The VAT is a consumption tax assessed on the value added in each production stage of a good or service. Every business along the value chain receives a tax credit for the VAT already paid. The end consumer does not, making it a tax on final consumption.
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Consumer prices rose by 7 percent in 2021, the highest annual rate of inflation since 1982. Where did this inflation come from and what might its impacts be? Tax and fiscal policy offer important clues.
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Recent discussions of a proposed wealth tax for the United States have included little information about trends in wealth taxation among other developed nations. However, those trends and the current state of wealth taxes in OECD countries can provide context for U.S. proposals.
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Cross-border tax rules define how income earned abroad and by foreign entities are taxed domestically, making them an important element of each country’s tax code.
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As 2021 comes to a close, countries are moving toward harmonizing tax rules for multinationals, but stalled talks on the Build Back Better Act in the United States means new uncertainties for a global agreement and for taxpayers.
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The new OECD global minimum tax rules are complex, and some countries may opt to put them in place on top of preexisting rules for taxing multinational companies. However, countries should also consider ways to reform their existing rules in response to the minimum tax.
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According to the 2021 International Tax Competitiveness Index, Switzerland has the best-structured consumption tax among OECD countries while Poland has the worst-structured consumption tax code.
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Michael J. Graetz is the Columbia Alumni Professor of Tax Law and a leading expert on national and international tax law.
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According to the 2021 International Tax Competitiveness Index, Switzerland has the best-structured consumption tax among OECD countries while Poland has the worst-structured consumption tax code.
2 min read
Despite ongoing multilateral negotiations in the OECD, about half of all European OECD countries have either announced, proposed, or implemented their own unilateral digital services tax.
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France’s individual income tax system is the least competitive of all OECD countries. It takes French businesses on average 80 hours annually to comply with the income tax.
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According to the corporate tax component of the 2021 International Tax Competitiveness Index, Latvia and Estonia have the best corporate tax systems in the OECD.
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The legislation put forward by Democratic members of the House of Representatives would reverse many of the 2017 reforms while increasing burdens on businesses and workers.
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Tax Foundation testimony on the diversity of tax systems within the EU, three important ways to consider reforms by Member States, and several recommendations for the EU Parliament’s Subcommittee on Tax Matters to consider.
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In the past three years, eight European OECD countries changed their top personal income tax rate, of which four of them cut their top personal income tax rates.
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Tax competition has proven to be key in keeping tax hikes under control in some regions of Spain as regional governments look to copy Madrid’s tax reforms.
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In general, the effective tax rates on the foreign profits of U.S. multinationals are not that low relative to the U.S. tax rate, contrary to popular rhetoric.
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