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Impact and Implications of Recent and Potential Changes to Brazil's Subnational Fiscal Framework

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dc.contributor.author World Bank
dc.date.accessioned 2014-12-17T21:48:58Z
dc.date.available 2014-12-17T21:48:58Z
dc.date.issued 2013-09-27
dc.identifier.uri http://hdl.handle.net/10986/20773
dc.description.abstract Brazil's subnational fiscal framework has remained a source of unabated controversy despite its relative stability over the past decade. The objective of this study is to evaluate the nature and impact of recent and expected changes to Brazil's subnational fiscal framework in light of these debates. More specifically, this work has focused on recent and proposed changes to: 1) the Tax on Goods Circulation, Communication and Inter-municipal and Inter-state Transportation Services (ICMS); 2) the State Participation Fund (FPE) as well as the transfers from oil and mining royalties; and 3) the subnational debt and borrowing framework. These three broad areas are precisely the ones that are the center of the current debate on Brazil's subnational fiscal framework. In order to achieve the proposed objective, three background papers were commissioned, each covering one of the issues outlined above. The main value-added of this study is an examination-and an attempt at a quantification of the impacts of the changes underway in these three dimensions of Brazil's intergovernmental fiscal framework. The remainder of this synthesis report is organized as follows. Section two provides a brief overview of how Brazil's subnational fiscal framework currently works. Section three describes the ongoing efforts to reform Brazil's subnational fiscal framework and points to the advantages of a more coordinated approach over a piecemeal one. Section four discusses the expected fiscal impact on subnational governments of the most likely reform scenarios. Section five concludes. Finally, the amended proposal also kept the original provisions regarding the validation of past tax incentives unchanged. It included a mandate for past tax incentives to be approved by state legislative and to be disclosed at the official Gazette. The main change was the creation of a provision to safeguard the existing tax incentives until their expiration or 2033, whichever comes first. en
dc.language English
dc.language.iso en_US
dc.publisher Washington, DC
dc.rights CC BY 3.0 IGO
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject PUBLIC EXPENDITURE
dc.subject INEQUALITIES
dc.subject NEW ENTRANTS
dc.subject BENEFICIARY
dc.subject INTERNATIONAL BANK
dc.subject PRODUCTIVITY
dc.subject FISCAL SPACE
dc.subject FISCAL IMPACT
dc.subject FEDERAL DISTRICT
dc.subject HARD BUDGET CONSTRAINTS
dc.subject WAREHOUSE
dc.subject TAX REVENUE
dc.subject DEBT STOCK
dc.subject FISCAL PLANS
dc.subject MACROECONOMIC STABILIZATION
dc.subject FISCAL FEDERALISM
dc.subject REVENUE SOURCES
dc.subject GROSS DOMESTIC PRODUCT
dc.subject FISCAL BALANCE
dc.subject REVENUE COLLECTION
dc.subject SUBNATIONAL
dc.subject TAX PAYMENTS
dc.subject HOUSEHOLD INCOME
dc.subject VALUATION
dc.subject EXPENDITURE NEEDS
dc.subject LONG-TERM INTEREST
dc.subject INTERGOVERNMENTAL FISCAL TRANSFERS
dc.subject INTEREST RATE ADJUSTMENT
dc.subject PUBLIC SERVICE PROVISION
dc.subject RENEGOTIATIONS
dc.subject TRANSPORT
dc.subject ECONOMIC COOPERATION
dc.subject TAX REVENUE SHARING
dc.subject DOMESTIC CAPITAL MARKETS
dc.subject ISSUANCE OF BONDS
dc.subject FINANCIAL INSTITUTION
dc.subject TAX BASE
dc.subject TAX
dc.subject TRANSACTION
dc.subject FEDERAL LAW
dc.subject TOTAL DEBT
dc.subject FISCAL RESPONSIBILITY
dc.subject PUBLIC
dc.subject MATURITY
dc.subject CASH OUTFLOW
dc.subject RATES OF RETURN
dc.subject TAX POLICIES
dc.subject CAPACITY BUILDING
dc.subject ARREARS
dc.subject ELECTRICITY
dc.subject GOVERNMENT REVENUE
dc.subject HOLDING
dc.subject BONDS
dc.subject PROVISIONS
dc.subject SUBNATIONAL LENDING
dc.subject FEDERAL DEBT
dc.subject AMOUNT OF CREDITS
dc.subject BLUE CHIPS
dc.subject PRIVATE BORROWERS
dc.subject FISCAL REFORMS
dc.subject REVENUE COLLECTIONS
dc.subject CREDITORS
dc.subject REAL INTEREST RATES
dc.subject TAX BURDEN
dc.subject COMMODITY PRICES
dc.subject REAL INTEREST
dc.subject DEBT SERVICE
dc.subject PRIVATE SECTOR
dc.subject TAX CREDITS
dc.subject EQUALIZATION
