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Author: Mr. Shafik Hebous
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 37
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Book Description
This paper discusses the design of excess profits taxes (EPTs) that gained renewed interest following the COVID-19 outbreak and the recent surge in energy prices. EPTs can be designed as an efficient tax only falling on economic rent, like an allowance for corporate capital, and drawing some parallels with current proposals for reforming multinationals’ taxation. EPTs can be permanent or temporary as an add-on to the corporate income tax to support revenue during an adverse shock episode. The latter reflects experiences with EPTs during and after the World Wars. Different from that era, though, profit shifting is now a challenge. Estimation using firm-level data suggest that, at present, locations of excess profit across countries are consistent with profit shifting practices by multinationals. Destination-based EPTs can address this concern. Estimates suggest that a 10 percent EPT on the globally consolidated accounts of multinationals (on top of the current corporate income tax), with the EPT base being allocated using sales, raises global revenue by 16 percent of corporate income tax revenues. The analysis suggests that international coordination would be desirable to mitigate the risks of profit shifting and tax competition. Eventually, EPTs could mark an evolution of corporate taxation toward a non-distortionary rent tax.
Author: Mr. Shafik Hebous
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 37
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Book Description
This paper discusses the design of excess profits taxes (EPTs) that gained renewed interest following the COVID-19 outbreak and the recent surge in energy prices. EPTs can be designed as an efficient tax only falling on economic rent, like an allowance for corporate capital, and drawing some parallels with current proposals for reforming multinationals’ taxation. EPTs can be permanent or temporary as an add-on to the corporate income tax to support revenue during an adverse shock episode. The latter reflects experiences with EPTs during and after the World Wars. Different from that era, though, profit shifting is now a challenge. Estimation using firm-level data suggest that, at present, locations of excess profit across countries are consistent with profit shifting practices by multinationals. Destination-based EPTs can address this concern. Estimates suggest that a 10 percent EPT on the globally consolidated accounts of multinationals (on top of the current corporate income tax), with the EPT base being allocated using sales, raises global revenue by 16 percent of corporate income tax revenues. The analysis suggests that international coordination would be desirable to mitigate the risks of profit shifting and tax competition. Eventually, EPTs could mark an evolution of corporate taxation toward a non-distortionary rent tax.
Author: United States. Congress. House. Committee on Ways and Means
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 970
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Book Description
Author: Robert Murray Haig
Publisher:
ISBN:
Category : Excess profits tax
Languages : en
Pages : 272
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Book Description
Author: Guaranty Trust Company of New York
Publisher: Palala Press
ISBN: 9781341437106
Category :
Languages : en
Pages : 22
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Book Description
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author: Guaranty Trust Company of New York
Publisher: Forgotten Books
ISBN: 9781333218263
Category : Business & Economics
Languages : en
Pages : 26
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Book Description
Excerpt from The Excess Pro ts Tax Law: Act Approved March 3, 1917 The tax on excess profits is in addition to all taxes heretofore imposed, and is eight per cent um upon the amount of annual net income in excess of the sum of and eight per centum of the actual capital invested. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works."
Author: Standard Statistics Company
Publisher:
ISBN:
Category : Excess profits tax
Languages : en
Pages : 36
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Book Description
Author: Robert Hiester Montgomery
Publisher: Sagwan Press
ISBN: 9781340158484
Category :
Languages : en
Pages : 608
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Book Description
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author: Robert H. Montgomery
Publisher: Forgotten Books
ISBN: 9781330361412
Category : Business & Economics
Languages : en
Pages : 362
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Book Description
Excerpt from Excess Profits Tax Procedure In Income Tax Procedure, 1919, I referred to the excess profits tax as an emergency measure - an ugly but essential temporary annex to the federal financial structure. The annex should be removed to make way for a tax system which will remain unchanged for a few years at least. Congress passes a new tax law with as little concern as a fraternal lodge changes its by-laws. It is full time to demand a rest. It is a truism that a lasting bad law generally understood and fairly administered is better than a varying succession of good laws. But the excess profits tax law bears inequitably on so many taxpayers that only a small percentage of those entitlted to relief will secure it. It is intolerable that a tax law so thoroughly inequitable should be allowed to remain in force. Therefore it should be repealed and the income tax rates adjusted to meet the necessary expenses of government. Probably the chief defect of the present law is that the relief sections are secretly (not improperly) administered. When relief is granted to one claimant all other taxpayers similarly situated should automatically receive the same relief, but under present procedure one taxpayer docs not know whether he is being taxed relatively the same as his competitor in business or not. I know that many excess profits tax problems are insoluble but I trust that most of the problems will find a solution in this volume. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: United States Office of Internal Revenu
Publisher: Palala Press
ISBN: 9781341314735
Category :
Languages : en
Pages : 342
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Book Description
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author: Robert Hiester Montgomery
Publisher: Sagwan Press
ISBN: 9781376858044
Category : History
Languages : en
Pages : 608
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Book Description
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
