This paper examines the impact of changing the extent to which tax losses are refunded to firms in a model of imperfect competition. It proposes a particular collusive equilibrium in a repeated oligopoly with homogeneous quantity-setting firms. The industry sustains tacit collusion by using...

We compare and contrast the CVAT and VIVAT approaches discussed in the preceding papers by McLure and Keen and Smith with the dual VAT originally discussed in our 1998 paper. We conclude that each of these approaches seems most suitable to different circumstances, but that none of them answers...

In recent years, two distinct but related questions have been raised with respect to value-added taxes (VATs). Concern has been expressed over whether it is desirable or even possible for both national and subnational governments in federal countries such as India, Argentina, and Russia to...