English Abstract: We analyze the German inheritance and gift tax allowance, which amounts to a nominal 400,000 euros (per child) when assets are transferred to the next generation. Since this allowance is available every ten years its “effective” (present) value depends in particular on the number of transfers still possible, i.e. on the remaining life expectancy of the transferor. Based on mortality tables, we determine the expected present value of the tax allowance as a function of age, gender, interest rate and growth rate of the assets to be transferred. Further, we analyze how the effective values change if the blocking period is altered; this might be especially important for political discussions regarding reform options. In addition to these effective values, we show the expected value of additional (future) tax payments that arise if taxpayers postpone the transfer of assets and thus demonstrate that the estate and gift tax is not neutral regarding the aspect. German Abstract: Dieser Beitrag widmet sich dem erbschaft- und schenkungsteuerlichen Freibetrag, der bei einer Vermögensübertragung auf die nächste Generation (pro Kind) nominal 400.000 Euro beträgt. Da dieser Freibetrag alle zehn Jahre genutzt werden kann, hängt sein „effektiver“ (Bar-) Wert insbesondere davon ab, wie viele Übertragungen noch möglich sind, d.h. von der Lebenserwartung des Überträgers. Auf Grundlage der vom Statistischen Bundesamt be-kannt gegebenen Sterbetafeln berechnen wir den erwarteten Barwert der Freibeträge in Abhängigkeit von Alter, Geschlecht, Kalkulationszinssatz und Wachstumsrate des zu übertragenden Vermögens. Im Folgenden wird der insbesondere für politische Reformoptionen relevante Einfluss einer Erhöhung oder Senkung der derzeit zehnjährigen „Sperrfrist“ analysiert. Schließlich quantifizieren wir die erwarteten Steuermehrzahlungen, welche entstehen, wenn die Freibetragsregelung nicht unmittelbar in Anspruch genommen wird und somit die hiermit verbundene, fehlende Entscheidungsneutralität dieses Konzepts.
摘要:我们分析了德国的继承和赠与税免税额，当资产转移给下一代时，每个孩子的名义免税额为40万欧元。由于这项津贴每十年发放一次，它的“有效”(现值)特别取决于仍然可能的转让次数，即取决于转让者的剩余预期寿命。根据死亡表，我们确定了税收减免的预期现值作为年龄、性别、利率和待转让资产增长率的函数。进一步分析了阻断周期改变时有效值的变化规律;这对于有关改革选择的政治讨论可能尤其重要。除了这些有效价值之外，我们还展示了纳税人推迟资产转让所产生的额外(未来)纳税的预期价值，从而证明遗产税和赠予税在这方面不是中性的。【摘要】德国:diesel Beitrag widmet sich dem erbschaft- und schenkungsteuerlichen freitrag, der bei einer Vermögensübertragung auf die nächste Generation (pro Kind)标称400.000欧元beträgt。Da didier von der Lebenserwartung des Überträgers，“有效的水”(Bar-)，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，“有效的水”，Überträgers。1 .德国联邦统计委员会(以下简称“联邦统计委员会”):统计委员会(以下简称“联邦统计委员会”):统计委员会(以下简称“联邦统计委员会”):统计委员会(以下简称“联邦统计委员会”):统计委员会(以下简称“联邦统计委员会”):统计委员会(以下简称“联邦统计委员会”):我是福尔根登，我是福尔根登，我是福尔根登，我是福尔根登，我是福尔根登，我是福尔根登，我是福尔根登，我是福尔根登。schließ ßlich quantifizieren wiir die erwarteten Steuermehrzahlungen, welche entstehen, wenn die Freibetragsregelung unmittelbar in Anspruch genommen and somit die hiermit verbundene, fehlende Entscheidungsneutralität dieses Konzepts。
{"title":"The effective value of the German inheritance tax allowance – development of a reference value as a basis for normative discussions (Der effektive Wert des erbschaftsteuerlichen Freibetrags – Entwicklung einer Referenzgröße als Basis für normative Diskussionen)","authors":"M. Diller, Maximilian Kittl, J. Lorenz","doi":"10.2139/ssrn.3693357","DOIUrl":"https://doi.org/10.2139/ssrn.3693357","url":null,"abstract":"English Abstract: We analyze the German inheritance and gift tax allowance, which amounts to a nominal 400,000 euros (per child) when assets are transferred to the next generation. Since this allowance is available every ten years its “effective” (present) value depends in particular on the number of transfers still possible, i.e. on the remaining life expectancy of the transferor. Based on mortality tables, we determine the expected present value of the tax allowance as a function of age, gender, interest rate and growth rate of the assets to be transferred. Further, we analyze how the effective values change if the blocking period is altered; this might be especially important for political discussions regarding reform options. In addition to these effective values, we show the expected value of additional (future) tax payments that arise if taxpayers postpone the transfer of assets and thus demonstrate that the estate and gift tax is not neutral regarding the aspect. German Abstract: Dieser Beitrag widmet sich dem erbschaft- und schenkungsteuerlichen Freibetrag, der bei einer Vermögensübertragung auf die nächste Generation (pro Kind) nominal 400.000 Euro beträgt. Da dieser Freibetrag alle zehn Jahre genutzt werden kann, hängt sein „effektiver“ (Bar-) Wert insbesondere davon ab, wie viele Übertragungen noch möglich sind, d.h. von der Lebenserwartung des Überträgers. Auf Grundlage der vom Statistischen Bundesamt be-kannt gegebenen Sterbetafeln berechnen wir den erwarteten Barwert der Freibeträge in Abhängigkeit von Alter, Geschlecht, Kalkulationszinssatz und Wachstumsrate des zu übertragenden Vermögens. Im Folgenden wird der insbesondere für politische Reformoptionen relevante Einfluss einer Erhöhung oder Senkung der derzeit zehnjährigen „Sperrfrist“ analysiert. Schließlich quantifizieren wir die erwarteten Steuermehrzahlungen, welche entstehen, wenn die Freibetragsregelung nicht unmittelbar in Anspruch genommen wird und somit die hiermit verbundene, fehlende Entscheidungsneutralität dieses Konzepts.","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130617634","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Notes the deep theoretical justification for state-contingent debt instruments, and the extensive real-world corporate use of contractual terms for limited cashflow deferral (ie “PIKs and toggles”, “hybrids”). Explains why past attempts to use contingent instruments for sovereigns have failed to gain market acceptance, noting issues such as lack of analytical tractability, absence of pricing metrics, and failure to fit the needs of fixed income investors by falling outside of key fixed-income bond indices. Proposes a specific form of flexible coupon and principal terms that are appropriate for sovereign bonds, and considers the conditions under which these could be invoked while balancing the interests of creditors and debtors. Argues that these contractual terms address the flaws of past instruments and could follow the ICMA CACs into widespread adoption, dovetailing naturally with the goals of the Debt Service Suspension Initiative.
{"title":"Prefer to Defer: Has the Time for 'Bendybonds' Finally Come?","authors":"Benjamin Heller, Pijus Virketis","doi":"10.2139/ssrn.3890644","DOIUrl":"https://doi.org/10.2139/ssrn.3890644","url":null,"abstract":"Notes the deep theoretical justification for state-contingent debt instruments, and the extensive real-world corporate use of contractual terms for limited cashflow deferral (ie “PIKs and toggles”, “hybrids”). Explains why past attempts to use contingent instruments for sovereigns have failed to gain market acceptance, noting issues such as lack of analytical tractability, absence of pricing metrics, and failure to fit the needs of fixed income investors by falling outside of key fixed-income bond indices. Proposes a specific form of flexible coupon and principal terms that are appropriate for sovereign bonds, and considers the conditions under which these could be invoked while balancing the interests of creditors and debtors. Argues that these contractual terms address the flaws of past instruments and could follow the ICMA CACs into widespread adoption, dovetailing naturally with the goals of the Debt Service Suspension Initiative.","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"176 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134322213","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We calibrate to the Brazilian economy a model of means of payment choice, where households have different preferences over anonymity. Financial sector is monopolistically competitive and may break the link between borrowing and lending rates. A sufficiently attractive digital currency reduces holdings of both cash and bank deposits. Since cash use is costly, the digital currency may increase welfare. However, if banks are liquidity constrained, the digital currency may result in less loans and output, and then reduce welfare. The digital currency interest remuneration can be set and be adjusted overtime to optimally balance this trade-off.
