Timor-Leste Economic Report, December 2021 : Steadying the Ship

Timor-Leste Economic Report, December 2021 : Steadying the Ship

Given the finite nature of petroleum resources and associated sovereign wealth fund, it iscritical for Timor-Leste to build a strong foundation for sustainable revenue mobilization tofinance public spending on development and poverty reduction. Tim...

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Bibliographic Details
Main Author: World Bank
Format: Report
Language:English
Published: World Bank, Washington, DC 2021
Subjects:
ECONOMIC GROWTH
ECONOMIC OUTLOOK
REVENUE MOBILIZATION
CORONAVIRUS
COVID-19
FISCAL TRENDS
FUEL PRICE
EXTERNAL BALANCE
TAX COLLECTION
Online Access:http://documents.worldbank.org/curated/undefined/099852112092112927/P177351079830d04d0a8a00b4a704ea3d12
http://hdl.handle.net/10986/36733
id okr-10986-36733
recordtype oai_dc
spelling okr-10986-367332021-12-16T05:10:41Z Timor-Leste Economic Report, December 2021 : Steadying the Ship World Bank ECONOMIC GROWTH ECONOMIC OUTLOOK REVENUE MOBILIZATION CORONAVIRUS COVID-19 FISCAL TRENDS FUEL PRICE EXTERNAL BALANCE TAX COLLECTION Given the finite nature of petroleum resources and associated sovereign wealth fund, it iscritical for Timor-Leste to build a strong foundation for sustainable revenue mobilization tofinance public spending on development and poverty reduction. Timor-Leste faces the risks ofa fiscal cliff as, under the current spending trajectories, the Petroleum Fund may be fullyexhausted in about ten years. In line with the recent Government’s efforts, there is an opportunity to collect more revenue using value-added and property taxes. The income tax rate is among the lowest in the world while most excise tax rates are insufficient. The authorities may consider to: (i) introduce a value-added tax (VAT); (ii) raise outdated excise tax rates; (iii) increase income tax rates, with a view to promoting greater alignment with regional peers; (iv) improve revenue administration by modernizing the tax system and investing in capacity; and (v) evaluate the potential of a property tax and reporting on tax expenditures (while planning a gradual phasing out). 2021-12-15T15:07:38Z 2021-12-15T15:07:38Z 2021-12-01 Report http://documents.worldbank.org/curated/undefined/099852112092112927/P177351079830d04d0a8a00b4a704ea3d12 http://hdl.handle.net/10986/36733 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Economic Updates and Modeling East Asia and Pacific Timor-Leste
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic ECONOMIC GROWTH
ECONOMIC OUTLOOK
REVENUE MOBILIZATION
CORONAVIRUS
COVID-19
FISCAL TRENDS
FUEL PRICE
EXTERNAL BALANCE
TAX COLLECTION
spellingShingle ECONOMIC GROWTH
ECONOMIC OUTLOOK
REVENUE MOBILIZATION
CORONAVIRUS
COVID-19
FISCAL TRENDS
FUEL PRICE
EXTERNAL BALANCE
TAX COLLECTION
World Bank
Timor-Leste Economic Report, December 2021 : Steadying the Ship
geographic_facet East Asia and Pacific
Timor-Leste
description Given the finite nature of petroleum resources and associated sovereign wealth fund, it iscritical for Timor-Leste to build a strong foundation for sustainable revenue mobilization tofinance public spending on development and poverty reduction. Timor-Leste faces the risks ofa fiscal cliff as, under the current spending trajectories, the Petroleum Fund may be fullyexhausted in about ten years. In line with the recent Government’s efforts, there is an opportunity to collect more revenue using value-added and property taxes. The income tax rate is among the lowest in the world while most excise tax rates are insufficient. The authorities may consider to: (i) introduce a value-added tax (VAT); (ii) raise outdated excise tax rates; (iii) increase income tax rates, with a view to promoting greater alignment with regional peers; (iv) improve revenue administration by modernizing the tax system and investing in capacity; and (v) evaluate the potential of a property tax and reporting on tax expenditures (while planning a gradual phasing out).
format Report
author World Bank
author_facet World Bank
author_sort World Bank
title Timor-Leste Economic Report, December 2021 : Steadying the Ship
title_short Timor-Leste Economic Report, December 2021 : Steadying the Ship
title_full Timor-Leste Economic Report, December 2021 : Steadying the Ship
title_fullStr Timor-Leste Economic Report, December 2021 : Steadying the Ship
title_full_unstemmed Timor-Leste Economic Report, December 2021 : Steadying the Ship
title_sort timor-leste economic report, december 2021 : steadying the ship
publisher World Bank, Washington, DC
publishDate 2021
url http://documents.worldbank.org/curated/undefined/099852112092112927/P177351079830d04d0a8a00b4a704ea3d12
http://hdl.handle.net/10986/36733
_version_ 1764485793691205632

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