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Business and Economics > Corporate Taxation

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Cover IMF Staff Country Reports
Lebanon: Technical Assistance Report on Putting Tax Policy Back on Track
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report identifies tax policy reform options to stop the drain on Lebanon’s tax revenue in the immediate and near terms and to move toward a more efficient, effective, and inclusive tax system in the medium term. Lebanon entered the economic crisis already with one of the world’s most skewed income and wealth distributions toward the affluent. Reversing the downward trend in tax revenue and improving the entire tax policy design are thus critical elements of the overall needed reforms for Lebanon to steer its way out of the crisis and modernize its economy. The analysis emphasizes the need for a holistic view of the tax system to guide reforms and balance the trade-offs, rather than a piecemeal approach with ad hoc uncoordinated measures—and for a strategic, sequenced approach to developing a rapid and powerful emergence from current difficulties. Excises are an efficient way to reduce pollution, generating marked environmental benefits and significant revenue, with a modest impact on prices. In line with international best practices, professionals should be taxed in the real profits’ regime and with the use of withholding taxes on payments to professionals for services.
Keywords:
Tax Reform Crisis and Taxation VAT Efficiency Inequality; VAT revenue; VAT threshold; market rate; authorities of Lebanon; climate commitment; excise revenue; Value-added tax; Income tax systems; Income and capital gains taxes; Excises; Corporate income tax; Global
Cover IMF Working Papers
Taxing Telecommunications in Developing Countries
Ms. Thornton Matheson
and
Patrick Petit
Developing countries apply numerous sector-specific taxes to telecommunications, whose buoyant revenues and formal enterprises provide a convenient “tax handle”. This paper explores whether there is an economic rationale for sector-specific taxes on telecommunications and, if so, what form they should take to balance the competing goals of promoting connectivity and mobilizing revenues. A survey of the literature finds that limited telecoms competition likely creates rents that could efficiently be taxed. We propose a “pecking order” of sector-specific taxes that could be levied in addition to standard income and value-added taxes, based on capturing rents and minimizing distortions. Taxes that target possible economic rents or profits are preferable, but their administrative challenges may necessitate reliance on service excises at the cost of higher consumer prices and lower connectivity. Taxes on capital inputs and consumer access, which distort production and restrict network access, should be avoided; so should tax incentives, which are not needed to attract foreign capital to tap a local market.
Keywords:
WP; cell phone; international call; tax burden; Cell; cellular; phone; telecommunications; tax; rent; regulation; excise; value-added tax; incoming call; telephone call; rate of return; ad valorem excise; fixed cost; Excises; Value-added tax; Corporate income tax; Rent tax; Tax incentives; Africa; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Luxembourg: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper considers features of the Luxembourg tax system that may be susceptible to changes in international tax transparency standards and surveys related policy options. Luxembourg’s predictable and generally low-rate tax system has helped establish it as a leading financial and commercial entrepôt and has supported its fiscal revenues. Its revenue base could, however, be susceptible to changes in the European Union and global tax environment. This paper highlights that to address potential challenges to Luxembourg’s revenue base, the tax policy review should explore selective rate increases and base broadening measures. Moreover, the tax practices should seek to avoid encouraging unnecessary complexity in corporate ownership structures and intragroup financial contracts.
Keywords:
ISCR; CR; firm; Luxemburg; bank; holding company; rate; Luxembourg tax policy; Group structure; nonbank company; bank supervisor; EU tax legislation; city state economy; bank shareholder suitability; franchise name; EU energy tax reform; Corporate income tax; Excises; Bank supervision; Value-added tax; Financial sector; Europe
Cover IMF Working Papers
Tax Coordination, Tax Competition, and Revenue Mobilization in the West African Economic and Monetary Union
Mario Mansour
and
Mr. Gregoire Rota Graziosi
We review the current state of the West African Economic and Monetary Union’s tax coordination framework, against the main objectives of the WAEMU Treaty of 1994: reduce distortions to intra-community trade, and mobilize domestic tax revenue. The process of tax coordination in WAEMU is one of the most advanced in the world—de jure at least—, but remains in many areas ineffective de facto. Nevertheless, the framework has, to some extent, succeeded in converging tax systems, particularly statutory tax rates, and may have contributed to improving revenue mobilisation. Important lessons can be drawn from the WAEMU experience, particularly in terms of whether coordination should take the form of harmonization through a top-down approach, or a softer approach of sharing best practice and limiting certain types of tax competition.
Keywords:
WP; excise tax; coordination framework; WAEMU state; tax competition; tax coordination; tax harmonization; competition model; tax cooperation; depreciation rule; government credibility; harmonization experience; tax coordination framework; term tax coordination; WAEMU member states; Corporate income tax; Value-added tax; Excises; West Africa
Cover IMF Staff Country Reports
Philippines: Technical Assistance Report on Road Map for a Pro-Growth and Equitable Tax System
International Monetary Fund
The Technical Assistance Report on the Philippines’ road map for a pro-growth and equitable tax system is examined. Tax revenue has declined over the last decade in the Philippines owing to generous and expanding tax incentives, tariff rate reduction, deteriorating tax compliance caused by ineffective and inefficient revenue administration, and a gradual erosion of excise revenue owing to nonindexation. One of the key reasons for providing tax incentives in the Philippines is concern that the country needs to be competitive with other countries in the region to attract foreign direct investment.
Keywords:
ISCR; CR; excise tax; tax rate; tax burden; income tax; tax revenue; withholding tax; gross sales; flat rate; taxable income; tax system; excise rate; Excises; Tax incentives; Corporate income tax; Income and capital gains taxes; Global