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Many nations will most probably face the necessity to bring up tax sales, as a part of monetary consolidation, through the following few years. yet how is that this top performed? And what are the concerns while identifying among elevating tax premiums and broadening the tax base by way of scaling again or abolishing designated tax provisions (such as allowances, exemptions and preferential rates)? This record goals to respond to such questions by means of taking a detailed examine the industrial and political components that effect governments tax decisions. even though many nations have broadened their tax bases during the last 30 years, designated tax provisions, significantly tax costs, remain significant. Like public expenditure, detailed tax reliefs suggest that (other) tax premiums have to be better so as to finance those reliefs. This record as a result discusses no matter if such tax provisions stay precious. It comprises an annex overlaying country-specific profit forgone estimates of tax expenses for chosen OECD countries. This file additionally identifies political components, together with the lobbying of influential curiosity teams, because the major hindrances to base-broadening reforms, and it considers how reforms may be most sensible packaged and provided to beat such obstacles.Table of content material :List of AcronymsExecutive precis advent bankruptcy 1. vast Base Low price procedure: Scope and Limitations-1.1. VAT-1.2. source of revenue taxation -1.3. ConclusionChapter 2. the place is there Scope for Base-broadening? -2.1. Tax expenditure reporting-2.2. Tax expenditure definition -2.3. Tax provisions categories-2.4. targets of TE reports-2.5. TE estimation equipment -2.6. info on TE estimates-2.7. major TEs and the broadness of the tax bases in OECD countries-2.8. end bankruptcy three. comparing Tax Provisions: a few Examples-3.1. An assessment framework-3.2. Tax provisions for housing-3.3. Provisions for retirement reductions -3.4. VAT Exemption on monetary associations (Banking and assurance quarter) -3.5. ConclusionsChapter four. Base-Broadening and specified Tax Provisions: Political and Distributional issues -4.1. The advantages of the industrial case for a reform -4.2. Politicians perspectives and use of tax policy-4.3. Transparency and accountability-4.4. exterior drivers and constraints-4.5. Distributional effects-4.6. Framing and packaging a reform-4.7. Timing issues -4.8. Leadership-4.9. ConclusionAnnex A. profit Forgone Estimates of major Tax charges in OECD nations
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2003), “The Effect of Marginal Tax Rates on Income: A Panel Study of ’Bracket Creep’”, Journal of Public Economics 87, pp. 1231-1258. B. H. Giertz (2009), “The Elasticity of Taxable Income with Respect to Marginal Tax Rates: A Critical Review”; NBER Working Paper 15012, Cambridge, MA. Salanie, B. (2003), The Economics of Taxation, MIT Press. Sandmo, A. (1974), “A Note on the Structure of Optimal Taxation”, American Economic Review 64, pp. 701-706. Sandmo, A. (1975), “Optimal Taxation in the Presence of Externalities”, Swedish Journal of Economics 77, pp.
Australia, Belgium, Canada, Finland, Ireland, Portugal, and Spain). g. Austria, France, Korea and the Netherlands). Germany follows an expenditure subsidy approach. 1). CHOOSING A BROAD BASE – LOW RATE APPROACH TO TAXATION © OECD 2010 39 2. WHERE IS THERE SCOPE FOR BASE-BROADENING? 1. ) Despite certain particularities, these approaches share implicitly or explicitly four elements. All approaches identify a special tax concession as a tax expenditure when: 1) it implies a reduction of tax revenue (tax liability); 2) it results in deviations from a “basic” tax structure; 3) it targets a particular group of taxpayers or economic activity; and, 4) it could be replaced by direct spending.
Excess of depreciation for tax purposes over economic depreciation should normally be considered as a tax expenditure. Some countries, however, justify including accelerated depreciation as part of the benchmark either because of its general applicability or because of the absence of robust information about true economic depreciation to use as a benchmark (when estimating cost of accelerated depreciation for tax purposes). g. the United Kingdom). g. Canada). Reduced CIT rates and R&D tax credits are, in addition to being generally targeted at a group of taxpayers/activities, clear examples of reliefs that could be replaced by subsidies while achieving the same objectives.