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This paper examines tax policy and tax reforms in Uganda. Using household survey evidence, the paper identifies which taxes are progressive and investigates whether tax reforms have made the poor better or worse off. Household survey analysis reveals that some of the tax reforms implemented in the 1990s were generally pro-poor. The paper also examines business taxation and the actual tax burden on firms’ capital investment. The analysis demonstrates that, even when the country’s level of public revenue is low at the macroeconomic level, rapidly increasing taxation may pose a constraint to private investment at the microeconomic level.
Taxation --- Corporate Taxation --- Taxation and Subsidies: Incidence --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Business Taxes and Subsidies --- Taxation, Subsidies, and Revenue: General --- Public finance & taxation --- Corporate & business tax --- Marginal effective tax rate --- Tax incidence --- Value-added tax --- Corporate income tax --- Tax holidays --- Tax policy --- Taxes --- Tax administration and procedure --- Spendings tax --- Corporations --- Tax incentives --- Uganda
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This paper extends the effective average tax rate (EATR) developed in Devereux and Griffith (2003) by relaxing the assumption of a one-period perturbation in the capital stock. Instead it allows a permanent investment. While this may appear a small change, it has important implications. First, it allows the EATR to be calculated in the presence of tax holidays, which are an important part of tax systems, especially in developing countries. Second, it reveals an interesting feature of the original EATR: despite the assumption of a one-period investment, the original measure is informative about long-term investments, thanks to the assumption of pooled depreciation. Without this assumption-which is justifiable in a few countries only- the EATR based on one-period perturbation in the capital stock would be less useful for analyzing medium and long-term investments.
Investments --- Taxation --- Tax rates --- Tax tables --- Investing --- Investment management --- Portfolio --- Finance --- Disinvestment --- Loans --- Saving and investment --- Speculation --- Econometric models. --- Rates and tables. --- Investments: General --- Taxation, Subsidies, and Revenue: General --- Investment --- Capital --- Intangible Capital --- Capacity --- Public finance & taxation --- Macroeconomics --- Depreciation --- Effective tax rate --- Tax holidays --- Average effective tax rate --- Marginal effective tax rate --- Tax administration and procedure --- Tax incentives --- Canada
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Motivated by the concern that corporate income tax (CIT) competition may have eroded the tax base, this paper calculates average effective tax rates to measure the impact of CIT competition, including the widespread use of tax holidays, on the tax base for 15 countries in the Caribbean. The results not only confirm erosion of the tax base, but also show that CIT holidays must be removed for recent tax policy initiatives (such as accelerated depreciation, loss carry forward provisions, and tax harmonization) to be effective. These findings suggest that the authorities should either avoid granting CIT holidays or rely more on other taxes (including consumption taxes such as the value-added tax) in order to broaden the tax base.
Corporations --- Taxation --- Tax rates --- Tax tables --- Corporate income tax --- Corporate taxes --- Corporation income tax --- Corporation tax --- Federal corporation tax --- Franchises, Taxation of --- Taxation of franchises --- Taxation. --- Rates and tables. --- Finance --- Valuation --- Corporate Taxation --- Business Taxes and Subsidies --- Taxation, Subsidies, and Revenue: General --- Corporate & business tax --- Public finance & taxation --- Tax holidays --- Tax harmonization --- Average effective tax rate --- Tax incentives --- Tax administration and procedure --- Bahamas, The
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The Philippines is faced with a policy dilemma in the area of corporate taxation. On the one hand, the country has, over the past few years, witnessed a decline in revenue as a share of output. On the other, it is operating in an increasingly competitive regional market for foreign direct investment. In order to remain competitive, the Philippines offers a broad array of fiscal incentives to entice inward investment and pursue the country's development goals. This paper looks at the fiscal incentives available in the Philippines, compares them with those available in the ASEAN region, and with the evidence on the efficacy of tax incentives in a global context. The paper provides some broad conclusions on the use of the various forms of tax incentives in the Philippines and on their administration.
Investments: General --- Personal Finance -Taxation --- Taxation --- Corporate Taxation --- Taxation, Subsidies, and Revenue: General --- Business Taxes and Subsidies --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Investment --- Capital --- Intangible Capital --- Capacity --- Public finance & taxation --- Corporate & business tax --- Macroeconomics --- Tax incentives --- Tax holidays --- Corporate income tax --- Tax allowances --- Investment incentives --- Taxes --- National accounts --- Corporations --- Income tax --- Saving and investment --- Philippines
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Cambodia, like its regional peers, offers a number of tax incentives to investors. This paper reviews these incentives to assess their costs and benefits, including their likely effectiveness in attracting capital and in supporting the diversification strategy. It finds that an important incentive, the tax holiday, differs materially from practice elsewhere in offering a deferral rather than exempting from tax and may not be very effective. Moreover, other features of the tax system, such as the high withholding rate on dividends, imply relatively high effective tax rates for foreign investors. The paper discusses potential reforms that weigh revenue and other costs of tax incentives against the need for a competitive tax system, including a shift from tax holidays toward investment allowances.
Taxation --- Corporate Taxation --- Business Taxes and Subsidies --- Tax Evasion and Avoidance --- Taxation, Subsidies, and Revenue: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Public finance & taxation --- Corporate & business tax --- Tax incentives --- Tax holidays --- Effective tax rate --- Withholding tax --- Corporate income tax --- Taxes --- Tax policy --- Tax administration and procedure --- Income tax --- Corporations --- Cambodia
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This paper explores how monetary policy affects other macroeconomic variables, mainly output and inflation. First, it provides an overview of the framework for implementing monetary policy and then discusses the transmission mechanism itself. In this study, the following statistical data are listed in detail: GDP and expenditure components, savings, investment, current account, consumption and prices of petroleum and electricity, price indicators, employment by economic sectors, monetary survey, selected interest rates, balance of payments, exports and imports by commodity, direction of trade, services and income.
