data/processed/reports/cr-2011-138.json

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  "title": "Iceland: Advancing Tax Reform and the Taxation of Natural Resources",
  "language": [
    "English"
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      "name": "Iceland",
      "formal_name": "Iceland",
      "iso3": "ISL",
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      "start": "2016-12-31",
      "end": "2016-12-31",
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      "start": "2011-06-16",
      "end": "2011-06-16",
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    "series": [
      "IMF Staff Country Reports"
    ],
    "series_volume_no": "Country Report No.  2011/138",
    "doi": [],
    "isbn": [],
    "subjects": [
      "Income and capital gains taxes",
      "Income",
      "Tax incentives",
      "Value-added tax",
      "Income tax systems",
      "National accounts",
      "Taxes",
      "Capital income tax"
    ],
    "topics": [
      "Fiscal policy and management|Taxes|Income and capital gains taxes ",
      " Fiscal policy and management|Taxes ",
      " Fiscal policy and management ",
      " Real sector|National accounts|Income ",
      " Real sector|National accounts ",
      " Real sector ",
      " Fiscal policy and management|Taxes|Tax incentives ",
      " Fiscal policy and management|Taxes ",
      " Fiscal policy and management ",
      " Fiscal policy and management|Taxes|Income and capital gains taxes|Income tax systems ",
      " Fiscal policy and management|Taxes|Income and capital gains taxes ",
      " Fiscal policy and management|Taxes ",
      " Fiscal policy and management ",
      " Real sector|National accounts ",
      " Real sector ",
      " Fiscal policy and management|Taxes ",
      " Fiscal policy and management ",
      " Fiscal policy and management|Taxes|Income and capital gains taxes|Capital income tax ",
      " Fiscal policy and management|Taxes|Income and capital gains taxes ",
      " Fiscal policy and management|Taxes ",
      " Fiscal policy and management ",
      " Fund operations|IMF lending|Charges ",
      " Fund operations|IMF lending ",
      " Fund operations ",
      " Fund operations|IMF finances|Fund income|Lending income ",
      " Fund operations|IMF finances|Fund income ",
      " Fund operations|IMF finances ",
      " Fund operations ",
      " Fund operations|IMF lending|Lending mechanisms|Non-concessional lending mechanisms|Purchases ",
      " Fund operations|IMF lending|Lending mechanisms|Non-concessional lending mechanisms ",
      " Fund operations|IMF lending|Lending mechanisms ",
      " Fund operations|IMF lending ",
      " Fund operations ",
      " Fund operations|IMF finances|Fund resources|Borrowing by the IMF|Bilateral borrowing agreements|Loan agreements ",
      " Fund operations|IMF finances|Fund resources|Borrowing by the IMF|Bilateral borrowing agreements ",
      " Fund operations|IMF finances|Fund resources|Borrowing by the IMF ",
      " Fund operations|IMF finances|Fund resources ",
      " Fund operations|IMF finances ",
      " Fund operations"
    ],
    "keywords": [
      "ISCR,CR,income tax,property tax,tax rate,withholding tax,excise tax,wealth tax,carbon tax,cash flow,natural resources,value-added tax,Income,Income and capital gains taxes,Value-added tax,Income tax systems,Capital income tax,Europe"
    ],
    "description_indexed": "This study focused on environmental tax measures, and on allocation, pricing, and taxation of Iceland’s major hydropower and geothermal resources. Measures to secure the tax base for the corporate income tax (CIT) are proposed. Taxation of the  financial sector can be improved by a number of measures. The measures that increase fiscal levies on energy-intensive industries should be avoided. The proposals in this paper aim at efficiency and equity in the tax system rather than revenue growth.",
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    "source_page_url": "https://www.imf.org/en/publications/cr/issues/2016/12/31/iceland-advancing-tax-reform-and-the-taxation-of-natural-resources-24973",
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      "text": "The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Iceland or the Executive Board of the IMF.",
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      "text": "Iceland’s government has made commendable progress in raising revenues to close its fiscal gap.",
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      "text": "This report proposes that the net wealth tax, which is effectively a second income tax on capital, be allowed to expire.",
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      "text": "Iceland’s key challenge is to increase value retained from use of its hydro and geothermal resources.",
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      "text": "transparent comparison of proposals; (3) consolidation of resource assessments into packages of resource leases that are offered for investment projects; (4) linkage of the duration of leases to the flexibility of resource charges; (5) continuation of easily renewable long leases where a progressive resource charge is applied; (6) setting the base extraction levy in relation to anticipated environmental costs;(7) making additional extraction levy a bid variable at auctions; (8) introduction of a resource charge geared to the achieved results of a project; (9) permitting transferability of rights, to affiliates, upon sale or farm-in, and for third party financing, subject to regulatory safeguards.",
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      "text": "A second means of raising income without repressing growth would be the reduction or elimination of the gap between VAT rates, and removal of non-standard exemptions, while lowering the top rate .",
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      "text": "The excise on motor vehicles and the half-yearly fee on motor vehicles were reformed in 2010 and became effective in 2011.",
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      "text": "Nevertheless, a substantial pipeline of possible projects remains available to power company investors.",
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      "text": "Seismic or volcanic events can make geothermal resources vulnerable to sudden change.",
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      "text": "2 Note that for geothermal energy, electricity accounts for only 39 percent of the total energy production: another 45 percent of energy (hot water) is used directly for space heating and the remaining 16 percent for other purposes (swimming pools, agriculture, and snow melting).",
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      "text": "Petroleum is not yet produced in Iceland, but potential exists in deep waters to the north of the country .",
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      "text": "Any remainder of debt writeoffs at the end of 2014 that is in excess of ISK 500 million is taxed in equal parts from 2015 through 2019.",
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      "text": "Companies apparently found the proposed fiscal terms (including a royalty rising steeply with the rate of production) unattractive in this challenging technical environment.",
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      "text": "The Income Tax Act does not allow for mark-to-market valuation of current assets.",
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      "text": "However, this rule excludes debt restructuring in the form of conversion into equity and changes in the term of the loan agreement.",
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      "text": "The changes made in the term of the loan agreement typically do not give rise to a taxable event.",
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      "text": "4 Currently Iceland has concluded double tax treaties with 36 countries, out of which 20 do not allow the country of source any withholding tax on interest.",
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      "text": "Although it is common international practice that reduced treaty rates can be applied if the creditor provides a certificate of residence, creditors do not seem to have any incentive to provide such certificates.",
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          "quote": "Although it is common international practice that reduced treaty rates can be applied if the creditor provides a certificate of residence, creditors do not seem to have any incentive to provide such certificates.",
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      "text": "If the retained earnings are insufficient, the target company is required to enter into a loan agreement itself to enable transfer of sufficient funds to its new parent company.",
      "verbatim": "If the retained earnings are insufficient, the target company is required to enter into a loan agreement itself to enable transfer of sufficient funds to its new parent company.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "evidence": [
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      "text": "In most other cases a limited withholding tax of 10 percent is allowed.",
      "verbatim": "In most other cases a limited withholding tax of 10 percent is allowed.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "The—mostly financial—expenses related to the investment can be offset against the remaining taxable dividends.",
      "verbatim": "The—mostly financial—expenses related to the investment can be offset against the remaining taxable dividends.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "Keep the R & D credit under review, to monitor its effectiveness.",
      "verbatim": "Keep the R & D credit under review, to monitor its effectiveness.",
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      "text": "Since 2007 the minimum imputed wages have not been changed or indexed to inflation, except that for tax year 2010 an additional high-wage category was introduced for members of the bank resolution committees.",
      "verbatim": "Since 2007 the minimum imputed wages have not been changed or indexed to inflation, except that for tax year 2010 an additional high-wage category was introduced for members of the bank resolution committees.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "In sole proprietorships, the remainder of earnings is taxed under the progressive PIT schedule, but is not subject to the SSC.",
      "verbatim": "In sole proprietorships, the remainder of earnings is taxed under the progressive PIT schedule, but is not subject to the SSC.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "In sole proprietorships, the remainder of earnings is taxed under the progressive PIT schedule, but is not subject to the SSC.",
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      "text": "It is not clear from existing law and regulation whether the SSC is levied on the labor share of this allocation, though the IRD does not include this labor share in the SSC base.",
      "verbatim": "It is not clear from existing law and regulation whether the SSC is levied on the labor share of this allocation, though the IRD does not include this labor share in the SSC base.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "Currently Icelandic tax law does not have a clear definition of closely-held businesses other than any business in which employees control the company .",
      "verbatim": "Currently Icelandic tax law does not have a clear definition of closely-held businesses other than any business in which employees control the company .",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "Combined with the mortgage and child tax credits, this would effectively raise the initial marginal PIT rate to 40.21 percent.",
      "verbatim": "Combined with the mortgage and child tax credits, this would effectively raise the initial marginal PIT rate to 40.21 percent.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "However, the marginal tax rate schedule faced by low-income Icelanders is far from smooth: Workers in the lowest quintile who increase their earnings face a “tax cliff” of almost 40 percentage points in their tax rate, which creates a disincentive to participate in the formal labor force.",
      "verbatim": "However, the marginal tax rate schedule faced by low-income Icelanders is far from smooth: Workers in the lowest quintile who increase their earnings face a “tax cliff” of almost 40 percentage points in their tax rate, which creates a disincentive to participate in the formal labor force.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "Most of the progressivity of the Icelandic system derives from its high basic allowance, which provides for a smoothly increasing average tax rate over most of the wage spectrum.",
      "verbatim": "Most of the progressivity of the Icelandic system derives from its high basic allowance, which provides for a smoothly increasing average tax rate over most of the wage spectrum.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "Both of these measures would increase both revenue and progressivity, with the 10 percent surcharge being somewhat more progressive and the dual 5 percent surcharges raising somewhat more revenue (0.4 percent vs.",
      "verbatim": "Both of these measures would increase both revenue and progressivity, with the 10 percent surcharge being somewhat more progressive and the dual 5 percent surcharges raising somewhat more revenue (0.4 percent vs.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "However, compulsory non-tax payments in Iceland are higher than elsewhere in the region: Icelandic workers are required to pay at least 12 percent of their income before tax into private pension funds, while elsewhere in the region a larger share of pensions are funded through explicit taxes on labor income.",
      "verbatim": "However, compulsory non-tax payments in Iceland are higher than elsewhere in the region: Icelandic workers are required to pay at least 12 percent of their income before tax into private pension funds, while elsewhere in the region a larger share of pensions are funded through explicit taxes on labor income.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "The 2010 FAD report recommended reducing social security taxes as labor market conditions improved to lower wage costs and stimulate employment .",
      "verbatim": "The 2010 FAD report recommended reducing social security taxes as labor market conditions improved to lower wage costs and stimulate employment .",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "The two PIT surcharges introduced in 2010 do not provide for much progressivity at the higher end of the wage distribution.",
      "verbatim": "The two PIT surcharges introduced in 2010 do not provide for much progressivity at the higher end of the wage distribution.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "Alternatively, the SSC base per worker could be capped at a certain level for both salaried and self-employed workers, to the extent that the corresponding benefits do not increase with salary level.",
      "verbatim": "Alternatively, the SSC base per worker could be capped at a certain level for both salaried and self-employed workers, to the extent that the corresponding benefits do not increase with salary level.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "Alternatively, the SSC base per worker could be capped at a certain level for both salaried and self-employed workers, to the extent that the corresponding benefits do not increase with salary level.",
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      "text": "Contributions to “third pillar” voluntary plans are limited to 4 percent of salary for employees and 2 percent for employers.",
      "verbatim": "Contributions to “third pillar” voluntary plans are limited to 4 percent of salary for employees and 2 percent for employers.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "Contributions to “third pillar” voluntary plans are limited to 4 percent of salary for employees and 2 percent for employers.",
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      "text": "Some countries, such as Spain, allow unused contribution amounts to be carried forward for a limited number of years.",
      "verbatim": "Some countries, such as Spain, allow unused contribution amounts to be carried forward for a limited number of years.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "As these controls are relaxed in the coming years, however, this base—in particular, wealth held in the form of cash and liquid financial securities—is likely to become much more sensitive to the tax burden.",
      "verbatim": "As these controls are relaxed in the coming years, however, this base—in particular, wealth held in the form of cash and liquid financial securities—is likely to become much more sensitive to the tax burden.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "As these controls are relaxed in the coming years, however, this base—in particular, wealth held in the form of cash and liquid financial securities—is likely to become much more sensitive to the tax burden.",
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      "text": "For an investor earning a 7.5 percent real return on assets, the 1.5 percent net wealth tax effectively doubles the 20 percent capital income tax to 40 percent; in the presence of 3 percent inflation, however, the tax on the real return rises to 67 percent.",
      "verbatim": "For an investor earning a 7.5 percent real return on assets, the 1.5 percent net wealth tax effectively doubles the 20 percent capital income tax to 40 percent; in the presence of 3 percent inflation, however, the tax on the real return rises to 67 percent.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "For an investor earning a 7.5 percent real return on assets, the 1.5 percent net wealth tax effectively doubles the 20 percent capital income tax to 40 percent; in the presence of 3 percent inflation, however, the tax on the real return rises to 67 percent.",
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      "text": "Allow the net wealth tax to expire, and replace the revenues with a combination of higher property taxes and a broader and more progressive personal income tax.",
      "verbatim": "Allow the net wealth tax to expire, and replace the revenues with a combination of higher property taxes and a broader and more progressive personal income tax.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "Allow the net wealth tax to expire, and replace the revenues with a combination of higher property taxes and a broader and more progressive personal income tax.",
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      "text": "However, analysis of Icelandic household expenditures indicated that the difference between the share of expenditures on food and other necessities varies little by income quartile.",
      "verbatim": "However, analysis of Icelandic household expenditures indicated that the difference between the share of expenditures on food and other necessities varies little by income quartile.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "If a taxpayer’s assets do not generate current income, then the net wealth tax can also pose illiquidity problems, although high-net-worth taxpayers likely have sufficient liquid assets to pay the tax.",
      "verbatim": "If a taxpayer’s assets do not generate current income, then the net wealth tax can also pose illiquidity problems, although high-net-worth taxpayers likely have sufficient liquid assets to pay the tax.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "If a taxpayer’s assets do not generate current income, then the net wealth tax can also pose illiquidity problems, although high-net-worth taxpayers likely have sufficient liquid assets to pay the tax.",
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      "text": "This policy is preferable to a reduction in the rate of the capital income tax for two reasons: First, since it is levied on gross income, the capital income tax does not create an incentive to increase financial leverage in the same manner as the net wealth tax.",
      "verbatim": "This policy is preferable to a reduction in the rate of the capital income tax for two reasons: First, since it is levied on gross income, the capital income tax does not create an incentive to increase financial leverage in the same manner as the net wealth tax.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "This policy is preferable to a reduction in the rate of the capital income tax for two reasons: First, since it is levied on gross income, the capital income tax does not create an incentive to increase financial leverage in the same manner as the net wealth tax.",
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      "text": "They are probably conservative insofar as they are based on Iceland’s survey of household expenditures, which does not capture all domestic consumption―for example, local government and tourism sectors are not covered.",
