1 “... provide a strong analysis of risks and vulnerabilities, there are significant cross-country differences...”

2 “... taxes, which we assess in relation to externalities and differences in consumption patterns across...”

3 “... tax incentives, and by an illustrative analysis of different incentives using effective tax rates...”

4 “..., the tax holiday, differs materially from practice elsewhere in offering a deferral rather than exempting...”

5 “.... There is, however, a real effect on current account balances, because taxes are paid to different jurisdictions...”

6 “... different conclusion...”