DOCSLIB.ORG

Corporate Tax 2018 14Th Edition a Practical Cross-Border Insight Into Corporate Tax Work

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Corporate Tax 2018 14Th Edition a Practical Cross-Border Insight Into Corporate Tax Work ICLGThe International Comparative Legal Guide to: Corporate Tax 2018 14th Edition A practical cross-border insight into corporate tax work Published by Global Legal Group, with contributions from: Arqués Ribert Junyer Advocats Maples and Calder Avanzia Taxand Limited Mayer Brown International LLP Baker Tilly Klitou and Partners MIM Law Business Services EOOD Nagashima Ohno & Tsunematsu Blackwood & Stone LP P+P Pöllath + Partners Blake, Cassels & Graydon LLP SBH Law Office Boga & Associates Schindler Attorneys Cases & Lacambra Sele Frommelt & Partners Attorneys at Law Ltd. Čipčić-Bragadin and Associates Slaughter and May in cooperation with Tax Advisory TUK Ltd. SMPS Legal Concern Dialog law firm SSH Advisors Dobrinescu Dobrev SCA Stavropoulos & Partners Law Office Domański Zakrzewski Palinka T. P. Ostwal & Associates LLP, Chartered Accountants Greenwoods & Herbert Smith Freehills Tirard, Naudin K&D Law Firm Totalserve Management Limited Lenz & Staehelin VdA Vieira de Almeida LEX Law Offices Wachtell, Lipton, Rosen & Katz Ludovici Piccone & Partners Waselius & Wist The International Comparative Legal Guide to: Corporate Tax 2018 General Chapters: 1 Fiscal State Aid: the Kraken Wakes? – William Watson, Slaughter and May 1 2 The Implications for UK Taxpayers of BEPS Actions 2 (on Hybrid Mismatches), 4 (on Interest Deductibility) and 6 (on Treaty Access) – Sandy Bhogal & Kitty Swanson, Mayer Brown International LLP 6 Contributing Editor Country Question and Answer Chapters: William Watson, Slaughter and May 3 Albania Boga & Associates: Alketa Uruçi & Andi Pacani 12 Sales Director 4 Andorra Arqués Ribert Junyer Advocats: Daniel Arqués i Tomàs & Florjan Osmani Mireia Ribó i Bregolat 17 Account Director 5 Angola VdA Vieira de Almeida: Samuel Almeida & Joana Lobato Heitor 24 Oliver Smith 6 Armenia Concern Dialog law firm: Rustam Badasyan 30 Sales Support Manager Toni Hayward 7 Australia Greenwoods & Herbert Smith Freehills: Adrian O’Shannessy & Tony Frost 35 Editor 8 Austria Schindler Attorneys: Clemens Philipp Schindler & Martina Gatterer 44 Nicholas Catlin Senior Editors 9 Belarus SBH Law Office: Anastasiya Malakhova & Evgeniya Starosotnikova 52 Suzie Levy 10 Bulgaria Baker Tilly Klitou and Partners Business Services EOOD: Svetla Marinova Caroline Collingwood & Svetlana Dermendjieva 59 Chief Operating Officer 11 Canada Blake, Cassels & Graydon LLP: Zvi Halpern-Shavim & Shavone Bazarkewich 65 Dror Levy Group Consulting Editor 12 Croatia Čipčić-Bragadin and Associates in cooperation with Tax Advisory TUK Ltd.: Alan Falach Silvije Čipčić-Bragadin & Edo Tuk 71 Publisher 13 Cyprus Totalserve Management Limited: Petros Rialas & Marios Yenagrites 75 Rory Smith 14 Finland Waselius & Wist: Niklas Thibblin & Mona Numminen 81 Published by Global Legal Group Ltd. 15 France Tirard, Naudin: Maryse Naudin & Jean-Marc Tirard 87 59 Tanner Street 16 Germany P+P Pöllath + Partners: Michael Best & Nico Fischer 95 London SE1 3PL, UK Tel: +44 20 7367 0720 17 Greece Stavropoulos & Partners Law Office: Ioannis Stavropoulos & Fax: +44 20 7407 5255 Vasiliki Koukoulioti 103 Email: [email protected] URL: www.glgroup.co.uk 18 Iceland LEX Law Offices: Garðar Víðir Gunnarsson & Guðrún Lilja Sigurðardóttir 110 GLG Cover Design 19 India T. P. Ostwal & Associates LLP, Chartered Accountants: T. P. Ostwal & F&F Studio Design Siddharth Banwat 116 GLG Cover Image Source 20 Ireland Maples and Calder: Andrew Quinn & David Burke 123 iStockphoto 21 Italy Ludovici Piccone & Partners: Paolo Ludovici & Stefano Tellarini 129 Printed by Ashford Colour Press Ltd 22 Japan Nagashima Ohno & Tsunematsu: Shigeki Minami 136 November 2017 23 Kazakhstan SSH Advisors: Safkhan Shahmammadli & Jahangir Juraev 144 Copyright © 2017 Global Legal Group Ltd. 24 Kosovo Boga & Associates: Andi Pacani & Fitore Mekaj 151 All rights reserved No photocopying 25 Liechtenstein Sele Frommelt & Partners Attorneys at Law Ltd.: Heinz Frommelt 156 ISBN 978-1-911367-83-3 26 Malta Avanzia Taxand Limited: Walter Cutajar & Mary Anne Inguanez 162 ISSN 1743-3371 27 Mexico SMPS Legal: Ana Paula Pardo Lelo de Larrea & Alexis Michel 170 Strategic Partners 28 Mozambique VdA Vieira de Almeida: Samuel Almeida & Ana Raquel Costa 177 29 Nigeria Blackwood & Stone LP: Kelechi Ugbeva 183 30 Poland Domański Zakrzewski Palinka: Joanna Wierzejska & Tomasz Leszczewski 188 31 Portugal VdA Vieira de Almeida: Samuel Almeida & Bárbara Miragaia 195 32 Romania Dobrinescu Dobrev SCA: Luisiana Dobrinescu 201 33 Serbia MIM Law: Tanja Ungura 207 Continued Overleaf Further copies of this book and others in the series can be ordered from the publisher. Please call +44 20 7367 0720 Disclaimer This publication is for general information purposes only. It does not purport to provide comprehensive full legal or other advice. Global Legal Group Ltd. and the contributors accept no responsibility for losses that may arise from reliance upon information contained in this publication. This publication is intended to give an indication of legal issues upon which you may need advice. Full legal advice should be taken from a qualified professional when dealing with specific situations. WWW.ICLG.COM The International Comparative Legal Guide to: Corporate Tax 2018 Country Question and Answer Chapters: 34 Spain Cases & Lacambra: Ernesto Lacambra & Marc Montserrat 212 35 Switzerland Lenz & Staehelin: Pascal Hinny & Jean-Blaise Eckert 218 36 Turkey K&D Law Firm: Murat Bal & Ezgi Kumas 228 37 United Kingdom Slaughter and May: Zoe Andrews & William Watson 235 38 USA Wachtell, Lipton, Rosen & Katz: Jodi J. Schwartz & Swift S.O. Edgar 244 EDITORIAL Welcome to the fourteenth edition of The International Comparative Legal Guide to: Corporate Tax. This guide provides the international practitioner and in-house counsel with a comprehensive worldwide legal analysis of the laws and regulations of corporate tax. It is divided into two main sections: Two general chapters, offering an insight into fiscal state aid from an EU perspective, and the implications of the BEPS Actions for the UK. Country question and answer chapters. These provide a broad overview of common issues in corporate tax laws and regulations in 36 jurisdictions. All chapters are written by leading corporate tax lawyers and industry specialists and we are extremely grateful for their excellent contributions. Special thanks are reserved for the contributing editor William Watson of Slaughter and May for his invaluable assistance. Global Legal Group hopes that you find this guide practical and interesting. The International Comparative Legal Guide series is also available online at www.iclg.com. Alan Falach LL.M. Group Consulting Editor Global Legal Group [email protected] Chapter 1 Fiscal State Aid: the Kraken Wakes? Slaughter and May William Watson Introduction Why is State Aid Relevant to Tax? The international tax arena has become increasingly fraught, for Article 107(1) of the Treaty on the Functioning of the European multinationals in particular. The OECD’s “BEPS” project is the Union provides that “any aid granted by a Member State or through most obvious example of this trend, encouraging the introduction State resources in any form whatsoever which distorts or threatens of new restrictions and anti-avoidance measures in most major to distort competition by favouring certain undertakings or the jurisdictions outside the US; see the next piece for a discussion of production of