Download or read book VAT Refunds A Review of Country Experience written by Graham Harrison and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-11-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: A key feature of the invoice-credit form of value-added tax (VAT) is that some businesses- notably exporters-will pay more tax on their purchases than is due on their sales, and so can seek refunds of excess credits from government. While refunding is straightforward in principle, serious problems arise in practice, including opportunities for fraud and corruption, and denial of refunds by governments with cash shortages. This makes the refund process the "Achilles heel" of the VAT. This paper examines the refund approaches of tax administrations in 36 developing, transitional, and developed countries. It evaluates the effectiveness of these approaches and suggests a model of best practice that takes into consideration compliance issues faced by countries during different stages of development.
Download or read book How to Manage Value Added Tax Refunds written by Mario Pessoa and published by International Monetary Fund. This book was released on 2021-05-10 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The value-added tax (VAT) has the potential to generate significant government revenue. Despite its intrinsic self-enforcement capacity, many tax administrations find it challenging to refund excess input credits, which is critical to a well-functioning VAT system. Improperly functioning VAT refund practices can have profound implications for fiscal policy and management, including inaccurate deficit measurement, spending overruns, poor budget credibility, impaired treasury operations, and arrears accumulation.This note addresses the following issues: (1) What are VAT refunds and why should they be managed properly? (2) What practices should be put in place (in tax policy, tax administration, budget and treasury management, debt, and fiscal statistics) to help manage key aspects of VAT refunds? For a refund mechanism to be credible, the tax administration must ensure that it is equipped with the strategies, processes, and abilities needed to identify VAT refund fraud. It must also be prepared to act quickly to combat such fraud/schemes.
Download or read book The Rise of the Value Added Tax written by Kathryn James and published by Cambridge University Press. This book was released on 2015-04-30 with total page 495 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores how the value-added tax (VAT) has risen from relative obscurity to become one of the world's most dominant revenue instruments.
Download or read book Sri Lanka written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2016-06-14 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses economic performance, outlook, and risks of Sri Lankan economy. Macroeconomic performance in 2015 reflected a mix between positive underlying growth momentum, the negative impact of unbalanced domestic policies, and an increasingly difficult external environment. The government fiscal deficit expanded to 6.9 percent of GDP in 2015. The overall balance of payments deteriorated significantly in 2015 despite an improvement in the terms of trade. Sri Lanka’s short-term outlook is challenging, but medium-term prospects are favorable if current macro-financial imbalances can be addressed. The key risks to the outlook stem from (1) government inaction on key policies and (2) a significant deterioration in the external environment.
Download or read book Taxing Africa written by Mick Moore and published by Bloomsbury Publishing. This book was released on 2018-07-15 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taxation has been seen as the domain of charisma-free accountants, lawyers and number crunchers – an unlikely place to encounter big societal questions about democracy, equity or good governance. Yet it is exactly these issues that pervade conversations about taxation among policymakers, tax collectors, civil society activists, journalists and foreign aid donors in Africa today. Tax has become viewed as central to African development. Written by leading international experts, Taxing Africa offers a cutting-edge analysis on all aspects of the continent's tax regime, displaying the crucial role such arrangements have on attempts to create social justice and push economic advancement. From tax evasion by multinational corporations and African elites to how ordinary people navigate complex webs of 'informal' local taxation, the book examines the potential for reform, and how space might be created for enabling locally-led strategies.
Download or read book The Taxation of Petroleum and Minerals written by Philip Daniel and published by Routledge. This book was released on 2010-04-15 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oil, gas and mineral deposits are a substantial part of the wealth of many countries, not least in developing and emerging market economies. Harnessing some part of that wealth for fiscal purposes is critical for economic development: in few areas of economic life are the returns to good policy so large, or mistakes so costly.
Download or read book Taxation in Developing Countries written by Roger Gordon and published by Columbia University Press. This book was released on 2010-07-05 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taxes are a crucial policy issue, especially in developing countries. Just recently, proposals to raise middle-class taxes toppled the Bolivian government, and plans to extend or increase the value-added tax caused political unrest in Ecuador and Mexico. Despite the impact of tax policy on developing countries, a comprehensive study has yet to be written. Treating Argentina, Brazil, India, Kenya, Korea, and Russia as key case studies, this volume outlines the major aspects of current tax codes and explores their economic and political implications. Examples of both the poorest and wealthiest developing countries, Argentina, Brazil, India, Kenya, Korea, and Russia uniquely demonstrate the diverse fiscal problems of tax reform. Each economy relies heavily on indirect and corporate income taxes, though recently some have reduced their tariff rates and have switched from excise to value-added taxes. There is a large, informal economy in most of these countries, and tax evasion by firms is a significant concern. As a result, tax revenue remains low, even though rates are as high as those in developed economies. Also, unconventional methods to collect revenue have been implemented, including bank debit taxes, state ownership of firms, and implicit taxes on individuals in the informal sector. Exploring these and other concerns, as well as changes in tax law, administration, and fiscal pressures, this comprehensive anthology clarifies the current landscape of tax administration and the economic future of the world's poorer economies.
