Antigua and Barbuda: 2006 Article IV Consultation-Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Authorities of Antigua and Barbuda

IMF Staff Country Reports, July 11, 2007

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Canonical URL: Antigua and Barbuda: 2006 Article IV Consultation-Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Authorities of Antigua and Barbuda

The staff report for the 2006 Article IV Consultation on Antigua and Barbuda highlights the economic backdrop and outlook for restoring sound public finances.
The government of Antigua and Barbuda has adopted an ambitious reform program to pull the economy from decades of fiscal weakness and declining growth rates.
The tax reform, including the imminent implementation of the value-added tax, is described as a major achievement.
The report emphasizes the importance of strengthening tax administration and tax compliance.

Restoring sound public finances is central to the economic outlook.
Decades of fiscal weakness and declining growth rates motivated an ambitious reform program by the government.
Tax reform, notably the imminent implementation of the value-added tax, is a cornerstone of the reform effort.
Strengthening tax administration and tax compliance is necessary to realize revenue gains from reform.
Subject areas covered: Arrears, Economic sectors, External debt, Fiscal policy, Fiscal stance, Public debt, Public sector.

Implement the value-added tax as a major component of tax reform.
Strengthen tax administration.
Improve tax compliance.
Continue reforms aimed at restoring fiscal sustainability and reversing declining growth trends.
Manage expenditure and public sector finances to support the fiscal stance and public debt objectives.