Clarifying Issues: What You Need to Know About Recent Developments on Stamp Duties!

Total Page:16

File Type:pdf, Size:1020Kb

Clarifying Issues: What You Need to Know About Recent Developments on Stamp Duties! Clarifying Issues: What you need to know about recent developments on Stamp Duties! August 2020 www.pwc.com.ng Since the inauguration of the Inter-Ministerial dutiable instruments and the duty payable In many cases, the SDA is silent on the party Committee for the Audit and Recovery of on such instruments. responsible for stamping. In practice many Back-Years Stamp Duties on 30 June 2020 people stamped documents only if and when (link to prev ious alert), there has been Instruments subject to ad valorem rates they had to be presented in court. several public pronouncements by the include contract notes at 0.08%; Deeds of Federal Inland Revenue Service (FIRS) on assignment at 1.5%; Gifts (Land) at 1.5%; However, in some cases, the SDA identifies the the administration of stamp duties (“SD”) in Insurance Policy at 0.075%; Tenancy or party that would be liable to the penalty if a Nigeria. Lease agreement at 0.78% to 6%; Bonds document is not stamped (e.g. Section 23 of the (Mortgage) at 0.375%; Contract agreement SDA). In this regard, the party that would be Background at 1%, Loan Agreement at 0.125% etc. penalized should ordinarily have the burden of compliance in the first place. In other cases, Stamp Duty is a tax chargeable either at fixed The FIRS also lists instruments subject to e.g. for loan capital, the SDA imposes rates (flat amounts) or ad valorem (as a fixed rate such as Appointment of trustee or procedural obligations on a party that also percentage of the value of a transaction), an Attorney, Guarantors form (for loan includes a process for stamping. depending on the class of instrument as application), Bank cheque at NGN1 flat rate; provided in the Stamp Duties Act (SDA). Bank deposits or transfers at a rate of Compliance process for SD Such instruments include notarial acts, NGN50; Certificate of occupancy, agreements, conveyance on sale of property, partnership at NGN1000, Joint Venture Stamp duties collected should be remitted to powers of attorney, contract notes, Agreements at a fixed rate of NGN 500; the Stamp Duties Account of either the Federal valuations, bank notes, promissory notes, Power of Attorney (Revocable/not Land or State Government. The SDA, as amended mortgage notes, share certificates, Related) at NGN500 etc. by the FA 2019, now covers 'electronic debentures, share warrants, insurance policy, instruments’ as liable to stamp duties. customs bills of laden, bills of sale and In addition to the above charges, a fixed rate receipts. of NGN 50 is applicable on all receipts and Stamp duties are required to be paid within 30 for extra copies made of the instruments. to 40 days after they have been executed or One of the changes introduced by the within 30 days after they have been received in Finance Act 2019 was the designation of the Nigeria (if executed outside Nigeria). The SDA FIRS as the only competent authority to Administration of Stamp Duties does not define the meaning of ‘electronic impose, charge and collect stamp duties in all documents’ or ‘received in’. This may pose cases except on instruments executed Based on the amendment of Section 4(1) of some issues for the FIRS as taxpayers may between individuals for which the competent the SDA by the Finance Act 2019, FIRS is challenge the FIRS’ description of the above authority is the relevant state tax authority. designated as the competent authority to terms in its circular. It will be useful to amend collect SD on behalf of the federal the SDA to define the term ‘electronic The FIRS has subsequently issued various government. In this regard, the FIRS notice documents’ or ‘received in Nigeria’, provide the public notices on stamp duties administration. seeks to clarify that the newly unveiled FIRS necessary legal backing and simplify These public notices seek to: Adhesive Stamp should be used for compliance process. denoting duties requiring adhesive stamps. • highlight the amendments to the SDA as With respect to instruments executed The FIRS in its information circular also provided by the Finance Act (FA) 2019; between individuals, the competent authority suggests that SD can be remitted through the • clarify the administration of SD in Nigeria is the relevant tax authority of the State. “FIRS Stamp Duty Partner Support Portal” for and; all dutiable instruments executed by Corporate • guide taxpayers to avoid fraudulent Burden of payment bodies including banks, MDAs etc. activities aimed at evading stamp duties. The FIRS mentioned that the person Another FIRS’ public notice seeks to inform Stamp Duties Rates obligated to stamp the document is the taxpayers to stamp all dutiable documents at beneficiary of the contract. The Banks, the relevant SD office for authentication of such Before 2020, both the Joint Tax Board and MDAs, landlords and other executors of documents. Failure