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Business and Economics > Corporate Taxation

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Cover IMF Staff Country Reports
Norway: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper examines migration patterns in Norway and their implications for estimates of potential output. It applies a new methodology proposed by Borio and others (2013) to estimate potential output by drawing on information about immigration and oil price movements. The paper also provides an overview of the recent trend in immigration in Norway and discusses various estimates of potential output using standard approaches. The results indicate that immigration plays a small but statistically significant role in the estimation of potential output for Norway. The data show that immigration inflows into Norway vary across source countries. The largest share of immigrants is from Poland, accounting for 15 percent of the total in 2012. Immigration patterns in Norway contain both cyclical and structural elements, but the latter seems dominant at least for now. Empirical results also suggest that immigration plays some role in determining potential output, however, its impact is quite small, consistent with the view that the recent immigration patterns are structural.
Keywords:
ISCR; CR; enterprise; HP filter; output gap estimate; mainland GDP output gap; autoregressive output gap term; telecom company; Productivity; Migration; Potential output; Personal income; Corporate income tax; Global
Cover IMF Staff Country Reports
Republic of Serbia: Selected Issues Paper
International Monetary Fund. European Dept.
This Selected Issues paper on Serbia’s Article IV Consultation reviews the precrisis growth paradigm and its legacy vulnerabilities. The underlying growth model proved vulnerable to shocks, being associated with a high share of nontradable, low domestic savings, and a fragile external position. Convergence to EU income levels was relatively moderate. Economic growth fell following the onset of the global financial crisis and further slowed the pace of convergence. Serbia’s postcrisis income gap remains larger by comparison to more advanced regional economies. Structural bottlenecks continue to undermine overall competitiveness and constrain growth potential.
Keywords:
ISCR; CR; Serbia; deficit; pension; GDP; indexation rule; tax expenditure; FDI inflow; greenfield FDI; resource revenue account; Corporate income tax; Aging; Wages; Pensions; Global; Europe
Cover IMF Staff Country Reports
Republic of Moldova: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the macroeconomic impact of workers’ remittances on Moldova. The paper focuses on Moldova’s labor emigration since the late-1990s using survey data designed to shed light on the economic and social consequences of migration. The survey results are broadly consistent both with the findings from balance-of-payments data and with the stylized facts in the labor migration literature. The paper also examines various indicators to assess the appropriateness of the current exchange rate level.
Keywords:
ISCR; CR; enterprise; government; migrant; privatization program; Moldovan migrant; enterprise privatization; remittances inflow; workers' remittance; Migration; Corporate income tax; Remittances; Privatization; Budget planning and preparation; Western Europe; Central and Eastern Europe; Global
Cover IMF Staff Country Reports
Luxembourg: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the effect of aging on pension expenditure in Luxembourg. The paper highlights that Luxembourg is in a relatively favorable position because its GDP growth has been well above the average for industrialized countries in the post-war period. Moreover, growth has been unconstrained in that much of it has been based on the influx of foreign capital and labor. The paper provides some illustrative simulations of pension expenditure in Luxembourg, and describes the demographic developments. After reviewing methodological issues, simulations of pension expenditure until 2050 are also presented.
Keywords:
ISCR; CR; pension system; investment funds; real GDP; withholding tax; labor market; GDP growth; tax rate; advantage Luxembourg; Luxembourg financial center; Luxembourg economy; labor force; Pension spending; Pensions; Aging; Corporate income tax; Employment; Europe