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Euro Zone Tax Policies Should Target Growth: IMF

by Ulrika Lomas, Tax-News.com, Brussels

26 July 2017


Euro zone countries should lower labor taxes to boost employment and productivity and hike indirect taxes, a new report from the International Monetary Fund says.

The IMF said that despite years of tax reform, countries could benefit from adopting a more growth-friendly mix of taxes and spending. "On the revenue side, there may be benefits from shifting from personal income taxes to indirect taxes, including emissions taxes and property taxes, as well as from base broadening while lowering marginal tax rates," it said.

It said that Germany in particular would benefit from lowering the labor tax wedge, and Italy could fund labor tax cuts by rationalizing tax expenditures and broadening the tax base, as well as implementing a modern property tax. It concluded that those countries with fiscal space should use it to support public investment and structural reforms that boost potential growth.

TAGS: tax | value added tax (VAT) | property tax | International Monetary Fund (IMF) | tax rates | Germany | Italy | tax reform | European Union (EU) | Europe

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