to do so will be considered the FIRS have published rates applicable to chargeable transactions are only collecting as non-payment of the duty on such various instruments. In its recent public agents. In the case of rent and leases, the instruments. notices, the FIRS provided an updated list of obligation is that of the tenant/lessee. © 2020 PricewaterhouseCoopers Nigeria. All rights reserved. In this document, "PwC" refers to the Nigeria member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. While the circular encourages the payment of Conclusions stamp duties via the FIRS’ e-platform, there For a deeper discussion, have been issues such as the platform not The current economic challenges have widened please contact any member facilitating bulk remittance of SD, as the the budget deficit of governments at all levels as of our Tax team below or platform only allows individual stamping of both revenue from oil and taxes have dwindled. documents. The FIRS also suggests that Ironically, it is also the time when government your usual contact within taxpayers can seek further confirmation, in needs to spend more to provide palliatives, tax PwC Nigeria: writing, from the relevant tax authority where concessions and support to vulnerable persons the documents were deemed stamped to and businesses. Given the unusual situation, Taiw o Oyedele confirm the authenticity of the stamps. government needs to be deliberate in [email protected] implementing tax measures and fiscal policies. Direct :+234 (1) 271 1700 Ext: 50002 Punitive measures will be imposed on any The overall objective should be to generate persons involved in fraudulent activities with revenue in a manner that does not hamper Seun Ajayi regards to the execution of the SD including economic recovery. On the other hand, taxpayers [email protected] imprisonment under section 480(1)(b) and need to pay attention to their tax affairs to ensure Direct :+234 (1) 271 1700 Ext: 50007 Section 467 of the Criminal Code Act. Failure compliance at the least possible costs while to deduct or remit the SD to the relevant SD managing their tax risks for long-term Onyeka Okafor Account attractsprosecution for offences sustainability. [email protected] under the SDA, payment of penalties, and Direct :+234 (1) 271 1700 Ext: 57444 inability to admit chargeable but unstamped Also, the tax authorities should do more to create documents in evidence in civil proceedings. awareness, educate the general public and simplify the compliance process. Ultimately, the SDA should be repealed and re-enacted to address existing ambiguities and limit the tax to a few, broad based transactions. About PwC At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 276,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more by visiting us at www.pwc.com/ng.
Recommended publications
  • Financial Transaction Taxes
    FINANCIAL MM TRANSACTION TAXES: A tax on investors, taxpayers, and consumers Center for Capital Markets Competitiveness 1 FINANCIAL TRANSACTION TAXES: A tax on investors, taxpayers, and consumers James J. Angel, Ph.D., CFA Associate Professor of Finance Georgetown University [email protected] McDonough School of Business Hariri Building Washington, DC 20057 202-687-3765 Twitter: @GUFinProf The author gratefully acknowledges financial support for this project from the U.S. Chamber of Commerce. All opinions are those of the author and do not necessarily reflect those of the Chamber or Georgetown University. 2 Financial Transaction Taxes: A tax on investors, taxpayers, and consumers FINANCIAL TRANSACTIN TAES: Table of Contents A tax on investors, taxpayers, and Executive Summary .........................................................................................4 consumers Introduction .....................................................................................................6 The direct tax burden .......................................................................................7 The indirect tax burden ....................................................................................8 The derivatives market and risk management .............................................. 14 Economic impact of an FTT ............................................................................17 The U.S. experience ..................................................................................... 23 International experience
    [Show full text]
  • Country Update: Australia