{"title":"Central Bank Digital Currency in Brazil","authors":"Joao Manoel Pinho de Mello, Isabella Kanczuk","doi":"10.2139/ssrn.3882911","DOIUrl":"https://doi.org/10.2139/ssrn.3882911","url":null,"abstract":"We calibrate to the Brazilian economy a model of means of payment choice, where households have different preferences over anonymity. Financial sector is monopolistically competitive and may break the link between borrowing and lending rates. A sufficiently attractive digital currency reduces holdings of both cash and bank deposits. Since cash use is costly, the digital currency may increase welfare. However, if banks are liquidity constrained, the digital currency may result in less loans and output, and then reduce welfare. The digital currency interest remuneration can be set and be adjusted overtime to optimally balance this trade-off.","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127187585","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Portuguese Abstract: Após breve contextualização a respeito dos investimentos em sociedades localizadas em paraísos fiscais (offshore) por pessoas físicas residentes no Brasil e das regras de tributação aplicáveis, passa-se a analisar os princípios e normas do direito brasileiro a fim de investigar se, atualmente, há obrigação legal de elaboração dos respectivos registros contábeis dessas sociedades e, se sim, quais seriam as consequências e riscos relacionados ao seu descumprimento. O artigo inclui a análise de alguns casos julgados pelo Conselho Administrativo Fiscal (CARF) relacionados a operações internacionais e das normas regulatórias relativas a investimento no exterior por residentes fiscais no Brasil, em especial aquelas que dispõe sobre a obrigatoriedade de entrega da Declaração de Capitais Brasileiros no Exterior (DCBE), de forma a dar um caráter prático ao trabalho. Ao final, conclui-se que, mais do que uma recomendação para mitigação de risco fiscal, a manutenção da contabilidade da offshore é exigência das normas regulatórias em vigor, a qual, se não cumprida, pode sujeitar o investidor a multas administrativas relevantes.
English Abstract: After a brief context about investments in offshore companies carried out by Brazilian tax residents and taxation imposed over it, the author analyses principle and law of Brazil to investigate if those investors are obliged to keep offshore accounting records and consequences/risks related. The article includes the analysis of cases decided by Federal Administrative Court (Conselho Administrativo Fiscal - CARF) related to cross-border transactions and regulatory rules appliable to outbound investments held by Brazilian tax residents, most specially those related to report obligation before Brazilian Central Bank (Declaração de Capitais Brasileiros no Exterior - DCBE), aiming at providing a practical approach. At the end, the author concludes that keeping offshore accounting records is not merely a recommendation to mitigate tax risk in Brazil, but mostly an obligation derived from regulatory rules which may expose investor to heavy penalties in case of non-compliance.
