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Business and Economics > Corporate Taxation

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Cover Tax Law Technical Note
Legislating for Fair and Effective Tax Collection
Irving Aw
,
Brendan Crowley
,
Cory Hillier
,
Lydia E Sofrona
, and
Christophe J Waerzeggers
Fair and effective tax collection is critical to the success of any tax system in raising revenue and should be properly legislated. Voluntary payment of taxes by taxpayers is always preferred and should be encouraged and supported by the tax procedure legal framework. However, the law should also provide for protective measures to prevent taxpayers from frustrating tax collection efforts by taking either themselves or their assets out of the tax administration’s reach. As a last resort, the tax administration should be able to compel the recovery of outstanding tax debts from taxpayers or certain third parties through different legislative measures. Such powers should however be complemented by adequate safeguards for taxpayers. This note focuses on the key issues that should be taken into consideration in designing tax law provisions to support fair and effective tax collection.
Keywords:
Tax Collection; Legislation; Protective Measures; Compelled Recovery; Tax Liens; Installment Arrangements; Crisis Events; clearance mechanism; penalties regime; tax procedure; tax law provision; clearance certificate; tax rulings regime; IT system; Tax administration core functions; Tax arrears management; Tax law; Collateral
Cover IMF Staff Country Reports
Haiti: First Review Under the Staff-Monitored Program-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This paper highlights Haiti’s First Review under the Staff-Monitored Program (SMP). The SMP will help the government restore macroeconomic stability and lower inflation―a key goal given the burden of high inflation on the poor. The SMP seeks to advance decisive governance reforms to enhance accountability. In particular, it emphasizes greater accountability through stronger public finance management, revenue administration, transparency, and anti-corruption measures. Progress on governance is key to ensure inclusive growth. The authorities have taken steps to strengthen accountability in the collection and use of public resources and have boosted the transparency of public procurement for emergency resources. IMF staff will continue to work closely with the authorities to support implementation of their program and help them build public support. Indeed, most elements of the authorities’ program are underpinned by ongoing IMF technical assistance. The IMF Fund will also continue to coordinate closely with Haiti’s other development partners to leverage efforts in support of common objectives.
Keywords:
Haiti's Staff-Monitored Program; transparency policy; central bank financing; management of the International Monetary Fund; governance reform; Social assistance spending; Energy subsidies; Commercial banks; Global
Cover IMF Working Papers
Macroeconomic Effects of Dividend Taxation with Investment Credit Limits
Matteo Ghilardi
and
Roy Zilberman
We analyze the effects of dividend taxation in a general equilibrium business cycle model with an occasionally-binding investment credit limit. Permanent dividend tax reforms distort capital investment decisions in the binding long-run equilibrium, but are neutral otherwise. Temporary unexpected tax cuts stimulate shortterm real activity in the credit-constrained economy, yet produce contractionary macroeconomic outcomes in the slack regime. The occasionally-binding constraint reconciles the `traditional' and `new' views of dividend taxation, and highlights the importance of measuring the firm's initial borrowing position before enacting tax reforms. Finally, permanently lower dividend taxes dampen financial business cycles, and help to explain macroeconomic asymmetries.
Keywords:
Dividend Taxation; Occasionally-Binding Borrowing Constraints; Investment; Business Cycles.; borrowing position; tax relief; dividend distribution; dividend tax rate; dividend tax adjustment; tax environment; benchmark system; dividend tax shock; dividend tax cut; tax adjustment; dividend tax system; Dividend tax; Credit; Corporate income tax; Collateral; Stocks
Cover IMF Staff Country Reports
Switzerland: 2019 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for Switzerland
International Monetary Fund. European Dept.
The Swiss economy has performed relatively well since the global financial crisis. Growth compares favorably with most other advanced countries and aggregate employment has grown robustly. The fiscal position is strong and the external trade surplus remains large and stable despite several episodes of intense appreciation pressure owing to the Swiss franc’s reputation as a safe haven. Growth is expected to temporarily dip to 1.1 percent in 2019 on weakness in external demand. Risks to the outlook are tilted down. Switzerland is also facing several policy challenges: low interest rates are fueling risks in the real estate and mortgage markets; persistent subdued inflation has decreased the operational space for monetary policy; and population aging and technological change will require further upskilling and generate new demands for public resources.
Keywords:
ISCR; CR; government; government report; Switzerland; FINMA; authorities' interpretation; liability positions vis-à-vis nonresident; deposit insurance system; safe-haven pressure; Corporate income tax; Income; Global
Cover IMF Staff Country Reports
Ireland: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Ireland
International Monetary Fund. European Dept.