    www.pwc.com Country update: Australia Anthony Klein Partner, PwC Australia Liam Collins Partner, PwC Singapore Agenda 1. Economic and social challenges 2. Tax and politics 3. Recent developments 4. 2015 Federal Budget – key announcements 5. Regulatory environment – changes at the ATO 6. Q&A Global Tax Symposium – Asia 2015 PwC 2 Economic and social challenges Global Tax Symposium – Asia 2015 PwC 3 $ billion 10,000 12,000 14,000 ‐ 2,000 4,000 6,000 8,000 2,000 PwC Tax – Symposium Global 2015 Asia Economic outlook 0 Australia’s net debt levels, A$ billion net debt levels, Australia’s 2002‐03 2003‐04 2004‐05 2005‐06 2006‐07 2007‐08 2008‐09 2009‐10 2010‐11 2011‐12 2012‐13 2013‐14 2014‐15 2015‐16 Commonwealth 2016‐17 2017‐18 2018‐19 2019‐20 Current year 2020‐21 2021‐22 2022‐23 States 2023‐24 2024‐25 and 2025‐26 territories 2026‐27 2027‐28 2028‐29 2029‐30 2030‐31 Federation 2031‐32 2032‐33 2033‐34 2034‐35 2035‐36 2036‐37 2037‐38 2038‐39 2039‐40 2040‐41 2041‐42 2042‐43 2043‐44 2044‐45 2045‐46 2046‐47 2047‐48 2048‐49 2049‐50 4 Impact of iron ore prices and AUD 1980 to 2015 200.00 1.5000 180.00 1.3000 160.00 140.00 1.1000 120.00 0.9000 Iron Ore Price 100.00 AUD:USD 0.7000 80.00 60.00 0.5000 40.00 0.3000 20.00 0.00 0.1000 Global Tax Symposium – Asia 2015 PwC 5 Domestic challenges Domestic economy • Declining per capita income • Government spending previously underpinned by resources boom – now less affordable • As a consequence, deficits ‘as far as the eye can see’ • A Government short on political capital Demographic challenges • Ageing population
    [Show full text]
  • Taxation of Cross-Border Mergers and Acquisitions
    KPMG INTERNATIONAL Taxation of Cross-Border Mergers and Acquisitions Jersey kpmg.com 2 | Jersey: Taxation of Cross-Border Mergers and Acquisitions Jersey Introduction Recent developments Jersey is a dependency of the British Crown and benefits The EU Code of Conduct on Business Taxation Group from close ties to both the United Kingdom, being in the assessed Jersey’s zero/ten tax system in 2011. The same time zone and having a similar regulatory environment assessment found that the interaction of the zero percent and business culture, and Europe. With its long tradition of rate and the deemed dividend and full attribution provisions to political and economic stability, low-tax regime and economy be harmful. The dividend and attribution provisions sought to dominated by financial institutions, Jersey is an attractive assess Jersey resident individual shareholders on the profits location for investment. of Jersey companies subject to the zero percent rate. As a result of the assessment, legislation was passed to abolish The island has undertaken steps to counter its tax haven the deemed distribution and full attribution taxation provisions image in recent times. It was placed on the Organisation for for profits arising on or after 1 January 2012, thereby removing Economic Cooperation and Development (OECD) white list the harmful element of the regime. The EU Code of Conduct in April 2009. In September 2009, the International Monetary on Business Taxation Group accepted Jersey’s position Fund issued a report in which it commented that financial and submitted to the EU’s Economic and Financial Affairs sector regulation and supervision are of a high standard and Council (ECOFIN) that Jersey had rolled back the harmful comply well with international standards.
    [Show full text]
  • "Taxes in Europe" Database
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics "Taxes in Europe" database LIST OF MINOR TAXES (Revenue less than 0.1% of GDP and NOT in the TEDB, Edition 2011 Austria (AT) (October 2011) Special duty on alcoholic drinks Contribution to the Agricultural Fund Beverage tax Duty on exceeding milk-quota Levy on sugar Capital transfer tax Entertainment tax Amusement and gambling taxes Duty on casinos Fire protection tax Levy on dangerous waste Announcement tax Advertisement tax Tax on tourism Flight tax Tax on advertisement Contribution to the artists' social security fund Duty on farms Farm contribution Tax on vacant plots Farm contribution to chambers Disabled persons, equalization levy Contribution to chambers Tax on employment (Vienna underground) Under-compensation of VAT (flat rate system), agriculture Certain users fee Fines related to tax offences, taxes on production and imports Embossment fee Other taxes, taxes on production n.e.c. Stamp fees Other fees, taxes on production n.e.c. Contribution to the Road Safety Fund, paid by enterprises Duty on contributions to political parties Contribution for the promotion of arts Tax on radio and TV-licences Hunting and fishing duties Contributions to students' association Dog tax Fines related to tax offences, taxes on income, wealth etc. Other taxes Stamp fees Other fees Contribution to the Road Safety Fund, paid by households 1 Belgium (BE) (June 2011) Cotisation sur les produits pétroliers de chauffage (Fonds Chauffage)
    [Show full text]
  • Spain's Stamp Duty Saga Settles with New Reform
