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This paper looks at the factors that have to be considered when designing an aggregate expenditure ceiling. It is argued that expenditure ceilings are effective in promoting fiscal discipline and sustainability, but that a number of trade-offs have to be made when setting up a fiscal framework that will survive in a politically charged environment. The paper illustrates the discussion with a case study of medium-term aggregate expenditure ceilings in three countries: Finland, the Netherlands and Sweden.

Budgeting --- Exports and Imports --- Inflation --- Macroeconomics --- Public Finance --- National Government Expenditures and Related Policies: General --- National Budget --- Budget Systems --- International Lending and Debt Problems --- Fiscal Policy --- Price Level --- Deflation --- Public finance & taxation --- Budgeting & financial management --- International economics --- Expenditure --- Budget planning and preparation --- Interest payments --- Fiscal governance --- Public financial management (PFM) --- External debt --- Fiscal policy --- Prices --- Expenditures, Public --- Budget --- Debt service --- Netherlands, The

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This paper traces the causes of the rapid growth of India’s public debt, with special reference to internal debt. It then demonstrates that the growth of debt would become unsustainable by the end of the 1990s if the present trends continue. It develops a methodology to iterate the path of growth of debt to discover the sustainable level of the primary deficit. Finally, it suggests concrete measures to bring down the primary deficit.

Debt Management --- Debt service --- Debt --- Debts, Public --- Domestic debt --- Economic sectors --- Expenditure --- Expenditures, Public --- Exports and Imports --- External debt --- Government business enterprises --- Interest payments --- International economics --- International Lending and Debt Problems --- Macroeconomics --- National Government Expenditures and Related Policies: General --- Nationalization --- Nonprofit Organizations and Public Enterprise: General --- Public debt --- Public enterprises --- Public finance & taxation --- Public Finance --- Public ownership --- Sovereign Debt --- India

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This paper describes a simulation model that can serve as a basis for a developing country growth-oriented adjustment program. The model has been designed to provide explicit links between fiscal, monetary and exchange rate policies and major macroeconomic variables. While the model is applied to and solved for the case of Turkey, its simplicity and flexibility make it sufficiently general to be applicable to a wide range of countries. The model integrates demand-determined output with a supply side that responds to policies which affect investment and it allows the relative shares of domestic and foreign factors of production to be determined by their relative prices. The model is solved using Lotus 1-2-3, software that is familiar to Fund economists and which allows the user to quickly evaluate alternative assumptions and policies.

Debt Management --- Debt service --- Debt --- Debts, Public --- Disposable income --- Exports and Imports --- Exports --- External debt --- Government debt management --- Imports --- Interest payments --- International economics --- International Lending and Debt Problems --- International trade --- Macroeconomics --- National accounts --- National income --- Personal Income, Wealth, and Their Distributions --- Public finance & taxation --- Public Finance --- Public financial management (PFM) --- Sovereign Debt --- Trade: General --- Turkey

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The classical corporate profits tax in the United States involves non-neutralities between: different sources of financing; different forms of business organization; and retaining or distributing earnings and may result in the U.S. investor being at a disadvantage vis-à-vis foreign investors. An international comparison is provided, and the potential effects of different integration schemes on the user cost of capital and tax revenues are assessed. The integration of corporate and individual income taxes in the United States could lead to a more efficient domestic and worldwide allocation of resources.

Business Taxes and Subsidies --- Capital gains tax --- Corporate & business tax --- Corporate income tax --- Corporate Taxation --- Corporations --- Debt service --- Exports and Imports --- External debt --- Income and capital gains taxes --- Income tax systems --- Income tax --- Interest payments --- International economics --- International Lending and Debt Problems --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Public finance & taxation --- Taxation --- Taxation, Subsidies, and Revenue: General --- Taxes --- United States

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Nearly all tax systems have some form of interest and tax penalty regimes. Interest payable on any late or underpayment of tax seeks to protect the present value of the tax amount to the government budget, whereas penalties are intended to deter taxpayers from defaulting on their tax obligations—and to punish them if they do—to achieve horizontal equity vis-à-vis compliant taxpayers. As interest and penalties serve very different objectives, they should not be applied in a mutually exclusive manner. This Tax Law IMF Technical Note focuses on the key issues that should be taken into consideration in designing interest and penalty regimes in tax legislations.

Debt service --- Exports and Imports --- External debt --- Income tax --- Interest payments --- Interest tax --- International economics --- International Lending and Debt Problems --- Law and legislation --- Legal support in revenue administration --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Public finance & taxation --- Public Finance --- Revenue administration --- Revenue --- Tax administration and procedure --- Tax administration core functions --- Tax Law --- Tax law --- Tax policy --- Taxation & duties law --- Taxation --- Taxation, Subsidies, and Revenue: General --- Taxes --- South Africa