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Business and Economics > Public Finance

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Tax Law Technical Note x
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Cover Tax Law Technical Note
Designing Interest and Tax Penalty Regimes
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.
Keywords:
TLT; tax authority; penalty regime; tax authorities; law framework; RegimesDesigning interest; tax administration; ability to pay; tax official; taxpayer compliance; incentive regime; tax authority exercise; Tax administration core functions; Interest payments; Legal support in revenue administration; Tax law; Interest tax; Africa
Cover Tax Law Technical Note
Introducing an Advance Tax Ruling (ATR) Regime
Mr. Christophe J Waerzeggers
and
Mr. Cory Hillier
Advance tax rulings are a common feature of mature tax systems. The tax systems of the United States, the United Kingdom, the Netherlands, Germany, Australia, and South Africa all have established ruling practices. Taxpayers can obtain an advance tax ruling in nearly all OECD member countries. Increasingly, many non-OECD countries are also offering advance tax rulings. An advance tax ruling regime seeks to promote clarity and consistency regarding the application of the tax law for both taxpayers and the tax authority. However, there are also inherent risks associated with the proliferation of granting confidential advance tax rulings which are not published or otherwise reported. This Tax Law IMF Technical Note focuses on designing an advance tax ruling regime in the nature of private tax rulings.
Keywords:
TLT; ruling; tax ruling; tax; authority; taxpayer; advance; tax authority; rulings system; ruling application; ruling regime; advance ruling; ruling procedure; Tax law; Legal support in revenue administration; Tax administration core functions; Africa