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Business and Economics > Corporate Taxation

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Cover Technical Assistance Reports
Republic of Moldova: Technical Assistance Report-Analysis of the Draft Law on the Anti-Corruption Judicial System and on Amending Some Normative Acts
International Monetary Fund. Legal Dept.
Upon the request of the authorities of Moldova, the Legal Department provided Technical Assistance on the establishment of the Specialized Anti-Corruption Judiciary (SAJ) in Moldova. The TA report provides analysis of the draft law on the Anti-Corruption Judicial System and other related laws, and proposes recommendations. The recommendations are informed by international standards and good practices on judicial independence and integrity, and are designed to respond to specific challenges faced by Moldova. The creation of the SAJ is an important new initiative aimed at strengthening anti-corruption efforts following the establishment of the Anti-Corruption Prosecutor Office (APO) in 2016. A SAJ composed of judges selected through competitive process with the participation of civil society and reputable anti-corruption experts, can significantly contribute to reducing corruption through effective adjudication of corruption cases.
Keywords:
Republic of Moldova; specialized courts; anti-corruption; rule of law; judiciary; judges; judicial independence; Pre-selection Commission; vetting.; draft law; parliament of the Republic of Moldova; legal department; subject matter jurisdiction; SAJ member; comments from the World Bank; Corruption; Allowance for corporate equity; Civil society organizations; Europe
Cover IMF How To Notes
How to Combat Value-Added Tax Refund Fraud
Cedric Andrew
and
Ms. Katherine Baer
A previous IMF Working Paper on value-added tax (VAT) refunds (WP/07/31, by Keen and Smith) describes the main forms of VAT noncompliance and concludes that VAT is susceptible to evasion and fraud like any other tax. This paper shows the insidious nature and extent of VAT refund fraud in selected EU countries and argues that this type of noncompliance requires tax administrations to adopt a coordinated strategy and deploy a range of countermeasures to combat this threat. Because such fraud is primarily a criminal legal issue, tackling it successfully will require cooperation, both internationally between VAT administrations and nationally between tax authorities and the judiciary. The paper’s focus is primarily on advanced economies in the context of the EU, but many of the recommendations are applicable to emerging market and developing countries. A separate IMF How to Note discusses managing VAT refunds in developing countries.
Keywords:
value-added tax; refund; fraud; strategies; cooperation; refund fraud; acquisition fraud scheme; return fraud; MTIC VAT Contra carousel scheme; Customs and Excise tax office case study; Tax refunds; Tax administration core functions; Middle East
Cover IMF Working Papers
No Business Taxation Without Model Representation: Adding Corporate Income and Cash Flow Taxes to GIMF
Benjamin Carton
,
Emilio Fernández Corugedo
, and
Mr. Benjamin L Hunt
The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed at the International Monetary Fund for policy analysis and international economic research. This paper documents the incorporation of corporate income, cash-flow and destination based cash-flow taxes into the model. The analysis presented considers the transmission mechanism of these taxes and details how financial frictions interact with each of the taxes.
