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Advance tax rulings are a common feature of mature tax systems. The tax systems of the United States, the United Kingdom, the Netherlands, Germany, Australia, and South Africa all have established ruling practices. Taxpayers can obtain an advance tax ruling in nearly all OECD member countries. Increasingly, many non-OECD countries are also offering advance tax rulings. An advance tax ruling regime seeks to promote clarity and consistency regarding the application of the tax law for both taxpayers and the tax authority. However, there are also inherent risks associated with the proliferation of granting confidential advance tax rulings which are not published or otherwise reported. This Tax Law IMF Technical Note focuses on designing an advance tax ruling regime in the nature of private tax rulings.

Law and legislation --- Legal support in revenue administration --- Public finance & taxation --- Public Finance --- Revenue administration --- Revenue --- Tax administration and procedure --- Tax administration core functions --- Tax Law --- Tax law --- Tax policy --- Taxation & duties law --- Taxation --- Taxation, Subsidies, and Revenue: General --- Australia

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Research on credit markets from developing economies, as well as work on the origin of institutions in general, has suggested that land inequality may play a role in determining financial development. In this paper we establish empirically that initial land inequality is a significant predictor of financial depth across countries, even while controlling for other predictors such as legal origin, ethnic fractionalization, and income inequality. To examine this relationship we have created a new measure of land distribution within countries that builds upon the work of Deininger and Squire (1998) by explicitly accounting for landlessness. In addition to being a significant predictor of financial development, land inequality is found to be uncorrelated with other fundamental characteristics of economies, suggesting its possible use in a wider range of research.

Banks and Banking --- Finance: General --- Macroeconomics --- Public Finance --- Aggregate Factor Income Distribution --- Financial Markets and the Macroeconomy --- Taxation, Subsidies, and Revenue: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Finance --- Public finance & taxation --- Banking --- Income inequality --- Income distribution --- Financial sector development --- Legal support in revenue administration --- Commercial banks --- Financial services industry --- Revenue --- Banks and banking --- Japan --- Land reform. --- Economic policy.

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We study the effects of electoral institutions on the size and composition of public expenditure in OECD and Latin American countries. We present a model emphasizing the distinction between purchases of goods and services, which are easier to target geographically, and transfers, which are easier to target across social groups. Voters have an incentive to elect representatives more prone to transfer spending in proportional systems. The model also predicts higher primary spending in proportional systems when the share of transfer spending is high. After defining rigorous measures of proportionality, we find considerable empirical support for our predictions.

Public Finance --- Structure, Scope, and Performance of Government --- Social Security and Public Pensions --- National Government Expenditures and Related Policies: General --- Fiscal Policy --- Taxation, Subsidies, and Revenue: General --- Public finance & taxation --- Macroeconomics --- Expenditure --- Total expenditures --- Fiscal policy --- Legal support in revenue administration --- Revenue administration --- Expenditures, Public --- Revenue --- France

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This paper formalizes the role of legal infrastructure in economic development in a general equilibrium model with endogenously determined property rights enforcement. It illustrates the mutual importance of property rights protection and market production by the model’s multiplicity of equilibria. In one equilibrium, property rights are enforced and market activity is unhampered. In the other, property rights are not enforced, which discourages economic activity and leaves the economy without the resources and incentives to enforce property rights. Even identically endowed economies may therefore find themselves in very different equilibria.

Macroeconomics --- Public Finance --- Taxation --- Production and Operations Management --- Organizational Behavior --- Transaction Costs --- Property Rights --- One, Two, and Multisector Growth Models --- Taxation, Subsidies, and Revenue: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Macroeconomics: Production --- Public finance & taxation --- Technology --- general issues --- Tax incentives --- Legal support in revenue administration --- Consumption --- Productivity --- Revenue --- Economics --- Industrial productivity --- General issues

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Financial frictions have been documented as an important determinant of firm dynamics. In this paper I model bankruptcy procedures, liquidation in particular, as an institutional feature that affects both sides of financial transactions. I construct a model of firm dynamics that generate endogenous borrowing limits and I find that a) inefficient bankruptcy procedures can have quantitatively important aggregate effects, but more importantly; b) that such effects would not be directly visible in the firms that industrial censuses and surveys focus on. I conclude that to capture the effects of the legal framework we need to look beyond the existing firms.

Labor --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Production and Operations Management --- Macroeconomics: Production --- Taxation, Subsidies, and Revenue: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Labor Demand --- Price Level --- Inflation --- Deflation --- Public finance & taxation --- Finance --- Labour --- income economics --- Productivity --- Legal support in revenue administration --- Loans --- Self-employment --- Asset prices --- Industrial productivity --- Revenue --- Self-employed --- Prices --- Mexico --- Business failures --- Bankruptcy. --- Econometric models. --- Income economics