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São tomé and Príncipe

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  • Nisreen H. Farhan
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    Abstract

    São Tomé and Príncipe is very open and highly depends on imports resulting in high indirect tax revenue. At the same time, the production and export base are very narrow, leaving the authorities with a small domestic tax base. For these reasons, the country compares unfavorably with neighboring economies and other island countries, in terms of domestic revenue in percent of GDP. The paper describes the domestic tax system in São Tomé and Príncipe and uses cross-country empirical analysis to reach a benchmark tax potential for the country. The paper reaches the conclusion that whether São Tomé and Príncipe becomes an oil producer or not, it is more sustainable for it to rely on non-oil domestic revenue-a less volatile and less exhaustible resource-to finance current expenditures. To meet the country''s increasing development and social objectives, the authorities need to mobilize sufficient domestic resources. The paper offers a number of fiscal reforms to reach this goal, including implementation of the new tax laws, reduction of exemptions, tax system reforms, and improvement of the tax administration.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/215.

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    Length: 40
    Date of creation: 01 Sep 2009
    Date of revision:
    Handle: RePEc:imf:imfwpa:09/215

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    Related research

    Keywords: Tax reforms; Fiscal reforms; Tax administration; Tax revenues; Tax systems; tax revenue; tax system; tax potential; tax base; tax payments; tax compliance; tax collection; indirect taxes; indirect tax; tax performance; tax reform; revenue collection; public expenditures; excise duties; excise taxes; taxation; excise tax; tax policy; tax incentives; domestic tax; taxable profits; total tax revenue; tax rates; tax evasion; sales tax; corporate income tax; tax arrears; tax enforcement; tax effort; direct tax; personal income tax; stamp duties; income tax rates; import taxes; tax amnesties; tariff rates; direct taxes; property tax; tariff structure; domestic tax base; tax registration; tax exemptions; fiscal consolidation; indirect tax system; central government budget; taxable income; amount of tax; tax burden; international double taxation; corporate tax rate; fiscal strategy; double taxation; consumption tax; income taxes; government budget; filing tax returns; public finance; tax structure; optimal taxation; tax policy reform; government expenditure; fiscal prudence; tax returns; fiscal sustainability; taxes on property; tariff rate; large taxpayers; fiscal deficits; petroleum taxes; fiscal discipline; expenditure restraint; taxpayer assistance; fiscal affairs department; tax amnesty; government revenue; fiscal position; fiscal management; export taxes; taxes on international trade; taxpayer accounting; fiscal affairs; public spending; tax assessment; public expenditure; trade taxes; income groups; public finances; tax efficiency; tax audits; budget revenues; tax evaders; fiscal space; fiscal rule; higher tax revenues; income tax system; international tax; tax policy reforms; flat tax; taxes on income; fiscal adjustment; tax administrators; tax treatment;

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