This paper provides an analysis of revenue and welfare effects associated with a VAT exemption of financial services, which is common among OECD countries. We follow a general equilibrium approach that considers effects of repealing the VAT exemption not only on consumer demand and...

Consider an atomistic developer who decides when and at what density to develop his land, under a property value tax system characterized by three time-invariant tax rates: τ<Subscript> V </Subscript>, the tax rate on pre-development land value; τ<Subscript> S </Subscript>, the tax rate on post-development residual site value; and τ<Subscript> K </Subscript>,...</subscript></subscript></subscript>