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Mr. John D Brondolo
The global financial and economic crisis presents major challenges for tax agencies. With the economic downturn, tax agencies are encountering emerging compliance problems and greater demands for taxpayer support in the face of prospective budget cuts. To help address these challenges, this paper encourages tax agencies to develop a tax compliance strategy for the crisis by (1) expanding assistance to taxpayers, (2) refocusing enforcement on emerging compliance risks, (3) enacting legislative reforms that facilitate tax administration, and (4) improving communication programs. In each of these areas, the paper identifies specific measures to underpin the strategy, drawing on practices from leading tax agencies and experiences from IMF technical assistance. The paper also highlights emerging tax compliance issues in the financial sector.
International Monetary Fund

Development Goals Progress Report, 1990-2015 Boxes 1. Shortfalls in Capital Expenditure in FY2011 2. Recommendations to Improve Project Budget Execution 3. Response to Rising Food and Fuel Prices 4. Central Bank of Liberia Credit Stimulus Initiative Appendices Appendix I. Supplementary Letter of Intent Attachment I: Supplementary Memorandum of Economic and Financial Policies Attachment II: Technical Memorandum of Understanding Appendix II. Tax Policy Changes, FY2012 Appendix III. Financial Stability Issues Abbreviations and Acronyms BADEA

International Monetary Fund. African Dept.

prudent budget and update the investment guidelines to improve safety and liquidity of the international reserves. The CBL is developing a broad framework to strengthen financial stability. To alleviate the impact of the Ebola crisis, the CBL adopted exceptional measures including specific regulations to reduce provisioning burdens on NPLs associated with the Ebola crisis, extending repayment periods on loans related to CBL’s stimulus initiative, and paying off the outstanding loan obligations in Liberian dollars of all private schools to banks. The CBL plans to phase

International Monetary Fund. African Dept.

information index (0-8) Credit registry coverage (% of adults) Credit bureau coverage (% of adults) SSA 56.9 5.3 4.7 2.0 18.8 Liberia 43.8 8.0 0.0 1.8 0.0 Fragile 35.8 4.4 0.7 4.5 1.9 Middle Income 59.8 4.5 6.1 52.8 21.6 Sources: Doing Business Indicators, 2016, World Bank; and IMF staff estimates. 17. The authorities have supported several initiatives to improve financial inclusion, especially by promoting lending to SMEs . The CBL launched the Small-Medium Enterprises Credit Stimulus

International Monetary Fund

, unnecessary, pro-cyclical tightening. They emphasized their commitment to fiscal discipline—no new stimulus initiatives are planned for the remainder of 2009, and additional recession-induced social spending will be covered by sustained rationalization efforts. The revenue shortfall for the year as a whole is projected to reach about 2 percent of GDP. The general government deficit is projected to be about 5 percent of GDP, and could be larger in case of negative growth surprises. Box 2. Fiscal Stimulus Package The Slovak government in late 2008 and early 2009

International Monetary Fund

mobile banking; (iii) encouraging expansion of the microfinance sector; and (iv) extending the WAMZ payments system to Liberia. 20. Continued efforts are needed to finalize compilation of national accounts statistics (MEFP ¶27). A draft report for 2008 has been prepared by the statistical authority LISGIS. It suggests that economic activity has been significantly underestimated although the data sources may not support very reliable estimates. A desk-based review is underway to validate the data. Box 4. CBL Credit Stimulus Initiative In November 2010, the

International Monetary Fund
In this study, the staff report for the review under the three-year arrangement under the Extended Credit Facility is discussed. Investment in iron ore and commercial agriculture and rebound in rubber prices are important for growth. Fiscal, monetary, and financial policies are discussed. An update of external debt sustainability confirms the low risk of debt distress rating. IMF staff supports the new indicative floor on education and health spending in FY2012, and the performance criterion on the Central Bank of Liberia (CBL) payment are discontinued.
International Monetary Fund
This 2009 Article IV Consultation highlights that following a period of rapid growth, economic activity in the Slovak Republic tumbled in the first half of 2009 as a result of the global crisis. Slovakia’s banks have so far withstood the global crisis relatively well. Executive Directors have encouraged the authorities to formulate and announce a credible medium-term fiscal consolidation strategy, aimed at bringing down the general government deficit to within the Maastricht norm in a timely manner. Directors have also emphasized that external competitiveness will require sustained structural reforms and wage discipline.
International Monetary Fund. African Dept.
This Selected Issues paper discusses initiatives to promote export diversification and growth in Liberia. Liberia’s exports have been very concentrated in the past, but some progress in export diversification has been made in recent years, mostly in the enclave sectors. The government has launched the Liberia Agricultural Transformation Agenda (LATA) to support diversification and transformation. LATA strives to build up the agricultural sector as well as adopt a supportive industrial policy. Improving business climate and external competitiveness could play an important role in increasing export diversification in Liberia. Efficiency could also be increased through better access to markets and technology, cheaper imported inputs, as well as more competition with imports.
Mr. John D Brondolo

countries are considering the implementation of tax amnesties, moratoria on auditing taxpayers, and other similar measures. International experience has shown that such measures are not effective tools for improving revenue collection and create perverse incentives for currently compliant taxpayers to stop complying with the tax laws (Baer and Le Borgne, 2008 ). A. Implementing government tax initiatives 21. A number of tax agencies have been required to implement tax-based stimulus initiatives . These initiatives commonly include tax rate cuts, new credits, and