The Compendium lucidly discusses the role of tax policy in economic development with particular reference to Africa, East, North and South Asia, Europe, Latin America and North America • Difficult concepts such as “incidence” and “distribution” effects of taxation are argued profoundly with empirical evidence • Efficiency and equity effects of personal and corporate income tax are explored with discerning analysis, yet with remarkable ease • Various effects of consumption taxes such as the VAT including efficiency, distribution and administrative ramifications are examined closely by reference to individual countries • Innovative taxes such as environmental taxes, cash-flow tax, a minimum tax on business, financial transactions tax and others are subjected to insightful analysis • The crucial role of tax administration in implementing tax policy effectively is considered in the most percipient manner • Last, but not the least, the section – Country and Regional Experiences – makes it the most integrated literature on the subject of the economics of taxation.