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Business and Economics > Corporate Taxation

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Cover IMF Working Papers
Cross-Country Evidence on the Revenue Impact of Tax Reforms
Mr. David Amaglobeli
,
Mr. Valerio Crispolti
, and
Xuguang Simon Sheng
Many countries face the challenge of raising additional tax revenues without hurting economic growth. Comprehensive, cross-country information on the revenue impact of tax policy changes can thus support informed decision-making on viable reforms. We assess the likely revenue impact of various tax policy changes based on a sample of 21 advanced and emerging market economies, using granular information from the IMF Tax Policy Reform Database v.4.0. Our findings suggest that the revenue yield of a tax policy change varies significantly depending on the tax instrument adopted (e.g., VAT or personal income tax) and the nature of the change (i.e., rate, base). For example, in our sample, base-broadening changes to personal and corporate income taxes as well as to excise and property taxes have generally a more significant and long-lasting revenue yields than rate changes. By contrast, rate changes appear to have a relatively more significant revenue impact in the case of VAT and social security contributions. We also observe an asymmetry in the revenue impact of most tax policy measures when controlling for the direction of tax changes (i.e., its significance varies depending on whether taxes are increased or decreased). While our results are based on qualitative information of tax policy changes (i.e., dummy variables), the revenue yields of rate measures are not materially different from those that would be obtained using quantitative information on the size of the change.
Keywords:
corporate income tax; personal income tax; value added taxes; social security contributions; excise; property taxes; tax reforms; revenue yield; revenue impact; Tax-to-GDP ratio; rate change; SSC rate hike; Tax collection; Value-added tax
Cover IMF Staff Country Reports
Guinea: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
B. mining revenue; revenue management; tax exemption; A. mining revenue; company Cost Structure; Mining sector; Oil; gas and mining taxes; Corporate income tax; Transfer pricing; Natural resources; Asia and Pacific; Global
Cover Departmental Papers
Digitalization and Taxation in Asia
Ms. Era Dabla-Norris
,
Ruud de Mooij
,
Andrew Hodge
,
Jan Loeprick
,
Dinar Prihardini
,
Ms. Alpa Shah
,
Sebastian Beer
,
Sonja Davidovic
,
Arbind M Modi
, and
Fan Qi
Digitalization in Asia is pervasive, unique, and growing. It stands out by its sheer scale, with internet users far exceeding numbers in other regions. This facilitates e-commerce in markets that are large by international standards, supported by innovative payment systems and featuring major corporate players, including a number of large, home-grown, highly digitalized businesses (tech giants) that rival US multinational enterprises (MNEs) in size. Opportunity for future growth exists, as a significant population share remains unconnected.
Keywords:
reform option; tech giant; tax design; reform proposal; OECD-Inclusive Framework; Value-added tax; Corporate income tax; Income and capital gains taxes; Digitalization; Asia and Pacific; Global
Cover IMF Staff Country Reports
Guinea: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
B. mining revenue; revenue management; tax exemption; A. mining revenue; company Cost Structure; Mining sector; Oil; gas and mining taxes; Corporate income tax; Transfer pricing; Natural resources; Asia and Pacific; Global
Cover IMF Staff Country Reports
Germany: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper explores wealth inequality and private savings in Germany. Trends in increasing corporate profits and gross savings have widened top income inequality, as corporations are typically owned by households in the top of the wealth distribution. The impact on income inequality is more pronounced in countries where the rise in profitability was a result of lower wage growth and labor income shares to start with, as was the case in Germany. The evidence strongly suggests this is not the case and underscores the important role of German business wealth concentration in this context. As high corporate savings and underlying profits largely reflect capital income accruing to wealthy households and increasingly retained in closely-held firms, the build-up of external imbalance has been accompanied by widening top income inequality, rising private savings and compressed consumption rates. The concentration of privately held and publicly listed firm ownership in the hands of industrial dynasties and institutional investors is especially prevalent in Germany, possibly reflecting distortions in firm entry, financing conditions and tax incentives.
Keywords:
ISCR; CR; net; wealth inequality; accelerated depreciation; inequality loop; social security contribution rate; saving rate; labor tax wedge; Income inequality; Income; Corporate income tax; Income distribution; Private savings; Global; Europe; Eastern Europe
Cover IMF Staff Country Reports
Canada: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
Selected Issues
Keywords:
ISCR; CR; productivity growth; addressing housing supply constraint; housing affordability; LTV policy; LTV limit; rental housing; policy instrument; tax rate; Corporate income tax; Housing; Productivity; Labor productivity; Housing prices; Global; North America
Cover IMF Staff Country Reports
United States: 2018 Article IV Consultation – Press Release; Staff Report and Statement by the Executive Director for United States
International Monetary Fund. Western Hemisphere Dept.
Unemployment is low, inflation is well contained, and growth is set to accelerate. During the course of this administration, the economy is expected to enter the longest expansion in recorded U.S. history.
Keywords:
ISCR; CR; rate; Q1; pro-growth economic policy agenda; economy; potential GDP; Q4; liability positions vis-à-vis nonresident; IMF staff estimate; Core CPI inflation; Inflation; Administration in revenue administration; Income; Personal income; Global
Cover IMF Working Papers
Tax Policy Measures in Advanced and Emerging Economies: A Novel Database
Mr. David Amaglobeli
,
Mr. Valerio Crispolti
,
Ms. Era Dabla-Norris
,
Pooja Karnane
, and
Florian Misch
This paper describes a new, comprehensive database of tax policy measures in 23 advanced and emerging market economies over the last four decades. We extract this information from more than 900 OECD Economic Surveys and 37,000 tax-related news from the International Bureau of Fiscal Documentation using text-mining techniques. The innovation of this dataset lies in its granularity: changes in the rates and bases of personal and corporate income taxes, value added and sale taxes, social security contributions, excise, and property taxes are systematically documented. In addition, the database provides information on the announcement and implementation dates, whether the measures represent major changes, are part of a broader tax package, and phased in over several years. The paper also presents a range of stylized facts suggesting that information from this database is useful to deepen the analysis of tax policy changes for research and policy purposes.
Keywords:
WP; tax; VAT; CIT; PIT; tax measure; Tax Reforms; Text Mining; Tax Policy; Implementation Lags; Political Economy; tax package; reform package; major tax; rate change; VAT measure; Corporate income tax; Personal income tax; Tax type organization; Value-added tax; Social security contributions; Global
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 Fiscal Monitor, April 2016
Fiscal Monitor, April 2016
Acting Now, Acting Together
International Monetary Fund. Fiscal Affairs Dept.

Abstract

The global economy remains fragile at this time. While the recovery in advanced economies is softening, many emerging market and developing economies have experienced a significant economic slowdown, and some large countries show signs of distress. Global risk aversion has risen, and commodity prices have continued to fall since the April 2015 Fiscal Monitor. The weaker outlook and concerns about the ability of policymakers to provide an adequate and swift policy response have amplified downward risks and clouded global prospects. According to this issue of the Fiscal Monitor, the challenging environment calls for a comprehensive policy response to boost growth and reduce vulnerabilities. In particular, it is critical to identify policies that could lift productivity growth by promoting innovation. Fiscal policy can play an important role in stimulating innovation through its effects on research and development, entrepreneurship, and technology transfer.

Keywords:
FM; def; country abbreviation; statistics manual; commodity exporter; potential GDP; middle-income economy; Fiscal stance; Emerging and frontier financial markets; Macroeconomic and fiscal forecasts; Global; Africa; Middle East; North Africa; Europe; Tax incentives; Asia and Pacific; fiscal policy; tax treatment; imputed interest; rate of return; Fiscal risks