      "verbatim": "They are probably conservative insofar as they are based on Iceland’s survey of household expenditures, which does not capture all domestic consumption―for example, local government and tourism sectors are not covered.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "They are probably conservative insofar as they are based on Iceland’s survey of household expenditures, which does not capture all domestic consumption―for example, local government and tourism sectors are not covered.",
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    {
      "text": "The excise rates on ‘sin’ products are a matter of national preferences, trading off health arguments, externalities, distortions, and the risks of tax evasion.",
      "verbatim": "The excise rates on ‘sin’ products are a matter of national preferences, trading off health arguments, externalities, distortions, and the risks of tax evasion.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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    {
      "text": "Property taxes are also usually progressive, since higher-income individuals tend to own more property.",
      "verbatim": "Property taxes are also usually progressive, since higher-income individuals tend to own more property.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "severity": null,
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    {
      "text": "The picture is much different for Group A properties, however, where only 44 percent of potential revenue is collected, even given the lower cap on Group A tax rates.",
      "verbatim": "The picture is much different for Group A properties, however, where only 44 percent of potential revenue is collected, even given the lower cap on Group A tax rates.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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    {
      "text": "Iceland has followed many other countries in establishing a bank tax to cover the net fiscal cost of direct public support to financial institutions and help reduce excessive risk-taking (Table 6).",
      "verbatim": "Iceland has followed many other countries in establishing a bank tax to cover the net fiscal cost of direct public support to financial institutions and help reduce excessive risk-taking (Table 6).",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "Iceland has followed many other countries in establishing a bank tax to cover the net fiscal cost of direct public support to financial institutions and help reduce excessive risk-taking (Table 6).",
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      "text": "It would also help create a broad constituency to provide some level of accountability that any funds raised are used efficiently and remain available for financial sector support.",
      "verbatim": "It would also help create a broad constituency to provide some level of accountability that any funds raised are used efficiently and remain available for financial sector support.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "It would also help create a broad constituency to provide some level of accountability that any funds raised are used efficiently and remain available for financial sector support.",
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    {
      "text": "single out specific institutions, and create incentives for systemic risks to migrate, a broad application, with appropriate allowances for riskiness in the base and rate, would address these concerns and better cover institutions that could become systemic in the future.",
      "verbatim": "single out specific institutions, and create incentives for systemic risks to migrate, a broad application, with appropriate allowances for riskiness in the base and rate, would address these concerns and better cover institutions that could become systemic in the future.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "page": 37,
          "quote": "single out specific institutions, and create incentives for systemic risks to migrate, a broad application, with appropriate allowances for riskiness in the base and rate, would address these concerns and better cover institutions that could become systemic in the future.",
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      "text": "A broad base on the liability side of the balance sheet may be preferable, as it allows a lower rate for any given amount of revenue, and so limits the risk of unintended distortion.",
      "verbatim": "A broad base on the liability side of the balance sheet may be preferable, as it allows a lower rate for any given amount of revenue, and so limits the risk of unintended distortion.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "A broad base on the liability side of the balance sheet may be preferable, as it allows a lower rate for any given amount of revenue, and so limits the risk of unintended distortion.",
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      "text": "As risks vary over the cycle, the rate would have to be adjusted so as to help make the financial system less procyclical.",
      "verbatim": "As risks vary over the cycle, the rate would have to be adjusted so as to help make the financial system less procyclical.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "As risks vary over the cycle, the rate would have to be adjusted so as to help make the financial system less procyclical.",
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      "text": "However, it would be important to exclude equity (so as not to discourage capital accumulation).",
      "verbatim": "However, it would be important to exclude equity (so as not to discourage capital accumulation).",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "However, it would be important to exclude equity (so as not to discourage capital accumulation).",
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      "text": "However, the narrower the base concept, the higher the risks of arbitrage, evasion, and unintended effects.",
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      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "In principle, other liabilities could also be excluded to reflect their risk-characteristics or to avoid double taxation, such as subordinated debt, government guaranteed debt and intragroup debt transactions (an approach taken by Sweden).",
      "verbatim": "In principle, other liabilities could also be excluded to reflect their risk-characteristics or to avoid double taxation, such as subordinated debt, government guaranteed debt and intragroup debt transactions (an approach taken by Sweden).",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "evidence": [
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          "quote": "In principle, other liabilities could also be excluded to reflect their risk-characteristics or to avoid double taxation, such as subordinated debt, government guaranteed debt and intragroup debt transactions (an approach taken by Sweden).",
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      "text": "Off-balance sheet items could be included to the extent that they represent a significant source of systemic risk.",
      "verbatim": "Off-balance sheet items could be included to the extent that they represent a significant source of systemic risk.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "The rate for non-systemic and less risky financial institutions could be substantially lower, implying a lower overall rate.",
      "verbatim": "The rate for non-systemic and less risky financial institutions could be substantially lower, implying a lower overall rate.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "The rate for non-systemic and less risky financial institutions could be substantially lower, implying a lower overall rate.",
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      "text": "Consider, over the medium term, adjusting the rate to address institutions’ specific risks and their contribution to systemic risk.",
      "verbatim": "Consider, over the medium term, adjusting the rate to address institutions’ specific risks and their contribution to systemic risk.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "For final consumers, on the other hand, exemption likely means under-taxation, since the price they pay does not reflect tax on the full value added by financial service providers, but only their use of taxable inputs.",
      "verbatim": "For final consumers, on the other hand, exemption likely means under-taxation, since the price they pay does not reflect tax on the full value added by financial service providers, but only their use of taxable inputs.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "For final consumers, on the other hand, exemption likely means under-taxation, since the price they pay does not reflect tax on the full value added by financial service providers, but only their use of taxable inputs.",
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      "text": "As Iceland does not treat capital gains differently from ordinary income—except regarding capital losses on shares—the first criterion is less relevant.",
      "verbatim": "As Iceland does not treat capital gains differently from ordinary income—except regarding capital losses on shares—the first criterion is less relevant.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "As Iceland does not treat capital gains differently from ordinary income—except regarding capital losses on shares—the first criterion is less relevant.",
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      "text": "[21] A ‘Financial Activities Tax’ (FAT), levied on the sum of profits and remuneration of financial institutions (including insurance companies), could raise significant revenue and be designed to serve as an alternative tax on value added, and so would partially offset the risk of the financial sector becoming unduly large because of its favorable treatment under existing VATs.",
      "verbatim": "[21] A ‘Financial Activities Tax’ (FAT), levied on the sum of profits and remuneration of financial institutions (including insurance companies), could raise significant revenue and be designed to serve as an alternative tax on value added, and so would partially offset the risk of the financial sector becoming unduly large because of its favorable treatment under existing VATs.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "[21] A ‘Financial Activities Tax’ (FAT), levied on the sum of profits and remuneration of financial institutions (including insurance companies), could raise significant revenue and be designed to serve as an alternative tax on value added, and so would partially offset the risk of the financial sector becoming unduly large because of its favorable treatment under existing VATs.",
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      "text": "Countries which (1) do not have reduced rates (or exemption) for capital gains, (2) base their corporate income tax on the financial accounting rules, and (3) have kept their corporate income tax rules simple, therefore, may not need extensive special rules for derivatives in their domestic legislation.",
      "verbatim": "Countries which (1) do not have reduced rates (or exemption) for capital gains, (2) base their corporate income tax on the financial accounting rules, and (3) have kept their corporate income tax rules simple, therefore, may not need extensive special rules for derivatives in their domestic legislation.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "severity": null,
      "evidence": [
        {
          "evidence_id": "ev-6e8b028744502e0e",
          "page": 41,
          "quote": "Countries which (1) do not have reduced rates (or exemption) for capital gains, (2) base their corporate income tax on the financial accounting rules, and (3) have kept their corporate income tax rules simple, therefore, may not need extensive special rules for derivatives in their domestic legislation.",
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      "text": "Such a policy may therefore deny to domestic companies the risk-shifting benefits that new financial instruments can provide.",
      "verbatim": "Such a policy may therefore deny to domestic companies the risk-shifting benefits that new financial instruments can provide.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "evidence": [
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          "page": 41,
          "quote": "Such a policy may therefore deny to domestic companies the risk-shifting benefits that new financial instruments can provide.",
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    {
      "text": "Tax treaties place significant constraints on countries’ freedom of action in imposing a withholding tax on derivatives .",
      "verbatim": "Tax treaties place significant constraints on countries’ freedom of action in imposing a withholding tax on derivatives .",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "severity": null,
      "evidence": [
        {
          "evidence_id": "ev-b31e3521e1d2feb5",
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          "quote": "Tax treaties place significant constraints on countries’ freedom of action in imposing a withholding tax on derivatives .",
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      "text": "There is a risk, therefore, that if a gross basis tax is imposed at source, taxpayers simply will not enter into the type of transaction subject to withholding, because the withholding would be out of proportion to the amount of income involved.",
      "verbatim": "There is a risk, therefore, that if a gross basis tax is imposed at source, taxpayers simply will not enter into the type of transaction subject to withholding, because the withholding would be out of proportion to the amount of income involved.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "severity": null,
      "evidence": [
        {
          "evidence_id": "ev-05dfc82173941707",
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          "quote": "There is a risk, therefore, that if a gross basis tax is imposed at source, taxpayers simply will not enter into the type of transaction subject to withholding, because the withholding would be out of proportion to the amount of income involved.",
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      "text": "Under each country’s domestic law, as limited by tax treaties, withholding applies only to specified types of payments.",
      "verbatim": "Under each country’s domestic law, as limited by tax treaties, withholding applies only to specified types of payments.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "evidence": [
        {
          "evidence_id": "ev-57311c70d91e313e",
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          "quote": "Under each country’s domestic law, as limited by tax treaties, withholding applies only to specified types of payments.",
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      "text": "Although the vast majority of countries generally do not impose withholding on derivatives (absent those payments characterized as implicit interest), Iceland imposes a withholding tax more generally on derivatives .",
      "verbatim": "Although the vast majority of countries generally do not impose withholding on derivatives (absent those payments characterized as implicit interest), Iceland imposes a withholding tax more generally on derivatives .",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "evidence": [
        {
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          "quote": "Although the vast majority of countries generally do not impose withholding on derivatives (absent those payments characterized as implicit interest), Iceland imposes a withholding tax more generally on derivatives .",
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    {
      "text": "However, taxpayers may be able to avoid the withholding tax by structuring the transaction through a taxpayer resident in a treaty country with a treaty that precludes the tax.",
      "verbatim": "However, taxpayers may be able to avoid the withholding tax by structuring the transaction through a taxpayer resident in a treaty country with a treaty that precludes the tax.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "evidence": [
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          "quote": "However, taxpayers may be able to avoid the withholding tax by structuring the transaction through a taxpayer resident in a treaty country with a treaty that precludes the tax.",
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      "text": "In particular, it risks cutting off the benefits of these transactions for its residents, because the withholding tax may make the transactions unviable.",
      "verbatim": "In particular, it risks cutting off the benefits of these transactions for its residents, because the withholding tax may make the transactions unviable.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "evidence": [
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          "quote": "In particular, it risks cutting off the benefits of these transactions for its residents, because the withholding tax may make the transactions unviable.",
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      "text": "The revenue could be made up through higher property taxes, which do not discourage transactions.",
      "verbatim": "The revenue could be made up through higher property taxes, which do not discourage transactions.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "evidence": [
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          "quote": "The revenue could be made up through higher property taxes, which do not discourage transactions.",
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      "text": "Iceland does not share the Scandinavian tradition of extensively using environmental taxes to internalize externalities, although recent reforms mark a change.",
      "verbatim": "Iceland does not share the Scandinavian tradition of extensively using environmental taxes to internalize externalities, although recent reforms mark a change.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "[26] In 2010, however, Iceland introduced a number of new environmental taxes.",
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      "text": "For energy-intensive industries, however, the Directive allows for measures to alleviate the tax burden or for refunds.",
      "verbatim": "For energy-intensive industries, however, the Directive allows for measures to alleviate the tax burden or for refunds.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "For energy-intensive industries, however, the Directive allows for measures to alleviate the tax burden or for refunds.",
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      "text": "In Iceland, however, environmental rationales are less clear-cut than elsewhere.",
      "verbatim": "In Iceland, however, environmental rationales are less clear-cut than elsewhere.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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    {
      "text": "In geothermal power, there is also a risk that suppliers overexploit the resource, thus undervaluing the benefits for future generations.",
      "verbatim": "In geothermal power, there is also a risk that suppliers overexploit the resource, thus undervaluing the benefits for future generations.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "evidence": [
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          "evidence_id": "ev-bd6a4fd216c30e08",
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          "quote": "In geothermal power, there is also a risk that suppliers overexploit the resource, thus undervaluing the benefits for future generations.",
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      "text": "Moreover, there may be other externalities from electricity generation, e.g., due to other emissions and waste or because of under-pricing of risks associated with generating the power.",
      "verbatim": "Moreover, there may be other externalities from electricity generation, e.g., due to other emissions and waste or because of under-pricing of risks associated with generating the power.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "evidence": [
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          "evidence_id": "ev-d4826d2c4b7af91f",
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          "quote": "Moreover, there may be other externalities from electricity generation, e.g., due to other emissions and waste or because of under-pricing of risks associated with generating the power.",
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      "text": "In the long run, however, higher taxation of these power-intensive industries runs the risk of undermining government credibility, thus hampering future investment in Iceland.",
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      "text": "At the margin, however, the industries will face an incentive to reduce their emissions.",
