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Business and Economics > Corporate Taxation

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Cover IMF Working Papers
A Firm Lower Bound: Characteristics and Impact of Corporate Minimum Taxation
Aqib Aslam
and
Maria Delgado Coelho
This paper examines the role of minimum taxes and attempts to quantify their impact on economic activity. Minimum taxes can be effective at shoring up the corporate tax base and enhancing the perceived equity of the tax system, potentially motivating broader taxpayer compliance. Where political and administrative constraints prevent reforms to the standard corporate income tax, a minimum tax can help mitigate base erosion from excessive tax incentives and avoidance. Using a new panel dataset that catalogues changes in minimum tax regimes over time around the world, firm-level analysis suggests that the introduction or reform of a minimum tax is associated with an increase in the average effective tax rate of just over 1.5 percentage points with respect to turnover and of around 10 percent with respect to operating income. Minimum taxes based on modified corporate income lead to the largest increases in effective tax rates, followed by those based on assets and turnover.
Keywords:
firm Lower Bound; MT reform; minimum tax; level data; profit margins; Corporate income tax; Income; Effective tax rate; Income tax systems; Average effective tax rate; Global
Cover IMF Working Papers
The Distributional Impact of Fiscal Policy in Honduras
David Locke Newhouse
,
Irene Yackovlev
, and
Mr. Robert Gillingham
This paper uses household survey data to estimate the incidence of tax and spending programs in Honduras. Any such exercise is fraught with difficulty, so our simplifying assumptions are carefully explained. Rather than look at tax and spending completely independently, we evaluate net incidence of major programs-such as health care and pensions-to get a more holistic evaluation of redistribution. Our results show that fiscal policy is, on balance, progressive, but that there is room for significant improvement. In particular, energy subsidies, university education and public pension programs provide disproportionate benefits to higher-income households.
Keywords:
WP; consumer spending; income tax; VAT