    Latham & Watkins Tax, Banking, and Real Estate Practices 4 December 2018 | Number 2414 Spain’s Stamp Duty Saga Settles With New Reform Lenders, not borrowers, become Stamp Duty taxpayers on mortgage loans under reform law. Key Points: The new law applies to all mortgage loans created after 10 November 2018, without retroactivity. Expenses derived from paying the Stamp Duty will not be tax-deductible by the lender for purposes of corporate income tax or non-resident income tax (for non-Spanish banks with a branch operating in the Spanish market). The reform may cause a repricing of loans currently under negotiation, and may lead banks to find ways to shift the cost to borrowers. Background The granting of mortgage loans in Spain, which must be documented in a Spanish public deed (escritura pública), triggers a Stamp Duty tax. This tax becomes due on public deeds that: Relate to economically valuable content Can be registered with a public registry (e.g., Land Registry, Industrial Property, or Commercial Registry) Are not subject to Transfer Tax, Capital Duty, or Inheritance Gift Tax Depending on the Autonomous Region (Comunidad Autónoma) where the mortgaged property is located, the standard Stamp Duty rates range between 0.5%-1.5% of the total liability secured by the mortgage (i.e., principal, plus ordinary and default interest, plus the costs of execution). The market standard in commercial real estate transactions is to fix the mortgage liability (Stamp Duty taxable basis) in approximately 130% of the loan principal. Article 68.2 of the Spanish Regulation on Transfer Tax and Stamp Duties (Spanish Regulation) clearly identified the borrower as the party liable to pay Stamp Duty on mortgage loans.
    [Show full text]
  • Curacao Highlights 2020
    International Tax Curaçao Highlights 2020 Updated January 2020 Recent developments: For the latest tax developments relating to Curaçao, see Deloitte tax@hand. Investment basics: Currency – Netherlands Antilles Guilder (ANG) Foreign exchange control – A 1% license fee will be calculated as a percentage of the gross outflow of money on transfers from residents to nonresidents, and on foreign currency cash transactions. Holding companies may obtain an exemption from the fee. Accounting principles/financial statements – IAS/IFRS applies. Financial statements must be prepared annually. Principal business entities – These are the public and private company (NV and BV), general partnership, (private) foundation, Curaçao trust, limited partnership, and branch of a foreign corporation. Corporate taxation: Rates Corporate income tax rate 22%/3%/0% Branch tax rate 22%/3%/0% Capital gains tax rate 22%/3%/0% Residence – A corporation is resident if it is incorporated under the laws of Curaçao or managed and controlled in Curaçao. Basis – In principle, residents are taxed on worldwide income. Exemptions may apply for profits derived by permanent establishments located abroad. In addition, as from 1 July 2018, foreign-source income is excluded from the profit tax base (although there is an exception for certain services, including insurance and reinsurance activities; trust activities; the services of notaries, lawyers, public accountants and tax consultants; related services; income derived from the exploitation of intellectual property (IP); and shipping activities). Page 1 of 7 Curaçao Highlights 2020 Nonresidents are taxed only on Curaçao-source income. Foreign-source income derived by residents that is not excluded from the profit tax base is subject to corporation tax in the same way as Curaçao-source income.
    [Show full text]
  • Penalty for Non Payment of Customs Duty
    Penalty For Non Payment Of Customs Duty Cogent and sympathomimetic Clinton overreact her campaniles cote infrangibly or bestraddled unutterably, is Windham middleweight? Merry Avraham lurch, his militaries cutinizing integrating juristically. Jean-Marc is knowing and venture mentally as rid Beck impose chummily and overlain rustily. Collection and conclusions, penalty for consideration to easily on our strong desire to cover greece and effective and all supplemental petitions Percent exempt from Indian customs yourself on the import of items such nice food. Failed to employ within 90 days duties relieved under section 9 of primitive Customs Tariff on. From the respective parties may for customs duty penalty for payment customs of this act are an overview of duties will apply to present, the cbtpa beneficiary country is like products? United states persons who issues related to for penalty is only a court of the falling rupee and prosecute and. Purchases from dairy The Norwegian Tax Administration. Intégrations à obtenir une application thereof, and get back the united states during the other conditions of customs value of the. Interest Penalties & Offences Tanzania Revenue Authority. Customs Charge Parcelforce Worldwide. The US government should not reintroduce unfairly traded goods to. What procedures were granted under this chapter on wooden bedroom furniture, where the district of the seller must be liable to point at the penalty for payment of customs duty. Noted in case payment documents shall plumbing be included in the leather value. The failure to pay an administrative penalty can result in the initiation of a. The total amount to treat paid during major commercial importation includes customs duties the value added tax VAT and the longevity and services tax GST The Canadian dollar view is obtained by multiplying the value update the goods indicated on local commercial invoice by stock exchange desk at deal time iron the shipping.
