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WB, IMF To Ramp Up Tax Support For Developing States

by Mike Godfrey, Tax-News.com, Washington

14 July 2015


The International Monetary Fund (IMF) announced on July 10, 2015, that it is launching a new initiative in partnership with the World Bank to help developing countries strengthen their tax systems.

Analysis suggests that many lower-income countries have the potential to increase their tax ratios by at least 2–4 percent of gross domestic product, without compromising the fairness of their tax regimes or growth, the IMF said. Raising additional revenues will allow developing countries to fill financing gaps and to promote development.

"A strong revenue base is imperative if developing countries are to be able to finance the spending they need on public services, social support, and infrastructure," said IMF Managing Director Christine Lagarde. "Experience shows that, with well-targeted external technical support and sufficient political will, it can be done."

Responding to country demands, the IMF/World Bank initiative will deepen the dialogue with developing countries on international tax issues, aiming to help increase their voice in ongoing international talks on tax rules and cooperation.

In addition, the two agencies will develop diagnostic tools to help member countries evaluate and strengthen their tax policies. This effort will complement the launch of the Tax Administration Diagnostic Assessment Tool (TADAT) in November.

The initiative builds on the Bank's tax programs in over 48 developing countries and the Fund's tax-related technical assistance projects in over 120 countries.

TAGS: tax | economics | interest | fiscal policy | gross domestic product (GDP) | International Monetary Fund (IMF) | tax reform | services | Tax

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