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Fiscal Panorama of Latin America and the Caribbean 2020

Fiscal Policy Amid the Crisis Arising from the Coronavirus Disease (COVID-19) Pandemic

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The coronavirus disease (COVID-19) pandemic has generated a health, human and economic crisis without precedent in the past century. The region has responded rapidly, adopting packages of fiscal measures of diverse magnitude and scope. In this context, fiscal policy must play a key role in mitigating the human and economic impact in the short term, while also continuing to provide the impulse for achieving sustainable and inclusive growth in a post-COVID-19 world. As well as analysing the fiscal policy challenges of the current crisis, the Fiscal Panorama of Latin America and the Caribbean, 2020 provides a broad overview of the problems of tax evasion in the region. It looks at the challenges of measuring tax evasion and the measures the countries are taking to tackle it. It also compares the functional allocation of public expenditure in the countries of the region, as a factor that has implications for the achievement of the Sustainable Development Goals.

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Tax evasion levels and the key measures to tackle it in the countries of Latin America and the Caribbean

For some years now the Economic Commission for Latin America and the Caribbean (ECLAC) has been increasingly drawing attention to the urgent need to mobilize a greater flow of domestic resources throughout Latin America and the Caribbean, in order to achieve the priority goals of the 2030 Agenda for Sustainable Development. For the countries of the region, this requires a series of targeted efforts to increase the tax base through specific reforms of their main tax collection instruments (such as value added tax and income tax). Additional innovations or modifications could likewise be applied to other taxes. It is also fundamental that countries ensure the effective collection of fiscal resources that should already be generated by their respective tax systems.

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