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Business and Economics > Corporate Taxation

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Cover Policy Papers
International Corporate Tax Reform
International Monetary Fund. Fiscal Affairs Dept.
and
International Monetary Fund. Legal Dept.
To relieve the pressure on the outdated international corporate tax system, an ambitious reform was agreed at the Inclusive Framework (IF) on Base Erosion and Profit Shifting in 2021, with now 138 jurisdictions joining. It complements previous efforts to mitigate profit shifting by addressing the challenges of the digitalization of the economy through a new allocation of taxing rights to market economies (Pillar 1) and tax competition through a global minimum corporate tax (Pillar 2). This paper concludes that the agreement makes the international tax system more robust to tax spillovers, better equipped to address digitalization, and modestly raises global tax revenues.
Keywords:
Tax Policy; allocation rule; IMF capacity development; tax competition; G. revenue mobilization agenda; A. reform direction; International tax issues; Corporate income tax; Double taxation; Tax incentives; Global
Cover Policy Papers
Fiscalité des entreprises dans l'économie mondiale
International Monetary Fund. Fiscal Affairs Dept.
and
International Monetary Fund. Legal Dept.
Le document Fiscalité des entreprises dans l'économie mondiale insiste sur la nécessité de préserver et de mettre à profit les progrès de la coopération fiscale internationale accomplis ces dernières années qui, sur certains points, sont actuellement menacés. Le document accorde une attention particulière à la situation des pays en développement, et examine plusieurs options envisagées pour que les pays, en particulier les pays à faible revenu, puissent continuer de recouvrer des impôts sur les bénéfices tirés d'activités multinationales.
Keywords:
PP; OECD BEPS project; tax; director; IMF executive board review; tax competition
Cover Policy Papers
Tributación internacional de empresas
International Monetary Fund. Fiscal Affairs Dept.
and
International Monetary Fund. Legal Dept.
El documento «Tributación internacional de empresas» resalta la necesidad de mantener y promover los avances logrados en los últimos años en el terreno de la cooperación internacional sobre cuestiones tributarias, que en algunos sentidos parecen estar ahora sujetos a tensiones. Prestando especial atención a las circunstancias de los países en desarrollo, enumera y analiza distintas opciones en estudio para el sistema de tributación internacional que buscan asegurar que los países —sobre todo los de bajos ingresos— puedan continuar recaudando impuestos sobre las actividades multinacionales de las empresas.
Keywords:
PP; OECD BEPS project; tax; director; IMF executive board review; tax competition
Cover Policy Papers
Corporate Taxation in the Global Economy
International Monetary Fund. Fiscal Affairs Dept.
and
International Monetary Fund. Legal Dept.
The policy paper Corporate Taxation in the Global Economy stresses the need to maintain and build on the progress in international cooperation on tax matters that has been achieved in recent years, and in some respects now appears under stress. With special attention to the circumstances of developing countries, the paper identifies and discusses various options currently under discussion for the international tax system to ensure that countries, and in particular low-income countries, can continue to collect corporate tax revenues from multinational activities.
Keywords:
PP; OECD BEPS project; tax; director; IMF executive board review; tax competition
Cover Policy Papers
Tax Policy, Leverage and Macroeconomic Stability
International Monetary Fund
Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. ‘Debt bias’ (tax provisions favoring finance by debt rather than equity) has increased leverage in both the household and corporate sectors, and is now widely recognized as a significant macroeconomic concern. This paper presents new evidence of the extent of debt bias, including estimates for banks and non-bank financial institutions both before and after the global financial crisis. It presents policy options to alleviate debt bias, and assesses their effectiveness. The paper finds that thin capitalization rules restricting interest deductibility have only partially been able to address debt bias, but that an allowance for corporate equity has generally proved effective. The paper concludes that debt bias should feature prominently in countries’ tax reform plans in the coming years.
Keywords:
PP; debt shifting; asset ratio; cost of capital; cash flow; debt vulnerability; interest deductibility; debt bias; income tax; double taxation; banking sector; Debt bias; Allowance for corporate equity; Housing prices; Corporate income tax; Stocks; Europe; Global; ACE duplication; house-price volatility; ACE system; Personal income tax
Cover Policy Papers
Spillovers in International Corporate Taxation
International Monetary Fund
This paper explores the nature, significance and policy implications of spillovers in international corporate taxation—the effects of one country’s rules and practices on others. It complements current initiatives focused on tax avoidance by multinationals, notably the G20-OECD project on Base Erosion and Profit shifting (BEPS). The paper draws on the IMF’s experience on international tax issues with its wide membership, including through technical assistance (TA), and on its previous analytical work, to analyze spillovers and how they might be addressed. In doing so, it goes beyond current initiatives to look at a wide set of possible responses.
Keywords:
PP; double taxation; residence country; tax system; single tax; taxable income; transfer pricing; withholding tax; income tax; cost of capital; companies resident; capital gain; Intra-company debt shifting; Corporate income tax; Corporate taxes; Spillovers; Personal income; Transfer pricing; Global
Cover Policy Papers
Issues in International Taxation and the Role of the IMF
International Monetary Fund
In the discussion of the Board work program on June 3, 2013, it was urged that the Fund be more present in current discussions of international tax issues. This note reviews key issues and initiatives in this area, and sets out a work plan that is focused on the Fund‘s mandate and macroeconomic expertise and that complements the work of other institutions, notably the OECD.
Keywords:
PP; tax; country; multinational; tax competition; regime; transfer pricing; tax authorities; tax evasion; economic activity; tax system; TA program; Corporate income tax; International tax issues; Worldwide taxation; Tax evasion; Global
Cover Policy Papers
Fiscal Regimes for Extractive Industries—Design and Implementation
International Monetary Fund
Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación
Keywords:
PP; government share; host government; tax rate; cash flow; Long-Term Bond Rate; Minimizes government risk; tax authorities; rate of return; income tax; State equity; Oil; Corporate income tax; Mining sector; Resource rent tax; Production sharing; Sub-Saharan Africa
Cover Policy Papers
Debt Bias and Other Distortions: Crisis-Related Issues in Tax Policy
International Monetary Fund
Tax distortions are likely to have encouraged excessive leveraging and other financial market problems evident in the crisis. These effects have been little explored, but are potentially macro-relevant. Taxation can result, for example, in a net subsidy to borrowing of hundreds of basis points, raising debt-equity ratios and vulnerabilities from capital inflows. This paper reviews key channels by which tax distortions can significantly affect financial markets, drawing implications for tax design once the crisis has passed.
Keywords:
PP; financial asset; tax liability; income tax; cash flow; tax rate; stamp duty; property tax; retained earnings; Corporate income tax; Housing prices; Housing; Debt bias; Income tax systems