Tax aspects in IMF Country Report on Suriname. VAT will be amended converting all zero-rated products (except exports and ancillary supplies to exports) to exempt products and imposing the standard 10 percent VAT rate on sales covering at least 60 percent of household consumption (Suriname)
Earlier this month, the Executive Board of the International Monetary Fund (IMF) concluded the Second Review of the extended arrangement under the Extended Fund Facility (EFF) for Suriname. See this article in CFN’s edition of June 16, 2023. The completion of the review allows the authorities to draw the equivalent of SDR 39.4 million (about US$53 million), bringing total disbursement to SDR 118.2 (about US$159 million). In completing the review, ...
IMF Staff Concluding Statement on Article IV Mission: ‘The authorities’ strong efforts to improve revenue administration have brought tangible results and need to be continued, the authorities should subsequently consider introducing a fully-fledged VAT in place of the sales tax which would reduce distortions’ (Curaçao)
The IMF Staff Concluding Statement of the 2022 Article IV Mission regarding Curaçao and the Monetary Union of Curaçao and Sint Maarten has been published on the website of the International Monetary Fund (IMF) on June 7, 2022. The IMF mission took place during May 18-25. A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to ...
IMF Staff Concluding Statement of the 2022 Article IV Mission to Sint Maarten: Broadening the tax base and closing loopholes would reduce distortions and provide space to protect the most vulnerable, key opportunities include extending hotel taxes to sharing economy rentals and taxing the gaming industry (Sint Maarten)
The IMF Staff Concluding Statement of the 2022 Article IV Mission to Sint Maarten has been published on the website of the International Monetary Fund (IMF) on May 20, 2022. The IMF mission took place during May 11-17, 2022. A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as ...
New tool provides insights into digitalisation practices and initiatives for 76 tax administrations
Tuesday April 5, 2022, the OECD Forum on Tax Administration and eight key partner organisations launched the first phase of a new global Inventory of Tax Technology Initiatives (ITTI) which contains information on the use of leading technology tools and digitalisation solutions implemented by 76 tax administrations across the world. This has been announced on 5 April 2022 with a news release on the website of the OECD. Further from the ...
Tax aspects in IMF Country Report regarding Suriname’s Request for an Extended Arrangement under the Extended Fund Facility (Suriname)
On 23 December 2021, the Executive Board of the International Monetary Fund (IMF) approved a new 36-month arrangement under the Extended Fund Facility for Suriname, in an amount equivalent to SDR472.8 million (about US$688 million or 366.8 percent of quota). The decision enables an immediate disbursement equivalent to SDR 39.4 million (about US$55.1 million). The IMF financial arrangement will support Suriname’s authorities’ homegrown economic plan aiming to restore fiscal sustainability, ...
IMF Staff Concluding Statement: ‘Sint Maarten should strengthen its tax administration, followed by the tax policy reform designed to broaden the tax base, streamline the system, and improve collections’ (Sint Maarten)
The Staff Concluding Statement of a recent IMF Staff Visit Curaçao and Sint Maarten has been published on the website of the International Monetary Fund (IMF) on November 30, 2021. An IMF mission met virtually with the authorities of Curaçao and Sint Maarten during November 8–24 to discuss recent economic developments, update the macroeconomic outlook, and follow up on the policy priorities raised during 2021 Article IV consultation discussions. The ...
IMF Staff Concluding Statement: ‘Curaçao would benefit from moving to a full-fledged VAT under ambitious but realistic timeline, while paying due attention to cyclical conditions and the social impact’ (Curaçao)
The Staff Concluding Statement of a recent IMF Staff Visit Curaçao and Sint Maarten has been published on the website of the International Monetary Fund (IMF) on November 30, 2021. An IMF mission met virtually with the authorities of Curaçao and Sint Maarten during November 8–24 to discuss recent economic developments, update the macroeconomic outlook, and follow up on the policy priorities raised during 2021 Article IV consultation discussions. The ...
IMF Technical Assistance Report Sint Maarten: Sustainable Tax Reforms (Sint Maarten)
On 19 October 2021, the International Monetary Fund (IMF) published its Country Report No. 2021/231: Kingdom of the Netherlands—Sint Maarten: Technical Assistance Report—Sustainable Tax Reforms. Click here to go directly to the relevant page on the website of the IMF. This Technical Assistance Report was prepared by a staff team of the IMF. It is based on the information available at the time it was completed in March 2021. The ...
Platform for Collaboration on Tax strengthened support to countries during the COVID-19 pandemic
The Platform for Collaboration on Tax (PCT) – a joint initiative of the IMF, OECD, UN and the World Bank – enhanced its support to countries in the area of domestic resource mobilisation during the COVID-19 pandemic, according to the Platform for Collaboration on Tax Progress Report 2021. The report, released on Wednesday 20 October 2021, highlights that the PCT Partners are committed to deepening their tax collaboration further with a ...
