This paper presents the results of applying the Revenue Administration Gap Analysis Program - Value-Added Tax (RA-GAP VAT) gap estimation methodology to Belgium for the period 2011-2021. The RAGAP methodology employs a top-down approach for estimating the potential VAT base, using statistical...

This report reviews the Goods and Services Tax (GST) regime in the Maldives and identifies policy and legal reform options to support its modernization, as well as enhancing efficiency, equity, and revenue mobilization. Despite five existing amendments to the Goods and Services Tax Act (GSTA)...

The key findings of the Czech Republic’s 2010 Article IV Consultation are discussed. Large foreign direct investment inflows fostered trade integration, underpinning an export-led expansion. Higher initial standard of living contained consumption convergence pressures. An improved fiscal...

Economic activity in Kenya has remained resilient to uncertainty surrounding the elections, the impact of the European crisis, and security-related concerns. Fiscal policy is in line with the program despite difficulties. International reserves are on the rise, and the deficit of the external...

Economic growth finally turned positive, but further recovery will be delayed, as fiscal austerity measures and recent floods will weigh on domestic demand. The macroeconomic outlook has weakened and continues to be subject to exceptional uncertainties. With the enactment of the ambitious...

This article is a report of the IMF Executive Board’s program for Antigua and Barbuda. The Stand-By Arrangement program was developed as a response to the looming fiscal crisis, which resulted in large fiscal deficits and debts similar to the global crisis. The program is approved to...

This 2007 Article IV Consultation highlights that Iraq’s economic growth has been slower than expected at the time of the last Article IV Consultation, mainly because the expected expansion of oil production has not materialized. Following a decline in oil production and real GDP in 2005,...

Bosnia and Herzegovina has enjoyed rapid growth and price stability in recent years, but stronger policy ownership, improved policy coordination, and meaningful progress in structural reform are needed to provide the basis for sustained, private sector-led growth. Ensuring the sustainability of...

Increases in core inflation owing to the VAT hike were smaller than expected, initially constituting a puzzle and leading to speculation about delayed increases or competitive pressures. Given Germany’s large size and openness, spillover interactions appear to have increased over time. In...

This paper describes Kenya’s third review under the three-year arrangement under the Extended Credit Facility (ECF) and request for modification of performance criteria. The Executive Board approved a three-year ECF arrangement for Kenya on January 31, 2011, which has been augmented on...