A subsidy is a benefit given to an individual, business, or institution, usually by the government. It can be direct (such as cash payments) or indirect (such as tax breaks). The subsidy is typically given to remove some type of burden, and it is often considered to be in the overall interest of the public, given to promote a social good or an economic policy.
The heads of the IMF, OECD, World Bank, and WTO have announced the launch of a Joint Subsidy Platform (JSP) to enhance transparency on the use of subsidies. The JSP is intended to facilitate access to information on the nature, size, and economic impact of subsidies, with a view to facilitating dialogue on their appropriate use and design.
Improved transparency is a fundamental first step for governments to cooperate more on subsidies. A better understanding of the complexity, size, design, and effects of subsidy measures could facilitate and expedite discussions to strengthen multilateral rules.
The subsidy data has been dissected into the following 5 subject areas.
· Agriculture
· Fossil fuels
· Fisheries
· Industrial sectors
· Cross-sectoral and economy wide.
Full data and information can be found on www.subsidydata.org
