Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The IMF has advised country authorities to roll back tax expenditures as a way to support fiscal consolidation efforts—urging them to evaluate tax expenditures according to clear criteria, and assessing their impact on public finances, economic efficiency, equity, and administrative and compliance costs. This paper analyzes tax expenditures in Italy, considering the extent to which tax expenditures can be considered part of an optimal tax system and possible reforms.

Tax expenditures --- Tax preferences --- Tax subsidies --- Tax incentives --- Taxation --- Budgeting --- Personal Finance -Taxation --- Corporate Taxation --- Structure, Scope, and Performance of Government --- Efficiency --- Optimal Taxation --- Taxation and Subsidies: Other --- National Budget --- Budget Systems --- Taxation, Subsidies, and Revenues: Other Sources of Revenue --- Business Taxes and Subsidies --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Budgeting & financial management --- Public finance & taxation --- Corporate & business tax --- Value-added tax --- Tax allowances --- Personal income tax --- Corporate income tax --- Public financial management (PFM) --- Taxes --- Budget --- Income tax --- Spendings tax --- Corporations --- Italy

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Petroleum product subsidies have again started to increase with the rebound in international prices. This note reviews recent developments in subsidy levels and argues that reforming the policy framework for setting petroleum product prices is necessary to reduce the fiscal burden of these subsidies and to address climate change. Between 2003 and mid-2008, global consumer subsidies for petroleum products are estimated to have increased more than eightfold, from $57 billion to $490 billion. Although subsidies decreased to $136 billion by mid-2009, they are projected to increase to $237 billion by end-2010 (or nearly 0.3 percent of global GDP). Tax-inclusive subsidies, reflecting sub-optimal taxation of petroleum products, are projected to increase to $733 billion, or 1.0 percent of global GDP. G-20 countries account for over 70 percent of tax-inclusive subsidies. Halving tax-inclusive subsidies could reduce projected fiscal deficits in subsidizing countries by one-sixth and greenhouse emissions by around 15 percent. Subsidy reform strategies should contain measures to mitigate the impact of higher prices on the poorest groups.

Investments: Energy --- Inflation --- Macroeconomics --- Taxation --- Energy: General --- Energy: Demand and Supply --- Prices --- Price Level --- Deflation --- Macroeconomics: Consumption --- Saving --- Wealth --- Business Taxes and Subsidies --- Investment & securities --- Public finance & taxation --- Oil --- Oil prices --- Consumption --- Oil, gas and mining taxes --- Commodities --- National accounts --- Taxes --- Petroleum industry and trade --- Economics --- United States