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You are looking at 1 - 10 of 18 items for :

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Cover IMF Staff Country Reports
Canada: Selected Issues
International Monetary Fund

This Selected Issues paper reviews empirical evidence on the main determinants of the real bilateral exchange rate between the Canadian and the U.S. dollars, with particular emphasis on the role played by cyclical and longer-term economic factors. The paper aims to identify the nature of the shocks that have contributed to the recent downward trend in the Canadian dollar. The analysis shows that fluctuations in the real bilateral exchange rate can be explained reasonably well by its long-term fundamentals. The paper also analyzes inflation and the natural rate of unemployment in Canada.

Keywords:
ISCR; CR; Canada's official development assistance; Canada; Canada's ODA priority; tax rate; income tax tax rate; tax threshold; middle rate; indexation of tax parameter; personal income tax reduction; Marginal effective tax rate; Personal income; Income tax systems; Personal income tax; Surtax
Cover IMF Staff Country Reports
Canada: Selected Issues
International Monetary Fund

The issue of productivity growth in Canada has received considerable attention reflecting its marked slowdown since the early 1970s and concerns about its implications for Canadian competitiveness. To better understand productivity developments in Canada, it is useful to decompose total factor productivity (TFP) into investment-specific productivity change (ISP) and technologically neutral productivity change (TNP). The gap in manufacturing productivity growth between Canada and the United States originates mostly in the strong performance of specific industries, such as electrical products and commercial and industrial machinery.

