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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.
This paper identifies policy tools that could be used for fiscal
consolidation in advanced and emerging economies in the years
ahead. The consolidation strategy, particularly in advanced
countries, should aim to stabilize age-related spending in relation
to GDP, reduce non-age-related expenditure ratios, and increase
revenues. Bold reforms are needed to offset projected increases in
age-related spending, particularly health care. On the revenue
side, measures could include improving tax compliance, for example
through better international cooperation, as well as increasing the
yield from VAT by eliminating exemptions and reduced rates, further
developing property taxes, and increasing excise rates within the
range of rates already applicable in comparable countries.
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