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Business and Economics > Corporate Taxation

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Cover IMF Working Papers
Tax Policy for Inclusive Growth in Latin America and the Caribbean
Mr. Santiago Acosta Ormaechea
,
Samuel Pienknagura
, and
Carlo Pizzinelli
This study provides an overview of tax structures in LAC before the COVID-19 pandemic, compares it to OECD countries, and provides recommendations for growth-friendly and inclusive tax policy reforms. LAC countries collect significantly lower tax revenue relative to OECD countries and have tax structures that rely excessively on corporate-income taxes (CIT) while personal-income taxes (PIT) remain largely underutilized. LAC countries could strengthen their PIT to mobilize revenue and improve progressivity by addressing critical design flaws. Possible adverse growth effects could be mitigated by providing incentives to labor force participation and formalization (e.g., through earned-income tax credits). The ongoing global corporate income tax reforms present a great opportunity to reassess thoroughly the CIT in LAC. Specifically, reforms would need to focus on aligning CIT statutory rates with those of other regions—when assessed to be relatively high—to attract investment and alleviate profit shifting, and on broadening the corporate tax base. Value-added taxes (VAT) could be improved by tackling exemptions and reduced rates. Furthermore, while estimates of additional revenue from levying the VAT on the digital economy appear modest, taxing this sector as others in the economy is critical to avoid further tax base erosion.
Keywords:
Taxation; Progressivity; Inclusive Growth; Latin America and the Caribbean; OECD tax revenue statistics database; OECD sample; OECD countries sample; income level; OECD distribution; OECD group; OECD member; OECD benchmark; PIT revenue; Personal income tax; Corporate income tax; Income tax systems; Income and capital gains taxes; Caribbean; Global
Cover IMF Staff Country Reports
Canada: Selected Issues
International Monetary Fund
This Selected Issues paper reviews Canada’s business tax system, looking at the incentive effects of the country’s business tax regime and their implications for output and employment. It presents estimates of marginal effective tax rates on corporate-source income in Canada and comparator countries across sectors, asset classes, means of finance, and asset ownership. The paper also examines labor markets in Canada. It notes that unemployment rates in Canada have risen across all demographic groups, industries, and regions, although young and less-educated workers and workers in agriculture and primary industries have been most severely affected.
Keywords:
ISCR; CR; ODA priority; Canada's official development assistance; CPI; DAC basis; productivity growth; CPI market basket; Pensions; Corporate income tax; Payroll tax; Productivity; Total factor productivity; North America; Central and Eastern Europe; Global; Africa; Asia and Pacific