The OECD has published the fifth edition of its annual report Tax policy
reforms: OECD and selected partner economies. The report covers the
latest tax policy reforms in OECD countries, as well as in Argentina, China,
Indonesia and South Africa, analysing the ratio of tax revenue as a share of
GDP for each country and trends in the composition of tax revenues. In addition
to providing an overview of the tax reforms adopted before the coronavirus
crisis, the report includes a ‘Special Feature’ that takes stock of the tax and
broader fiscal measures introduced by countries in response to the crisis from
the beginning of the virus outbreak up to mid-June 2020.
Pascal Saint-Amans, director of the OECD’s Centre for Tax
Policy and Administration has also published an article considering the vital
role of the tax system in government responses to the coronavirus crisis. The article
suggests that ‘rather than simply returning to business as usual, the goal
should be to “build back better” and address some of the structural weaknesses
that the crisis has laid bare’ noting that ‘a central priority should be to
accelerate environmental tax reform’ given that 75% of energy-related CO2
emissions from advanced and emerging economies are ‘entirely untaxed’.
The article also notes that, as countries move out of the
crisis and economies begin to recover, governments ‘may not be able to resort
to traditional revenue-raising recipes’ by, for example, raising taxes on
labour and consumption. ‘The taxation of property and personal capital income
will have an important role to play, particularly in a context of significant
improvements in international tax transparency.’
The OECD has published the fifth edition of its annual report Tax policy
reforms: OECD and selected partner economies. The report covers the
latest tax policy reforms in OECD countries, as well as in Argentina, China,
Indonesia and South Africa, analysing the ratio of tax revenue as a share of
GDP for each country and trends in the composition of tax revenues. In addition
to providing an overview of the tax reforms adopted before the coronavirus
crisis, the report includes a ‘Special Feature’ that takes stock of the tax and
broader fiscal measures introduced by countries in response to the crisis from
the beginning of the virus outbreak up to mid-June 2020.
Pascal Saint-Amans, director of the OECD’s Centre for Tax
Policy and Administration has also published an article considering the vital
role of the tax system in government responses to the coronavirus crisis. The article
suggests that ‘rather than simply returning to business as usual, the goal
should be to “build back better” and address some of the structural weaknesses
that the crisis has laid bare’ noting that ‘a central priority should be to
accelerate environmental tax reform’ given that 75% of energy-related CO2
emissions from advanced and emerging economies are ‘entirely untaxed’.
The article also notes that, as countries move out of the
crisis and economies begin to recover, governments ‘may not be able to resort
to traditional revenue-raising recipes’ by, for example, raising taxes on
labour and consumption. ‘The taxation of property and personal capital income
will have an important role to play, particularly in a context of significant
improvements in international tax transparency.’
