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AbstractThis paper explores the effect of taxing personal income from common stocks on the return of equity portfolios held by mutual funds under IRA or Keogh plans. The expected rate of return earned by a tax‐sheltered fund on any given stock is inversely related to the stock's per‐share growth rate. The explanation for this effect does not rely on the standard assumption that growth decreases the effective rate of taxation. Rather, this effect holds despite heavier taxation of growth stocks because of the incomplete manner in which the return is sheltered. The implication of this finding for the optimal portfolio selection policy of tax‐sheltered equity funds is inconsistent with evidence showing that such funds tend to concentrate in growth stocks. A second issue examined is the use of IRA and Keogh plans as a temporary tax shelter. Under the present 10‐percent penalty on premature distribution, the critical investment period may be as short as two to three years. This finding indicates the usefulness of these plans as a general investment tool.

For many years, Congress has recognized that saving for retirement is a worthwhile social goal and should be encouraged by the government. The federal government has encouraged the growth of private pension and savings plans through the use of various tax incentives. This publication will focus mainly on individual retirement accounts (IRAs), but other plans such as simplified employee pensions (SEPs), 401-K plans, and Keogh plans will be discussed, too. This document is FCS5258, one of a series of the Department of Family, Youth and Community Sciences, University of Florida, UF/IFAS, Gainesville 32611. First published: September 2003. https://edis.ifas.ufl.edu/fy642

Cover -- Title -- Dedication -- Introduction 2019 -- Introduction 2009 -- 1. The Beginning of the End -- 2. The Root of the Problem -- 3. Falling Apart -- 4. I'll Always Remember You -- 5. No Going Back -- 6. Rescue Plans -- 7. The Devil's Playground -- 8. Desperate Measures -- 9. True Friends? -- 10. Nothing Changes -- 11. Answered Prayers -- 12. Back to Square One -- 13. My Last Chance -- 14. Facing the Truth -- 15. Two Steps Back -- 16. A New Beginning -- 17. Letting Go -- Contacts -- Images -- Acknowledgments -- Copyright -- About the Author -- About Gill Books.

The country operations business plan (COBP), 2021–2023 for Kazakhstan of the Asian Development Bank (ADB) is aligned with ADB's country partnership strategy (CPS), 2017–2021 for Kazakhstan.1 The CPS aims to support the country's economically diversified, socially inclusive, and environmentally sustainable growth. The CPS is demand-driven and selective, but adaptive to evolving circumstances. It focuses on infrastructure development and institutional reforms. The CPS is consistent also with the operational priorities set out in ADB's Strategy 20302 and is aligned with the Government of Kazakhstan's Nurly Zhol program,3 Kazakhstan's National Strategic Development Plan 2025, and the updated State Program on Agriculture Development. ADB's COBP, 2021–2023 includes operational support for agriculture, transport, municipal services, and access to finance, and provides direct lending and knowledge support for reforms in critical policy areas, such as economic diversification, public finance management, and environmental sustainability. Support for Strategy 2030's priorities—addressing remaining poverty and reducing inequalities, accelerating progress in gender equality, tackling climate change, fostering regional cooperation and integration, strengthening governance, and making cities more livable—is integrated into the operational assistance.

Despite major public finance reform efforts over the last decade, Myanmarese public finances continue to be characterized by relative weakness in revenue collection, budget execution, and long-term sustainability. Myanmar is therefore in need of comprehensive public finance reform. Two top priorities of the Myanmar Sustainable Development Plan are to establish a fair and efficient tax system to increase government revenues, and to ensure effective public financial management. In this paper, we analyse the scope for fiscal tax reform to finance future Myanmar Union budget deficits and lower the need for central bank financing. Specifically, we employ a newly developed dynamically recursive computable general equilibrium model for Myanmar to analyse the economic efficiency and household income distribution impacts of employing four tax instruments, including the expansion of existing commercial taxes, customs duties, and corporate taxes, and the introduction of new secondary and tertiary education payroll taxes, to finance 2022– 40 government budget deficits. Our results demonstrate that eliminating Myanmarese government budget deficits could release savings for future capital accumulation and lead to net present value GDP gains, regardless of tax instrument, but also that real household welfare losses will be substantial and potentially persist throughout our 20-year horizon. While the payroll and enterprise tax instruments are identified as efficient and progressive, they are likely to suffer from weak tax bases, implying that commodity-focused tax instruments, including sales taxes and progressive but less efficient import tariffs, will need to continue to form the core of any comprehensive tax reform in Myanmar.