certain goods shall, in so far as it affects trade between some of the more significant rules brought in by the UK. But I Member States, be incompatible with the internal market”. should like to use this article to examine a rather different challenge, Cash subsidies are an obvious example, but aid can also involve the full extent of which is only beginning to be appreciated. the state foregoing revenue to which it would otherwise be entitled, I refer to the burgeoning enthusiasm of the European Commission for example through tax exemptions and reliefs. A Member State’s for the application of “state aid” principles to the tax legislation and tax practices can fall foul of the state aid regime in a number of tax rulings of EU Member States. The establishment of a Task Force ways, most commonly through (a) legislative measures that favour on Tax Planning Practices in 2013 appears to have triggered a step particular economic sectors, categories of undertakings or regions, change in enforcement, but it was only with the “Luxleaks” in late or (b) discretionary tax rulings that favour individual undertakings. 2014 (see further below) that the issue really came to prominence. Recent decisions and trends relating to these two forms of fiscal aid Under the energetic direction of Margrethe Vestager, the EU are discussed separately below. commissioner in charge of competition policy, the Commission has Case law of the EU courts has established that there is unlawful state now challenged legislation or rulings in multiple Member States aid, including unlawful fiscal aid, if: and has ordered tax authorities to recover many millions (or in one ■ an economic advantage is provided to an undertaking; case billions) of euros’ worth of back taxes from taxpayers who are ■ it is provided by a Member State and financed through state said to have benefited from unlawful state aid. And while cross- resources; border activity is not a necessary element of any state aid enquiry, in practice multinationals have been the target. ■ it is “selective” in favour of a particular undertaking or category of undertakings or in favour of a particular
Load more

Recommended publications
  • Tax Appeals Rules Procedures
    Tax Appeals Tribunal Rules & Procedures The rules of the game February 2017 Glossary of terms KRA Kenya Revenue Authority TAT Tax Appeals Tribunal TATA Tax Appeals Tribunal Act TPA Tax Procedures Act VAT Value Added Tax 2 © Deloitte & Touche 2017 Definition of terms Tax decision means: a) An assessment; Tax law means: b) A determination of tax payable made to a a) The Tax Procedures Act; trustee-in-bankruptcy, receiver, or b) The Income Tax Act, Value Added liquidator; Tax Act, and Excise Duty Act; and c) A determination of the amount that a tax c) Any Regulations or other subsidiary representative, appointed person, legislation made under the Tax director or controlling member is liable Procedures Act or the Income Tax for under specified sections in the TPA; Act, Value Added Tax Act, and Excise d) A decision on an application by a Duty Act. taxpayer to amend their self-assessment return; Objection decision means: e) A refund decision; f) A decision requiring repayment of a The Commissioner’s decision either to refund; or allow an objection in whole or in part, or g) A demand for a penalty. disallow it. Appealable decision means: a) An objection decision; and b) Any other decision made under a tax law but excludes– • A tax decision; or • A decision made in the course of making a tax decision. 3 © Deloitte & Touche 2017 Pre-objection process; management of KRA Audit KRA Audit Notes The TPA allows the Commissioner to issue to • The KRA Audits are a tax payer a default assessment, amended undertaken by different assessment or an advance assessment departments of the KRA that (Section 29 to 31 TPA).
