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Cover IMF Staff Country Reports
United Kingdom-Anguilla-British Overseas Territory: Technical Assistance Report-Modernization of the Customs Legislative Framework
International Monetary Fund. Western Hemisphere Dept.
This technical assistance (TA) report on Anguilla focuses on modernization of the customs legislative framework. The mission prepared a framework for a customs Act in line with the recommendations made in the Caribbean Regional Technical Assistance Center (CARTAC) TA Assignment Report of April 2022. A major challenge for the customs administration will be growing the capacity to be able to deliver all that has been added into the Act. The full automation of customs procedures and implementation of risk management principles may also be a challenge. However, automation is the foundation of any customs modernization program. It is the key to move to a more efficient and informed administration of customs controls. The mission prepared a synoptic table highlighted by color codes to summarize the required, recommended and suggested additions to the Customs Act. The Synoptic Table list the general principles of the main provisions highlighted green in the draft Customs Act. These are listed in three categories, red, being principles that are required to be implemented; yellow, being principles that are recommended to be implemented and, green being those principles that are suggested to be implemented.
Keywords:
GATT Customs valuation; modernization program; customs Act; draft Customs Act; Modernizing customs legislation; customs formality; Customs administration core functions; Customs procedures; Authorized economic operator; Caribbean
Cover IMF Staff Country Reports
St. Vincent and the Grenadines: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Vincent and the Grenadines
International Monetary Fund. Western Hemisphere Dept.
St. Vincent and the Grenadines is recovering from the pandemic and 2021 volcanic eruptions. Despite the authorities’ strong efforts to contain deficits, critical fiscal responses to these shocks pushed up public debt, which—while assessed as sustainable—remains at high risk of distress should future shocks materialize. The economy is projected to grow by 5 percent in 2022, supported by large-scale investment projects and recoveries in tourism and agriculture. Surging commodity prices, fueled by Russia’s war in Ukraine, are expected to raise inflation sharply to 5.8 percent in 2022, adding to fiscal and external pressures and weighing on the recovery. So far, the financial system has weathered the shocks relatively well. The outlook is subject to significant downside risks primarily from an abrupt slowdown in trading partners’ growth, potential delays in investment projects including due to supply chain disruptions, and the ever-present threat of frequent natural disasters.
Keywords:
St. Vincent and the Grenadines economy; Vincentian authorities; authorities of St. Vincent and the Grenadines; resilience building; CPI basket; reconstruction activity; Natural disasters; Fiscal stance; Caribbean; Global
Cover IMF Staff Country Reports
Republic of Mozambique: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix reviews Mozambique’s impressive economic growth, its composition, and its impact on poverty reduction over the past decade. The paper highlights that improvements in total factor productivity, resulting from a stable macroeconomic environment, the implementation of structural reforms, and high inflows of foreign capital and concessional assistance, have been significant. Good progress has been made in reducing poverty and improving social indicators. The paper also takes stock of the tax reform that Mozambique has implemented since 1996.
Keywords:
ISCR; CR; Mozambique; tax; GDP; economic growth; VAT; GDP growth; growth experience; IMF staff estimate; market liberalization; GDP performance; foreign direct investment; economic recovery; investment-GDP ratio; Value-added tax; Income and capital gains taxes; Corporate income tax; Tax incentives; Poverty reduction; Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
St. Vincent and the Grenadines: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Vincent and the Grenadines
International Monetary Fund. Western Hemisphere Dept.

effective implementation of the FRF. 19 Priority areas include: Strengthening tax administration. The authorities should sustain the ongoing intensified efforts to enhance taxpayer’s compliance through fully implementing the single Tax Identification Number (TIN) and the enacted TAPA, digitalizing the tax system, strengthening fuel imports control, as well as modernizing customs legislation. 20 Enhancing the PFM. The authorities should expedite their efforts to improve the budget process and medium-term fiscal planning. It is critical to improve the credibility

Keywords:
headline inflation; income support; business practice; debt ratio; core inflation; Tourism; Natural disasters; Fiscal stance; Caribbean; Global
Cover IMF Staff Country Reports
United Kingdom-Anguilla-British Overseas Territory: Technical Assistance Report-Modernization of the Customs Legislative Framework
International Monetary Fund. Western Hemisphere Dept.

Background 1. Modernizing customs legislation is considered a very high priority for the Ministry of Finance (MoF). The MoF believe that the existing outdated customs legislation is a significant constraint that prevents the ministry and customs from achieving revenue targets and trade facilitation objectives. Additionally, the current penalty framework is considered to be outdated and inappropriate. 2. The MoF is keen for new legislation to be in place by the end of April 2023 . Thus, customs and Ministry of Finance have requested that the primary

Keywords:
GATT Customs valuation; core customs control functions; trader program; modernization program; Customs administration core functions; Customs procedures