Curaçao and Sint Maarten: IMF Staff Concluding Statement of the 2021 Article IV Mission – recommendations on taxation matters (Curaçao en Sint Maarten)
The Staff Concluding Statement of the 2021 Article IV Mission of the International Monetary Fund (IMF) to Curaçao en Sint Maarten has been published on the website of the IMF. The mission took place during May 13-June 17, 2021. Click here to go to the statement as published on the IMF-website. The COVID-19 pandemic inflicted another major shock on the economies of Curaçao and Sint Maarten. Despite the substantial response ...
Platform for Collaboration on Tax launches Tax Treaty Negotiations Toolkit
The Platform for Collaboration on Tax (PCT) – a joint initiative of the IMF, OECD, UN and World Bank Group – released the final version of the ‘Toolkit on Tax Treaty Negotiations’ along with its web-based, interactive edition. This has been announced with a press release on the website of the OECD. Furthermore from the press release: The PCT's Toolkit on Tax Treaty Negotiations is an effort to provide capacity-building support to ...
IMF Staff Concluding Statement of the 2021 Article IV Mission to Aruba – belastinggerelateerde passages (Aruba)
Het Internationaal Monetair Fonds (International Monetary Fund, “IMF”) heeft op 8 maart 2021 een Concluding Statement uitgegeven inzake de “Article IV Mission” naar Aruba: “Kingdom of the Netherlands—Aruba: Staff Concluding Statement of the 2021 Article IV Mission”. Over de publicatie van het rapport en de bevindingen is door de regering van Aruba een persbericht uitgegeven: klik hier om naar het persbericht op de website van de overheid van Aruba te gaan ...
Platform for Collaboration on Tax’s new toolkit helps countries implement effective transfer pricing documentation requirements
The Platform for Collaboration on Tax (PCT) – a joint initiative of IMF, OECD, UN and the World Bank – has released the final version of the Practical Toolkit to Support the Successful Implementation by Developing Countries of Effective Transfer Pricing Documentation Requirements. The release of the report has been announced by the OECD with a press release dated 19 January 2021. Furthermore from the press release: The PCT's new toolkit ...
Progress Report 2020 of the Platform for Collaboration on Tax published
On 10 July 2020, the Platform for Collaboration on Tax (PCT) – a joint initiative of the IMF, OECD, UN and the World Bank – published its Progress Report 2020. The report gives a snapshot of the world's four leading multilateral organisations' co-operation in the area of domestic resource mobilisation (DRM), including in their responses to COVID-19. This was announced in a press release dated 10 July 2020 on the ...
OECD presents international tax update to G20 Finance Ministers
The OECD Secretary-General Tax Report (July 2020) has been presented to the G20 Finance Ministers and Central Bank Governors. The report has been posted on the website of the OECD. From the overview in the report (page 4 and further): “In responding to this crisis, the tax agenda is more relevant than ever. First, fiscal measures – in particular tax-related measures – have played and will continue to play a ...
The Platform for Collaboration on Tax invites public comments on the draft Toolkit on Tax Treaty Negotiations
The Platform for Collaboration on Tax (PCT) – a joint initiative of the IMF, OECD, UN and World Bank Group – is seeking feedback from the public on a draft toolkit designed to help developing countries build capacity in tax treaty negotiations. This was announced in a press release dated 29 June 2020 on the website of the OECD. PCT's Draft Toolkit on Tax Treaty Negotiations is a joint effort to provide ...
Platform for Collaboration on Tax releases toolkit to help developing countries tackle the complex issues around taxing offshore indirect transfers of assets
The Platform for Collaboration on Tax (PCT) released a Toolkit on the Taxation of Offshore Indirect Transfers (OIT) providing guidance on the design and implementation issues when one country seeks to tax gains on the sale of interests in an entity owning assets located in that country by an entity which is a tax resident in another country. This is the third Toolkit published by the PCT to provide guidance on areas ...
IMF-Special Series on Fiscal Policies to Respond to COVID-19. Managing Fiscal Risks Under Fiscal Stress
On the website of the International Monetary Fund (IMF), a note has been published in the Special Series on Fiscal Policies to Respond to COVID-19, which notes focuses on managing fiscal risks under fiscal stress. The rapidly evolving macroeconomic and financial conditions will adversely impact public finances globally. Many governments will see their revenues drop and expenditures rise. Also, more of governments’ outstanding contingent liabilities will be realized. Finally, the ...
IMF-Special Series on Fiscal Policies to Respond to COVID-19. Public Sector Support to Firms
On the website of the International Monetary Fund (IMF), a note has been published in the Special Series on Fiscal Policies to Respond to COVID-19, which note focuses on public sector support to firms. Public sector support to firms can help address liquidity or solvency needs during the pandemic and ensure that economies are well positioned to rebound once social distancing measures ease. Support should be timely, targeted, and temporary ...
IMF-Special Series on Fiscal Policies to Respond to COVID-19. Tax and Customs Administration Responses
On the website of the International Monetary Fund (IMF), a note has been published in the Special Series on Fiscal Policies to Respond to COVID-19, which note provides guidance on how revenue agencies can support governments’ responses to the unprecedented challenges posed by the COVID-19 crisis—by maintaining the operation of the revenue system, implementing governments’ measures to address the crisis, supporting the economy and facilitating trade, and protecting the health ...