Keywords:
ISCR; CR; Canada; rate; employer; tax rate; labour market; personal income income tax; rates in Canada; middle PIT rate; income threshold; system to inflation; Personal income tax; Personal income; Marginal effective tax rate; income tax tax burden
Cover Departmental Papers
Front Matter
Ms. Genevieve Verdier, Brett Rayner, Ms. Priscilla S Muthoora, Charles Vellutini, Ling Zhu, Vincent de Paul Koukpaizan, Alireza Marahel, Mahmoud Harb, Imen Benmohamed, Mr. Shafik Hebous, Andrew Okello, Nathalie Reyes, Thomas Benninger, and Bernard Sanya
Keywords:
estimated tax; tax revenue mobilization; revenue shortfall; revenue performance; revenue gap; Revenue mobilization; Tax collection; Personal income tax; Income; Middle East and Central Asia
Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. Fiscal Affairs Dept.
Keywords:
Effective tax rate; Marginal effective tax rate; Personal income tax; Personal income
Cover IMF Staff Country Reports
Peru: Technical Assistance Report—Proposals for the 2022 Tax Reform: Mining Sector Fiscal Regime, Capital Gains, and IGV on Digital Services
International Monetary Fund. Fiscal Affairs Dept.
In October 2021, the MEF asked Congress for the delegation of powers to legislate on tax matters with the aim of increasing tax collections and doing so by adding progressivity to the Peruvian tax system. The initiative being developed by the MEF contains (tentatively, to date) around 40 specific measures—some administrative, others related to tax policy—that the MEF hopes will, as a whole, generate additional revenue for the treasury. The tax collection impact of quite a few of the measures (including those pertaining to the mining sector) has not been estimated, whereas the measures for which there is a calculation are estimated to bring in a little over 1 percent of GDP in revenues. Given Peru’s low level of tax collections, both relative to its own historical trends as well as those of other countries in the region, the amount expected to be collected with the proposed reform is modest. However, increasing tax collections by enhancing progressivity would appear to be the right approach.
Keywords:
government participation; MINING fiscal regime; MINING sector fiscal regime; production ranking; income tax tax collection; FARI analysis; Income and capital gains taxes; Income tax systems; Income; Mining sector; Tax incidence; Caribbean; Global
Cover IMF Staff Country Reports
Romania: Technical Assistance Report on Reforming Personal Income Taxation
International Monetary Fund. Fiscal Affairs Dept.
This paper describes Romania’s Technical Assistance report on reforming personal income taxation. With one of the lowest revenues in the EU and a projected budget deficit exceeding 7 percent of gross domestic product (GDP), Romania should rely on an array of tax instruments to mobilize revenues. The personal income tax (PIT) plays an integral role in the overall reform to balance revenue, efficiency, and distribution considerations. The PIT should be reformed to support revenue and reduce inequality. It is recommended to introduce a new employment income bracket with a moderate top PIT rate, for example of 20 percent. A combination of 20 percent tax on the top decile of the income distribution and the existing 10 percent on the rest of the income distribution raises revenues by 1 percent of GDP, while leaving the majority of taxpayers unaffected. The taxation of the self-employed and microenterprises should be strengthened to close revenue leakages and safeguard the integrity of the tax system. Freelancers are recommended to pay social security contributions on their total net income, possibly up to a cap.
Keywords:
personal income taxation; request of Ministry of Finance; PIT rate; PIT exemption; revenue ratio; reform scenario; Personal income tax; Tax allowances; Marginal effective tax rate; Income; Income tax systems; Eastern Europe; Global; discussions with the Ministry of Finance
Cover IMF Staff Country Reports
Peru: Technical Assistance Report-Tax Regime for Small Taxpayers and Special Economic Zones
International Monetary Fund. Fiscal Affairs Dept.
The topics discussed in this report are tax regimes for small taxpayers (Chapter II) and the tax treatment of special economic zones (Chapter III). Although these aspects of the tax system have little direct effect on public finances, they affect many people and how those people make decisions or impact the positioning of certain regions relative to the rest of the country. Both are of social and political scope that is disproportionate to their magnitude of tax revenue collection, which is why their design must remain focused in its most strategic sense.
Keywords:
authorities of Peru; profit sharing; SME regime; E. SEZ; SEZ tax expenditure; Income tax systems; Income and capital gains taxes; Income; Tax collection; Real exchange rates; Caribbean; South America; Central America; Global
Cover IMF Staff Country Reports
Republic of Armenia: Technical Assistance Report on Personal Income Tax: Policy Review and Introduction of a Universal Declaration
International Monetary Fund. Fiscal Affairs Dept.
This report reviews the Personal Income Tax in Republic of Armenia and identifies policy and administration options to support the introduction of a Universal PIT Declaration, as well as enhance the PIT’s revenue mobilization and equity. We discuss improvements of the PIT’s tax incentives, with a focus on the mortgage interest tax credit, and opportunities to make the PIT more progressive while preserving its revenue mobilization performance. Best practice administrative solutions are presented to facilitate the introduction of the Universal Declaration, including prefilling of information and organizational issues.
Keywords:
Personal income tax universal income declaration tax incentives; mortgage interest tax credit; microenterprise regime; IMF Fiscal Affairs Department; taxpayer register; authorities of the Republic of Armenia; Tax allowances; Personal income tax; Income; Mortgages; Interest tax; Central Asia
Cover Finance & Development
Inflation and personal income tax: How desirable are schemes for automatically adjusting taxation to inflation?
Amalio Humberto Petrei

Inflation threatens to become a permanent fact in many economies. One result is that distortions arise in personal income tax systems. The author considers the desirability of schemes for automatically adjusting taxation to inflation.

Keywords:
FD; F&D; IDA lending; firm; income; adjustment scheme; rising prices; inflation adjustment mechanism; price inflation; business income; Personal income; Inflation; Income tax systems; Income and capital gains taxes; Tax incidence
Cover IMF Staff Papers
Inflation and the Incidence of Income Taxes on Interest Income: Some Results for the United States, 1972-74
Mr. Vito Tanzi

Inflation affects individuals and income classes in many ways—as consumers, taxpayers, wage earners, savers, asset holders, lenders, borrowers, and so forth. Because of this multiplicity of influences, it is difficult, and perhaps impossible, to assess the total economic impact of inflation. For this reason, empirical studies have limited themselves to analyzing the impact of inflation on individuals or income classes in their roles as consumers, savers, or wage earners. This partial approach does not answer the question of whether the total impact of inflation is or is not beneficial to individuals in particular income classes, but it does provide interesting information that can be useful for policy purposes. This paper will follow this partial approach and analyze the impact of inflation on individuals in connection with the tax treatment of interest paid or received in the United States.

Keywords:
SP; income; nominal rate; net position; income level; net borrower; positions of the income; Personal income; Inflation; Income tax systems; Average effective tax rate; Interest tax