The study is in two parts, part onecovering the various policy aspects of Corporate Income Tax(CIT) and includes issues such as expenses and deductions todetermine the tax base, transfer pricing, thincapitalization, taxation of special entities, and taxincentives. All this is done in the backdrop ofinternational experience of corporate income taxes appliedglobally. Finally, alternatives for rate rationalization andtheir impact on CIT revenues using a forecasting model areexamined. The existing provisions of the law are referencedin this part of the study as well, and further scope forreform discussed as necessary.Part two of the studypresents a similar analysis of value added tax as well asforecasting of VAT revenues. This chapter examines thepresent rate structure including zero-rating, exemptions andexclusions from VAT, and VAT refunds. Taxation of somespecial sectors such as agriculture, real estate and exportsis also analyzed. All this is again done in the milieu ofinternational experience of value added taxes inOrganization for Economic Co-operation and Development(OECD) countries, Brazil, Russia, India, China and SouthAfrica (BRICS) countries and the countries of ASEAN so as toget a practical and realistic picture. Finally, a revenueforecasting model for VAT is presented with a guideline forestimating VAT threshold for exempting small traders. Allthe chapters make reference to the present provisions in lawand also the way forward to further strengthen andstreamline the VAT.
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