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Cover IMF Working Papers
Natural Resource Taxation in Mexico: Some Considerations
Ms. Alpa Shah
Mexico has large extractive industries and it traditionally has raised sizable fiscal revenues from the oil and gas sector. A confluence of factors—elevated commodity prices, financial challenges of the state-owned oil company Pemex, and revenue needs for financing social and public investment spending over the medium term—suggest that a review of Mexico’s taxation regimes for natural resources would be opportune, against the backdrop of a comprehensive approach to tackling Mexico’s challenges. This paper identifies opportunities for redesigning mining taxation to increase somewhat the revenue intake while maintaining the favorable investment profile of the sector. It also discusses recent reforms to the oil and gas fiscal regime and future reform considerations, with attention to the attractiveness of investment on commercial terms—an issue that should be placed in the context of an overall reform of Pemex’s business strategy and possibly of the energy sector more generally.
Keywords:
Mining; Petroleum; Taxation; fiscal regime; revenue intake; investment profile; natural resource taxation; Pemex's taxation regime; cost cap; Oil; gas and mining taxes; Average effective tax rate; Production sharing; Mining sector; Oil prices; Global; Western Hemisphere
Cover IMF Staff Country Reports
Mexico: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper shows that upgrading basic public infrastructure, and road infrastructure, raises productivity among firms, not only for large companies but also for Mexico’s large number of small and micro firms. This finding suggests that greater government spending on road infrastructure will support efforts to raise productivity and growth over the medium term. Mexico’s infrastructure quality has been on a steady decline. World Economic Forum indicators of perceived infrastructure quality show Mexico broadly in line with—or even outperforming—its emerging market and regional peers. Infrastructure quality and access are likely to weaken further at current investment rates. Spending trends compare particularly poorly to investment needs in the case of roads investment. According to the Global Competitiveness Index, the perceived quality of Mexico’s transportation infrastructure is broadly in line with peers. The note provides evidence of the role of infrastructure investment in boosting productivity.
Keywords:
ISCR; CR; firm; Mexico; cost; micro firm; cost cap; spending efficiency; firm productivity; firm's locality; physical capital; IMF FAD Expenditure Assessment Tool; Total expenditures; Education spending; Social protection spending; Capital spending; Global
Cover IMF Staff Country Reports
Mexico: Selected Issues
International Monetary Fund. Western Hemisphere Dept.

Pemex’s Taxation Regime 1 Using the IMF Fiscal Analysis for Resource Industries (FARI) project-level cashflow modeling methodology, this note evaluates key characteristics of the current tax regime for PEMEX, and compares it to both recently announced reform plans, as well as the production sharing regime which applies to contracts awarded in recent licensing rounds. The analysis suggests that in the short-term, an increase in the cost cap and a reduction in the profit-sharing rate will not only reduce the overall tax burden for Pemex but also the

Keywords:
ISCR; CR; firm; Mexico; cost; profit-sharing rate; profit sharing fee; industry benchmark cost; deduction cap; PEMEX cost level; Production sharing; Oil; Average effective tax rate; Oil prices; gas and mining taxes
Cover Technical Notes and Manuals
Expenditure Control: Key Features, Stages, and Actors
Sailendra Pattanayak
This paper defines and explains key stages of the government expenditure chain and describes the controls applied at each stage, including their objectives and key features as well as centralized vs. decentralized approaches in application of those controls. The paper also examines the influence of different administrative traditions on types of expenditure controls, including the authority and responsibility of various institutional actors. Finally, it discusses typical weaknesses/problems associated with different traditions of expenditure control and suggests specific measures for strengthening the control framework. While providing examples of expenditure control practices from more than 32 countries, the paper points out that more than two-thirds of the 85 low and middle income countries covered by the publicly available Public Expenditure and Financial Accountability (PEFA) assessments have weak systems of expenditure control that are also associated with higher levels of expenditure arrears and a lack of budget credibility. This paper will help public financial management practitioners to evaluate budget execution systems and identify priorities for strengthening expenditure controls. It will also usefully guide technical assistance work related to modernization of government budget execution and expenditure control systems, including the design and implementation of IT-based financial management information systems.
Keywords:
TNM; payment; control; country; Expenditure control; budget execution; treasury management; commitment control; transaction processing; financial management information system; expenditure arrears; cash planning; accounting and reporting; public financial management; payment order; expenditure cycle; forecasting government cash requirements; expenditure transaction; appropriation framework; expenditure control weakness; expenditure control tradition; payment control; expenditure operation; expenditure control systems; Budget planning and preparation; Budget execution and treasury management; Central government spending; Australia and New Zealand; Africa
Cover IMF Staff Country Reports
Luxembourg: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper provides an overview of the impact of monetary policy on Luxembourg’s macroeconomy. It analyzes the impact on the banking system, including risks that could result from normalization. It also studies the impact of accommodative monetary policy on the investment fund industry. Accommodative monetary policy has contributed to the performance of the Luxembourg economy through some expansion of aggregate demand and through its impact on the financial system. Banks have remained profitable and interest margins stable, while fee and commission income from the fund and other activity has been healthy. The investment fund industry has benefited from various factors such as portfolio rebalancing, search for yield, and other market developments leading to strong inflows into various classes of investment funds, and through strong valuation effects. Scenario analysis suggests that the fund industry could be adversely impacted by sharp interest rate increases and that, because of interconnections, the banking system would also be affected.
