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Ms. Janet Gale Stotsky and Ms. Asegedech WoldeMariam
Central American tax systems are modern in their orientation, though there remains scope for beneficial reform. Value-added taxes are the mainstay of collections, but their performance varies. Income and property taxes remain relatively underused and should apply to higher income taxpayers more comprehensively. Tax reform needs to be mindful of global competition. Continuing improvement in administrative performance is also essential.
Ms. Janet Gale Stotsky and Ms. Asegedech WoldeMariam

accelerated depreciation) and loss carryforward provisions, and possibly some limited investment tax credits. As with VAT, it is possible to measure enterprise income tax productivity by taking the ratio of enterprise income tax to GDP divided by the standard income tax rate ( Table 9 ). 11 The most striking feature of this table is the low productivity in all these countries. In Central America, the ratio rose from 0.046 in 1994 to 0.057 in 1997 and then declining to 0.052 in the most recent year. Latin America experienced the opposite trend, with this ratio, which was