Selected Issues in Fiscal Law and Governance

This course, presented by the IMF’s Legal Department, focuses on legal design aspects of current issues related to fiscal and tax laws. It covers a wide range of topics currently on the agenda of fiscal policy makers around the world, in particular in this era of fiscal tightening. Examples of issues to be covered include: 

• budget law issues such as sound legal principles for organic budget laws, designing fiscal rules, fiscal coordination in a federal context, and the role of fiscal councils; 

• aspects of public debt management (PDM) and securities, including legal and institutional aspects of PDM and the issuance of public debt securities; 

• designing legal frameworks for sovereign wealth funds and state owned enterprises; and 

• current taxation issues on the agenda of tax law policymakers (such as cross-border and base erosion issues) and the tax law design of instruments in the areas of income tax and general consumption taxes (e.g., VAT) to address them. 

Course Objectives: Upon completion of this course, participants should be able to: 

• Explain the linkages between various aspects of the fiscal law framework and their implications. 

• Identify key legal and current policy issues in various aspects of fiscal law, and best practice approaches to addressing them, including through law reform. 

• Identify legal design approaches that have proven effective, based on cross-jurisdictional experiences shared by presenters and fellow participants.