IMF-采掘业的增值税（英）-2023.10-49页_1mb

Value Added Tax in the Extractive Industries: Second-Best Policy Analysis

Summary

IMF Working Paper WP/23/221 analyzes VAT challenges in the extractive industries (EI). Key findings:

1. Main Problem: EI countries face significant VAT refund delays due to weak tax administration and cash management, especially for capital-intensive projects with high import reliance and minimal domestic sales initially.

2. First-Best Solution: Apply a standard VAT regime with immediate refunds to avoid distortions and maintain neutrality for investors and suppliers.

3. Second-Best Solutions (delivered on the basis of tax administration capacity):

   • High-capacity administrations: Implement exterritorial VAT (no-VAT zone). This balances distortions, reduces refund demands, but demands strong enforcement.
   • Low-capacity administrations: Utilize domestic zero-rating or exemptions to improve VAT recovery. These need careful design depending on domestic supplier market structure and pass-through capabilities.

4. Other Considerations:

   • Combining policies (e.g., partial deeming + interest on refunds) can balance stakeholder interests.
   • Continuous focus on improving refund timeliness is crucial as it aligns with broader fiscal reform objectives.
   • Second-best solutions introduce unavoidable distortions but offer flexibility for contexts where full reform is not feasible.

While these solutions help manage VAT complexity, they should be implemented cautiously to avoid revenue leakage or administrative overload.