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IMF Assesses Mali's Tax System

by Lorys Charalambous, Tax-News.com, Cyprus

23 March 2016


Mali should improve its tax system in order to finance its economic and social development, the International Monetary Fund (IMF) said in a recently released report on the country's tax policies.

The report also said that tax reforms are needed to lift the country's ratio of tax revenue to gross domestic product (GDP) to 17 percent in line with its commitments as a member of the West African Economic and Monetary Union. In 2013 Mali's tax revenue to GDP ratio was 15.4 percent.

The report, which was published under the IMF's technical assistance program financed by a specialized fund, outlined five areas in which the IMF will provide technical support to the Malian Government. In order of priority, they concern: support for the definition and analysis of tax expenditures; a detailed analysis of the tax on financial activities and, more generally, the taxation of certain sectors such as the banking and telecommunications sectors; an analysis of the tax and quasi-tax burden on wages; a review of quasi-taxation; and an analysis of the property tax system.

The IMF has made a number of tax recommendations for the country under the technical assistance program. The recommendations include revising the property taxes by 2017, and reducing the use of tax incentives this year. The Fund also recommended reforms to the corporate income tax (IS), tax on selected products (ISCP), tax on wages and salaries (ITS), alternative minimum business tax (ISY), and value-added tax (VAT). These reforms are to be carried out over this year and next.

TAGS: tax | economics | business | value added tax (VAT) | property tax | tax incentives | fiscal policy | banking | gross domestic product (GDP) | International Monetary Fund (IMF) | corporation tax | Mali | tax reform | Africa

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