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International Monetary Fund. Fiscal Affairs Dept.
This report reviews the Goods and Services Tax (GST) regime in the Maldives and identifies policy and legal reform options to support its modernization, as well as enhancing efficiency, equity, and revenue mobilization. Despite five existing amendments to the Goods and Services Tax Act (GSTA) and 28 amendments to the associated regulations, the core parameters of the GST have barely changed in nearly 12 years. In addition, rapid changes to global business models and the increasing digitalization of the Maldivian economy have made key features of the legislation – such as place of supply rules – increasingly inadequate. The mission identified several key GST policy reforms and proposed legal redrafting recommendations that should be prioritized by the authorities in the upcoming reform window. Table 1 summarizes the potential revenue implications and implementation timeline of the main policy measures proposed.
International Monetary Fund. Fiscal Affairs Dept.

Ring-Fencing of Tourism C. Incidence and Rationalization of Exemptions and Zero-Rated Goods/Services D. Treatment of the Digital Economy E. Other Design and Implementation Issues III. LEGAL FRAMEWORK OF THE GOODS AND SERVICES TAX IV. REFERENCES FIGURES 1. Maldives and Comparators: VAT Revenue, 2007-2019 2. Maldives and Comparators: VAT C-Efficiency, Latest Available Year 3. Distribution of GST Payments Based on Turnover, 2019 4. Share of GDP Generated by Direct Travel and Tourism and Tourism Services as a Share of Exports, top Countries 2019 5

International Monetary Fund. Fiscal Affairs Dept.

Proposed PIT Reform 10. GST/VAT Rates in Selected Countries 11. Distribution of GST Payments Based on Turnover Thresholds 12. GST/VAT Thresholds in Selected Countries (Thousands of US Dollar, 2018) 13. Distribution of VAT Expenditures by Income Deciles (Jamaica, 2015) REFERENCES TABLES 1. An Example of a Viable Tax Scale for the Maldives 2. Selected International Presumptive Tax Rates 3. Key Parameters of the Existing GST 4. Tax Treatment of Goods and Services and E-Commerce APPENDIX I. Design Issues with the EBITDA Rule Preface

International Monetary Fund. Middle East and Central Asia Dept.

01 Acceleration of GST payments from bi-monthly to monthly basis 0.1 Expiration of the ray exemption on electric vehicles 0.1 Conversion of GST to SST on mobile phones 0.1 Enhanced customs duties {cancellation of FTA with Turkey) 0.1 Consolidation of taxes and fees on oil derivatives 0.3 Reduced budget allocation for defense 0.3 Memo item : Expected yield from below-the-line measures : Sale of licenses to mobile operators (one-off) 0.3 Sources: Ministry

International Monetary Fund. Fiscal Affairs Dept.
This report reviews tax policy in the Maldives and identifies reform options to support efficiency, equity, and revenue. The absence of a broad-based personal income tax (PIT) generates revenue leakages and significantly diminishes the role of tax policy in income redistribution. A modern tax design requires a holistic view of the taxation of different sources of income and different legal forms of taxpayers to maintain tax neutrality, to the extent possible, while preserving some degrees of progressivity, simplicity, and administrability. Moreover, updating the tax system to cope with recent international developments is vital to safeguard revenues. While strengthening the goods and services tax (GST) can raise revenues in the short- to medium-term, a property tax is an important option for the long-term. The diagram below demonstrates reform priorities, as identified in this report, to modernize tax policy in the Maldives.
International Monetary Fund. Fiscal Affairs Dept.

countries of a similar structure and development. IV. Many taxpayers below the threshold are already contributing to tax revenue, albeit a small fraction in total: All importers of goods and suppliers of tourism services are required to register for GST, even if turnover is below the threshold. There is a voluntary registration option for businesses with turnover smaller than MRV 1 million. Most unregistered businesses below the threshold contribute to revenue through GST payments on their input. V. A simplified tax regime, in the form of a uniform turnover

International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper evaluates Australia’s experience with its principles-based fiscal framework. A key contribution of the paper is an evaluation of whether the medium-term budget balance anchor remains suitable in the post-Global Financial Crisis (GFC) economic environment. This paper analyzes the medium-term fiscal strategy (MTFS) in the context of the principles underlying the fiscal framework and offers suggestions for reinforcement. Comparing the alternative and current fiscal policy toolkits under a downside scenario demonstrates possible improvements to fiscal outcomes. The evaluation outlines that the operational principles of the MTFS have been consistent with the broad principles for sound fiscal policy laid out in the Charter, although implementation has involved difficult trade-offs. Options to deal with the treatment of debt, its accountability framework and its fiscal policy toolkit should help strengthen the statement and implementation of Australia’s fiscal strategy and reinforce its fiscal framework in the current and prospective economic environment.
International Monetary Fund. Asia and Pacific Dept

welfare. Overall, expenses (net of interest and GST payments to the States) peaked at 22 percent in FY2009/2010, troughed at 20.9 percent of GDP in FY2012/13, before rising again. Expenses are estimated to have returned to that trough in FY2017/18, as the cyclical position of the economy continued to improve. Figure 6. Commonwealth Payments (Percent of GDP) Sources: Commonwealth of Australia Treasury; ABS; IMF staff calculations. Stabilize and Reduce the Net Debt 25. Net debt has only stabilized starting in FY2016/17 . Pre-GFC, net debt declined

International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Jordan’s Second Review under the Extended Arrangement under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criterion, an extension of the arrangement, and rephasing of access. Discussions highlight that the Jordanian authorities have preserved macroeconomic stability, maintain a prudent monetary policy, and ensured a sound financial system. Jordan faces a challenging environment—including low economic growth, high unemployment, and elevated public debt—underscoring the importance of swiftly implementing policies and reforms to bring public debt on a downward path, boost investment and productivity, and enhance inclusive growth. The enactment of long needed growth-enhancing reforms is encouraging, including the secured transactions law, the bankruptcy law, and the business-inspections law. The international community has strongly supported the new government’s commitment to maintain the reform momentum, strengthen growth, and reduce public debt. The London Initiative in February 2019 has helped unlock essential budget grants and concessional financing to support the authorities’ reform program.
International Monetary Fund

of 0.25% of expenditure No stable fiscal objective but targeted surplus since mid 90s 0.25% 1/ In Australia, the conservative bias allowance (CBA) is expressed as a percent of total spending, excluding the GST payments to states. 38. Prudence built into their fiscal projections reveals itself in outturn in the form of positive forecasting errors for budget balance ( Figure 5 ). Out of ten countries with prudent forecasting records for the budget balance, seven operate some form of medium-term expenditure framework. Israel’s track