Search Results

You are looking at 1 - 10 of 127 items for :

  • "law framework" x
Clear All
Mr. Christophe J Waerzeggers, Mr. Cory Hillier, and Mr. Irving Aw

complex. Failure to address the core structural weaknesses in the system has intensified the debate surrounding the fair allocation of taxing rights, particularly over lightly taxed residual profits—amplifying the need for fundamental reform. This chapter is structured as follows: The following section summarizes the current state of the international tax law framework, and the gaps and mismatches in that framework that have been exploited. The third section identifies the weaknesses and deficiencies in the current international tax system that remain in the aftermath

Wouter Bossu, Mr. Cory Hillier, and Mr. Wolfgang Bergthaler
Recent financial crises including the ongoing one caused by the COVID-19 pandemic have consistently drawn attention to the need to strengthen the quality of public debt management in emerging markets and developing countries. Deeper and more efficient domestic government debt markets—being, a key segment of the LCBM for many emerging markets and developing economies—play a key role in reducing financial vulnerability to shocks and enable governments to finance critical economic and fiscal policy measures in response to them. Policymakers and international organizations have long recognized that developing and strengthening LCBMs is a key policy prescription to sound public debt management. Robust legal and regulatory frameworks are recognized as being critical building blocks for the structure, development and functioning of LCBMs. This Working Paper seeks to outline a strategically anchored methodology that can be applied to design, build and implement the legal and tax foundations for the development of LCBMs that would adequately address common challenges and impediments.
Mr. Christophe J Waerzeggers, Mr. Cory Hillier, and Mr. Irving Aw
Nearly all tax systems have some form of interest and tax penalty regimes. Interest payable on any late or underpayment of tax seeks to protect the present value of the tax amount to the government budget, whereas penalties are intended to deter taxpayers from defaulting on their tax obligations—and to punish them if they do—to achieve horizontal equity vis-à-vis compliant taxpayers. As interest and penalties serve very different objectives, they should not be applied in a mutually exclusive manner. This Tax Law IMF Technical Note focuses on the key issues that should be taken into consideration in designing interest and penalty regimes in tax legislations.