The number of Malian refugees in Burkina Faso has increased, but the government’s contribution remains in line with earlier estimates. Growth for 2012 has been revised upward to 8 percent. The overall fiscal deficit is significantly lower than anticipated. The current account is expected to improve next year. There is significant improvement in revenue collection. The authorities are stepping up efforts to improve resilience to shocks. Efforts are under way to improve debt management capacity. The mining taxation regime needs to rebalance the interests of investors.
authorities will need to be more diligent to ensure the highest returns possible to investment projects. The authorities should proceed cautiously in seeking new types of financing, to ensure that smart spending is financed through smart borrowing.
27. The miningtaxationregime needs to rebalance the interests of investors extracting the resources and the benefits the country draws from the extraction . The 2003 Mining Code contained a number of provisions successful in drawing investors to the country. The new draft mining code would rebalance the taxation regime to
, improve investment climate, and build trust among government, mining industry, and civil society.
8. Strengthening the capacity to implement the miningtaxationregime is also critical to support the ongoing reforms of the mining sector . In the near term, improving administrative capacity to enforce Gold Ridge tax agreement is important to ensure that taxes and royalties are properly assessed and collected. The Ministry of Finance and Treasury has developed a revenue forecasting model, and improving this model by incorporating the new mineral tax regime would be
This 2015 Article IV Consultation highlights that in the last two years, the Zambian economy has been weighed down by large fiscal imbalances, lower copper prices, and policy uncertainties. Real GDP growth has slowed, the current account has deteriorated, international reserves have fallen, and the exchange rate has been under downward pressure. The IMF staff estimates that real GDP growth slowed from 6.7 percent in 2013 to 5.6 percent in 2014, driven by a contraction in copper production. Growth is projected to average 5.5–7 percent a year over the medium term, reflecting the impact of investments in mining and electricity in recent years.
This paper presents a new database of fiscal consolidations for 14 Latin American and Caribbean economies during 1989-2016. We focus on discretionary changes in taxes and government spending primarily motivated by a desire to reduce the budget deficit and long-term fiscal health and not by a response to prospective economic conditions. To identify the motivation and budgetary impact of the fiscal policy changes, we examine contemporaneous policy documents, including Budgets, central bank reports, and IMF and OECD reports. The resulting series can be used to estimate the macroeconomic effects of fiscal consolidation for these economies
role of global economic developments in 2014, and their impact on fiscal performance in 2015. In this regard, the authorities underscore the potential for a more favorable scenario for 2015, given the signs of a more favorable external environment and the new miningtaxationregime, which together with steadfast implementation of reforms to improve the business environment will reinvigorate investor confidence, raise copper production in the near future and boost growth more generally.
The fiscal stance and the overall policy mix
4. The authorities remain
C. Taxation of Capital Gains
D. International Taxation
E. Thin Capitalization
F. Exchange of Information
IV. Excise Taxes
B. Specific vs. Ad Valorem Tax Rates and the Mixed Use of Both
C. Earmarking Excise Taxes on Tobacco and Alcohol
D. Tobacco Excises
E. Excise on Alcohol Beverages
F. Petroleum Excises
G. Excise Taxation of Telecommunication Services
V. Personal Income Tax
A. Rate Schedule
B. Taxation of Self-Employed
C. Remittance of Citizen Workers Abroad
continue to revolve around enhanced revenue collection and stricter expenditure control, while protecting spending on vulnerable groups and priority infrastructure. These measures will be supported by a set of structural reforms, as outlined in the MEFP.
13. Of particular significance, my authorities have solicited the IMF’s technical assistance to review Lesotho’s miningtaxationregime. This is consistent with the Board’s recommendations during the April 2012 sitting, following observations that tax revenue from the mining sector does not match the contribution of