Trade And Economic Impacts Of Destination Based Corporate Taxes
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Trade And Economic Impacts Of Destination Based Corporate Taxes
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Author : Martin, Will
language : en
Publisher: Intl Food Policy Res Inst
Release Date : 2017-02-09
Trade And Economic Impacts Of Destination Based Corporate Taxes written by Martin, Will and has been published by Intl Food Policy Res Inst this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-02-09 with Political Science categories.
Current US proposals for destination-based corporate taxes that effectively combine a value-added tax (VAT) and a wage subsidy raise important policy questions for countries considering them, and for their trading partners. This tax/subsidy package would not create trade barriers or export subsidies, and any changes in trade would result from the measures’ distributional consequences or short-run impacts on output. The package would leave business profits and rents untaxed, placing the burden of the tax entirely on consumers, with no offset from exchange rate appreciation. If anything, its introduction could cause a short-run real exchange rate depreciation. A key concern regarding this package is its small, volatile, and vulnerable revenue yield. At current US consumption and labor shares of gross domestic product (GDP), a 20 percent corporate cash-flow tax with a wage subsidy would generate only around 2 percent of GDP in revenues, a result that could be obtained with much less volatility from a 2.8 percent tax without the wage subsidy. Under the tax/subsidy regime, revenues would become negative if consumption and labor shares returned to their historical norms, requiring increases in other taxes. A 20 percent tax would raise consumer prices by up to 27 percent, taking into account state sales taxes, sharply cutting the living standards of people on fixed incomes. The average combined consumption tax rate of 33 percent would be the highest in the world and more than double the world-average VAT rate, creating incentives for avoidance and evasion.
Revenue Implications Of Destination Based Cash Flow Taxation
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Author : Shafik Hebous
language : en
Publisher: International Monetary Fund
Release Date : 2019-01-15
Revenue Implications Of Destination Based Cash Flow Taxation written by Shafik Hebous and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-15 with Business & Economics categories.
We estimate the revenue implications of a Destination Based Cash Flow Tax (DBCFT) for 80 countries. On a global average, DBCFT revenues under unchanged tax rates would remain similar to the existing corporate income tax (CIT) revenue, but with sizable redistribution of revenue across countries. Countries are more likely to gain revenue if they have trade deficits, are not reliant on the resource sector, and/or—perhaps surprisingly—are developing economies. DBCFT revenues tend to be more volatile than CIT revenues. Moreover, we consider the revenue losses resulting from spillovers in case of unilateral implementation of a DBCFT. Results suggest that these spillover effects are sizeable if the adopting country is large and globally integrated. These spillovers generate strong revenue-based incentives for many—but not all—other countries to follow the DBCFT adoption.
Corporate Tax Reform From Income To Cash Flow Taxes
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Author : Benjamin Carton
language : en
Publisher: International Monetary Fund
Release Date : 2019-01-16
Corporate Tax Reform From Income To Cash Flow Taxes written by Benjamin Carton and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-16 with Business & Economics categories.
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.
A Destination Based Allowance For Corporate Equity
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Author : Shafik Hebous
language : en
Publisher: International Monetary Fund
Release Date : 2018-11-08
A Destination Based Allowance For Corporate Equity written by Shafik Hebous and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-08 with Business & Economics categories.
Following renewed academic and policy interest in the destination-based principle for taxing profits—particularly through a destination-based cash flow tax (DBCFT)—this paper studies other forms of efficient destination-based taxes. Specifically, it analyzes the Destination-Based Allowance for Corporate Equity (DBACE) and Allowance for Corporate Capital (DBACC). It describes adjustments that are required to turn an origin into a destination-based versions of these taxes. These include adjustments to capital and equity, which are additional to the border adjustments needed under a DBCFT. The paper finds that the DBACC and DBACE reduce profit shifting and tax competition, but cannot fully eliminate them, with the DBACE more sensitve than the DBACC. Overall, given the potential major political cost of switching from an origin to a destination-based tax system, we conclude that advantages of the DBCFT are likely to outweigh the transitional advantages of the DBACE/DBACC.
Prices Received By O
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Author :
language : en
Publisher:
Release Date : 1924
Prices Received By O written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1924 with Milk categories.
Corporate Taxation In The Global Economy
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-10
Corporate Taxation In The Global Economy written by International Monetary Fund. Fiscal Affairs Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-10 with Business & Economics categories.
The policy paper Corporate Taxation in the Global Economy stresses the need to maintain and build on the progress in international cooperation on tax matters that has been achieved in recent years, and in some respects now appears under stress. With special attention to the circumstances of developing countries, the paper identifies and discusses various options currently under discussion for the international tax system to ensure that countries, and in particular low-income countries, can continue to collect corporate tax revenues from multinational activities.
