Taxation and Economic Development among Pacific Asian Countries

By Richard A. Musgrave; Ching-Huei Chang et al. | Go to book overview
3.
In Japan, the term special tax measures generally refers to tax incentives. These can also be called tax preferences, tax benefits, and tax expenditures. Although the Ministry of Finance (MOF) constructs the list of special tax measures, their scope seems to be narrower than that of tax expenditures in the United States in terms of tax incentive policy. (See Pechman and Kaizuka, 1976, p. 352.)
4.
For a more comprehensive discussion of tax incentives in postwar Japan, see Ishi, 1993, Ch. 3.
5.
These percentages fell drastically to between 1 percent and 2 percent in the 1970s. (See Ishi, 1989, Table 3.2, p. 43). Other revenue losses are those for the promotion of individual saving and housing, the promotion of business saving and investment, and the promotion of environmental quality.
6.
Tax incentives for export promotion are often applied through indirect, not direct, taxes, particularly in developing countries. For a general discussion, see F. Sanchez-Ugarte, 1987, pp. 267-269.
7.
The increased rate for deduction was 1.5 percent for trading firms and 7.5 percent for exports of plants.
8.
A single manufacturing firm, however, showed 47.6, 51.0, 74.2, and 0 percent in four successive half-year accounting periods.
9.
The Tax Advisory Commission, which is one of the most important organizations in assisting the formulation of tax policy and reform in Japan, was established by the prime minister in 1953. (For a comprehensive discussion of the Tax Advisory Commission, see Ishi, 1993, Ch. 1). The main function of the commission was to assess Japan's entire system, to formulate annual tax changes, and to develop long-term tax policy.
10.
Even among contracting parties that accepted Plan A in 1960, a number of countries continued to employ a variety of export-promoting tax measures. For example, there were the Western Hemisphere Trade Corporation, China Trade Corporation, Export Trade Corporation in the United States, the Overseas Trade Corporation or tax-sparing system in the United Kingdom, and special tax measures (e.g., accelerated depreciation, tax-free reserves) in West Germany, France, Canada, and Italy, all of which were equivalent to those in Japan.
11.
The additional deduction was revived in 1962 with the minor amendment that only the net income criterion could be used to calculate it.

References

Ackley, G., and H. Ishi, 1976, "Fiscal, Monetary, and Related Policies," in H. T. Patrick and H. Rosovsky, eds., Asia's New Giant ( Washington, DC, The Brookings Institution).

Bank of Japan, 1970, Economic Statistics Annual (Tokyo).

Economic Planning Agency, 1968, Annual Report of Observing Economic Fluctuations (in Japanese) (Tokyo).

General Agreement of Tariffs and Trade, 1958, Basic Instruments and Selected Documents, vol. 3., Text of the General Agreement (Geneva, November).

Ishi, H., 1993, The Japanese Tax System, 2nd ed. ( Oxford, Oxford University Press).

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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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