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Europe > Switzerland

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Cover Technical Assistance Reports
Libya: Technical Assistance Report-Redesign of Income Tax Forms
International Monetary Fund. Middle East and Central Asia Dept.
METAC assisted the Libyan Tax Authority in reviewing tax forms to enhance taxpayer data collection. The proposed data set will significantly expand existing information, improving the completeness of taxpayer records and greatly aiding the risk assessment process.
Keywords:
Registration application; Annual Tax declaration for unincorporated taxpayers; Annual Corporate Income Tax; Data; Risk assessment; Industry classification; Business community; Libya.; declaration reporting; LTA staff; LTA income tax operation; income tax registration; request of the Libyan Tax Authority; Income tax systems; Income; Corporate income tax; Tax administration core functions; Taxpayer registration
Cover IMF Staff Country Reports
Libya: Technical Assistance Report-Review the Installation/Implementation Status of Modules/Functionalities of ASYCUDA World at Libyan Customs Administration
International Monetary Fund. Middle East and Central Asia Dept.
Middle East Technical Assistance Center (METAC) has arranged a two-phase capacity development (CD) for the Libyan Customs Administration (LCA) of the Libyan Ministry of Finance. The purpose of this mission is to assess the development status of the ASYCUDA World (AW) prototype piloted in the Port of Tripoli and identify areas of short-term CD support enabling LCA to fully exploit the AW functionalities. It will be followed by a study tour to promote peer learning and exchange of best practices in the f ield of customs in particular digitalization issues, through the METAC region.
Keywords:
AW functionality; AW prototype; AW implementation team; implementation status; LCA authorities; Customs administration core functions; Tariffs; Duties; Imports; Middle East; Global
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
Tax Policy and Inclusive Growth
Ruud A. de Mooij
This paper discusses the theory and practice of tax design to achieve an efficient and equitable outcome, i.e. in support of inclusive growth. It starts with a discussion of the key principles from tax theory to guide practical tax design. Then, it elaborates on more granular tax policy, discussing key choices in the structure of the personal income tax on labor and capital income, taxes on wealth, the corporate income tax, and consumption taxes. The paper concludes by highlighting the political economy considerations of the issues with concrete recommedtions as to how to implement tax reform.
Keywords:
tax policy; inclusive growth; inequality; poverty; income distribution; WP; economic rent; personal income; tax liability; cost of capital; external cost; public finance; rate of return; low income; take-home pay; Income; Capital income tax; Income and capital gains taxes; Corporate income tax; Income tax systems; Europe; Global
Cover IMF Working Papers
Hidden Treasure: The Impact of Automatic Exchange of Information on Cross-Border Tax Evasion
Sebastian Beer
,
Maria Delgado Coelho
, and
Sebastien Leduc
We analyze the impact of exchange of information in tax matters in reducing international tax evasion between 1995 and 2018. Based on bilateral deposit data for 39 reporting countries and more than 200 counterparty jurisdictions, we find that recent automatic exchange of information frameworks reduced foreign-owned deposits in offshore jurisdictions by an average of 25 percent. This effect is statistically significant and, as expected, much larger than the effect of information exchange upon request, which is not significant. Furthermore, to test the sensitivity of our findings, we estimate countries’ offshore status and the impact of information exchange simultaneously using a finite mixture model. The results confirm that automatic (and not upon request) exchange of information impacts cross-border deposits in offshore jurisdictions, which are characterized by low income tax rates and strong financial secrecy.
Keywords:
WP; bank deposit; EOI agreement; tax evasion; exchange of information; cross-border deposits; treatment effect; offshore center; biases result; standard error; Anti-money laundering and combating the financing of terrorism (AML/CFT); Offshore financial centers; Double taxation; Personal income tax; Global
Cover IMF Working Papers
Corporate Tax Reform: From Income to Cash Flow Taxes
Benjamin Carton
,
Emilio Fernández Corugedo
, and
Mr. Benjamin L Hunt
This paper uses a multi-region, forward-looking, DSGE model to estimate the macroeconomic impact of a tax reform that replaces a corporate income tax (CIT) with a destination-based cash-flow tax (DBCFT). Two key channels are at play. The first channel is the shift from an income tax to a cash-flow tax. This channel induces the corporate sector to invest more, boosting long-run potential output, GDP and consumption, but crowding out consumption in the short run as households save to build up the capital stock. The second channel is the shift from a taxable base that comprises domestic and foreign revenues, to one where only domestic revenues enter. This leads to an appreciation of the currency to offset the competitiveness boost afforded by the tax and maintain domestic investment-saving equilibrium. The paper demonstrates that spillover effects from the tax reform are positive in the long run as other countries’ exports benefit from additional investment in the country undertaking the reform and other countries’ domestic demand benefits from improved terms of trade. The paper also shows that there are substantial benefits when all countries undertake the reform. Finally, the paper demonstrates that in the presence of financial frictions, corporate debt declines under the tax reform as firms are no longer able to deduct interest expenses from their profits. In this case, the tax shifting results in an increase in the corporate risk premia, a near-term decline in output, and a smaller long-run increase in GDP.