{"title":"INVESTIMENTOS EM OFFSHORE POR PESSOAS FÍSICAS RESIDENTES NO BRASIL: IMPORTÂNCIA DA CONTABILIDADE PARA FINS FISCAIS (Investments in Offshore Companies by Brazilian Tax Resident Individuals: Importance of Accounting for Tax Purpose)","authors":"Tatiana Galvão Villani Navarro","doi":"10.2139/ssrn.3876734","DOIUrl":"https://doi.org/10.2139/ssrn.3876734","url":null,"abstract":"<b>Portuguese Abstract:</b> Após breve contextualização a respeito dos investimentos em sociedades localizadas em paraísos fiscais (offshore) por pessoas físicas residentes no Brasil e das regras de tributação aplicáveis, passa-se a analisar os princípios e normas do direito brasileiro a fim de investigar se, atualmente, há obrigação legal de elaboração dos respectivos registros contábeis dessas sociedades e, se sim, quais seriam as consequências e riscos relacionados ao seu descumprimento. O artigo inclui a análise de alguns casos julgados pelo Conselho Administrativo Fiscal (CARF) relacionados a operações internacionais e das normas regulatórias relativas a investimento no exterior por residentes fiscais no Brasil, em especial aquelas que dispõe sobre a obrigatoriedade de entrega da Declaração de Capitais Brasileiros no Exterior (DCBE), de forma a dar um caráter prático ao trabalho. Ao final, conclui-se que, mais do que uma recomendação para mitigação de risco fiscal, a manutenção da contabilidade da offshore é exigência das normas regulatórias em vigor, a qual, se não cumprida, pode sujeitar o investidor a multas administrativas relevantes.<br><br><b>English Abstract:</b> After a brief context about investments in offshore companies carried out by Brazilian tax residents and taxation imposed over it, the author analyses principle and law of Brazil to investigate if those investors are obliged to keep offshore accounting records and consequences/risks related. The article includes the analysis of cases decided by Federal Administrative Court (Conselho Administrativo Fiscal - CARF) related to cross-border transactions and regulatory rules appliable to outbound investments held by Brazilian tax residents, most specially those related to report obligation before Brazilian Central Bank (Declaração de Capitais Brasileiros no Exterior - DCBE), aiming at providing a practical approach. At the end, the author concludes that keeping offshore accounting records is not merely a recommendation to mitigate tax risk in Brazil, but mostly an obligation derived from regulatory rules which may expose investor to heavy penalties in case of non-compliance.","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127075233","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Portuguese Abstract: O presente trabalho tem por objetivo apresentar breves considerações sobre a licitude (e eventuais limites) do direito dos contribuintes de auto-organizarem suas atividades por meio da constituição de diversas entidades jurídicas, para desenvolvimento de negócios similares, complementares ou mesmo totalmente distintos, nas hipóteses em que esse rearranjo operacional e jurídico implique reflexos fiscais positivos. Pretende-se ainda apresentar algumas decisões do Conselho Administrativo de Recursos Fiscais sobre o tema, a fim de auxiliar na identificação de parâmetros objetivos a serem considerados para mitigação do risco de questionamento por parte das autoridades fazendárias quanto à ocorrência de simulação no planejamento a ser estruturado.
English Abstract: The study aims to introduce brief considerations regarding the legality (and possible limits) of the right of taxpayers to self-organize their activities through the constitution of different legal entities, for the development of similar, complementary or even totally different businesses, in the cases in which this operational and legal rearrangement implies positive fiscal consequences. It is also intended to present some decisions of the Administrative Council of Tax Appeals on the subject, in order to help identify objective parameters to be considered to mitigate the risk of questioning by the Tax Authorities regarding the occurrence of simulation in the planning to be structured.
{"title":"DO DIREITO À (RE)ORGANIZAÇÃO DAS ATIVIDADES EMPRESARIAIS: Limites à estruturação de planejamentos tributários (The Right to (Re)Organize its Business Activities: Limits to Consider in Structuring Tax Planning)","authors":"Fabio Caon Pereira","doi":"10.2139/ssrn.3876694","DOIUrl":"https://doi.org/10.2139/ssrn.3876694","url":null,"abstract":"<b>Portuguese Abstract:</b> O presente trabalho tem por objetivo apresentar breves considerações sobre a licitude (e eventuais limites) do direito dos contribuintes de auto-organizarem suas atividades por meio da constituição de diversas entidades jurídicas, para desenvolvimento de negócios similares, complementares ou mesmo totalmente distintos, nas hipóteses em que esse rearranjo operacional e jurídico implique reflexos fiscais positivos. Pretende-se ainda apresentar algumas decisões do Conselho Administrativo de Recursos Fiscais sobre o tema, a fim de auxiliar na identificação de parâmetros objetivos a serem considerados para mitigação do risco de questionamento por parte das autoridades fazendárias quanto à ocorrência de simulação no planejamento a ser estruturado.<br><br><b>English Abstract:</b> The study aims to introduce brief considerations regarding the legality (and possible limits) of the right of taxpayers to self-organize their activities through the constitution of different legal entities, for the development of similar, complementary or even totally different businesses, in the cases in which this operational and legal rearrangement implies positive fiscal consequences. It is also intended to present some decisions of the Administrative Council of Tax Appeals on the subject, in order to help identify objective parameters to be considered to mitigate the risk of questioning by the Tax Authorities regarding the occurrence of simulation in the planning to be structured.","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133610898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Portuguese Abstract: Utilizando como pano de fundo a controvérsia da incidência das contribuições ao PIS/Pasep e à Cofins sobre a diminuição do passivo fiscal prevista nos acordos de transação tributária, o presente ensaio busca verificar a existência de divergências entre os conceitos contábil e jurídico de receita, bem como os efeitos de tal constatação.
