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Business and Economics > Corporate Taxation

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Cover IMF Staff Country Reports
Bhutan: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper describes the current tax system in Bhutan and suggests options for tax policy reform. Though significant hydropower revenues are expected in the medium term as major projects come on-stream, reforms to the existing tax system in the interim will generate fiscal room and prevent recourse to domestic debt to finance development needs. Key reforms include reducing tax exemptions in the near term and introduction of value-added tax in the medium term. The paper also analyzes the adequacy of international reserves in Bhutan using a customized risk-weighted metric. The results indicate that Bhutan’s reserve levels are ample.
Keywords:
ISCR; CR; Bhutan; rupee; export; taxation; indirect tax; export basket; rupee reserve share; world export; generation capacity; overdraft facilities; export base; revenue collection; Consumption taxes; Exports; Debt service; Income and capital gains taxes; South Asia; Asia and Pacific
Cover IMF Staff Country Reports
Mongolia: Technical Assistance Report—Safeguarding Domestic Revenue—A Mongolian DTA Model
International Monetary Fund. Legal Dept.
This technical assistance report on Mongolia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed in June, 2012. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Mongolia or the Executive Board of the IMF.
Keywords:
ISCR; CR; contracting State; source country; tax burden; applicant State; income tax; double taxation; competent authorities; Personal income; Double taxation; Withholding tax; Subnational tax; Corporate income tax
Cover IMF Working Papers
Taxation Reforms and Changes in Revenue Assignments in China
Mr. Raju J Singh
,
Mr. Ben Lockwood
, and
Mr. Ehtisham Ahmad
The value-added tax (VAT) in China has the unusual feature that capital goods are included in the VAT base. In addition, most services are subject to the business tax, which is not creditable against VAT, but which accrues to local governments, and operates as a turnover tax. On grounds of economic efficiency, it would be desirable to eliminate these distortions so that domestic producers are not increasingly placed at a disadvantage as China dismantles tariff and nontariff barriers on competing goods. Reforming indirect taxation would however generate considerable revenue losses for local governments and, in the absence of any compensatory mechanisms, there would be significant impediments to the needed reforms. This paper focuses on the extent of revenue losses, their distribution across provinces, and possible options for compensation.
Keywords:
WP; VAT revenue; tax revenue; business tax; revenue-returned formula; Fiscal Policy; Indirect Taxation; Intergovernmental Fiscal Relations; China; base scenario; VAT base; Value-added tax; Consumption taxes; Corporate income tax; Tax efficiency