Taxation and Economic Development among Pacific Asian Countries

By Richard A. Musgrave; Ching-Huei Chang et al. | Go to book overview

in all circumstances. The benefit of deferral should be restricted to those situations in which it is justified by considerations of capital-import neutrality, that is, it should be given to subsidiaries that are engaged in bona fide industrial activities such as natural resource development. Therefore, antiavoidance rules are necessary to prevent erosion of the domestic tax base by differentiating income subject to high domestic tax rates from tax haven entities subject to lower (or no) foreign taxes ( Arnold, 1986).


Notes
1.
This chapter largely refers to the Korean economy during the period before 1988. Per capita GNP increased to $4,994 in 1989, to $5,659 in 1990, to $6,518 in 1991, and to $6,749 in 1992. GNP growth rates (in real terms) for those years are 6.8 percent, 9.3 percent, 8.4 percent, and 4.7 percent, respectively, down from 12.4 percent in 1988.
2.
Gross commodity exports reached 59 percent in 1989, 56 percent in 1990, 55 percent in 1991, and 54 percent in 1992.
3.
Korea has again become a capital-importing nation; balance of payments (BOP) has deteriorated, as shown here (in billion won):
Trade BalanceCurrent
Account Balance
1986 4.2 4.6
1987 7.7 9.9
1988 11.4 14.2
1989 4.6 5.1
1990 -2.0 -2.2
1991 -7.0 -8.7
1992 -2.1 -4.5
4.
Korea's economy was strong until 1988. Since then, Korea has been plagued with economic slowdown: rising wages, falling labor productivity, and eroding export competitiveness in the wake of political and economic democratization. There is a pessimistic economic outlook.
5.
Korea Industrial Research Institute, A Survey on the Status of Technology Transfer by Foreign Firms (Korean), February 1986.
6.
According to the Asian Wall Street Journal, September 7, 1989, capital gains arising from the transfers of shares among foreign-invested enterprises at home and abroad amounted roughly to 364 billion won between July 1984 and July 1987.
7.
The amount of exemption from the payment of customs duties associated with the FCIA reached about 19 billion won in 1985, according to Report on Korea's Tariff System Development by the Tax System Development Deliberation Committee, December 1986.
8.
The reported cases of alleged corporate tax fraud are few in Korea. In March 1987, the tax authorities ordered the Seoul branch of Westinghouse Inter

-191-

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Taxation and Economic Development among Pacific Asian Countries
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • 1 - Introduction 1
  • Notes 10
  • 2 - Indonesian Tax Reform, 1985-1990 11
  • Notes 41
  • References 42
  • 3 - The Tax System and Economic Development in Japan 44
  • Notes 61
  • References 62
  • 4 - Tax Reform in the Philippines 64
  • Notes 80
  • 5 - Tax Reform in Malaysia: Trends and Options 82
  • Notes 100
  • References 101
  • 6 - Property Taxation as a National Policy Tool in Taiwan 104
  • Notes 116
  • References 116
  • Notes 137
  • References 138
  • 8 - Effective Corporate Tax Rates on Capital Income in Hong Kong 140
  • Notes 153
  • 9 - Tax Policy and Business Investment: Taiwan's Manufacturing Industry 156
  • Notes 165
  • References 167
  • 10 - The International Dimension of Korean Tax Policy 168
  • Notes 191
  • References 192
  • 11 - Tax Incentives for Export Promotion in Japan, 1953-1964 194
  • Notes 207
  • References 208
  • 12 - International Aspects of Income Taxation in Taiwan 210
  • Notes 221
  • References 223
  • 13 - Financing Social Security in Singapore Through the Central Provident Fund 225
  • Notes 255
  • References 255
  • 14 - A New Role for Fiscal Policy and Tax Finance in Korea 259
  • Notes 275
  • References 276
  • About the Book 280
  • About the Editors and Contributors 281
  • Index 283
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