English Abstract: Using as background the controversy of the incidence of fiscal contributions to PIS/Pasep and Cofins on the reduction of tax debts provided in tax transaction agreements, this essay seeks to verify the existence of divergences between the accounting and the legal concepts of revenue, as well as the effects of such a finding.
{"title":"OS CONCEITOS JURÍDICO E CONTÁBIL DE RECEITA: uma análise aplicada à diminuição do passivo fiscal na transação tributária (The Legal and the Accounting Concept of Revenue: An Analysis Applied to the Reduction of Tax Debt in Tax Transactions Agreements)","authors":"Henrique Roth Isfer","doi":"10.2139/ssrn.3876690","DOIUrl":"https://doi.org/10.2139/ssrn.3876690","url":null,"abstract":"<b>Portuguese Abstract:</b> Utilizando como pano de fundo a controvérsia da incidência das contribuições ao PIS/Pasep e à Cofins sobre a diminuição do passivo fiscal prevista nos acordos de transação tributária, o presente ensaio busca verificar a existência de divergências entre os conceitos contábil e jurídico de receita, bem como os efeitos de tal constatação.<br><br><b>English Abstract:</b> Using as background the controversy of the incidence of fiscal contributions to PIS/Pasep and Cofins on the reduction of tax debts provided in tax transaction agreements, this essay seeks to verify the existence of divergences between the accounting and the legal concepts of revenue, as well as the effects of such a finding.","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133681547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Portuguese Abstract: O presente artigo versa sobre o julgamento da Ação Declaratória de Constitucionalidade nº 49 pelo Supremo Tribunal Federal, que resultou na declaração de inconstitucionalidade de diversos artigos da Lei Complementar nº 87, de 13 de setembro de 1996, conhecida como Lei Kandir. Nesse contexto, para além de ser delineado o entendimento da Suprema Corte quanto à incidência do Imposto sobre Circulação de Mercadorias (“ICMS”) nas operações entre estabelecimentos do mesmo titular, serão abordados neste trabalho os efeitos práticos dessa decisão, tanto para os contribuintes quanto para a Administração Tributária.
English Abstract: This article deals with the judgment of Declaratory Action of Constitutionality No. 49 by Federal Supreme Court, which resulted in the declaration of unconstitutionality of several articles of Complementary Law No. 87, of September 13, 1996, known as Kandir Law. In this context, in addition to outlining the Supreme Court's understanding of the triggering of the Tax on Circulation of Goods ("ICMS") on transactions between establishments of the same holder, the practical effects of this decision will be addressed in this paper, both for taxpayers and Tax Administration.
