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Business and Economics > Corporate Taxation

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Cover IMF Staff Country Reports
Sri Lanka: Selected Issues
International Monetary Fund. Asia and Pacific Dept
Selected Issues
Keywords:
A. government financing; General government tax revenue; indirect tax revenue composition; B. tax revenue performance; average revenue; Value-added tax; Consumption taxes; Informal employment; COVID-19; South Asia; Global; Asia and Pacific
Cover IMF Working Papers
An Assessment of Global Formula Apportionment
Ruud A. de Mooij
,
Ms. Li Liu
, and
Dinar Prihardini
Formula apportionment as a way to attribute taxable profits of multinationals across jurisdictions is receiving increased attention. This paper reviews existing literature and discusses experiences in selective federal states to evaluate the economic properties of formula apportionment relative to the current international tax regime that is based on separate accounting. It highlights major advantages, such as the elimination of profit shifting within multinational groups; and it discusses new distortions and the impact on tax competition. The analysis exploits different datasets to assess the direct revenue implications for individual countries under alternative formulas. The distributional effects across countries are found to be large, reflecting major discrepancies between where profits are currently attributed and where factors of production are located or sales take place. The largest losses appear in investment hubs (i.e. countries with a disproportionate ratio of foreign direct investment to GDP), while several large advanced countries are likely to gain. Developing countries gain most likely if employment receives a large weight in the formula; they also tend to benefit, on average, from a formula based on sales by destination.
Keywords:
WP; parent company; taxable income; company group; company transaction; enterprise tax.; non-loss-making company; International corporate taxation; Multinationals; Formula apportionment; enterprise tax; tax competition; data from ORBIS; tax enforcement; revenue effect; Corporate income tax; Personal income; Employment; Global; Europe
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
Belgium: 2018 Article IV Consultation - Press Release; Staff Report
International Monetary Fund. European Dept.
This 2018 Article IV Consultation highlights that the economic recovery in Belgium is gaining momentum, with real GDP growth expected to approach 2 percent in 2018 after an estimated 1.7 percent in 2017. It is driven by strong investment and solid consumption growth, and supported by favorable financial conditions as well as a strengthening recovery throughout Europe. Employment growth has picked up, thanks in part to past reform efforts. The fiscal position has improved, reflecting a mix of cyclical, structural, and one-off factors. The medium-term outlook, however, remains subdued in the absence of further structural reforms to raise potential growth, and subject to both external and domestic risks.
Keywords:
ISCR; CR; Belgium; authority; employment growth; productivity development; productivity growth; labor market measure; Belgium's productivity growth; Productivity; Labor markets; Corporate income tax; Employment; Labor taxes; Global; Europe
Cover IMF Staff Country Reports
Spain: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. European Dept.
This 2014 Article IV Consultation highlights that economic growth in Spain has resumed, and unemployment is falling. Exporters are gaining market share, and the current account is in surplus for the first time in decades. Financial conditions have improved sharply, with sovereign yields at record lows. Business investment is rebounding strongly and private consumption has also started to recover owing to improved employment prospects and rising confidence. Executive Directors have welcomed the improving Spanish economy. They have stressed that labor market reform should be accompanied by product and service market liberalization to maximize the gains to growth and jobs.
Keywords:
ISCR; CR; government tax Reform Proposa; government Tax Reform Proposal; rate; government; vis nonresident; increase VAT; trend productivity growth; committee's recommendation; Employment; Unemployment; Labor markets; Wages; Corporate income tax; Europe; Global
Cover IMF Staff Country Reports
Germany: Staff Report for the 2006 Article IV Consultation
International Monetary Fund
The three-point VAT increase is part of a package in which unemployment payroll taxes will be reduced. Risks to the recovery are balanced but the range of forecasts for 2007 is unusually wide. The priority for Germany is to transmit its external strength to the domestic economy, thus further broadening the recovery and creating conditions for sustained high growth. The authorities are undertaking a review of active labor market policies (ALMPs) with a view to curtailing their number.
Keywords:
ISCR; CR; deficit; fund staff projection; core rate of inflation; government; rate; unemployment insurance rate; staff appraisal; labor productivity growth; Commercial banks; Employment; Cooperative banks; Wages; Global; Europe
Cover IMF Staff Country Reports
France: Selected Issues
International Monetary Fund
This Selected Issues paper first explains the recent increase in trend growth and then discusses how labor market and tax policies could best sustain it. This study calculates French trend growth estimating simultaneously a Cobb–Douglas production technology and total factor productivity. The main conclusion is that French trend growth indeed increased during the second half of the 1990s to an average annual rate of 2.1 percent, from 1.8 percent in 1993. This was not owing to a recovery of total factor productivity growth.
Keywords:
ISCR; CR; ALMPs Affect Employment; income; labour market; total factor productivity growth; labor market; proportional tax; tax burden; capital service; ALMP exp; Total factor productivity; Personal income tax; Social security contributions; Corporate income tax; Labor taxes; Europe; Global
Cover IMF Staff Country Reports
Republic of Poland: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the use of fiscal rules in Poland and also suggests improvements. The study reviews the income tax reforms, developments in the polish tax system, and discusses the need and scope for public expenditure reform, employment, and the role of reforms of labor market institutions in reducing the unemployment rate. The paper highlights the trend in the saving-investment balance, the major determinants of private saving, and presents the results of a simple econometric analysis based on a panel dataset of selected transition economies.
Keywords:
ISCR; CR; government; saving; rate; saving rate; wage; rate reduction; wage growth; privatization strategy; program document; government expenditure projection; personal income; Employment; Private savings; Wages; East Asia; Global; Central and Eastern Europe; Eastern Europe
Cover IMF Staff Country Reports
Finland: Selected Issues
International Monetary Fund
This Selected Issues paper reviews some features of the labor market in Finland during the 1990s. In particular, it reviews patterns of employment and wage distribution across sectors. The paper describes the main regulatory features and formal structure of labor market arrangements: the wage negotiation process, employment legislation, income replacement regulations for the unemployed, and the recent changes in these areas introduced by the government. The paper also describes the structure of labor taxation, and reviews the theory and existing empirical evidence concerning the effects of taxation on labor market outcomes.
Keywords:
ISCR; CR; wage; nominal exchange rate; wage negotiation process; EU country; negotiation; capital income; terms of trade shock; wage agreement; negotiation process; EMU monetary policy; Wages; Labor taxes; Employment; Income; Corporate income tax; Europe; Western 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