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This paper aims to contribute to the European policy debate on
corporate income tax reform in three ways. First, it takes a step
back to review the performance of the CIT in Europe over the past
several decades and the important role played by MNEs in European
economies. Second, it analyses corporate tax spillovers in Europe
with a focus on the channels and magnitudes of both profit shifting
and CIT competition. Third, the paper examines the progress made in
European CIT coordination and discusses reforms to strengthen the
harmonization of corporate tax policies, in order to effectively
reduce both tax competition and profit shifting.
The book describes the difficulties of the current international
corporate income tax system. It starts by describing its origins
and how changes, such as the development of multinational
enterprises and digitalization have created fundamental problems,
not foreseen at its inception. These include tax competition-as
governments try to attract tax bases through low tax rates or
incentives, and profit shifting, as companies avoid tax by
reporting profits in jurisdictions with lower tax rates. The book
then discusses solutions, including both evolutionary changes to
the current system and fundamental reform options. It covers both
reform efforts already under way, for example under the Inclusive
Framework at the OECD, and potential radical reform ideas developed
by academics.
Efforts to control atmospheric accumulations of greenhouse gases
that threaten to heat up the planet are in their infancy. Although
the IMF is not an environmental organisation, environmental issues
matter for the organisation's mission when they have major
implications for macroeconomic performance and fiscal policy.
Climate change clearly passes both these tests. This volume
provides practical guidelines for the design of fiscal policies
(carbon taxes and emissions trading systems with allowance
auctions) to reduce greenhouse gases. Not only are these
instruments potentially the most effective at exploiting emission
reduction opportunities in the near and longer term, but they can
also generate for many countries a valuable new source of
government revenue. The chapters, written by leading experts,
explain the case for fiscal policies over other approaches; how
these policies can be implemented; reasonable levels for emissions
prices; policies for the forest sector; appropriate policy for
developing countries; the most promising fiscal instruments for
climate finance; and lessons to be drawn from prior policy
experience. This is essential reading for policymakers in finance
and environment ministries in developed and developing countries
alike, and others grappling with balancing environmental and
development concerns.
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