The Tax Elasticity Of Corporate Debt
DOWNLOAD
Download The Tax Elasticity Of Corporate Debt PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get The Tax Elasticity Of Corporate Debt book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
The Tax Elasticity Of Corporate Debt
DOWNLOAD
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.
The Tax Elasticity System Of Corporate Debt
DOWNLOAD
Author : Ruud A. de Mooij
language : en
Publisher:
Release Date : 2011
The Tax Elasticity System Of Corporate Debt written by Ruud A. de Mooij and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Corporations 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.
Curbing Corporate Debt Bias
DOWNLOAD
Author : Ruud A. de Mooij
language : en
Publisher: International Monetary Fund
Release Date : 2017-02-10
Curbing Corporate Debt Bias 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 2017-02-10 with Business & Economics categories.
Tax provisions favoring corporate debt over equity finance (“debt bias”) are widely recognized as a risk to financial stability. This paper explores whether and how thin-capitalization rules, which restrict interest deductibility beyond a certain amount, affect corporate debt ratios and mitigate financial stability risk. We find that rules targeted at related party borrowing (the majority of today’s rules) have no significant impact on debt bias—which relates to third-party borrowing. Also, these rules have no effect on broader indicators of firm financial distress. Rules applying to all debt, in contrast, turn out to be effective: the presence of such a rule reduces the debt-asset ratio in an average company by 5 percentage points; and they reduce the probability for a firm to be in financial distress by 5 percent. Debt ratios are found to be more responsive to thin capitalization rules in industries characterized by a high share of tangible assets.
Taxation And Corporate Debt
DOWNLOAD
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.
Capital Structure And International Debt Shifting
DOWNLOAD
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.
Debt Taxes And Corporate Restructuring
DOWNLOAD
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.
International Corporate Tax Avoidance A Review Of The Channels Magnitudes And Blind Spots
DOWNLOAD
Author : Sebastian Beer
language : en
Publisher: International Monetary Fund
Release Date : 2018-07-23
International Corporate Tax Avoidance A Review Of The Channels Magnitudes And Blind Spots written by Sebastian Beer 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 2018-07-23 with Business & Economics categories.
This paper reviews the rapidly growing empirical literature on international tax avoidance by multinational corporations. It surveys evidence on main channels of corporate tax avoidance including transfer mispricing, international debt shifting, treaty shopping, tax deferral and corporate inversions. Moreover, it performs a meta analysis of the extensive literature that estimates the overall size of profit shifting. We find that the literature suggests that, on average, a 1 percentage-point lower corporate tax rate will expand before-tax income by 1 percent—an effect that is larger than reported as the consensus estimate in previous surveys and tends to be increasing over time. The literature on tax avoidance still has several unresolved puzzles and blind spots that require further research.
Taxation Of Corporate Debt And Derivatives
DOWNLOAD
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.
Formerly known as Taxation of Loan Relationships and Derivatives, this publication was re-launched and fully updated in April 2009. Offering invaluable tax planning help for the tax specialist and with its easy to use subject index and cross-referencing, 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
Taxation Of Corporate Debt Finance
DOWNLOAD
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.
Ghosh Johnson And Miller On The Taxation Of Corporate Debt And Derivatives
DOWNLOAD
Author : Julian Ghosh
language : en
Publisher:
Release Date : 2009
Ghosh Johnson And Miller On The 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 with Corporate debt categories.