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Business and Economics > Corporate Taxation

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Cover IMF Working Papers
Tax Buoyancy in OECD Countries
Vincent Belinga
,
Ms. Dora Benedek
,
Ruud A. de Mooij
, and
Mr. John Norregaard
By how much will faster economic growth boost government revenue? This paper estimates short- and long-run tax buoyancy in OECD countries between 1965 and 2012. We find that, for aggregate tax revenues, short-run tax buoyancy does not significantly differ from one in the majority of countries; yet, it has increased since the late 1980s so that tax systems have generally become better automatic stabilizers. Long-run buoyancy exceeds one in about half of the OECD countries, implying that GDP growth has helped improve structural fiscal deficit ratios. Corporate taxes are by far the most buoyant, while excises and property taxes are the least buoyant. For personal income taxes and social contributions, short- and long-run buoyancies have declined since the late 1980s and have, on average, become lower than one.
Keywords:
WP; tax buoyancy; tax revenue; OECD revenue statistics; buoyancy estimate; OECD country; Automatic stabilizers; Error Correction Model; OECD; revenue performance; Personal income tax; Corporate income tax; Property tax; Value-added tax
Cover IMF Staff Country Reports
Republic of Lithuania: Selected Issues Paper
International Monetary Fund
This Selected Issues Paper quantifies the variability of tax elasticities in Lithuania using two alternative methods: rolling regressions and pooled mean group estimator. The analysis is motivated by the systematic variation of tax revenues observed over the economic cycle. Both methods confirm that tax elasticities moved with the cycle, which can be attributed to the procyclical tax compliance tendencies and structural composition effects across tax bases. The results of the study emphasize the importance of accounting for cyclical variation in tax elasticities when making short-term tax revenue projections.
Keywords:
ISCR; CR; crisis; GDP; Latvia; investment ratio; trading partner growth; revenue gap; employment participation ratio; FDI flow; Tax elasticity; Value-added tax; Personal income; Private consumption; Baltics; Eastern Europe; Asia and Pacific
Cover IMF Working Papers
Current and Proposed Non-Oil Tax System in Azerbaijan
International Monetary Fund
This paper analyzes developments in non-oil tax policy, administration, and revenues in Azerbaijan, and suggests measures for further improvement. The main finding is that Azerbaijan's non-oil tax revenues increased significantly as a share of non-oil GDP in the last five years, but remain below potential. The non-oil tax revenue shortfall is mainly due to widespread exemptions, but there is scope for strengthening tax and customs administration. In the short term, expanding the tax base and better tax and customs administration will yield more revenues. In the medium term, more far-reaching reforms including reducing some direct tax rates, should be considered. The overall reform package could be made broadly revenue neutral by improving taxpayers' compliance and reducing exemptions.
Keywords:
WP; VAT; income tax; revenue; tax rate; direct tax
Cover IMF Working Papers
The "Flat Tax(es)": Principles and Evidence
Mr. Ricardo Varsano
,
Kevin Kim
, and
Mr. Michael Keen
One of the most striking tax developments in recent years, and one that continues to attract considerable attention, is the adoption by several countries of a form of "flat tax." Discussion of these quite radical reforms has been marked, however, more by assertion and rhetoric than by analysis and evidence. This paper reviews experience with the flat tax, seeking to redress the balance. It stresses that the flat taxes that have been adopted differ fundamentally, and that empirical evidence on their effects is very limited. This precludes simple generalization, but several lessons emerge: there is no sign of Laffer-type behavioral responses generating revenue increases from the tax cut elements of these reforms; their impact on compliance is theoretically ambiguous, but there is evidence for Russia that compliance did improve; the distributional effects of the flat taxes are not unambiguously regressive, and in some cases they may have increased progressivity, including through the impact on compliance; adoption of the flat tax has not resolved common challenges in taxing capital income; and it may have strengthened, not weakened, the automatic stabilizers. Looking forward, the question is not so much whether more countries will adopt a flat tax as whether those that have will move away from it.
Keywords:
WP; flat tax reform; excise tax; indirect tax; proportional tax; tax revenue; Flat tax; tax reform; income tax; flat rate; taxable income; flat tax country; personal allowance; Personal income; Marginal effective tax rate; Personal income tax; Corporate income tax; Global; Eastern Europe; Baltics