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Asia and Pacific > India

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Cover IMF How To Notes
How to Design and Implement Property Tax Reforms
Martin Grote
and
Jean-François Wen
Property taxes are often under-exploited sources of local public revenues. A broad-based tax, raised at modest rates, can potentially generate significantly higher revenues in many countries, and meet most of the costs of improved local public services. This note provides a practical guide to designing and implementing reforms to recurrent taxes on immoveable property and real estate transfer taxes. It addresses the fundamental policy choices regarding the property tax base and tax rate, and the key functions of the tax administration for managing collections – valuation, billing, and enforcement. The advice in the note stems from a review of the literature and insights gained from the experiences of the Fiscal Affairs Department in delivering capacity development on property taxes. It covers and updates some of the analytical work by Norregaard (2013) while providing granular advice on practical aspects of reforming property taxes. The note is motivated by the resource mobilization needs of developing countries, but the design considerations are also pertinent for advanced and emerging market economies seeking to increase the revenue productivity of property taxes.
Keywords:
property tax; recurrent tax; real estate; real property transfer tax; tax reform; implement property tax reform; property tax tax collection; revenue identity; property tax administration; property tax system; Tax administration core functions; Transaction tax; Estate tax; Africa
Cover IMF Working Papers
Applying the Central Clearing Mandate: Different Options for Different Markets
Mr. John Kiff
,
Alessandro Gullo
,
Mr. Cory Hillier
, and
Panagiotis Papapanagiotou
Back in 2009, G-20 leaders have called for all standardized over-the-counter (OTC) derivatives to be cleared through central counterparties (CCPs). By now, 18 of the 24 Financial Stability Board (FSB) member jurisdictions have provided for mandatory central clearing frameworks in place, covering at least 90 percent of all standardized OTC derivatives in their jurisdictions. However, the authorities in several countries remain confronted with the hows and wherefores of mandatory central clearing, also in light of the international dimension of OTC derivatives contracts. This paper examines the policy options available to countries that have yet to fully conform to the clearing mandate, centered on the setup of local CCPs or on the use of foreign CCPs, and elaborates on their feasibility, risks and benefits from an economic, legal and tax viewpoint.
Keywords:
central counterparties; international over the counter derivatives markets; regulation and governance.; interest rate derivatives CCP; Non-U.S. OTC foreign exchange; OTC derivatives transaction; counter derivatives market; clearing mandate; Central counterparty clearing house; Withholding tax; Interest payments; Collateral; Tax law; Global; Africa
Cover IMF Working Papers
Brazil: Tax Expenditure Rationalization Within Broader Tax Reform
Maria Delgado Coelho
The excessive complexity and burden of the Brazilian tax system, riddled by cumulative indirect taxes and heavy payroll contributions, have led to an accumulation of fiscal incentives aimed at reducing its burden on taxpayers and productive activities. Federal and subnational tax expenditures currently stand at over 5 percent of GDP. Rationalizing them can only be comprehensively feasible in the context of a broader sequenced tax reform, and could reduce resource misallocation and income inequality, as well as provide new revenues.
Keywords:
rationalization experience; Labor tax wedge; sequenced tax reform; cost of capital; zero rating; tax relief; single tax; Tax expenditures; Corporate income tax; Tax incentives; Personal income tax; Social security contributions; Global