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Business and Economics > Corporate Taxation

You are looking at 1 - 7 of 7 items for :

  • Type: Journal Issue x
  • National Government Expenditures and Related Policies: Infrastructures; Other Public Investment and Capital Stock x
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Cover IMF Working Papers
U.S. Investment Since the Tax Cuts and Jobs Act of 2017
Emanuel Kopp
,
Mr. Daniel Leigh
,
Susanna Mursula
, and
Suchanan Tambunlertchai
There is no consensus on how strongly the Tax Cuts and Jobs Act (TCJA) has stimulated U.S. private fixed investment. Some argue that the business tax provisions spurred investment by cutting the cost of capital. Others see the TCJA primarily as a windfall for shareholders. We find that U.S. business investment since 2017 has grown strongly compared to pre-TCJA forecasts and that the overriding factor driving it has been the strength of expected aggregate demand. Investment has, so far, fallen short of predictions based on the postwar relation with tax cuts. Model simulations and firm-level data suggest that much of this weaker response reflects a lower sensitivity of investment to tax policy changes in the current environment of greater corporate market power. Economic policy uncertainty in 2018 played a relatively small role in dampening investment growth.
Keywords:
WP; business investment; investment growth; capital expenditure; aggregate demand; employment behavior; firm level; Investment; fiscal policy; market power; uncertainty; investment response; growth impact; company markup; savings company; investment growth impact; response to the TCJA; Private investment; Corporate income tax; Capital spending; Employment; Global
Cover IMF Staff Country Reports
Mali: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
ISCR; CR; Mali; investment; tax; bank
Cover IMF Staff Country Reports
Mali: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper analyzes the impact of security crisis in Mali. The 2012 crisis has significant economic, social, and humanitarian impact, especially in the northern regions. The increase in security spending weighs on the budget and reduces space for priority spending. Persistent insecurity hinders investment and growth. The crisis resulted in the interruption and/ or disruption of learning activities in the northern part of the country, dangerously compromising the efforts of the Government of Mali and its partners to achieve Education For All. The security crisis has also slowed progress toward reducing poverty and achieving the Millennium Development Goals.
Keywords:
ISCR; CR; Mali; investment; tax; bank; security spending; security crisis; government of Mali; poverty reduction strategy paper; tax capacity; investment expenditure; Public investment and public-private partnerships (PPP); Public investment spending; Credit; Corporate income tax; Sub-Saharan Africa; Africa; West Africa
Cover Regional Economic Outlook, April 2018, Sub-Saharan Africa
Regional Economic Outlook, April 2018, Sub-Saharan Africa
Domestic Revenue Mobilization and Private Investment
International Monetary Fund. African Dept.

Abstract

The region is seeing a modest growth uptick, but this is not uniform and the medium-term outlook remains subdued. Growth is projected to rise to 3.4 percent in 2018, from 2.8 percent in 2017, on the back of improved global growth, higher commodity prices, and continued strong public spending. About ¾ of the countries in the region are predicted to experience faster growth. Beyond 2018, growth is expected to plateau below 4 percent, modestly above population growth, reflecting continued sluggishness in the oil-exporting countries and sustained growth in non-resource-intensive countries. A number of countries (Burundi, DRC, South Sudan, and parts of the Sahel) remain locked in internal conflict resulting in record levels of refugees and Internally Displaced Persons, with adverse spillovers to neighboring countries.

Keywords:
REO; country; Sub-Saharan Africa; Dem. rep.; Zimbabwe dollar; GDP data; private investment; broad money; Private investment; Revenue mobilization; Value-added tax; Public investment and public-private partnerships (PPP); Africa; Southern Africa; East Africa; Middle East; North Africa; investment growth; growth differential; tax frontier; IMF staff calculation; country authorities; investment efficiency; investment ratio; Caribbean
Cover Regional Economic Outlook, April 2018, Sub-Saharan Africa
Regional Economic Outlook, April 2018, Sub-Saharan Africa
Domestic Revenue Mobilization and Private Investment
International Monetary Fund. African Dept.

Abstract

The region is seeing a modest growth uptick, but this is not uniform and the medium-term outlook remains subdued. Growth is projected to rise to 3? percent in 2018, from 2? percent in 2017, on the back of improved global growth, higher commodity prices, and continued strong public spending. About ¾ of the countries in the region are predicted to experience faster growth. Beyond 2018, growth is expected to plateau below 4 percent, modestly above population growth, reflecting continued sluggishness in the oil-exporting countries and sustained growth in non-resource-intensive countries. A number of countries (Burundi, DRC, South Sudan, and parts of the Sahel) remain locked in internal conflict resulting in record levels of refugees and Internally Displaced Persons, with adverse spillovers to neighboring countries.

Keywords:
REO; country; Sub-Saharan Africa
Cover IMF Working Papers
Does Taxation Stifle Corporate Investment? Firm-Level Evidence from ASEAN Countries
Mr. Serhan Cevik
and
Fedor Miryugin
This paper conducts a firm-level analysis of the effect of taxation on corporate investment patterns in member states of the Association of Southeast Asian Nations (ASEAN). Using large-scale panel data on nonfinancial firms over the period 1990–2014, and controlling for macro-structural differences among countries, we find a significant degree of persistence in firms’ net fixed investments over time, which vary with firm characteristics, such as size, sales, profitability, leverage, and age. Our analysis brings up interesting empirical results, including nonlinear patterns of behavior in firms’ capital investment decisions acrosss ASEAN countries. Concerning the main variable of interest, we find that a moderate level of taxation does not hinder business investment, but this effect turns negative as higher tax burden raises the user cost of capital and distorts resource allocations.
Keywords:
WP; firm characteristic; investment behavior; firm level; nonfinancial firm; Corporate income tax; investment; leverage; firm performance; fixed investment; cost of capital; Capital spending; Public investment and public-private partnerships (PPP); Tax incidence; Private investment; Global; Southeast Asia; Asia and Pacific
Cover The Composition of Fiscal Adjustment and Growth
The Composition of Fiscal Adjustment and Growth
Lessons from Fiscal Reforms in Eight Economies
Mr. George A Mackenzie
,
Mr. Philip R. Gerson
, and
Mr. David William Harold Orsmond

Abstract

This study examines the composition of fiscal adjustment - tax and expenditure policies and administrative procedures, and some aspects of public enterprise reform - in a sample of eight countries (Bangladesh, Chile, Ghana, India, Mexico, Morocco, Senegal, and Thailand) during a period of fiscal reform (usually 1978-93), to determine whether and to what extent the fiscal reforms fostered growth during the adjustment period.

Keywords:
OP; IMF staff country report; country; government finance statistics yearbook; tax category; services tax; expenditure program; Income; Capital spending; Income and capital gains taxes; Middle East; Global; finance government expenditure; policy reform; expenditure reduction; policy issue; public expenditure management systems; Public sector; Public enterprises