06060oam 22011774 450 991097018470332120250426110607.0978661284208597814623235001462323502978145273293014527329309781451871159145187115597812828420831282842080(CKB)3170000000055153(EBL)1608084(SSID)ssj0000943284(PQKBManifestationID)11484317(PQKBTitleCode)TC0000943284(PQKBWorkID)10977483(PQKB)11225896(OCoLC)815738523(IMF)WPIEE2008257(MiAaPQ)EBC1608084(IMF)WPIEA2008257WPIEA2008257(EXLCZ)99317000000005515320020129d2008 uf 0engur|n|---|||||txtccrTax Concessions and Foreign Direct Investment in the Eastern Caribbean Currency Union /Jingqing Chai, Rishi Goyal1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (35 p.)IMF Working PapersIMF working paper ;WP/08/257Description based upon print version of record.9781451915686 1451915683 Includes bibliographical references.Contents; I. Introduction; II. Tax Concessions in the ECCU; A. Firm-Level Analysis; Figures; 1. Regional Comparisons: GDP Growth and Tourism Receipts; Tables; 1. Firm Size and Concessions: A Rank Correlation Analysis; B. Purposes of Concessions; III. Revenue Costs of Concessions; 2. Concessions by Purpose; A. Exemptions from Import Duties and Taxes; 3. ECCU: Customs Revenue Losses from Concessions; 2. ECCU: Import-Related Taxes and Revenue Forgone from Concessions; B. Corporate Income Tax Holidays; 3. ECCU: Corporate Income Taxes and Revenue Forgone from Concessions4. ECCU: Corporate Income Tax CollectionsC. Revenue Collection from Removing Concessions: An Elasticies Approach; IV. Benefits of Incentives: FDI Performance in the ECCU; 5. Revenue Gains from the Removal of Concessions: An Elasticities Approach; 6. FDI Performance Index; 4. FDI/GDP and Tax Concessions; 7. Data for Cross-Country Regression Analysis: Summary Statistics; 5. FDI/GDP and FDI Restrictions Index; 6. FDI/GDP and FDI Incentives Index; 7. FDI/GDP and Statutory Corporate Income Tax Rate; 8. FDI/GDP and Statutory Import-Related Tax Rate8. Cross-Country Ordinary Least Square Regressions: Dependent Variable Ln (FDI/GDP)V. Policy Alternatives; 9. Cross-Country Ordinary Least Square Regressions: Dependent Variable Ln (FDI per capita); 10. Tax Holidays: An Illustrative Example; 11. Accelerated Depreciation and Loss Carry Forward: An Illustrative Example; VI. Conclusions; Appendices; I. Calculating the Change in Revenue from Removing Import-Related Tax Concessions; II. Constructing Foreign Direct Investment Regime Indices; Appendix Tables; II.1. Government Policies Toward Foreign Direct Investment; ReferencesTax concessions have been employed as a central component of the development strategy in the small island states comprising the Eastern Caribbean Currency Union. This paper compares the costs of concessions in terms of revenues forgone with the benefits in terms of increased foreign direct investment. The costs are very large, while the benefits appear to be marginal at best. Forgone tax revenues range between 9½ and 16 percent of GDP per year, whereas total foreign direct investment does not appear to depend on concessions. A rethinking of the use of concessions in the region is needed urgently.IMF Working Papers; Working Paper ;No. 2008/257Tax creditsCaribbean AreaEconometric modelsInvestments, ForeignCaribbean AreaEconometric modelsMonetary unionsCaribbean AreaEconometric modelsBusiness Taxes and SubsidiesimfConsumption taxesimfCorporate & business taximfCorporate income taximfCorporate TaxationimfCorporationsimfExports and ImportsimfFinanceimfForeign direct investmentimfInternational InvestmentimfInvestments, ForeignimfLong-term Capital MovementsimfPublic finance & taxationimfSpendings taximfTax holidaysimfTax incentivesimfTaxationimfTaxation, Subsidies, and Revenue: GeneralimfAntigua and BarbudaimfTax creditsEconometric models.Investments, ForeignEconometric models.Monetary unionsEconometric models.Business Taxes and SubsidiesConsumption taxesCorporate & business taxCorporate income taxCorporate TaxationCorporationsExports and ImportsFinanceForeign direct investmentInternational InvestmentInvestments, ForeignLong-term Capital MovementsPublic finance & taxationSpendings taxTax holidaysTax incentivesTaxationTaxation, Subsidies, and Revenue: General332.673Chai Jingqing1816429Goyal Rishi1816430DcWaIMFBOOK9910970184703321Tax Concessions and Foreign Direct Investment in the Eastern Caribbean Currency Union4372495UNINA