Tax Policy Leverage And Macroeconomic Stability
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| Author | : International Monetary Fund. Fiscal Affairs Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 78 |
| Release | : 2016-12-10 |
| Genre | : Business & Economics |
| ISBN | : 1498345204 |
Download Tax Policy, Leverage and Macroeconomic Stability Book in PDF, Epub and Kindle
Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. ‘Debt bias’ (tax provisions favoring finance by debt rather than equity) has increased leverage in both the household and corporate sectors, and is now widely recognized as a significant macroeconomic concern. This paper presents new evidence of the extent of debt bias, including estimates for banks and non-bank financial institutions both before and after the global financial crisis. It presents policy options to alleviate debt bias, and assesses their effectiveness. The paper finds that thin capitalization rules restricting interest deductibility have only partially been able to address debt bias, but that an allowance for corporate equity has generally proved effective. The paper concludes that debt bias should feature prominently in countries’ tax reform plans in the coming years.
| Author | : Julian S. Alworth |
| Publisher | : Oxford University Press (UK) |
| Total Pages | : 321 |
| Release | : 2012-02-23 |
| Genre | : Business & Economics |
| ISBN | : 0199698163 |
Download Taxation and the Financial Crisis Book in PDF, Epub and Kindle
This book examines how tax policies contributed to the financial crisis; whether taxation can play a role in the reform efforts to establish a sounder and safer financial system; and the pros and cons of various tax initiatives.
| Author | : Franziska Bremus |
| Publisher | : |
| Total Pages | : |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
Download Corporate Taxation, Leverage, and Macroeconomic Stability Book in PDF, Epub and Kindle
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 257 |
| Release | : 2015-04-20 |
| Genre | : Business & Economics |
| ISBN | : 1498344658 |
Download Fiscal Policy and Long-Term Growth Book in PDF, Epub and Kindle
This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
| Author | : Mr.Parthasarathi Shome |
| Publisher | : International Monetary Fund |
| Total Pages | : 336 |
| Release | : 1995-04-25 |
| Genre | : Business & Economics |
| ISBN | : 9781557754905 |
Download Tax Policy Handbook Book in PDF, Epub and Kindle
Edited by Parthasarathi Shome, this Handbook was written primarily for economists who are responsible for analyzing and evaluating economic policies of developing countries at an applied level, and who would benefit from a comprehensive discussion of the concepts, principles, and prevailing issues of taxation.
| Author | : Ruud A. de Mooij |
| Publisher | : International Monetary Fund |
| Total Pages | : 20 |
| Release | : 2017-02-10 |
| Genre | : Business & Economics |
| ISBN | : 1475578296 |
Download Curbing Corporate Debt Bias Book in PDF, Epub and Kindle
Tax provisions favoring corporate debt over equity finance (“debt bias”) are widely recognized as a risk to financial stability. This paper explores whether and how thin-capitalization rules, which restrict interest deductibility beyond a certain amount, affect corporate debt ratios and mitigate financial stability risk. We find that rules targeted at related party borrowing (the majority of today’s rules) have no significant impact on debt bias—which relates to third-party borrowing. Also, these rules have no effect on broader indicators of firm financial distress. Rules applying to all debt, in contrast, turn out to be effective: the presence of such a rule reduces the debt-asset ratio in an average company by 5 percentage points; and they reduce the probability for a firm to be in financial distress by 5 percent. Debt ratios are found to be more responsive to thin capitalization rules in industries characterized by a high share of tangible assets.
| Author | : |
| Publisher | : CEPR |
| Total Pages | : 194 |
| Release | : |
| Genre | : |
| ISBN | : 1907142002 |
Download Macroeconomic Stability and Financial Regulation: Key Issues for the G20 Book in PDF, Epub and Kindle
| Author | : Shafik Hebous |
| Publisher | : International Monetary Fund |
| Total Pages | : 26 |
| Release | : 2018-11-08 |
| Genre | : Business & Economics |
| ISBN | : 1484381904 |
Download A Destination-Based Allowance for Corporate Equity Book in PDF, Epub and Kindle
Following renewed academic and policy interest in the destination-based principle for taxing profits—particularly through a destination-based cash flow tax (DBCFT)—this paper studies other forms of efficient destination-based taxes. Specifically, it analyzes the Destination-Based Allowance for Corporate Equity (DBACE) and Allowance for Corporate Capital (DBACC). It describes adjustments that are required to turn an origin into a destination-based versions of these taxes. These include adjustments to capital and equity, which are additional to the border adjustments needed under a DBCFT. The paper finds that the DBACC and DBACE reduce profit shifting and tax competition, but cannot fully eliminate them, with the DBACE more sensitve than the DBACC. Overall, given the potential major political cost of switching from an origin to a destination-based tax system, we conclude that advantages of the DBCFT are likely to outweigh the transitional advantages of the DBACE/DBACC.
| Author | : Khaled Abdel-Kader |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 38 |
| Release | : 2020-12-04 |
| Genre | : Business & Economics |
| ISBN | : 9781513561561 |
Download Tax Policy and Inclusive Growth Book in PDF, Epub and Kindle
This paper discusses the theory and practice of tax design to achieve an efficient and equitable outcome, i.e. in support of inclusive growth. It starts with a discussion of the key principles from tax theory to guide practical tax design. Then, it elaborates on more granular tax policy, discussing key choices in the structure of the personal income tax on labor and capital income, taxes on wealth, the corporate income tax, and consumption taxes. The paper concludes by highlighting the political economy considerations of the issues with concrete recommedtions as to how to implement tax reform.
| Author | : International Monetary Fund. Fiscal Affairs Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2009-12-06 |
| Genre | : Business & Economics |
| ISBN | : 1498335926 |
Download Debt Bias and Other Distortions Book in PDF, Epub and Kindle
Tax distortions are likely to have encouraged excessive leveraging and other financial market problems evident in the crisis. These effects have been little explored, but are potentially macro-relevant. Taxation can result, for example, in a net subsidy to borrowing of hundreds of basis points, raising debt-equity ratios and vulnerabilities from capital inflows. This paper reviews key channels by which tax distortions can significantly affect financial markets, drawing implications for tax design once the crisis has passed.
