Paying Taxes 2011 : The Global Picture

Taxes are the price you pay for civilization. Taxes provide government revenues, and those who pay them have a stake in the system and in how government spends its money. Taxes are lifeblood of a stable and prosperous society. In the wake of the gl...

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Bibliographic Details
Main Authors: World Bank, International Finance Corporation, PwC
Language:English
en_US
Published: World Bank, Washington, DC 2017
Subjects:
TAX
Online Access:http://documents.worldbank.org/curated/en/690821468168840299/Paying-taxes-2011-the-global-picture
http://hdl.handle.net/10986/27457
Description
Summary:Taxes are the price you pay for civilization. Taxes provide government revenues, and those who pay them have a stake in the system and in how government spends its money. Taxes are lifeblood of a stable and prosperous society. In the wake of the global economic downturn levying tax in even more difficult. With large structural deficits in the big developed economies, fiscal policy has never been under so much public scrutiny. While there is a clear expectation that economies will need to raise taxes as well as making spending cuts, they will need to remain cautious in how they raise taxes to ensure that recovery is not stifled. For developing economies, with cuts in aid budgets, tax revenues may prove to be a more sustainable source of financing. But challenges remain in terms of combating capital flight. Reducing the size of the informal economy and helping tax authorities to monitor compliance and collect taxes.