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Business and Economics > Corporate Taxation

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

  • Type: Journal Issue x
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Cover IMF Staff Country Reports
Ireland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper provides an international perspective to the authorities’ two recent policy measures: setting up new savings and counter cyclical and climate infrastructure funds and reforming the judicial review of planning decisions in Ireland. The first essay presents international best practices in the design and operation of sovereign wealth funds that could inform the setup of the two new funds in Ireland. It highlights the importance of operating the funds within a strong fiscal policy framework. The second essay reviews Ireland’s planning and permitting system, underscoring the key elements that have hindered public investment. It also looks into the government’s proposed Bill to reform the planning system and contrasts its key features with those of other international jurisdictions. It finds that several issues may contribute to the inefficiencies in the planning and judicial review system, such as the loose standing requirements and lack of mandatory timelines related to judicial review, as well as institutional governance issues within the planning board, which the newly proposed reforms and legislative measures seek to address.
Keywords:
housing affordability; D. policy option; savings fund; modernizing judicial review; impulse response; Housing; Housing prices; Pension spending; Global
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
Denmark: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes investment slowdown in Denmark. The post-global financial crisis (GFC) weakness in Denmark’s aggregate investment cannot be fully explained by the output slowdown. The baseline accelerator model confirms that output slowdown played a role, but post-GFC investment has fallen beyond the level explained by output movements in most of the post-GFC period. Most recently, investment converged to the level explained by output movements. The augmented accelerator model suggests that additional factors, such as high leverage, weak competition, and elevated policy uncertainty, also had a significant impact. Panel regressions using a panel of advanced economies show that reduction in leverage and product market reforms can boost investment in the medium term. Well-designed policies are needed to boost private investment.
Keywords:
ISCR; CR; firm; interest rate; asset; investment; product market reform; investment slowdown; interest rate shock; IMF staff calculation; exit tax; high-tech firm; tax rate; Consumption; Pension spending; Income; Asset prices; Commodity markets; Global
Cover IMF Working Papers
Fiscal Policy Response to External Crises the Case of Moldova 1998-2010
Mr. Driton Qehaja
External shocks pose major challenges to fiscal policy makers through lower output and large fiscal imbalances. This paper analyzes the case of Moldova, which faced parallel crises a decade apart: the Russian crisis of 1998 and the global financial crisis of 2008-2009. The country went through large fiscal adjustments during these crises and launched important fiscal reforms. The paper reviews the crises and reform experience. In particular, it aims to explain the motivation for reforms, describe reform design and implementation, and provide an understanding of their outcomes. The paper also catalogues the form and size of international assistance for Moldova.
Keywords:
WP; wage bill; tax revenue; excise tax; tax system; expenditure policy; Moldova; Fiscal policy; structural fiscal balance; international assistance; retirement age; system reform; government policy; government's expenditure policy; authorities' reform; government risk; government intervention; wage system; taxable income; Corporate income tax; Pension spending; Central and Eastern Europe; Western Europe; Europe; Global
Cover IMF Staff Country Reports
Germany: Selected Issues
International Monetary Fund
The conceptual framework of this paper assumes that macroeconomic performance depends on the interplay between the economic environment and policies. Declining labor shares, wage moderation, and employment performance in Germany and the Netherlands have been presented. A number of policy changes are under way, but additional reforms may be needed to fully reap the benefits of the new economy. The tax reform package marks a radical and constructive shift in German tax policy, and the pension system requires a sea of change in public policy reforms.
Keywords:
ISCR; CR; wage; Germany; rate; tax rate; wage growth; productivity growth; wage differentiation; wage solidarity; TFP gain; ICT industries; Labor markets; Pension spending; Pensions; Productivity; Labor share; Europe
Cover IMF Staff Country Reports
Germany: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes labor market asymmetries and macroeconomic adjustment in Germany. Empirical work reported shows that in Germany, negative demand shocks increase the unemployment rate by more than the decrease in the unemployment rate caused by a comparable-sized positive demand shock. The contribution of labor costs to explaining the high level of unemployment, particularly since unification, is studied. Empirical estimates are obtained for the wage gap—the deviation of actual labor costs from warranted labor costs based on estimated production functions assuming competitive factor markets and full employment.
Keywords:
ISCR; CR; enterprise; Länder; replacement rate; labor market; wage-price mechanism; monetary policy; dispersion pattern; Unemployment rate; Pension spending; Pensions; Wage gap; Unemployment; Global; Eastern Europe; Europe
Cover IMF Staff Country Reports
Luxembourg: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the effect of aging on pension expenditure in Luxembourg. The paper highlights that Luxembourg is in a relatively favorable position because its GDP growth has been well above the average for industrialized countries in the post-war period. Moreover, growth has been unconstrained in that much of it has been based on the influx of foreign capital and labor. The paper provides some illustrative simulations of pension expenditure in Luxembourg, and describes the demographic developments. After reviewing methodological issues, simulations of pension expenditure until 2050 are also presented.
Keywords:
ISCR; CR; pension system; investment funds; real GDP; withholding tax; labor market; GDP growth; tax rate; advantage Luxembourg; Luxembourg financial center; Luxembourg economy; labor force; Pension spending; Pensions; Aging; Corporate income tax; Employment; Europe