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International Monetary Fund. Fiscal Affairs Dept.
The Maldives has identified the estimation and regular reporting of tax expenditures (TEs) as one of the top priority areas in continuing its tax modernization process. TEs are alternative policy tools (e.g., to direct transfers and other spending measures) in the form of provisions in the tax legislation that modify the tax liability of individuals or companies. The cost of TEs should be identified, measured, and publicly reported to improve transparency in fiscal management.
International Monetary Fund. Fiscal Affairs Dept.

summaries thereof to parties outside the IMF other than agencies or instrumentalities of the TA recipient, World Bank staff, other technical assistance providers and donors with legitimate interest shall require the explicit consent of the TA recipient and the IMF’s Fiscal Affairs Department. Contents ABBREVIATIONS AND ACRONYMS PREFACE EXECUTIVE SUMMARY I. INTRODUCTION II. TAX EXPENDITURES IN THE BUSINESS PROFIT TAX A. Benchmark of the Business Profit Tax B. Business Profit Tax Data C. Model for Estimating Tax Expenditures in the Business Profit

International Monetary Fund. Fiscal Affairs Dept.

memo item. 13. Beyond TEs, the mission recommends estimating the revenue implications of several memo items and publishing them in the TE report . These include the: (i) fixed rental income deduction; (ii) limits on head office expense deductions; (iii) limits on non-monetary remuneration deductions; and (iv) earnings stripping rule. Additionally, the higher tax rate on banks should be reported as a memo item (as done in this report) if it is not classified as TEs. B. Business Profit Tax Data 14. The first step in the estimation of TEs is obtaining and