Keywords:
ISCR; CR; worker; participation rate; work; house price; investment fund industry; monetary policy announcement; price growth; accommodative monetary policy; saving-investment decision; Housing; Mutual funds; Housing prices; Labor markets; Unemployment; Global; Europe
Cover Policy Papers
Spillovers in International Corporate Taxation
International Monetary Fund
This paper explores the nature, significance and policy implications of spillovers in international corporate taxation—the effects of one country’s rules and practices on others. It complements current initiatives focused on tax avoidance by multinationals, notably the G20-OECD project on Base Erosion and Profit shifting (BEPS). The paper draws on the IMF’s experience on international tax issues with its wide membership, including through technical assistance (TA), and on its previous analytical work, to analyze spillovers and how they might be addressed. In doing so, it goes beyond current initiatives to look at a wide set of possible responses.
Keywords:
PP; double taxation; residence country; tax system; single tax; taxable income; transfer pricing; withholding tax; income tax; cost of capital; companies resident; capital gain; Intra-company debt shifting; Corporate income tax; Corporate taxes; Spillovers; Personal income; Transfer pricing; Global
Cover Policy Papers
2021 Financial Sector Assessment Program Review—Towards A More Stable And Sustainable Financial System
International Monetary Fund. Monetary and Capital Markets Department
The Financial Sector Assessment Program (FSAP) Provides In-Depth Assessments Of Financial Sectors. FSAPs Are Usually Conducted Jointly With The World Bank In Emerging Market And Developing Economies And By The Fund Alone In Advanced Economies. Fsaps Provide Valuable Analysis And Policy Recommendations For Surveillance And Capacity Development. Since The Program’s Inception, 157 Fund Members Have Undergone Individual Or Regional Fsaps. In Recent Years, The Fund Has Been Conducting 12–14 Fsaps Per Year At A Cost Of About 3 Percent Of The Fund’s Direct Spending.
Keywords:
FSAP toolkit; FSAP prioritization; FSAP cost; risk analysis toolkit; FSAP agenda; IMF's FSAP; risk analysis; Financial Sector Assessment Program; Financial stability assessment; Financial sector risk; Stress testing; Financial sector stability; Global
Cover IMF Staff Country Reports
Zimbabwe: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zimbabwe
International Monetary Fund. African Dept.
Zimbabwe experienced severe exogenous shocks (cyclone Idai, protracted drought, and the COVID-19 pandemic) during 2019-20, which along with policy missteps in 2019, led to a deep recession and high inflation. Real GDP contracted cumulatively by 11.7 percent during 2019-20 and inflation reached 837 percent (y/y) by July 2020. Reflecting good rainfall and relaxation of containment measures, real GDP rose by 6.3 percent in 2021. A tighter policy stance since mid-2020 (relative to 2019) has contributed to reducing inflation to 60.7 percent (y/y) at end-2021. However, high double-digit inflation and wide parallel foreign exchange (FX) market premia persist. The economic downturn and high inflation increased the financial system vulnerabilities. Extreme poverty has risen and about a third of the population is at risk of food insecurity. The international community seeks improvements in domestic political conditions and economic policies to initiate reengagement with Zimbabwe. The authorities have started token payments to external creditors in a bid to revive international reengagement.
Keywords:
Zimbabwean authorities; anti-corruption strategy; anchor inflation expectation; reintroduced Zimbabwe dollar; determined reform effort; IMF governance diagnostic; overarching policy priority; Exchange rates; Arrears; Global; Sub-Saharan Africa; Africa; Southern Africa
Cover IMF Staff Country Reports
Mexico: Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
This Fiscal Transparency Evaluation (FTE) report assesses Mexico’s fiscal transparency practices against the IMF’s Fiscal Transparency Code (FTC), including the draft pillar on resource revenue management. Mexico scores relatively well when compared with other Latin American countries and emerging market economies that have undergone a FTE. Out of the 48 principles across four pillars in the FTC, Mexico meets 16 principles at the basic level, 9 principles at the good level and 15 principles at the advanced level, while one principle does not apply. Fiscal transparency practices are strongest in the areas of resource revenue management and fiscal forecasting and budgeting, while the scores on fiscal risks analysis and management are lower.
Keywords:
ISCR; CR; annual budget; fiscal year; investment strategy; central bank; accounts payable; federal budget; line item; strike price; nominal GDP; fiscal policy; private sector; federal government; accounting data; exchange rate; Budget planning and preparation; Financial statements; Fiscal risks; Oil; Global