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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
  • 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
  • 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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