(MENAFN- Trend News Agency) U.S., WASHINGTON, April 17. Taxing the returnsfrom wealth is generally less distorting and more equitable than awealth tax, said Vitor Gaspar, Director of the Fiscal AffairsDepartment, IMF, during a briefing on the Fiscal Monitor held aspart of the IMF Spring Meetings in Washington, Trend reports.
"There is a lot of concern about fair distribution of the taxburden and there is a particular concern about the concentration ofwealth and income at the top of the distribution. In that context,many times one hears calls for taxation targeting the super-rich,one sees calls for wealth taxation. Our position at the IMF is thattaxing the returns from wealth is generally less distorting andmore equitable than a wealth tax," he said.
Gaspar emphasized the importance of international cooperation,for example, in exchanging information to make tax avoidance andtax evasion harder.
"We do believe that international agreements like what waspossible in the OECD, inclusive framework for corporate incometaxation is a very important asset. And we believe that countriesand tax administrations should embrace the promise of technology toadapt the tax system and reinforce tax compliance," he added.
The Spring Meetings of the International Monetary Fund and theWorld Bank Group kicked off on April 15.
The main ministerial meetings and events will take place April17-19 with other events and activities taking place during theweek, April 15-20.
At the heart of the gathering are meetings of the jointDevelopment Committee and the IMF's International Monetary andFinancial Committee, which discuss progress on the work of theWorld Bank Group and the IMF.
The Spring Meetings bring together central bankers, ministers offinance and development, parliamentarians, private sectorexecutives, representatives from civil society organizations andacademics to discuss issues of global concern, including the worldeconomic outlook, poverty eradication, economic development, andaid effectiveness.
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