The document discusses customs duties in India. It notes that customs duties consist of basic tariff, additional duty of customs, and special excise duty. The peak customs duty rate has declined from 150% in 1991-92 to 15% for non-agricultural products in 2005-06. Empirical analysis finds that customs revenue is cointegrated with the effective customs duty rate but not with other central tax revenues due to different orders of integration. Regression analysis also indicates a revenue-maximizing customs duty rate of around 3.79% based on a estimated Laffer curve relationship between customs revenue and duty rate.
Pwc report- Oil and gas industry-Sept-2014Santos Ltd
Australia’s oil and gas industry plays an important role in the prosperity of Australia’s economy through its value-add, employment, scale of technology, and tax contribution.
To understand its relative contribution to the Australian economy, APPEA has engaged PwC to prepare a policy paper that examines the economic importance of the oil and gas industry to the Australian economy and national incomes.
Economic growth of around 7½% makes India the fastest-growing G20 economy. The acceleration of structural reforms, the move towards a rule-based policy framework and low commodity prices have provided a strong growth impetus.
Pwc report- Oil and gas industry-Sept-2014Santos Ltd
Australia’s oil and gas industry plays an important role in the prosperity of Australia’s economy through its value-add, employment, scale of technology, and tax contribution.
To understand its relative contribution to the Australian economy, APPEA has engaged PwC to prepare a policy paper that examines the economic importance of the oil and gas industry to the Australian economy and national incomes.
Economic growth of around 7½% makes India the fastest-growing G20 economy. The acceleration of structural reforms, the move towards a rule-based policy framework and low commodity prices have provided a strong growth impetus.
Corporate Income Taxation and Firm Efficiency Evidence from a large panel of ...GRAPE
This study tests empirically the hypothesis that corporate income taxes are neutral for firm efficiency. We exploit the fact that the tax definition of cost does not overlap fully with an accounting definition of cost and develop an instrument for taxation which relies on exogenous variation in this overlap. Our sample consists of firm-level data for roughly 20 million firms from over 40 countries over the period of two decades. We show that OLS estimates are strongly biased, yielding a positive correlation between taxation and output/efficiency. Accounting for the endogeneity via instrumenting yields robust negative estimates of the effects of taxation on firm output and efficiency. The results do not depend of firm characteristics, but are heterogeneous across countries: strong negative effects in some countries are accompanied by negligible or zero effects in others.
Webinar: Economic Impact Assessment of the Pillar One and Pillar Two proposal...OECDtax
As part of the work by the OECD/G20 Inclusive Framework on BEPS relating to the tax challenges arising from the digitalisation of the economy, the OECD has been carrying out an economic analysis and impact assessment of the Pillar One and Pillar Two proposals. Experts from the OECD's Centre for Tax Policy and Administration and Economics Department presented the methodology and estimates of the impact assessment during this webinar.
Further information: http://oe.cd/tax-challenges-digital-impact-assessment
This paper investigates the relationship between tax structures and economic growth in a panel of developed and developing countries, using the new ICTD GRD. It sought to understand the effects of tax structure on GDP growth, since many previous studies have only focused on OECD countries.
It is also motivated by the IMF Policy prescription (IMF 2011), of on-going shift from reliance on trade taxes to VAT, especially in low income countries. It further sought to understand the implications of such structural shifts with studies showing that revenue recovery following trade liberalisation has been poor in low- and middle- income countries (Baunsgaard & Keen, 2010).
Results suggest that shifts away from trade and consumption toward income taxes have had a negative impact on GDP growth rates in developing countries. This negative effect is of greater magnitude through personal income taxes (PIC). Consequently, this study provides new evidence of potentially harmful effect of trade liberalisation on the GDP growth rates. The study also gives a clear picture of low tax reliance on indirect taxes between in low-income countries.
Revenue neutral shifts away from trade taxes to consumption taxes have no negative effect on growth. However, revenue neutral shifts towards income, specifically personal income taxes are potentially harmful to GDP growth rates. Key findings hold following the exclusion of resource-rich countries and after controlling for degree of openness.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
Corporate Income Taxation and Firm Efficiency Evidence from a large panel of ...GRAPE
This study tests empirically the hypothesis that corporate income taxes are neutral for firm efficiency. We exploit the fact that the tax definition of cost does not overlap fully with an accounting definition of cost and develop an instrument for taxation which relies on exogenous variation in this overlap. Our sample consists of firm-level data for roughly 20 million firms from over 40 countries over the period of two decades. We show that OLS estimates are strongly biased, yielding a positive correlation between taxation and output/efficiency. Accounting for the endogeneity via instrumenting yields robust negative estimates of the effects of taxation on firm output and efficiency. The results do not depend of firm characteristics, but are heterogeneous across countries: strong negative effects in some countries are accompanied by negligible or zero effects in others.
