Narrow Your Choices

Refine By Type

Refine By Countries

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Search Results

You are looking at 1 - 10 of 62 items for :

  • "VAT rate reduction" x
Clear All
Cover IMF Working Papers
Encouraging Formal Invoicing and Reducing the VAT Impact on Low-Income individuals
Mr. Ricardo Fenochietto

; incentives or tax benefits for purchases registered or paid through formal payment systems; and lotteries with prizes (or sometimes VAT rate reduction) for final consumers who request tax compliant invoices. The second group of tools aims at reducing the impact of the VAT on low-income individuals through: a PIT credit, a VAT rate reduction, or targeted transfers to low-income individuals. The analysis (i) contributes to the existing literature by providing a clear characterization between these groups of tools, which are too often misunderstood, and (ii) offers clear

Keywords:
PIT tax credit; VAT deduction from PIT; VAT rate reduction for electronic payments; electronic invoice; VAT impact on low-income individuals.; WP; VAT revenue; reduction program; VAT credit; PIT revenue; VAT non-compliance; VAT rate reduction; PIT deduction
Cover IMF Working Papers
Encouraging Formal Invoicing and Reducing the VAT Impact on Low-Income individuals
Mr. Ricardo Fenochietto
This paper analyses and compares two different groups of tools, the first to encourage the use of invoices (or payment systems) and the second to refund the VAT to low-income individuals. The analysis contributes to the existing literature by providing a clear characterization between these two groups of tools that are too often misunderstood and offers clear guidance to policymakers on the benefits and pitfalls of them based on available empirical studies and novel data analysis. Briefly, the first group includes a set of regressive and distortive tools (such as, allowing deducting the VAT paid on personal consumption from the PIT and reducing the VAT rate for using electronic means of payments or registration), while the second group includes tools that are less distortionary and improve income distribution (tax credits and VAT rate reduction targeted only at low-income individuals). This paper also finds that allowing the deduction of personal consumption against the PIT’s taxable base (i) did not impact positively the VAT revenue in Guatemala and (ii) worsens the income distribution in Ecuador.
Keywords:
PIT tax credit; VAT deduction from PIT; VAT rate reduction for electronic payments; electronic invoice; VAT impact on low-income individuals.; WP; VAT revenue; reduction program; VAT credit; PIT revenue; VAT non-compliance; VAT impact on low-income individuals; charge VAT; PIT liability; VAT compliance; PIT base; VAT invoice; Value-added tax; Income; Personal income tax; Consumption; Credit; Middle East and Central Asia; Western Hemisphere; Global; Asia and Pacific; Europe
Cover IMF Staff Country Reports
Romania: Selected Issues
International Monetary Fund. European Dept.
This paper discusses the following important issues related to the Romanian economy: inflation and inflation expectations, the need to bolster expenditure efficiency, minimum wage policy, and financial sector development. Headline inflation has decreased markedly in Romania in recent years. Key factors in this trend were oil and food price developments and, in particular, the recent reduction in the VAT rate. Romania has undertaken a strong fiscal consolidation since 2010, which reduced expenditure to among the lowest in the region. Minimum wages in Romania have risen sharply, which could directly affect wage distribution and improve income inequality.
Keywords:
ISCR; CR; inflation expectation; wage; minimum wage; headline inflation; wage distribution; wage bill; credit growth; consolidation measure; Minimum wages; Inflation; Wage adjustments; Wages; Credit; Global; Eastern Europe; Southern Europe; Europe
Cover IMF Staff Country Reports
Romania: Technical Assistance Report- Improving Compliance Risk Management of Large Taxpayers
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report discusses measures for improving compliance risk management of large taxpayers in Romania. The Large Taxpayer Office (LTO) Risk Management Unit needs appropriately skilled staff and good analytic facilities to identify and mitigate risks. The existing structure has too many people reporting directly to the LTO Director General. The changes in staff following restructuring will present an opportunity to renew and enhance LTO staff capabilities to better support modern risk-based methods. The risk decision making and transparency in the LTO also need to be improved to support compliance management.
Keywords:
ISCR; CR; taxpayer; tax; NAFA Fiscal Intelligence Unit; management; LTO taxpayer service function; LTO tax risk mitigation treatment; LTO staff capability; LTO Risk Management Unit; LTO auditor; Large taxpayer office; Auditing; Tax administration core functions; Compliance risk management; Taxpayer services; Europe
Cover IMF Staff Country Reports
Ukraine: Request for A Stand-By Arrangement
International Monetary Fund. European Dept.
This paper discusses Ukraine’s Request for a Stand-by Arrangement. Ukraine’s economy had been in recession since mid-2012. Inconsistent macroeconomic policies pursued in 2012–2013 aggravated deep-seated vulnerabilities and eventually generated a balance-of-payment crisis. Key objectives of the authorities’ program are to restore macroeconomic stability, strengthen economic governance and transparency, and lay the foundation for robust and balanced economic growth. To achieve these objectives, the government will implement immediate measures aimed at securing stability, combined with deeper reforms to achieve and sustain external sustainability, ensure financial stability, restore sound public finances, rationalize the energy sector, and improve the business environment.
Keywords:
ISCR; CR; press statement; deposit dynamics; Ukraine; household deposit withdrawal; fund; staff appraisal; deposits rising; Exchange rates; Debt service; Europe; Global
Cover IMF Staff Country Reports
Romania: 2016 Article IV Consultation-Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Romania
International Monetary Fund. European Dept.
This paper discusses recent economic developments, outlook, and risks related to the Romanian economy. Romania made important progress in addressing economic imbalances and restoring growth after the global financial crisis. Prudent policies, partly in the context of successive IMF-supported programs, reduced vulnerabilities, and the fiscal and current account deficits improved markedly. However, economic policies have weakened recently and hard-won gains are at risk of being reversed. Governance problems have received more attention recently, and Romania has made progress compared to its peers in the fight against corruption. Staff’s baseline projection is for growth to remain above potential in 2016–17.
Keywords:
ISCR; CR; finances; government; Stand-By; The Fund; General government finances; expert fund assistance; cash budget; inflation projection; market confidence; headline inflation; GDP deflator; Fiscal stance; Corruption; Loans; Global; Central and Eastern Europe; Europe
Cover IMF Staff Country Reports