{"title":"O ENTENDIMENTO FIRMADO PELO STF NA AÇÃO DECLARATÓRIA DE CONSTITUCIONALIDADE Nº 49 E OS EFEITOS PRÁTICOS DESSA DECISÃO (The Understanding Held by Federal Supreme Court in the Declaratory Action of Constitutionality No. 49 and the Practical Effects of this Decision)","authors":"César Chinaglia Meneses","doi":"10.2139/ssrn.3876655","DOIUrl":"https://doi.org/10.2139/ssrn.3876655","url":null,"abstract":"<b>Portuguese Abstract:</b> O presente artigo versa sobre o julgamento da Ação Declaratória de Constitucionalidade nº 49 pelo Supremo Tribunal Federal, que resultou na declaração de inconstitucionalidade de diversos artigos da Lei Complementar nº 87, de 13 de setembro de 1996, conhecida como Lei Kandir. Nesse contexto, para além de ser delineado o entendimento da Suprema Corte quanto à incidência do Imposto sobre Circulação de Mercadorias (“ICMS”) nas operações entre estabelecimentos do mesmo titular, serão abordados neste trabalho os efeitos práticos dessa decisão, tanto para os contribuintes quanto para a Administração Tributária. <br><br><b>English Abstract:</b> This article deals with the judgment of Declaratory Action of Constitutionality No. 49 by Federal Supreme Court, which resulted in the declaration of unconstitutionality of several articles of Complementary Law No. 87, of September 13, 1996, known as Kandir Law. In this context, in addition to outlining the Supreme Court's understanding of the triggering of the Tax on Circulation of Goods (\"ICMS\") on transactions between establishments of the same holder, the practical effects of this decision will be addressed in this paper, both for taxpayers and Tax Administration. <br>","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127249408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Portuguese Abstract: O presente artigo objetiva analisar a tributação do streaming de vídeos no Brasil e possíveis consequências fiscais e concorrenciais decorrentes da premissa de que o tributo correto a incidir sobre a atividade seja o ISS, item 1.09 da lista de serviços acrescido pela LC 157/2016. Como a regra geral é de que o ISS é devido no local do estabelecimento prestador, isso implicaria que todo o ISS de Streaming no Brasil iria para apenas um único Município. Fato que poderá desencadear um acirramento das desigualdades regionais e uma guerra fiscal. O artigo sugere então soluções para a tributação ser feita de forma mais justa inspirada em parâmetros internacionais de tributação de consumo de bens e serviços digitais. Aborda-se ainda o esvaziamento do ICMS comunicação e a possível violação à livre concorrência no mercado de TV por assinatura e o serviço de streaming, dada a alta diferença tributária entre os setores.
English Abstract: This article aims to analyze the taxation of video streaming in Brazil and possible tax and competitive consequences arising from the premise that the correct tax to be levied on the activity is ISS, item 1.09 of the list of services added by LC 157/2016. As the general rule is that the ISS is due at the location of the provider establishment, this would imply that the entire ISS for Streaming in Brazil would go to only a single Municipality. This fact could trigger a worsening of regional inequalities and a fiscal war. The article then suggests solutions for taxation to be done in a more just manner inspired by international parameters for taxing the consumption of digital goods and services. It also addresses the emptying of ICMS communication and the possible violation of free competition in the pay TV market and the streaming service, given the high tax difference between the sectors.
{"title":"TRIBUTAÇÃO DE STREAMING: a próxima guerra fiscal e concorrencial (Streaming Taxation: The Next Tax and Competition War)","authors":"Luciana Marques Vieira da Silva Oliveira","doi":"10.2139/ssrn.3875521","DOIUrl":"https://doi.org/10.2139/ssrn.3875521","url":null,"abstract":"<b>Portuguese Abstract:</b> O presente artigo objetiva analisar a tributação do streaming de vídeos no Brasil e possíveis consequências fiscais e concorrenciais decorrentes da premissa de que o tributo correto a incidir sobre a atividade seja o ISS, item 1.09 da lista de serviços acrescido pela LC 157/2016. Como a regra geral é de que o ISS é devido no local do estabelecimento prestador, isso implicaria que todo o ISS de Streaming no Brasil iria para apenas um único Município. Fato que poderá desencadear um acirramento das desigualdades regionais e uma guerra fiscal. O artigo sugere então soluções para a tributação ser feita de forma mais justa inspirada em parâmetros internacionais de tributação de consumo de bens e serviços digitais. Aborda-se ainda o esvaziamento do ICMS comunicação e a possível violação à livre concorrência no mercado de TV por assinatura e o serviço de streaming, dada a alta diferença tributária entre os setores.<br><br><b>English Abstract:</b> This article aims to analyze the taxation of video streaming in Brazil and possible tax and competitive consequences arising from the premise that the correct tax to be levied on the activity is ISS, item 1.09 of the list of services added by LC 157/2016. As the general rule is that the ISS is due at the location of the provider establishment, this would imply that the entire ISS for Streaming in Brazil would go to only a single Municipality. This fact could trigger a worsening of regional inequalities and a fiscal war. The article then suggests solutions for taxation to be done in a more just manner inspired by international parameters for taxing the consumption of digital goods and services. It also addresses the emptying of ICMS communication and the possible violation of free competition in the pay TV market and the streaming service, given the high tax difference between the sectors.","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"185 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133524067","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper we provide new insights on the nexus between public debt and economic growth, focusing on the growth of debt rather than its level. By exploiting updated macroeconomic time series for 75 countries (37 OECD and 38 non-OECD) over the period 1972-2019 and using the system-GMM technique, we estimate the impact of the growth of public debt per worker on labor productivity growth. We find evidence of a significant adverse effect of the growth of public debt per worker on labor productivity growth, as proxied by the growth of output per worker. Similar results arise when we consider the growth of public debt per capita and the growth of real GDP per hours worked.