Download or read book Value Added Tax written by Alan Schenk and published by Cambridge University Press. This book was released on 2015-02-09 with total page 577 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book integrates legal, economic, and administrative materials about the value added tax (VAT) to present the only comparative approach to the study of VAT law. The comparative presentation of this volume offers an analysis of policy issues relating to tax structure and tax base as well as insights into how cases arising out of VAT disputes have been resolved. Its principal purpose is to provide comprehensive teaching tools - laws, cases, analytical exercises, and questions drawn from the experience of countries and organizations around the world. This second edition includes new VAT-related developments in Europe, Asia, Africa, and Australia and adds new chapters on VAT avoidance and evasion and on China's VAT. Designed to illustrate, analyze, and explain the principal theoretical and operating features of value added taxes, including their adoption and implementation, this book will be an invaluable resource for tax practitioners and government officials.
Download or read book Financing Social Policy written by Katja Hujo and published by Springer. This book was released on 2009-10-09 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: Moving beyond the 'post-Washington consensus', this book shifts the focus of development policy debates away from expenditures and austerity and towards revenues and resources. The book explores the potential and the developmental impact of different categories of resources for financing social policy in a development context.
Download or read book Evolutionary Tax Reform in Emerging Economies written by Robert F Conrad and published by Oxford University Press. This book was released on 2024-06-20 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evolutionary Tax Reform in Emerging Economies: an income-based approach provides one approach to tax reform in emerging economies. Conrad describes the context for tax reform in these economies and outlines the "Standard Approach" to tax reform, an approach that is critically evaluated. Emphasis is placed on revenue generation given to economic efficiency considerations and constraints, institutional and economic, that change through time, and the approach of the work is based on two main elements: policy, for all tax instruments, developed with the individual as the taxpayer, and policy implemented via the use of withholding taxes (advanced taxes), to the extent possible, and via the use of withholding agents, Advanced Payment Agents (APA's). Evolutionary Tax Reform in Emerging Economies examines APAs, direct tax (income tax), and VAT, excises, and tariffs, and discusses topics such as how the base of each tax is defined, how the base might change over time, how APAs are used to collect advanced payments, and how to preserve excise tax collection at the point of production (or import).
Download or read book International Taxation and the Extractive Industries written by Philip Daniel and published by Routledge. This book was released on 2016-09-23 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: The taxation of extractive industries exploiting oil, gas, or minerals is usually treated as a sovereign, national policy and administration issue. This book offers a uniquely comprehensive overview of the theory and practice involved in designing policies on the international aspects of fiscal regimes for these industries, with a particular focus on developing and emerging economies. International Taxation and the Extractive Industries addresses key topics that are not frequently covered in the literature, such as the geo-political implications of cross-border pipelines and the legal implications of mining contracts and regional financial obligations. The contributors, all of whom are leading researchers with experience of working with governments and companies on these issues, present an authoritative collection of chapters. The volume reviews international tax rules, covering both developments in the G20-OECD project on ’Base Erosion and Profit Shifting’ and more radical proposals, identifying core challenges in the extractives sector. This book should become a core resource for both scholars and practitioners. It will also appeal to those interested in international tax issues more widely and those who study environmental economics, macroeconomics and development economics.
