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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.

Budget --- Budgeting & financial management --- Budgeting --- Business Taxes and Subsidies --- Corporate & business tax --- Corporate income tax --- Corporate Taxation --- Corporations --- Currency crises --- Economic & financial crises & disasters --- Economics of specific sectors --- Economics --- Economics: General --- Income tax --- Informal sector --- Macroeconomics --- Personal Finance -Taxation --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Personal income tax --- Public finance & taxation --- Public financial management (PFM) --- Social security contributions --- Social security --- State and Local Taxation, Subsidies, and Revenue --- Tax expenditures --- Tax incentives --- Tax Law --- Taxation --- Taxation, Subsidies, and Revenue: General --- Taxation, Subsidies, and Revenues: Other Sources of Revenue --- Taxes --- Welfare & benefit systems --- Brazil

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utensils --- Angola

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This paper examines the role of minimum taxes and attempts to quantify their impact on economic activity. Minimum taxes can be effective at shoring up the corporate tax base and enhancing the perceived equity of the tax system, potentially motivating broader taxpayer compliance. Where political and administrative constraints prevent reforms to the standard corporate income tax, a minimum tax can help mitigate base erosion from excessive tax incentives and avoidance. Using a new panel dataset that catalogues changes in minimum tax regimes over time around the world, firm-level analysis suggests that the introduction or reform of a minimum tax is associated with an increase in the average effective tax rate of just over 1.5 percentage points with respect to turnover and of around 10 percent with respect to operating income. Minimum taxes based on modified corporate income lead to the largest increases in effective tax rates, followed by those based on assets and turnover.

Honduras --- Macroeconomics --- Economics: General --- Corporate Taxation --- Taxation --- Foreign Exchange --- Informal Economy --- Underground Econom --- Business Taxes and Subsidies --- Taxation, Subsidies, and Revenue: General --- Aggregate Factor Income Distribution --- Economic & financial crises & disasters --- Economics of specific sectors --- Corporate & business tax --- Public finance & taxation --- Corporate income tax --- Taxes --- Income --- National accounts --- Effective tax rate --- Tax policy --- Income tax systems --- Average effective tax rate --- Currency crises --- Informal sector --- Economics --- Corporations --- Tax administration and procedure --- Income tax

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Computer. Automation

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We analyze the impact of exchange of information in tax matters in reducing international tax evasion between 1995 and 2018. Based on bilateral deposit data for 39 reporting countries and more than 200 counterparty jurisdictions, we find that recent automatic exchange of information frameworks reduced foreign-owned deposits in offshore jurisdictions by an average of 25 percent. This effect is statistically significant and, as expected, much larger than the effect of information exchange upon request, which is not significant. Furthermore, to test the sensitivity of our findings, we estimate countries’ offshore status and the impact of information exchange simultaneously using a finite mixture model. The results confirm that automatic (and not upon request) exchange of information impacts cross-border deposits in offshore jurisdictions, which are characterized by low income tax rates and strong financial secrecy.

Banks and Banking --- Taxation --- Criminology --- Personal Finance -Taxation --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Tax Evasion and Avoidance --- Illegal Behavior and the Enforcement of Law --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Lending and Debt Problems --- Taxation, Subsidies, and Revenue: General --- Public finance & taxation --- Banking --- Corporate crime --- white-collar crime --- Tax evasion --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Offshore financial centers --- Bank deposits --- Revenue administration --- Crime --- Financial services --- Double taxation --- Taxes --- Personal income tax --- Money laundering --- Banks and banking --- International finance --- Income tax --- United States