Banks and Banking --- Money and Monetary Policy --- Taxation --- Corporate Taxation --- Taxation, Subsidies, and Revenue: General --- Interest Rates: Determination, Term Structure, and Effects --- Business Taxes and Subsidies --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Public finance & taxation --- Banking --- Corporate & business tax --- Monetary economics --- Tax incentives --- Tax holidays --- Repo rates --- Corporate income tax --- Monetary base --- Taxes --- Financial services --- Credit --- Money --- Interest rates --- Corporations --- Money supply --- Sri Lanka
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This study discusses the Philippine output gap from three perspectives and evaluates the utility of the approaches for policymaking. Incentives in the Philippines appear broadly comparable with those in neighboring countries. The reform would also improve short- and especially medium-term revenue collection. The general tax provisions and investment incentives in seven east-Asian economies are compared. The analysis focuses on stocks of foreign assets and liabilities and adopts a cross-country perspective to help determine the Philippines’ position within a broader universe of emerging market economies.
Exports and Imports --- Investments: General --- Taxation --- Corporate Taxation --- Production and Operations Management --- Taxation, Subsidies, and Revenue: General --- Macroeconomics: Production --- Business Taxes and Subsidies --- International Investment --- Long-term Capital Movements --- Investment --- Capital --- Intangible Capital --- Capacity --- Public finance & taxation --- Macroeconomics --- Corporate & business tax --- Finance --- Investment & securities --- Tax holidays --- Tax incentives --- Output gap --- Effective tax rate --- Corporate income tax --- Taxes --- Production --- Tax policy --- Economic theory --- Tax administration and procedure --- Corporations --- Investments, Foreign --- Philippines
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The Selected Issues paper discusses Cambodia’s poverty and growth, private sector development, public financial management reform, and debt sustainability. It summarizes the Poverty Assessment and describes the regime of tax incentives, costs, and limits for private investment. It also summarizes the assessment of Cambodia’s Public Expenditure Management system and Public Financial Management Reform Program. It highlights the key reform priorities, and provides historical background on Cambodia’s external and domestic debt. It also includes a statistical appendix and a summary of the tax system.
Exports and Imports --- Public Finance --- Taxation --- Corporate Taxation --- Poverty and Homelessness --- Taxation, Subsidies, and Revenue: General --- International Lending and Debt Problems --- Welfare, Well-Being, and Poverty: General --- National Government Expenditures and Related Policies: General --- Business Taxes and Subsidies --- Public finance & taxation --- International economics --- Poverty & precarity --- Budgeting & financial management --- Macroeconomics --- Tax incentives --- Tax holidays --- Poverty --- Public financial management (PFM) --- External debt --- Taxes --- Debts, External --- Budget --- Finance, Public --- Cambodia
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This paper considers two empirical questions about tax incentives: (1) are incentives used as tools of tax competition and (2) how effective are incentives in attracting investment? To answer these, we prepared a new dataset of tax incentives in over 40 Latin American, Caribbean and African countries for the period 1985–2004. Using spatial econometrics techniques for panel data to answer the first question, we find evidence for strategic interaction in tax holidays, in addition to the well-known competition over the corporate income tax rate. We find no evidence, however, for competition over investment allowances and tax credits. Using dynamic panel data econometrics to answer the second question, we find evidence that lower corporate income tax rates and longer tax holidays are effective in attracting FDI, but not in boosting gross private fixed capital formation or growth.
Political Science --- Law, Politics & Government --- Public Finance --- Tax incentives. --- Tax credits. --- Credits, Tax --- Incentives, Tax --- Tax subsidies --- Tax collection --- Tax expenditures --- Tax incentives --- Taxation --- Econometrics --- Exports and Imports --- Corporate Taxation --- Business Taxes and Subsidies --- International Fiscal Issues --- International Public Goods --- Taxation, Subsidies, and Revenue: General --- International Investment --- Long-term Capital Movements --- Estimation --- Public finance & taxation --- Corporate & business tax --- Finance --- Econometrics & economic statistics --- Tax holidays --- Corporate income tax --- Foreign direct investment --- Estimation techniques --- Taxes --- Balance of payments --- Econometric analysis --- Corporations --- Investments, Foreign --- Econometric models --- United States
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We compare the general tax provisions and investment incentives in the Philippines to six other east-Asian economies-Malaysia, Indonesia, Lao, Vietnam, Cambodia, and Thailand. We calculate effective tax rates and find that general effective tax rates are relatively high in the Philippines, while investment incentives are comparable to those in neighboring countries. Tax holidays are most attractive for very profitable firms, creating redundancy, and for investment in short-lived assets. We also consider recently-proposed tax reforms that would replace tax holidays by a reduced corporate income tax rate or a low tax on gross receipts. The results suggest that this would result in stronger incentives to invest, while government revenue increases. Alternatively, replacing holidays with a general reduction in the corporate tax rate and offering accelerated depreciation will either not provide the same incentives or be very costly.
Investment tax credit --- Tax incentives --- Corporations --- Taxation --- 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 --- Incentives, Tax --- Tax subsidies --- Tax expenditures --- Capital investments --- Depreciation allowances --- Tax credits --- Investments: General --- Corporate Taxation --- Taxation, Subsidies, and Revenue: General --- Business Taxes and Subsidies --- Investment --- Capital --- Intangible Capital --- Capacity --- Public finance & taxation --- Corporate & business tax --- Macroeconomics --- Tax holidays --- Effective tax rate --- Corporate income tax --- Depreciation --- Tax administration and procedure --- Saving and investment --- Philippines
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