Despite major public finance reform efforts over the last decade, Myanmarese public finances continue to be characterized by relative weakness in revenue collection, budget execution, and long-term sustainability. Myanmar is therefore in need of comprehensive public finance reform. Two top priorities of the Myanmar Sustainable Development Plan are to establish a fair and efficient tax system to increase government revenues, and to ensure effective public financial management. In this paper, we analyse the scope for fiscal tax reform to finance future Myanmar Union budget deficits and lower the need for central bank financing. Specifically, we employ a newly developed dynamically recursive computable general equilibrium model for Myanmar to analyse the economic efficiency and household income distribution impacts of employing four tax instruments, including the expansion of existing commercial taxes, customs duties, and corporate taxes, and the introduction of new secondary and tertiary education payroll taxes, to finance 2022- 40 government budget deficits. Our results demonstrate that eliminating Myanmarese government budget deficits could release savings for future capital accumulation and lead to net present value GDP gains, regardless of tax instrument, but also that real household welfare losses will be substantial and potentially persist throughout our 20-year horizon. While the payroll and enterprise tax instruments are identified as efficient and progressive, they are likely to suffer from weak tax bases, implying that commodity-focused tax instruments, including sales taxes and progressive but less efficient import tariffs, will need to continue to form the core of any comprehensive tax reform in Myanmar.

In response to the economic shock of COVID-19 control measures, including an initial nation-wide State of Emergency (SoE) (28 March – 27 June, 2020), the Government of Timor-Leste (GoTL) developed a social assistance program to support households' immediate needs and recovery from the restrictive measures adopted.1 A cash transfer of US$2002 was distributed to approximately 300,000 households in all 452 villages of Timor-Leste at a cost of approximately US$60 million. This research aims to explore the socio-economic effects of the cash transfer on the welfare of Timorese people, with a particular focus on vulnerable groups. Given the global evidence emerging that the COVID-19 crisis has the potential to widen gender inequalities,4 the research also aims to explore the initial effects of the cash transfer on intra-household gender dynamics.

The principal plan emerged from the next 2016 budget is to increase to achieve a substantial tightening of the budget in order to allocate recent budget deficit. State Oil Fund's contribution to public revenues is projected to decline by unprecedented scale in 2015-2016. The recent revenue volatility further reinforces the urgent need for economic diversification and nonoil sector investments. While public spending on all departments has grown steadily prior to the recent sharp decline in oil prices, the latest 2016 budget projection suggests that the next public spending will be squeezed for the half of the main departments. The expenditure structure of the state budget for 2016 reveals more socially oriented targets of the government. The main spending growth areas of the 2016 budget are education, defense and security, agriculture and related fields and housing. This paper aims to describe the current trends in the projected state budget for 2016 and provide the summary of analysis of revenues and spending changes over the last five years.

The principal plan emerged from the next 2016 budget is to increase to achieve a substantial tightening of the budget in order to allocate recent budget deficit. State Oil Fund's contribution to public revenues is projected to decline by unprecedented scale in 2015-2016. The recent revenue volatility further reinforces the urgent need for economic diversification and nonoil sector investments. While public spending on all departments has grown steadily prior to the recent sharp decline in oil prices, the latest 2016 budget projection suggests that the next public spending will be squeezed for the half of the main departments. The expenditure structure of the state budget for 2016 reveals more socially oriented targets of the government. The main spending growth areas of the 2016 budget are education, defense and security, agriculture and related fields and housing. This paper aims to describe the current trends in the projected state budget for 2016 and provide the summary of analysis of revenues and spending changes over the last five years.

A program on Reforming Pension Systems in South Asia was jointly organized and sponsored by the Asian Development Bank (ADB) Institute, Colombo Plan Secretariat, ICICIPrudential Life Insurance Company Limited, India, and India Life Pension Services. It consisted of two parts: Part 1 being this Policy Conference, was conducted from 23 to 25 November 2000 at the Oberoi Hotel in New Delhi, India. It aimed to bring together high-level policymakers, regulators, and private sector representatives from the South Asian countries to discuss alternative approaches to pension reforms in their respective countries. Part 2 was designed as a training workshop for training middle- to senior-level government officials in the theory and practice of pension reforms. It was aimed at building and strengthening capacity in diagnosing weaknesses, evaluating alternative policy options and designing and implementing a feasible program of pension reforms in South Asian countries. Part 2 was held from 27 November to 2 December 2000 also at Oberoi Hotel in New Delhi, India. Participants for both parts came from India, Pakistan, Sri Lanka, Nepal, Bangladesh, Bhutan and Maldives

A conference on Reforming Pension Systems in South Asia was jointly organized and sponsored by the Asian Development Bank (ADB) Institute, Colombo Plan Secretariat, ICICI-Prudential Life Insurance Company Limited, India, and India Life Pension Services. It consisted of two parts: Part 1 was a Policy Conference and was conducted from 23 to 25 November 2000 at the Oberoi hotel in New Delhi. This was aimed at bringing together high-level policymakers, regulators, and private sector representatives from the South Asian countries to discuss alternative approaches to pension reforms in their respective countries. Part 2 was designed as a training workshop for the training of middle- to senior-level government officials in the theory and practice of pension reforms. It was aimed at building and strengthening capacity in diagnosing weaknesses, in evaluating alternative policy options and in designing and implementing a feasible program of pension reforms in South Asian countries. Part 2 was held from 27 November to 2 December 2000 also in Oberoi hotel in New Delhi. Participants from both parts came from India, Pakistan, Sri Lanka, Nepal, Bangladesh, Bhutan and Maldives.