Economic Commission for Latin America and the Caribbean (ECLAC) has found that public revenues in Latin America and the Caribbean (LAC) improved in 2017 after dipping the year before.
A new report by the Economic Commission for Latin America and the Caribbean (ECLAC) has found that public revenues in Latin America and the Caribbean (LAC) improved in 2017 after dipping the year before.
The report, “Revenue Statistics in Latin America and the Caribbean 2019”, was launched during the 31st Regional Seminar on Fiscal Policy that began here on Monday.
The report states that the average tax-to-gross domestic product (GDP) ratio in Latin America and the Caribbean (LAC) rose to 22.8 per cent in 2017, a gain of 0.2 percentage points from 2016.
“The rebound was primarily driven by Caribbean countries and in particular Guyana and Barbados, on the back of tax policy and administration reforms,” the report states.
It said that the LAC average remained 11.4 percentage points below the average of the Organization for Economic Cooperation and Development (OECD) member countries – 34 per cent of GDP in 2017 – but the difference between the two regions has declined from 16.4 percentage points in 1990.
The report is a joint publication by ECLAC, the Inter-American Centre of Tax Administrations (CIAT), the Inter-American Development Bank (IDB), the OECD Centre for Tax Policy and Administration and the OECD Development Centre. It is the eighth edition and the first produced through the European Union’s Regional Facility for Development in Transition for Latin America and the Caribbean.
This year’s edition covers 25 countries, although only partial data are available for Venezuela.