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Masterarbeit MASTERARBEIT Titel der Masterarbeit „Asian Tigers: comparison of their tax systems’ attractiveness for foreign direct investments“ Verfasserin Katarzyna Aneta Grychtoł angestrebter akademischer Grad Master of Arts (MA) Wien, 2015 Studienkennzahl lt. Studienblatt: A 066 864 Studienrichtung lt. Studienblatt: Wirtschaft und Gesellschaft Ostasiens Betreuer: Mag. Dr. Alfred Gerstl 2 Table of Contents 1 Introduction ..........................................................................................................................................4 1.1 Research question ..........................................................................................................................4 1.2 Outline ............................................................................................................................................4 2 Theory and methodology .....................................................................................................................5 2.1 FDI ...................................................................................................................................................5 2.1.1. FDI statistics ............................................................................................................................6 2.1.2. Categorization of FDI ..............................................................................................................9 2.1.3. Factors attracting FDI .......................................................................................................... 14 2.1.4. FDI effects on the host country ........................................................................................... 16 2.2 Tax systems.................................................................................................................................. 17 2.2.1. Definitions of tax and tax system ........................................................................................ 18 2.2.2. Functions of tax ................................................................................................................... 19 2.2.3. Taxes as governmental tools ............................................................................................... 20 2.2.4. Global trends in taxation ..................................................................................................... 20 2.2.5. Relationship between taxes and FDI flows ......................................................................... 22 2.2.6. Corporate tax ....................................................................................................................... 23 2.2.7. Custom duties ...................................................................................................................... 27 2.2.8. Local taxes ........................................................................................................................... 28 2.2.9. Write-offs ............................................................................................................................ 28 2.2.10. Effective tax rate ............................................................................................................... 29 2.2.11. Tax havens and transfer pricing ........................................................................................ 30 2.2.12. Export processing zones .................................................................................................... 31 2.2.13. Harmonization of tax systems ........................................................................................... 32 2.2.14. Bilateral tax agreements ................................................................................................... 32 2.3 State of the art............................................................................................................................. 34 2.4 Analytical framework .................................................................................................................. 37 3 Analytical part .................................................................................................................................... 40 3.1 Hong Kong ................................................................................................................................... 40 3.1.1 Region’s profile ..................................................................................................................... 40 3.1.2 Attractiveness of the Hong Kong’s tax system for the FDIs inflow ...................................... 43 3.1.3 Summary .............................................................................................................................. 49 3.2 Taiwan ......................................................................................................................................... 50 3.2.1 Region’s profile ..................................................................................................................... 50 3.2.2 Attractiveness of the Taiwan’s tax system for the FDIs inflow ............................................ 53 3.2.3 Summary .............................................................................................................................. 59 3.3 Singapore ..................................................................................................................................... 60 3.3.1 Region’s profile ..................................................................................................................... 60 3.3.2 Attractiveness of the Singapore’s tax system for the FDIs inflow ........................................ 64 3.3.3 Summary .............................................................................................................................. 69 3.4 South Korea ................................................................................................................................. 70 3.4.1 Region’s profile ..................................................................................................................... 70 3.4.2 Attractiveness of the South Korea’s tax system for the FDIs inflow .................................... 73 3.4.3 Summary .............................................................................................................................. 79 4 Conclusion .......................................................................................................................................... 80 5 References .......................................................................................................................................... 90 6 List of tables and figures .................................................................................................................... 97 Abstract ................................................................................................................................................. 98 3 1. Introduction 1.1. Research question As clearly indicated by its title, this research paper will be predominantly dealing with the tax systems (as a whole as well as their particular components) in reference to the foreign direct investments flows within the four regions located in East Asia, commonly called Asian Tigers. There has been made an attempt to answer the question, which region (Hong Kong, Taiwan, Singapore or South Korea) has the best constructed tax system, when it comes to the attraction of the foreign direct investments (FDI). Therefore, throughout the paper there will be crystallized suitable criteria (in the section Analytical Framework) allowing the appropriate analysis of the existent fiscal policies within the aforementioned regions. It will be followed by the trial to find some patterns with regard to the amount of inward FDI and consequently there will be made final comparisons and conclusions. When answering the main research question, there will also be investigated the qualitative aspects of FDI, meaning how specific tax mechanisms determine the type of inflowing FDI. To sum up, the main research question reads as follows: • Which one of the four Asian Tigers has the most investors-oriented/friendly tax system? The other aspects that will be analyzed throughout this paper are: • Do the specific tax mechanisms attract particular types of investments? • Do the host countries respond to the tax avoidance strategies of the companies and how effective such counteracting is? 1.2. Outline This paper is compounded of two main parts: theoretical and analytical. The chapter titled “Theory and methodology” is intended to facilitate reader’s understanding of the theory underlying the aspects analyzed in the further parts. Firstly there has been broadly presented the topic of foreign direct investments (FDI), which includes some basic statistics regarding their amount, size, location etc., their categorization, factors influencing the attraction of FDI and meaning of the inflowing investments for the receiving country. The following subchapter addresses the issue of taxes. Similarly to the preceding part, there is lengthily presented the topic of taxes. This chapter includes the general introduction into the tax theory, their meaning for the economy and influence on the taxpayers. Subsequently, there is provided a more detailed explanation of the particular tax forms and tax strategies such as: fiscal system (and especially the concept of the effective tax rate), corporate
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