Download or read book Current Challenges in Revenue Mobilization Improving Tax Compliance written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-01-29 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper addresses core challenges that all tax administrations face in dealing with noncompliance—which are now receiving renewed attention. Long a priority in developing countries, assuring strong compliance has acquired greater priority in countries facing intensified revenue needs, and is critical for fairness and statebuilding. Series: Policy Papers
Download or read book Virtues and Fallacies of VAT An Evaluation after 50 Years written by Robert F. van Brederode and published by Kluwer Law International B.V.. This book was released on 2021-08-09 with total page 615 pages. Available in PDF, EPUB and Kindle. Book excerpt: Value-added tax (VAT) is a mainstay of revenue systems in more than 160 countries. Because consumption is a more stable revenue base than other tax bases, VAT is less distorting and hence more likely to encourage investment, savings, optimum labor supply decisions, and growth. VAT is not without criticism however, and faces its own specific technical and policy challenges. This book, the first to thoroughly evaluate VAT from a global policy perspective after over 50 years of experience with its intricacies, offers authoritative perspectives on VAT’s full spectrum—from its signal successes to the subtle ways its application can undermine revenue performance and economic neutrality. The contributors—leading tax practitioners and academics—examine the key policy issues and topics that are crucially relevant for measuring the success of the tax in the first part of the book, including: revenue generation and revenue efficiency; single rate versus multiple rates; susceptibility to fraud; exemptions and exceptions; compliance cost for businesses; policy and compliance gaps in revenue collection; adjustment rules caused by the transactional nature of the tax; transfer pricing issues; treatment of vouchers; permanent establishments and holding companies; payment of refunds; cross-border digital transactions; and supplies for free or below cost price. The second part offers six country reports—on New Zealand, Japan, China, Colombia, Ethiopia, and India—to demonstrate the different ways in which VAT operates in a variety of national economies. Whether a government is contemplating the imposition of a general consumption tax for the first time or new rules for applying an existing one, it is important for policymakers to keep central the aim to design a tax that realizes optimal efficiency and causes minimal distortions. This invaluable book serves as an expert guide to VAT policy development in this area. It will be welcomed not only by concerned government officials but also by tax professionals (both lawyers and accountants) and academics in tax law.
Download or read book Tax Administration 2013 Comparative Information on OECD and Other Advanced and Emerging Economies written by OECD and published by OECD Publishing. This book was released on 2013-05-17 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a unique reference source of high level comparative information on aspects of tax administration system design and practice covering the world’s major revenue bodies.
Download or read book Macroeconomic Developments and Prospects in Low Income Developing Countries 2019 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2019-12-11 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is the fifth in a series that examines macroeconomic developments and prospects in low-income developing countries (LIDCs). LIDCs are a group of 59 IMF member countries primarily defined by income per capita below a threshold level. LIDCs contain one fifth of the world’s population—1.5 billion people—but account for only 4 percent of global output. The first chapter of the paper discusses recent macroeconomic developments and trends across LIDCs and, using growth decompositions, explores the key drivers of growth performance in LIDCs. A second chapter examines the challenges faced by LIDCs in implementing a value-added tax system, generally seen as a key component of a strong national tax system. The third chapter discusses how financial safety nets can be appropriately tailored to the specific needs of LIDCs, recognizing that an effective safety net is important for ensuring financial stability and underpinning public confidence in the financial system, thereby promoting financial intermediation.
Download or read book Dimensions of Tax Design written by Institute for Fiscal Studies (IFS) and published by OUP Oxford. This book was released on 2010-04-30 with total page 1360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The goal of the Mirrlees Review has been to identify what makes a good tax system for an open developed economy in the 21st century and to suggest how the UK tax system could be reformed to move in that direction. As an integral part of the Review, this volume brings together thirteen studies of different dimensions of tax design, plus associated commentaries. These were commissioned from IFS researchers and other international experts, to be of interest and value in their own right, as well as to provide inspiration for the final report of the Review, which is published as a separate volume, Tax by Design. The Commission's work was directed by: Tim Besley Richard Blundell Malcolm Gammie James Poterba The Commission's editorial team: Stuart Adam Stephen Bond Robert Chote Paul Johnson Gareth Myles
Download or read book Risk Management in Public Administration written by Konrad Raczkowski and published by Springer. This book was released on 2016-11-09 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book draws on financial, economic, and management theory in its exploration of the theory underlying risk and risk management at both micro- and macroeconomic levels. It has a particular reference to the public financial sector. Chapters investigate the elimination of currency risk in the Transatlantic Trade and Investment Partnership (TTIP), as well as the changes that credit ratings undergo due to the influence of credit spreads. Featuring contributions on important topics such as public safety and the internet, intellectual capital, bank regulatory risk in the EU, the financial distress of public sector entities, and systemic risk in the insurance sector, it also explores innovative and emerging issues in the European tax gap in personal income taxes and VAT carousel fraud in selected European countries. Discussion of the complex nature of risk management in public administration will appeal to public officials, policy-makers, academics and researchers alike.
