The Mechanics of a Strong Euro Area. Access to Trade Finance in Times of Crisis. Valuing Land Tenure Rights: Food and Agriculture Organization of the United Nations.
Manual on Fiscal Transparency (2007)
Capital Market Reform in Asia. Guide on Resource Revenue Transparency From Fragmentation to Financial Integration in Europe. The New Frontiers of Sovereign Investment. Building Monetary and Financial Systems: Case Studies in Technical Assistance. Fiscal Transparency Handbook African Finance in the Twenty-First Century.
Government Finance Statistics Manual Stylized Facts and Policy Options. Consumer Price Index Manual: Public Investment and Public-Private Partnerships: Guidelines for Public Debt Management: Accompanying Document and Selected Case Studies. International Reserves and Foreign Currency Liquidity: Guidelines for a Data Template.
Public Sector Debt Statistics: Guide for Compilers and Users.
Coordinated Portfolio Investment Survey Guide second edition. Equity and Efficiency in the Reform of Price Subsidies: A Guide for Policymakers.
A Practical Guide to International Philanthropy. Suppressing the Financing of Terrorism: A Handbook for Legislative Drafting. Entering a New Phase of Growth. Public Enterprise in Mixed Economies: Guidelines for Foreign Exchange Reserve Management: Accompanying Document and Case Studies. How to Be a Global Nonprofit. Producer Price Index Manual: International Economic Indicators and Central Banks. Issues and Country Studies. A Manual for Country Economists. The Special Data Dissemination Standard: Guide for Subscribers and Users. Balance of Payments Textbook. Manual on Fiscal Transparency Macroeconomic Issues and Fiscal Sustainability.
How to write a great review. The review must be at least 50 characters long. The title should be at least 4 characters long. Your display name should be at least 2 characters long. It develops a typology of extra-budgetary funds and argues that they are frequently created because of failures in the budget system and political economy factors that need to be recognized, and where possible, corrected.
It also proposes criteria for evaluating and reforming extra-budgetary funds. It has gained acceptance as the standard against which fiscal transparency should be judged, and the principle source of reference on approaches to improving fiscal transparency. It provides detailed guidance on good practices of fiscal transparency. Tax expenditures are tax concessions and tax exemptions used by the government to achieve certain policy objectives.
Policy Papers
Since governments may pursue their policy objectives alternatively through subsidies or direct outlays, tax concessions are also considered as equivalent to budgetary expenditures. Tax expenditures can complicate any budget because of their lack of visibility in budgetary reporting and analysis.
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Below is a collection of sources that can help navigate tax expenditures:. Tax Expenditures This brief examines tax expenditures and their lack of visibility in the budget. It proposes how governments should record tax expenditures in budget documents. It also proposes how civil society groups can use tax expenditure reports for research, to advocate for improved oversight and to stimulate informed discussions about the policy rationale for the provisions of tax expenditures.
This World Bank Working Paper analyzes the concept, size, effects of tax expenditures, as well as the fiscal accountability and transparency of tax expenditure activities. It reviews the current best practices in tax expenditure management, and proposes four building blocks to strengthen tax expenditure reporting towards more fiscal transparency and accountability. Why Worry About Tax Expenditures? It describes the potential inefficiencies and inequality problems created by tax expenditure programs.
The experiences that the United States, Canada and Germany had with these are also highlighted. It has gained acceptance as the standard against which fiscal transparency should be judged, and is the principle source of reference on approaches to improving fiscal transparency. These activities can affect the overall public sector balance without affecting the budget deficit, as conventionally measured. They include activities undertaken by financial and non-financial public corporations, at the direction of the government, and are fiscal in nature- that is, their effect can be achieved alternatively by other fiscal measure, such as taxes, subsidies, or other direct expenditures.
Quasi-fiscal activities can have a significant allocation and budgetary impact in many countries.
Open Budgets Portal | Fiscal Transparency | The World Bank
Below are some reports that can help navigate them:. Quasi-Fiscal Activities This brief examines quasi-fiscal transactions and their lack of visibility in budget reporting and analysis. It proposes how governments should include quasi-fiscal activities in budget documents and how civil society groups can use information about these transactions to advocate for their agendas. Contingent liabilities are financial obligations that the government has entered into, but whose timing and amount are contingent on the occurrence of some uncertain future event.
