Taxation and Economic Development among Pacific Asian Countries

By Richard A. Musgrave; Ching-Huei Chang et al. | Go to book overview
2.
The appropriate degree of fiscal decentralization is, however, an important issue in any restructuring of the fiscal system in general, and of the tax system in particular.
3.
For a summary of the steps taken to improve the financial performance of the NFPEs, and of challenges for the 1990s, see Ministry of Finance ( 1989-1990, pp. 95-97).
4.
Although analytically rigorous definition of direct and indirect taxes does not exist, taxes on income and profits, estate duties, and payroll and property taxes are conventionally included in direct taxes. Sales taxes and excise, import, export, and stamp duties are included in indirect taxes.
5.
The most current act concerning fiscal incentives is the Promotion of Investments Act of 1986. Available incentives and related information are summarized in Ministry of Finance ( 1992-1993, pp. 311-336).
6.
Even the performance of nontax revenue is largely dependent on the national oil company Petronas, which contributed about two-fifths of total nontax revenue in 1987 ( Asher, 1989, p. 66).
7.
For an overview of income tax reform in the industrial countries, see Pechman , 1988.
8.
ASEAN was formed in 1967 and currently comprises six nations: Brunei, Indonesia, Malaysia, Philippines, Singapore, and Thailand.
9.
The extent to which additional revenue will need to be generated is dependent on the appropriate macroeconomic stance and other factors. A rough indication may be had from the following. During he 1986-1990 period, total expenditure was 31.0 percent of GDP and the overall budget deficit, 6.9 percent of GDP (Table 5.2). Greater expenditure needs are likely to require expenditure at about 35 percent of GDP. If the overall budget deficit is to be stabilized at 5 percent of GDP, then total revenue would have to be 30 percent of GDP, 5.9 percent higher than the 1986-1990 average. If nontax and petroleum revenue is assumed to increase by 1.9 percent, nonoil tax revenue would need to generate additional revenue equal to 4 percent of GDP.
10.
Appropriate restructuring and reform of property tax and land tax do have the potential of generating additional revenue. But this would involve rearranging federal-state fiscal relations.

References

Asher, Mukul G., 1989. "Fiscal System and Practices in Malaysia," in Mukul G. Asher (ed.), Fiscal Systems and Practices in ASEAN: Trends, Impact and Evaluation. Singapore: Institute of Southeast Asian Studies.

Asher, Mukul G., Sidney C. Rolt, Mohammed Ariff, and Habibullah Khan, 1992. Fiscal Incentives and Economic Management in Indonesia, Malaysia and Singapore. Singapore: Asian-Pacific Tax and Investment Centre.

Bank Negara Malaysia, Economics Department, 1989. Money and Banking in Malaysia, 3rd. edition. Kuala Lumpur: Bank Negara Malaysia.

Bird, R. M., 1987a. "A New Look at Indirect Taxation in Developing Countries." World Development, 15( 9), September, 1151-1161.

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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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