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Asia and Pacific > Thailand

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Cover IMF Working Papers
Tax Incentives in Cambodia
Mr. Manuk Ghazanchyan
,
Mr. Alexander D Klemm
, and
Yong Sarah Zhou
Cambodia, like its regional peers, offers a number of tax incentives to investors. This paper reviews these incentives to assess their costs and benefits, including their likely effectiveness in attracting capital and in supporting the diversification strategy. It finds that an important incentive, the tax holiday, differs materially from practice elsewhere in offering a deferral rather than exempting from tax and may not be very effective. Moreover, other features of the tax system, such as the high withholding rate on dividends, imply relatively high effective tax rates for foreign investors. The paper discusses potential reforms that weigh revenue and other costs of tax incentives against the need for a competitive tax system, including a shift from tax holidays toward investment allowances.
Keywords:
WP; circumstances Cambodia; R&D tax incentive; retained earnings; depreciation rate; tax incentives in Cambodia; Tax incentives; Tax Competition; Tax holidays; effective tax rates; withholding tax tax rate; investment allowance; Effective tax rate; Withholding tax; Corporate income tax; Asia and Pacific; Africa; Central and Eastern Europe; East Asia; North Africa
Cover IMF Working Papers
Does Taxation Stifle Corporate Investment? Firm-Level Evidence from ASEAN Countries
Mr. Serhan Cevik
and
Fedor Miryugin
This paper conducts a firm-level analysis of the effect of taxation on corporate investment patterns in member states of the Association of Southeast Asian Nations (ASEAN). Using large-scale panel data on nonfinancial firms over the period 1990–2014, and controlling for macro-structural differences among countries, we find a significant degree of persistence in firms’ net fixed investments over time, which vary with firm characteristics, such as size, sales, profitability, leverage, and age. Our analysis brings up interesting empirical results, including nonlinear patterns of behavior in firms’ capital investment decisions acrosss ASEAN countries. Concerning the main variable of interest, we find that a moderate level of taxation does not hinder business investment, but this effect turns negative as higher tax burden raises the user cost of capital and distorts resource allocations.
Keywords:
WP; firm characteristic; investment behavior; firm level; nonfinancial firm; Corporate income tax; investment; leverage; firm performance; fixed investment; cost of capital; Capital spending; Public investment and public-private partnerships (PPP); Tax incidence; Private investment; Global; Southeast Asia; Asia and Pacific
Cover IMF Staff Country Reports
Philippines: Selected Issues
International Monetary Fund
This study discusses the Philippine output gap from three perspectives and evaluates the utility of the approaches for policymaking. Incentives in the Philippines appear broadly comparable with those in neighboring countries. The reform would also improve short- and especially medium-term revenue collection. The general tax provisions and investment incentives in seven east-Asian economies are compared. The analysis focuses on stocks of foreign assets and liabilities and adopts a cross-country perspective to help determine the Philippines’ position within a broader universe of emerging market economies.
Keywords:
ISCR; CR; firm; Philippines; inflation-output gap relationship; Philippine output gap; portfolio equity inflow; EME portfolio allocation; location specific; estimates of the output gap; Tax holidays; Output gap; Effective tax rate; Tax incentives; Corporate income tax; Europe; Asia and Pacific; Global