    [Show full text]
  • Creating Market Incentives for Greener Products Policy Manual for Eastern Partnership Countries
    Creating Market Incentives for Greener Products Policy Manual for Eastern Partnership Countries Creating Incentives for Greener Products Policy Manual for Eastern Partnership Countries 2014 About the OECD The OECD is a unique forum where governments work together to address the economic, social and environmental challenges of globalisation. The OECD is also at the forefront of efforts to understand and to help governments respond to new developments and concerns, such as corporate governance, the information economy and the challenges of an ageing population. The Organisation provides a setting where governments can compare policy experiences, seek answers to common problems, identify good practice and work to co-ordinate domestic and international policies. The OECD member countries are: Australia, Austria, Belgium, Canada, Chile, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The European Union takes part in the work of the OECD. Since the 1990s, the OECD Task Force for the Implementation of the Environmental Action Programme (the EAP Task Force) has been supporting countries of Eastern Europe, Caucasus and Central Asia to reconcile their environment and economic goals. About the EaP GREEN programme The “Greening Economies in the European Union’s Eastern Neighbourhood” (EaP GREEN) programme aims to support the six Eastern Partnership countries to move towards green economy by decoupling economic growth from environmental degradation and resource depletion. The six EaP countries are: Armenia, Azerbaijan, Belarus, Georgia, Republic of Moldova and Ukraine.
    [Show full text]
  • Environmental Taxes and Subsidies: What Is the Appropriate Fiscal Policy for Dealing with Modern Environmental Problems?
    William & Mary Environmental Law and Policy Review Volume 24 (2000) Issue 1 Environmental Justice Article 6 February 2000 Environmental Taxes and Subsidies: What is the Appropriate Fiscal Policy for Dealing with Modern Environmental Problems? Charles D. Patterson III Follow this and additional works at: https://scholarship.law.wm.edu/wmelpr Part of the Environmental Law Commons, and the Tax Law Commons Repository Citation Charles D. Patterson III, Environmental Taxes and Subsidies: What is the Appropriate Fiscal Policy for Dealing with Modern Environmental Problems?, 24 Wm. & Mary Envtl. L. & Pol'y Rev. 121 (2000), https://scholarship.law.wm.edu/wmelpr/vol24/iss1/6 Copyright c 2000 by the authors. This article is brought to you by the William & Mary Law School Scholarship Repository. https://scholarship.law.wm.edu/wmelpr ENVIRONMENTAL TAXES AND SUBSIDIES: WHAT IS THE APPROPRIATE FISCAL POLICY FOR DEALING WITH MODERN ENVIRONMENTAL PROBLEMS? CHARLES D. PATTERSON, III* 1 Oil spills and over-fishing threaten the lives of Pacific sea otters. Unusually warm temperatures are responsible for an Arctic ice-cap meltdown. 2 Contaminated drinking water is blamed for the spread of avian influenza from wild waterfowl to domestic chickens.' Higher incidences of skin cancer are projected, due to a reduction in the ozone layer. Our environment, an essential and irreplaceable resource, has been under attack since the industrial age began. Although we have harnessed nuclear energy, made space travel commonplace, and developed elaborate communications technology, we have been unable to effectively eliminate the erosion and decay of our environment. How can we deal with these and other environmental problems? Legislators have many methods to encourage or discourage individual or corporate conduct.
    [Show full text]
  • Financial Transaction Taxes
    FINANCIAL MM TRANSACTION TAXES: A tax on investors, taxpayers, and consumers Center for Capital Markets Competitiveness 1 FINANCIAL TRANSACTION TAXES: A tax on investors, taxpayers, and consumers James J. Angel, Ph.D., CFA Associate Professor of Finance Georgetown University [email protected] McDonough School of Business Hariri Building Washington, DC 20057 202-687-3765 Twitter: @GUFinProf The author gratefully acknowledges financial support for this project from the U.S. Chamber of Commerce. All opinions are those of the author and do not necessarily reflect those of the Chamber or Georgetown University. 2 Financial Transaction Taxes: A tax on investors, taxpayers, and consumers FINANCIAL TRANSACTIN TAES: Table of Contents A tax on investors, taxpayers, and Executive Summary .........................................................................................4 consumers Introduction .....................................................................................................6 The direct tax burden .......................................................................................7 The indirect tax burden ....................................................................................8 The derivatives market and risk management .............................................. 14 Economic impact of an FTT ............................................................................17 The U.S. experience ..................................................................................... 23 International experience
    [Show full text]
  • Transfer of Ownership Guidelines
