| |
4) Modern tax legislation reforms alone do not guarantee increased revenue mobilization if tax collection systems and cost-recovery arrangements remain weak
|
6) The formulation of appropriate reform plans must take account of the starting point, instead of prescribing standard remedies, as was the case with the disastrous first round of privatizations of the banking system in 1997. The inappropriate bank regulatory framework and excessive liberalization allowed rapid and low quality credit growth with a highly negative budget impact
|