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Drafting Tax Laws. Prof. Dr. Geerten M.M. Michielse Technical Assistance Advisor, IMF Georgetown University Law Center Washington, DC. IMF (Organigram). IMF-Organization. Area Departments Functional Departments Service Departments. IMF (Area Departments). African Asia and Pacific

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Drafting tax laws

Drafting Tax Laws

Prof. Dr. Geerten M.M. Michielse

Technical Assistance Advisor, IMF

Georgetown University Law Center

Washington, DC



Imf organization
IMF-Organization

  • Area Departments

  • Functional Departments

  • Service Departments


Imf area departments
IMF (Area Departments)

  • African

  • Asia and Pacific

  • European I (Central and Western)

  • European II (Eastern + former SU)

  • Middle Eastern

  • Western Hemisphere


Imf functional departments
IMF (Functional Departments)

  • Fiscal Affairs

  • IMF Institute

  • International Capital Markets

  • Legal

  • Monetary and Exchange Affairs

  • Policy Development and Review

  • Research


Fiscal affairs department
Fiscal Affairs Department

  • Immediate Office

  • Expenditure Policy

  • Fiscal Operations (I + II)

  • Fiscal Policy and Surveillance

  • Public Expenditure Management (I + II)

  • Revenue Administration (I + II)

  • Tax Policy


Legal
Legal

  • Front Office

  • Anti-Money Laundering

  • Law Reform / Technical Assistance

  • Country (A + B)

  • Banking

  • Administrative Law


How do we get ta requests
How Do We Get TA-Requests?

  • PRGF (poverty reduction and growth facility) by Area Department

  • Government Initiative (sometimes after “Tax Policy” advise) by Fiscal Affairs Department

  • Surveillance


What types of missions do we do
What Types of Missions Do We Do?

  • Legal Drafting (80%)

  • Tax Policy (15%)

  • Tax Administration (4%)

  • Budget Law (1%)


What experts do we use
What Experts Do We Use?

  • IMF staff (USA)

  • Headquarter-based Expert (NLD)

  • External Experts (mostly Universities)

    • Australians

    • USA, Canadian

    • Europeans (BEL, DUI, FRA, POR, SWE)


What tax laws do we draft
What Tax Laws Do We Draft?

  • Value Added Tax

  • Sales Tax

  • Income Tax

  • Profit Tax / Corporate Income Tax

  • Tax Administration

  • Stamp Duty

  • Customs


What countries do we work with
What Countries Do We Work With?

  • Industrial or Advanced Economies

    • OECD countries

  • Emerging Market Economies

    • South-East Asian ‘Tigers’, South America, EU “wanna be’s”

  • Transition Economies

    • Former Soviet Republics

  • Developing Economies

    • Africa, Cambodia, Vietnam, Laos


What legal systems do we encounter
What Legal Systems Do We Encounter?

  • Common Law Systems

    • British and American

  • Civil Law Systems

    • European and South American

  • Islamic Systems

    • Middle Eastern, Indonesia, Malaysia

  • Former Soviet Union Systems


  • Are there any model tax laws available
    Are There Any Model Tax Laws Available?

    • Basic World Tax Code (US-based)

    • Taxastan Income Tax Code (former SU countries)

    • Commonwealth of Symmetrical (common law-based)

    • République Francophone (civil law-based)

    • Fantasia VAT

    • Utopia (implementation Merger Directive)


    Some drafting examples
    Some Drafting Examples

    • Implementation of EU-Directives

    • Drafting VAT + Regulations

    • Drafting Tax Administration Code


    Typical issues in drafting implementation provisions for eu directives
    Typical Issues in Drafting Implementation Provisions for EU-Directives

    Parent-Subsidiary Directive

    • CZE/LTU: credit for w/h against CIT

    • EST: distribution tax ‘in lieu of’ CIT

      Merger Directive

    • Valuation issues due to FTC systems

    • HUN/LVA: accounting rules


    Typical issues in drafting vat in developing countries
    Typical Issues in Drafting VAT in Developing Countries EU-Directives

    • Cash Refunds as result of Imputation Credit

      • 6-months carry forward requirement

      • Only cash refunds for export

  • Threshold

  • Equalization Tax for small businesses


  • Typical issues in drafting a tax administration code
    Typical Issues in Drafting a Tax Administration Code EU-Directives

    • Self-assessment of tax liability

    • Payment procedures

      • (absence of banking system)

  • Collection & Enforcement

  • Penalty system

    • usually too high for minor violations and too low for serious violations)

  • Appeal procedures


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