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      "text": "However, it has identified 164 sectors that are deemed exposed to a significant risk of carbon leakage.",
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      "text": "In the first year of the scheme, 10 percent of the allowances will be auctioned and the remaining 90 percent will be allocated for free according to historical emissions.",
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      "text": "Likewise, the tax on unrefined oil is levied on domestic vessels (including the fishery fleet), but does not extent to the international maritime transport sector.",
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      "text": "There is little Iceland can do, however, to change this.",
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      "text": "These sectors will receive relatively more free allowances, thus reducing the risk of relocation.",
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      "text": "There are a large number of exceptions to this rule, however.",
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      "text": "prescribes emission reduction obligations by participating countries, although Iceland has not ratified this part of the protocol.",
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      "text": "A special treatment of vehicles other than passenger cars (busses, rally cars, snow mobiles, tractors) may be justified, however, since they probably feature a very different average use compared to passenger cars.",
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      "text": "As Iceland does not have to fear cross-border fuelling, there is scope further to increase the excise rates.",
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      "text": "Despite recent increases, fuel excises in Iceland remain relatively low compared to other Nordic countries.",
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      "text": "Special rates and exemptions undermine the effectiveness of vehicle taxes in reducing emissions from vehicles.",
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      "text": "The use of vehicle taxes as instruments of environmental policy can thus be improved further by reconsidering exemptions and the low rates for commercial use of cars.",
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      "text": "External costs may take different forms, such as methane emissions that contribute to the greenhouse effect or unpriced risk of leaching accidents and pollution of water systems.",
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      "text": "It has, however, not imposed taxes on waste put in landfill or emissions from waste incineration.",
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      "text": "The proposal has, however, not been accepted by parliament.",
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      "text": "Iceland’s key challenge is to increase value retained from use of its hydro and geothermal resources, under historical circumstances of bilateral monopoly, and of possible petroleum discoveries .",
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      "text": "Despite the introduction of licensing, ownership of rights remains an issue distorting competition because of the extent of ownership rights remaining with public enterprises and municipalities.",
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      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "The significance of lease duration, however, depends on the adaptability (and progressivity) of fiscal and other terms built into lease conditions.",
      "verbatim": "The significance of lease duration, however, depends on the adaptability (and progressivity) of fiscal and other terms built into lease conditions.",
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      "text": "The recent committee report does not address transferability, but the mission understood the committee intended rights of use (as distinct from ownership) to be transferable.",
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      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "Link the duration of leases to the flexibility of resource charges; continue to grant easily renewable long leases where a progressive resource charge is applied.",
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      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "In the longer term, the electricity market in Iceland may evolve along two lines: a ‘Cable Scenario’, where Iceland will be connected to mainland Europe and be part of a much bigger market; or an ‘Isolated Market Scenario’, in which there is no Cable and Icelandic electricity remains an issues of domestic supply and demand.",
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      "text": "Lack of transparency reduces efficiency and hampers competition.",
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      "text": "The nontransparency of electricity contracts—described as ‘half confidential” since prices are known to consultants and anyone with inside information—does not serve the public interest and hinders competition and market development.",
      "verbatim": "The nontransparency of electricity contracts—described as ‘half confidential” since prices are known to consultants and anyone with inside information—does not serve the public interest and hinders competition and market development.",
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      "text": "Government owned enterprises typically have lowering borrowing costs, and soft-budget constraints.",
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      "text": "If, for these reasons, competition between government and private enterprises is not on level terms, stateowned companies can exhibit excess investment and inefficiency, insufficient private investment will be forthcoming, and potential fiscal costs arise.",
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      "text": "Thus, in a scenario where power companies remain predominantly public, taxes remain important.",
      "verbatim": "Thus, in a scenario where power companies remain predominantly public, taxes remain important.",
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      "text": "Apart from price, power contracts specify the duration and sometimes risk sharing agreements, e.g., by indexing the power price to the price of aluminum.",
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      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "Indeed, recent contracts tend to be of shorter duration, do not always involve risk sharing with the users and feature higher prices.",
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      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "They included some risk sharing, whereby the price of electricity was linked to the world-market price of aluminum.",
      "verbatim": "They included some risk sharing, whereby the price of electricity was linked to the world-market price of aluminum.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "33 The most cost-effective projects in Iceland that reap the largest rents have already been undertaken, reflecting decreasing returns to scale in power generation.",
      "verbatim": "33 The most cost-effective projects in Iceland that reap the largest rents have already been undertaken, reflecting decreasing returns to scale in power generation.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "Iceland’s major power generator, Landsvirkjun, assumed more and more of aluminum price risk over the period 1969 to 2006, with increased sales to smelters, and is only now beginning to adjust its portfolio.",
      "verbatim": "Iceland’s major power generator, Landsvirkjun, assumed more and more of aluminum price risk over the period 1969 to 2006, with increased sales to smelters, and is only now beginning to adjust its portfolio.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "This, however, says nothing about transfer of rents to energy users.",
      "verbatim": "This, however, says nothing about transfer of rents to energy users.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "Charging for hydropower and geothermal resources involves defining resource rent, and finding a suitable levy to tax it .",
      "verbatim": "Charging for hydropower and geothermal resources involves defining resource rent, and finding a suitable levy to tax it .",
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      "text": "Figure 3 shows that the flat rate (turnover levy) royalty charge only accidentally taxes the rent in one case: with more profitable projects it taxes insufficiently, while it reduces the feasible range of projects by making Project E now uneconomic.",
      "verbatim": "Figure 3 shows that the flat rate (turnover levy) royalty charge only accidentally taxes the rent in one case: with more profitable projects it taxes insufficiently, while it reduces the feasible range of projects by making Project E now uneconomic.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "It does not require a prediction of the future course of prices, but it does require that the price of electricity be transparent and measurable.",
      "verbatim": "It does not require a prediction of the future course of prices, but it does require that the price of electricity be transparent and measurable.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "Project E is now viable again, so that the tax does not disturb the pre-tax economic feasibility of projects, while capturing more of the overall rent than an extraction levy.",
      "verbatim": "Project E is now viable again, so that the tax does not disturb the pre-tax economic feasibility of projects, while capturing more of the overall rent than an extraction levy.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "Alternatively, a tax surcharge of 27 percent with a 5 percent allowance for corporate capital (ACC) for the undepreciated asset value—along the lines of the Norwegian tax on the hydropower sector—yields an acceptable balance between upfront revenue, progressivity, and minimal investment distortion.",
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      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "Alternatively, a tax surcharge of 27 percent with a 5 percent allowance for corporate capital (ACC) for the undepreciated asset value—along the lines of the Norwegian tax on the hydropower sector—yields an acceptable balance between upfront revenue, progressivity, and minimal investment distortion.",
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      "text": "Accounting and tax depreciation do not feature: all capital is immediately expensed, so that calculations are on cash flows.",
      "verbatim": "Accounting and tax depreciation do not feature: all capital is immediately expensed, so that calculations are on cash flows.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "It developed first in the gold mining industry of South Africa, where the effective tax rate may be lower or higher than the standard CIT base.",
      "verbatim": "It developed first in the gold mining industry of South Africa, where the effective tax rate may be lower or higher than the standard CIT base.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "The tax only narrows the distribution of possible outcomes, but does not change the mean expected return―any tax paid is thus a tax on rent.",
      "verbatim": "The tax only narrows the distribution of possible outcomes, but does not change the mean expected return―any tax paid is thus a tax on rent.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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    {
      "text": "Fiscal stability provisions do not guarantee stable operating costs.",
      "verbatim": "Fiscal stability provisions do not guarantee stable operating costs.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "evidence": [
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          "quote": "Fiscal stability provisions do not guarantee stable operating costs.",
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      "text": "The new package was drawn up under EU/EEA rules, and limited the amount of “state aid” to a large enterprise to a present value of benefits (including tax foregone) of 15 percent of the initial investment cost.",
      "verbatim": "The new package was drawn up under EU/EEA rules, and limited the amount of “state aid” to a large enterprise to a present value of benefits (including tax foregone) of 15 percent of the initial investment cost.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "[34] Some incentives are generally available; others are limited to areas covered in the regional aid map (currently most of Iceland outside Reykjavik).",
      "verbatim": "[34] Some incentives are generally available; others are limited to areas covered in the regional aid map (currently most of Iceland outside Reykjavik).",
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      "text": "The fiscal terms of 2008 contained a high progressive extraction levy .",
      "verbatim": "The fiscal terms of 2008 contained a high progressive extraction levy .",
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      "text": "Although Faeroes has only 2 percent royalty, and Greenland none, any discovery in Icelandic waters that is commercial is likely to be sufficiently attractive to meet a 6 percent royalty, especially if other taxes remain significantly below those of other producers in the region.",
      "verbatim": "Although Faeroes has only 2 percent royalty, and Greenland none, any discovery in Icelandic waters that is commercial is likely to be sufficiently attractive to meet a 6 percent royalty, especially if other taxes remain significantly below those of other producers in the region.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "evidence": [
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          "quote": "Although Faeroes has only 2 percent royalty, and Greenland none, any discovery in Icelandic waters that is commercial is likely to be sufficiently attractive to meet a 6 percent royalty, especially if other taxes remain significantly below those of other producers in the region.",
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      "text": "Iceland can expect only a limited number of discoveries on present knowledge, so ring-fencing project-by-project is appropriate.",
      "verbatim": "Iceland can expect only a limited number of discoveries on present knowledge, so ring-fencing project-by-project is appropriate.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "evidence": [
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          "evidence_id": "ev-92455e6e10c04516",
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          "quote": "Iceland can expect only a limited number of discoveries on present knowledge, so ring-fencing project-by-project is appropriate.",
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      "text": "Norway may, therefore, take more from a successful project, but its favorable treatment of losses reduces investor risk compared with the terms in Iceland.",
      "verbatim": "Norway may, therefore, take more from a successful project, but its favorable treatment of losses reduces investor risk compared with the terms in Iceland.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "Norway may, therefore, take more from a successful project, but its favorable treatment of losses reduces investor risk compared with the terms in Iceland.",
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      "text": "Other simpler alternatives exist to the proposed hydrocarbon tax design, which run less risk of taxing returns that are normal profits (not rents) than the scheme currently proposed.",
      "verbatim": "Other simpler alternatives exist to the proposed hydrocarbon tax design, which run less risk of taxing returns that are normal profits (not rents) than the scheme currently proposed.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "Proposed new fiscal terms for a second licensing round eliminate the progressive extraction levy.",
      "verbatim": "Proposed new fiscal terms for a second licensing round eliminate the progressive extraction levy.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "The government is not in a position to take exploration and project risk by offering refunds of the tax value of losses.",
      "verbatim": "The government is not in a position to take exploration and project risk by offering refunds of the tax value of losses.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "The new regime is intended to be more generous to investors than Norway’s, and to remain approximately competitive with those offered in Faeroes and Greenland.",
      "verbatim": "The new regime is intended to be more generous to investors than Norway’s, and to remain approximately competitive with those offered in Faeroes and Greenland.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "The ring-fencing provisions in Iceland appear to be limited to deduction of failed exploration, and there is no provision for refund of losses.",
      "verbatim": "The ring-fencing provisions in Iceland appear to be limited to deduction of failed exploration, and there is no provision for refund of losses.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "This procedure reasonably compares overall government take, but is less helpful in assessing the effect on investors’ perceptions of risk.",
      "verbatim": "This procedure reasonably compares overall government take, but is less helpful in assessing the effect on investors’ perceptions of risk.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "This procedure reasonably compares overall government take, but is less helpful in assessing the effect on investors’ perceptions of risk.",
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      "text": "An earlier study for Canada by Bernard, and others (1982), however, estimated the rent at a much lower US$9.68 per mwh―there were much larger unit production costs (using alternative technologies).",
      "verbatim": "An earlier study for Canada by Bernard, and others (1982), however, estimated the rent at a much lower US$9.68 per mwh―there were much larger unit production costs (using alternative technologies).",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "An earlier study for Canada by Bernard, and others (1982), however, estimated the rent at a much lower US$9.68 per mwh―there were much larger unit production costs (using alternative technologies).",
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    {
      "text": "Beyond this year, however, revenue is considerably higher than of any other tax.",
      "verbatim": "Beyond this year, however, revenue is considerably higher than of any other tax.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "The royalty is the least progressive and the resource rent tax the most progressive.",
      "verbatim": "The royalty is the least progressive and the resource rent tax the most progressive.",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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      "text": "This is reflected in the marginal effective tax rates (METRs), which measure the tax burden on the project if it just breaks even (Table 9).",
      "verbatim": "This is reflected in the marginal effective tax rates (METRs), which measure the tax burden on the project if it just breaks even (Table 9).",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "quote": "This is reflected in the marginal effective tax rates (METRs), which measure the tax burden on the project if it just breaks even (Table 9).",
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    {
      "text": "Geothermal Project Tax Progressivity (Correlation of Government Revenue",
      "verbatim": "Geothermal Project Tax Progressivity (Correlation of Government Revenue",
      "topic": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "severity": null,
      "evidence": [
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          "evidence_id": "ev-4a6475bc83882137",
          "page": 79,
          "quote": "Geothermal Project Tax Progressivity (Correlation of Government Revenue",
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      "extraction_method": "diagnostic_signal_sentence",
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      "observation_id": "cr-2011-138-obs-0140"
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    {
      "text": "Hydro Project Tax Progressivity (Correlation of Government Revenue and",
      "verbatim": "Hydro Project Tax Progressivity (Correlation of Government Revenue and",
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      "observation_id": "cr-2011-138-obs-0141"
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    {
      "text": "For example, the need to stimulate growth and investment suggests some rebalancing of the tax effort.",
      "verbatim": "For example, the need to stimulate growth and investment suggests some rebalancing of the tax effort.",