The Irish economy continues to expand strongly, benefitting from higher net exports by multinational enterprises and robust domestic demand. Accelerating wage growth reflects tight labor market conditions and inflation has started to pick up. Crisis legacies have diminished but some vulnerabilities persist. The outlook remains broadly positive, provided Brexit proceeds in an orderly manner. However, the economy operates near full capacity and an accelerating cyclical momentum could re-ignite a boom-bust dynamic. A no-deal Brexit represents the key downside risk, while escalation in global protectionism and sudden changes in corporate tax planning of multinational enterprises in Ireland could adversely affect the economy and public finances.
Keywords:
ISCR; CR; government; Ireland; headline inflation; housing supply strategy; central bank of Ireland; liability positions vis-à-vis nonresident; welfare benefits system; IMF staff; potential GDP; Corporate income tax; Housing; Financial sector; Credit; Global; Europe
Cover IMF Staff Country Reports
Luxembourg: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Luxembourg
International Monetary Fund. European Dept.
This 2019 Article IV Consultation discusses that Luxembourg’s growth prospects remain favorable, but downside risks arise from a weaker-than-expected global growth, a disorderly Brexit, changes in international tax rules, and a sharp tightening of global financial conditions. Domestically, rising real estate prices could exacerbate already elevated household indebtedness and increase affordability challenges. Fiscal policy should aim to maintain a strong fiscal position and preserve buffers. The government’s plans, while appropriate, will result in a slightly expansionary budget in 2019. The cost and timeline of the planned measures over the medium term remain to be determined. Given risks ahead, including from potential changes in international taxation, Luxembourg should build on its strong fiscal record and preserve sizeable buffers. Structural policies should focus on addressing key gaps in the economy. Further reforms of the pension system are needed to ensure its sustainability, while considering intergenerational equity and trade-offs of various reform options.
Keywords:
ISCR; CR; government; Luxemburg; IMF staff estimate; Q4; liability positions vis-à-vis nonresident; increase affordability challenge; Luxembourg economy; IP box regime; IMF's article; Mutual funds; Corporate income tax; Pension spending; Global; Europe
Cover IMF Staff Country Reports
Ireland: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Ireland
International Monetary Fund. European Dept.
This 2018 Article IV Consultation highlights that the Irish economy continues to grow at a rapid pace, well above the European Union average. Although headline data are distorted by the volatility of multinationals’ activity, the broad recovery of (modified) domestic demand (4 percent in 2017) underpins the expansion. Strong labor market performance brought the unemployment rate down to below 6 percent by April 2018. Although wage pressures emerged in some sectors, inflation remained subdued, mainly reflecting the pass-through of pound sterling depreciation. Public finances continued to improve on the back of strong output growth, while the public debt burden declined slightly to 68 percent of GDP. The outlook remains broadly positive but with externally-driven downside risks.
Keywords:
ISCR; CR; market; proceeds; headline inflation; government; public finance; liability positions vis-à-vis nonresident; housing demand; government priority; crisis legacy issue; demand pressure; labor market condition; Housing; Housing prices; Corporate income tax; Income; Global
Cover IMF Staff Country Reports
Switzerland: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Switzerland
International Monetary Fund. European Dept.
This 2018 Article IV Consultation highlights that the Swiss economy has adjusted to the large cumulative exchange rate appreciation that took place since the global financial crisis. After a subdued start to 2017, GDP growth accelerated to 1.1 percent in 2017, and the positive momentum continued in Q1:2018, although at a slightly reduced pace. The improved external outlook, together with the depreciation since mid-2017, are expected to energize the economy and lift GDP growth to 2.25 percent in 2018, before it gradually moderates to 1.75 percent over the medium term. Inflation is expected to increase to the upper half of the target band in 2018–19, and to subsequently revert to the mid-point.
Keywords:
ISCR; CR; economy; General government debt; authority; safe-haven appreciation pressure; debt brake rule; affordability risk; headline inflation; liability positions vis-à-vis nonresident; Income; Mortgages; Corporate income tax; Inflation; Exchange rates; Global
Cover IMF Staff Country Reports
Switzerland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes key features of corporate taxation in Switzerland. The Swiss corporate tax system includes many aspects of a territorial regime; is highly attractive for multinational companies; and collects non-negligible revenues, but the status quo is not sustainable. The proposed reform would eliminate differences in the tax treatment of foreign and Swiss sourced income. Further, cantons are expected to lower their corporate income tax (CIT) rates, bringing the combined (municipal, cantonal, and federal) tax rate (averaged across cantons) to about 13.9 percent. Costs of lowering the CIT rates would be unequally distributed across cantons, and would be costlier for cantons with a large immobile CIT base.
Keywords:
ISCR; CR; rate; exchange rate; Exchange market pressure; interest rate; aggregate mortgage lending; CIT rate; mortgage interest rates; interest rate differential; exemption threshold; Corporate income tax; Exchange rates; Personal income; Mortgages; Income and capital gains taxes; Global; Eastern Europe; Europe
Cover IMF Staff Country Reports
Mali: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
ISCR; CR; Mali; investment; tax; bank