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Asia and Pacific > Thailand

You are looking at 1 - 8 of 8 items for :

  • Type: Journal Issue x
  • Tax administration and procedure x
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Cover IMF Staff Country Reports
Indonesia: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper provides an overview of the exchange rate and trade dynamics in Indonesia. Using data on monthly export and import price and volume at the sectoral level, the paper estimates pass-through effects of exchange rate changes to trade price and volume. Results indicate adjustment frictions that depend on the source of the exchange rate fluctuation and the degree of integration in global value chains. Overall, combining price and volume effects, we find that 10 percent depreciation in the exchange rate is associated with a rise in the goods net-exports of up to 1.6 percent of GDP. Results indicate that there is considerable asymmetry and sectoral heterogeneity in the pass-throughs of exchange rate on import and export prices. Import prices adjust well to exchange rate fluctuations with the effects being stronger for appreciation episodes. The price sensitivity of export prices to exchange rate shocks is generally lower than of imports and concentrated over shorter horizons and during episodes of depreciation. The price and quantity results imply that exchange rate changes can have significant effects on the current account, by affecting movements in net-exports of goods.
Keywords:
ISCR; CR; rate; price; market; pass-through; monetary policy report; market rate; monetary policy press releases; monetary policy decision; pass-through coefficient; upside risk; Exchange rates; Corporate income tax; Tax administration core functions; Value-added tax; Medium term revenue strategy; Global
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 Japan Administered Account for Selected IMF Activities (JSA)--Annual Report for Fiscal Year 2009
Japan Administered Account for Selected IMF Activities (JSA)--Annual Report for Fiscal Year 2009
International Monetary Fund

Abstract

This paper provides a brief description of the IMF and its activities, focusing in particular on its technical assistance (TA) activities. The report then describes in greater detail the Japan Administered Account for Selected Fund Activities (JSA)—including its scope and objectives, the size and uses of the TA contribution, and assessments of its TA activities and scholarship programs—with a focus on fiscal year (FY) 2009. Japan has provided grant contributions to support IMF technical assistance to member countries since 1990. In 1997, the scope of the administered account was widened to allow for financing other IMF activities in Asia and the Pacific, carried out through the IMF Regional Office for Asia and the Pacific in Tokyo. Regular consultations are held between the IMF and the Japanese authorities; the most recent formal meeting took place in April 2009. The use of JSA resources is flexible. JSA funds can be used to cover the cost of short- and long-term TA experts and other costs associated with conducting seminars and workshops, such as room rental fees.

Keywords:
MISC RPT; MISC; Accounts-Japan Financial Statement Fy2009; Japan; audit of the JSA; annual audit; certificate of completion; fund activity; Budget planning and preparation; Bank supervision; Tax administration core functions; Asia and Pacific; Africa; Central Asia; Middle East; Middle East and Central Asia; TA activity; review mission; IMF TA; scholarship program; IMF expert; IMF customs expert; IMF department; IMF economist; Anti-money laundering and combating the financing of terrorism (AML/CFT); Capital markets; Financial Sector Assessment Program; Caribbean
Cover IMF Working Papers
Investment Incentives and Effective Tax Rates in the Philippines: A Comparison With Neighboring Countries
Mr. Alexander D Klemm
,
Mr. Dennis P Botman
, and
Reza Baqir
We compare the general tax provisions and investment incentives in the Philippines to six other east-Asian economies-Malaysia, Indonesia, Lao, Vietnam, Cambodia, and Thailand. We calculate effective tax rates and find that general effective tax rates are relatively high in the Philippines, while investment incentives are comparable to those in neighboring countries. Tax holidays are most attractive for very profitable firms, creating redundancy, and for investment in short-lived assets. We also consider recently-proposed tax reforms that would replace tax holidays by a reduced corporate income tax rate or a low tax on gross receipts. The results suggest that this would result in stronger incentives to invest, while government revenue increases. Alternatively, replacing holidays with a general reduction in the corporate tax rate and offering accelerated depreciation will either not provide the same incentives or be very costly.
Keywords:
WP; income tax; accelerated depreciation; export enterprise; personal income; contract research and development company; depreciation rate; export processing zone company; indirect tax; tax year
Cover IMF Working Papers
Tax Administration Reform and Fiscal Adjustment: The Case of Indonesia (2001-07)
Mr. John D Brondolo
,
Frank Bosch
,
Mr. Eric Le Borgne
, and
Mr. Carlos Silvani
Tax administration reforms can play an important role in fiscal adjustment. This role is examined by reviewing Indonesia's tax reform cum fiscal adjustment experience since 2001. The paper describes Indonesia's fiscal adjustment strategy, its tax administration reforms, and assesses the impact of these reforms on fiscal adjustment. Evidence suggests tax administration improvements had a strong positive impact on the tax yield and a positive effect on the investment climate. Lessons are presented for designing tax administration reforms within the context of a fiscal adjustment program and reform priorities are identified for Indonesia's ongoing efforts to strengthen tax administration.
Keywords:
WP; administration reform; tax administration; reform strategy; sales tax
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
Cover IMF Policy Discussion Papers
Tax Policy and the Asian Crisis
Mr. David C Nellor
This paper focuses on tax policy and the crisis in Asia in the context of globalization and technological change. Two sets of conclusions, specific tax reform measures and general lessons from the crisis, form the tax policy agenda on these issues. The complexity and volume of financial transactions, associated with the opening of emerging markets, have made tax administration a more challenging task. Just as strengthening financial systems must be a precursor to capital account liberalization, tax administrations clearly also require strengthening in such an environment. In many emerging markets the capacity to tax capital returns is limited. Tax administrators need to understand and monitor complex financial transactions that grew rapidly due both to financial sector liberalization and technological innovation. Traditional difficulties for tax administrators, such as transfer pricing, that had often been limited to natural resource sectors in developing economies, took on wider importance as local companies gained sophistication and developed offshore operations.
Keywords:
PDP; asset; tax; value; proceeds; debt equity swap; exchange rate; income tax; tax firm; net capital; arbitrage possibility; taxable income; capital return; stamp tax; World tax organization; debt forgiveness; Tax incentives; Corporate income tax; Personal income; Income and capital gains taxes; Tax administration core functions; Global; Asian CrisisTax Policy; Asian crisis; tax policy; capital; Asia and Pacific