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "page": 10,
          "quote": "For example, the need to stimulate growth and investment suggests some rebalancing of the tax effort.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0001"
    },
    {
      "text": "In future, the emphasis should shift to the role of the tax system in promoting efficiency and stimulating growth.",
      "verbatim": "In future, the emphasis should shift to the role of the tax system in promoting efficiency and stimulating growth.",
      "actor": null,
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          "page": 10,
          "quote": "In future, the emphasis should shift to the role of the tax system in promoting efficiency and stimulating growth.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0002"
    },
    {
      "text": "Reform should reduce or eliminate the gap between VAT rates, and remove non-standard exemptions, while lowering the top rate.",
      "verbatim": "Reform should reduce or eliminate the gap between VAT rates, and remove non-standard exemptions, while lowering the top rate.",
      "actor": null,
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "evidence_id": "ev-703118dc813d3706",
          "page": 10,
          "quote": "Reform should reduce or eliminate the gap between VAT rates, and remove non-standard exemptions, while lowering the top rate.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0003"
    },
    {
      "text": "To replace the revenues it provides, taxes should be increased on the less mobile components of its base: real estate (the local property tax) and high-income labor from a steepening of personal income tax (PIT) rates and the reallocation of income from capital to labor in closely held businesses (CHBs).",
      "verbatim": "To replace the revenues it provides, taxes should be increased on the less mobile components of its base: real estate (the local property tax) and high-income labor from a steepening of personal income tax (PIT) rates and the reallocation of income from capital to labor in closely held businesses (CHBs).",
      "actor": null,
      "priority": "high",
      "timeframe": null,
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
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          "evidence_id": "ev-aa5ae276c02261fb",
          "page": 10,
          "quote": "To replace the revenues it provides, taxes should be increased on the less mobile components of its base: real estate (the local property tax) and high-income labor from a steepening of personal income tax (PIT) rates and the reallocation of income from capital to labor in closely held businesses (CHBs).",
          "source": "document"
        },
        {
          "evidence_id": "ev-389c9e360e24a96f",
          "page": 13,
          "quote": "To replace the 0.3 percent of GDP in revenues it provides, taxes should be increased on the less mobile components of its base: real estate (the local property tax) and high-income labor from a steepening of personal income tax rates and the reallocation of income from capital to labor in closely held businesses (CHBs).",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0004"
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    {
      "text": "Above all, the report emphasizes the need to adopt financial accounting rules in determining profit for tax purposes.",
      "verbatim": "Above all, the report emphasizes the need to adopt financial accounting rules in determining profit for tax purposes.",
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          "evidence_id": "ev-01df1117bfa09633",
          "page": 11,
          "quote": "Above all, the report emphasizes the need to adopt financial accounting rules in determining profit for tax purposes.",
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      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0005"
    },
    {
      "text": "The VAT treatment of financial institutions should be reformed, and a financial activity tax (FAT) introduced.",
      "verbatim": "The VAT treatment of financial institutions should be reformed, and a financial activity tax (FAT) introduced.",
      "actor": null,
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "page": 11,
          "quote": "The VAT treatment of financial institutions should be reformed, and a financial activity tax (FAT) introduced.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0006"
    },
    {
      "text": "The bank tax that was recently introduced should be maintained, but the rate and base should be modified to take account of the risks of a financial institution.",
      "verbatim": "The bank tax that was recently introduced should be maintained, but the rate and base should be modified to take account of the risks of a financial institution.",
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "page": 11,
          "quote": "The bank tax that was recently introduced should be maintained, but the rate and base should be modified to take account of the risks of a financial institution.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0007"
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    {
      "text": "The carbon tax— introduced as a temporary tax—should be extended beyond 2012, its base should be broadened and the rate increased.",
      "verbatim": "The carbon tax— introduced as a temporary tax—should be extended beyond 2012, its base should be broadened and the rate increased.",
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "evidence_id": "ev-00c0fc7f15b29056",
          "page": 11,
          "quote": "The carbon tax— introduced as a temporary tax—should be extended beyond 2012, its base should be broadened and the rate increased.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0008"
    },
    {
      "text": "The electricity tax—also introduced as a temporary measure—should be extended and increased to comply with EU minimum standards, at least for households.",
      "verbatim": "The electricity tax—also introduced as a temporary measure—should be extended and increased to comply with EU minimum standards, at least for households.",
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "page": 11,
          "quote": "The electricity tax—also introduced as a temporary measure—should be extended and increased to comply with EU minimum standards, at least for households.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0009"
    },
    {
      "text": "These include: new rules on deductibility of interest, and taxation of interest paid abroad; treatment of intercompany dividends should be brought in line with standard European practice; temporary provisions introduced to enable tax neutral debt forgiveness in Iceland need to be extended to situations of debt conversion into equity.",
      "verbatim": "These include: new rules on deductibility of interest, and taxation of interest paid abroad; treatment of intercompany dividends should be brought in line with standard European practice; temporary provisions introduced to enable tax neutral debt forgiveness in Iceland need to be extended to situations of debt conversion into equity.",
      "actor": null,
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "evidence_id": "ev-9f6dc0bc491dbae9",
          "page": 11,
          "quote": "These include: new rules on deductibility of interest, and taxation of interest paid abroad; treatment of intercompany dividends should be brought in line with standard European practice; temporary provisions introduced to enable tax neutral debt forgiveness in Iceland need to be extended to situations of debt conversion into equity.",
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      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0010"
    },
    {
      "text": "Resource taxation should complement by use of an extraction levy on electricity sales, adjusting the levy in specific cases for the estimated environmental costs; and adopting a resource tax for access to rights, either by means of a cash flow tax surcharge scheme, or an allowance for corporate capital (ACC) scheme.",
      "verbatim": "Resource taxation should complement by use of an extraction levy on electricity sales, adjusting the levy in specific cases for the estimated environmental costs; and adopting a resource tax for access to rights, either by means of a cash flow tax surcharge scheme, or an allowance for corporate capital (ACC) scheme.",
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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        {
          "evidence_id": "ev-3c64c803f354dbfa",
          "page": 12,
          "quote": "Resource taxation should complement by use of an extraction levy on electricity sales, adjusting the levy in specific cases for the estimated environmental costs; and adopting a resource tax for access to rights, either by means of a cash flow tax surcharge scheme, or an allowance for corporate capital (ACC) scheme.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0011"
    },
    {
      "text": "Sudden measures to increase fiscal levies on energy-intensive industries should be avoided ; the way to extract rent for the nation is through competitive pricing of electricity.",
      "verbatim": "Sudden measures to increase fiscal levies on energy-intensive industries should be avoided ; the way to extract rent for the nation is through competitive pricing of electricity.",
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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        {
          "evidence_id": "ev-006e5be684151f58",
          "page": 12,
          "quote": "Sudden measures to increase fiscal levies on energy-intensive industries should be avoided ; the way to extract rent for the nation is through competitive pricing of electricity.",
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      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0012"
    },
    {
      "text": "Looking ahead, the need to stimulate growth and investment suggests that higher taxes on capital income are not advisable .",
      "verbatim": "Looking ahead, the need to stimulate growth and investment suggests that higher taxes on capital income are not advisable .",
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "evidence_id": "ev-907521187fe8d140",
          "page": 13,
          "quote": "Looking ahead, the need to stimulate growth and investment suggests that higher taxes on capital income are not advisable .",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0013"
    },
    {
      "text": "Many companies suffered significant capital losses during the crisis on their holdings of equity and other financial assets, so that they need to restructure their debt.",
      "verbatim": "Many companies suffered significant capital losses during the crisis on their holdings of equity and other financial assets, so that they need to restructure their debt.",
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-212e6958955b4286",
          "page": 18,
          "quote": "Many companies suffered significant capital losses during the crisis on their holdings of equity and other financial assets, so that they need to restructure their debt.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0014"
    },
    {
      "text": "Thus, the temporary rule should have been extended to situations in which debt is converted into equity.",
      "verbatim": "Thus, the temporary rule should have been extended to situations in which debt is converted into equity.",
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          "page": 19,
          "quote": "Thus, the temporary rule should have been extended to situations in which debt is converted into equity.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0015"
    },
    {
      "text": "Nevertheless, it is recommended that a moderate withholding tax on interest (perhaps at 10 percent) remains to protect the corporate tax base.",
      "verbatim": "Nevertheless, it is recommended that a moderate withholding tax on interest (perhaps at 10 percent) remains to protect the corporate tax base.",
      "actor": null,
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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        {
          "evidence_id": "ev-e5d49e0bec71b29e",
          "page": 20,
          "quote": "Nevertheless, it is recommended that a moderate withholding tax on interest (perhaps at 10 percent) remains to protect the corporate tax base.",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0016"
    },
    {
      "text": "In the Bosal case [5] the European Court of Justice decided that a Member State should—in compliance with the freedom of establishment—allow equal tax treatment regarding expenses made in relation to its investments in other companies irrespective of whether they are domestic or foreign.",
      "verbatim": "In the Bosal case [5] the European Court of Justice decided that a Member State should—in compliance with the freedom of establishment—allow equal tax treatment regarding expenses made in relation to its investments in other companies irrespective of whether they are domestic or foreign.",
      "actor": null,
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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        {
          "evidence_id": "ev-b7fba0755dcb25d6",
          "page": 21,
          "quote": "In the Bosal case [5] the European Court of Justice decided that a Member State should—in compliance with the freedom of establishment—allow equal tax treatment regarding expenses made in relation to its investments in other companies irrespective of whether they are domestic or foreign.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0017"
    },
    {
      "text": "In principle, if incentives are to be available, they should be incorporated in the main tax legislation.",
      "verbatim": "In principle, if incentives are to be available, they should be incorporated in the main tax legislation.",
      "actor": null,
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "evidence_id": "ev-4933189c489d7823",
          "page": 22,
          "quote": "In principle, if incentives are to be available, they should be incorporated in the main tax legislation.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0018"
    },
    {
      "text": "This law expires at the end of 2013 and the government should allow it to lapse.",
      "verbatim": "This law expires at the end of 2013 and the government should allow it to lapse.",
      "actor": null,
      "priority": null,
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      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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        {
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          "page": 22,
          "quote": "This law expires at the end of 2013 and the government should allow it to lapse.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0019"
    },
    {
      "text": "In all three types of business, principals must allocate to themselves the appropriate minimum wage, upon which they pay PIT and the 8.65 percent social security charge (SSC).",
      "verbatim": "In all three types of business, principals must allocate to themselves the appropriate minimum wage, upon which they pay PIT and the 8.65 percent social security charge (SSC).",
      "actor": null,
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-158d0ce7a6244e3c",
          "page": 24,
          "quote": "In all three types of business, principals must allocate to themselves the appropriate minimum wage, upon which they pay PIT and the 8.65 percent social security charge (SSC).",
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      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0020"
    },
    {
      "text": "At least, however, the method should be unified for partnerships and corporations, since sole proprietorships have the option of adopting one of these forms if they have significant capital assets.",
      "verbatim": "At least, however, the method should be unified for partnerships and corporations, since sole proprietorships have the option of adopting one of these forms if they have significant capital assets.",
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          "page": 25,
          "quote": "At least, however, the method should be unified for partnerships and corporations, since sole proprietorships have the option of adopting one of these forms if they have significant capital assets.",
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      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0021"
    },
    {
      "text": "Ideally, the allocation of capital and labor income should be the same for sole proprietorships, partnerships and private corporations, so that the form of business does not depend on tax considerations.",
      "verbatim": "Ideally, the allocation of capital and labor income should be the same for sole proprietorships, partnerships and private corporations, so that the form of business does not depend on tax considerations.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-7c83feebdfe24827",
          "page": 25,
          "quote": "Ideally, the allocation of capital and labor income should be the same for sole proprietorships, partnerships and private corporations, so that the form of business does not depend on tax considerations.",
          "source": "document"
        }
      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0022"
    },
    {
      "text": "The allocation of income in private businesses should be done in as objective a manner as possible .",
      "verbatim": "The allocation of income in private businesses should be done in as objective a manner as possible .",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-5bb20031b7e4cd9e",
          "page": 25,
          "quote": "The allocation of income in private businesses should be done in as objective a manner as possible .",
          "source": "document"
        }
      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0023"
    },
    {
      "text": "However, if Iceland retains its MIW-based allocation method, it should at least reset minimum wages to more reasonable levels based on a comprehensive study of private businesses, measuring their labor income by a capital-based allocation method.",
      "verbatim": "However, if Iceland retains its MIW-based allocation method, it should at least reset minimum wages to more reasonable levels based on a comprehensive study of private businesses, measuring their labor income by a capital-based allocation method.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-f7fbe34678ca3ffe",
          "page": 26,
          "quote": "However, if Iceland retains its MIW-based allocation method, it should at least reset minimum wages to more reasonable levels based on a comprehensive study of private businesses, measuring their labor income by a capital-based allocation method.",
          "source": "document"
        }
      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0024"
    },
    {
      "text": "If the 20/50 splitting rule is also retained, the law should be made clear on whether the 50 percent allocation to labor is subject to the 8.65 percent social security charge.",
      "verbatim": "If the 20/50 splitting rule is also retained, the law should be made clear on whether the 50 percent allocation to labor is subject to the 8.65 percent social security charge.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-176e4565e2d63dc8",
          "page": 26,
          "quote": "If the 20/50 splitting rule is also retained, the law should be made clear on whether the 50 percent allocation to labor is subject to the 8.65 percent social security charge.",
          "source": "document"
        }
      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0025"
    },
    {
      "text": "In addition to being more accurate, a capital-based allocation method would be more equitable to salaried employees, who must pay higher SSC contributions due to the lower SSC base of the self-employed .",
      "verbatim": "In addition to being more accurate, a capital-based allocation method would be more equitable to salaried employees, who must pay higher SSC contributions due to the lower SSC base of the self-employed .",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-03c4df62d1a3dff3",
          "page": 26,
          "quote": "In addition to being more accurate, a capital-based allocation method would be more equitable to salaried employees, who must pay higher SSC contributions due to the lower SSC base of the self-employed .",
          "source": "document"
        }
      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0026"
    },
    {
      "text": "The MIW should then be indexed each year according to the Icelandic wage index.",
      "verbatim": "The MIW should then be indexed each year according to the Icelandic wage index.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-882bb5739936aca0",
          "page": 26,
          "quote": "The MIW should then be indexed each year according to the Icelandic wage index.",
          "source": "document"
        }
