BETTER tax design and stronger public institutions could allow emerging and low-income countries like the Philippines to finance their development goals and their climate transition, according to the International Monetary Fund (IMF). In a blog, IMF’s Director of the Fiscal Affairs Department Vitor Gaspar; Division Chief in the Fiscal Affairs Department, Mario Mansour; and Charles
BETTER tax design and stronger public institutions could allow emerging and low-income countries like the Philippines to finance their development goals and their climate transition, according to the International Monetary Fund .
“Our new research finds that many countries have the potential to increase their tax-to-GDP ratios—enabling them to provide critical government services—by as much as 9 percentage points through better tax design and stronger public institutions,” the authors said. “Countries have considerable room to collect more revenue based on their tax potential—the maximum a country can collect given its economic structure and institutions,” IMF said.
It added that the total revenue-raising potential, at 9 percentage points of GDP, is a staggering two-thirds increase relative to their tax-to-GDP ratio in 2020. In order to create better tax policies, the IMF recommended that countries improve the design and administration of core domestic taxes such as value-added taxes, excises, personal income tax, and corporate income tax.
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