William F. Maloney / El Día
The World Bank has just released its report on “Taxes on Wealth for Equity and Growth” related to the Latin American and Caribbean (LAC) region.
Among the different types of wealth, the report identifies property taxes as a possible avenue to focus. It finds that LAC countries have a “property tax paradox”: 80 percent of wealth in the region is held in real estate, even among the top 10 percent of earners, yet countries typically collect only 2 percent of their tax revenue from property taxes. In North America, about 47 percent of wealth is held in real estate, and helps to collect about 12.8 percent of tax revenues.
The report recommends modernizing property valuation systems and collection efforts to benefit from this potential. According to some studies, properly administered property taxes could contribute up to 3 percent of GDP, significantly...
Continue reading...
Last edited by a moderator:
