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Business and Economics > Corporate Taxation

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Cover IMF Staff Country Reports
Bhutan: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper describes the current tax system in Bhutan and suggests options for tax policy reform. Though significant hydropower revenues are expected in the medium term as major projects come on-stream, reforms to the existing tax system in the interim will generate fiscal room and prevent recourse to domestic debt to finance development needs. Key reforms include reducing tax exemptions in the near term and introduction of value-added tax in the medium term. The paper also analyzes the adequacy of international reserves in Bhutan using a customized risk-weighted metric. The results indicate that Bhutan’s reserve levels are ample.
Keywords:
ISCR; CR; Bhutan; rupee; export; taxation; indirect tax; export basket; rupee reserve share; world export; generation capacity; overdraft facilities; export base; revenue collection; Consumption taxes; Exports; Debt service; Income and capital gains taxes; South Asia; Asia and Pacific
Cover Departmental Papers
The Caribbean: Enhancing Economic Integration
Mr. Sanjaya P Panth
,
Mr. Paul Cashin
, and
Mr. W. A Bauer
The Caribbean has made substantial progress in recent years in implementing economic reforms, both at the national and regional level. The Caribbean: Enhancing Economic Integration examines the product of the efforts made by Caribbean policymakers to strengthen regional cooperation and integration, which has yielded economic transformation and tighter integration with the global economy. This volume discusses regional financial integration as a means of deepening financial systems and raising regional growth; the relationship between tax incentives and investment, where harmonized regional action is important in seeking to overcome collective actions problems; and the consequences for the Caribbean of the erosion of trade preferences in key export markets. The book is based on empirical research carried out as part of the IMF's regional surveillance work in the Caribbean.
Keywords:
DPPP; DP; tax incentive; gross domestic product; income tax; country authorities; indirect tax; cost of capital; market price; free market; Agricultural commodities; Tax incentives; Foreign direct investment; Exports; Corporate income tax; Caribbean; Global; Central America; South America; West Africa; single market; tax rate; capital market
Cover IMF Staff Country Reports
Kingdom of the Netherlands: Netherlands: Selected Issues
International Monetary Fund
Overall competitiveness of the Dutch economy seems adequate, but domestically produced exports have lost market share recently. Over the past three decades, globalization has greatly influenced economies as countries have become more integrated. Empirical studies on business cycles synchronization and transmission of shocks among countries have provided conflicting results. In its descriptive part, this study concludes that Dutch export competitiveness is not a problem so far. This also finds that the Netherlands is relatively more exposed to supply-driven shocks while Germany is more exposed to demand-driven shocks.
Keywords:
ISCR; CR; export; Netherlands; SITC; Germany; CIT rate; rate-revenue puzzle; growth advantage; market destination; CIT revenue; rate harmonization; harmonization in the EU; CIT base; Corporate income tax; Exports; Corporate taxes; Income tax systems; Supply shocks; Western Europe; Asia and Pacific
Cover IMF Staff Country Reports
Republic of Equatorial Guinea: Statistical Appendix
International Monetary Fund
This report discusses the IMF estimates and projections of the Republic of Equatorial Guinea's central government financial operations, 2001–06; the tax system as of march 2007; public investment program during 2004–06 (execution) and 2007–08 (budgeted); monetary survey during 2001–06; details of central bank and commercial bank assets during 2001–06; fiscal indicators during 2001–06; and estimates on public debts during 2001–06, etc.
Keywords:
ISCR; CR; net; goods; tertiary sector; deposit; primary sector; factor income; rental income; customs duty; Income; Oil; Imports; Income and capital gains taxes; Agricultural commodities; Global
Cover IMF Staff Country Reports
Greece: Selected Issues
International Monetary Fund
This paper provides an assessment of Greece’s competitiveness, export performance, and national saving and investment. It examines the Greek tax ratio and structure, and places them in the EU context. It also reviews the design of the various tax categories, and identifies the scope for further simplifying the tax system and broadening the tax base. The paper discusses that it would be desirable to raise the tax ratio through expanding the tax base before considering raising tax rates.
Keywords:
ISCR; CR; export; saving-investment gap; housing investment; C. export performance; export category; medium-to high-tech export; personal income; manufacturing firm; Corporate income tax; Personal income; Personal income tax; Income and capital gains taxes; Income tax systems; Global; Europe; Asia and Pacific
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
France: Selected Issues
International Monetary Fund
The export performance of the French economy relative to its own past and relative to a major trading partner, Germany, has deteriorated. The risk analysis indicates that French firms have seen a significant improvement in the corporate health, and seem resilient to the recent financial shock despite differences across firms. Several issues in the context of common EU tax policy formation, including carbon pricing, control problems associated with the zero-rating of intra-EU supplies, and possible movement toward a common corporate tax base need to be addressed.
Keywords:
ISCR; CR; export; France; Germany; SITC; cost; demand shock; rate differentiation; NFC financing landscape; labor market; euro area; tax system; personal income; hedge fund market; trend export growth; market approach; asset value; income tax; Corporate income tax; Exports; Social security contributions; Tax allowances; Asia and Pacific; Global; Eastern Europe
Cover IMF Staff Country Reports
Portugal: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes Portugal’s export performance in 2006 and assesses whether it might augur a sustained recovery. The paper examines the factors underlying the recent export rebound, and searches for signs of fundamental changes in structures of the export industries during the last decade. It highlights the importance of labor market flexibility. Using a four-country version of the IMF Global Economic Model, the paper attempts to illustrate the benefits of labor market reform to help close the competitiveness gap.
Keywords:
ISCR; CR; export; market share; rate; product; VAT rate increase; product market reform; further tax system reform; export rebound; export boom; Labor markets; Exports; Labor market flexibility; Tax administration core functions; Income tax systems; Global; Eastern Europe
Cover India Goes Global
India Goes Global
Its Expanding Role in the Global Economy
Miss Catriona Purfield
and
Mr. Jerald A Schiff

Abstract

In the past few years, India has emerged as a global economic power. It is one of the world’s fastest-growing economies, the leading outsourcing destination, and a favorite of international investors. But even with India’s impressive recent achievements, the country continues to face considerable challenges as it seeks to sustain rapid growth and extend the benefits to all its citizens. Is India entering into a "Golden Age" or experiencing a period of rapid but ultimately unsustainable growth? The studies in this book examine in detail what lies behind India’s recent economic rise and considers the steps needed to build on this success over the medium term.

Keywords:
BOOK; India; government; state; FDI inflow; trade openness; growth performance; FDI approval; FDI location; infrastructure gap; Foreign direct investment; Corporate income tax; Income and capital gains taxes; Exports; Personal income; Global; Asia and Pacific; Africa; South Asia; East Asia; Western Europe
Cover IMF Working Papers
Domestic Taxes and International Trade: Some Evidence
Mr. Michael Keen
and
Mr. Murtaza H Syed
The effects on trade performance of corporate taxes and the value-added tax (VAT) continue to excite controversy but have received little empirical attention. This paper uses panel data for OECD countries from 1967 to 2003 to examine the effects of these taxes on export performance, paying particular attention to the potentially complex dynamic effects to which theory points. It finds that increased reliance on VAT revenue tends to be associated with a sharp reduction in net exports, which quickly fades. This may reflect unrelated movements in consumption, and our preferred specifications point to no trade effects of the VAT in either the short or the long run. Our results also point, however, to powerful and complex effects from the corporate tax, the pattern of which is as theory would predict from a source-based tax of this kind. Increases in corporate taxation-whether measured by revenues or the statutory rate-are associated with sharp short-run increases in net exports (consistent with induced capital flows abroad); these are then subsequently and quickly reversed (consistent with increased income from investments abroad), leaving an increase in net exports that converges to zero.
Keywords:
WP; tax revenue; trade balance; present value