06444oam 22013094 450 991080790160332120240402050219.01-4623-5781-41-4527-0973-41-4518-6985-197866128407911-282-84079-7(CKB)3170000000055029(EBL)1607875(SSID)ssj0000943282(PQKBManifestationID)11593671(PQKBTitleCode)TC0000943282(PQKBWorkID)10975621(PQKB)11240441(OCoLC)761905384(MiAaPQ)EBC1607875(IMF)WPIEE2008125(EXLCZ)99317000000005502920020129d2008 uf 0engur|n|---|||||txtccrTax and Pension Reform in the Czech Republic—Implications for Growth and Debt Sustainability /Dennis Botman, Anita Tuladhar1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (27 p.)IMF Working PapersIMF working paper ;WP/08/125Description based upon print version of record.1-4519-1439-3 Includes bibliographical references.Contents; I. Tax and Pension Reform in the Czech Republic-Implications for Growth and Debt Sustainability; A. Background; B. Fiscal Challenges and Demographic Pressures; Figures; 1. Demographic Indicators, 2004-50; 2. Long-Term Fiscal Pressures in the Czech Republic; 3. Debt Dynamics From Population Aging in the Czech Republic; C. Analytical Framework; D. Assessing the Fiscal Reform Package; Tables; 1. Estimates of Impact of Key Fiscal Reform Measures; 4. Czech Republic: Macroeconomic Effects of Tax Reform; 5. Czech Republic: Macroeconomic Effects of Tax Reform and Expenditure RestraintE. Adjustment Strategies to Achieve the Medium Term Objective6. Debt Dynamics From Population Aging in the Czech Republic; F. Achieving Long Term Sustainability: Pension Reform Proposals; 7. Comparing Alternative Measures to Reach 1 Percent of GDP Deficit by 2012; 8. 1-Percent of GDP Deficit by 2012 Through Reform Package and Raising Retirement Age; 9. Comparing Alternative Strategies to Achieve Debt Sustainability; 10. Pension Reform From 2012 Onwards After 1-Percent of GDP Deficit Through Package; G. Conclusions; References; Appendixes; I. Analytical Framework; Appendix Tables1. GFM Parameterization2. Initial Steady-State Ratio; 3. Initial Steady-State of Fiscal Varialbes; II. Sensitivity Analysis; Appendix Figures; 1. Sensitivity Analysis: Macroeconomic Effects of Tax Reform and Expenditure RestraintThe Czech Republic has embarked on an ambitious tax reform and expenditure package to bring the deficit sustainably below 3 percent, and intends to reduce the deficit to 1 percent of GDP by 2012. To address the long-term fiscal challenge due to population aging, pension reform proposals are also being considered. In this paper we assess the macroeconomic effects of these measures using the Global Fiscal Model. The tax reform package will achieve a more efficient tax system. If implemented successfully with the intended expenditure savings measures, debt is projected to improve markedly while output would expand. Fiscal sustainability will not be restored, however, even if further measures to bring the deficit to 1 percent of GDP by 2012. Instead, raising the retirement age and prefunding future aging costs would be needed to keep debt below 60 percent of GDP through 2050.IMF Working Papers; Working Paper ;No. 2008/125TaxationCzech RepublicPensionsCzech RepublicDebts, PublicCzech RepublicFiscal policyCzech RepublicEconomic developmentCzech RepublicMacroeconomicsimfPublic FinanceimfTaxationimfDemographyimfPersonal Income and Other Nonbusiness Taxes and SubsidiesimfFiscal PolicyimfNational Government Expenditures and Related Policies: GeneralimfEconomics of the ElderlyimfEconomics of the HandicappedimfNon-labor Market DiscriminationimfMacroeconomics: ConsumptionimfSavingimfWealthimfWelfare & benefit systemsimfPublic finance & taxationimfPopulation & demographyimfSocial security contributionsimfFiscal policyimfExpenditureimfAgingimfConsumptionimfSocial securityimfExpenditures, PublicimfPopulation agingimfEconomicsimfCzech RepublicimfTaxationPensionsDebts, PublicFiscal policyEconomic developmentMacroeconomicsPublic FinanceTaxationDemographyPersonal Income and Other Nonbusiness Taxes and SubsidiesFiscal PolicyNational Government Expenditures and Related Policies: GeneralEconomics of the ElderlyEconomics of the HandicappedNon-labor Market DiscriminationMacroeconomics: ConsumptionSavingWealthWelfare & benefit systemsPublic finance & taxationPopulation & demographySocial security contributionsFiscal policyExpenditureAgingConsumptionSocial securityExpenditures, PublicPopulation agingEconomics336.2Botman Dennis901784Tuladhar Anita1670363DcWaIMFBOOK9910807901603321Tax and Pension Reform in the Czech Republic—Implications for Growth and Debt Sustainability4049058UNINA