Previous positions include Deputy Director General, Foreign Investment Taxation Department Chief, Income Tax Division, Foreign Investment Taxation Department and Chief, Tax Policy and Tax Administration Divisions, Offshore Oil Tax Administration.

In 1995, the World Bank had collected a net amount of 7.2 billion in debt repayment over and above what it had disbursed in aid to the poor indebted countries, and had earned a profit of nearly 1.5 billion.

The 40 billion a year of higher economic activity would, however, generate roughly 10 billion a year in additional tax revenue. Using some of it to pay the real interest on the debt and saving the rest would mean that when the bill comes due, the tax financed reserves generated by the healthier economy would be more than enough to pay off the additional national debt.

The power to tax is thought to make government debt safer private borrowers have no right to the profits or wages that they need to satisfy their obligations. But the power to tax has practical limits, and governments moral or legal right to bind future generations of citizens to repay foreign creditors is questionable.

As everyone at the IMF knows, a debt overhang is a vast unfunded tax liability that says to investors enter at your own risk. At any time, your investments, profits, and hard work may be taxed away to feed the dead hand of past lenders.

So the net result would be a 200 billion increase in the national debt. American taxpayers would then have to pay 2 billion a year in real interest on that extra national debt over the next 30 years, and then pay off or roll over the entire 200 billion.

Indeed, the term innovative financing mechanism conjures the idea that there is an easy way to meet the MDG s. But, in the end, there are only three ways to secure additional financing for development aid or debt relief higher taxes, increased indebtedness (that is, higher taxes for future generations), and or monetary expansion.

Model Tax Convention on Income and on

Despite efforts to cut expenditures and boost tax receipts, current and prospective obligations (including pension liabilities) far exceed any feasible increase in government revenues. Given the ease with which Puerto Ricans move to the mainland, raising taxes is unlikely to increase revenues.

Measures governing goods subject to retaliatory customs duties, country or region of application, tariff rate, period, and method of levy shall be determined and published by the State Council Tariffs Commission.

Taxation remains the dominant source of government revenue in most developed countries. But the role of debt finance has been growing and, with it, the need to refinance old debt when total expenditure, including debt service, exceeds total revenue.

Samoa News, 13 January 1998. Addressing the precarious financial situation of the Territorial Government, the Governor said that the Government had access to 4 million in revenue generated from excise taxes specifically passed by the Fono to pay off the Government s debts.

Likewise, while limiting the deductibility of net interest for corporations, as many other developed countries have done, would broaden the tax base and discourage excessive reliance on debt financing, it would increase the tax burden on major investments in physical capital, which are often debt financed.

Debt and low per capita income adjustment

Stock exchanges are another source, as are tax collection foreign direct investment debt forgiveness, which also releases some money long term bonds borrowing and finally, pension funds.

Creditors of a corporation cannot recover debts from a shareholder.

Higher debt service costs require higher tax rates, which in turn weaken incentives and reduce economic growth. By the end of the decade, the US will have to pay an amount equivalent to more than one third of the revenue from personal income taxes just to pay the interest on the national debt.

There have been reductions in the ratios of debt to gross national income and debt service to export earnings since 2000, due to strenuous efforts at repayment by developing countries and some debt relief.

In many developing countries, total tax revenue is derived from three main sources domestic taxes on goods and services (sales and excise taxes), direct taxes (primarily on corporations), and, most important, taxes on foreign trade (import duties). But, as trade liberalization has lowered tariffs and duties, the share of trade taxes has declined, while other sources have not compensated for falling trade revenue.

Although some cuts in traditional outlays should be part of efforts to rein in spending, this approach should be supplemented by reducing tax expenditures the special features of the tax code that subsidize health care, mortgage borrowing, local government taxes, etc.. Limiting tax expenditures could reduce the annual deficit by as much as 2 of GDP, thereby reducing the debt to GDP ratio in 2021 by more than 25 percentage points.

Although there are many explanations for the eurozone s lagging recovery, it is clear that the overhang of both public and private debt looms large. The gross debts of households and financial institutions are higher today as a share of national income than they were before the financial crisis.

Previous positions include head of the committee reviewing tax law Assistant to the Director, Income Tax Department and head of Income Tax Section, Financial Affairs Department.

C. Balance of payments constraint and the debt burden

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.

Taxes, revenues, uncollectible taxes and tax credits

On the subject of debt, the United Nations is requested to support the efforts currently being made by the Commission of the African Union for a thorough review of debt, leading to debt cancellation for the heavily indebted poor countries and to debt reduction or cancellation for middle income indebted countries.

Southern Europe could shrink its taxes and social services substantially

We urge debt relief to be broadened to cover both multilateral and bilateral debt for all low income African countries and urge substantial debt relief for middle income countries as well.

The new non concessional debt more than offset the debt relief received, although export earnings have increased since 2001.

China had cancelled or reduced part of Africa's debt to China, some 31 HIPCs having had their debts cancelled, and had granted duty free treatment to African exports to China.

Recent debt strategies in the cases of middle income countries

In September 1998, the Zambian Revenue Authority sent demand letters to local staff requesting retroactive payment of income tax for two years, together with a penalty fee and interest, and further threatening debt recovery action if the amounts charged were not paid immediately.

OECD has emphasized the benefits to tax administrations of the automatic reporting of information by financial institutions for both (a) domestic tax compliance and tax administration and (b) the automatic exchange of information with tax treaty partners

1. Taxation and customs

By contrast, in high income countries, income taxes (primarily on individuals) comprise the largest proportion of tax revenue (roughly 36 ), while domestic taxes on goods and services and social security contributions each account for slightly more than one quarter. Moreover, the share of trade taxes is typically low.

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.

The Government is urged to implement a fiscal proposal which includes concrete tax and non tax measures to make it possible to meet the taxation target at least by 2002.

The 1998 Ottawa Taxation Framework Conditions provide that rules for the consumption taxation of cross border electronic commerce should result in taxation in the jurisdiction where the consumption takes place.

And for that we need fiscal stimulus ideally, the debt friendly stimulus that raises taxes and expenditures equally. The increased tax burden for all who are employed is analogous to the reduced hours in work sharing.

There are no income, estate or capital gains taxes.

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

129. Almost all social security payments and services are financed through taxes and duties.

Financial firms in the United States pay about 34 of their profits in taxes, and, while they can deduct interest payments to creditors from taxable income, equity is not taxed as favorably. Most countries have similar tax preferences for debt over equity, thereby encouraging financial and other corporations to use more debt, as financial analysts have long known.

Obama is only slightly better. While he talks less about tax reform, he is currently communicating the message that merely raising taxes on rich people the infamous 1 will bring the budget and national debt under control.

Moreover, it ignores many similar factors that accompanied the debt crisis of the 1970s and 1980s, including a drop in the income of African countries from the revenues of their basic commodities, as well as tax limitations and taxes imposed on goods from developing countries.