Value-added tax was first introduced less than 50 years ago. Today, it is a key component of tax systems around the world, and major source of government revenue in over 120 countries. The IMF has attached considerable importance to the proper design and implementation of the tax, and this book draws upon the work of the Fiscal Affairs Department (FAD) of the IMF. Over half of all countries that have introduced a VAT during the last twenty years have made use of FAD advice. The book considers a variety of issues regarding the development of the VAT, including: its nature, importance and spread; basic design issues; whether it is an effective and efficient method; revenue performance; collection costs; small countries and the VAT; the impact of international economic integration; and likely future developments.

Sales taxes minus; including gross receipt taxes, retail sales taxes and value added taxes minus; are a key part of the fiscal revenue of many countries. Given an increasingly global economy minus; And The recent stresses to which it's been subjected minus; many issues come into play in connection with the legal, tax policy and economic implications presented by the taxation of international transactions. This thoughtful work begins with the basics and approaches sales taxation from a number of different aspects. it provides in-depth economic analysis (for non-economists) of all the taxes covered, including tax shifting, tax incidence, The economic effect of reduced rates and exemptions, tax accumulation, regressivity, And The Laffer curve approach. In addition, it offers a tax policy approach in regard to specific economic sectors such as the treatment of small enterprises, financial services, and real property. This highly useful reference employs a comparative focus as well, especially where US sales tax is contrasted to EU VAT (e.g., In regard of e-commerce and the treatment of capital goods). Last but not least, The work offers insightful legal analysis in such key areas as cross-border transactions and US constitutional restraints.

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