dc.subject TAX TREATMENT
dc.subject FEDERAL TAX
dc.subject LEGISLATION
dc.subject GROSS REVENUES
dc.subject FEDERAL TRANSFERS
dc.subject ISSUANCE
dc.subject ALLOCATION OF RESOURCES
dc.subject POLITICAL ACCOUNTABILITY
dc.subject FEDERAL SENATE
dc.subject OUTSTANDING AMOUNT
dc.subject BORROWING
dc.subject PENSIONS
dc.subject FISCAL SUSTAINABILITY
dc.subject INTEREST RATES
dc.subject WAREHOUSES
dc.subject NATIONAL TREASURY
dc.subject SUBNATIONAL GOVERNMENT
dc.subject TAX INCENTIVE
dc.subject NET CURRENT REVENUES
dc.subject FINANCES
dc.subject DEBT INTEREST
dc.subject SUBSIDIARY
dc.subject DISTRICT
dc.subject TAX REVENUES
dc.subject ACCOUNTING
dc.subject RETURNS
dc.subject COMPLIANCE COST
dc.subject CUSTODY
dc.subject FINANCIAL CRISIS
dc.subject REVENUE SOURCE
dc.subject PUBLIC BANKS
dc.subject STATE OWNED BANKS
dc.subject TAX ADMINISTRATION
dc.subject FEDERAL BUDGETARY RESOURCES
dc.subject INDEBTEDNESS
dc.subject MUNICIPALITIES
dc.subject INFRASTRUCTURE FINANCING
dc.subject PUBLIC SERVICES
dc.subject SOLVENCY
dc.subject SUBNATIONAL FINANCES
dc.subject DOMESTIC CAPITAL
dc.subject LAWS
dc.subject PROPERTY TAX
dc.subject FISCAL DISCIPLINE
dc.subject PUBLIC SECTOR
dc.subject LEGISLATIVE FRAMEWORK
dc.subject TAX SYSTEM
dc.subject TAX COLLECTION
dc.subject SOURCES OF FUNDS
dc.subject INITIAL DEBT
dc.subject SUBNATIONAL DEBT
dc.subject BUDGET CONSTRAINTS
dc.subject REVENUE LOSS
dc.subject DEBTS
dc.subject EXPENDITURES
dc.subject DEBT CONTRACTS
dc.subject DEBT RESTRUCTURING
dc.subject SUBNATIONAL FISCAL ISSUES
dc.subject EXTERNAL DEBT
dc.subject BENEFICIARIES
dc.subject CONSUMER PRICE INDEX
dc.subject INVESTMENT RATE
dc.subject INTEREST SUBSIDY
dc.subject GOVERNMENT ACCOUNTS
dc.subject MORAL HAZARD
dc.subject BANKING SECTOR
dc.subject INTERGOVERNMENTAL TRANSFER
dc.subject LONG-TERM INTEREST RATE
dc.subject LEVEL OF GOVERNMENT
dc.subject TAX REGIME
dc.subject DIFFERENTIALS
dc.subject CENTRAL GOVERNMENT
dc.subject OUTSTANDING LOANS
dc.subject DECENTRALIZATION PROCESS
dc.subject PUBLIC SERVICE
dc.subject REVENUE INCREASE
dc.subject BASIC EDUCATION
dc.subject COMPENSATION FUND
dc.subject REVENUE SHARING SCHEME
dc.subject TRANSPORTATION SERVICES
dc.subject FISCAL CAPACITY
dc.subject SOCIAL SECURITY
dc.subject FISCAL FRAMEWORK
dc.subject FEDERAL TRANSFERS TO STATES
dc.subject MEDIUM ENTERPRISES
dc.subject EXCHANGE RATE
dc.subject TAX CREDIT
dc.subject FISCAL AUTONOMY
dc.subject REVENUE SHARING
dc.subject ECONOMIC GROWTH
dc.subject DEVOLUTION
dc.subject DOMESTIC BANKS
dc.subject REFORM PROGRAMS
dc.subject SETTLEMENT
dc.subject REVENUE EQUALIZATION
dc.subject LICENSES
dc.subject MINISTRY OF FINANCE
dc.subject COLLECTION PROCESS
dc.subject TAX COLLECTIONS
dc.subject TAXATION
dc.subject DEVELOPMENT BANK
dc.subject LOW INTEREST RATES
dc.subject NET DEBT
dc.subject INCOME TAX
dc.subject NET REVENUES
dc.subject SUBNATIONAL GOVERNMENTS
dc.subject TAX REGIMES
dc.subject MULTILATERAL LENDERS
dc.subject RENEGOTIATION
dc.subject TAX COMPLIANCE
dc.subject EXPENDITURE
dc.subject OIL PRICE
dc.subject PUBLIC EXPENDITURE MANAGEMENT
dc.subject MUNICIPALITY
dc.subject BANK POLICY
dc.subject EQUALITY
dc.subject GROSS SALES
dc.subject DEBT ISSUANCE
dc.subject INVESTMENT FINANCING
dc.subject BORROWING RULES
dc.subject FEDERAL TAXES
dc.subject MEDIUM ENTERPRISE
dc.subject TAX REFORMS
dc.subject COEFFICIENTS
dc.subject FISCAL POLICY
dc.subject DEBTORS
dc.subject AMOUNT OF DEBT
dc.subject TAX RATE
dc.subject MEDIUM-TERM FISCAL
dc.subject DEBT CRISIS
dc.subject STATE GOVERNMENTS
dc.subject INFLATION
dc.subject FEDERAL REVENUES
dc.subject TAX INCENTIVES
dc.subject SUBNATIONAL FINANCE
dc.subject FISCAL ADJUSTMENT
dc.subject TAX EXEMPTION
dc.subject BLUE CHIP
dc.subject INTERGOVERNMENTAL FINANCE
dc.subject LACK OF TRANSPARENCY
dc.subject DEBT OUTSTANDING
dc.subject ADMINISTRATIVE COSTS
dc.subject PUBLIC INVESTMENTS
dc.subject INTEREST RATE
dc.subject TAX COSTS
dc.subject DEBT FINANCE
dc.subject TAX RATES
dc.subject HUMAN DEVELOPMENT
dc.subject RETURN
dc.subject FEDERAL CONSTITUTION
dc.subject REDISTRIBUTION
dc.subject INFRASTRUCTURE INVESTMENTS
dc.subject PUBLIC SPENDING
dc.subject INTERGOVERNMENTAL TRANSFERS
dc.subject ECONOMIC DEVELOPMENT
dc.subject DECENTRALIZATION
dc.title Impact and Implications of Recent and Potential Changes to Brazil's Subnational Fiscal Framework en


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