They are there not yet liabilities, and may never be if the specific contingency does not materialize. When financial statements are produced, it is unknown whether these expenditures will be incurred, as they are triggered by uncertain events. A prominent example of these is government guarantees on bank deposits. Contingent liabilities create hidden fiscal risks and if the extent of risk assumed by the government is unknown, it may face potentially serious fiscal instability. Below are some briefs, papers and manuals that can help navigate contingent liabilities:.
Contingent Liabilities The fiscal position of the government is less clear when information about contingent liabilities is not recorded in budget documents. This brief explains what information the government should include about contingent liabilities in budget documents, and how civil society groups can use this information for research and advocacy.
A Hidden Risk for Fiscal Stability, Many governments have faced serious fiscal instabilities as a result of their growing contingent liabilities. Conventional fiscal analysis and institutions fall short in addressing contingent fiscal risks. This paper discusses approached in fiscal analysis and standards for public sector management that would foster sound fiscal performance.
In addition, it suggests how policymakers can be made accountable for recognizing the long-term costs of both direct and contingent forms of government activity in their decisions. Pages and of the Manual explain the fiscal risk associated with contingent liabilities and describe some best practices in contingent liabilities reporting within the overall fiscal policy framework. Issues and Practice, History is full of episodes in which the financial position of the public sector is substantially altered—or its true nature uncovered—as a result of government bailouts of financial or non-financial entities, in both the private and the public sector.
This paper discusses theoretical and practical issues raised by contingent liabilities, including the rationale for taking them on, how to safeguard against the fiscal risks associated with them, how to account and budget for them, and how to disclose them.
Manual on Fiscal Transparency, revised April 2007
Country experiences are used to illustrate ways these issues are addressed in practice and challenges faced. The paper also points to good practices related to the mitigation, management and disclosure of risks from contingent liabilities. The Power of Making It Simple: Looking Beyond the Core Budget The Power of Making It Simple complements these two by focusing specifically on Citizens Budgets and offering useful tips to governments interested in developing one.
Guide to Transparency in Government Budget Reports: Pourquoi Sont-ils Importants et que Doivent-ils Contenir? Why, What and How? Examples from a variety of countries help to illustrate why governments should publish an annual guide, what the contents and characteristics of a good guide should be, and how such a guide should be made accessible. Transparency in the use of natural resource revenues is particularly important in resource rich countries.
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These are countries that derive a significant share of their revenues from the exploitation of hydrocarbons and mining. Below find materials from a variety of sources regarding efforts to address some of the challenges that these countries face in increasing resource revenue transparency. It provides detailed transparency guidelines, accompanied by explanatory text and examples of good practices in producing countries.
A principle objective of this guide is to help steer resource-rich countries through the special challenges arising from the technical complexity and volatility of resource revenue flows and from the sheer magnitude of such transactions. Additionally, the Guide makes available to providers of technical support and civil society groups a set of authoritative references of good and best practices of resource revenue transparency. Resource Dependence and Budget Transparency, According to the Open Budget Survey , of the International Budget Partnership, resource-dependent countries tend to be less transparent than countries that are not resource dependent.
This brief note highlights the links between resource dependence and budget transparency. Skip to main content. Open Budgets Portal toggle. More than 40 millon rows of data released. Fiscal Transparency The field of fiscal transparency is wide in scope and scale, and can sometimes be difficult to navigate. This page presents the following information: Information on Fiscal Transparency Classified by Organization: See below some of that information: World Bank Online Course Municipal Finances - A Learning Program for Local Governments The course will enhance the capacity of local governments, particularly of medium and large cities, on municipal finances, including revenue management, expenditure management, managing local assets and services, managing external resource mobilization, and performance measurement.
The website provides information on a variety of issues on Fiscal transparency such as: Other IMF documents Ireland: To read the latest news on fiscal transparency visit Public Financial Management Blog The Organization for Economic Co-operation and Development OECD Best Practices for Budget Transparency, The Best Practices are designed as a reference tool for Member and nonmember countries to use in order to increase the degree of budget transparency in their respective countries. Information on Fiscal Transparency Classified by Topic: Extra-Budgetary Funds Extra-budgetary transactions include all government revenues, expenditures, and financing that are excluded from the budget.
Tax Expenditures Tax expenditures are tax concessions and tax exemptions used by the government to achieve certain policy objectives.