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The world is rapidly transforming and a number of dynamic emerging economies,including South Africa, have become major players and trading partners with the members of the Organisation for Economic Co-operation and Development(OECD). In this context, the OECD Members have recognised the need for theOrganisation to become more open and relevant in order to realise its strategicgoal of becoming an important hub for dialogue on globally
In a context of fiscal surpluses,the Canadian government has been: markedly reducing corporate income and capital taxes; providing more personal tax relief especially at lower incomes and above all for saving; and cutting the federal value added tax (GST).
On 17 July 2008, the OECD Council approved the release of the 2008 Report on the Attribution of Profits to Permanent Establishments.
Despite considerable progress in many areas, there remains substantial scope for making government operations more cost-effective. Brazil spends a high share of GDP on selected government financed programmes in relation to many OECD countries and its emerging-market peers, but outcome indicators are often comparatively poor. As a result, in the absence of efficiency gains, further increases in spending would need to be financed
Despite the current problems related to the global financial and economic crisis, ongoing macroeconomic adjustment continues to bear fruit. Attainment of the primary budget surplus targets has delivered falling public debt-to-GDP ratios since 2003. Prudent debt management has reduced refinancing risk and external vulnerabilities. The forward looking conduct of monetary policy within a framework combining inflation targeting with a
Brazil’s economic fundamentals have improved considerably in the ten years following the abandonment of exchange rate management in 1999 and adoption of a policy framework combining inflation targeting, rules based fiscal management and a flexible exchange rate. The economy is therefore weathering the effects of the unfolding global financial and economic crisis rather well, and an incipient recovery is getting under way. The policy
Significant fiscal consolidation will be needed after the recession. The authorities should improve the spending and tax structure, efficiency of public spending and continue with fiscal federalism reforms
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National revenue bodies play a critical role in the workings of Government, responsible for collecting the vast bulk of revenue required to fund the services Governments are expected to deliver. Achieving high and improved levels of compliance with tax laws is central to meeting Government revenue targets, and in turn the level of services that can be provided. This guidance note provides practical guidance to national revenue bodies
Slovenia achieved strong economic growth leading to a marked catch up with the EU15 during the last decade. This dynamic growth has been interrupted by the global recession, adversely affecting Slovenian exports and banks’ refinancing possibilities. As the economy recovers, efforts to achieve real convergence need to be renewed.
Slovenia belongs to the group of new EU member countries, which have given a high priority to fiscal prudence. This both stabilised the economy and paved the way for entry to the EU in 2004 and adoption of the euro in 2007. It also created room to counteract the current weakening of the economy. But fiscal policy has to cope with four main challenges: i) ensuring a return to fiscal consolidation after the current economic downturn;