    Transfer of Ownership Guidelines PREPARED BY THE MICHIGAN STATE TAX COMMISSION Issued October 30, 2017 TABLE OF CONTENTS Background Information 3 Transfer of Ownership Definitions 4 Deeds and Land Contracts 4 Trusts 5 Distributions Under Wills or By Courts 8 Leases 10 Ownership Changes of Legal Entities (Corporations, Partnerships, Limited Liability Companies, etc.) 11 Tenancies in Common 12 Cooperative Housing Corporations 13 Transfer of Ownership Exemptions 13 Spouses 14 Children and Other Relatives 15 Tenancies by the Entireties 18 Life Leases/Life Estates 19 Foreclosures and Forfeitures 23 Redemptions of Tax-Reverted Properties 24 Trusts 25 Court Orders 26 Joint Tenancies 27 Security Interests 33 Affiliated Groups 34 Normal Public Trades 35 Commonly Controlled Entities 35 Tax-Free Reorganizations 37 Qualified Agricultural Properties 38 Conservation Easements 41 Boy Scout, Girl Scout, Camp Fire Girls 4-H Clubs or Foundations, YMCA and YWCA 42 Property Transfer Affidavits 42 Partial Uncapping Situations 45 Delayed Uncappings 46 Background Information Why is a transfer of ownership significant with regard to property taxes? In accordance with the Michigan Constitution as amended by Michigan statutes, a transfer of ownership causes the taxable value of the transferred property to be uncapped in the calendar year following the year of the transfer of ownership. What is meant by “taxable value”? Taxable value is the value used to calculate the property taxes for a property. In general, the taxable value multiplied by the appropriate millage rate yields the property taxes for a property. What is meant by “taxable value uncapping”? Except for additions and losses to a property, annual increases in the property’s taxable value are limited to 1.05 or the inflation rate, whichever is less.
    [Show full text]
  • The Cost of the Vote: Poll Taxes, Voter Identification Laws, and the Price of Democracy
    File: Ellis final for Darby Created on: 4/9/2009 8:17:00 PM Last Printed: 5/19/2009 1:10:00 PM THE COST OF THE VOTE: POLL TAXES, VOTER IDENTIFICATION LAWS, AND THE PRICE OF DEMOCRACY ATIBA R. ELLIS† INTRODUCTION The election of Barack Obama as the forty-fourth President of the United States represents both the completion of a historical campaign season and a triumph of the Civil Rights revolution of the twentieth cen- tury. President Obama’s 2008 campaign, along with the campaigns of Senators Hillary Rodham Clinton and John McCain, was remarkable in both the identities of the politicians themselves1 and the attention they brought to the political process. In particular, Obama attracted voters from populations which have not been traditionally represented in na- tional politics. His run was hallmarked, in large part, by significant grassroots fundraising, a concerted effort to generate popular appeal, and, most important, massive voter turnout efforts.2 As a result, this election cycle generated significant increases in participation during the primary season.3 Turnout in the general election did not meet anticipated record † Legal Writing Instructor, Howard University School of Law. J.D., M.A., Duke Univer- sity, 2000. An early version of this paper was presented at the Writer’s Workshop of the Legal Writing Institute in summer 2007. Later versions were presented at the November 2007 Howard University School of Law faculty colloquy and the September 2008 Northeast People of Color Legal Scholarship Conference. I gratefully acknowledge Andrew Taslitz, Sherman Rogers, Derek Black, Paulette Caldwell, Phoebe Haddon, and Daniel Tokaji for their thoughtful comments on earlier drafts of this paper.
    [Show full text]
  • Department of Customs
    DEPARTMENT OF CUSTOMS FAQ – CUSTOMS GOODS CLEARANCE QUESTION ANSWER COMMENT In order to clear your goods within the five hour – five day timeframe, the importer should: a. Obtain the CRF (whether DI or PSI) from BIVAC at least 5 days prior to the arrival of It takes minimum five hours and maximum five the goods. days to clear goods at Customs, provided the b. Make a goods declaration immediately How long does it take to importer is compliant with the Customs laws, and after the cargo manifest is registered with clear goods at a Customs all necessary documentation is completed in time Customs by the shipping agency. 1. port, and what do I need by the broker/agent. For more information on c. Pay your taxes and terminal handling to do to clear my goods customs procedures, please refer to Customs charges immediately after receiving a duty faster? clearance procedures at www.lra.gov.lr. and tax assessment notice from Customs. d. Obtain a delivery order from the shipping agency immediately after the cargo is discharged in the cargo terminal. e. Make sure to have a delivery truck available in time for immediate loading of cargo by the terminal operator. Can I ship my goods to Unless otherwise expressly exempt, all importers The penalties for not pre-inspecting goods prior to Liberia without pre- are required to do pre-shipment inspection before shipment to Liberia are: 2. shipping goods to Liberia. the Government, 1 | P a g e shipment inspection through Administrative Regulation No. 12. 14263 – a. 10% of CIF value for first and second (PSI)? 2/MOF/R/BCE/14 October 2013, requires offense penalties for failure to have goods pre-inspected.