      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0027"
    },
    {
      "text": "To keep abreast of technological changes affecting labor productivity, the MIW should be reviewed every several years.",
      "verbatim": "To keep abreast of technological changes affecting labor productivity, the MIW should be reviewed every several years.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-dc2a920fdfb8fd45",
          "page": 26,
          "quote": "To keep abreast of technological changes affecting labor productivity, the MIW should be reviewed every several years.",
          "source": "document"
        }
      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0028"
    },
    {
      "text": "The 2010 FAD report, by contrast, stated that in order to reduce the low-income tax cliff, the Icelandic government should refrain from further increases in the basic PIT allowance and allow it to erode with inflation; it also proposed that the initial tax rate should be lowered over the medium term, once budgetary",
      "verbatim": "The 2010 FAD report, by contrast, stated that in order to reduce the low-income tax cliff, the Icelandic government should refrain from further increases in the basic PIT allowance and allow it to erode with inflation; it also proposed that the initial tax rate should be lowered over the medium term, once budgetary",
      "actor": null,
      "priority": "low",
      "timeframe": "medium term",
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-ed8ff855afbfcd2b",
          "page": 27,
          "quote": "The 2010 FAD report, by contrast, stated that in order to reduce the low-income tax cliff, the Icelandic government should refrain from further increases in the basic PIT allowance and allow it to erode with inflation; it also proposed that the initial tax rate should be lowered over the medium term, once budgetary",
          "source": "document"
        }
      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0029"
    },
    {
      "text": "It recommended that the two surcharges be replaced either with a single 10 percent surcharge levied on incomes above ISK 4.5 million (approximately the average private-sector wage in 2010), or two 5 percent surcharges levied at ISK 3 million and ISK 6 million.",
      "verbatim": "It recommended that the two surcharges be replaced either with a single 10 percent surcharge levied on incomes above ISK 4.5 million (approximately the average private-sector wage in 2010), or two 5 percent surcharges levied at ISK 3 million and ISK 6 million.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-7accb5ef77fc1eaf",
          "page": 28,
          "quote": "It recommended that the two surcharges be replaced either with a single 10 percent surcharge levied on incomes above ISK 4.5 million (approximately the average private-sector wage in 2010), or two 5 percent surcharges levied at ISK 3 million and ISK 6 million.",
          "source": "document"
        }
      ],
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0030"
    },
    {
      "text": "Iceland also places certain restrictions on savings vehicles to qualify as pension plans—e.g., pension savings cannot be withdrawn until the age of 60 and must pay out over a period of at least seven years.",
      "verbatim": "Iceland also places certain restrictions on savings vehicles to qualify as pension plans—e.g., pension savings cannot be withdrawn until the age of 60 and must pay out over a period of at least seven years.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-37bda8b18d2a7b1c",
          "page": 29,
          "quote": "Iceland also places certain restrictions on savings vehicles to qualify as pension plans—e.g., pension savings cannot be withdrawn until the age of 60 and must pay out over a period of at least seven years.",
          "source": "document"
        }
      ],
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0031"
    },
    {
      "text": "It is therefore recommended that, as Iceland liberates its foreign exchange controls, the government allows the net wealth tax to expire.",
      "verbatim": "It is therefore recommended that, as Iceland liberates its foreign exchange controls, the government allows the net wealth tax to expire.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-be536651d417a47f",
          "page": 31,
          "quote": "It is therefore recommended that, as Iceland liberates its foreign exchange controls, the government allows the net wealth tax to expire.",
          "source": "document"
        }
      ],
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
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      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0032"
    },
    {
      "text": "Specifically, taxes should be increased on real property (discussed in Chapter VI) and the labor income of closely-held businesses (Chapter III).",
      "verbatim": "Specifically, taxes should be increased on real property (discussed in Chapter VI) and the labor income of closely-held businesses (Chapter III).",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-d10d604a5a0568f3",
          "page": 31,
          "quote": "Specifically, taxes should be increased on real property (discussed in Chapter VI) and the labor income of closely-held businesses (Chapter III).",
          "source": "document"
        }
      ],
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
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      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0033"
    },
    {
      "text": "The report, therefore, recommended that the lower rate of VAT be eliminated or at least raised to 14 percent, while compensating low-income households for the price increase through direct transfers.",
      "verbatim": "The report, therefore, recommended that the lower rate of VAT be eliminated or at least raised to 14 percent, while compensating low-income households for the price increase through direct transfers.",
      "actor": null,
      "priority": "low",
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-1aa9168c7663de45",
          "page": 31,
          "quote": "The report, therefore, recommended that the lower rate of VAT be eliminated or at least raised to 14 percent, while compensating low-income households for the price increase through direct transfers.",
          "source": "document"
        }
      ],
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0034"
    },
    {
      "text": "These bases should be both progressive and much less elastic with respect to tax rates than the liquid financial assets also included in the net wealth tax base, so the substitute taxes should be less distortive.",
      "verbatim": "These bases should be both progressive and much less elastic with respect to tax rates than the liquid financial assets also included in the net wealth tax base, so the substitute taxes should be less distortive.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-d83fb71bd543f644",
          "page": 31,
          "quote": "These bases should be both progressive and much less elastic with respect to tax rates than the liquid financial assets also included in the net wealth tax base, so the substitute taxes should be less distortive.",
          "source": "document"
        }
      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0035"
    },
    {
      "text": "At the same time, the top rate on the VAT should be lowered from 25.5 percent to 25 percent, and bottom-quartile households could be compensated for higher food, heating, and transport costs.",
      "verbatim": "At the same time, the top rate on the VAT should be lowered from 25.5 percent to 25 percent, and bottom-quartile households could be compensated for higher food, heating, and transport costs.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-8be9d770ca6050fa",
          "page": 32,
          "quote": "At the same time, the top rate on the VAT should be lowered from 25.5 percent to 25 percent, and bottom-quartile households could be compensated for higher food, heating, and transport costs.",
          "source": "document"
        }
      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0036"
    },
    {
      "text": "This report, therefore, recommends that the government approach a single-rate VAT in two steps: First, it should increase the lower rate back to 14 percent and tax nonstandard exempt items (public transport, sports and cultural events, and travel agents) at that rate.",
      "verbatim": "This report, therefore, recommends that the government approach a single-rate VAT in two steps: First, it should increase the lower rate back to 14 percent and tax nonstandard exempt items (public transport, sports and cultural events, and travel agents) at that rate.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-8a6add9128f9cf6a",
          "page": 32,
          "quote": "This report, therefore, recommends that the government approach a single-rate VAT in two steps: First, it should increase the lower rate back to 14 percent and tax nonstandard exempt items (public transport, sports and cultural events, and travel agents) at that rate.",
          "source": "document"
        }
      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0037"
    },
    {
      "text": "The 0.625 percent cap on residential properties is low and should be raised to at least 1 percent.",
      "verbatim": "The 0.625 percent cap on residential properties is low and should be raised to at least 1 percent.",
      "actor": null,
      "priority": "low",
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-4f2e558559c2b687",
          "page": 34,
          "quote": "The 0.625 percent cap on residential properties is low and should be raised to at least 1 percent.",
          "source": "document"
        }
      ],
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0038"
    },
    {
      "text": "To the extent that LGs provide a locally chosen set of services, however, they should be required to raise local revenues for such projects.",
      "verbatim": "To the extent that LGs provide a locally chosen set of services, however, they should be required to raise local revenues for such projects.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-54bec64293312ce2",
          "page": 35,
          "quote": "To the extent that LGs provide a locally chosen set of services, however, they should be required to raise local revenues for such projects.",
          "source": "document"
        }
      ],
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0039"
    },
    {
      "text": "If LGs have steady or countercyclical spending requirements and restricted access to capital markets, their revenue sources should not be volatile over the economic cycle.",
      "verbatim": "If LGs have steady or countercyclical spending requirements and restricted access to capital markets, their revenue sources should not be volatile over the economic cycle.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-b1e4248e8d9f63dd",
          "page": 36,
          "quote": "If LGs have steady or countercyclical spending requirements and restricted access to capital markets, their revenue sources should not be volatile over the economic cycle.",
          "source": "document"
        }
      ],
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0040"
    },
    {
      "text": "In dividing the proceeds of different revenue sources, the volatility of revenues with respect to borrowing capabilities and expenditure needs should be taken into account.",
      "verbatim": "In dividing the proceeds of different revenue sources, the volatility of revenues with respect to borrowing capabilities and expenditure needs should be taken into account.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-35394b1a374d848f",
          "page": 36,
          "quote": "In dividing the proceeds of different revenue sources, the volatility of revenues with respect to borrowing capabilities and expenditure needs should be taken into account.",
          "source": "document"
        }
      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0041"
    },
    {
      "text": "effort should also be required for LGs that have run up significant budget deficits as a result of discretionary spending.",
      "verbatim": "effort should also be required for LGs that have run up significant budget deficits as a result of discretionary spending.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-e8ec5d4e2c98b60c",
          "page": 36,
          "quote": "effort should also be required for LGs that have run up significant budget deficits as a result of discretionary spending.",
          "source": "document"
        }
      ],
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0042"
    },
    {
      "text": "In deciding which components of the balance sheet to include in the tax base, two issues arise : (1) whether the base should be represented by assets or liabilities; and (2) whether it should be broad or narrow (include off-balance sheet items or not).",
      "verbatim": "In deciding which components of the balance sheet to include in the tax base, two issues arise : (1) whether the base should be represented by assets or liabilities; and (2) whether it should be broad or narrow (include off-balance sheet items or not).",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-37c5085fcb203b83",
          "page": 38,
          "quote": "In deciding which components of the balance sheet to include in the tax base, two issues arise : (1) whether the base should be represented by assets or liabilities; and (2) whether it should be broad or narrow (include off-balance sheet items or not).",
          "source": "document"
        }
      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0043"
    },
    {
      "text": "It would also acknowledge that the cost of resolution arises from the need to support liabilities.",
      "verbatim": "It would also acknowledge that the cost of resolution arises from the need to support liabilities.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-4ce884eab4648b26",
          "page": 38,
          "quote": "It would also acknowledge that the cost of resolution arises from the need to support liabilities.",
          "source": "document"
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      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0044"
    },
    {
      "text": "The setting of the rate could draw on experiences of past crises and their fiscal costs, and should take into account the risk profile of the financial system (including its structure and regulatory framework).",
      "verbatim": "The setting of the rate could draw on experiences of past crises and their fiscal costs, and should take into account the risk profile of the financial system (including its structure and regulatory framework).",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-2fe97060293f6488",
          "page": 38,
          "quote": "The setting of the rate could draw on experiences of past crises and their fiscal costs, and should take into account the risk profile of the financial system (including its structure and regulatory framework).",
          "source": "document"
        }
      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0045"
    },
    {
      "text": "These considerations suggest that the bank tax should be imposed on all financial institutions.",
      "verbatim": "These considerations suggest that the bank tax should be imposed on all financial institutions.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-953b12ada400a553",
          "page": 38,
          "quote": "These considerations suggest that the bank tax should be imposed on all financial institutions.",
          "source": "document"
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0046"
    },
    {
      "text": "To avoid worsening distortions, the tax rate would need to be below current standard VAT rates.",
      "verbatim": "To avoid worsening distortions, the tax rate would need to be below current standard VAT rates.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-678cad3d5d562efd",
          "page": 40,
          "quote": "To avoid worsening distortions, the tax rate would need to be below current standard VAT rates.",
          "source": "document"
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0047"
    },
    {
      "text": "Presumably, where a derivative is issued by a financial institution in the ordinary course of its business, the income should be regarded as business income.",
      "verbatim": "Presumably, where a derivative is issued by a financial institution in the ordinary course of its business, the income should be regarded as business income.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-b15c0889ffb0c961",
          "page": 41,
          "quote": "Presumably, where a derivative is issued by a financial institution in the ordinary course of its business, the income should be regarded as business income.",
          "source": "document"
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0048"
    },
    {
      "text": "An excessive levy on real estate transactions may do so and any levy should not exceed 1 percent.",
      "verbatim": "An excessive levy on real estate transactions may do so and any levy should not exceed 1 percent.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-d0dcb5d615681afd",
          "page": 42,
          "quote": "An excessive levy on real estate transactions may do so and any levy should not exceed 1 percent.",
          "source": "document"
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      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0049"
    },
    {
      "text": "The calculation of the implicit interest element in swap agreements is relatively complex, but this complexity should be manageable, given that the parties to swap agreements are financially sophisticated and able to make the requisite calculations.",
      "verbatim": "The calculation of the implicit interest element in swap agreements is relatively complex, but this complexity should be manageable, given that the parties to swap agreements are financially sophisticated and able to make the requisite calculations.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-fcfa44b48f375253",
          "page": 42,
          "quote": "The calculation of the implicit interest element in swap agreements is relatively complex, but this complexity should be manageable, given that the parties to swap agreements are financially sophisticated and able to make the requisite calculations.",
          "source": "document"
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      ],
      "confidence": 0.65,
      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0050"
    },
    {
      "text": "The carbon tax should not be directly linked to the EU ETS price.",
      "verbatim": "The carbon tax should not be directly linked to the EU ETS price.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-adb9e1d7aac2fa04",
          "page": 46,
          "quote": "The carbon tax should not be directly linked to the EU ETS price.",
          "source": "document"
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      ],
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0051"
    },
    {
      "text": "The rate should gradually rise in the future, preferably at the same rate as the social cost of carbon (generally estimated at 2 to 3 percent per year in real terms).",
      "verbatim": "The rate should gradually rise in the future, preferably at the same rate as the social cost of carbon (generally estimated at 2 to 3 percent per year in real terms).",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-fe25f35b6f9bf387",
          "page": 46,
          "quote": "The rate should gradually rise in the future, preferably at the same rate as the social cost of carbon (generally estimated at 2 to 3 percent per year in real terms).",
          "source": "document"
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0052"
    },
    {
      "text": "To charge a proper price of carbon, extending the carbon tax to this sector should be considered.",
      "verbatim": "To charge a proper price of carbon, extending the carbon tax to this sector should be considered.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-f8098555a5529f95",
          "page": 46,
          "quote": "To charge a proper price of carbon, extending the carbon tax to this sector should be considered.",
          "source": "document"
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0053"
    },
    {
      "text": "The new tax should finance investments in popular tourist attractions, together with a new tax on hotel accommodations.",
      "verbatim": "The new tax should finance investments in popular tourist attractions, together with a new tax on hotel accommodations.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-97ed7b6ac68770e7",
          "page": 50,
          "quote": "The new tax should finance investments in popular tourist attractions, together with a new tax on hotel accommodations.",
          "source": "document"
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0054"
    },
    {
      "text": "A license applicant must negotiate separately with",
