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A partial race to the bottom : corporate tax developments in emerging and developing economies

Author: S M Ali Abbas; Alexander Klemm; International Monetary Fund. Fiscal Affairs Department,
Publisher: [Washington, D.C.] : International Monetary Fund, ©2012.
Series: IMF working paper, WP/12/28.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
This paper assembles a new dataset on corporate income tax regimes in 50 emerging and developing economies over 1996-2007 and analyzes their impact on corporate tax revenues and domestic and foreign investment. It computes effective tax rates to take account of complicated special regimes, such as partial tax holidays, temporarily reduced rates and increased investment allowances. There is evidence of a partial race  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Partial race to the bottom : corporate tax developments in emerging and developing economies.
[Washington, District of Columbia] : International Monetary Fund, ©2012
30 pages
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: S M Ali Abbas; Alexander Klemm; International Monetary Fund. Fiscal Affairs Department,
ISBN: 9781463933135 1463933134 9781463973797 1463973799 9781463981013 1463981015
OCLC Number: 773922295
Notes: At head of title: Fiscal Affairs Department.
Title from PDF title page (IMF Web site, viewed January 25, 2012).
"January 2012."
Description: 1 online resource (30 pages) : color charts.
Contents: Cover; Contents; I. Introduction; II. Data and Stylized Facts; Tables; 1. Sample of Emerging and Developing Economies; Figures; 1. Statutory Corporate Income Tax Rate; 2. PDV of Depreciation Allowances; 3. Effective Marginal Tax Rate; 4. Effective Average Tax Rate; 5. Effective Average Tax Rate Under Most Generous Special Regime; 6. Total Tax Revenue; 7. Corporate Tax Revenue; 8. Corporate Taxes as a Share of Total Taxes; III. Episodes of Large Changes in Effective Tax Rates; 9. Gross Fixed Capital Formation; 10. Inward Foreign Direct Investment. 2. Large Effective Tax Rate Changes, Special Regimes and Statutory Rates3. Comparing Initial Variable Levels Across Large ETR Increases vs. Decreases; 11. Corporate Taxes, Investment and FDI Around Large Effective Tax Rate Changes; IV. Estimating The Impact of Corporate Taxation on Revenues and Investment; 4. The Impact of Tax Rates on Corporate Tax Revenue; 5. The Impact of Effective Tax Rates on Private Investment; V. Concluding Remarks; 6. The Impact of Effective Tax Rates on Foreign Direct Investment; Appendices; I. Derivation of Effective Tax Rates; II. Data Sources and Assumptions.
Series Title: IMF working paper, WP/12/28.
Responsibility: S.M. Ali Abbas and Alexander Klemm, with Sukhmani Bedi and Junhyung Park.

Abstract:

This paper assembles a new dataset on corporate income tax regimes in 50 emerging and developing economies over 1996-2007 and analyzes their impact on corporate tax revenues and domestic and foreign investment. It computes effective tax rates to take account of complicated special regimes, such as partial tax holidays, temporarily reduced rates and increased investment allowances. There is evidence of a partial race to the bottom: countries have been under pressure to lower tax rates in order to lure and boost investment. In the case of standard tax systems (i.e. tax rules applying under normal circumstances), the effective tax rate reductions have not been larger than those witnessed in advanced economies, and revenues have held up well over the sample period. However, a race to the bottom is evident among special regimes, most notably in the case of Africa, creating effectively a parallel tax system where rates have fallen to almost zero. Regression analysis reveals higher tax rates adversely affect domestic investment and FDI, but do raise revenues in the short-run.

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