Tax code needs to be simplified and tax rate needs to be lowered by half on the current payers while those industries avoiding the tax net need to be brought into system.
Cash transactions also make it impossible for companies (such as MNCs) that pay taxes (because they have a paper trail) to compete.
Doing productive business (especially those that employ lots of people) needs to be incentivized.
Solve the political crisis, end the monopoles and oligarchies hold on the tax code, and restore the duly elected candidate to their rightful place, and investor confidence will spike, with investors looking to quickly Snatch up market share for “pennies on the dollar” before the country rebounds. Investment in import substitutions; especially food processing and food storage will see a decrease in imports and the potential end to the circular debt.
FDI From the diaspora, in the form of remittances directed to prioritize investments could raise productivity and coupled with more broader tax ( but lower) could create the right incentives to raise taxes in a sustainable manner that doesn’t hurt growth and meets the IMF demands.