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Mr. John D Brondolo
The global financial and economic crisis presents major challenges for tax agencies. With the economic downturn, tax agencies are encountering emerging compliance problems and greater demands for taxpayer support in the face of prospective budget cuts. To help address these challenges, this paper encourages tax agencies to develop a tax compliance strategy for the crisis by (1) expanding assistance to taxpayers, (2) refocusing enforcement on emerging compliance risks, (3) enacting legislative reforms that facilitate tax administration, and (4) improving communication programs. In each of these areas, the paper identifies specific measures to underpin the strategy, drawing on practices from leading tax agencies and experiences from IMF technical assistance. The paper also highlights emerging tax compliance issues in the financial sector.
Mr. John D Brondolo

rebates. Recent experience from the United States offers lessons in implementing such measures. In 2008, the United States enacted the Economic Stimulus Act (ESA), which provided tax rebates to low- and middle-income households. ESA mandated that the Internal Revenue Service (IRS) begin issuing more than 100 million stimulus payments within about 12 weeks of its enactment on February 13, 2008. 22. The IRS is considered to have successfully implemented the 2008 tax rebate program, though at some cost to other activities . 15 As of September 2008, it had issued more

International Monetary Fund. Asia and Pacific Dept

mortgage loans to households. With favorable price developments in the condo market, the value of home equity has been rising. A number of commercial banks have also been offering home equity loans to help pay off higher interest debts, finance home renovation, and start a business. In addition, consumer loans have become widely accessible over the past years. Following the 2011 floods, the authorities introduced a tax rebate program for first-time buyers of automobiles to support the country’s auto industry. 5 Cooperatives continued to expand consumer loans, following

Manuel Linsenmeier, Mr. Adil Mohommad, and Gregor Schwerhoff

. ( 2015 ). Winning coalitions for climate policy . Science , 349 ( 6253 ): 1170 – 1171 . Meckling , J. , Sterner , T. , and Wagner , G. ( 2017 ). Policy sequencing toward decarbonization . Nature Energy , 2 ( 12 ): 918 – 922 . Mideksa , T. K. ( 2021 ). Pricing for a Cooler Planet: An Empirical Analysis of the Effect of Taxing Carbon . CESifo Working Paper no. 9172 , page 25 . Mildenberger , M. , Lachapelle , E. , Harrison , K. , and Stadelmann-Steffen , I. ( 2022 ). Limited impacts of carbon tax rebate programmes on

Manuel Linsenmeier, Mr. Adil Mohommad, and Gregor Schwerhoff
Carbon pricing is considered the most efficient policy to reduce greenhouse gas emissions but it has also been conjectured that other policies need to be implemented first to remove certain economic and political barriers to stringent climate policy. Here, we examine empirical evidence on the the sequence of policy adoption and climate policy portfolios of G20 economies and other major emitters that eventually implemented a national carbon price. We find that all countries adopted carbon pricing late in their instrument sequence after the adoption of (almost) all other instrument types. Furthermore, we find that countries that adopted carbon pricing in a given year had significantly larger climate policy portfolios than those that did not. In the last part of the paper, we examine heterogeneity among countries that eventually adopted a carbon price. We find large variation in the size of policy portfolios of adopters of carbon pricing, with more recent adopters appearing to have introduced carbon pricing with smaller portfolios. Furthermore, countries that adopted carbon pricing with larger policy portfolios tended to implement a higher carbon price. Overall, our results thus suggest that policy sequencing played an important role in climate policy, specifically the adoption of carbon pricing, over the last 20 years.
International Monetary Fund. Asia and Pacific Dept
This paper discusses selected issues related to the economy of Thailand. The economy of Thailand is largely dependent on China. A 1 percent decline in China’s GDP lowers Thailand’s output by about 0.2 percent. Population aging is another major issue in Thailand. This Association of Southeast Asian Nations country will face the dual challenge of increasing the coverage of the social security system and ensuring its long-term sustainability. Thailand’s financial sector has expanded rapidly over the last decade, and important changes in its structure have taken place. While corporate debt has remained broadly stable, household debt has increased to one of the highest levels among emerging markets, raising concerns about household debt overhang.
International Monetary Fund. Fiscal Affairs Dept.

in 2006, public transport companies—owned and managed by municipalities, villages, or special provincial administrations—were exempted from the value added tax and the excise tax, essentially alleviating the impact of the liberalization of fuel prices under the reform on the transportation sector. This has consequently helped in mitigating the indirect effects of higher diesel prices on lower-income households. Second, the Ministry of Agriculture introduced in 2007 a tax rebate program for diesel used in agriculture. There are three different types of crops defined

International Monetary Fund. Fiscal Affairs Dept.
This paper on Colombia focuses on reforming energy pricing. Rising fiscal challenges in Colombia can risk derailing the government from their commitment to meet both its headline deficit target of 2.4 percent in 2019 and its structural deficit target by 2022, under the existing fiscal rule. The government is committed to embark on a reform strategy that aims at safeguarding the fiscal framework. Energy subsidy reform is one element of the government’s strategy to address fiscal pressures. Carefully designed reforms entail a gradual phasing out of subsidies in the case of fuel products and, in the case of electricity, an improvement in the targeting over the medium term. Illustrative simulations presented in this report highlight the fiscal and distributional impacts of different reform options. Simulations show that net fiscal gains could be achieved both for electricity and fuel products, while reducing distortions. The mission identified reform options to reduce energy subsidies while at the same time improve their targeting. The approach differs across sectors.