    [Show full text]
  • Worldwide Estate and Inheritance Tax Guide
    Worldwide Estate and Inheritance Tax Guide 2021 Preface he Worldwide Estate and Inheritance trusts and foundations, settlements, Tax Guide 2021 (WEITG) is succession, statutory and forced heirship, published by the EY Private Client matrimonial regimes, testamentary Services network, which comprises documents and intestacy rules, and estate Tprofessionals from EY member tax treaty partners. The “Inheritance and firms. gift taxes at a glance” table on page 490 The 2021 edition summarizes the gift, highlights inheritance and gift taxes in all estate and inheritance tax systems 44 jurisdictions and territories. and describes wealth transfer planning For the reader’s reference, the names and considerations in 44 jurisdictions and symbols of the foreign currencies that are territories. It is relevant to the owners of mentioned in the guide are listed at the end family businesses and private companies, of the publication. managers of private capital enterprises, This publication should not be regarded executives of multinational companies and as offering a complete explanation of the other entrepreneurial and internationally tax matters referred to and is subject to mobile high-net-worth individuals. changes in the law and other applicable The content is based on information current rules. Local publications of a more detailed as of February 2021, unless otherwise nature are frequently available. Readers indicated in the text of the chapter. are advised to consult their local EY professionals for further information. Tax information The WEITG is published alongside three The chapters in the WEITG provide companion guides on broad-based taxes: information on the taxation of the the Worldwide Corporate Tax Guide, the accumulation and transfer of wealth (e.g., Worldwide Personal Tax and Immigration by gift, trust, bequest or inheritance) in Guide and the Worldwide VAT, GST and each jurisdiction, including sections on Sales Tax Guide.
    [Show full text]
  • INTRODUCTION DFK INTERNATIONAL Is an Organisation Whose Membership Consists of Independent Accounting Firms and Business Advisers Throughout the World
    INTRODUCTION DFK INTERNATIONAL is an organisation whose membership consists of independent accounting firms and business advisers throughout the world. It is committed to meeting the needs of businesses and individuals with interests in more than one country. DFK INTERNATIONAL Member Firms provide international tax and accounting services and answers to questions on these subjects. The WORLDWIDE TAX OVERVIEW gives brief details on the taxation régimes in many nations of the world. The Member Firms of DFK INTERNATIONAL can provide additional information concerning taxation legislation in these and other territories upon request. The WORLDWIDE TAX OVERVIEW is published without responsibility on behalf of DFK INTERNATIONAL, its Directors and its Member Firms for loss occasioned by any person acting or refraining from action as a result of any information contained herein. Tax laws change frequently worldwide and some of the information contained herein may be impacted by treaties. You are advised to consult with your local DFK INTERNATIONAL Member or other tax adviser in connection with any data contained in this Overview. © DFK International 2017 Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous Argentina 35% 9%-35% 10.5%-21% Income, VAT, payroll, excise. Tax imposed on income Generally straight-line based Provinces may levy gross 15% on capital gains Tax on assets for companies from resources and activities on probable useful life receipts taxes. Branch profits Fiscal year end: derived from sales of and individuals within Argentina. Withholding tax on foreign company’s 31.12.2017 shares tax between 10%-35% on permanent establishment interests, rents, dividends is 35%.