      "verbatim": "A license applicant must negotiate separately with",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
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          "page": 51,
          "quote": "A license applicant must negotiate separately with",
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      "extraction_method": "explicit_recommendation_modal",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0055"
    },
    {
      "text": "The duration of licenses needs to take account of measures to secure their economic worth for the state, balanced by the need to attract investment (and especially third party finance) in energy intensive industries.",
      "verbatim": "The duration of licenses needs to take account of measures to secure their economic worth for the state, balanced by the need to attract investment (and especially third party finance) in energy intensive industries.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-b36d91fe41d544df",
          "page": 52,
          "quote": "The duration of licenses needs to take account of measures to secure their economic worth for the state, balanced by the need to attract investment (and especially third party finance) in energy intensive industries.",
          "source": "document"
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      ],
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0056"
    },
    {
      "text": "The fees and charges must observe the same considerations.",
      "verbatim": "The fees and charges must observe the same considerations.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
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          "page": 52,
          "quote": "The fees and charges must observe the same considerations.",
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
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      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0057"
    },
    {
      "text": "These issues need to be considered as interlinked.",
      "verbatim": "These issues need to be considered as interlinked.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
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          "page": 52,
          "quote": "These issues need to be considered as interlinked.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0058"
    },
    {
      "text": "Transferability terms need to balance the objective of controlling and regulating resource use, with that of ensuring the resources are used by those who can do so most efficiently, and of providing adequate security for financing facilities.",
      "verbatim": "Transferability terms need to balance the objective of controlling and regulating resource use, with that of ensuring the resources are used by those who can do so most efficiently, and of providing adequate security for financing facilities.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-e2363a717bb6da20",
          "page": 52,
          "quote": "Transferability terms need to balance the objective of controlling and regulating resource use, with that of ensuring the resources are used by those who can do so most efficiently, and of providing adequate security for financing facilities.",
          "source": "document"
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      ],
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0059"
    },
    {
      "text": "It should be stressed that this is not an issue of the real solvency of such enterprises.",
      "verbatim": "It should be stressed that this is not an issue of the real solvency of such enterprises.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
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          "page": 53,
          "quote": "It should be stressed that this is not an issue of the real solvency of such enterprises.",
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
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      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0060"
    },
    {
      "text": "(1) Where there is corporate reorganization, a transfer to an affiliate should be straightforward.",
      "verbatim": "(1) Where there is corporate reorganization, a transfer to an affiliate should be straightforward.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-2158856fb45dd36f",
          "page": 54,
          "quote": "(1) Where there is corporate reorganization, a transfer to an affiliate should be straightforward.",
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0061"
    },
    {
      "text": "Normal CIT should be payable, with no application of special incentive packages.",
      "verbatim": "Normal CIT should be payable, with no application of special incentive packages.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
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          "page": 54,
          "quote": "Normal CIT should be payable, with no application of special incentive packages.",
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0062"
    },
    {
      "text": "The committee proposed that the base level of a fixed extraction levy should be the estimated environmental cost of resource utilization: this is a sound approach, on the understanding that there should be some consistency across projects, and thus there will be an arbitrary element in individual cases.",
      "verbatim": "The committee proposed that the base level of a fixed extraction levy should be the estimated environmental cost of resource utilization: this is a sound approach, on the understanding that there should be some consistency across projects, and thus there will be an arbitrary element in individual cases.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-cf3638919a027804",
          "page": 54,
          "quote": "The committee proposed that the base level of a fixed extraction levy should be the estimated environmental cost of resource utilization: this is a sound approach, on the understanding that there should be some consistency across projects, and thus there will be an arbitrary element in individual cases.",
          "source": "document"
        }
      ],
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      "explicitness": "implicit_candidate",
      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0063"
    },
    {
      "text": "(3) Where there is third party financing, borrowers should be able to offer security to lenders such that, in the event of default, lenders can step in for a period sufficient to organize the restoration of cash flow at the project, sufficient to resume debt service.",
      "verbatim": "(3) Where there is third party financing, borrowers should be able to offer security to lenders such that, in the event of default, lenders can step in for a period sufficient to organize the restoration of cash flow at the project, sufficient to resume debt service.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
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          "page": 55,
          "quote": "(3) Where there is third party financing, borrowers should be able to offer security to lenders such that, in the event of default, lenders can step in for a period sufficient to organize the restoration of cash flow at the project, sufficient to resume debt service.",
          "source": "document"
        }
      ],
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      "extraction_method": "explicit_recommendation_modal",
      "review_status": "unreviewed",
      "recommendation_type": "normative_modal_candidate",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0064"
    },
    {
      "text": "existing rights, the necessary transfer of rights should be permissible subject to regulatory approval “not to be unreasonably withheld.” As usually interpreted, this would give the state the right to vet the transferee for technical and commercial integrity.",
      "verbatim": "existing rights, the necessary transfer of rights should be permissible subject to regulatory approval “not to be unreasonably withheld.” As usually interpreted, this would give the state the right to vet the transferee for technical and commercial integrity.",
      "actor": null,
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      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-31472108c3828cee",
          "page": 55,
          "quote": "existing rights, the necessary transfer of rights should be permissible subject to regulatory approval “not to be unreasonably withheld.” As usually interpreted, this would give the state the right to vet the transferee for technical and commercial integrity.",
          "source": "document"
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      ],
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      "extraction_method": "explicit_recommendation_modal",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0065"
    },
    {
      "text": "Levied on net cash flow, or adjusted profit, above certain thresholds a rent tax should adjust to the realized profitability of individual projects.",
      "verbatim": "Levied on net cash flow, or adjusted profit, above certain thresholds a rent tax should adjust to the realized profitability of individual projects.",
      "actor": null,
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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        {
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          "page": 61,
          "quote": "Levied on net cash flow, or adjusted profit, above certain thresholds a rent tax should adjust to the realized profitability of individual projects.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0066"
    },
    {
      "text": "The ACC, therefore, creates neutrality between debt and equity financing, and should make the investor indifferent as to the rate of tax depreciation (since faster depreciation diminishes the money amount of ACC deductible).",
      "verbatim": "The ACC, therefore, creates neutrality between debt and equity financing, and should make the investor indifferent as to the rate of tax depreciation (since faster depreciation diminishes the money amount of ACC deductible).",
      "actor": null,
      "priority": null,
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      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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        {
          "evidence_id": "ev-e7a8e190a3e8f141",
          "page": 63,
          "quote": "The ACC, therefore, creates neutrality between debt and equity financing, and should make the investor indifferent as to the rate of tax depreciation (since faster depreciation diminishes the money amount of ACC deductible).",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0067"
    },
    {
      "text": "The uplift rate should be set at the minimum required rate of return for the investor.",
      "verbatim": "The uplift rate should be set at the minimum required rate of return for the investor.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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        {
          "evidence_id": "ev-c594ea65d7524ded",
          "page": 63,
          "quote": "The uplift rate should be set at the minimum required rate of return for the investor.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0068"
    },
    {
      "text": "To the extent that losses can be offset against profits elsewhere, the tax comes closer to neutrality and, in principle, the uplift factor should come closer to a risk-free interest rate.",
      "verbatim": "To the extent that losses can be offset against profits elsewhere, the tax comes closer to neutrality and, in principle, the uplift factor should come closer to a risk-free interest rate.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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        {
          "evidence_id": "ev-798c29341e519b71",
          "page": 63,
          "quote": "To the extent that losses can be offset against profits elsewhere, the tax comes closer to neutrality and, in principle, the uplift factor should come closer to a risk-free interest rate.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0069"
    },
    {
      "text": "Opening negative balances for existing projects should use written down asset values .",
      "verbatim": "Opening negative balances for existing projects should use written down asset values .",
      "actor": null,
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      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "evidence_id": "ev-5483f7723b216958",
          "page": 64,
          "quote": "Opening negative balances for existing projects should use written down asset values .",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0070"
    },
    {
      "text": "Operating losses carried forward should, in principle, be deductible.",
      "verbatim": "Operating losses carried forward should, in principle, be deductible.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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        {
          "evidence_id": "ev-0f3cfb98445934b3",
          "page": 64,
          "quote": "Operating losses carried forward should, in principle, be deductible.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0071"
    },
    {
      "text": "The aim is not to impose the rent tax on all existing operations of large companies such as Landsvirkjun; conversely, capital for other activities should not enter into the deductions for major hydro and geothermal projects.",
      "verbatim": "The aim is not to impose the rent tax on all existing operations of large companies such as Landsvirkjun; conversely, capital for other activities should not enter into the deductions for major hydro and geothermal projects.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-a49fd22ad1de3c2a",
          "page": 64,
          "quote": "The aim is not to impose the rent tax on all existing operations of large companies such as Landsvirkjun; conversely, capital for other activities should not enter into the deductions for major hydro and geothermal projects.",
          "source": "document"
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0072"
    },
    {
      "text": "The extraction levy would clearly affect the economics of existing power companies, and might need to be phased in over time.",
      "verbatim": "The extraction levy would clearly affect the economics of existing power companies, and might need to be phased in over time.",
      "actor": null,
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      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
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          "evidence_id": "ev-58355c80e0dfd66d",
          "page": 64,
          "quote": "The extraction levy would clearly affect the economics of existing power companies, and might need to be phased in over time.",
          "source": "document"
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0073"
    },
    {
      "text": "Where historical accounts do not permit calculating of project life-cycle positions, the written-down value of assets for tax purposes should be the starting balance, possibly with a predetermined one-time uplift to act as a proxy for returns to capital that would have been available under one of the schemes in the past.",
      "verbatim": "Where historical accounts do not permit calculating of project life-cycle positions, the written-down value of assets for tax purposes should be the starting balance, possibly with a predetermined one-time uplift to act as a proxy for returns to capital that would have been available under one of the schemes in the past.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-ede97b2afd03b7f6",
          "page": 64,
          "quote": "Where historical accounts do not permit calculating of project life-cycle positions, the written-down value of assets for tax purposes should be the starting balance, possibly with a predetermined one-time uplift to act as a proxy for returns to capital that would have been available under one of the schemes in the past.",
          "source": "document"
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0074"
    },
    {
      "text": "Meanwhile, government should set out long term plans for stable and credible arrangements for resource taxation, electricity pricing, and overall taxation of business.",
      "verbatim": "Meanwhile, government should set out long term plans for stable and credible arrangements for resource taxation, electricity pricing, and overall taxation of business.",
      "actor": null,
      "priority": null,
      "timeframe": "long term",
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
      "evidence": [
        {
          "evidence_id": "ev-03d7aab93606f283",
          "page": 67,
          "quote": "Meanwhile, government should set out long term plans for stable and credible arrangements for resource taxation, electricity pricing, and overall taxation of business.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0075"
    },
    {
      "text": "Where there is occasion by mutual agreement, and in the mutual interest, for government to encourage companies to move on to general tax terms (particularly in terms of allowable deductions, if not of tax rates), those opportunities should be taken.",
      "verbatim": "Where there is occasion by mutual agreement, and in the mutual interest, for government to encourage companies to move on to general tax terms (particularly in terms of allowable deductions, if not of tax rates), those opportunities should be taken.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "Philip Daniel, Ruud De Mooij, Thornton Matheson, and Geerten Michielse May 2011",
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          "evidence_id": "ev-3edd8dcabe9b8147",
          "page": 67,
          "quote": "Where there is occasion by mutual agreement, and in the mutual interest, for government to encourage companies to move on to general tax terms (particularly in terms of allowable deductions, if not of tax rates), those opportunities should be taken.",
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      "confidence_tier": "medium",
      "in_conservative_set": false,
      "recommendation_id": "cr-2011-138-rec-0076"
    },
    {
      "text": "Allow the general investment incentive package to lapse upon expiry.",
      "verbatim": "Allow the general investment incentive package to lapse upon expiry.",
      "actor": null,
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      "report_paragraph": null,
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          "page": 70,
          "quote": "Allow the general investment incentive package to lapse upon expiry.",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0077"
    },
    {
      "text": "Capital income allocation rules should be the same for partnerships and closely-held corporations.",
      "verbatim": "Capital income allocation rules should be the same for partnerships and closely-held corporations.",
      "actor": null,
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      "report_paragraph": null,
      "section": "recommendation table 1",
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          "evidence_id": "ev-e6d06e5c8fe2e920",
          "page": 70,
          "quote": "Capital income allocation rules should be the same for partnerships and closely-held corporations.",
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          "evidence_id": "ev-6f763e60459e5395",
          "page": 27,
          "quote": "Capital income allocation rules should be the same for partnerships and closely-held corporations.",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0078"
    },
    {
      "text": "Consider abolishing the threshold of 10 percent shareholding and apply an exemption for all dividends received by Icelandic corporations.",
      "verbatim": "Consider abolishing the threshold of 10 percent shareholding and apply an exemption for all dividends received by Icelandic corporations.",
      "actor": null,
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      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
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          "evidence_id": "ev-9a7e507439240821",
          "page": 70,
          "quote": "Consider abolishing the threshold of 10 percent shareholding and apply an exemption for all dividends received by Icelandic corporations.",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0079"
    },
    {
      "text": "Corporate income tax",
      "verbatim": "Corporate income tax",
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      "section": "recommendation table 1",
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          "page": 70,
          "quote": "Corporate income tax",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0080"
    },
    {
      "text": "For companies, income tax assessment should follow the valuation provisions used in the financial accounting rules.",
      "verbatim": "For companies, income tax assessment should follow the valuation provisions used in the financial accounting rules.",
