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Revenue Implications of Destination-Based Cash-Flow Taxation

Author: Shafik Hebous; Alexander D Klemm; Saila Stausholm
Publisher: Washington, D.C. : International Monetary Fund, 2019.
Edition/Format:   eBook : Document : English
Summary:
We estimate the revenue implications of a Destination Based Cash Flow Tax (DBCFT) for 80 countries. On a global average, DBCFT revenues under unchanged tax rates would remain similar to the existing corporate income tax (CIT) revenue, but with sizable redistribution of revenue across countries. Countries are more likely to gain revenue if they have trade deficits, are not reliant on the resource sector,  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Hebous, Shafik.
Revenue Implications of Destination-Based Cash-Flow Taxation.
Washington, D.C. : International Monetary Fund, ©2019
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Shafik Hebous; Alexander D Klemm; Saila Stausholm
ISBN: 9781484394854 1484394852
OCLC Number: 1085183085
Description: 1 online resource (36 pages)
Contents: Cover; Contents; Abstract; I. Introduction; II. Estimation Methodology and Data; A. The Tax Base of the DBCFT; B. Correcting for Profit Shifting; C. Data; III. Results Under Global Adoption; A. Estimated Revenues; B. Adjusting Results for Profit Shifting; C. Further Considerations; IV. Unilateral Adoption; V. Conclusion; References; Tables; 1. Descriptive Statistics for Balanced 10-year Panel; 2. Change in Revenue and Explanatory Variables; 3. The Cyclicality of the CIT and DBCFT; Figures; 1. DBCFT and CIT Revenues, (Averages over 2002-2011); 2. Revenue-Neutral Tax Rates in 2011 3. Trade balance and Revenue Change, Excluding Resource-Rich Economies4. Border Adjustment versus Cash Flow Component of Revenue Change; 5. Revenues by Income Group and Level; 6. Revenues by Resource Dependence; 7. The Impact of Adjusting for Profit Shifting; 8. Trade Balance and Net International Investment Position, 2014; 9. Standard Deviation of Annual Revenue, 2000-2014; 10. Average Ratios of Losses to Sales, 2005-14 (percent); 11. Revenue Spillovers from Unilateral DBCFT Adoption, 2011; 12. Revenue Changes under DBCFT and CIT Following Hypothetical U.S. Adoption of DCBCFT in 2011 13. Second-Round SpilloversAppendix; International Revenue and Incidence Implications of a DBCFT; Appendix Tables; A1. Tax Payments and Incidence for Firms Located in DB; A2. Tax Payments and Incidence Depending on Ownership

Abstract:

We estimate the revenue implications of a Destination Based Cash Flow Tax (DBCFT) for 80 countries. On a global average, DBCFT revenues under unchanged tax rates would remain similar to the existing corporate income tax (CIT) revenue, but with sizable redistribution of revenue across countries. Countries are more likely to gain revenue if they have trade deficits, are not reliant on the resource sector, and/or-perhaps surprisingly-are developing economies. DBCFT revenues tend to be more volatile than CIT revenues. Moreover, we consider the revenue losses resulting from spillovers in case of unilateral implementation of a DBCFT. Results suggest that these spillover effects are sizeable if the adopting country is large and globally integrated. These spillovers generate strong revenue-based incentives for many-but not all-other countries to follow the DBCFT adoption.

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