Webinar: Economic Impact Assessment of the Pillar One and Pillar Two proposal...OECDtax
As part of the work by the OECD/G20 Inclusive Framework on BEPS relating to the tax challenges arising from the digitalisation of the economy, the OECD has been carrying out an economic analysis and impact assessment of the Pillar One and Pillar Two proposals. Experts from the OECD's Centre for Tax Policy and Administration and Economics Department presented the methodology and estimates of the impact assessment during this webinar.
Further information: http://oe.cd/tax-challenges-digital-impact-assessment
This paper investigates the relationship between tax structures and economic growth in a panel of developed and developing countries, using the new ICTD GRD. It sought to understand the effects of tax structure on GDP growth, since many previous studies have only focused on OECD countries.
It is also motivated by the IMF Policy prescription (IMF 2011), of on-going shift from reliance on trade taxes to VAT, especially in low income countries. It further sought to understand the implications of such structural shifts with studies showing that revenue recovery following trade liberalisation has been poor in low- and middle- income countries (Baunsgaard & Keen, 2010).
Results suggest that shifts away from trade and consumption toward income taxes have had a negative impact on GDP growth rates in developing countries. This negative effect is of greater magnitude through personal income taxes (PIC). Consequently, this study provides new evidence of potentially harmful effect of trade liberalisation on the GDP growth rates. The study also gives a clear picture of low tax reliance on indirect taxes between in low-income countries.
Revenue neutral shifts away from trade taxes to consumption taxes have no negative effect on growth. However, revenue neutral shifts towards income, specifically personal income taxes are potentially harmful to GDP growth rates. Key findings hold following the exclusion of resource-rich countries and after controlling for degree of openness.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
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STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
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Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
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Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
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1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
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Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
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Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
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Concluding remarks
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The WhatsPump Pseudonym Problem and the Hilarious Downfall of Artificial Enga...
Indian Public Finance
1. INDIAN PUBLIC FINANCE TERMPAPER: CUSTOMS DUTIES
Ashish Bharadwaj, M.Sc. Economics II, MSE (Nov 2007)
The central government has four major taxes: personal income tax, corporation tax,
central excise duties and customs duties. In our analysis, we will confine ourselves to
customs duties only.
The customs duty in India consists of ‘basic’ tariff, the additional duty of customs (AD),
and special excise duty (SAD). The additional duty is the counterpart of excise duties
paid by domestic manufacturers i.e. countervailing duty (CVD). The special additional
duty has been introduced to serve as the counterpart of state sales taxes on domestically
produced goods. Since the customs duty is collected under the three sub-heads (basic, AD
and SAD), its custom duty collection rate should be obtained by dividing total collections
under the three heads by the total value of imports during the year. Some commodities
like alcohol have a ‘basic’ rate higher than the ‘peak’ rate. During the reform years, the
“peak” rate has come down from 150 % in 1991-92 to 40 % in 1997-98. The “peak” rate
was reduced to 35% in 2001-02 and 30% in 2002-03. The reduction in the peak duty rates
has continued. The 2005-06 Budget reduced the peak duty rate to 15% for nonagricultural products. The average tariff rate has therefore declined over the 1990s. As a
result the customs duty collection rate has declined from about 47% in 1998-99, and to
21% in 2000-01. The average customs tariffs rates still remain among the highest in the
world 1 .
1. Revenue Performance of Customs and Excise Duty relative to GDP
Excise and Customs revenue as % of GDP
6.00
Revenue (as % GDP)
5.00
4.00
3.00
2.00
1.00
2002-03
2000-01
1998-99
1996-97
1994-95
1992-93
1990-91
1988-89
1986-87
1984-85
1982-83
1980-81
1978-79
1976-77
1974-75
1972-73
1970-71
1968-69
1966-67
1964-65
1962-63
1960-61
1958-59
1956-57
1954-55
1952-53
1950-51
0.00
Year
Excise revenue as % of GDP
1
Customs revenue as % of GDP
Srivastava, D.K., “Issues in Indian Public Finance”(2005), New Delhi
1
2. The profile of the share of the customs duties shows more of an inverted U-shape, similar
to Union excise duties, although these started at a level much higher than excise duties. In
1950-51, the customs duties accounted for nearly 1.6% of GDP, which was the highest
among all major central taxes. (Table 1, Appendix A) These were overtaken by excise
duties in 1957-58. Following a slightly volatile pattern, these reached a peak of 3.9% in
1986-87, after which they started declining. By 2001-02, these had reached a level,
relative to GDP, of 1.8%, which is compared to its level in the mid sixties. Thus, customs
duty, which was the highest contributor, is fast becoming the lowest contributor now.
