Narrow Your Choices

Refine By Countries

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Business and Economics > Public Finance

You are looking at 1 - 10 of 38 items for :

  • Type: Journal Issue x
  • Corporate Finance and Governance: General x
Clear All Modify Search
Cover VITARA Reference Guide
VITARA Reference Guide
The Audit Program
Inter-American Center of Tax Administrations
,
International Monetary Fund
,
Intra-European Organisation of Tax Administrations
, and
Organisation for Economic Co-operation and Development

Abstract

This VITARA Reference Guide provides a solid understanding of audit as a key tool available to a tax administration to promote and enforce compliance. The guide explains international good practices in designing and managing an effective audit program including the necessary legal powers, audit-related organization, and governance arrangements as well as the staff expertise and resources needed for audit and auditor performance evaluation. It focuses on practical issues such as how audit cases are selected, the different types and scope of audit, and audit methods that are available to staff. It also discusses the concepts of audit integrity, audit quality assurance, and the Random Audit Program as well as electronic audit tools and how they can be used in conducting audits. A potential annual operational performance dashboard that can be implemented to allow program monitoring throughout the fiscal year is also included. Finally, the guide highlights the key components of an audit process.

Keywords:
Audit; audit program; compliance; compliance risk management; revenue; revenue mobilization; tax; tax administration; revenue administration; asset betterment method; audit case selection; cash expenditure; percentage markup; audit manager; Auditing; Tax administration core functions; Tax audits; Audit standards and procedures; Tax gap; Global
Cover Selected Issues Papers
State-Owned Enterprises in Mozambique: Current Situation and Policy Options
Can Sever
and
Santos Bila
This paper documents the role of state-owned enterprises (SOEs) in Mozambique, discusses some important fiscal issues, and makes the case for improvements in governance and transparency. A first step is to enhance timely and regular collection of data that is easily accessible to better assess the performance of SOEs and raise awareness about associated fiscal costs and risks.
Keywords:
State-owned enterprises; governance; transparency; policy option; state-owned enterprises in Mozambique; role of state-owned enterprises; procurement policy; SOE sector; Public enterprises; Fiscal risks; Arrears; Sub-Saharan Africa
Cover Technical Notes and Manuals
Corporate Income Tax Gap Estimation by using Bottom-Up Techniques in Selected Countries: Revenue Administration Gap Analysis Program
Patricio A Barra
,
Mr. Eric Hutton
, and
Polina Prokof'yeva
This technical note describes bottom-up CIT gap estimation techniques applied by revenue administrations in the following highly experienced countries in this approach: Australia, Brazil, Canada, Denmark, Sweden, the United Kingdom, and the United States. The main topics included in the descriptions are techniques applied, CIT gap results, advantages and disadvantages of different available options, and future developments and recommendations for any revenue administration interested in starting bottom-up CIT gap estimation programs having no prior experience.
Keywords:
Tax Administration; Tax Compliance; Corporate Income Tax; Tax Gap; Tax Evasion; Random Audit Program; Risk-Based Audits; bottom-up technique; CIT gap; gap definition; Ra-GAP team; members of the Revenue Administration Gap Analysis Program; Auditing; Revenue Administration Gap Analysis Program (RA-GAP); Small and medium enterprises
Cover IMF Working Papers
The Return of Expansionary Austerity: Firms’ Investment Response to Fiscal Adjustments in Emerging Markets
Mr. Nicolas E Magud
and
Samuel Pienknagura
We study the response of corporate investment in Emerging Markets to unexpected fiscal shocks. We find that, although firm-level investment decreases on impact following unexpected public expenditure adjustments (classical Keynesian multiplier effect), it quickly rises above pre-shock levels. The rebound in investment is facilitated by fiscal space, flexible exchange rates, and more predictable fiscal policy. We also show that the composition of fiscal adjustments matters for investment’s response—compared to public investment adjustments, reductions in public consumption lead to larger private investment contractions on impact, but drive private investment to above pre-shock levels. Finally, we exploit firm-level heterogeneity in several dimensions, including to show that corporate investment’s recovery is stronger in firms in the tradable sector and in larger and less indebted firms, and to show that the long-run benefits to economic activity of the fiscal shock appear to outweigh its short-run costs.
Keywords:
Fiscal shocks; adjustment; corporate investment; emerging markets; firms' investment response; rebound in investment; government expenditure Forecast Error; firm level; sales growth; Fiscal consolidation; Corporate investment; Capital adequacy requirements; Middle East and Central Asia; Europe; Africa; Global; Asia and Pacific
Cover Technical Notes and Manuals
Compliance Risk Management: Developing Compliance Improvement Plans
Mr. John D Brondolo
,
Annette Chooi
,
Trevor Schloss
, and
Anthony Siouclis
All tax administrations seek to maximize the overall level of compliance with tax laws. Compliance improvement plans (CIPs) are a valuable tool for increasing taxpayers’ compliance and boosting tax revenue. This note is intended to help tax administrations develop a CIP, by providing guidance on the following issues: (1) how to identify and rate compliance risks; (2) how to treat risks to achieve the best possible outcome; and (3) how to measure the impacts that treatments have had on compliance outcomes.
Keywords:
Taxes; tax compliance; revenue; revenue administration; risk management; risk rating; risk treatment template; compliance risk-management framework; medium-sized business; value-added tax obligation; FAD Technical Notes; Tax administration core functions; Compliance risk management; Compliance improvement plans; Interest rate parity; Tax return filing compliance; Africa; Global
