Workshop on Integrated Management of Micro-databases
Use of tax micro-data for the
compilation of the Chilean National
Accounts
Ivette Fernández
ifernandez@bcentral.cl
Central Bank of Chile
Porto, 20-22 June 2013
Outline
I.
Background
II.
Uses of tax data in the Chilean National
Accounts
III.
Micro-financial data project
IV.
Conclusions
2
1
I. Background
I.
Background
II.
Uses of tax data in the Chilean
National Accounts
III.
Micro-financial data project
IV.
Conclusions
The tax-data is used to measure economic
variables.
In the measurement of macroeconomic variables, it
is common that the complete information is not
available. To get around this problem, tax records
are frequently used.
The fiscal data being used is provided by the
Internal Revenue Service. The information presents
a certain level of aggregation and has no reference
the actual informants (for confidentiality).
The information is received both with a monthly
and annual frequency depending on the specific
records.
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2
We use tax
different ways.
data
obtained
through
The main information used is:
Table 1. Tax-data sources
Information
Value Added Tax (VAT)
Form
Form 29
Income Tax
Form 22
Wage Statement (Annual Affidavit of
Income of Article 42 N°1)
Real estate Statement (Statement of
disposal and registration of Real Estate)
Form 1887
Form 2890
Selected Variables
Monthly information of 15 variables by industries and legally
constituted body.
Annual information of 21 proxy-variables by industries and
legally constituted body.
Annual information of wages paid by employers to salaried
workers.
Quarterly information of purchase / sale of housing and nonresidential properties.
Source: Author’s elaboration based on Central Bank of Chile (2011).
The data occasionally contains outliers and missing
values and therefore it is filtered using statistical
methods.
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II. Uses of tax data in the Chilean
National Accounts
I.
Background
II.
Uses of tax data in the Chilean
National Accounts
III.
Micro-financial data project
IV.
Conclusions
3
In National Accounts, some variables are
measured using tax data.
The tax data is used to measure
macroeconomic variables, for both
Accounts and Financial stability.
different
National
For National Accounts:
Tax - data
(Frequency)
Value Added Tax
(Monthly)
Income Tax/Wage
Statement
(Quarterly & Annually)
Income Tax
(Annually)
Measured
variables
Monthly indicator of
economic activity
(IMACEC)
Production Accounts
Sectoral Accounts
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This data also collaborates with the
analyzes of financial stability.
For Financial Stability :
The data used in National Accounts contributes in
the analysis of financial stability.
Tax - data
(Frequency)
Income Tax
(Semi-annually)
Real Estate Statement
(Quarterly)
Income Tax
(Annually)
Measured
variables
Distributions of the
profitability of
enterprises; Ratios of
variables.
Indexes of housing
prices
(not published yet)
Economic and Financial
studies (internal papers)
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4
III. Micro-financial data project
I.
Background
II.
Uses of tax data in the Chilean
National Accounts
III.
MicroMicro-financial data project
IV.
Conclusions
We want to integrate our micro-financial
databases.
Currently, we are working on a medium-term
project, that consists on integrating different
statistical-financial micro data sets.
The economic-financial information managed by
the Statistics Division is divided in 5 groups:
Tax data
Financial statements
Credit databases
Securities-by-securities databases
Real Estate databases
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5
We are developing the project though the
utilization of Oracle Database.
The project includes integrating these databases in
a data warehouse. The chosen tool is Oracle.
We want to use business intelligence tools to
visualize, analyze, aggregate and link information
of different micro-data sets.
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IV. Conclusions
I.
Background
II.
Uses of tax data in the Chilean
National Accounts
III.
Micro-financial data project
IV.
Conclusions
6
Conclusions
Tax information is very useful when it comes to the
estimation of economic variables in the Chilean
National Accounts. However, it is crucial to analyze
the information through statistical analysis and by
comparing it with the detailed information of other
sources and surveys, before utilizing it.
In the future, we will use this information more
thoroughly through the integration of the financial
micro databases.
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Workshop on Integrated Management of Micro-databases
Use of tax micro-data for the
compilation of the Chilean National
Accounts
Ivette Fernández
ifernandez@bcentral.cl
Central Bank of Chile
Porto, 20-22 June 2013
7