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In the course of introducing a market-oriented tax system, most Central and Eastern European countries are actively considering the merits of a value-added tax (VAT). This paper examines a wide range of social, economic, structural, and administrative issues that are pertinent to the introduction of a VAT. These issues have regard to the burden distribution of the VAT, its effect on the price level and economic growth, as well as the coverage of the tax, the definition of the base, and the choice of the rate structure. Various legal and administrative aspects are also reviewed. The paper draws on the experience with value-added taxation of the member states of the European Community (EC) and other countries that belong to the Organisation for Economic Cooperation and Development (OECD).

Business Taxes and Subsidies --- Income and capital gains taxes --- Income tax systems --- Income tax --- Personal Finance -Taxation --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Public finance & taxation --- Sales tax --- Sales tax, tariffs & customs duties --- Spendings tax --- Tax allowances --- Taxation --- Taxation, Subsidies, and Revenue: General --- Taxes --- Value-added tax --- United Kingdom

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This paper examines the behavior of business fixed investment in the United States in the 1980s. A background discussion of the long-term behavior of the components of business fixed investment is provided, setting the context for the empirical analysis. A standard neoclassical model of business fixed investment is specified and estimated, with output and the cost of capital the primary explanatory variables. Simulation experiments are then conducted with a view to assessing the importance of various contributing factors--in particular tax policy--in influencing the behavior of business fixed investment during the economic expansion that began in late 1982.

Capacity --- Capital gains tax --- Capital --- Depreciation --- Income tax --- Intangible Capital --- Investment --- Investments: General --- Macroeconomics --- National accounts --- Personal Finance -Taxation --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Private investment --- Public finance & taxation --- Saving and investment --- Tax allowances --- Tax incentives --- Taxation --- Taxation, Subsidies, and Revenue: General --- Taxes --- United States

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Published in late 2017, the Italian medium-term fiscal plan aims to achieve structural balance by 2020, although concrete, high-quality measures to meet the target are yet to be specified. This paper seeks to contribute to the discussion by (i) assessing spending patterns to identify areas for savings; (ii) evaluating the pension system; (iii) analyzing the scope for revenue rebalancing; and (iv) putting forward a package of spending cuts and tax rebalancing that is growth friendly and inclusive, could have limited near-term output costs, and would achieve a notable reduction in public debt over the medium term. Such a package could help the authorities balance the need to bring down public debt and, thus, reduce vulnerabilities while supporting the economic recovery.

Labor --- Personal Finance -Taxation --- Public Finance --- Forecasting and Simulation: Models and Applications --- Fiscal Policy --- Social Security and Public Pensions --- Nonwage Labor Costs and Benefits --- Private Pensions --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Wages, Compensation, and Labor Costs: General --- Retirement --- Retirement Policies --- Pensions --- Labour --- income economics --- Public finance & taxation --- Pension spending --- Tax allowances --- Wages --- Expenditure --- Taxes --- Income tax --- Italy --- Income economics

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Do tax incentives for science and technology stimulate additional investment? We use detailed data on applications and acceptances for R&D tax incentives, a special survey, and for the first time, the science and technology module from the 2000-2002 Survey of Manufacturers database in Colombia to analyze this question. We estimate the effect of the R&D tax deduction instituted in Colombia using Zellner's Seemingly Unrelated Regressions method, and find that the elasticity of demand of R&D investment in manufacturing is quite high in Colombia compared to other countries, particularly for smaller firms, but that the direct benefit from existing policies is minimal. Overall, the results of the paper suggest that there is a great potential for such incentives to promote R&D investment in Colombia, but in their current form, they fail to target those firms that could benefit the most.

Manufacturing industries --- Tax incentives --- Research and development tax credit --- Econometric models. --- R and D tax credit --- Research tax credit --- Tax credit, Research and development --- Incentives, Tax --- Tax subsidies --- Research, Industrial --- Tax credits --- Taxation --- Tax expenditures --- Industries --- Manufactures --- Personal Finance -Taxation --- Public Finance --- Taxation, Subsidies, and Revenue: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Tax allowances --- Expenditure --- Income and capital gains taxes --- Current spending --- Income tax --- Expenditures, Public --- Colombia

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With growing academic and policy interest in research and development (R&D) tax incentives, the question about their effectiveness has become ever more relevant. In the absence of an exogenous policy reform, the simultaneous determination of companies’ tax positions and their R&D spending causes an identification problem in evaluating tax incentives. To overcome this identification challenge, we exploit a U.K. policy reform and use the population of corporation tax records that provide precise information on the amount of firm-level R&D expenditure. Using difference-in-differences and other panel regression approaches, we find a positive and significant impact of tax incentives on R&D spending, and an implied user cost elasticity estimate of around -1.6. This translates to more than a pound in additional private R&D for each pound foregone in corporation tax revenue.

Finance, Public. --- Cameralistics --- Public finance --- Public finances --- Currency question --- Corporate Finance --- Personal Finance -Taxation --- Public Finance --- Taxation --- Business Taxes and Subsidies --- Taxation, Subsidies, and Revenue: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Corporate Finance and Governance: General --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Ownership & organization of enterprises --- Tax incentives --- Tax allowances --- Small and medium enterprises --- Marginal effective tax rate --- Expenditure --- Taxes --- Economic sectors --- Tax policy --- Income tax --- Small business --- Tax administration and procedure --- Expenditures, Public --- United Kingdom