Tax revenue

Head of Tax Treaty Negotiations, Inland Revenue.

So the key to raising revenue is to reduce tax expenditures, use some of the resulting revenue to reduce tax rates, and devote the rest to reducing future deficits. Opponents of tax increases should see that, because such revenue raising is really cutting government spending, it does not imply the adverse incentive effects of raising marginal tax rates.

It reduces tax revenue and thus the resources available for public services .

The tax reduction should balance the financial revenue and the affordability of industrial development.

In Europe s highly taxed economies, better tax compliance or selective revenue measures can produce only a small amount of additional tax revenue without undermining growth. Spending cuts are the only way to improve the budget position significantly.

According to WTO, in the mid 1990s, tariff revenue accounted for over 30 per cent of general tax revenue in more than 25 developing countries.

And, while raising so much revenue with so low a tax rate sounds grand, the declining volume of trades would shrink the tax base precipitously. As a result, the ultimate revenue gains are likely to prove disappointing, as Sweden discovered when it attempted to tax financial transactions two decades ago.

Chief Budget Analyst and Head of Tax Policy Revenue Unit, Ministry of Finance and National Planning.

(a) As tariff barriers decline, it is important to find other revenue sources in place of falling trade tax revenue since, in several African countries, such revenue remains a significant part of total revenue. During the transition to non trade sources of revenue, aid flows, aimed at replacing revenue shortfalls from trade liberalization, could be very useful

On the revenue side, reform should rescind all links between national treasuries and the EU budget, so that the cost of Europe is made directly visible to the Union s citizens. National tax systems should dedicate to Europe the revenue from one particular tax.

It's not pulling in as much tax revenue as it once was, but it's serving its community.

Previous positions include First Secretary, British Embassy in the United States of America head, Direct Tax Branch, Tax Policy Team, Her Majesty's Treasury and policy Adviser, Inland Revenue.

In many countries, tax reform has already significantly increased the share of direct taxes in overall revenue. Raising tax rates for the wealthiest citizens in developing a more progressive income tax framework would bolster this progress.

It can thus be said that fragmentation is deemed a danger for tax revenue and should be carefully considered.

Half of tax revenue is collected with a value added tax, which is essentially a tax on consumption. Although there is a tax on corporate income, it is integrated with personal taxes in a way that reduces its adverse effect on investment and production.

Although non tax revenue may contribute significantly to some countries total GDP, the average tax GDP ratios in low income and lower middle income countries are roughly 15 and 19 , respectively significantly lower than the OECD average of more than 35 . To finance development projects, poor and lower middle income countries must devise and implement tax strategies to increase domestic revenue.

While this may enhance the overall profitability of a firm, it may also imply reduced tax revenue for the home economy.

Perhaps the most promising reform is corporate tax reduction, which will help Japan boost both foreign and domestic investment. By spurring increased business activity, it will actually increase Japan s corporate tax revenue.

Examples of individual and group administrations benefiting from tax revenue generated from public assets and private business are shown in annex IV.

For the first time since Dayton, new revenue distribution arrangements (customs revenues and most excise and sales tax revenues) have been launched.

Tax revenue can be raised without increasing marginal tax rates by limiting the tax subsidies that are built into the current tax code. Those subsidies are a hidden form of government spending on everything from home mortgages and health insurance to the purchase of hybrid cars and residential solar panels.

For example, we can choose how much to collect via a general income tax, a payroll tax, a consumption tax (such as a sales or value added tax), and so on. We can also choose how much revenue to raise today, rather than in the future (by varying the fiscal deficit).

Previous positions include principal economist (tax policy), Ministry of Finance and National Planning and senior revenue analyst, Ministry of Finance and National Planning.

For these reasons, Obama is championing a revenue neutral reform that would leave corporate tax revenues unchanged, with the proposed rate cut financed by limiting deductions, credits, and loopholes, which would broaden the tax base.

Instead of cutting proven tax incentives for business investment, the US should offset at least some of the revenue losses from a lower corporate tax rate by raising tax rates on corporate shareholders. Most countries that reduced their corporate tax rates have followed this path, while the US has done the opposite.

Options include international debt financing, domestic tax revenue and user fees, borrowing in domestic capital markets, and public private partnerships for water related investments.