Keywords:
WP; tax; Destination-Based Cash Flow Tax; cost of capital; proceeds; tax policy; business taxation; financial accelerator; corporate leverage; dynamic stochastic general equilibrium models; macroeconomic interdependence; cash flow; shadow price; transmission mechanism; tax result; return to capital; tax instrument; tax deductibility; tax liability; transfer payments; cash flow types tax; DBCFT relative; types tax; Corporate income tax; Value-added tax; Cash-flow tax; Corporate taxes; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover IMF Staff Country Reports
Japan: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. Asia and Pacific Dept
KEY ISSUES Abenomics is gaining traction, but progress across the three arrows has been uneven and medium-term risks remain substantial. Inflation has risen, a consumption tax increase has been implemented, and there are signs of a transition to private-led growth. However, structural reforms have progressed slowly and a medium-term fiscal plan beyond 2015 is still to be articulated. Uncertainty is therefore high whether the recovery and exit from deflation will become self sustained under current policies. More forceful growth reforms are needed to overcome structural headwinds to raising growth and ending deflation The next round of structural reforms should lift labor supply, reduce labor market duality, enhance risk capital provision, and accelerate agricultural and services sector deregulation. Corporate governance reforms already underway could help reduce firms’ preference for large cash holdings. A concrete medium-term fiscal reform plan is urgently needed. Given very high levels of public debt, implementation of the second consumption tax increase is critical to establish a track record of fiscal discipline. Adoption of a concrete medium-term fiscal consolidation plan beyond 2015 would build confidence in the sustainability of public finances and allow more flexibility to respond to downside risks. Plans to lower the corporate tax rate have growth benefits, but should proceed in combination with measures to offset revenue losses and be consistent with plans to restore fiscal sustainability. Monetary policy is appropriately accommodative. With inflation and inflation expectations increasing, no further easing is needed at this point. In case downside risks to the inflation outlook materialize, the Bank of Japan (BoJ) should act swiftly through further and/or longer- dated asset purchases. Communication should focus on achieving 2 percent inflation in a stable manner aided by a more transparent presentation of the BoJ’s forecast and underlying assumptions. The financial sector remains stable. Portfolio rebalancing by financial institutions and investors is desirable but also raises new risks, including from greater overseas engagement. In regional banks, limited growth opportunities and low net interest margins could further undermine core profitability and weaken capital buffers. Supervisors should continue to be proactive in monitoring these risks. Japan’s external position is assessed as broadly in balance—compared to moderately undervalued last year—because of structural changes in the external sector, including from the offshoring of production and sustained high energy imports, which have become more apparent. Launching all three arrows will create benefits for the region and the global economy. Spillovers via the trade channel and capital flows are expected to increase in coming years with uncertain net effects—higher exports and capital outflows—in the short term. As long as Japan continues to proceed with its reforms, incomes will rise and fiscal risks decline, which will be positive for the global economy.
Keywords:
ISCR; CR; consumption tax increase; financial market indicator; JGB yield; consumption index; policy issue; budgetary funds; Consumption taxes; Inflation; Corporate income tax; Global; Asia and Pacific
Cover IMF Staff Country Reports
Germany: 2011 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Germany
International Monetary Fund
Germany’s economic growth and recovery from the global crisis are explained in this study. Tax, education, and innovation policies are specific measures supported by the authorities. External and financial shocks received by Germany and other outward spillovers are outlined. Germany has a high current account and international assets. From a long-term perspective, rebalancing of public finances to promote growth is desirable. Stress tests are conducted to confirm the capital buffers. Finally, the banking system of Germany reflects significant policy measures and economic recovery.
Keywords:
ISCR; CR; financing; authority; Three-Pillar banking system; demand; Rebounding export market share; government finance; deposit guarantee schemes regime; current account; financial system; consumption-savings proportion; budget consolidation in Germany; Commercial banks; Cooperative banks; Global; Europe
Cover IMF Working Papers
A Superior Hybrid Cash-Flow Taxon Corporations
Mr. Howell H Zee
This paper proposes a new hybrid cash-flow tax on corporations that, on one hand, taxes only excess corporate profits as they accrue, and, on the other hand, treats real and financial transactions neutrally. It is, therefore, a superior tax compared to the cash-flow tax on real transactions that seems to have gained common acceptance. The hybrid tax is a modified version of the cash-flow tax on real and financial transactions combined. The modification involves replacing expensing of fixed assets with normal depreciation allowances, but the undepreciated value of fixed assets is carried forward with interest at the opportunity cost of equity capital.
Keywords:
WP; cash flow; tax burden; proceeds; Corporate income tax; cash-flow tax; tax reform; modified S-CFT; cash inflow; tax liability; tax calculation; tax depreciation; tax implication; equity capital; tax payment; tax deferral; Currencies; Tax allowances; Anti-money laundering and combating the financing of terrorism (AML/CFT); Depreciation