Maldives Technical Assistance Report Revising The Fiscal Responsibility Act PDF Download
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| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 99 |
| Release | : 2022-01-14 |
| Genre | : Business & Economics |
| ISBN | : 1616359714 |
Download Maldives: Technical Assistance Report-Revising the Fiscal Responsibility Act Book in PDF, ePub and Kindle
The Fiscal Responsibility Act (FRA) came into effect in 2013 to reduce rising public debt and achieve fiscal stability. Maldives has experienced rapid public debt accumulation over the past decade. The FRA establishes objectives for maintaining debt at a sustainable level and reducing the overall fiscal balance. The Act also sets minimum standards for fiscal transparency and accountability and requires the Government to prepare and publish medium-term fiscal and debt strategy reports.
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| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2021-10-20 |
| Genre | : Business & Economics |
| ISBN | : 1557755132 |
Download Maldives: Technical Assistance Report—Estimating Tax Expenditures Book in PDF, ePub and Kindle
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.
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| Author | : International Monetary Fund. Fiscal Affairs Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 74 |
| Release | : 2019-04-17 |
| Genre | : Business & Economics |
| ISBN | : 1498310907 |
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This Technical Assistance Report discusses that in the Maldives, public investment trends have been influenced by a number of contextual factors including the economic dependency on tourism, the high exposure to climate change, and the recent democratization. The mission assessed the strength and quality of public investment management (PIM) in the Maldives using the IMF Public Investment Management framework, based on the three phases of the PIM cycle. The report highlights that the most significant weakness in the PIM and the wider Public Financial Management system is poor budget credibility and budget execution. However, some progress has been made in improving PIM institutions, and reforms are ongoing in a number of areas. It is imperative to strengthen the project appraisal process by developing a standard methodology for project appraisal, publishing this methodology and verifying that it is consistently applied by the line ministries. It is also important to develop a framework for ex-post evaluations and ensure that lessons learned from past projects are incorporated in revised guidelines and practices.
| Author | : International Monetary Fund. Fiscal Affairs Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 149 |
| Release | : 2019-07-02 |
| Genre | : Business & Economics |
| ISBN | : 1498323383 |
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This report reviews tax policy in the Maldives and identifies reform options to support efficiency, equity, and revenue. The absence of a broad-based personal income tax (PIT) generates revenue leakages and significantly diminishes the role of tax policy in income redistribution. A modern tax design requires a holistic view of the taxation of different sources of income and different legal forms of taxpayers to maintain tax neutrality, to the extent possible, while preserving some degrees of progressivity, simplicity, and administrability. Moreover, updating the tax system to cope with recent international developments is vital to safeguard revenues. While strengthening the goods and services tax (GST) can raise revenues in the short- to medium-term, a property tax is an important option for the long-term. The diagram below demonstrates reform priorities, as identified in this report, to modernize tax policy in the Maldives.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 93 |
| Release | : 2021-07-23 |
| Genre | : Business & Economics |
| ISBN | : 1513592181 |
Download Maldives: Technical Assistance Report-Fiscal Transparency Evaluation Book in PDF, ePub and Kindle
Reflecting an ongoing commitment to enhancing fiscal transparency, Maldives is the first small island state, and the second country in Asia, to have undertaken a Fiscal Transparency Evaluation (FTE). The Government of the Maldives (GoM) recognizes the importance of transparency in fiscal management and in delivering on its ambitious policy agenda, while responding to current challenges within a tight fiscal environment. This report assesses fiscal transparency practices in Maldives against the first three pillars of the IMF’s Fiscal Transparency Code (FTC).
| Author | : International Monetary Fund. Fiscal Affairs Dept. |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 71 |
| Release | : 2022-06-16 |
| Genre | : Business & Economics |
| ISBN | : |
Download Maldives: Technical Assistance Report-Modernizing the Goods and Services Tax Book in PDF, ePub and Kindle
This report reviews the Goods and Services Tax (GST) regime in the Maldives and identifies policy and legal reform options to support its modernization, as well as enhancing efficiency, equity, and revenue mobilization. Despite five existing amendments to the Goods and Services Tax Act (GSTA) and 28 amendments to the associated regulations, the core parameters of the GST have barely changed in nearly 12 years. In addition, rapid changes to global business models and the increasing digitalization of the Maldivian economy have made key features of the legislation – such as place of supply rules – increasingly inadequate. The mission identified several key GST policy reforms and proposed legal redrafting recommendations that should be prioritized by the authorities in the upcoming reform window. Table 1 summarizes the potential revenue implications and implementation timeline of the main policy measures proposed.
| Author | : International Monetary Fund. Asia and Pacific Dept |
| Publisher | : International Monetary Fund |
| Total Pages | : 101 |
| Release | : 2024-05-13 |
| Genre | : Business & Economics |
| ISBN | : |
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Despite headwinds from the war in Ukraine, the Maldives’ economic recovery from the COVID-19 pandemic has shown resilience. The cyclical rebound and still favorable economic outlook provide an opportunity for the Maldives to address its large fiscal and external vulnerabilities. This calls for immediate policy actions to rebuild economic resilience and reduce debt to a sustainable level. Given that the Maldives is highly vulnerable to climate change, early actions to rein in debt vulnerabilities will help support the Maldives’ efforts to scale up the much-needed climate adaptation investments in a resource constrained context.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 26 |
| Release | : 2021-01-26 |
| Genre | : Business & Economics |
| ISBN | : 1513567551 |
Download Kenya Book in PDF, ePub and Kindle
In response to a request from the Government of Kenya, an AFRITAC East (AFE) government finance statistics (GFS) technical assistance (TA) mission was conducted in Nairobi, Kenya, during October 7–16, 2019. The primary objective of the mission was to support staff in improving the quality of fiscal and public debt data for the general government and migration of the fiscal framework to Government Finance Statistics Manual 2014 (GFSM 2014) concepts to facilitate fiscal and debt policy analysis for improved public financial management. This is a continuation of the ongoing efforts in capacity development aimed at supporting member countries to adopt the GFSM 2014 and the Public Sector Debt Statistics Guide (PSDSG 2011).
