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Taxing Financial Transactions

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  • John Brondolo
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    Abstract

    This paper considers how a tax on financial transactions could be applied to three broad and partially overlapping categories of financial instruments: (1) exchange-traded instruments; (2) over-the-counter instruments; and, (3) foreign exchange instruments. For each category, the paper examines the factors that would facilitate or complicate the administration of a financial transactions tax, the options for collecting the tax, the types of compliance risks that are likely to be encountered, and measures for mitigating these risks.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=25142
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/185.

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    Length: 51
    Date of creation: 01 Aug 2011
    Date of revision:
    Handle: RePEc:imf:imfwpa:11/185

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    Related research

    Keywords: Tax administration; Financial instruments; Stock markets; Taxation; bonds; tax liability; otc transactions; taxable event; financial institutions; investors; tax rate; financial sector; bond; financial markets; foreign currency; strike price; interest payments; foreign securities; stock exchange; investment fund; tax revenue; foreign investment; financial services; derivatives markets; foreign bonds; money market; financial market; corporate bonds; futures contracts; financial intermediaries; mutual funds; financial stability; stock exchanges; hedge funds; hedge; financial volatility; money market instruments; futures contract; tax policy; regulatory reform; forward contracts; derivatives market activity; foreign companies; derivatives market; forward contract; institutional investors; foreign investors; cash flows; fixed income; derivatives trading; foreign exchange futures; stock transactions; stock market; excessive risk; tax payment; international banks; investment portfolio; international financial markets; municipal bonds; stock index; direct investment; financial economics; trust company; stock exchange transactions; long-term bonds; futures markets; financial system; domestic capital; stock transfer; foreign stock; bond trading; government bonds; fixed costs; cost of capital; term bonds; derivatives transactions; financial regulations; foreign competitors; nominal value; currency futures; money markets; bond markets; foreign exchange derivatives; stock brokers; stock options; bond market; asset bubbles; international currency; foreign direct investment; interest rate derivatives; bond transactions; stock investments; stock trading; foreign currency futures; money market funds;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Kern Alexander, 2010. "International Regulatory Reform and Financial Taxes," Journal of International Economic Law, Oxford University Press, vol. 13(3), pages 893-910, September.
    2. Ostry, Jonathan D., 2012. "Managing Capital Flows: What Tools to Use?," Asian Development Review, Asian Development Bank, vol. 29(1), pages 83-89.
    3. Kapoor, Sony & Hillman, David & Spratt, Stephen, 2007. "Taking the Next Step - Implementing a Currency Transaction Development Levy," MPRA Paper 4054, University Library of Munich, Germany.
    4. Bernardo S. de M. Carvalho & Márcio G. P. Garcia, 2008. "Ineffective Controls on Capital Inflows under Sophisticated Financial Markets: Brazil in the Nineties," NBER Chapters, in: Financial Markets Volatility and Performance in Emerging Markets, pages 29-96 National Bureau of Economic Research, Inc.
    5. John Y. Campbell & Kenneth A. Froot, 1994. "International Experiences with Securities Transaction Taxes," NBER Chapters, in: The Internationalization of Equity Markets, pages 277-308 National Bureau of Economic Research, Inc.
    6. Thornton Matheson, 2011. "Taxing Financial Transactions," IMF Working Papers 11/54, International Monetary Fund.
    7. Jonathan David Ostry & Atish R. Ghosh & Karl Friedrich Habermeier & Luc Laeven & Marcos Chamon & Mahvash Saeed Qureshi & Annamaria Kokenyne, 2011. "Managing Capital Inflows," IMF Staff Discussion Notes 11/06, International Monetary Fund.
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    Citations

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    Cited by:
    1. Thornton Matheson, 2012. "Security transaction taxes: issues and evidence," International Tax and Public Finance, Springer, vol. 19(6), pages 884-912, December.
    2. Yiannis Kitromilides & Ana Rosa González, 2013. "The EU Financial Transactions Tax: Antecedents and Current Debate," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(3), pages 311-321, May.
    3. Thornton Matheson, 2011. "Taxing Financial Transactions," IMF Working Papers 11/54, International Monetary Fund.

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