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Bank Debit Taxes in Latin America

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  • Isaias Coelho
  • Victoria P. Summers
  • Liam P. Ebrill
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    Abstract

    Six Latin American countries have levied taxes on withdrawals from bank accounts, which have been viewed as a convenient tax handle during a difficult fiscal period. The paper reviews the arguments for and against this type of taxation, describes the taxes, and surveys their revenue performance and economic impact. It concludes that the recently implemented taxes have been successful in raising revenue in the short term, but that adverse allocational impacts have likely been significant. The tax may work better in times of fiscal crisis, when financial intermediation is deep, and when the tax rate is modest.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/67.

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    Length: 33
    Date of creation: 01 May 2001
    Date of revision:
    Handle: RePEc:imf:imfwpa:01/67

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    Cited by:
    1. Pedro Albuquerque, 2006. "BAD taxation: Disintermediation and illiquidity in a bank account debits tax model," International Tax and Public Finance, Springer, vol. 13(5), pages 601-624, September.
    2. Victor Duarte Lledo, 2005. "Tax Systems Under Fiscal Adjustment," IMF Working Papers 05/142, International Monetary Fund.
    3. Sergio Clavijo, 2005. "TRIBUTACION, EQUIDAD Y EFICIENCIA EN COLOMBIA: Guía para Salir de un Sistema Tributario Amalgamado," BORRADORES DE ECONOMIA 003663, BANCO DE LA REPÚBLICA.
    4. María Angélica Arbeláez Restrepo & Leonard E. Burman & Sandra Consuelo Zuluaga, 2002. "The bank debit tax in Colombia," WORKING PAPERS SERIES. DOCUMENTOS DE TRABAJO 003565, FEDESARROLLO.
    5. Cintra, Marcos, 2009. "Tax paradigms, globalization, and the electronic revolution," Textos para discussão 238, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
    6. Cintra, Marcos, 2009. "Bank transactions: pathway to the single tax ideal A modern tax technology;the Brazilian experience with a bank transactions tax (1993-2007)," MPRA Paper 16710, University Library of Munich, Germany.

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