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IMF Advises Armenia To Broaden Tax Base

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  • IMF Advises Armenia To Broaden Tax Base

    Tax-News
    Jan 2 2015

    IMF Advises Armenia To Broaden Tax Base

    By Tatiana Smolenska, Tax- News.com, Moscow
    02 January 2015


    Armenia's plan to formulate a comprehensive tax code is an opportunity
    to broaden the tax base and increase revenues, the International
    Monetary Fund (IMF) has said.

    It said that higher tax revenues are needed to fund increased social
    spending and spending on growth-enhancing infrastructure projects.
    Improvements to the tax system should aim to eliminate gaps and ensure
    greater equity, it said.

    The IMF noted that Armenia may receive extra revenues from the
    Eurasian Economic Union's (EEU) common customs pool, but EEU tariffs
    are expected to decline over the medium term. It commended what it
    called the authorities' "cautious approach" to evaluating the
    sustainability of these additional revenues prior to incorporating
    them in the budget.

    The IMF said that, at present, fiscal stimulus policies are
    appropriate, given the nation's low fiscal deficit, but fiscal
    tightening may be needed if the outlook for the country worsens. It
    noted the importance of continuing to strengthen the capacity of the
    tax authority.

    The comments appear in the IMF's first review of Armenia's economic
    performance as part of a three-year program under the Extended Fund
    Facility (EFF). The review's completion enables the release of about
    USD17m, bringing total disbursements under the arrangement to USD34m.

    http://www.tax-news.com/news/IMF_Advises_Armenia_To_Broaden_Tax_Base____66874.h tml

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