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Business and Economics > Corporate Taxation

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Cover Selected Issues Papers
Tax Potential in North Macedonia
Yuan Xiao
,
Faton Sulejmani
, and
Anamaria Maftei
This paper assesses North Macedonia’s tax potential and reform options to support fiscal consolidation and create space for rising long-term spending pressures. Tax revenue remains the lowest in the region, reflecting low statutory rates, extensive tax expenditures, weak tax efficiency, and a sizable informal economy. Using a stochastic frontier model for 154 countries, the paper estimates tax potential at about 21 percent of GDP, implying a tax gap of around 3½ percent of GDP. Closing this gap will require VAT base broadening, rationalized CIT incentives, more progressive PIT, higher environmental and health excises, stronger property taxation, and improved tax administration.
Keywords:
Tax Potential; Domestic Revenue Mobilization; Tax Gap; North Macedonia; IMF staff; paper estimate; issues paper; IMF country; tax expenditure; Revenue mobilization; Value-added tax; Middle East; Global
Cover High-Level Summary Technical Assistance Reports
Somalia: Effective Implementation of the Petroleum Fiscal Regime
International Monetary Fund. Fiscal Affairs Dept.
The Federal Government of Somalia solicited FAD support to ensure that the country’s petroleum fiscal regime, amid growing interest in oil and gas exploration, is robust from fiscal revenue and investment-attraction perspectives. To this end, a workshop was held in Nairobi in January 2026 with representatives from the Ministry of Finance, Ministry of Petroleum and Mineral Resources, the Somalia Petroleum Authority, the Office of the Prime Minister, and the Parliamentary Budget Office. It offered an opportunity to assess the current legal and fiscal framework governing petroleum activities, identify inconsistencies between existing agreements and legislation, and apply the Fiscal Analysis of Resource Industries (FARI) methodology to quantitatively evaluate Somalia’s fiscal regime. Key findings highlight the need to clarify fiscal terms across existing production sharing agreements, strengthen coordination between the Somalia Petroleum Authority and tax administration, and refine fiscal parameters such as state participation and the R-factor calculation.
Keywords:
tax policy; petroleum taxation; production sharing; petroleum activity; gas exploration; technical assistance report; Fad support; report series; Oil; Oil, gas and mining taxes; Fiscal Analysis of Resource Industries (FARI); Fiscal governance; Tax administration core functions
Cover Selected Issues Papers
Hong Kong SAR: Diversifying and Broadening Revenue
Dan Devlin
and
Yizhi Xu
Hong Kong SAR has faced persistent fiscal pressures amid declining fiscal revenue associated with changes in land use (land premiums), reduced stock market initial public offerings, headwinds to corporate profits, and weakness in the labor market. While recent revenue measures have provided partial relief, medium- to long-term pressures from population aging, rising social and healthcare spending, pensions, and large-scale public investment are expected to intensify. Maintaining strong fiscal buffers remains critical for monetary and financial stability. This paper examines options to strengthen revenue mobilization and broaden the tax base to support fiscal sustainability and long-term resilience.
Keywords:
Hong Kong SAR; Fiscal Policy; Revenue Mobilization; Tax Policy; IMF country; issues paper; IMF staff; Hong Kong SAR Financial Services and the Treasury Bureau; broadening revenue; Personal income tax; Consumption; Income; Value-added tax; Global; Asia and Pacific
Cover IMF Working Papers
HANK-Based Fiscal Consolidation for a High-Debt Advanced Euro Area Economy
Gee Hee Hong
,
Naowar Mohiuddin
,
Rasmané Ouedraogo
,
Danila Smirnov
, and
Maryam Vaziri
High-debt euro area economies face fiscal consolidation in a low-growth environment. We use a Heterogeneous Agent New Keynesian model to assess how consolidation composition shapes aggregate and distributional outcomes in a representative high-debt economy. The status quo is not neutral: delay generates its own costs through lower investment, higher debt service, and damage to constrained households. For a given fiscal effort, expenditure-based consolidation achieves faster debt reduction with lower growth and distributional costs than revenue-based consolidation. As a complementary exercise, pairing the expenditurebased path with growth-enhancing structural reforms further improves outcomes by lifting real wages, a channel that disproportionately benefits hand-to-mouth households. Across both strategies, modest well targeted transfers to low-income households can substantially mitigate distributional costs at minimal fiscal expense while supporting aggregate demand.
Keywords:
HANK model; fiscal policy; public debt; distributional effects; MPC; transfers; consolidation composition; IMF working papers; area economy; expenditure-based consolidation; aggregate demand; Income; Consumption; Fiscal consolidation
Cover Departmental Papers
ISORA 2023: Tax Administration: Performance and Practices
William Joseph Crandall
,
Elizabeth Gavin
,
Zhaoqing Liu
,
Andrew R Masters
, and
Poorva Navalgundkar
This paper presents a broad analysis of the International Survey on Revenue Administration (ISORA) 2023, which collected detailed data from 166 tax administrations worldwide for fiscal year (FY) 2022. It is the first survey since FY 2017 to cover tax administration practices and structural foundations extensively, providing valuable insights into global tax administration performance, resources, and governance frameworks. The paper also provides contextual information about the survey, to aid interpretation and facilitate use of the comparative database.
Keywords:
Tax administration core functions; tax administration performance; tax administration resources; comparative data; International Survey on Revenue Administration (ISORA); Isora data; governance framework; fiscal year; performance indicator; Isora Index; tax administration efficiency; pay as you earn; Isora participation; third-party data; Personal income tax; Corporate income tax; Value-added tax; Middle East; Central Asia; Sub-Saharan Africa; Global
Cover Taxation in the Middle East and North Africa
Taxation in the Middle East and North Africa
Prospects and Possibilities

Abstract

Countries in the Middle East and North Africa (MENA) region are varied in their political systems and geography—factors that have shaped their economic development and tax policy choices. This diversity means that taxation must be tailored to local factors and constraints. This book surveys income and consumption taxes in the MENA region’s 21 countries. For each tax, its revenue, efficiency, and equity characteristics are examined, and suggestions are made for potential avenues for reform. The book covers the taxation of oil and gas and corrective taxes on energy consumption, as well as the state of tax administrations. Researchers, in addition to policymakers in countries outside the region, will find the rich spectrum of topics and lessons included in this book useful.