    [Show full text]
  • Worldwide Estate and Inheritance Tax Guide
    Worldwide Estate and Inheritance Tax Guide 2021 Preface he Worldwide Estate and Inheritance trusts and foundations, settlements, Tax Guide 2021 (WEITG) is succession, statutory and forced heirship, published by the EY Private Client matrimonial regimes, testamentary Services network, which comprises documents and intestacy rules, and estate Tprofessionals from EY member tax treaty partners. The “Inheritance and firms. gift taxes at a glance” table on page 490 The 2021 edition summarizes the gift, highlights inheritance and gift taxes in all estate and inheritance tax systems 44 jurisdictions and territories. and describes wealth transfer planning For the reader’s reference, the names and considerations in 44 jurisdictions and symbols of the foreign currencies that are territories. It is relevant to the owners of mentioned in the guide are listed at the end family businesses and private companies, of the publication. managers of private capital enterprises, This publication should not be regarded executives of multinational companies and as offering a complete explanation of the other entrepreneurial and internationally tax matters referred to and is subject to mobile high-net-worth individuals. changes in the law and other applicable The content is based on information current rules. Local publications of a more detailed as of February 2021, unless otherwise nature are frequently available. Readers indicated in the text of the chapter. are advised to consult their local EY professionals for further information. Tax information The WEITG is published alongside three The chapters in the WEITG provide companion guides on broad-based taxes: information on the taxation of the the Worldwide Corporate Tax Guide, the accumulation and transfer of wealth (e.g., Worldwide Personal Tax and Immigration by gift, trust, bequest or inheritance) in Guide and the Worldwide VAT, GST and each jurisdiction, including sections on Sales Tax Guide.
    [Show full text]
  • Guiding Principles of Good Tax Policy: a Framework for Evaluating Tax Proposals
    Tax Policy Concept Statement 1 Guiding principles of good tax policy: A framework for evaluating tax proposals i About the Association of International Certified Professional Accountants The Association of International Certified Professional Accountants (the Association) is the most influential body of professional accountants, combining the strengths of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) to power opportunity, trust and prosperity for people, businesses and economies worldwide. It represents 650,000 members and students in public and management accounting and advocates for the public interest and business sustainability on current and emerging issues. With broad reach, rigor and resources, the Association advances the reputation, employability and quality of CPAs, CGMAs and accounting and finance professionals globally. About the American Institute of CPAs The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession. About the Chartered Institute of Management Accountants The Chartered Institute of Management Accountants (CIMA), founded in 1919, is the world’s leading and largest professional body of management accountants, with members and students operating in 176 countries, working at the heart of business.