IMF-Special Series on Fiscal Policies to Respond to COVID-19. Tax Law Design Considerations When Implementing Responses to the COVID-19 Crisis
On the website of the International Monetary Fund (IMF), a note has been published in the Special Series on Fiscal Policies to Respond to COVID-19, which note focuses on the tax law design considerations that should be taken into account when implementing the temporary measures to be adopted in response to the COVID-19 outbreak. The note referred to above is one of a series of notes produced by the Fiscal ...
IMF-Special Series on Fiscal Policies to Respond to COVID-19. Tax Issues: An Overview
On the website of the International Monetary Fund (IMF), a note has been published in the Special Series on Fiscal Policies to Respond to COVID-19, in which note the focus is not on general stimulus measures but on immediate, targeted and mostly temporary measures to (i) support health priorities; (ii) secure survival of solvent enterprises; (iii) protect affected individuals; and on (iv) secure or enhance revenue sources into the medium ...
Platform for Collaboration on Tax: International organisations move to help developing countries improve tax systems
The world's four leading multilateral organizations working in the tax area have established their first integrated website containing information on how low- and middle-income countries can strengthen tax systems and mobilise the domestic revenue they need to address some of their urgent development challenges—including the COVID-19 pandemic. The release of the website was announced in a press release published on the website of the OECD. From the press release: The new website ...
IMF Executive Board Concludes 2019 Article IV Consultation with Curaçao and Sint Maarten. Analysis was prepared before the COVID-19 outbreak which has significantly worsened the outlook. Staff is closely monitoring the situation (Curaçao and Sint Maarten)
The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Curaçao and Sint Maarten and considered and endorsed the staff appraisal without a meeting. These consultation discussions form part of the Article IV consultation with the Kingdom of the Netherlands. The Staff Report and the Statement by the Executive Director was released on 1 April 2020, guided by a press release posted on the website ...
IMF Policy Tracker on Aruba. Summarizes the key economic responses governments are taking to limit the human and economic impact of the COVID-19 pandemic (Aruba)
The International Monetary Fund (IMF) has posted a Policy Tracker on its website. The Policy Tracker summarizes the key economic responses governments are taking to limit the human and economic impact of the COVID-19 pandemic. The tracker includes 193 economies. The Policy Tracker also contains a section on Aruba: “Aruba has reported 60 positive cases (with no deaths) as of April 3, 2020. The Coronavirus outbreak will affect Aruba through ...
IMF Policy Paper “Policy Steps to Address the Corona Crisis”
The International Monetary Fund (IMF) has published a Policy Paper “Policy Steps to Address the Corona Crisis”. The policy paper addresses among others (fiscal) actions for monitoring, containing and mitigating the effects of the corona virus. Introduction The introduction in the policy paper reads as follows: “Monitoring, containing and mitigating the effects of the corona virus are top priorities. Timely and decisive actions by health authorities, central banks, fiscal, regulatory ...
IMF Staff Technical Assistance Report regarding the real sector statistics mission to Aruba to assist CBS in assessing and improving the national accounts: recommendations on the use of tax data (Aruba)
On 10 March 2020, the Technical Assistance Report regarding the Kingdom of the Netherlands - Aruba was published by the International Monetary Fund (IMF) regarding the technical assistance (TA) mission to Aruba that was undertaken by the Real Sector Statistics Advisor in the Caribbean Regional Technical Assistance Centre (CARTAC) during November 18–27, 2019, to assist the Central Bureau of Statistics of Aruba (CBS) in assessing and improving the national accounts ...
New OECD self-assessment tool to help tax administrations tackle tax debt and reduce administrative burdens
The OECD has published two self-assessment maturity models on tax debt management and the reduction of compliance burdens, both critical areas for successful tax administration. Maturity models set out descriptions of capabilities and performance in a particular function or set of activities across a number of levels of increasing maturity, in the case of these models from an emerging to an aspirational level. These models, the first in a new ...
2019 Caribbean Forum: Regional Transformation for Inclusive and Sustainable Growth. Panel discussions will also focus on taxation in the tourism sector and developing an appropriate approach to tax incentives
The Government of Barbados, the Caribbean Development Bank (CDB) and the International Monetary Fund (IMF) organized the 9th Caribbean Forum in Barbados on 6 November 2019, as announced on the website of the IMF. The event brought together senior policymakers, public, private, and multilateral development partners to explore avenues for regional transformation to achieve sustainable and inclusive growth. Panel discussions will focus on leveraging institutional arrangements to boost regional integration, ...
IMF Working Paper: “A Possible Approach to Fiscal Rules in Small Islands” released
On 6 September 2019, the IMF Working Paper: “A Possible Approach to Fiscal Rules in Small Islands”, prepared by Ryota Nakatani, was released on the website of the IMF (International Monetary Fund). Summary From the summary on the website of the IMF guiding the release: “A big challenge for the economic development of small island countries is dealing with external shocks. The Pacific Islands are vulnerable to natural disasters, climate ...
