Policy Forum: The Financial Activities Tax

Michael Keen, Russell Krelove () and John Norregaard ()
Additional contact information
Russell Krelove: Fiscal Affairs Department, International Monetary Fund (IMF), Washington, DC
John Norregaard: Formerly with the IMF, now an independent consultant

Canadian Tax Journal, 2016, vol. 64, issue 2, 389-400

Abstract: This article considers key issues in the design of a financial activities tax, which is an addition-based value-added tax (VAT) applied to financial activities. The form of FAT discussed in the article by no means resolves all the difficulties associated with exemption within an invoice-credit form of VAT, but principle and such limited experience as exists suggest that it may offer a useful way ahead when more perfect solutions are not available.

Keywords: Value-added tax; goods and services tax; financial services; financial institutions; tax neutrality; windfall profits (search for similar items in EconPapers)
Date: 2016
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