{"title":"Is Government Debt Good or Bad for Labor Productivity? A Dynamic Panel Analysis Over 1972-2019","authors":"Gianni Carvelli, Carmine Trecroci","doi":"10.2139/ssrn.3889781","DOIUrl":"https://doi.org/10.2139/ssrn.3889781","url":null,"abstract":"In this paper we provide new insights on the nexus between public debt and economic growth, focusing on the growth of debt rather than its level. By exploiting updated macroeconomic time series for 75 countries (37 OECD and 38 non-OECD) over the period 1972-2019 and using the system-GMM technique, we estimate the impact of the growth of public debt per worker on labor productivity growth. We find evidence of a significant adverse effect of the growth of public debt per worker on labor productivity growth, as proxied by the growth of output per worker. Similar results arise when we consider the growth of public debt per capita and the growth of real GDP per hours worked.","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126370322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper studies household spending responses to anticipated changes in the consumption tax. To do so, I construct a life-cycle heterogeneous-agent general equilibrium model with durables. The model features a wedge in durable transactions that reflects the actual consumption tax system: households pay the tax when buying the durables but do not receive the tax when selling them. There are three main findings. First, the baseline model reproduces an empirically consistent dynamic pattern of tax elasticity of the taxable spendings. Second, I find that life-cycle is a key component to match the level of tax elasticity of durable spending. Third, the baseline model generates smaller stockpiling of durables based on realistic motive than a model without the wedge. I then use the model for two counter-factual experiments.The first counter-factual experiment finds that the effect of a consumption tax cut is not symmetric to the tax hike. The second counter-factual experiment which compares a one-time tax hike and a multiple-times tax hike shows the multiple-times tax hike scheme generates smaller welfare cost than one-time tax hike.
{"title":"A Model of Anticipated Consumption Tax Changes","authors":"Masashi Hino","doi":"10.2139/ssrn.3863837","DOIUrl":"https://doi.org/10.2139/ssrn.3863837","url":null,"abstract":"This paper studies household spending responses to anticipated changes in the consumption tax. To do so, I construct a life-cycle heterogeneous-agent general equilibrium model with durables. The model features a wedge in durable transactions that reflects the actual consumption tax system: households pay the tax when buying the durables but do not receive the tax when selling them. There are three main findings. First, the baseline model reproduces an empirically consistent dynamic pattern of tax elasticity of the taxable spendings. Second, I find that life-cycle is a key component to match the level of tax elasticity of durable spending. Third, the baseline model generates smaller stockpiling of durables based on realistic motive than a model without the wedge. I then use the model for two counter-factual experiments.The first counter-factual experiment finds that the effect of a consumption tax cut is not symmetric to the tax hike. The second counter-factual experiment which compares a one-time tax hike and a multiple-times tax hike shows the multiple-times tax hike scheme generates smaller welfare cost than one-time tax hike.","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114163734","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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