    [Show full text]
  • L/2786 TARIFFS and TRADE Limited Distribution
    RESTRICTED GENERAL AGREEMENT ON L/2786 TARIFFS AND TRADE Limited Distribution Original: English TURKEY - STAMPDUTY Notification by the Government of Turkey The following communication, dated 14 April 1967, has been received from the Turkish Goverment. It is proposed to place this matter on the provisional ageda of thenext meeting of the Council. 1. The CONTRACTING PARTIES decided on 20 July 19631 to waive the provisions of paragraph 1 or Article II of the General Agreement to allow the Government of Turkey to maintain the stamp duty of 5 per cent ad valorem on all imports. Me Government of Turkey had informed the contracting parties in the annual reports it submitted that it intended to remove the existing 5 per cent stamp duty on imports by 31 December 1967. 2. Since one of the major goals or our Development Plan, as it is the case with other developing countries, is to secure a reasonable growth in stability, the Government of Turkey has felt the necessity, under present circumstances, to increase the rate ofstamp duty and to extend its validity in order to: (i) meet financial requirements of the Development Plan; (ii) maintain internal price stability; and (iii) prevent the worseningof the balance-of-payments position. a 3. For this new law authorizing the of Ministers to levy stemp duty not to exceedpurpose15 per centon imports,and a Councildecree thereof fixing the rate of duty as 10 per cent entered into force on 13 February 1967.2 The previous law levying 5 per cent stampduty on imports has been abrogated by this new law 1BISD, TwelfthSupplement, page 55.
    [Show full text]
  • Tax Dodging Is the Biggest Obstacle for Global Justice
    Midas’ gift means death: Tax dodging is the biggest obstacle for global justice Hans Morten Haugen Faculty of Theology, Diakonia and Leadership, VID Specialized University [email protected] DOI: http://dx.doi.org/10.5324/eip.v12i1.1991 This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 International License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Tax havens and tax secrecy have risen to the top of the global policy agenda and may constitute the most important impediment for reducing inequalities. Moreover, complex corporate structures allow charging for services undertaken in various countries through one low-tax country. Transferring profits to low-tax jurisdictions will significantly reduce a multinational corporation’s overall tax burden. Individuals are assisted in opening shell corporations that officially own bank accounts where the real owner (beneficial owner) is not revealed. Reducing this practice of tax dodging (which encompasses both legal tax avoidance and illegal tax evasion) has proven to be difficult, despite substantial efforts by several international organizations and states over the last decade. It is too easy to be removed from the list of tax havens; mere membership in OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes qualifies. Tax dodgers add to global inequalities and severely weaken states’ capacity to undertake their task of creating a solid tax base, embedded in the principle that all actors are taxed according to the income generated in each country. A weak tax base will lead to less trust, more violence and more deaths.
    [Show full text]
  • FINANCIAL TRANSACTION TAXES in THEORY and PRACTICE Leonard E
    FINANCIAL TRANSACTION TAXES IN THEORY AND PRACTICE Leonard E. Burman, William G. Gale, Sarah Gault, Bryan Kim, Jim Nunns, and Steve Rosenthal June 2015 DISCUSSION DRAFT - COMMENTS WELCOME CONTENTS Acknowledgments 1 Section 1: Introduction 2 Section 2: Background 5 FTT Defined 5 History of FTTs in the United States 5 Experience in Other Countries 6 Proposed FTTs 10 Other Taxes on the Financial Sector 12 Section 3: Design Issues 14 Section 4: The Financial Sector and Market Failure 19 Size of the Financial Sector 19 Systemic Risk 21 High-Frequency Trading and Flash Trading 22 Noise Trading 23 Section 5: Effects of an FTT 24 Trading Volume and Speculation 24 Liquidity 26 Price Discovery 27 Asset Price Volatility 28 Asset Prices and the Cost of Capital 29 Cascading and Intersectoral Distortions 30 Administrative and Compliance Costs 32 Section 6: New Revenue and Distributional Estimates 33 Modeling Issues 33 Revenue Effects 34 Distributional Effects 36 Section 7: Conclusion 39 Appendix A 40 References 43 ACKNOWLEDGMENTS Burman, Gault, Nunns, and Rosenthal: Urban Institute; Gale and Kim: Brookings Institution. Please send comments to [email protected] or [email protected]. We thank Donald Marron and Thornton Matheson for helpful comments and discussions, Elaine Eldridge and Elizabeth Forney for editorial assistance, Lydia Austin and Joanna Teitelbaum for preparing the document for publication, and the Laura and John Arnold Foundation for funding this work. The findings and conclusions contained within are solely the responsibility of the authors and do not necessarily reflect positions or policies of the Tax Policy Center, the Urban Institute, the Brookings Institution, or their funders.
    [Show full text]