjustment assistance --- E-books --- Inflation --- Macroeconomics --- Public Finance --- Investments: Energy --- Energy: Demand and Supply --- Prices --- Price Level --- Deflation --- National Government Expenditures and Welfare Programs --- Energy: General --- Energy industries & utilities --- Public finance & taxation --- Investment & securities --- Fuel prices --- Energy subsidies --- Oil prices --- Social assistance spending --- Expenditure --- Oil --- Commodities --- Expenditures, Public --- Petroleum industry and trade --- Gas industry --- Jordan
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Los subsidios a la energía tienen consecuencias económicas de amplio alcance. A pesar de que tienen por objeto proteger a los consumidores, los subsidios agravan los desequilibrios fiscales, desplazan gastos públicos prioritarios y deprimen la inversión privada, en particular en el sector de la energía. Los subsidios también distorsionan la asignación de recursos al promover un consumo excesivo de energía, estimular artificialmente industrias que requieren un uso intensivo de capital, reducir los incentivos a la inversión en energías renovables y acelerar el agotamiento de los recursos naturales. Los hogares de mayores ingresos son en definitiva los principales beneficiarios de los subsidios, con lo cual se agudiza la desigualdad. Incluso las generaciones futuras se ven afectadas por los efectos perjudiciales de un aumento del consumo de energía a través del calentamiento global. Este libro ofrece 1) las estimaciones más completas de los subsidios a la energía disponibles en la actualidad con respecto a 176 países y 2) un análisis de cómo realizar la reforma de los subsidios a la energía, a partir de las conclusiones extraídas de 22 estudios de casos realizados por el personal técnico del FMI y de análisis llevados a cabo por otras instituciones.
Energy consumption. --- Energy industries. --- Energy policy. --- Power resources. --- Indonesia
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Los subsidios a la energía tienen consecuencias económicas de amplio alcance. A pesar de que tienen por objeto proteger a los consumidores, los subsidios agravan los desequilibrios fiscales, desplazan gastos públicos prioritarios y deprimen la inversión privada, en particular en el sector de la energía. Los subsidios también distorsionan la asignación de recursos al promover un consumo excesivo de energía, estimular artificialmente industrias que requieren un uso intensivo de capital, reducir los incentivos a la inversión en energías renovables y acelerar el agotamiento de los recursos naturales. Los hogares de mayores ingresos son en definitiva los principales beneficiarios de los subsidios, con lo cual se agudiza la desigualdad. Incluso las generaciones futuras se ven afectadas por los efectos perjudiciales de un aumento del consumo de energía a través del calentamiento global. Este libro ofrece 1) las estimaciones más completas de los subsidios a la energía disponibles en la actualidad con respecto a 176 países y 2) un análisis de cómo realizar la reforma de los subsidios a la energía, a partir de las conclusiones extraídas de 22 estudios de casos realizados por el personal técnico del FMI y de análisis llevados a cabo por otras instituciones.
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Les subventions à l'énergie ont des conséquences économiques très variées. Leur but est de protéger les consommateurs, mais elles exacerbent les déséquilibres budgétaires, évincent les dépenses publiques prioritaires et dépriment l'investissement privé, notamment dans le secteur de l'énergie. Les subventions faussent en outre l'affectation des ressources, car elles encouragent une consommation excessive d'énergie, favorisent artificiellement les industries à forte intensité de capital, réduisent les incitations à investir dans les énergies renouvelables et accélèrent l'épuisement des ressources naturelles. La plupart des avantages liés aux subventions reviennent aux ménages dont le revenu est plus élevé, ce qui accentue les inégalités. Même les générations futures sont touchées, car elles subiront les effets négatifs de l'accroissement de la consommation énergétique sur le réchauffement de la planète. Cet ouvrage offre 1) les estimations les plus exhaustives sur les subventions énergétiques en s’appuyant sur les données recueillies dans 176 pays et 2) une analyse des modalités de réforme des subventions à l'énergie qui s'inspire des conclusions de 22 études de cas nationales menées par le FMI et d'analyses entreprises par d’autres institutions.
Power resources --- Subsidies. --- Subsidies --- Indonesia
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