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Business and Economics > Corporate Taxation

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  • Trinidad and Tobago x
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Cover IMF How To Notes
How to Design a Regional Tax Treaty and Tax Treaty Policy Framework in a Developing Country
Kiyoshi Nakayama
A well-designed regional tax treaty to which developing countries are signatories will include provisions securing minimum withholding taxes on investment income and technical service fees, a taxing right in respect of capital gains from indirect offshore transfers, and guarding against-treaty shopping. A tax treaty policy framework—national or regional—that specifies the main policy outcomes to be achieved before negotiations commence would enable developing countries with more limited expertise and lower capacity for tax treaty negotiations to avoid concluding problematic tax treaties. This note provides guidance for members of regional economic communities in the developing world on what should and should not be included in a regional tax treaty and how to design on a common tax treaty policy framework for use in negotiations of bilateral tax treaties with nonmembers.
Keywords:
value-added tax; corporate tax; regional tax; regional tax policy; regional tax treaty; developing countries; tax treaty; group treaty negotiations; tax treaty position; treaty negotiations; treaty shopping; Double taxation; Withholding tax; Payroll tax; Corporate income tax; Dividend tax; Caribbean; West Africa
Cover IMF Working Papers
How Buoyant is the Tax System? New Evidence from a Large Heterogeneous Panel
Mr. Paolo Dudine
and
João Tovar Jalles
In this paper we provide short- and long-run tax buoyancy estimates for 107 countries (distributed between advanced, emerging and low-income) for the period 1980–2014. By means of Fully-Modified OLS and (Pooled) Mean Group estimators, we find that: i) for advanced economies both long-run and short-run buoyancies are not different from one; ii) long run tax buoyancy exceeds one in the case of CIT for advanced economies, PIT and SSC in emerging markets, and TGS for low income countries, iii) in advanced countries (emerging market economies) CIT (CIT and TGS) buoyancy is larger during contractions than during times of economic expansions; iv) both trade openness and human capital increase buoyancy while inflation and output volatility decrease it.
Keywords:
WP; tax buoyancy; tax revenue; buoyancy estimate; buoyancies help; tax elasticity; recession; error correction model; pooled mean group; short vs long run; fiscal sustainability; buoyancy coefficient; tax category; Corporate income tax; Personal income tax; Inflation; Emerging and frontier financial markets; Global
Cover IMF Working Papers
Modeling the Impact of Taxes on Petroleum Exploration and Development
Mr. James L. Smith
We present a simple model of petroleum exploration and development that can be applied to study the performance of alternative tax systems and identify potential distortions. Although the model is a highly simplified, it incorporates many factors and some of the key tradeoffs that would influence an investor’s investment behavior. The model recognizes the role of enhanced oil recovery and treats the impact of taxation on exploration and development in an integrated manner consistent with an investor’s joint optimization of investments at both stages of the process. The model is simple and user-friendly, which facilitates application to a broad range of problems.
Keywords:
WP; net present value; cash flow; petroleum exploration; oil production; taxation; distortions; IOC place; IOC's profit; price movement; fiscal regime; IOC NPV; oil price; economic value; Oil; Oil prices; Corporate income tax; Marginal effective tax rate; Production sharing; Middle East
Cover Departmental Papers
The Caribbean: Enhancing Economic Integration
Mr. Sanjaya P Panth
,
Mr. Paul Cashin
, and
Mr. W. A Bauer
The Caribbean has made substantial progress in recent years in implementing economic reforms, both at the national and regional level. The Caribbean: Enhancing Economic Integration examines the product of the efforts made by Caribbean policymakers to strengthen regional cooperation and integration, which has yielded economic transformation and tighter integration with the global economy. This volume discusses regional financial integration as a means of deepening financial systems and raising regional growth; the relationship between tax incentives and investment, where harmonized regional action is important in seeking to overcome collective actions problems; and the consequences for the Caribbean of the erosion of trade preferences in key export markets. The book is based on empirical research carried out as part of the IMF's regional surveillance work in the Caribbean.
Keywords:
DPPP; DP; tax incentive; gross domestic product; income tax; country authorities; indirect tax; cost of capital; market price; free market; Agricultural commodities; Tax incentives; Foreign direct investment; Exports; Corporate income tax; Caribbean; Global; Central America; South America; West Africa; single market; tax rate; capital market
Cover IMF Working Papers
Corporate Income Tax Competition in the Caribbean
Koffie Ben Nassar
Motivated by the concern that corporate income tax (CIT) competition may have eroded the tax base, this paper calculates average effective tax rates to measure the impact of CIT competition, including the widespread use of tax holidays, on the tax base for 15 countries in the Caribbean. The results not only confirm erosion of the tax base, but also show that CIT holidays must be removed for recent tax policy initiatives (such as accelerated depreciation, loss carry forward provisions, and tax harmonization) to be effective. These findings suggest that the authorities should either avoid granting CIT holidays or rely more on other taxes (including consumption taxes such as the value-added tax) in order to broaden the tax base.
Keywords:
WP; CIT rate; rate; CIT competition; CIT holiday