Cover IMF Working Papers
A Balance-Sheet Analysis of the Dutch Economy
Ms. Ruo Chen
The Dutch economy is characterized by substantial financial balance sheets in the private sector. Uncommonly large gross financial assets and liabilities are found in the financial sector, whereas households own significant net financial wealth. The large gross financial assets and liabilities reflect a dominant role of multinational corporations (MNCs). Despite their size, these financial positions have not brought significant financial stability risks to the country. On the other hand, Dutch households’ long balance sheets have been associated with depressed consumption and volatile real estate investment, which has probably exacerbated the cyclicality of the economy. The expected reform of the pension system is likely to change the way household balance sheets interact with private consumption.
Keywords:
balance sheet; financial accounts; multinational corporation; household; pension; net financial assets; gross financial assets; corporation leverage; way household balance sheets interact; cyclicality of the economy; Financial statements; Financial sector; Household consumption; Pension spending; Pensions; Global
Cover Departmental Papers
Taxing Multinationals in Europe
Ernesto Crivelli
,
Ruud A. de Mooij
,
J. E. J. De Vrijer
,
Mr. Shafik Hebous
, and
Mr. Alexander D Klemm
This paper aims to contribute to the European policy debate on corporate income tax reform in three ways. First, it takes a step back to review the performance of the CIT in Europe over the past several decades and the important role played by MNEs in European economies. Second, it analyses corporate tax spillovers in Europe with a focus on the channels and magnitudes of both profit shifting and CIT competition. Third, the paper examines the progress made in European CIT coordination and discusses reforms to strengthen the harmonization of corporate tax policies, in order to effectively reduce both tax competition and profit shifting.
Keywords:
Europe; International taxation; Corporate taxation; Multinational corporations; Corporate profits; Tax competition; MNE profits; revenue effect; EU code of conduct; effects of the CCCTB reform; profit shifting; Corporate income tax; Corporate taxes; Competition; Formula apportionment; Global
Cover IMF Working Papers
The Fiscal Multiplier of Public Investment: The Role of Corporate Balance Sheet
Mr. Raphael A Espinoza
,
Juliana Gamboa-Arbelaez
, and
Mouhamadou Sy
This paper explores whether public investment crowds out or crowds in private investment. To this aim, we build a database of about half a million firms from 49 countries. We find that the effect of public investment on corporate investment depends both on leverage and financial constraints. Public investment boosts private investment for firms with low leverage. However, for firms with high leverage, private investment does not react to an increase in public investment, in line with theory (Myers 1977). We also find that the effect of public investment on corporate investment is much weaker for firms that are financially constrained.
Keywords:
WP; net investment rate; balance sheet condition; constraint firm; firm level; company observation; investment shock; Public investment spending; Public investment and public-private partnerships (PPP); Private investment; Financial statements; Corporate investment; Global; Public investment; fiscal multipliers; crowding in; crowding out; corporate balance sheet
Cover IMF Working Papers
Banks’ Holdings of Government Securities and Credit to the Private Sector in Emerging Market and Developing Economies
Romain Bouis
This paper studies the relationship between banks’ holdings of domestic sovereign securities and credit growth to the private sector in emerging market and developing economies. Higher banks’ holdings of government debt are associated with a lower credit growth to the private sector and with a higher return on assets of the banking sector. Analysis suggests that the negative relationship between banks’ claims on the government and private sector credit growth mainly reflects a portfolio rebalancing of banks towards safer, more liquid public assets in stress times and provides only limited evidence of a crowding-out effect due to financial repression.
Keywords:
WP; return on assets; banks' claim; Sovereign debt; credit growth; bank profitability; nonperforming loans; portfolio rebalancing; financial repression; crowding-out; banks' holding; growth in EMDEs; crowding-out effect; private sector lending; growth to the private sector; credit growth to the private sector; government security holding; Credit; Government securities; Commercial banks; Bank soundness; Sub-Saharan Africa
Cover IMF Working Papers
Effectiveness of Fiscal Incentives for R&D: Quasi-Experimental Evidence
Irem Guceri
and
Ms. Li Liu
With growing academic and policy interest in research and development (R&D) tax incentives, the question about their effectiveness has become ever more relevant. In the absence of an exogenous policy reform, the simultaneous determination of companies’ tax positions and their R&D spending causes an identification problem in evaluating tax incentives. To overcome this identification challenge, we exploit a U.K. policy reform and use the population of corporation tax records that provide precise information on the amount of firm-level R&D expenditure. Using difference-in-differences and other panel regression approaches, we find a positive and significant impact of tax incentives on R&D spending, and an implied user cost elasticity estimate of around -1.6. This translates to more than a pound in additional private R&D for each pound foregone in corporation tax revenue.
Keywords:
WP; growth rate; tax credit; deduction rate; cost of capital; Tax incentives; corporation tax returns; quasi-experiment; company scheme; optimization problem; a number of company; representative company; user cost; size proxy; investment decision; Tax allowances; Small and medium enterprises; Marginal effective tax rate; Global