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This paper studies whether exchange controls, particularly on the capital account, affect the choice of corporate tax rates, using a panel of 21 OECD countries over the period 1983-99. It builds on existing literature by (1) using a unique dataset with several different measures of the corporate tax rate calculated from the actual parameters of the tax systems, and (2i) allowing exchange controls to affect the intensity of strategic interaction between countries in setting taxes, as well as the levels of tax they choose. We find some evidence that (1) the level of a country’s tax, other things equal, is lowered by a unilateral liberalization of exchange controls; and (2) that strategic interaction in taxsetting between countries is increased by liberalization. These effects are stronger if the country is a high-tax one and if the tax is the statutory or effective average one. There is also evidence that countries’ own tax rates are reduced by liberalization of exchange controls in other countries.
Exports and Imports --- Foreign Exchange --- Taxation --- Corporate Taxation --- Business Taxes and Subsidies --- Intergovernmental Relations --- Federalism --- Secession --- International Investment --- Long-term Capital Movements --- Taxation, Subsidies, and Revenue: General --- Corporate & business tax --- Currency --- Foreign exchange --- International economics --- Public finance & taxation --- Corporate taxes --- Corporate income tax --- Exchange restrictions --- Capital controls --- Average effective tax rate --- Taxes --- Balance of payments --- Tax policy --- Corporations --- Capital movements --- Tax administration and procedure --- United States
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The persistence in Guyana of a substantial underground economy is an important consequence of economic and social policy over 1964-2000. The paper attempts to estimate the magnitude of, and changes to the underground economy in Guyana, as well as its adverse effect on tax collection, during this period.
Macroeconomics --- Money and Monetary Policy --- Taxation --- Economics: General --- Economywide Country Studies: Latin America --- Caribbean --- Informal Economy --- Underground Econom --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Taxation, Subsidies, and Revenue: General --- Personal Income, Wealth, and Their Distributions --- Tax Evasion and Avoidance --- Economics of specific sectors --- Monetary economics --- Public finance & taxation --- Informal economy --- Currencies --- Average effective tax rate --- Personal income --- Tax evasion --- Economic sectors --- Money --- Tax policy --- National accounts --- Revenue administration --- Informal sector --- Economics --- Tax administration and procedure --- Income --- Guyana
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