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Business and Economics > Corporate Taxation

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Cover IMF Staff Country Reports
Luxembourg: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Luxembourg
International Monetary Fund. European Dept.
This 2018 Article IV Consultation highlights that the economic growth in Luxembourg reached 2.3 percent in 2017, above the European Union average, and was driven by net exports of financial services and private consumption. Growth is projected at 3.5 percent for 2018, with continued strong job creation, and a temporary slowdown in inflation. In 2017, buoyant corporate tax revenues contributed to a fiscal surplus of 1.4 percent of GDP. The full impact of 2016 tax reform, and a continued need for high public investment are expected to result in a small fiscal surplus over the medium-term.
Keywords:
ISCR; CR; government; Luxemburg; IP box regime; surplus; liability positions vis-à-vis nonresident; current account surplus; authorities' reform effort; government's commitment; staff appraisal; Mutual funds; Financial Sector Assessment Program; Corporate income tax; Global; Europe
Cover IMF Working Papers
Base Erosion, Profit Shifting and Developing Countries
Ernesto Crivelli
,
Ruud A. de Mooij
, and
Mr. Michael Keen
International corporate tax issues are prominent in public debate, notably with the G20-OECD project addressing Base Erosion and Profit Shifting (‘BEPS’). But while there is considerable empirical evidence for advanced countries on the cross-country fiscal externalities at the heart of these issues, there is almost none for developing countries. This paper uses panel data for 173 countries over 33 years to explore their magnitude and nature, focusing particularly on developing countries and applying a new method to distinguish between spillover effects through real decisions and through avoidance —and quantify the revenue impact of the latter. The results suggest that spillover effects on the tax base are if anything a greater concern for developing countries than for advanced—and a significant one.
Keywords:
WP; Corporate income tax; BEPS; tax avoidance; international taxation; spillover effect; tax haven; simple average; CIT base; rate spillover; profit shifting; competition literature; spillover equation; Average effective tax rate; Spillovers; Caribbean; Sub-Saharan Africa
Cover Policy Papers
Spillovers in International Corporate Taxation
International Monetary Fund
This paper explores the nature, significance and policy implications of spillovers in international corporate taxation—the effects of one country’s rules and practices on others. It complements current initiatives focused on tax avoidance by multinationals, notably the G20-OECD project on Base Erosion and Profit shifting (BEPS). The paper draws on the IMF’s experience on international tax issues with its wide membership, including through technical assistance (TA), and on its previous analytical work, to analyze spillovers and how they might be addressed. In doing so, it goes beyond current initiatives to look at a wide set of possible responses.
Keywords:
PP; double taxation; residence country; tax system; single tax; taxable income; transfer pricing; withholding tax; income tax; cost of capital; companies resident; capital gain; Intra-company debt shifting; Corporate income tax; Corporate taxes; Spillovers; Personal income; Transfer pricing; Global
Cover IMF Working Papers
The Incidence and Efficiency Costs of Corporate Taxation When Corporate and Noncorporate Firms Produce the Same Goods
International Monetary Fund
One difficulty confronting Harberger’s celebrated model of the corporate income tax is how to treat the noncorporate production in primarily corporate sectors and corporate production in primarily noncorporate sectors. This paper presents a two-good model with corporate and noncorporate production of both goods. The incidence of the corporate tax in our Mutual Production Model (MPM) can differ markedly from that in the Harberger Model. The difference between the two models in deadweight loss is also striking, with losses in the MPM over ten times as large as in the Harberger Model.
Keywords:
WP; tax burden; tax rate; income tax; substitution elasticity; Noncorporate firm; capital share; incidence formula; Corporate income tax; Macroprudential policy instruments; Self-employment; Demand elasticity; Tax incidence