2. Relative Shares of Major Central Taxes in Centre's Gross Tax Revenues
60.0
50.0
Share in %
40.0
30.0
20.0
10.0
2002-03
2000-01
1998-99
1996-97
1994-95
1992-93
1990-91
1988-89
1986-87
1984-85
1982-83
1980-81
1978-79
1976-77
1974-75
1972-73
1970-71
1968-69
1966-67
1964-65
1962-63
1960-61
1958-59
1956-57
1954-55
1952-53
1950-51
0.0
Year
Income Tax
Corporation Tax
Excise Duty
Customs Duty
The chart highlights the inverted U-shape of the curve representing the share of Union
excise duties, which can be contrasted with the more U-shape type of curve of the
customs duties until the beginning of the nineties. What is also clearly observable is that
the four taxes are tending to come close to each other in terms of their shares in the
centre’s gross revenue receipts. (Table 2, Appendix A)
3. Customs Duties: Annual Buoyancy
Tax buoyancy is measured as % change in tax revenue over a given period by % change
in tax base, which is generally taken to be GDP, over the same period.
While the contribution that a tax makes to overall collection of tax revenues is an
important consideration, another important feature of the tax sources is their volatility. To
examine this, we look at the yearly growth rates. Customs duties are more noticeable for
their negative growth in more recent years. (Table 3, Appendix A)
2
3. Annual Customs Duty Buoyancy
15.00
10.00
Buoyancy
5.00
2001-02
1999-00
1997-98
1995-96
1993-94
1991-92
1989-90
1987-88
1985-86
1983-84
1981-82
1979-80
1977-78
1975-76
1973-74
1971-72
1969-70
1967-68
1965-66
1963-64
1961-62
1959-60
1957-58
1955-56
1953-54
1951-52
0.00
-5.00
-10.00
Year
Comparison of custom rate among countries
16.8
China
22.2
Bangladesh
20
Sri Lanka
7.1
Malaysia
S.Korea
8.7
Taiwan
8.8
10.9
Country
Indonesia
17.1
Thailand
20.5
Egypt
13.9
Russia
11
Argentina
10.1
Mexico
10
Chile
8.5
S.Africa
8.2
Turkey
32.2
India
0
5
10
15
20
25
30
35
Custom Tariff Rate
3
4. EMPIRICAL STUDY I
Testing for Cointegration between the following
a) Customs Revenues and Other Central Tax Revenues such as Personal
Income Tax, Corporation Tax and Total Direct Tax Revenues (1970-2006)
b) Customs Revenues and Imports of Principal Commodities 2
Dependent Variable:
CR = customs revenues {Yt}
Possible Independent Variables {Xt} to test for Cointegration with CR
ER = excise revenues
ITR = income tax revenues
CTR = corporation tax revenues
DTR = total direct tax revenues
IMP = imports
Yt = β0 + β1Xt + ut
Yt, Xt ~ Cointegration (d,b) if both series are integrated of same order i.e. d=b
Testing for Stationary using Augmented Dickey-Fuller Test (ADF Test)
Variable
First Difference
ADF Test Statistics*
Second Difference
Δ CRt
-3.05
(stationary)
-
ERt
ADF Test
Statistics*
0.837
(non
stationary)
3.818
Δ ERt
Δ ERt-1
ITRt
3.710
Δ ITRt
CTRt
3.801
Δ CTRt
-0.958
(non stationary)
0.038
(non stationary)
0.907
(non stationary)
DTRt
4.319
Δ DTRt
IMPt
2.344
Δ IMPt
CRt
2.734
(non stationary)
3.514
(non stationary)
Δ ITRt-1
Δ CTRt-1
Δ DTRt-1
Δ IMPt-1
ADF Test
Statistics*
-
Order of
Integration
I(1)
-6.367
(stationary)
-4.256
(stationary)
-1.787
(non
stationary)
-3.104
(stationary)
-0.560
(non
stationary)
I(2)
*Compared with (-2.975) Critical Value at 5% level
(Table 4, Appendix B and Table 5, Appendix C)
Conclusion:
We can conclude that any regression model containing CR with any other variable
mentioned above would be meaningless and cannot be tested for Cointegration since
they are integrated of different orders.