Keywords:
WP; capital stock; exchange rate; export price; income tax; tax policy; business taxation; corporate leverage; dynamic stochastic general equilibrium models; macroeconomic interdependence; CIT reform; cash flow; cost of capital; open economy; DBCFT result; distortionary tax; tax reform experiment; return to capital; rate of return; shadow price; Corporate income tax; Corporate taxes; Financial frictions; Value-added tax; Cash-flow tax; Global
Cover IMF Staff Country Reports
Switzerland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes key features of corporate taxation in Switzerland. The Swiss corporate tax system includes many aspects of a territorial regime; is highly attractive for multinational companies; and collects non-negligible revenues, but the status quo is not sustainable. The proposed reform would eliminate differences in the tax treatment of foreign and Swiss sourced income. Further, cantons are expected to lower their corporate income tax (CIT) rates, bringing the combined (municipal, cantonal, and federal) tax rate (averaged across cantons) to about 13.9 percent. Costs of lowering the CIT rates would be unequally distributed across cantons, and would be costlier for cantons with a large immobile CIT base.
Keywords:
ISCR; CR; rate; exchange rate; Exchange market pressure; interest rate; aggregate mortgage lending; CIT rate; mortgage interest rates; interest rate differential; exemption threshold; Corporate income tax; Exchange rates; Personal income; Mortgages; Income and capital gains taxes; Global; Eastern Europe; Europe
Cover Technical Notes and Manuals
The Revenue Administration–Gap Analysis Program: An Analytical Framework for Excise Duty Gap Estimation
Mr. Mick Thackray
The IMF Fiscal Affairs Department’s Revenue Administration Gap Analysis Program (RA-GAP) assists revenue administrations from IMF member countries in monitoring taxpayer compliance through tax gap analysis. The RA-GAP analytical framework for estimating excise gaps presented in this Technical Note sets out the steps and data required for comprehensive top-down gap estimates based on a comparison of actual collections to potential collections, which is estimated from consumption (or use) and expenditure of excise commodities. The note outlines the motivation for, and different approaches to, excise gap estimation; and identifies the design criteria for robust gap estimates. The note was jointly produced by RA-GAP team and the Slovak Republic’s Institute for Financial Policy, piloting the framework for the mineral oils excise gap in Slovakia.
Keywords:
TNM; gap estimate; excise rate; excise gap; compliance risk; gap analysis; Tax Administration; Tax Compliance; Excise; Tax Gap; Tax Avoidance; Tax Evasion; Excise Smuggling; Cross-Border Shopping; Shadow Economy; Non-Observed Economy; excise collection; excise goods; rate change; gap study; understanding excise transaction; Excises; Consumption; Tax administration core functions
Cover IMF Staff Country Reports
Kingdom of the Netherlands-Netherlands: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper focuses on a steady increase in current account surpluses in ”Surplus 3” countries—Germany, the Netherlands, and Switzerland—since the mid-1990s. In Germany and the Netherlands, nonfinancial corporations seem to be behind the rising surpluses. In these countries, increasing corporate profits have not been converted into dividends, keeping a lid on consumption. In Switzerland, household savings seem to explain the bulk of the current account surplus: both mandatory and voluntary savings have been on an increasing trend since 2000. Trending net contributions to pension funds since 2000 and rising equity contribution for housing purchases are likely drivers.
Keywords:
ISCR; CR; current account surplus; NICs; surplus; income; elasticity assumption; income effect; inflation expectation; elasticity case; labor tax wedge; lending-borrowing balance; substitution effect; government savings-investment balance; current account dynamics; savings-investment surplus; Current account surpluses; Labor supply; Current account; Real effective exchange rates; Trade balance; Global; Europe
Cover IMF Staff Country Reports
United Kingdom: Selected Issues
International Monetary Fund. European Dept.
This paper aims to provide European Union (EU), while recognizing that the choice of whether to remain in the EU is for U.K. voters to make and that their decisions will reflect both economic and noneconomic factors. The question of EU membership is both a political and an economic issue, and the referendum has sparked a wide-ranging debate on the United Kingdom’s role in the EU. Given the range of plausible alternative arrangements with the EU, the number of channels by which countries could be affected and the range of possible effects on the United Kingdom and other economies are broad.
Keywords:
ISCR; CR; EU membership; UK economy; single market; EU country; EU migrant; EU budget; UK-EU trade; EU regulation; EU economy; EU directive; EU immigrant; Exports; Migration; Tariffs; Income; Foreign direct investment; Global; Europe