"Fiscal Devaluation" and Fiscal Consolidation: The VAT in Troubled Times
Published Date
Copyright 2013
ISBN 978-0-226-01844-7
This chapter discusses the tax side of fiscal adjustments. It first explores the idea, prominent in troubled Euro area countries, of a "fiscal devaluation"--that is, shifting from social contributions to the value added tax (VAT) as a way to mimic a nominal devaluation. The chapter then assesses the wider scope for using a VAT to achieve a fiscal consolidation.
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