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Business and Economics > Public Finance

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Cover IMF Working Papers
Strengthening Tax Governance Through Legal Design
Lydia E Sofrona
,
Christophe J Waerzeggers
, and
Brendan Crowley
Well-functioning tax systems anchor their governance arrangements in law. This paper develops an analytical framework from which the core legal principles for sound tax governance can be derived to inform the design of countries’ legal frameworks for administration and tax procedure. It then applies this analytical framework to derive key legal features that should be embedded in laws for tax administration—including additional considerations for semi-autonomous revenue authorities— and tax procedure, to ensure a balance between tax administration powers and adequate taxpayer protections.
Keywords:
Tax governance; tax law; tax administration; tax procedure; legal design; A. tax Governance; governance arrangement; design consideration; taxpayer relationship; Tax administration core functions; Taxpayer charter; Semi-autonomous revenue bodies
Cover IMF How To Notes
How to Design and Implement Property Tax Reforms
Martin Grote
and
Jean-François Wen
Property taxes are often under-exploited sources of local public revenues. A broad-based tax, raised at modest rates, can potentially generate significantly higher revenues in many countries, and meet most of the costs of improved local public services. This note provides a practical guide to designing and implementing reforms to recurrent taxes on immoveable property and real estate transfer taxes. It addresses the fundamental policy choices regarding the property tax base and tax rate, and the key functions of the tax administration for managing collections – valuation, billing, and enforcement. The advice in the note stems from a review of the literature and insights gained from the experiences of the Fiscal Affairs Department in delivering capacity development on property taxes. It covers and updates some of the analytical work by Norregaard (2013) while providing granular advice on practical aspects of reforming property taxes. The note is motivated by the resource mobilization needs of developing countries, but the design considerations are also pertinent for advanced and emerging market economies seeking to increase the revenue productivity of property taxes.
Keywords:
property tax; recurrent tax; real estate; real property transfer tax; tax reform; implement property tax reform; property tax tax collection; revenue identity; property tax administration; property tax system; Tax administration core functions; Transaction tax; Estate tax; Africa
Cover IMF Working Papers
Cash Flow Analysis of Fiscal Regimes for Extractive Industries
Thomas Benninger
,
Dan Devlin
,
Eduardo Camero Godinez
, and
Nate Vernon
Mining and petroleum projects share characteristics distinguishing them from other sectors of the economy, which has led to the use of dedicated fiscal regimes for these projects. The IMF’s Fiscal Affairs Department uses fiscal modeling to evaluate extractive industry fiscal regimes for its member countries, and trains country officials on key modeling concepts. This paper outlines important preconditions needed for effective fiscal modeling, key evaluation metrics, and emphasizes the importance of transparent modeling practices. It then examines the modeling of commonly-used fiscal instruments and highligts where their economic impact differs, and how fiscal models can inform fiscal regime design.
Keywords:
Natural resource taxation; extractive industries; progressivity; economic rents; fiscal modeling; investment analysis; mining; petroleum.; D. resource rent tax; cash flow; petroleum project; regime design; Corporate income tax; Production sharing; Fiscal Analysis of Resource Industries (FARI); Oil; Carbon tax; Global
Cover Staff Discussion Notes
Building Tax Capacity in Developing Countries
Juan Carlos Benitez
,
Mario Mansour
,
Miguel Pecho
, and
Charles Vellutini
Tax capacity—the policy, institutional, and technical capabilities to collect tax revenue—is part of a deeper process of state building that is essential for achieving the sustainable development goals. This Staff Discussion Note shows that developing countries have made some progress in revenue mobilization during the past decades. However, much more is needed. We find that a staggering 9 percentage-point increase in the tax-to-GDP ratio is feasible through a combination of tax system reform and institutional capacity building. Achieving this calls for a holistic and institution-based approach that focuses on improving policy, administration and legal implementation of core taxes. The note offers practical lessons and guidance, based on IMF capacity building experience in this area.
Keywords:
Taxation; development; institutions; tax capacity; building tax analysis capacity; tax Effort estimate; tax potential; analysis capacity; VAT revenue; Tax administration core functions; Value-added tax; Property tax; Tax law; Global; Sub-Saharan Africa; Middle East and Central Asia; Western Hemisphere; Asia and Pacific
Cover Technical Notes and Manuals
Gender and Revenue Administration: Principles and Practices
Ms. Katherine Baer
,
Ms. Margaret Cotton
,
Elizabeth Gavin
,
Cindy Negus
, and
Katrina R Williams
This technical note provides an overview of current issues and ideas that revenue administrations can consider regarding gender equality. It discusses the interactions between revenue administrations and gender equality and explores how revenue administrations can administer gender-sensitive tax laws effectively and apply a gender lens when administering tax or trade laws with a view to reducing barriers for women’s employment, entrepreneurship, and trade. It also provides practical considerations for a revenue administration in building gender perspectives in reform plans and shares several examples that highlight targeted measures that have led to positive outcomes in several countries.
Keywords:
fiscal reform; gender equality; gender-sensitive tax laws; inclusive growth; revenue administration; revenue recovery; sustainable growth; gender lens; sex discrimination-law; administering tax; staff distribution; administration staff; Women; Gender inequality; Gender diversity; Sub-Saharan Africa
Cover IMF Working Papers
Local Currency Bond Markets Law Reform: A Methodology for Emerging Markets and Developing Economies
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.
Keywords:
local currency bond markets; development; financial stability; legal and tax frameworks; WP; repurchase agreement; dematerialized securities; securities lending; settlement system; commercial paper; capital markets; tax treatment; law framework; tax law framework; Securities; Legal support in revenue administration; Tax law; Bonds; Global
Cover IMF How To Notes
How to Establish a Tax Policy Unit
Martin Grote
How to Establish a Tax Policy Unit
Keywords:
FADHTN; HTN; tax policy unit; tax; administration; revenue
Cover IMF How To Notes
Création d’une unité de politique fiscale
Martin Grote
Création d’une unité de politique fiscale
Keywords:
FADHTN; HTN; tax policy unit; tax; administration; revenue
Cover IMF How To Notes
How to Establish a Tax Policy Unit
Martin Grote
How to Establish a Tax Policy Unit
Keywords:
FADHTN; HTN; tax policy unit; tax; administration; revenue
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