      "actor": null,
      "priority": null,
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      "section": "recommendation table 1",
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          "evidence_id": "ev-b39bd99d7f4fbb65",
          "page": 70,
          "quote": "For companies, income tax assessment should follow the valuation provisions used in the financial accounting rules.",
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          "evidence_id": "ev-9f36d97f8dcba935",
          "page": 19,
          "quote": "For companies, income tax assessment should follow the valuation provisions used in the financial accounting rules.",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0081"
    },
    {
      "text": "However, if the minimum wage system and/or the 20/50 split is retained, minimum wages should be reset using a comprehensive study that employs the gross or net assets method to measure labor income, and the minimum wage should be annually indexed.",
      "verbatim": "However, if the minimum wage system and/or the 20/50 split is retained, minimum wages should be reset using a comprehensive study that employs the gross or net assets method to measure labor income, and the minimum wage should be annually indexed.",
      "actor": null,
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      "section": "recommendation table 1",
      "evidence": [
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          "evidence_id": "ev-c5563679b634f7f7",
          "page": 70,
          "quote": "However, if the minimum wage system and/or the 20/50 split is retained, minimum wages should be reset using a comprehensive study that employs the gross or net assets method to measure labor income, and the minimum wage should be annually indexed.",
          "source": "document"
        },
        {
          "evidence_id": "ev-f1ac89c5300013ed",
          "page": 27,
          "quote": "However, if the minimum wage system and/or the 20/50 split is retained, minimum wages should be reset using a comprehensive study that employs the gross or net assets method to measure labor income, and the minimum wage should be annually indexed.",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0082"
    },
    {
      "text": "Income should be allocated between labor and capital within closely held businesses according to the net or gross assets method.",
      "verbatim": "Income should be allocated between labor and capital within closely held businesses according to the net or gross assets method.",
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          "quote": "Income should be allocated between labor and capital within closely held businesses according to the net or gross assets method.",
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          "page": 27,
          "quote": "Income should be allocated between labor and capital within closely held businesses according to the net or gross assets method.",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0083"
    },
    {
      "text": "Keep the R & D credit under review, to monitor its effectiveness.",
      "verbatim": "Keep the R & D credit under review, to monitor its effectiveness.",
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          "page": 70,
          "quote": "Keep the R & D credit under review, to monitor its effectiveness.",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0084"
    },
    {
      "text": "Limit debt-financed acquisitions by non-residents by disallowing deductibility of interest paid to creditors resident in low tax jurisdictions, and by introduction of a thin capitalization rule (as discussed in the previous FAD report).",
      "verbatim": "Limit debt-financed acquisitions by non-residents by disallowing deductibility of interest paid to creditors resident in low tax jurisdictions, and by introduction of a thin capitalization rule (as discussed in the previous FAD report).",
      "actor": null,
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      "evidence": [
        {
          "evidence_id": "ev-5969c7b707ad7b2c",
          "page": 70,
          "quote": "Limit debt-financed acquisitions by non-residents by disallowing deductibility of interest paid to creditors resident in low tax jurisdictions, and by introduction of a thin capitalization rule (as discussed in the previous FAD report).",
          "source": "document"
        }
      ],
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0085"
    },
    {
      "text": "Taxes on labor income",
      "verbatim": "Taxes on labor income",
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      "section": "recommendation table 1",
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          "page": 70,
          "quote": "Taxes on labor income",
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      ],
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      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0086"
    },
    {
      "text": "The 20 percent withholding tax on gross interest payments to corporate creditors and non-resident creditors should be reduced to 10 percent.",
      "verbatim": "The 20 percent withholding tax on gross interest payments to corporate creditors and non-resident creditors should be reduced to 10 percent.",
      "actor": null,
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      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-962a60a915f6bd99",
          "page": 70,
          "quote": "The 20 percent withholding tax on gross interest payments to corporate creditors and non-resident creditors should be reduced to 10 percent.",
          "source": "document"
        },
        {
          "evidence_id": "ev-07325b2d3e69f715",
          "page": 21,
          "quote": "The 20 percent withholding tax on gross interest payments to corporate creditors and non-resident creditors should be reduced to 10 percent.",
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      ],
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0087"
    },
    {
      "text": "The dividend exemption should be limited to 95 percent of the amount received to allow for a small taxable portion to offset participation-related expenses.",
      "verbatim": "The dividend exemption should be limited to 95 percent of the amount received to allow for a small taxable portion to offset participation-related expenses.",
      "actor": null,
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          "evidence_id": "ev-35a888c44dc24c31",
          "page": 70,
          "quote": "The dividend exemption should be limited to 95 percent of the amount received to allow for a small taxable portion to offset participation-related expenses.",
          "source": "document"
        },
        {
          "evidence_id": "ev-460309fcc232b3f9",
          "page": 21,
          "quote": "The dividend exemption should be limited to 95 percent of the amount received to allow for a small taxable portion to offset participation-related expenses.",
          "source": "document"
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      "review_status": "unreviewed",
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      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0088"
    },
    {
      "text": "The temporary provision regarding relief for debt forgiveness should be extended to cases in which debt restructuring has taken the form of conversion of debt into equity.",
      "verbatim": "The temporary provision regarding relief for debt forgiveness should be extended to cases in which debt restructuring has taken the form of conversion of debt into equity.",
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      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-beb38d2b9af93992",
          "page": 70,
          "quote": "The temporary provision regarding relief for debt forgiveness should be extended to cases in which debt restructuring has taken the form of conversion of debt into equity.",
          "source": "document"
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        {
          "evidence_id": "ev-38854c16931ed776",
          "page": 19,
          "quote": "The temporary provision regarding relief for debt forgiveness should be extended to cases in which debt restructuring has taken the form of conversion of debt into equity.",
          "source": "document"
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
      "recommendation_type": "explicit_table",
      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0089"
    },
    {
      "text": "A definition of closely-held business should be included in the income tax act, based upon the number of active shareholders and their joint shareholding.",
      "verbatim": "A definition of closely-held business should be included in the income tax act, based upon the number of active shareholders and their joint shareholding.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-1771f935c2126e76",
          "page": 71,
          "quote": "A definition of closely-held business should be included in the income tax act, based upon the number of active shareholders and their joint shareholding.",
          "source": "document"
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        {
          "evidence_id": "ev-5eaa23eda2c89562",
          "page": 27,
          "quote": "A definition of closely-held business should be included in the income tax act, based upon the number of active shareholders and their joint shareholding.",
          "source": "document"
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0090"
    },
    {
      "text": "Allow the net wealth tax to expire, and replace the revenues with a combination of higher property taxes and a broader and more progressive personal income tax.",
      "verbatim": "Allow the net wealth tax to expire, and replace the revenues with a combination of higher property taxes and a broader and more progressive personal income tax.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-9577adcadd016bc8",
          "page": 71,
          "quote": "Allow the net wealth tax to expire, and replace the revenues with a combination of higher property taxes and a broader and more progressive personal income tax.",
          "source": "document"
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      "confidence": 0.98,
      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0091"
    },
    {
      "text": "Capital income and wealth taxation",
      "verbatim": "Capital income and wealth taxation",
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      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-0ccb1094786fc98a",
          "page": 71,
          "quote": "Capital income and wealth taxation",
          "source": "document"
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
      "recommendation_type": "explicit_table",
      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0092"
    },
    {
      "text": "Compensate lower-income households for higher costs of necessities through refundable income tax credits.",
      "verbatim": "Compensate lower-income households for higher costs of necessities through refundable income tax credits.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-605c8e111d0def27",
          "page": 71,
          "quote": "Compensate lower-income households for higher costs of necessities through refundable income tax credits.",
          "source": "document"
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0093"
    },
    {
      "text": "Consider capping the base of the SSC at a certain level of earnings for both salaried and self-employed workers.",
      "verbatim": "Consider capping the base of the SSC at a certain level of earnings for both salaried and self-employed workers.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-8a59d1a7e5747f10",
          "page": 71,
          "quote": "Consider capping the base of the SSC at a certain level of earnings for both salaried and self-employed workers.",
          "source": "document"
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0094"
    },
    {
      "text": "Consider placing an absolute cap on annual or lifetime tax deductions for voluntary pension contributions.",
      "verbatim": "Consider placing an absolute cap on annual or lifetime tax deductions for voluntary pension contributions.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-e37f27d702f69920",
          "page": 71,
          "quote": "Consider placing an absolute cap on annual or lifetime tax deductions for voluntary pension contributions.",
          "source": "document"
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
      "recommendation_type": "explicit_table",
      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0095"
    },
    {
      "text": "Do not increase the basic tax credit for the PIT. Consider lowering both the tax credit and the initial PIT rate in a revenue-neutral manner.",
      "verbatim": "Do not increase the basic tax credit for the PIT. Consider lowering both the tax credit and the initial PIT rate in a revenue-neutral manner.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-9c50791214e7d286",
          "page": 71,
          "quote": "Do not increase the basic tax credit for the PIT. Consider lowering both the tax credit and the initial PIT rate in a revenue-neutral manner.",
          "source": "document"
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0096"
    },
    {
      "text": "Eliminate the first 2.9 percent surcharge and replace the second 6 percent surcharge with a single 10 percent surcharge levied on above-average incomes.",
      "verbatim": "Eliminate the first 2.9 percent surcharge and replace the second 6 percent surcharge with a single 10 percent surcharge levied on above-average incomes.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-40002628dfac83fe",
          "page": 71,
          "quote": "Eliminate the first 2.9 percent surcharge and replace the second 6 percent surcharge with a single 10 percent surcharge levied on above-average incomes.",
          "source": "document"
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      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0097"
    },
    {
      "text": "Increase the lower rate of the VAT to 14 percent and tax non- standard exemptions at the lower rate.",
      "verbatim": "Increase the lower rate of the VAT to 14 percent and tax non- standard exemptions at the lower rate.",
      "actor": null,
      "priority": null,
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      "section": "recommendation table 1",
      "evidence": [
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          "evidence_id": "ev-55512bad0b2fef4a",
          "page": 71,
          "quote": "Increase the lower rate of the VAT to 14 percent and tax non- standard exemptions at the lower rate.",
          "source": "document"
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0098"
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    {
      "text": "Lower the main rate of the VAT to 25 percent.",
      "verbatim": "Lower the main rate of the VAT to 25 percent.",
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      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-b152ba20cc24b240",
          "page": 71,
          "quote": "Lower the main rate of the VAT to 25 percent.",
          "source": "document"
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0099"
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    {
      "text": "Reduce the rate of social security contributions as much as possible, given expected unemployment and any increase in the SSC base.",
      "verbatim": "Reduce the rate of social security contributions as much as possible, given expected unemployment and any increase in the SSC base.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-12c867a537401574",
          "page": 71,
          "quote": "Reduce the rate of social security contributions as much as possible, given expected unemployment and any increase in the SSC base.",
          "source": "document"
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0100"
    },
    {
      "text": "Tax all items at a unified rate of 20 percent.",
      "verbatim": "Tax all items at a unified rate of 20 percent.",
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      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
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          "evidence_id": "ev-f43ca8cddf586298",
          "page": 71,
          "quote": "Tax all items at a unified rate of 20 percent.",
          "source": "document"
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      "review_status": "unreviewed",
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      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0101"
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    {
      "text": "The government should clarify whether SSC charges apply to the 50 percent labor allocation.",
      "verbatim": "The government should clarify whether SSC charges apply to the 50 percent labor allocation.",
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      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-44f610c81b31fdce",
          "page": 71,
          "quote": "The government should clarify whether SSC charges apply to the 50 percent labor allocation.",
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          "evidence_id": "ev-7542007686019cf1",
          "page": 27,
          "quote": "The government should clarify whether SSC charges apply to the 50 percent labor allocation.",
          "source": "document"
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      "review_status": "unreviewed",
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      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0102"
    },
    {
      "text": "Value-added tax (VAT) and excises",
      "verbatim": "Value-added tax (VAT) and excises",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-31c56bbafc04c876",
          "page": 71,
          "quote": "Value-added tax (VAT) and excises",
          "source": "document"
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
      "recommendation_type": "explicit_table",
      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0103"
    },
    {
      "text": "Allocation of tax revenues to municipalities",
      "verbatim": "Allocation of tax revenues to municipalities",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-44584b8d9e5af173",
          "page": 72,
          "quote": "Allocation of tax revenues to municipalities",
          "source": "document"
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      ],
      "confidence": 0.98,
      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
      "recommendation_type": "explicit_table",
      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0104"
    },
    {
      "text": "Consider abolishing the 20 percent withholding tax on derivatives, except for the implicit interest element in swap agreements or other derivatives.",
      "verbatim": "Consider abolishing the 20 percent withholding tax on derivatives, except for the implicit interest element in swap agreements or other derivatives.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-87c1ac6ccbc3a930",
          "page": 72,
          "quote": "Consider abolishing the 20 percent withholding tax on derivatives, except for the implicit interest element in swap agreements or other derivatives.",
          "source": "document"
        }
      ],
      "confidence": 0.98,
      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
      "recommendation_type": "explicit_table",
      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0105"
    },
    {
      "text": "Consider abolishing the reverse charge on self-supply by financial institutions and introduce a tax on the profits and remunerations of financial institutions.",
      "verbatim": "Consider abolishing the reverse charge on self-supply by financial institutions and introduce a tax on the profits and remunerations of financial institutions.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-acdec6fb800d54a9",
          "page": 72,
          "quote": "Consider abolishing the reverse charge on self-supply by financial institutions and introduce a tax on the profits and remunerations of financial institutions.",
          "source": "document"
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      "confidence": 0.98,
      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
      "recommendation_type": "explicit_table",
      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0106"
    },
    {
      "text": "Consider including off-balance sheet derivatives in the tax base.",
      "verbatim": "Consider including off-balance sheet derivatives in the tax base.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-4e1e364cb1a1d882",
          "page": 72,
          "quote": "Consider including off-balance sheet derivatives in the tax base.",
          "source": "document"
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
      "recommendation_type": "explicit_table",
      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0107"
