2013年-IMF国际货币组织全球_Taxing_Immovable_Property_Revenue_Potential_and_Implementation_Challenges_43页_1mb

报告摘要

Summary of "Taxing Immovable Property" by John Norregaard

Core Content

This IMF Working Paper by John Norregaard examines the revenue potential and implementation challenges of immovable property taxation. It highlights the economic rationale for using property taxes and explores the policy and administrative issues that must be addressed for successful reform. The paper also provides empirical data on the use of property taxes in various countries, emphasizing the global renewed interest in property tax reform.

Main Points

1. Revenue Potential and Popularity

Property taxes are generally seen as efficient and equitable but are underutilized in many countries.
They are less mobile than other tax bases, making them less distortionary for economic activity.
Despite their popularity among economists, they face political resistance due to transparency and limited tax avoidance.

2. Taxation of Immovable Property

Immovable property taxes include:
- Recurrent taxes on land and buildings
- Taxes on net wealth
- Estate, inheritance, and gift taxes
- Capital transaction taxes
- Other taxes
Recurrent immovable property taxes are the main focus of the paper.

3. Revenue Trends and Data

OECD countries have a higher average property tax-to-GDP ratio than developing and transition countries.
Property tax revenue has increased slightly since the 1970s, particularly in OECD countries.
High-income countries generally collect more property tax than middle- and low-income countries.
The paper provides data from 1990 to 2010, and 2010 data are summarized in the Appendix Tables.

4. Revenue Potential

High-income countries could potentially raise 2.9% of GDP from immovable property taxes.
Middle-income countries could raise 0.9% of GDP.
The potential increase for high-income countries is 2.1% of GDP, and for middle-income countries 0.6% of GDP.
However, in some countries, revenue gains may be limited due to the need to reduce distortive property transfer taxes.

5. Determinants of Property Tax Revenue

Economic development and urbanization are key determinants of property tax revenue.
Trade openness and legal origin (Anglo-Saxon vs. civil law) also play a significant role.
The effect of development on property tax revenue is exponential, as shown by the GDP per capita squared model.
Corruption and other factors were not analyzed due to data limitations.

Key Information

6. Country Examples

Namibia: Introduced a land tax on agricultural land in 2011.
Liberia: Reformed real property tax rates in 2011 and is considering further reforms.
Cambodia: Introduced a new property tax in 2011 based on market values.
China: Piloted residential property tax in Shanghai and Chongqing to curb speculation.
Hong Kong SAR: Introduced a 15% special property transaction tax in 2013.
Singapore: Increased stamp duties on certain home buyers.
Vietnam: Adopted a non-agricultural land tax in 2010.
Croatia: Planning to introduce an ad valorem property tax.
Greece: Introduced a square-meter tax in 2011.
Ireland: Abolished residential property tax in 1997 and plans to reintroduce it.
Latvia: Implemented a residential property tax in 2010.
Serbia: Plans to modernize its property tax system.
Slovenia: Replaced three duties with a modern real property tax.
Egypt: Adopted a 10% real estate tax on estimated rental income in 2009.
Kyrgyzstan: Introduced a property tax for companies and individuals in 2009.
Caribbean countries: Considering property tax reforms due to regional tax competition.
El Salvador: One of few Latin American countries without an immovable property tax.

7. Economic Rationale

Property taxes are relatively efficient, with low efficiency costs.
They have a benign impact on economic growth.
They are fair and progressive in nature, particularly when based on market values.

8. Policy and Administrative Issues

Political resistance due to public perception and transparency.
Administrative challenges include property valuation, tax collection, and legal frameworks.
The self-assessment approach is used in Bogota City.
CAMA systems (Computerized Asset Management and Assessment) are discussed as a modern valuation method.

Conclusion

The paper concludes that property taxes have significant untapped revenue potential.
A strategy for reform is necessary to maximize revenue and improve efficiency.
The renewed global interest in property tax reform is driven by economic, political, and administrative factors.
Decentralization may play a role in increasing property tax revenue, as it is more prevalent in developed countries.
Property tax reform is essential for revenue mobilization, fairness, and economic stability.

Figures and Tables

Figure 1: Property taxes as a percentage of GDP in OECD countries from 1965 to 2010.
Figure 2: Property taxes as a percentage of total tax revenue in OECD countries from 1965 to 2010.
Figure 3: Correlation between immovable property tax revenue and per capita income.
Figure 4: Distribution of immovable property tax yields across high and middle-income countries in 2009.
Table 1: Composition of general government property taxes in selected OECD countries (2011).
Table 2: Levels and trends in property tax revenues (as a percentage of GDP) across different country groups.