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This paper provides an overview of global solid waste generation, its environmental costs, and fiscal instruments that can be used to encourage waste reduction and finance proper disposal. Countries—especially island nations--struggle to manage an ever-increasing volume of solid waste, generation of which is projected to exceed 2 billion tons a year by 2025. Although solid waste management is usually relegated to subnational governments, externalities from inadequate management, which include greenhouse gas emissions and ocean plastic pollution, reach global scale. National governments thus play a critical role in creating incentives for waste minimization and ensuring adequate resources for proper waste management. This paper evaluates potential fiscal instruments to achieve these goals, particularly in developing country policy environments.

South Africa

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In reaction to the recent financial crisis, increased attention has recently been given to financial transaction taxes (FTTs) as a means of (1) raising revenue for a variety of possible purposes and/or (2) helping to curb financial market excesses. This paper reviews existing theory and evidence on the efficacy of an FTT in fulfilling those tasks, on its potential impact, and on key issues to be faced in designing taxes of this kind.

Securities --- Banks and banking --- Taxation of bonds, securities, etc. --- Taxation. --- Finance: General --- Investments: General --- Investments: Bonds --- Investments: Stocks --- Taxation --- General Financial Markets: General (includes Measurement and Data) --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Investment & securities --- Public finance & taxation --- Finance --- Transaction tax --- Stocks --- Stock markets --- Bonds --- Financial instruments --- Stock exchanges --- United States

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Global investment patterns mean that effective taxation of foreign investors is of increasing importance to the economies of lower income countries. It is thus of considerable concern that the historical framework for cross-border income tax arrangements is not always well suited to allow low-income countries (LICs) effectively to generate tax revenues from profits on foreign direct investment (FDI). Several aspects of this framework contribute to the problem. This paper discusses, in particular, the likely effect of a shift by major economies from the system of worldwide corporate taxation toward a territorial system on the volume, distribution, and financing of FDI, focusing on LICs. It then empirically analyzes bilateral outbound FDI data for the UK for 2002–10 to determine whether the move to territoriality made corporations more sensitive to hostcountry statutory tax rates. Supporting evidence for this hypothesis is found for FDI financed from new equity.

Corporations --- Double taxation. --- Investments, Foreign --- Double taxation --- International taxation (Double taxation) --- Taxation, Double --- Taxation --- Conflict of laws --- Business corporations --- C corporations --- Corporations, Business --- Corporations, Public --- Limited companies --- Publicly held corporations --- Publicly traded corporations --- Public limited companies --- Stock corporations --- Subchapter C corporations --- Business enterprises --- Corporate power --- Disincorporation --- Stocks --- Trusts, Industrial --- Corporate income tax --- Corporate taxes --- Corporation income tax --- Corporation tax --- Federal corporation tax --- Franchises, Taxation of --- Taxation of franchises --- Taxation. --- Law and legislation --- Finance --- Valuation --- Exports and Imports --- Labor --- Macroeconomics --- Corporate Taxation --- Business Taxes and Subsidies --- International Investment --- Long-term Capital Movements --- Wages, Compensation, and Labor Costs: General --- Aggregate Factor Income Distribution --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Corporate & business tax --- Labour --- income economics --- Public finance & taxation --- Foreign direct investment --- Wages --- Income --- Withholding tax --- Taxes --- Balance of payments --- National accounts --- Income tax --- United States

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This paper describes, and where possible tentatively quantifies, likely tax spillovers from the U.S. corporate income tax reform that was part of the broader 2017 tax reform. It calculates effective tax rates under various assumptions, showing among other findings, how the interest limitation and the Foreign Derived Intangible Income provision can raise or reduce rates. It tentatively estimates that under constant policies elsewhere, the rate cut will reduce tax revenue from multinationals in other countries by on average 1.6 to 5.2 percent. If other countries react in line with historical reaction functions, the revenue loss from multinationals rises to an average of 4.5 to 13.5 percent. The paper also discusses profit-shifting, real location, and policy reactions from the more complex features of the reform.

Public Finance --- Taxation --- Corporate Taxation --- Business Taxes and Subsidies --- International Fiscal Issues --- International Public Goods --- Taxation, Subsidies, and Revenue: General --- Public finance & taxation --- Corporate & business tax --- Corporate income tax --- Effective tax rate --- Average effective tax rate --- Revenue administration --- Marginal effective tax rate --- Taxes --- Tax policy --- Tax administration and procedure --- Corporations --- Revenue --- United States

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The 2017 Tax Cuts and Jobs Act (TCJA) sharply reduced effective corporate income tax rates on equity-financed US investment. This paper examines the reform’s impact on US inbound foreign direct investment (FDI) and investment in property, plant and equipment (PPE) by foreign-owned US companies. We first model effective marginal and average tax rates (EMTRs and EATRs) by country, industry, and method of finance, and then use those tax rates to calculate the tax semi-elasticities of inbound FDI and PPE investment. We find that both PPE investment and FDI financed with retained earnings responded positively to the TCJA reform, but FDI financed with new equity or debt did not. In country-level PPE regressions, inclusion of macroeconomic controls renders tax rate coefficients insignificant, suggesting that the increase in PPE investment after TCJA was driven by general economic growth. In regressions of FDI financed with retained earnings, however, tax coefficients were robust to inclusion of macroeconomic controls. As the literature predicts, EATRs have a greater impact on cross-border investment than EMTRs. Country-by-industry regressions showed a larger effect of taxes on PPE investment than aggregate country-level regressions, but industry-level tax rates appear to have no effect on earnings retention.

Macroeconomics --- Economics: General --- Taxation --- Exports and Imports --- Corporate Taxation --- International Investment --- Long-term Capital Movements --- Business Taxes and Subsidies --- Taxation, Subsidies, and Revenue: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Public finance & taxation --- Finance --- Corporate & business tax --- Effective tax rate --- Tax policy --- Foreign direct investment --- Balance of payments --- Marginal effective tax rate --- Average effective tax rate --- Corporate income tax --- Taxes --- Currency crises --- Informal sector --- Economics --- Tax administration and procedure --- Investments, Foreign --- Corporations --- United States