Narrow your search

Library

ULB (7)

National Bank of Belgium (6)

Vlaams Parlement (5)

KBC (1)

KU Leuven (1)

Vlerick Business School (1)


Resource type

book (9)


Language

English (9)


Year
From To Submit

2023 (2)

2022 (2)

2021 (2)

2019 (2)

2018 (1)

Listing 1 - 9 of 9
Sort by

Book
An Assessment of Global Formula Apportionment
Authors: --- ---
ISBN: 151351721X 1513516256 1513517201 Year: 2019 Publisher: Washington, D.C. : International Monetary Fund,

Loading...
Export citation

Choose an application

Bookmark

Abstract

Formula apportionment as a way to attribute taxable profits of multinationals across jurisdictions is receiving increased attention. This paper reviews existing literature and discusses experiences in selective federal states to evaluate the economic properties of formula apportionment relative to the current international tax regime that is based on separate accounting. It highlights major advantages, such as the elimination of profit shifting within multinational groups; and it discusses new distortions and the impact on tax competition. The analysis exploits different datasets to assess the direct revenue implications for individual countries under alternative formulas. The distributional effects across countries are found to be large, reflecting major discrepancies between where profits are currently attributed and where factors of production are located or sales take place. The largest losses appear in investment hubs (i.e. countries with a disproportionate ratio of foreign direct investment to GDP), while several large advanced countries are likely to gain. Developing countries gain most likely if employment receives a large weight in the formula; they also tend to benefit, on average, from a formula based on sales by destination.


Book
Excess Profit Taxes: Historical Perspective and Contemporary Relevance
Authors: --- ---
Year: 2022 Publisher: Washington, D.C. : International Monetary Fund,

Loading...
Export citation

Choose an application

Bookmark

Abstract

This paper discusses the design of excess profits taxes (EPTs) that gained renewed interest following the COVID-19 outbreak and the recent surge in energy prices. EPTs can be designed as an efficient tax only falling on economic rent, like an allowance for corporate capital, and drawing some parallels with current proposals for reforming multinationals’ taxation. EPTs can be permanent or temporary as an add-on to the corporate income tax to support revenue during an adverse shock episode. The latter reflects experiences with EPTs during and after the World Wars. Different from that era, though, profit shifting is now a challenge. Estimation using firm-level data suggest that, at present, locations of excess profit across countries are consistent with profit shifting practices by multinationals. Destination-based EPTs can address this concern. Estimates suggest that a 10 percent EPT on the globally consolidated accounts of multinationals (on top of the current corporate income tax), with the EPT base being allocated using sales, raises global revenue by 16 percent of corporate income tax revenues. The analysis suggests that international coordination would be desirable to mitigate the risks of profit shifting and tax competition. Eventually, EPTs could mark an evolution of corporate taxation toward a non-distortionary rent tax.


Book
Excess Profit Taxes: Historical Perspective and Contemporary Relevance
Authors: --- ---
ISBN: 9798400220845 Year: 2022 Publisher: Washington, D.C. : International Monetary Fund,

Loading...
Export citation

Choose an application

Bookmark

Abstract

This paper discusses the design of excess profits taxes (EPTs) that gained renewed interest following the COVID-19 outbreak and the recent surge in energy prices. EPTs can be designed as an efficient tax only falling on economic rent, like an allowance for corporate capital, and drawing some parallels with current proposals for reforming multinationals’ taxation. EPTs can be permanent or temporary as an add-on to the corporate income tax to support revenue during an adverse shock episode. The latter reflects experiences with EPTs during and after the World Wars. Different from that era, though, profit shifting is now a challenge. Estimation using firm-level data suggest that, at present, locations of excess profit across countries are consistent with profit shifting practices by multinationals. Destination-based EPTs can address this concern. Estimates suggest that a 10 percent EPT on the globally consolidated accounts of multinationals (on top of the current corporate income tax), with the EPT base being allocated using sales, raises global revenue by 16 percent of corporate income tax revenues. The analysis suggests that international coordination would be desirable to mitigate the risks of profit shifting and tax competition. Eventually, EPTs could mark an evolution of corporate taxation toward a non-distortionary rent tax.


Book
Energy Subsidy Reform Assessment Framework : Modeling Macroeconomic Impacts and Global Externalities
Authors: --- ---
Year: 2018 Publisher: Washington, D.C. : The World Bank,

