The Taxation Implicit in Two-Tiered Exchange Rate Systems [electronic resource] / Harry Huizinga.
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TextSeries: IMF Working Papers; Working Paper ; No. 96/120Publication details: Washington, D.C. : International Monetary Fund, 1996Description: 1 online resource (26 p.)ISBN: 1451854226 :ISSN: 1018-5941Subject(s): Exchange Rate System | Exchange Rate Systems | Exchange Rate | Exchange Rates | Foreign Exchange | Bahamas, The | Dominican Republic | South AfricaAdditional physical formats: Print Version:: The Taxation Implicit in Two-Tiered Exchange Rate SystemsOnline resources: IMF e-Library | IMF Book Store Abstract: A two-tiered exchange rate system can be interpreted as a set of separate taxes on money and other financial assets. If the official two-tiered exchange rate system coexists with a black market for foreign exchange, then there is implicit taxation of the international goods trade as well. This paper presents some evidence on the tax rates and tax revenues implicit in the exchange rate systems of The Bahamas (from 1978 to 1995), the Dominican Republic (from 1970 to 1984), and South Africa (from 1973 to 1995).
A two-tiered exchange rate system can be interpreted as a set of separate taxes on money and other financial assets. If the official two-tiered exchange rate system coexists with a black market for foreign exchange, then there is implicit taxation of the international goods trade as well. This paper presents some evidence on the tax rates and tax revenues implicit in the exchange rate systems of The Bahamas (from 1978 to 1995), the Dominican Republic (from 1970 to 1984), and South Africa (from 1973 to 1995).
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