Similarly, a modest carbon tax or value added tax, with credits or subsidies to offset the regressive effects on low income households, could generate enough revenue both to pay for a significant reduction in the corporate tax rate and to make a meaningful contribution to deficit reduction.

Fiscal discipline remains essential, as are deep structural reforms. The growth pact can be properly financed by new sources of revenue, such as a financial transaction tax and joint project bonds for infrastructure investment, or by curbing tax evasion and tax fraud and eliminating tax havens, as well as by more efficient and intelligent use of structural funds.

These revenue losses could be offset by curtailing so called corporate tax expenditures deductions, credits, and other special tax provisions that subsidize some economic activities while penalizing others and broadening the corporate tax base. Both President Barack Obama s plan for business tax reform and the Simpson Bowles deficit reduction plan propose reducing such expenditures to pay for a reduction in the corporate tax rate.

Governor Turnbull argued that the revenue picture had changed completely because of the new federal tax laws and their impact on the Territory's Economic Development Commission programme.

California s government collects about one half of its income tax revenue from the top 1 of the state s taxpayers. But the system s extreme progressivity makes proceeds so volatile that the state continually experiences boom bust cycles of rapidly rising revenue, inevitably followed by collapse.

Set at a low enough level say, 0.25 such a tax would have little adverse effect on the global economy while raising considerable revenue. At worst, the efficiency costs would be minor at best, the tax would discourage excessive short term speculation.

An across the board reduction in tax rates performs poorly in terms of budgetary effectiveness (the number of jobs created per dollar of foregone revenue). Payroll tax relief and spending on programs like food stamps and unemployment compensation are much more effective.

By contrast, Romney would reduce America s corporate tax rate (the highest in the OECD) to 25 and tax American multinationals on a territorial, rather than a worldwide, basis in order to increase their tax competitiveness. He would also lower personal tax rates by 20 , and make up lost revenue by limiting tax deductions and credits, particularly at the upper end, thereby raising about 18.5 of GDP, just above the historical average, at full employment.

Eliminating special interest loopholes, like tax breaks for oil and gas, or for corporate jets, would not yield enough revenue to pay for a meaningful rate cut. And curtailing accelerated depreciation, the manufacturing production deduction, and the R amp D tax credit which account for about 80 of corporate tax expenditures would involve significant tradeoffs.

Eliminating special interest loopholes, like tax breaks for oil and gas, or for corporate jets, would not yield enough revenue to pay for a meaningful rate cut. And curtailing accelerated depreciation, the manufacturing production deduction, and the R D tax credit which account for about 80 of corporate tax expenditures would involve significant tradeoffs.

The fiscal bureaucracy, too, is being modernized, with the deployment of electronic tax notifications and other administrative reforms boosting revenue collection while diminishing the size of the informal economy.

Federally imposed tax cuts produced an estimated 57 million in revenue losses in 2003, which were partly offset by a 5 million payment from the United States Treasury Department.

In 2003 2004 the Unit contributed to 1,743 investigations, with one revenue authority reporting that intelligence from the Unit assisted investigations that recovered an additional 75 million in tax.

After all, one of the major arguments against a carbon tax has been that it would make energy more expensive. Even assurances that the revenue from such a tax would be refunded to taxpayers were inadequate to overcome political resistance, particularly in the US.

When governments think about the difficult task of raising taxes, they usually think about income tax, business taxes, and value added tax (VAT). But there are other taxes that can raise significant amounts of revenue with a much less negative impact on the economy.

Efforts to cap popular tax expenditures will encounter strong opposition from Republicans and Democrats alike. Nonetheless, some tax reforms are likely to be a key component of a bipartisan deficit reduction deal, because they provide Republicans who oppose increases in tax rates for high income taxpayers with an ideologically preferable way to increase revenue from them.

Ordinary Europeans have to pay value added tax on most of the goods and services that they buy, so why not tax purchases of stocks, bonds, and all kinds of derivatives? Surely, such a tax will hit wealthy individuals and financial firms far more than anyone else, and, besides, it will raise a ton of revenue.

No government, rich or poor, can ignore the imperative to encourage economic growth. The manufacturing sector creates jobs, makes affordable products for cash strapped consumers, produces vital tax revenue that can be used to support social goals, and brings in foreign currency in the form of export revenue.