2
Food & live animals, beverages & tobacco, Crude materials, inedible, except fuels, Mineral fuels, lubricants and
related materials, Animal and vegetable oils and fats, Chemicals, Manufacture goods classified chiefly by material,
Machinery and transport equipment, Miscellaneous manufactured articles
4
I(2)
> I(2)
I(2)
> I(2)
5. EMPIRICAL STUDY II
Testing for Causality between Customs Revenue and Effective Customs Duty
CR = Customs Revenue
ETR = Total Customs Revenue/GDPmp
Where ETR is the effective tax rate (customs duty) and GDP has been taken as a proxy
for a tax base for customs duty.
Ln CRt = β0 + β1 (ln ETRt) + β2 (lnETRt)2 + ut
Variable
ADF Test
First Difference
Statistics*
Ln CRt
-1.712
Δ ln CRt
(non stationary)
Ln ETRt
2.001
Δ ln ETRt
(non stationary)
(LnETRt)2
0.075
Δ ln ETR2t
(non stationary)
*Compared with (-2.975) Critical Value at 5% level
ADF Test
Statistics*
-3.611
(stationary)
-3.359
(stationary
-3.222
(stationary
Order of
Integration
I(1)
I(1)
I(1)
Ln CRt = 18.53 + 2.81(lnETRt) + 0.14(lnETRt)2
(4.91)
(2.28)
(14.49)
R2 = 0.9673
DW statistic = 0.13
Figures in parentheses are t-values (5% level of significance)
(Table 4, Appendix B and Table 5, Appendix C)
Testing for stationarity of residuals in the model using ADF test
ADF test statistic = -1.342
Interpolated DF 5% critical value = -2.972
MacKinnon approximate p-value = 0.6098
Observations:
1. Errors are non stationary
2. Durbin-Watson statistic value considerably less than 2.0 implies that the errors
serially correlated
Conclusion:
It can be concluded that the above regression is spurious since both X and Y variables are
stationary of same order but the error term is non-stationary. However, we can apply OLS
to the appropriately differenced series (taking into account the appropriate lag length
using either AIC or SC).
5
6. ΔlnCRt = 0.06 - 0.23ΔlnCRt-1 + 0.29ΔlnETRt-1 + 1.36ΔlnETRt + 0.04Δ (lnETRt) 2 + 0.007Δ (lnETRt-1)2
(5.9)
(-1.24)
(0.97)
(8.8)
(2.6)
(0.38)
ΔlnCRt = 0.057 - 0.11ΔlnCRt-1 + 0.09ΔlnETRt-1 + 0.95ΔlnETRt
(5.4) (-0.63)
(0.59)
(25.29)
ΔlnCRt = 0.03 + 0.26ΔlnCRt-1 – 0.1Δ (lnETRt) 2 + 0.03Δ (lnETRt-1)2
(2.93) (1.69)
(-13.5)
(1.92)
lnETR and (lnETR)2 Granger cause lnCR
EMPIRICAL STUDY III
Estimating a Laffer curve for customs duty revenues and effective rate (customs
duty) for India (1970-2006) using a log-lin model.
lnCRt = 228.8ETRt – 3012.2 (ETRt)2
(14.5)
(-7.6)
∂lnCR t
= 228.8 − 6024.4 ETRt
∂ETRt
∂lnCR t
= 0 => ETRt = 0.0379 or 3.79%
FOC:
∂ETRt
SOC:
R2 = 0.928
∂ 2 lnCR t
= −(6024.4) < 0
∂ETRt 2
Since the quadratic term is negative and significant, the Laffer curve has a bell shape. Taking the first
derivative of lnCR, with respect to ETR, and setting the first derivative to zero, we find that the
revenue-maximizing tax rate is 3.79%. This can also be seen from the graph below. We may draw a
conclusion that the Federal government is likely to raise more tax revenues by raising the tax rate up
to this level.
(Table 4, Appendix B and Table 5, Appendix C)
6