Fiscal Policy. 15.1 Protocol Member States agree to the setting of fiscal and debt benchmarks, which shall be reported to and published on an annual basis by the Monetary Council.
15.2 Protocol Member States agree to the progressive harmonisation of their fiscal policies and fiscal incentives regimes.
Fiscal Policy. Provision of assistance to SCC, consisting of consultants’ services, training, and goods, aimed at enhancing SCC capacity to provide information and analytical support to the government with respect to customs duties, customs exemptions and non-tariff customs policies, supporting development of methods and techniques for customs revenue forecasting, development and implementation of a new system of cost-based customs fees in compliance with WTO standards, improving the system for accounting of customs revenues paid to the federal budget and simplification and standardization of procedures for control over customs collection.
Fiscal Policy. The Greek authorities commit to ensuring sustainable public finances and achieve sizeable and sustainable primary surpluses over the medium-term that will reduce the debt to output ratio steadily. The authorities will accordingly pursue a new fiscal path premised on a primary surplus targets of -¼, 0.5, 1¾, and 3.5 percent of GDP in 2015, 2016, 2017 and 2018 and beyond, respectively. The trajectory of the fiscal targets is consistent with expected growth rates of the Greek economy as it recovers from its deepest recorded recession. The government has recently adopted a reform of VAT and a first phase of the reform of the pension systems; raised the corporate tax rate; extended the implementation of the luxury tax; taken measures to increase the advance corporate income tax in 2015 and require 100 percent advance payments gradually for partnerships etc. and individual business income tax by 2017; and raised the solidarity surcharge. Furthermore, as a prior action the Government will adopt legislation to: • raise revenues: a) gradually abolish the refund of excise tax on diesel oil for farmers in two equal steps in October 2015 and October 2016; b) increase the tonnage tax. The authorities will take actions to launch the 2015 ENFIA exercise in order to issue bills in October 2015 with the final instalment due in February 2016. They will also correct issues with the revenue measures recently implemented. • target and contain expenditure: a) effective immediately, (i) re-establish full INN prescription; (ii) reduce the price of all off-patent drugs; b) launch the comprehensive social welfare review (see section 2.5.3). • The package will include further measures with budgetary impact, such as public administration reforms, reforms addressing shortfalls in tax collection enforcement, and other parametric measures, recalled in other parts of this document. To demonstrate its commitment to credible fiscal policies, the Government will adopt (Key deliverable) in October 2015, a supplementary 2015 budget as needed, the draft 2016 budget and a 2016–19 Medium-Term Fiscal Strategy, supported by a sizable and credible package of parametric measures and structural fiscal reforms, including: a) a second-phase of pension reforms, see section 2.5.1; b) a reform of the income tax code, see section 2.2.2;
Fiscal Policy. The accounting year shall commence on July 1 (first) of each year and end on June 30 (thirtieth) of the following year. The Treasurer shall prepare the financial report and the records which will be submitted to the C.P.A. to review all records of general funds, savings accounts, and auxiliary accounts to verify their completeness and accuracy and the tax exempt status of the organization. The rules contained in the current edition of Xxxxxx’s Rule of Order, newly revised, shall govern the Association in all instances to which they are applicable.
Fiscal Policy. The general government primary balance in programme terms reached 4.2% of GDP in 2016, up from 0.5% of GDP in the previous year, significantly outperforming the 0.5% of GDP programme target. This follows a small over-performance of the 2015 ESM programme target by 0.8% of GDP. The over-performance in 2016 was broad-based, driven by both higher revenues and expenditure restraints. The largest contributions on the revenue side came from the corporate income tax, VAT, and non-tax revenue, while the main expenditure shortfall was registered in investment spending and intermediate consumption. The Greek authorities commit to ensuring sustainable public finances by pursuing the fiscal path agreed in August 2015 that is based on primary surplus targets of 1.75 and
Fiscal Policy. The key fiscal objective is to reestablish the credibility and integrity of the budget as the government’s main fiscal instrument. This implies keeping within the budgeted envelope for all categories of expenditure, including capital, eliminating the recourse to emergency and cash advance payment procedures, and ensure the timely receipt of oil revenue in conformity with the organic budget law.
Fiscal Policy. The Executive Director will propose, for the approval of the Stakeholder Council, a fiscal policy for CaRA. The Council will approve and publish the Business Plan containing both the annual and projected budgets and authorized expenditure plans. The committees will develop and advise on fiscal and policy plans. The CaRA Offices will support preparation of such plans and associated budgets and will facilitate their dissemination to the MOU members. The members will review and comment on the plans and budgets. The Council will provide the final approvals.
Fiscal Policy. 22. The partners are aware that appropriate fiscal policy is a highly effective mechanism for providing favourable economic conditions, and if stable economic conditions are to be ensured it is not reasonable to interfere excessively in the field of fiscal legislation. Nevertheless, we believe that certain changes to the existing fiscal legislation are required and that new legislation should be adopted in order to ensure a more just division of fiscal burdens and the use of insufficiently exploited fiscal resources. We agree that the following acts should be adopted in order to reach these goals: − Corporate Income Tax Act, which will have the largest burden on the individual taxpayer according to his economic power and prevent the drain of the tax base abroad, will ensure impartiality of the tax system and competitiveness of economic operators on the market. − Personal Income Tax Act prepared in 2003 on the basis of starting-points which will be directed at raising the level of general income tax relief for all taxpayers and therefore disburden particularly those in the lower income brackets and assure more equal and transparent taxation of income. The new Personal Income Tax Act will propose the solution for redundancy payment due to termination of the contract of employment pursuant to Employment Act to be non-taxable income effective already in 2004. The Personal Income Tax Act will be adopted after the social partners reach a consensus on the basic starting- points that are to be taken into account in the preparation of the Act. The Act provides for a gradual increase of non-taxable earnings to the level of the base amount of minimum income in 2005, 2006 and 2007. In September 2003, the social partners will examine the possibilities for establishing extraordinary reduction of tax obligations in 2004 for persons in the lowest income brackets. − Real Estate Tax Act which will replace the existing system of real estate levies (property tax, compensation for the use of building sites) and eliminate its deficiencies. The partners agree that in order to achieve the goals it is necessary to examine the possibility of abolishing the act on wage bill tax in relation to the more complete taxation of property and other sources of tax. Nevertheless, the bottom threshold of taxation on paid-out wages will increase in 2005 by the inflation level in 2003 and 2004 (or to the amount of SIT 150,000.00). Taking into account the public financial situation, in September ...
Fiscal Policy. General government net lending/borrowing as a percent of gross
Fiscal Policy. In order to promote efficiency in public resource use by improving the financial situation and management of EDH, the Recipient has caused EDH to design, publicize and start implementing a cost recovery policy which includes:
(a) the launching of an electricity tariff increase; and
(b) the competitive appointment of a provider of new customer and technical management systems in EDH.
