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International Monetary Fund. Fiscal Affairs Dept.
The current area-based property tax system in Romania is inefficient, producing revenue below its potential, while the taxable value determination is inequitable and complex. Indeed, the property tax only generated 0.6 percent of GDP in 2021 vs. the average of 1.8 percent of GDP in the OECD economies, or 0.9 percent of GDP in EU-27. Meanwhile, significant scope for improving both buoyancy and efficiency of the property tax system exists, not least through the elimination of multiple exemptions, addressing the current inadequate and fragmented self-declaration system of residential buildings that translates into incomplete fiscal cadasters.
International Monetary Fund. Fiscal Affairs Dept.

Practices 22. Roadmap for the Introduction of a Market Value-based Property Tax APPENDICES 1. Provided TA Advice During the 2015 FAD Mission—2016 TA Report 2. Growth-Friendly Fiscal Policies 3. The Distributional Impact of VAT and the VAT Incidence 4. Cost-Benefit Analysis for Tax Expenditures 5. A Future Market Value-based Property Tax for Armenia 6. Supplementary Information on Real Estate Taxation 7. Review of Land and Property Tax Administration in Abovyan and Jrvezh 8. Unit-Area Approach in New Delhi, India 9. BEPS Implementation and

International Monetary Fund

. Policies : Ireland must continue to deliver on three main fronts: Intensive financial sector reforms to restore banks’ ability to extend sound credit to help revive domestic demand. The central challenges are to arrest asset quality deterioration while dealing with debt distress and to regain bank profitability. Growth-friendly fiscal consolidation to stabilize public debt. The strategy needs to combine careful expenditure targeting, reforms of core government services, and revenue base-broadening including the introduction of a value-based property tax. Broad

International Monetary Fund

); (iii) the harmonization of tax rates for capital gains, capital acquisitions and retained deposit interest, at 30 percent (€0.17 billion); (iv) the introduction of a flat annual household charge of €100—as a forerunner to a value-based property tax (€0.16 billion); (v) tightening of various income tax and pay-related social insurance reliefs (€0.08 billion); and (vi) tax administration measures (€0.09 million). This €1.24 billion revenue effort is offset slightly by €0.17 billion in targeted tax reliefs directed at, inter alia, low-income and part-time workers, the

International Monetary Fund. Asia and Pacific Dept

policies and financing should be centralized, with some degree of local autonomy for administrative functions. This will reduce the cost of risk pooling, improve portability of benefits, and ensure equal benefits across regions . A recurrent market value-based property tax would be an ideal tax for local governments. China could also consider allowing provinces to impose a surcharge in addition to the national personal income tax . Rules-based general transfers could eventually replace both the revenue-sharing and tax rebate transfers programs. Fiscal disparities

International Monetary Fund. European Dept.

authorities to persevere with efforts to strengthen revenue collection particularly for value added and corporate income taxes, broaden the tax base including through a market value based property tax, and achieve spending efficiencies, especially in the health sector. While Directors acknowledged the important policy discipline provided by the Fiscal Responsibility Act (FRA), there was support for revisiting some aspects of the framework over time with a view to lessen potential negative economic effects without undermining discipline. Directors welcomed the authorities

International Monetary Fund. Fiscal Affairs Dept.

D. Proposal for Romania: Transition to a Market Value Base E. Setting the Statutory Rate F. Property Tax Relief IV. WOULD PROPERTY MARKET EVIDENCE AND VALUATION CAPACITY SUPPORT A VALUE-BASED PROPERTY TAX? A. Administration of the Current Land and Building Tax B. The National Cadaster and Land Registration System C. The Property Tax Base D. Is there Enough Real Estate Market Evidence to Support a Value-based Property Tax? E. Data for Property Tax Purposes F. The Importance of Key Actors in the Real Property Market G. Property Tax Valuation for