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In addition to transferring about 16 percent of GDP from exporters to importers, Uzbekistan’s quasi-fiscal multiple exchange rate regime generates identifiable welfare losses of 2-8 percent of GDP on import markets and up to 15 percent on export markets. These excess burdens have increased substantially with the growing difference of exchange rates. The welfare analysis allows some conclusions regarding the optimal reform strategy: (i) welfare losses will decline overproportionally as exchange rates unify; (ii) exchange rate unification should be supplemented by changing the explicit fiscal system; (iii) at a minimum, Uzbekistan would benefit from moving to an explicit fiscal regime.

Banks and Banking --- Exports and Imports --- Foreign Exchange --- Taxation and Subsidies: Other --- Trade: General --- Central Banks and Their Policies --- Currency --- Foreign exchange --- International economics --- Banking --- Exchange rates --- Exports --- Market exchange rates --- Quasi-fiscal operations --- International trade --- Central banks --- Banks and banking, Central --- Uzbekistan, Republic of

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Starting in the early 1990s, the Baltics, Russia, and other (BRO) countries of the former Soviet Union initiated tax reforms that varied widely at the later stages. Recently, some of the BRO countries, basing decisions on the proposition that lowering of the top marginal income tax rate would significantly benefit economic development and increase tax compliance, have initiated a new stage of tax reforms. This paper reviews country experiences and suggests that (i) overall, there seems to be little evidence of a substantial improvement in income tax revenues resulting simply from a reduction in the top marginal tax rates, and (ii) in the BRO countries, the elasticity of the behavior of economic agents, in terms of labor supply, saving, and investment, with respect to income tax rates is not large, and a reduction of the existing income tax rates is unlikely to lead to a notable expansion of economic activity.

Personal Finance -Taxation --- Public Finance --- Taxation --- Fiscal Policy --- Efficiency --- Optimal Taxation --- Taxation and Subsidies: Other --- Taxation, Subsidies, and Revenue: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Public finance & taxation --- Revenue administration --- Personal income tax --- Income tax systems --- Tax administration core functions --- Income and capital gains taxes --- Taxes --- Income tax --- Revenue --- Tax administration and procedure --- Russian Federation

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Tobin has suggested that exchange rate volatility be controlled through a tax on international financial transactions. This analysis shows that the Tobin tax as a pure transaction tax is not viable. The tax would impair financial operations and create international liquidity problems. It is also unlikely to deter speculation. However, a possible alternative would be a two-tier rate structure—consisting of a low-rate transaction tax plus an exchange surcharge. The exchange rate could move freely within a “crawling” exchange rate band, but overshooting the band would trigger a tax on an “externality,” which is the discrepancy between the market exchange rate and the closest margin of the band. The scheme is inspired by the European Monetary System. However, exchange rates would be kept within the target range through a tax, not through interest policy or central bank sterilization and, eventually, the depletion of international reserves.

Finance: General --- Foreign Exchange --- Money and Monetary Policy --- Taxation --- International Financial Markets --- Financial Institutions and Services: Government Policy and Regulation --- Taxation and Subsidies: Other --- International Fiscal Issues --- International Public Goods --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Business Taxes and Subsidies --- Monetary economics --- Currency --- Foreign exchange --- Public finance & taxation --- Finance --- Currencies --- Exchange rates --- Currency markets --- Transaction tax --- Financial transaction tax --- Money --- Financial markets --- Taxes --- Foreign exchange market --- United States

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From the mid-1980s to early 1990s, Latin American tax policy provided rich lessons for other reforming countries. Meaningful innovations led also to perceptible revenue gains. Later in the 1990s, tax policies began to drift. Shining examples of fundamental reform seemed to lose their luster. Revenue in terms of GDP also stagnated, partly reflecting over-reliance on consumption taxes and neglect of taxable capacity on incomes. The stagnation has been exacerbated by excessively simplified administrative practices. Based on these developments and on the limited taxability of internationally mobile capital, the paper anticipates a likely tax structure for the new century.

Personal Finance -Taxation --- Taxation --- Corporate Taxation --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Business Taxes and Subsidies --- Taxation, Subsidies, and Revenues: Other Sources of Revenue --- Taxation and Subsidies: Other --- International Fiscal Issues --- International Public Goods --- Taxation, Subsidies, and Revenue: General --- Public finance & taxation --- Corporate & business tax --- Income tax systems --- Income and capital gains taxes --- Personal income tax --- Tax administration core functions --- Corporate income tax --- Taxes --- Revenue administration --- Income tax --- Tax administration and procedure --- Corporations --- Argentina

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Anglophone African countries have been implementing reform and modernization initiatives in their Customs administrations. This paper outlines the progression of key reform and modernization initiatives in these countries since the early 1990s, and assesses the gap between these reforms and those of more modern Customs agencies. The review suggests that Customs administration reform and modernization initiatives in Anglophone African countries generally lag behind international good practice and it is necessary to speed up implementation if revenue, trade facilitation, and trade chain security objectives are to be achieved. The findings also have implications on the design of reform programs and focus of potential technical assistance for the outstanding reform agenda.

Customs administration --- Finance, Public --- Tariff --- Africa, English-speaking. --- Exports and Imports --- Public Finance --- Taxation --- International Economics --- Taxation and Subsidies: Other --- Comparative Studies of Countries --- Trade Policy --- International Trade Organizations --- Taxation, Subsidies, and Revenue: General --- Trade: General --- Sales tax, tariffs & customs duties --- Public finance & taxation --- International trade & commerce --- International economics --- Customs administration core functions --- Tariffs --- Trade facilitation --- Tax administration core functions --- Imports --- Revenue administration --- Taxes --- International trade --- Tax administration and procedure --- South Africa