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Business and Economics > Corporate Taxation

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Cover IMF Staff Country Reports
Republic of Moldova: Selected Issues
International Monetary Fund
The first section of this paper is an attempt to examine the interest rate channel of monetary policy transmission in Moldova and to estimate the strength and the speed of the interest rate pass-through. The next section provides a background on Moldovan financial markets, liquidity conditions, and the current framework of monetary policy. The following section sets out the formal model used to estimate the strength and the speed of the pass-through, and the last session discusses results.
Keywords:
ISCR; CR; CIT rate; rate; wine; wage; wine export; wage growth; tariff system; wage indexation; Corporate income tax; Labor markets; Real wages; Exports; Eastern Europe; Western Europe; Europe; North Africa; Central and Eastern Europe
Cover IMF Staff Country Reports
Bolivia: Selected Issues
International Monetary Fund
This Selected Issues paper on Bolivia reports that it has experienced major increases in its gas reserves, production, and exports. Not only have their levels increased significantly, but also there have been extensive regulatory changes, which range from the privatization of the mid-1990s to the increase in the government’s tax take from the hydrocarbons industry. The government has reached new agreements with foreign oil companies that will allow foreign companies to continue recovering part of their old investments.
Keywords:
ISCR; CR; Bolivia; taxpayer; U.S. dollar; Nonhydrocarbons GDP; appreciation pressure; crawling peg; inflation-indexed bond; market paper; Real exchange rates; Value-added tax; Natural gas sector; Corporate income tax; South America; Global
Cover IMF Working Papers
A Primeron Mineral Taxation
Mr. Thomas Baunsgaard
The paper discusses options available to tax mineral extraction projects particularly in developing countries. A desirable government share of the economic rent generated from mineral extraction can be achieved through different tax and non-tax instruments. This gives some room to design a fiscal regime that will be attractive to investors while providing the government with a fair share of the economic rent. However, achieving this will require a careful assessment of the appropriate distribution of risk and reward between the investor and the government. Moreover, there is growing pressure on countries to provide increasingly lenient fiscal terms so as to remain competitive as global investment destinations.
Keywords:
WP; economic rent; tax system; supply price; transfer pricing; cash flow; tax liability; Taxation; mineral tax; mining and petroleum; mineral extraction; developing countries; import duty; progressive tax; opportunity cost; Resource rent tax; Non-renewable resources; Production sharing; Income and capital gains taxes; Corporate income tax; Middle East
Cover IMF Working Papers
Rethinking Subnational Taxes: A New Look At Tax Assignment
Mr. Richard Miller Bird
The assignment of revenues in most developing and transitional countries to the central government has arguably facilitated irresponsible behavior by some subnational governments. One way to relieve this problem is to strengthen subnational tax regimes. The paper proposes two approaches to accomplish such strengthening in developing countries. The first—most applicable to large countries with important regional governments—is to establish subnational value-added taxes (VATs); the second is to replace the various unsatisfactory state and local taxes imposed on business by a low-rate value-added tax levied on the basis of income (production, origin) rather than consumption (destination).
Keywords:
WP; tax assignment; central government; developing country; provincial sales tax; tax administration; Subnational taxes; Local business taxes; Regional governments; local government; state ICMS; government needs; beggar-my-neighbor tax competition; national government; state VAT; multitiered government; importing state; destination state; Subnational tax; Value-added tax; Revenue assignments; Expenditure assignments; Corporate income tax; Africa; Global
Cover IMF Working Papers
Taxation in Latin America: Structural Trends and Impact of Administration
Mr. Parthasarathi Shome
From the mid-1980s to early 1990s, Latin American tax policy provided rich lessons for other reforming countries. Meaningful innovations led also to perceptible revenue gains. Later in the 1990s, tax policies began to drift. Shining examples of fundamental reform seemed to lose their luster. Revenue in terms of GDP also stagnated, partly reflecting over-reliance on consumption taxes and neglect of taxable capacity on incomes. The stagnation has been exacerbated by excessively simplified administrative practices. Based on these developments and on the limited taxability of internationally mobile capital, the paper anticipates a likely tax structure for the new century.
Keywords:
WP; tax administration; tax structure; personal income; tax administrator; tax reform; Latin America; taxation trends; tax policy; revenue enhancement; reform effort; tax design; personal income tax; tax statute; tax concession; environment tax; tax export; tax administration improvement; tax administration activity; Income tax systems; Income and capital gains taxes; Tax administration core functions; Personal income tax; Corporate income tax; Global; South America; North America; Central America
Cover IMF Working Papers
Trends and Future Directions in Tax Policy Reform: A Latin American Perspective
Mr. Parthasarathi Shome
Tax reform in Latin America during the 1980s emphasized broad-based, low-rate consumption taxes over steeply progressive income and property taxes, primarily to simplify the tax structure and facilitate tax administration. While tax reform need not necessarily raise tax-to-GDP ratios, countries that undertook tax reform experienced a higher revenue gain in terms of GDP relative to those that did not. Tax reform issues during the 1990s will include a minimum income tax, alternative corporate taxes (cash flow tax, assets tax), capturing difficult tax bases (financial intermediation, property), environment taxes, extending withholding as a taxing mechanism, and tax harmonization.
Keywords:
WP; property tax; personal income; tax rate; double taxation; import duty; progressive tax; cash flow; VAT revenue base; income tax tax revenue; revenue dependence; rates pari passu; uniform VAT rate; flat rate; personal income income tax; Corporate income tax; Income tax systems; Income and capital gains taxes; Personal income tax; Value-added tax; Global; North America
Cover IMF Working Papers
Tax Policy and Reform for Foreign Direct Investment in Developing Countries
International Monetary Fund
This paper identifies tax factors in 21 developing countries that have an impact on foreign direct investment flows. It categorizes those factors into issues associated with tax coordination; tax rates and rate structures; and composition of the tax base. Recent actions by countries reveal no clear pattern in their attempts to increase tax coordination, while many have reduced corporate tax rates and stream-lined tax incentives. However, broad-based tax reform is lacking in most, leaving room for further possibilities in tax reform for attracting foreign investment. The paper also addresses nontax factors that can be instrumental in attracting foreign investment.
Keywords:
WP; tax rate; withholding tax; rate of return; wealth tax; capital gains tax; tax liability; fiscal drag; accelerated depreciation; physical capital; cash flow; taxable income; historical cost; Corporate income tax; Foreign direct investment; Corporate taxes; Income tax systems; Income and capital gains taxes; Western Europe