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Alternative Approaches to Taxing the Financial Sector: Which is Best and Where Does Chile Stand?

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Author Info
Patrick Honohan

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Abstract

In contrast to the enthusiasm of some observers for sweeping reforms to financial sector taxation (such as abolishing taxation of capital income or introducing a universal transactions tax), this paper argues that practical policy needs to pay special attention to the potential for tax arbitrage, and to avoiding a system that is too sensitive to inflation. A review of the main features of Chile's financial sector taxation regime (in particular the stamp taxes on checks and on loans) against this background shows some strengths, though the rates are somewhat higher than would result from a VAT applied systematically to financial services at the standard rate.

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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 225.

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Date of creation: Oct 2003
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Handle: RePEc:chb:bcchwp:225

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  1. Edgar L. Feige, 2000. "Taxation for the 21st century: the automated payment transaction (APT) tax," Economic Policy, CEPR, CES, MSH, vol. 15(31), pages 473-511, October. [Downloadable!] (restricted)
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  2. Laeven, Luc, 2002. "Pricing of deposit insurance," Policy Research Working Paper Series 2871, The World Bank. [Downloadable!]
  3. Richard K. Lyons, 2006. "The Microstructure Approach to Exchange Rates," MIT Press Books, The MIT Press, edition 1, volume 1, number 026262205x.
  4. Huizinga, Harry & Nicodeme, Gaetan, 2004. "Are international deposits tax-driven," Journal of Public Economics, Elsevier, vol. 88(6), pages 1093-1118, June. [Downloadable!] (restricted)
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  5. Honohan, Patrick, 1996. "Does It Matter How Seigniorage Is Measured," Applied Financial Economics, Taylor and Francis Journals, vol. 6(3), pages 293-300, June. [Downloadable!] (restricted)
  6. Asli Demirguc-Kunt & Edward J. Kane, 2002. "Deposit Insurance around the Globe: Where Does It Work?," Journal of Economic Perspectives, American Economic Association, vol. 16(2), pages 175-195, Spring. [Downloadable!] (restricted)
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  7. Cull, Robert & Senbet, Lemma W & Sorge, Marco, 2005. "Deposit Insurance and Financial Development," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(1), pages 43-82, February.
    Other versions:
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