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Kingdom of the Netherlands—Sint Maarten: Technical Assistance Report—Sustainable Tax Reforms

2021-10-19 Business & Economics
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Release : 2021-10-19
Genre : Business & Economics
Kind : eBook
Book Rating : 11X/5 ( reviews)

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Book Synopsis Kingdom of the Netherlands—Sint Maarten: Technical Assistance Report—Sustainable Tax Reforms by : International Monetary

Download or read book Kingdom of the Netherlands—Sint Maarten: Technical Assistance Report—Sustainable Tax Reforms written by International Monetary. This book was released on 2021-10-19. Available in PDF, EPUB and Kindle. Book excerpt: Sint Maarten’s economy has been hit hard over the last 4 years. In 2017, two major hurricanes struck the island causing significant damage. While reconstruction was largely financed by insurance proceeds and grants from The Netherlands, economic recovery from the hurricane damage was slow and in early 2020 the coronavirus pandemic shut down most of Sint Maarten’s tourism sector. As a result, fiscal revenue declined by 15 percent since 2016; payroll tax revenue declined by only 4.5 percent, whereas the turnover tax revenue declined by 23 percent. Since April 2020, The Netherlands has provided immediate financial support to cushion the economic shock of the pandemic. In December 2020, Sint Maarten concluded an agreement with The Netherlands to receive more substantial financial support for recovery and ensuring long-term fiscal sustainability. In return, the authorities committed to make structural changes to their tax system, making it more growth-friendly and equitable, while optimizing and ensuring its revenue mobilization capacity.

The Kingdom of the Netherlands-Aruba

2018-12-18 Business & Economics
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Release : 2018-12-18
Genre : Business & Economics
Kind : eBook
Book Rating : 859/5 ( reviews)

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Book Synopsis The Kingdom of the Netherlands-Aruba by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book The Kingdom of the Netherlands-Aruba written by International Monetary Fund. Fiscal Affairs Dept.. This book was released on 2018-12-18. Available in PDF, EPUB and Kindle. Book excerpt: Over the last decade, Aruba has faced three recessions resulting in a public debt of approximately 90 percent of GDP. Its current budget deficit needs to be reduced and Aruba should close a fiscal gap of 1.5-2 percent of GDP over the next two to three years to return to a sustainable path. Earlier this year, the authorities have introduced a crisis package, mainly by increasing the turnover taxes. This temporary tax measure should be replaced by a tax reform that will modernize and simplify the current system. The new tax system should not only raise more revenue, but also shift the tax burden away from income and profits toward consumption. The current system is not well equipped to make these changes. In replacing the crisis levy, the Government sees an opportunity to streamline the current tax system, modernize it, and make it more sustainable for the future needs of Aruba.

Modernizing China

2017-01-14 Business & Economics
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Release : 2017-01-14
Genre : Business & Economics
Kind : eBook
Book Rating : 949/5 ( reviews)

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Book Synopsis Modernizing China by : W. Raphael Lam

Download or read book Modernizing China written by W. Raphael Lam. This book was released on 2017-01-14. Available in PDF, EPUB and Kindle. Book excerpt: China is at a critical juncture in its economic transformation as it tries to rebalance what is generally seen as an exhausted growth model. A unifying theme across the reforms that will deliver this transformation is that it can no longer be achieved by raising the amount of physical investment and government direction of resource allocation. Instead China is building a new set of policy frameworks that will allow markets to function more effectively—not unfettered markets, but markets that work efficiently, in line with broad social and other policy goals, and in a sustainable way. Hence, China is now building a new soft infrastructure, that is, the institutional plumbing that underpins and guides the functioning of markets as the key organizing principle toward achieving sustained economic and social progress. Against this background, this volume provides policymakers, academics, and the public with valuable information about policies and institutions in China today. It also looks at the road ahead and key principles that can help China in navigating it. The book focuses on issues crucial in the country’s transformation, such as tax policy and administration, social security, state-owned enterprise reform, medium-term expenditure frameworks, the role of local government finances, capital account liberalization, and renminbi internationalization. As China moves toward a more price-based allocation of resources, strengthening monetary policy frameworks and financial sector regulation will be particularly important in channeling resources to the most productive sectors and minimizing the risks of financial sector stress. Also, upgrading statistical frameworks will be critical for macroeconomic policymaking and investors. Visit : http://www.elibrary.imf.org/page/modernizing-china

Kingdom of the Netherlands-Curacao and Sint Maarten

2020-04-01 Business & Economics
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Release : 2020-04-01
Genre : Business & Economics
Kind : eBook
Book Rating : 361/5 ( reviews)

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Book Synopsis Kingdom of the Netherlands-Curacao and Sint Maarten by : International Monetary Fund. Western Hemisphere Dept.

Download or read book Kingdom of the Netherlands-Curacao and Sint Maarten written by International Monetary Fund. Western Hemisphere Dept.. This book was released on 2020-04-01. Available in PDF, EPUB and Kindle. Book excerpt: This 2019 Article IV Consultation focuses on Curaçao and Sint Maarten’s near and medium-term challenges and policy priorities and was prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. The fiscal position in Curaçao improved in the past two years, in part due to implemented fiscal measures. Both Curaçao and Sint Maarten would benefit from introducing a Fiscal Responsibility Framework. It could incorporate a central government debt ratio as a long-term anchor and operational rules calibrated to meet it. The report suggests that risks in the financial sector need to be addressed as a matter of priority. The authorities should develop a strategy for addressing financial sector vulnerabilities with the objective of preserving financial stability while minimizing fiscal costs. Significant strengthening of supervision and a complete overhaul of the bank resolution framework are also urgently needed. An across-the board improvement in the governance framework should be a key priority in both countries. Vulnerabilities in the financial system point to the need to strengthen governance in the financial sector.

Kingdom of the Netherlands—Curaçao and Sint Maarten: 2021 Article IV Consultation Discussions; Press Release and Staff Report

2021-08-25 Business & Economics
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Release : 2021-08-25
Genre : Business & Economics
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Book Rating : 451/5 ( reviews)

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Book Synopsis Kingdom of the Netherlands—Curaçao and Sint Maarten: 2021 Article IV Consultation Discussions; Press Release and Staff Report by : International Monetary

Download or read book Kingdom of the Netherlands—Curaçao and Sint Maarten: 2021 Article IV Consultation Discussions; Press Release and Staff Report written by International Monetary. This book was released on 2021-08-25. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic inflicted another major shock on the economies of Curaçao and Sint Maarten, which followed category 5 hurricanes in Sint Maarten in 2017 and the spillovers of the Venezuelan crisis on Curaçao. Despite the substantial response measures financed by The Netherlands, the economic contraction in 2020 was severe.

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