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Six Latin American countries have levied taxes on withdrawals from bank accounts, which have been viewed as a convenient tax handle during a difficult fiscal period. The paper reviews the arguments for and against this type of taxation, describes the taxes, and surveys their revenue performance and economic impact. It concludes that the recently implemented taxes have been successful in raising revenue in the short term, but that adverse allocational impacts have likely been significant. The tax may work better in times of fiscal crisis, when financial intermediation is deep, and when the tax rate is modest.
Finance: General --- Public Finance --- Taxation --- Taxation and Subsidies: Other --- Business Taxes and Subsidies --- Taxation, Subsidies, and Revenue: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- General Financial Markets: General (includes Measurement and Data) --- Public finance & taxation --- Finance --- Bank levy --- Revenue administration --- Income and capital gains taxes --- Financial transaction tax --- Stock markets --- Taxes --- Financial markets --- Revenue --- Income tax --- Stock exchanges --- Brazil
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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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Year-ahead forecasts of tax revenues incorporated into IMF programs for low-income countries, from 1993 to 1999, are compared with the corresponding outturns. The accuracy of these forecasts was low, with a mean absolute percentage error of 16 percent. Forecasts of tax revenues as a percentage of GDP were biased upwards, but there was no significant bias in forecasts of nominal tax revenues. Upward bias in the tax revenue forecasts was associated with subsequent interruptions to the program, and the length of time between the commencement of the program and the beginning of the year for which the forecast was made.
Budgeting --- Macroeconomics --- Public Finance --- Taxation --- Taxation and Subsidies: Other --- Taxation, Subsidies, and Revenue: General --- National Budget --- Budget Systems --- Forecasting and Simulation: Models and Applications --- Public finance & taxation --- Budgeting & financial management --- Economic Forecasting --- Revenue forecasting --- Revenue administration --- Budget planning and preparation --- Debt bias --- GDP forecasting --- Tax policy --- Public financial management (PFM) --- National accounts --- Tax administration and procedure --- Revenue --- Budget --- National income --- United States
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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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This technical note describes how to develop effective plans for a taxpayer audit. The note highlights that a well-managed audit program plays a major role in managing compliance. An effective audit program will have significantly wider impacts than just raising revenue directly from audit activities. The note discusses that a well-planned audit program can provide the administration with significant leverage across the community. The note also describes the value of audit planning, and the methodology for developing an audit strategic plan.
Public Finance --- Taxation --- Taxation, Subsidies, and Revenue: General --- Taxation and Subsidies: Other --- Public Administration --- Public Sector Accounting and Audits --- Auditing --- Tax Evasion and Avoidance --- Management accounting & bookkeeping --- Public finance & taxation --- Tax audits --- Tax auditing and verification --- Administration in revenue administration --- Operational planning for revenue administration --- Tax auditing --- Revenue
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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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The paper discusses some channels through which corruption affects growth such as the impact of corruption on enterprises, on the allocation of talent, and on investment. It also discusses the impact of corruption on some aspects of public finance.
Public Finance --- Taxation --- Criminology --- Tax Evasion and Avoidance --- Taxation and Subsidies: Other --- Illegal Behavior and the Enforcement of Law --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Business Taxes and Subsidies --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Corporate crime --- white-collar crime --- Public finance & taxation --- Income tax systems --- Value-added tax --- Public investment spending --- Consumption taxes --- Crime --- Taxes --- Expenditure --- Spendings tax --- Income tax --- Public investments --- Singapore
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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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This paper deals with efficiency in the public sector. It argues that the habit of relating efficiency to public spending, as is generally done, may give wrong results when, as is often the case, public institutions use public assets (land, buildings, etc.) without imputing a cost for that use. The paper argues that, because of lack of incentives, governments are often wasteful in their use of publicly held assets. It recommends the creation of “cadastres” of publicly owned assets that could be used for several purposes including increasing public sector efficiency.
Accounting --- Budgeting --- Financial Risk Management --- Macroeconomics --- National Budget --- Budget Systems --- Governmental Property --- Taxation and Subsidies: Other --- Public Enterprises --- Public-Private Enterprises --- International Financial Markets --- Education: General --- Public Administration --- Public Sector Accounting and Audits --- Civil service & public sector --- Finance --- Education --- Financial reporting, financial statements --- Budgeting & financial management --- Public sector --- Asset valuation --- Financial statements --- Budget planning and preparation --- Economic sectors --- Asset and liability management --- Public financial management (PFM) --- Finance, Public --- Asset-liability management --- Budget --- New Zealand
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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
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