Existing Data To Measure African Trade
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Author : Mitaritonna, Cristina
language : en
Publisher: Intl Food Policy Res Inst
Release Date : 2017-03-10
Existing Data To Measure African Trade written by Mitaritonna, Cristina and has been published by Intl Food Policy Res Inst this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-10 with Political Science categories.
One finds a broad consensus in the literature regarding the lack of good information on trade in Africa, particularly intraregional trade. This paper attempts to identify gaps and remedies in measuring and tracking trade in Africa. We review the major international and regional databases that track trade in Africa, identifying the gaps therein. We also review the studies that have attempted to track informal trade between African countries, and we look at the major ongoing initiatives to track such informal trade. It appears that both international and regional databases suffer from a lack of reporting or from faulty reporting of African trade statistics. Informal trade flows pose an ongoing problem when measuring intraregional trade, although actual border-monitoring initiatives ongoing in selected countries constitute an interesting option for their quantification. When no direct monitoring method is available, estimating gravity equations represents an alternative with which to measure the potential trade between two partner countries, giving us an estimate of missing trade. A final avenue consists of estimating unregistered trade via national accounts data by comparing consumption, production, and declared trade.
Smog In Our Brains Gender Differences In The Impact Of Exposure To Air Pollution On Cognitive Performance In China
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Author : Chen, Xi
language : en
Publisher: Intl Food Policy Res Inst
Release Date : 2017-03-11
Smog In Our Brains Gender Differences In The Impact Of Exposure To Air Pollution On Cognitive Performance In China written by Chen, Xi and has been published by Intl Food Policy Res Inst this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-11 with Political Science categories.
While there is a large body of literature on the negative health effects of air pollution, there is much less written about its effects on cognitive performance for the whole population. This paper studies the effects of contemporaneous and cumulative exposure to air pollution on cognitive performance based on a nationally representative survey in China. By merging a longitudinal sample at the individual level with local air-quality data according to the exact dates and counties of interviews, we find that contemporaneous and cumulative exposure to air pollution impedes both verbal and math scores of survey subjects. Interestingly, the negative effect is stronger for men than for women. Specifically, the gender difference is more salient among the old and less educated in both verbal and math tests.
The X Tax In The World Economy
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Author : David F. Bradford
language : en
Publisher:
Release Date : 2004
The X Tax In The World Economy written by David F. Bradford and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Income tax categories.
"This paper considers the treatment of multinational business in the system known as an X Tax. The focus is on the choice between origin and destination treatments of transborder transactions. The destination-principle approach sidesteps the transferpricing problem. It remains in the origin-principle approach, which, however, presents fewer challenges of monitoring imports, obviates the tourism problem' whereby people can reduce their taxes by consuming in a low-tax jurisdiction and avoids transition effects associated with introduction of the tax and subsequent tax rate changes. The paper suggests special rules for transborder transactions between related parties to deal with the transfer-pricing problem"--NBER website
Farmers Quality Assessment Of Their Crops And Its Impact On Commercialization Behavior A Field Experiment In Ethiopia
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Author : Abate, Gashaw T.
language : en
Publisher: Intl Food Policy Res Inst
Release Date : 2017-03-24
Farmers Quality Assessment Of Their Crops And Its Impact On Commercialization Behavior A Field Experiment In Ethiopia written by Abate, Gashaw T. and has been published by Intl Food Policy Res Inst this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-24 with Political Science categories.
Adoption of quality-enhancing technologies is often driven largely by farmers’ expected returns from these technologies. Without proper grades, standards, and certification systems, however, farmers may remain uncertain about the actual financial return associated with their quality-enhancing investments. This report summarizes the outcomes of a short video-based randomized training intervention on wheat quality measurement and collective marketing among 15,000 wheat farmers in Ethiopia. Our results suggest that the intervention led to significant changes in farmers’ commercialization behaviors—namely, it prompted farmers to adopt behaviors geared toward assessing their wheat’s quality using easily implementable test-weight measures, assessing the accuracy of the equipment used by buyers in their kebeles (scales, in particular), and contacting more than one buyer before concluding a sale. The training also led to improvements in share of output sold, price received, and collective marketing, albeit with important limitations. First, farmers who measured their wheat quality received a higher price, but only if their wheat was of higher quality. Second, farmers who found that their wheat was of higher quality were more reluctant to aggregate their wheat (that is, sell their products through local cooperatives) than those who found that their wheat was of lower quality. Lastly, the training intervention led to better use of fertilizer in the following season. Our discovery that a short training intervention can significantly change farmers’ marketing and production behavior should encourage the development of further interventions aimed at enhancing farmers’ adoption of improved technologies and commercialization.