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IMF proposes replacing wealth tax with wealth income tax
– 2024-04-19 07:43:38
Taxing wealth income is generally less distortionary and fairer than a wealth tax.
As Day.Az reported on Wednesday with reference to Trend, the director of the IMF’s Fiscal Affairs Department, Vitor Gaspar, said this today during a briefing on financial monitoring (Fiscal Monitor), held as part of the IMF spring meetings in Washington.
“There are serious concerns about the fair distribution of the tax burden, and of particular concern when wealth and income are prioritized in the distribution of the tax burden. In this context, calls for taxation targeting the super-wealthy and wealth taxation are often heard. Our position is The IMF’s point is that taxing wealth income is generally fairer than a wealth tax,” he said.
Gaspard stressed the importance of international cooperation, for example in the exchange of information, to make tax evasion more difficult.
“We believe that international agreements such as what was possible in the OECD – an inclusive corporate income tax system – are a very important asset. And we believe that countries and tax administrations should use technology to adapt the tax system and strengthen tax laws,” – he added.
It should be noted that on April 15, the Spring Meetings of the International Monetary Fund and the World Bank Group started in Washington.
Major ministerial meetings and events will be held April 17-19, and other meetings will be held April 15-20.
Key events include meetings of the Development Committee and the International Monetary and Financial Committee of the IMF, which discuss the progress of the work of the World Bank Group and the IMF.
The Spring Meetings bring together central bankers, finance and development ministers, parliamentarians, private sector representatives, civil society organizations and academics to discuss issues of global concern, including the global economy, poverty eradication, and economic development.
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IMF proposes replacing wealth tax with wealth income tax – 2024-04-19 07:43:38
Business Loan Applications Decrease in Last Quarter, Superfinanciera Report Shows
In the last quarter, the level of business loan applications has recorded a decrease compared to the same period of the previous year. This indicator is calculated through the average monthly growth of the volume of commercial credit applications over three months..
According to the Superfinanciera, between September 2022 and February 2023, a total of 302,045 applications were registeredand in the period corresponding to September 2023 and February 2024, this figure was reduced to 260,029, which translated into a decrease of 3.71%.
In contrast, Commercial mode approval rate has remained above 92% with amounts exceeding $53 billion per month during the study period.
Until February 2024, the demand for business credit had a special presence in the Andean region, especially in Bogotá and Antioquia, with shares of 57.19% and 20.62%, respectively.
The demand for credit, according to the main economic activities that represented 71.07% of the amounts requested in February 2024 under the commercial methodit is seen that the average production remains constant over time.
Financial and insurance activities, as well as wholesale and retail trade, account for the majority of demand for commercial business creditreaching its highest shares in March and January 2023 (47.12% and 36.40%, respectively).
The risk profile, other factors, and cash flow of the debtor have a significant impact on commercial credit approvals in the country. Until February 2024, these rejection reasons represented shares of 47.01%, 29.68%, and 22.49%, respectively. It is important to point out that none of these reasons have exceeded 4% of participation in the total amount requested for commercial credits, that means, on average, the amounts approved represent 96% of the total amount requested.
Some departments, which collected on the last cut-off date agreed amounts on average for a total of $34 billionshowing an adoption rate of 96.62%, higher than the country’s economic activity average of 0.59%.
Financial activities, insurance and manufacturing industries have displayed the levels and amounts allowed higher compared to the other economic sectors studied.
2024-04-19 05:06:08
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Business Loan Applications Decrease in Last Quarter, Superfinanciera Report Shows