Keywords:
MENA; tax policy; revenue administration; value-added tax; corporate income tax; personal income tax; MENA country; Gcc country; hydrocarbon-importing country; countries in the MENA region; countries in the Middle East and North Africa; revenue yield; tax systems; Income and capital gains taxes; Income tax systems; Income; Global; Middle East; North Africa; Consumption taxes; policy option; excise tax system; greenhouse gases; Excises; Africa; West Africa
Publication Date:
30 Apr 2026
Cover Policy Papers
IMF-WBG Background Paper for G-7: Principles for Effective and Efficient Support for Domestic Resource Mobilization (DRM)
International Monetary Fund
and
World Bank
Domestic Resource Mobilization (DRM is central to achieving sustainable financing for development, building fiscal buffers, and strengthening state capacity. Recent work by the IMF and the World Bank shows that many countries—especially low-income countries (LICs) and fragile and conflict-affected states (FCSs)—are still collecting less than 15 percent of GDP in tax revenue. World Bank and IMF research suggests that collection beyond this threshold is linked to lasting improvements in growth, public service delivery, and state capacity. DRM—central to the IMF-WBG three pillar approach to helping countries address liquidity challenges (IMF and World Bank 2024a)—is crucial for building fiscal space to advance public spending for development, reduce reliance on volatile external financing, support jobs and growth, and strengthen the social contract between the state and its citizens.
Keywords:
legislation Atlas; personal income; tax organization; public finance review; tax ratio; Program-for-Results financing; Administration in revenue administration; Tax administration core functions; Global; Africa
Cover IMF Notes
Tax Administration Reform in Greece: Outcomes and Lessons (2010–25)
Andrew Okello
,
Stoyan E Markov
,
Chenghong Wang
,
Elli-Sivylla Gregou
,
Era Dabla-Norris
, and
George Pitsilis
This Note documents Greece’s comprehensive tax administration reform journey over 2010–2025, showing how sustained reform under crisis conditions translated institutional change and digital innovation into durable revenue, compliance gains. Following an initial phase focused on revenue stabilization, Greece progressively advanced legal and institutional reforms, culminating in the establishment of the Independent Authority for Public Revenue (IAPR), followed by an ambitious digital transformation centered on myDATA, e invoicing, real time reporting, and data driven compliance management. These reforms contributed to a marked increase in the tax to GDP ratio, a sharp reduction in the VAT compliance gap, and significant improvements in operational performance, as reflected in international assessment tools such as TADAT and ISORA. IMF capacity development, supported by other development partners and strong ownership by the Greek tax authority, played a critical role in reform design, implementation, and monitoring. Greece’s experience underscores the importance of credible governance reforms, appropriate sequencing, sustained political commitment, and investment in digital and human capital. While country contexts differ, the lessons from Greece are highly relevant for other countries seeking to modernize tax administration, strengthen compliance, and enhance domestic revenue mobilization over the medium term.
Keywords:
reform; capacity development; sequencing; digital transformation; revenue mobilization; compliance; IMF note; reform implementation; reform pillar; tax application; reform impact; Tax administration core functions; Corporate income tax; Value-added tax; Income and capital gains taxes; Europe
Cover Selected Issues Papers
Strengthening Domestic Revenue Mobilization for Fiscal Resilience in Cameroon
Bahrom Shukurov
,
Islom Urolov
, and
Celine Thevenot
Cameroon is highly vulnerable to natural disasters and strengthening resilience is macro-critical. The government faces significant challenges, including weak infrastructure, insufficient protection against floods, and lack of financial resources. Simulations using the DIGNAD model illustrate the positive impact of investing in climate-resilient infrastructure and strengthening public investment efficiency on economic growth and debt, compared to ex-post disaster management and financial contingency funds. Given Cameroon’s large needs and debt vulnerabilities, international financial support is key to strengthen resilience.
Keywords:
Domestic revenue mobilization; Tax policy; Tax administration; Fiscal resilience; Tax effort; Developing countries; Cameroon; IMF country; IMF staff; issues paper; tax revenue potential; PIT revenue; Revenue mobilization; Value-added tax; Tax administration core functions; Global; Sub-Saharan Africa
Cover Technical Assistance Reports
Republic of Moldova: Technical Assistance Report-Strengthening Tax Compliance Management: Insights from Risk Analysis, Management Information Reporting, and Tax Gap Evaluation
International Monetary Fund. Fiscal Affairs Dept.
The report diagnoses weaknesses in Moldova’s tax administration, including fragmented compliance management, low impact audit practices, limited use of data and analytics, and weak governance. It proposes targeted reforms to strengthen compliance and revenue outcomes.
Keywords:
Tax Administration Modernization; Compliance Risk Management; Risk Based Audit; Tax Compliance Gap Analysis; VAT Compliance Gap; Taxpayer Segmentation; Management Information Systems.; Imf publication; tax audit; International Monetary Fund to the authorities; technical assistance mission; executive summary; Auditing; Value-added tax; Tax audits; Tax administration core functions; Global