Loading...
Export citation

Choose an application

Bookmark

Abstract

This note provides guidance on the different economy-wide modeling tools that can be utilized to quantify the economic effects of energy subsidy reform. ESRAF defines an energy subsidy as a deliberate policy action by the government that specifically targets electricity, fuels, or district heating and that has one or more of the following effects: i) It reduces the net cost of energy purchased; ii) It reduces the cost of energy production or delivery; iii) It increases the revenues retained by those engaged in energy production and delivery (energy suppliers). Subsidies are provided through four primary mechanisms: 1) Budgetary transfers of government funds; 2) Government-induced transfers between producers and consumers; 3) Forgone taxes and other government revenues; 4) Under pricing of goods and services. Examples include government control of energy prices that are kept artificially low (referred to as consumer price subsidies hereafter); budgetary transfers to energy suppliers or tax expenditures granted to energy suppliers to keep costs down to benefit consumers, producers, or both; underpricing of goods and services, such as fuels, land, and water used by energy producers; subsidized loans; and shifting of risk burdens, such as the assumption of risks created by energy supply or use through limits on commercial liability. Among the economy wide modeling tools, the main focus of this note is computable general equilibrium (CGE) models. Partial equilibrium models are discussed only briefly The latter models, by carefully mapping the details of energy production technologies including substitution between fuel types and process and efficiency improvements (Bohringer and Rutherford 2008), can generate important insights to shape the design of a reform. However, they tend to have limited or no interaction between the market of interest and the rest of the economy. As a result, they are unable to measure the indirect and dynamic effects that a reform can generate, particularly with respect to energy-consuming sectors, the prices of goods and services that use energy as an intermediate input, and the impact of all of these changes on investment, industrial structure, and household welfare. The rest of the note is organized as follows. It begins with a brief overview of the different types of modeling tools in section two. Existing studies on estimating the effects of energy price subsidy reforms are outlined in annex A. The literature review shows that the bulk of studies use a CGE model for examining the effects of energy subsidy reform. Macrostructural models do this much better and can be used to quickly quantify the likely macroeconomic impacts of a reform, and have the advantage of requiring relatively few data and being easier to work with than CGE models. A guide to using macrostructural models to estimate the short-term effects of energy subsidy reform is presented in section three. The various macrostructural models that are available are included in annex B. Section four presents a guide to using CGE models to estimate the long-term effects of reform. A more detailed discussion of CGE models is included in annex C The feasibility of using any given model will depend heavily on the availability of data, requirements for which are discussed in section five. After briefly touching on empirical studies on energy reform in section six, section seven concludes with some highlights and guidance on the issues to consider when choosing a model to carry out energy price subsidy reform.


Book
An Assessment of Global Formula Apportionment.
Authors: --- ---
ISBN: 9781513517216 Year: 2019 Publisher: Washington, D. C. International Monetary Fund

Loading...
Export citation

Choose an application

Bookmark

Abstract

An Assessment of Global Formula Apportionment.

Keywords

E-books


Book
Stacking up the Benefits: Lessons from India’s Digital Journey
Authors: --- --- --- --- --- et al.
Year: 2023 Publisher: Washington, D.C. : International Monetary Fund,

Loading...
Export citation

Choose an application

Bookmark

Abstract

Foundational digital public infrastructure (DPI), consisting of unique digital identification, payments system and data exchange layer has the potential to support the transformation of the economy and support inclusive growth. India’s foundational DPI, called India Stack, has been harnessed to foster innovation and competition, expand markets, close gaps in financial inclusion, boost government revenue collection and improve public expenditure efficiency. India’s journey in developing a world-class DPI highlights powerful lessons for other countries embarking on their own digital transformation, in particular a design approach that focuses on shared building blocks and supporting innovation across the ecosystem.


Book
Stacking up the Benefits: Lessons from India’s Digital Journey
Authors: --- --- --- --- --- et al.
ISBN: 9798400239823 Year: 2023 Publisher: Washington, D.C. : International Monetary Fund,

Loading...
Export citation

Choose an application

Bookmark

Abstract

Foundational digital public infrastructure (DPI), consisting of unique digital identification, payments system and data exchange layer has the potential to support the transformation of the economy and support inclusive growth. India’s foundational DPI, called India Stack, has been harnessed to foster innovation and competition, expand markets, close gaps in financial inclusion, boost government revenue collection and improve public expenditure efficiency. India’s journey in developing a world-class DPI highlights powerful lessons for other countries embarking on their own digital transformation, in particular a design approach that focuses on shared building blocks and supporting innovation across the ecosystem.


Book
Scaling up Climate Mitigation Policy in Germany
Authors: --- --- --- --- --- et al.
ISBN: 1513599194 9781513599199 Year: 2021 Publisher: Washington, D.C. : International Monetary Fund,

Loading...
Export citation

Choose an application

Bookmark

Abstract

Germany has set national greenhouse emissions targets of a 65 percent reduction below 1990 levels by 2030 and net zero emissions by 2045, along with various sectoral emissions goals. To achieve these targets, the government has introduced multi-pronged policy measures, including a national emissions trading system (ETS), which complements the ETS at the EU level. This paper shows the substantial variation in the price responsiveness of emissions across sectors and thus prices implied by sectoral targets. It proposes the following measures to help Germany meet emissions targets with greater certainty and cost effectiveness: (i) further strengthening carbon pricing, for example through automatically rising price floors for the national ETS after 2026; (ii) harmonizing carbon pricing to reduce cross-sector differences in marginal abatement costs; and (iii) introducing feebates (revenue neutral taxsubsidy schemes) to reinforce incentives at the sectoral level. The paper also studies the distributional impact of higher carbon pricing and suggests that reducing social security contributions can mitigate the regressive direct impact of higher carbon pricing on lowerincome households. Concerns with carbon leakages and firms’ competitiveness are best addressed through agreeing on an international carbon price floor.


Book
Digitalization and Taxation in Asia
Authors: --- --- --- --- --- et al.
ISBN: 1513599062 Year: 2021 Publisher: Washington, D.C. : International Monetary Fund,

Loading...
Export citation

Choose an application

Bookmark

Abstract

Digitalization in Asia is pervasive, unique, and growing. It stands out by its sheer scale, with internet users far exceeding numbers in other regions. This facilitates e-commerce in markets that are large by international standards, supported by innovative payment systems and featuring major corporate players, including a number of large, home-grown, highly digitalized businesses (tech giants) that rival US multinational enterprises (MNEs) in size. Opportunity for future growth exists, as a significant population share remains unconnected.

Listing 1 - 9 of 9
Sort by