The ICMS represents the most important source of revenue for the Brazilian states and one of the most important taxes in Brazil. Unlike other VATs in the world, the ICMS is not collected by the central government. The ICMS is collected by the states (the intermediate level of government), which are able to fix the internal rates; a situation that reflects the fiscal autonomy of the different levels of government in Brazil. Similarly, the direct and unconditional transfers of 25% of the ICMS collection to the municipalities (the local level) show the high degree of autonomy at the sub–national …
When studying tax issues in Latin America, along with any regional perspective, individual country differences must be taken into account. Despite this regional diversity, the tax systems of the vast majority of Latin America's countries share certain key characteristics: the composition of their tax structures; the technical, economic, political and administrative constraints they face; current trends in tax policy and administration; and a high estimated level of tax evasion.
Today's globalized world calls for the need to align tax policies and administrations with those used in ot…
This study analyzes the patterns of development in the Caribbean and gives particular focus to the challenges to and opportunities for sustainable development. The study is divided into two parts. The first part of the study examines trajectories for development in the Caribbean, while the second addresses the relationship between competition and integration.1
The significant development gains attained since independence have been threatened in the last decade. Slowing productivity growth, rising debt, increasing crime and social dislocation in recent years have adversely affected growth in pe…