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Business and Economics > Corporate Taxation

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Cover IMF Working Papers
International Tax Spillovers and Tangible Investment, with Implications for the Global Minimum Tax
Mr. Michael Keen
,
Ms. Li Liu
, and
Hayley Pallan
This paper articulates and, using newly-assembled data, explores how international taxation affects aggregate tangible cross-border investment. Spillovers from statutory tax rates abroad seem: As sizable as effects from the host’s rate; larger than previous consensus values (attributed to a systematic bias from FDI data); and consistent with ‘implicit’ profit shifting through real investment (rather than ‘paper’ profit shifting). Contrary to much policy discussion, the results also imply that: Host countries’ marginal effective tax rates have at best a weak effect on real investment; those elsewhere have none; and, applied to the prospective global minimum tax, inward tangible investment in most sample countries will increase.
Keywords:
Corporate Taxation; International Tax; Multinational Investment; Foreign Direct Investment; host country; Affiliate investment; FDI data; investment impact; corporate tax tax rate; cross-border investment; Corporate income tax; Marginal effective tax rate; International tax issues; Capital account; Global
Cover IMF Working Papers
Economic Policies and FDI Inflows to Emerging Market Economies
Ms. Elif C Arbatli Saxegaard
This paper investigates the determinants of FDI inflows to emerging market economies, concentrating on the effects of economic policies. The empirical analysis also addresses the role of external push factors and of political stability using a domestic conflict events database. The results suggest that lowering corporate tax rates and trade tariffs, adopting fixed or managed exchange rate policies and eliminating FDI related capital controls have played an important role. Domestic conflict events and political instability are found to have significant negative effects on FDI, which highlights the role of incluside policies to promote growth and avoid sudden stops of FDI inflows.
Keywords:
WP; FDI inflow; FDI; FDI flow; Emerging Market Economies; Economic Policies; growth rate; country specific pull factors; government stability; major government crisis; government policy; crisis lead; time series; FDI inflows to EME; A. FDI inflow; moving average; Foreign direct investment; Corporate income tax; Emerging and frontier financial markets; Capital account; Real interest rates; Global; Central and Eastern Europe
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund
This paper assesses the evolution of Eastern Caribbean Currency Union (ECCU) real exchange rates over time, and examines whether the region has lost competitiveness. The main finding is that there is little evidence of overvaluation of the Eastern Caribbean (EC) dollar. The relationship summarized above permits the calculation of equilibrium current account balances or norms. The financing of ECCU current account imbalances appears stable. This paper also provides evidence on the distinctive impact that tourism plays in the determination of the real exchange rate in tourism-driven economies.
Keywords:
ISCR; CR; ECCU; exchange rate; tax; liquidity assistance; tourism flow; CIT rate; banking crisis; ECCU emigration rate; Real exchange rates; Corporate income tax; Liquidity; Tourism; Banking crises; Caribbean; Global
Cover IMF Staff Country Reports
Greece: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the major factors that may have contributed to the marked widening of the external current account imbalance in Greece since the mid-1990s, with the deficit reaching one of the highest levels (in relation to GDP) among advanced economies. The factors reviewed include developments in relative cost and other competitiveness indicators, business cycle asynchronization, and idiosyncratic supply shocks and immigration. Potential implications of euro area entry are discussed, in particular the impact of declining interest rates in the context of monetary union.
Keywords:
ISCR; CR; deficit; Greece; increase horizontal equity; tax rate; chapter III; current account deficit; tax recordkeeping; tax burden; Current account deficits; Personal income tax; Current account; Social security contributions; Global; Central Asia
Cover IMF Staff Country Reports
Hungary: Report on the Observance of Standards and Codes—Data Module and Fiscal Transparency—Updates
International Monetary Fund
This report presents an updates on the Observance of Standards and Codes—Data Module and Fiscal Transparency for Hungary. Hungary continues to observe the Special Data Dissemination Standard specifications for the coverage, periodicity, and timeliness of all data categories, including the detailed template on international reserves and foreign currency liquidity, and for the dissemination of advance release calendars. Progress has been made in the project to revise the data on imputed rents, currently extrapolated from 1993 data, on the basis of more up-to-date survey data.
Keywords:
ISCR; CR; budget; statistics; financial asset; State holding company; purview of the Ministry of Finance; customs statistics; economic statistics; summary methodology; Government finance statistics; Budget planning and preparation; Corporate income tax
Cover IMF Staff Country Reports
Slovak Republic: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix examines external competitiveness and the exchange rate for the Slovak Republic. The paper describes two simple types of competitiveness indicators: (i) real effective exchange rate measures, which examine underlying fundamentals thought to influence external performance; and (ii) indicators of actual export performance. The results suggest that the unfavorable outcomes in the merchandise trade balance and the current account from 1996 to 1998 reflected, at least in part, competitiveness problems. The paper also presents an assessment of banking conditions and the supervision system in the Slovak Republic.
Keywords:
ISCR; CR; Slovakia; EU imports; GDP; deficit; government; EU import share; EU market; D-Mark unit labor costs; imports from Slovakia; Corporate income tax; Personal income tax; Commercial banks; Western Europe; Middle East; Central and Eastern Europe; North Africa; Baltics; East Africa; Eastern Europe