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Cover IMF Working Papers
Socio-Economic Spillovers from Special Economic Zones: Evidence from Cambodia
Mariya Brussevich

are Cambodian women. Cambodia’s Law on Investment outlines a two-tier incentive structure—for SEZ developers and firms operating in SEZs. Firstly, SEZ developers are initially exempt from the profit tax, import duties and other taxes on machinery and construction equipment, and receive other temporary and permanent concessions. Secondly, firms within SEZs are eligible to generous tax incentives, in addition to access to infrastructure and streamlined administrative and regulatory treatment. They are exempt, in whole or in part, from VAT, import and export duties

Keywords:
WP; SEZ program; SEZ entry; SEZ firm; program participation; SEZ district; SEZ location; Employment; Wages; Income; Income inequality; Labor markets; SEZ effect; SEZ developer; SEZ trend; tagged SEZ database; SEZ program participation; SEZ intensity
Cover IMF Working Papers
Socio-Economic Spillovers from Special Economic Zones: Evidence from Cambodia
Mariya Brussevich
This study examines the socio-economic impact of special economic zones (SEZs) in Cambodia---a prominent place-based policy established in 2005. The paper employs a database on existing and future SEZs in Cambodia with matched household surveys at the district level and documents stylized facts on SEZs in a low-income country setting. To identify causal effects of the SEZ program, the paper (i) constructs an alternative control group including future SEZ program participants and districts adjacent to SEZ hosts; and (ii) employs a propensity score weighting technique. The study finds that entry of SEZs disproportionately benefits female workers and leads to a decline of income inequality at a district level. However, the findings also suggest that land values in SEZ districts tend to rise while wage levels remain largely unchanged relative to other districts. In addition, the paper tests for socio-economic spillovers to surrounding areas and for agglomeration effects associated with clusters of multiple SEZs.
Keywords:
WP; SEZ program; SEZ entry; SEZ firm; program participation; SEZ district; SEZ location; Employment; Wages; Income; Income inequality; Labor markets; Special Economic Zones; Place-Based Policy; Low-Income Country; Foreign Direct Investment; SEZ effect; SEZ developer; SEZ trend; tagged SEZ database; SEZ program participation; SEZ intensity; propensity score weighting technique; Policy implication; impact of special economic zones; Women
Cover IMF Staff Country Reports
Maldives: Technical Assistance Report-Reform Options to Strengthen Tax Policy
International Monetary Fund. Fiscal Affairs Dept.
This report reviews tax policy in the Maldives and identifies reform options to support efficiency, equity, and revenue. The absence of a broad-based personal income tax (PIT) generates revenue leakages and significantly diminishes the role of tax policy in income redistribution. A modern tax design requires a holistic view of the taxation of different sources of income and different legal forms of taxpayers to maintain tax neutrality, to the extent possible, while preserving some degrees of progressivity, simplicity, and administrability. Moreover, updating the tax system to cope with recent international developments is vital to safeguard revenues. While strengthening the goods and services tax (GST) can raise revenues in the short- to medium-term, a property tax is an important option for the long-term. The diagram below demonstrates reform priorities, as identified in this report, to modernize tax policy in the Maldives.
Keywords:
ISCR; CR; tax treatment; progressive tax; goods and services tax; property tax; tax rate; tax treaty; zero rating; flat tax; stamp duty; tax revenue; tax law; Double taxation; Personal income; Value-added tax; Income and capital gains taxes; Global
Cover IMF Staff Country Reports
Maldives
Technical Assistance Report-Reform Options to Strengthen Tax Policy
International Monetary Fund. Fiscal Affairs Dept.

foreign income. Special Economic Zones (SEZs) Concession 102. The Special Economic Zones Act (SEZA) provides for a range of tax incentives for the developers of SEZs and investors in SEZs . Developers are entitled to the following tax incentives: (i) exemption from import duty on imports of capital goods; (ii) exemption from BPT; (iii) 10-year exemption from GST; and (iv) 10-year exemption from withholding tax. The tax incentives available to investors in an SEZ vary depending on the industry and the nature of the investment, but include tax holidays from BPT

Keywords:
ISCR; CR; tax treatment; progressive tax; goods and services tax; property tax; tax rate; tax system; treaty Policy