Tuesday, July 11, 2006

implicit taxation

This paper is interesting - basically the authors argue that China's system of channelling private money through state-run banks into public works is a more efficient form of taxation than income tax, given the disparities of income and the low level of banking participation amongst the poorest in the country.

It puts me very much in mind of the IPO frenzy in the Gulf. Raising money for government-controlled companies through IPOs may not have been the most efficient in terms of the transaction costs, but given the lack of democratic participation income taxes are politically untenable. Raising the cash through IPOs helped engender a sense of participation and accountability, and it's hard not to see that the social/political value of those feelings would outweigh the social/political costs of taxation (though the Dubayyi govt does play with the idea of VAT quite often).

Of course, that begs the question of what impact the stock market collapse has had on Gulfi politics. It would be nice to find the time to do a properly structured survey of investor sentiment and of political sentiment and see how that correlates, but it would be pretty hard to conduct the latter part. That might have to be reliant on analysis of press coverage and interpretation of the significance of elite political acts, which is always quite difficult to pull off robustly.


5 Comments:

Blogger black feline said...

well...but for the wrong audience...i want to see u loosen up..i want to know u as a person...it's not coming thru at all...what about yin shui si yuan? I dont see the enlightenment here at all...having zero comments might not be important to u...but at least u know people are reading...change the entire format...u must be connected.

19/7/06 04:36  
Blogger black feline said...

Sorry...the earlier part should reads
" You write well...."

19/7/06 04:37  
Anonymous Surprised Sheep said...

Do Police officers in Dubai accept “Bribes” ?

Apparently, YES!

So this friend of ours was in a taxi being driven down to Sharjah, the cab guy skips a light at the Galadhari cross roads and changes three lanes in a go. The cab got pulled over and the Cops came over and wanted to arrest this guy. Not the Driver, but the passenger,(Brown passenger).

The cops asked him if he was drinking, (remember he was not in Sharjah yet, still a few hundred meters away from the border),


The guy freaked out so he offers a bribe, AED 1,800 that he happened to have in his pocket. And guess what, the Uniformed Dubai Police Officer accepts it and lets him go.
Now we understand that corruption is endemic in this region, however is it acceptable to fleece the underprivileged? Oh allk right this over paid brown guy we are taling about is not part of the ,”underprivileged”, but WTF? Well Dubai is progressing and ……

Dubai = a wanna be First world country?

Dubai = stereotypical Arab nation with nothing new to offer.


Regards,

Surprised Sheep Productions

20/7/06 22:06  
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26/1/07 19:24  
Anonymous offshore said...

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7/6/13 13:54  

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