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Business and Economics > Corporate Taxation

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Cover Departmental Papers
Revenue Mobilization for a Resilient and Inclusive Recovery in the Middle East and Central Asia
Ms. Genevieve Verdier
,
Brett Rayner
,
Ms. Priscilla S Muthoora
,
Charles Vellutini
,
Ling Zhu
,
Vincent de Paul Koukpaizan
,
Alireza Marahel
,
Mahmoud Harb
,
Imen Benmohamed
,
Mr. Shafik Hebous
,
Andrew Okello
,
Nathalie Reyes
,
Thomas Benninger
, and
Bernard Sanya
Domestic revenue mobilization has been a longstanding challenge for countries in the Middle East and Central Asia. Insufficient revenue has often constrained priority social and infrastructure spending, reducing countries’ ability to reach the Sustainable Development Goals, improve growth prospects, and address climate related challenges. Moreover, revenue shortfalls have often been compensated by large and sustained debt accumulation, raising vulnerabilities in some countries, and limiting fiscal space to address future shocks. The COVID-19 pandemic and the war in Ukraine have compounded challenges to sustainable public finances, underscoring the need for revenue mobilization efforts. The recent global crises have also exacerbated existing societal inequalities and highlighted the importance of raising revenues in an efficient and equitable manner. This paper examines the scope for additional tax revenue mobilization and discusses policies to gradually raise tax revenue while supporting resilient growth and inclusion in the Middle East and Central Asia. The paper’s main findings are that excluding hydrocarbon revenues, the region’s average tax intake lags those of other regions; the region’s fragile and conflict-affected states (FCS) face particular challenges in mobilizing tax revenue; In general, there is considerable scope to raise additional tax revenue; countries have made efforts to raise tax collection, but challenges remain; tax policy design, notably low tax rates and pervasive tax exemptions, is an important factor driving tax revenue shortfalls; weak tax compliance, reflecting both structural features and challenges in revenue administration, also plays a role; and personal income tax systems in the region vary in their progressivity—the extent to which the average tax rate increases with income—and in their ability to redistribute income. These findings provide insights for policy action to raise revenue while supporting resilient growth and inclusion. The paper’s analysis points to these priorities for the region to improve both efficiency and equity of tax systems: improving tax policy design to broaden the tax base and increase progressivity and redistributive capacity; strengthening revenue administration to improve compliance; and implementing structural reforms to incentivize tax compliance, formalization, and economic diversification.
Keywords:
Revenue mobilization; revenue gaps; tax compliance; compliance gaps; tax policy; tax revenue gap; estimated tax; Gini coefficient; revenue challenge; tax revenue shortfall; systems in the region; tax Effort; tax ratio; Personal income tax; Tax administration core functions; Tax collection; Corporate income tax; Middle East and Central Asia; Global; Central Asia and the Caucasus; Middle East; Tax return filing compliance
Cover Fiscal Monitor, April 2016
Fiscal Monitor, April 2016
Acting Now, Acting Together
International Monetary Fund. Fiscal Affairs Dept.

Abstract

The global economy remains fragile at this time. While the recovery in advanced economies is softening, many emerging market and developing economies have experienced a significant economic slowdown, and some large countries show signs of distress. Global risk aversion has risen, and commodity prices have continued to fall since the April 2015 Fiscal Monitor. The weaker outlook and concerns about the ability of policymakers to provide an adequate and swift policy response have amplified downward risks and clouded global prospects. According to this issue of the Fiscal Monitor, the challenging environment calls for a comprehensive policy response to boost growth and reduce vulnerabilities. In particular, it is critical to identify policies that could lift productivity growth by promoting innovation. Fiscal policy can play an important role in stimulating innovation through its effects on research and development, entrepreneurship, and technology transfer.

Keywords:
FM; def; country abbreviation; statistics manual; commodity exporter; potential GDP; middle-income economy; Fiscal stance; Emerging and frontier financial markets; Macroeconomic and fiscal forecasts; Global; Africa; Middle East; North Africa; Europe; Tax incentives; Asia and Pacific; fiscal policy; tax treatment; imputed interest; rate of return; Fiscal risks
Cover Implementing a US Carbon Tax
Implementing a US Carbon Tax
Challenges and Debates

Abstract

Although the future extent and effects of global climate change remain uncertain, the expected damages are not zero, and risks of serious environmental and macroeconomic consequences rise with increasing atmospheric greenhouse gas concentrations. Despite the uncertainties, reducing emissions now makes sense, and a carbon tax is the simplest, most effective, and least costly way to do this. At the same time, a carbon tax would provide substantial new revenues which may be badly needed, given historically high debt-to-GDP levels, pressures on social security and medical budgets, and calls to reform taxes on personal and corporate income. This book is about the practicalities of introducing a carbon tax in the United States, set against the broader fiscal context. It consists of thirteen chapters, written by leading experts, covering the full range of issues policymakers would need to understand, such as the revenue potential of a carbon tax, how the tax can be administered, the advantages of carbon taxes over other mitigation instruments and the environmental and macroeconomic impacts of the tax. A carbon tax can work in the United States. This volume shows how, by laying out sound design principles, opportunities for broader policy reforms, and feasible solutions to specific implementation challenges.

Keywords:
BOOK; policy; cost; price; firm; federal budget budget deficit; carbon tax revenue; tax loophole; fuel excise taxes; fuel economy standard; Carbon tax; Greenhouse gas emissions; Personal income; Corporate taxes; Corporate income tax; Global; Africa; North America
Cover IMF Working Papers
Tax Policy and Reform for Foreign Direct Investment in Developing Countries
International Monetary Fund
This paper identifies tax factors in 21 developing countries that have an impact on foreign direct investment flows. It categorizes those factors into issues associated with tax coordination; tax rates and rate structures; and composition of the tax base. Recent actions by countries reveal no clear pattern in their attempts to increase tax coordination, while many have reduced corporate tax rates and stream-lined tax incentives. However, broad-based tax reform is lacking in most, leaving room for further possibilities in tax reform for attracting foreign investment. The paper also addresses nontax factors that can be instrumental in attracting foreign investment.
Keywords:
WP; tax rate; withholding tax; rate of return; wealth tax; capital gains tax; tax liability; fiscal drag; accelerated depreciation; physical capital; cash flow; taxable income; historical cost; Corporate income tax; Foreign direct investment; Corporate taxes; Income tax systems; Income and capital gains taxes; Western Europe