Taxation Of Corporate Debt Finance
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Taxation Of Corporate Debt Finance
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Author : Yuri F. R. Grbich
language : en
Publisher:
Release Date : 1991
Taxation Of Corporate Debt Finance written by Yuri F. R. Grbich and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Corporate debt categories.
Collection of 12 papers which form a guide to current rules and practices in respect of taxation of corporate finance arrangements following bank deregulation. Includes tables of cases, statutes and income tax rulings. Part of the TRevenue and Company Law Practice' series.
Debt Taxes And Corporate Restructuring
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Author : John B. Shoven
language : en
Publisher: Brookings Institution Press
Release Date : 2012-01-01
Debt Taxes And Corporate Restructuring written by John B. Shoven and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
The boom in corporate restructuring, accompanied by large increases in debt finance, was one of the most important developments in the U.S. economy in the 1980s. Financial and tax specialists analyze how the U.S. tax system-especially in its bias toward debt financing-has affected corporate financial decisions and influenced the recent wave of corporate restructuring. The authors evaluate the hypothesis that the rise in the cost of capital during the 1980s helped stimulate the surge in corporate takeovers. They analyze the effect that changes in tax laws and in the volume of government debt have had on corporate financial decisions. The authors examine how recent financial innovations have blurred the distinction between debt and equity finance.
Taxation And Corporate Debt
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Author : Mr.Jost Heckemeyer
language : en
Publisher: International Monetary Fund
Release Date : 2013-10-29
Taxation And Corporate Debt written by Mr.Jost Heckemeyer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-29 with Business & Economics categories.
This paper explores whether corporate tax bias toward debt finance differs between banks and nonbanks, using a large panel of micro data. On average, it finds that there is no significant difference. The marginal tax effect for both banks and non-banks is close to 0.2. However, the responsiveness differs considerably across the size distribution and the conditional leverage distribution. For nonbanks, we find a U-shaped relationship between asset size and tax responsiveness, although this pattern does not hold universally across the conditional leverage distribution. For banks, in contrast, the tax responsiveness declines linearly in asset size. Quantile regressions show further that capitaltight banks are significantly less responsive than are capital-abundant banks; the same pattern holds for the largest non-banks. Still, even the largest banks with high conditional leverage ratios feature a significant, positive tax response.
Taxation Of Corporate Debt And Financial Instruments
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Author : David Southern
language : en
Publisher:
Release Date : 2001-12-30
Taxation Of Corporate Debt And Financial Instruments written by David Southern and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-12-30 with categories.
This title focuses on the practical implications of the provisions on corporate debt, financial instruments and foreign exchange gains and losses. It covers the interaction between the taxes, the accounting framework, corporate transactions and planning issues. It is a comprehensive and practical guide to the corporate and government debt rules, to the tax and accounting treatment of all instruments used in providing corporate finance, and the treatment of foreign exchange gains and losses arising from such financial transactions. Worked examples throughout illustrate complex points, and it is fully cross-referenced to the legislation and Inland Revenue pronouncements. Changes in practice and legislation up to and including the Finance Act 2001 are included.
The Tax Elasticity Of Corporate Debt
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Author : Ruud A. de Mooij
language : en
Publisher: International Monetary Fund
Release Date : 2011-04-01
The Tax Elasticity Of Corporate Debt written by Ruud A. de Mooij and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-01 with Business & Economics categories.
Although the empirical literature has long struggled to identify the impact of taxes on corporate financial structure, a recent boom in studies offers ample support for the debt bias of taxation. Yet, studies differ considerably in effect size and reveal an equally large variety in methodologies and specifications. This paper sheds light on this variation and assesses the systematic impact on the size of the effects. We find that, typically, a one percentage point higher tax rate increases the debt-asset ratio by between 0.17 and 0.28. Responses are increasing over time, which suggests that debt bias distortions have become more important.
Capital Structure And International Debt Shifting
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Author : Mr.Luc Laeven
language : en
Publisher: International Monetary Fund
Release Date : 2007-02-01
Capital Structure And International Debt Shifting written by Mr.Luc Laeven and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-02-01 with Business & Economics categories.
This paper presents a model of a multinational firm's optimal debt policy that incorporates international taxation factors. The model yields the prediction that a multinational firm's indebtedness in a country depends on a weighted average of national tax rates and differences between national and foreign tax rates. These differences matter because multinationals have an incentive to shift debt to high-tax countries. The predictions of the model are tested using a novel firm-level dataset for European multinationals and their subsidiaries, combined with newly collected data on the international tax treatment of dividend and interest streams. Our empirical results show that corporate debt policy indeed not only reflects domestic corporate tax rates but also differences in international tax systems. These findings contribute to our understanding of how corporate debt policy is set in an international context.
Effects Of Taxation
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Author : Dan Throop Smith
language : en
Publisher:
Release Date : 1952
Effects Of Taxation written by Dan Throop Smith and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1952 with Business enterprises categories.
Taxation Of Corporate Debt And Derivatives
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Author : Julian Ghosh
language : en
Publisher:
Release Date : 2009-04-14
Taxation Of Corporate Debt And Derivatives written by Julian Ghosh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-04-14 with categories.
Offering invaluable tax planning help for the tax specialist, Taxation of Corporate Debt and Derivatives is a highly practical publication, ideal for the busy tax practitioner and lawyer. Debt and Treasury management occupies an increasing proportion of the work of tax practitioners. With considerable legislation to get to grips with, this publication, updated twice per annum, offers a concise and comprehensive version of the law in this area. This publication examines, in detail, each of the regimes involving: * Foreign exchange transactions * Financial instruments (such as options, debt contracts, currency swaps) * Corporate debt, i.e. the loan relationship provisions * Anti-avoidance provisions including thin capitalisation, funding bonds etc
Pouring Oil On Fire Interest Deductibility And Corporate Debt
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Author : Pietro Dallari
language : en
Publisher: International Monetary Fund
Release Date : 2018-12-07
Pouring Oil On Fire Interest Deductibility And Corporate Debt written by Pietro Dallari and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-07 with Business & Economics categories.
This paper investigates the role of tax incentives towards debt finance in the buildup of leverage in the nonfinancial corporate (NFC) sector, using a large firm-level dataset. We find that so-called debt bias is a significant driver of leverage, for both small and medium-sized enterprises and larger firms, with its effect accounting for about a quarter of leverage. The strength of this effect differs with firm size, the availability of collateral, income and income volatility, cash flow, and capital intensity. We conclude that leveling the playing field between debt and equity finance through tax policy reform would decrease NFC leverage, reducing economic risks posited by leverage.
Tolley S Taxation Of Corporate Debt And Financial Instruments
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Author : David Southern
language : en
Publisher: Tolley
Release Date : 1998
Tolley S Taxation Of Corporate Debt And Financial Instruments written by David Southern and has been published by Tolley this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Bankruptcy categories.
This work draws together the taxation issues relating to debt instruments used in corporate finance and investment, and offers a complete guide through the maze of new legislation. It focuses on the practical implications of the Finance Act 1996 and also covers the interaction between taxes, the accounting framework, corporate transactions and planning issues.