    [Show full text]
  • Hakelberg Rixen End of Neoliberal Tax Policy
    Is Neoliberalism Still Spreading? The Impact of International Cooperation on Capital Taxation Lukas Hakelberg and Thomas Rixen Freie Universität Berlin Ihnestr. 22 14195 Berlin, Germany E.mail: [email protected] and [email protected] Postprint. Please cite as: Hakelberg, L. and T. Rixen (2020). "Is neoliberalism still spreading? The impact of international cooperation on capital taxation." Review of International Political Economy. https://doi.org/10.1080/09692290.2020.1752769 Acknowledgments Leo Ahrens, Fulya Apaydin, Frank Bandau, Benjamin Braun, Benjamin Faude, Valeska Gerstung, Leonard Geyer, Matthias vom Hau, Steffen Hurka, Friederike Kelle, Christoph Knill, Simon Linder, Daniel Mertens, Richard Murphy, Sol Picciotto, Nils Redeker, Max Schaub, Yves Steinebach, Alexandros Tokhi, Frank Borge Wietzke, Michael Zürn and other participants at the ECPR General Conference in Oslo 2017, the IBEI Research Seminar and Workshop ‘Pol- icy-Making in Hard Times’ in Barcelona in 2017, the Conference of the German Political Sci- ence Association’s (DVPW) Political Economy Section in Darmstadt 2018, the Tax Justice Network’s Annual Conference 2018 in Lima and the Global Governance Colloquium at the Social Science Research Center Berlin (WZB) in May 2019 as well as three anonymous re- viewers provided very helpful comments and suggestions. We thank all of them. Is Neoliberalism Still Spreading? The Impact of International Cooperation on Capital Taxation Abstract The downward trend in capital taxes since the 1980s has recently reversed for personal capital income. At the same time, it continued for corporate profits. Why have these tax rates diverged after a long period of parallel decline? We argue that the answer lies in different levels of change in the fights against tax evasion and tax avoidance.
    [Show full text]
  • Investors' Reaction to a Reform of Corporate Income Taxation
    Investors' Reaction to a Reform of Corporate Income Taxation Dennis Voeller z (University of Mannheim) Jens M¨uller z (University of Graz) Draft: November 2011 Abstract: This paper investigates the stock market response to the corporate tax reform in Germany of 2008. The reform included a decrease in the statutary corporate income tax rate from 25% to 15% and a considerable reduction of interest taxation at the shareholder level. As a result, it provided for a higher tax benefit of debt. As it comprises changes in corporate taxation as well as the introduction of a final withholding tax on capital income, the German tax reform act of 2008 allows for a joint consideration of investors' reactions on both changes in corporate and personal income taxes. Analyzing company returns around fifteen events in 2006 and 2007 which mark important steps in the legislatory process preceding the passage of the reform, the study provides evidence on whether investors expect a reduction in their respective tax burden. Especially, it considers differences in investors' reactions depending on the financial structure of a company. While no significant average market reactions can be observed, the results suggest positive price reactions of highly levered companies. Keywords: Tax Reform, Corporate Income Tax, Stock Market Reaction JEL Classification: G30, G32, H25, H32 z University of Mannheim, Schloss Ostfl¨ugel,D-68161 Mannheim, Germany, [email protected]. z University of Graz, Universit¨atsstraße15, A-8010 Graz, Austria, [email protected]. 1 Introduction Previous literature provides evidence that companies adjust their capital structure as a response to changes in the tax treatment of different sources of finance.
    [Show full text]
  • 1 Virtues Unfulfilled: the Effects of Land Value
    VIRTUES UNFULFILLED: THE EFFECTS OF LAND VALUE TAXATION IN THREE PENNSYLVANIAN CITIES By ROBERT J. MURPHY, JR. A THESIS PRESENTED TO THE GRADUATE SCHOOL AT THE UNIVERSITY OF FLORIDA IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF ARTS IN URBAN AND REGIONAL PLANNING UNIVERSITY OF FLORIDA 2011 1 © 2011 Robert J. Murphy, Jr. 2 To Mom, Dad, family, and friends for their support and encouragement 3 ACKNOWLEDGEMENTS I would like to thank my chair, Dr. Andres Blanco, for his guidance, feedback and patience without which the accomplishment of this thesis would not have been possible. I would also like to thank my other committee members, Dr. Dawn Jourdan and Dr. David Ling, for carefully prodding aspects of this thesis to help improve its overall quality and validity. I‟d also like to thank friends and cohorts, such as Katie White, Charlie Gibbons, Eric Hilliker, and my parents - Bob and Barb Murphy - among others, who have offered their opinions and guidance on this research when asked. 4 TABLE OF CONTENTS page ACKNOWLEDGEMENTS .............................................................................................. 4 LIST OF TABLES........................................................................................................... 9 LIST OF FIGURES ...................................................................................................... 10 LIST OF ABBREVIATIONS .......................................................................................... 11 ABSTRACT.................................................................................................................
    [Show full text]