    },
    {
      "text": "Consider setting minimum rates of property tax for local governments.",
      "verbatim": "Consider setting minimum rates of property tax for local governments.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-31d79c4bb716206a",
          "page": 72,
          "quote": "Consider setting minimum rates of property tax for local governments.",
          "source": "document"
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      ],
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
      "recommendation_type": "explicit_table",
      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0108"
    },
    {
      "text": "Consider the future electricity tax for power-intensive industries in the broader context of the taxation regime for these firms.",
      "verbatim": "Consider the future electricity tax for power-intensive industries in the broader context of the taxation regime for these firms.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-e08fbac3f5c09cd7",
          "page": 72,
          "quote": "Consider the future electricity tax for power-intensive industries in the broader context of the taxation regime for these firms.",
          "source": "document"
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      ],
      "confidence": 0.98,
      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
      "recommendation_type": "explicit_table",
      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0109"
    },
    {
      "text": "Consider, over the medium term, adjusting the rate to address institutions’ specific risks and their contribution to systemic risk.",
      "verbatim": "Consider, over the medium term, adjusting the rate to address institutions’ specific risks and their contribution to systemic risk.",
      "actor": null,
      "priority": null,
      "timeframe": "medium term",
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-f5248e6832391ee4",
          "page": 72,
          "quote": "Consider, over the medium term, adjusting the rate to address institutions’ specific risks and their contribution to systemic risk.",
          "source": "document"
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      ],
      "confidence": 0.98,
      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0110"
    },
    {
      "text": "Eliminate the excises on food products as part of a broader reform of the VAT.",
      "verbatim": "Eliminate the excises on food products as part of a broader reform of the VAT.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-cc0a7f65560383c3",
          "page": 72,
          "quote": "Eliminate the excises on food products as part of a broader reform of the VAT.",
          "source": "document"
        }
      ],
      "confidence": 0.98,
      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
      "recommendation_type": "explicit_table",
      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0111"
    },
    {
      "text": "Increase the cap on “Group A” property tax rates to at least 1 percent.",
      "verbatim": "Increase the cap on “Group A” property tax rates to at least 1 percent.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-ee6ee17ff7f13f9b",
          "page": 72,
          "quote": "Increase the cap on “Group A” property tax rates to at least 1 percent.",
          "source": "document"
        }
      ],
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
      "recommendation_type": "explicit_table",
      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0112"
    },
    {
      "text": "Maintain the bank tax introduced in January 2011.",
      "verbatim": "Maintain the bank tax introduced in January 2011.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
      "evidence": [
        {
          "evidence_id": "ev-ff3e4250c96e37cc",
          "page": 72,
          "quote": "Maintain the bank tax introduced in January 2011.",
          "source": "document"
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      ],
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0113"
    },
    {
      "text": "Maintain the carbon tax beyond 2012 and extend it to sectors not be covered by the EU ETS, such as the cement sector.",
      "verbatim": "Maintain the carbon tax beyond 2012 and extend it to sectors not be covered by the EU ETS, such as the cement sector.",
      "actor": null,
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          "quote": "Maintain the carbon tax beyond 2012 and extend it to sectors not be covered by the EU ETS, such as the cement sector.",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0114"
    },
    {
      "text": "Maintain the energy tax beyond 2012 and consider a small increase for households and other small consumers.",
      "verbatim": "Maintain the energy tax beyond 2012 and consider a small increase for households and other small consumers.",
      "actor": null,
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          "evidence_id": "ev-eba539bf97621739",
          "page": 72,
          "quote": "Maintain the energy tax beyond 2012 and consider a small increase for households and other small consumers.",
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      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0115"
    },
    {
      "text": "Modify the balance sheet base on the liabilities side, excluding equity capital, by allowing for a credit for payments in respect of insured liabilities.",
      "verbatim": "Modify the balance sheet base on the liabilities side, excluding equity capital, by allowing for a credit for payments in respect of insured liabilities.",
      "actor": null,
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      "section": "recommendation table 1",
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          "evidence_id": "ev-b50bc9b4c0cf4e5b",
          "page": 72,
          "quote": "Modify the balance sheet base on the liabilities side, excluding equity capital, by allowing for a credit for payments in respect of insured liabilities.",
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      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0116"
    },
    {
      "text": "Restrict any tax on real estate transactions to at most 1percent",
      "verbatim": "Restrict any tax on real estate transactions to at most 1percent",
      "actor": null,
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      "section": "recommendation table 1",
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          "quote": "Restrict any tax on real estate transactions to at most 1percent",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0117"
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    {
      "text": "Taxation of the financial sector",
      "verbatim": "Taxation of the financial sector",
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          "quote": "Taxation of the financial sector",
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      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0118"
    },
    {
      "text": "Bring taxis and rental cars under the regime for excise duties as other passenger cars.",
      "verbatim": "Bring taxis and rental cars under the regime for excise duties as other passenger cars.",
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      "section": "recommendation table 1",
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          "quote": "Bring taxis and rental cars under the regime for excise duties as other passenger cars.",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0119"
    },
    {
      "text": "Consider introducing taxes on NOx and SO2.",
      "verbatim": "Consider introducing taxes on NOx and SO2.",
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      "section": "recommendation table 1",
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          "quote": "Consider introducing taxes on NOx and SO2.",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0120"
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    {
      "text": "Consider the introduction of corrective taxes on landfill and incineration, following the systems in the Nordic countries.",
      "verbatim": "Consider the introduction of corrective taxes on landfill and incineration, following the systems in the Nordic countries.",
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          "quote": "Consider the introduction of corrective taxes on landfill and incineration, following the systems in the Nordic countries.",
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0121"
    },
    {
      "text": "Improve transparency of electricity prices and use separating accounts of entities in government-owned power companies.",
      "verbatim": "Improve transparency of electricity prices and use separating accounts of entities in government-owned power companies.",
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      "section": "recommendation table 1",
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          "page": 73,
          "quote": "Improve transparency of electricity prices and use separating accounts of entities in government-owned power companies.",
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
      "recommendation_type": "explicit_table",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0122"
    },
    {
      "text": "Increase the carbon tax rate to the price of carbon in the EU ETS.",
      "verbatim": "Increase the carbon tax rate to the price of carbon in the EU ETS.",
      "actor": null,
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      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
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          "page": 73,
          "quote": "Increase the carbon tax rate to the price of carbon in the EU ETS.",
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      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0123"
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    {
      "text": "Increase the excise rates on petrol and diesel by ISK 20 in real terms if circumstances permit.",
      "verbatim": "Increase the excise rates on petrol and diesel by ISK 20 in real terms if circumstances permit.",
      "actor": null,
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      "section": "recommendation table 1",
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          "page": 73,
          "quote": "Increase the excise rates on petrol and diesel by ISK 20 in real terms if circumstances permit.",
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0124"
    },
    {
      "text": "Introduce a resource charge geared to the achieved results of a project.",
      "verbatim": "Introduce a resource charge geared to the achieved results of a project.",
      "actor": null,
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      "section": "recommendation table 1",
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          "page": 73,
          "quote": "Introduce a resource charge geared to the achieved results of a project.",
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      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0125"
    },
    {
      "text": "Introduce an excise on vehicles that are currently exempt from the vehicle excise duty.",
      "verbatim": "Introduce an excise on vehicles that are currently exempt from the vehicle excise duty.",
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      "section": "recommendation table 1",
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          "page": 73,
          "quote": "Introduce an excise on vehicles that are currently exempt from the vehicle excise duty.",
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      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0126"
    },
    {
      "text": "Introduce the proposed ecological passenger tax, differentiated by distance travelled.",
      "verbatim": "Introduce the proposed ecological passenger tax, differentiated by distance travelled.",
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          "quote": "Introduce the proposed ecological passenger tax, differentiated by distance travelled.",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0127"
    },
    {
      "text": "Link the duration of leases to the flexibility of resource charges; continue to grant easily renewable long leases where a progressive resource charge is applied.",
      "verbatim": "Link the duration of leases to the flexibility of resource charges; continue to grant easily renewable long leases where a progressive resource charge is applied.",
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          "page": 73,
          "quote": "Link the duration of leases to the flexibility of resource charges; continue to grant easily renewable long leases where a progressive resource charge is applied.",
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      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0128"
    },
    {
      "text": "Move in steps towards consolidation of publicly-owned resource rights into a single entity.",
      "verbatim": "Move in steps towards consolidation of publicly-owned resource rights into a single entity.",
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          "page": 73,
          "quote": "Move in steps towards consolidation of publicly-owned resource rights into a single entity.",
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      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0129"
    },
    {
      "text": "Permit transferability of rights, to affiliates, upon sale or farm-in, and for third party financing, subject to regulatory safeguards.",
      "verbatim": "Permit transferability of rights, to affiliates, upon sale or farm-in, and for third party financing, subject to regulatory safeguards.",
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          "page": 73,
          "quote": "Permit transferability of rights, to affiliates, upon sale or farm-in, and for third party financing, subject to regulatory safeguards.",
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0130"
    },
    {
      "text": "Prepare for resource allocations by auctions and by transparent comparison of proposals; consolidate resource assessments into packages of resource leases that are offered for investment projects.",
      "verbatim": "Prepare for resource allocations by auctions and by transparent comparison of proposals; consolidate resource assessments into packages of resource leases that are offered for investment projects.",
      "actor": null,
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          "evidence_id": "ev-e5a066da1a1b9224",
          "page": 73,
          "quote": "Prepare for resource allocations by auctions and by transparent comparison of proposals; consolidate resource assessments into packages of resource leases that are offered for investment projects.",
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      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0131"
    },
    {
      "text": "Set the base extraction levy in relation to anticipated environmental costs; make additional extraction levy a bid variable at auctions.",
      "verbatim": "Set the base extraction levy in relation to anticipated environmental costs; make additional extraction levy a bid variable at auctions.",
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          "evidence_id": "ev-08a443e80a3ae997",
          "page": 73,
          "quote": "Set the base extraction levy in relation to anticipated environmental costs; make additional extraction levy a bid variable at auctions.",
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      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0132"
    },
    {
      "text": "Taxation of natural resources",
      "verbatim": "Taxation of natural resources",
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      "section": "recommendation table 1",
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          "page": 73,
          "quote": "Taxation of natural resources",
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      "review_status": "unreviewed",
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      "explicitness": "explicit",
      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0133"
    },
    {
      "text": "Adopt a resource tax for access to rights, either by means of a cash flow tax surcharge scheme, or an ACC scheme.",
      "verbatim": "Adopt a resource tax for access to rights, either by means of a cash flow tax surcharge scheme, or an ACC scheme.",
      "actor": null,
      "priority": null,
      "timeframe": null,
      "report_paragraph": null,
      "section": "recommendation table 1",
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          "evidence_id": "ev-274a7a8d90853c5b",
          "page": 74,
          "quote": "Adopt a resource tax for access to rights, either by means of a cash flow tax surcharge scheme, or an ACC scheme.",
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0134"
    },
    {
      "text": "Adopt an extraction levy of approximately 2.5 percent of electricity sales; adjust this in specific cases for the estimated environmental costs.",
      "verbatim": "Adopt an extraction levy of approximately 2.5 percent of electricity sales; adjust this in specific cases for the estimated environmental costs.",
      "actor": null,
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      "section": "recommendation table 1",
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          "evidence_id": "ev-5500bf8b31c52051",
          "page": 74,
          "quote": "Adopt an extraction levy of approximately 2.5 percent of electricity sales; adjust this in specific cases for the estimated environmental costs.",
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0135"
    },
    {
      "text": "Allow existing incentives legislation to expire as scheduled, without replacement, and allow investment agreements to expire as agreed.",
      "verbatim": "Allow existing incentives legislation to expire as scheduled, without replacement, and allow investment agreements to expire as agreed.",
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          "page": 74,
          "quote": "Allow existing incentives legislation to expire as scheduled, without replacement, and allow investment agreements to expire as agreed.",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0136"
    },
    {
      "text": "Avoid sudden measures to increase fiscal levies on energy- intensive industries; focus instead on securing fair market value for electricity sales.",
      "verbatim": "Avoid sudden measures to increase fiscal levies on energy- intensive industries; focus instead on securing fair market value for electricity sales.",
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          "evidence_id": "ev-4e6685c2048ed612",
          "page": 74,
          "quote": "Avoid sudden measures to increase fiscal levies on energy- intensive industries; focus instead on securing fair market value for electricity sales.",
          "source": "document"
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0137"
    },
    {
      "text": "Consider a different model for special hydrocarbon tax (not geared to a profit ratio calculation), such as a cash flow surcharge or an ACC scheme.",
      "verbatim": "Consider a different model for special hydrocarbon tax (not geared to a profit ratio calculation), such as a cash flow surcharge or an ACC scheme.",
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          "evidence_id": "ev-2f3a9f2a0fdb79ac",
          "page": 74,
          "quote": "Consider a different model for special hydrocarbon tax (not geared to a profit ratio calculation), such as a cash flow surcharge or an ACC scheme.",
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      "extraction_method": "recommendation_table",
      "review_status": "unreviewed",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0138"
    },
    {
      "text": "Consider elimination of tax stability assurances for new projects in future, or at least limiting them to rates of specific taxes rather than to deductions and tax calculations in general.",
      "verbatim": "Consider elimination of tax stability assurances for new projects in future, or at least limiting them to rates of specific taxes rather than to deductions and tax calculations in general.",
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          "evidence_id": "ev-830724f49766c321",
          "page": 74,
          "quote": "Consider elimination of tax stability assurances for new projects in future, or at least limiting them to rates of specific taxes rather than to deductions and tax calculations in general.",
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      "confidence_tier": "high",
      "in_conservative_set": true,
      "recommendation_id": "cr-2011-138-rec-0139"
    },
    {
      "text": "Create a level playing field between government and privately owned power companies.",
      "verbatim": "Create a level playing field between government and privately owned power companies.",
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