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Measurement and Development of the Effective Tax Burden of Companies – An Overview and International Comparison
... Under these circumstances, investigating what affects the tax payments of Romanian companies is highly desirable, since it may disclose the underlying factors that play a role in this respect. That is controversial, since Romanian enjoys one of the lowest statutory tax rates in Europe and some some well-established forward looking methodologies, namely Devereux -Griffith (Devereux andGriffith, 1999, 2003) and European Tax Analyzer (Jacobs and Spengel, 2000), rank Romania in terms of corporate effective tax rates on the fifth and respectively on the fourth position among European Union member states, which is consistent with Romania's low statutory corporate income tax rate. For the purpose of this research, the paper measures the tax payments as natural logarithm of corporate income taxes actually paid by companies. ...
... In order to avoid the problems that firm-specific effective tax rates pose (Lazăr, 2014), the paper introduces a new measure of corporate tax burden, namely the logs of taxes actually paid. While this is new in tax research backward-looking methodology, a similar approach is used in one of the well-established tax research forward-looking methodology, namely European Tax Analyzer (Jacobs and Spengel, 2000), which measures the corporate tax burden by the absolute amount of taxes that companies actually pay (EUR). With regard to determinants, most of them are based on conventional theory which states that firm size, capital intensity, leverage and profitability are the most common determinants of corporate effective tax rates. ...
Using a fixed effects panel data estimation model in order to account for individual firm heterogeneity, the paper investigates the determinants of corporate tax payments for Romanian non-financial companies listed at Bucharest Stock Exchange over twelve years period (2000 - 2011), adopting a new approach, the natural logarithms of corporate income taxes actually paid as dependent variable. This removes the inherent flaws of firm specific effective tax rates, while establishing a more comparable field for subsequent similar research. All the determinants investigated were found as having an impact, albeit at different level of significance. Capital intensity, leverage and labour intensity were found as having a negative effect, while profitability and size have a positive impact. The findings correspond in general to conventional theory. Moreover, the paper produces evidence concerning the impact of loss carry-forward provisions on firm tax payments.
... a. Collins y Shackelford (1995). b. Jacobs y Spengel (2000). ...
... Estos resultados son similares a los obtenidos porStickney y McGee (1982),Kim y Limpaphayom (1998), Jacobs y Spengel (2000,• Intensidad de Capital (ICAP) → Aunque utilizando el TIE2 cede al Apalancamiento el primer lugar en importancia, sigue siendo una de las variables analizadas que ejerce mayor influencia en el tipo efectivo.Muestra una relación inversa y significativa en todas las ecuaciones estimadas, de acuerdo con las previsiones realizadas.En el caso del TIE2, además de lo comentado para el otro indicador de la presión fiscal, esta circunstancia se debe al efecto reductor de las amortizaciones, no incluidas en el EBITDA, sobre la base de cálculo del impuesto.Como ya se ha indicado, estos resultados siguen la línea de los presentados porStickney y McGee (1982),Gupta y Newberry (1997),Derashid y Zhang (2003) y, en parte, Fernández Rodríguez (2001. ...
RESUMEN El objetivo fundamental de esta investigación es analizar cómo ha evolucionado la presión fiscal soportada por estas sociedades en la Comunidad Valenciana, desde 1992 hasta 1999, con el fin de constatar si la inclusión de este régimen especial ha producido un cambio significativo en la tributación efectiva de estas sociedades. Adicionalmente, el trabajo examina las relaciones entre sus tipos efectivos y una serie de atributos empresariales y de variables económico-financieras. De acuerdo con este planteamiento, el trabajo está estructurado en dos secciones. En la primera de ellas, integrada por cinco capítulos, se establece el marco teórico que justifica la investigación, analizando la importancia de las PYMES dentro de la economía mundial; los aspectos más relevantes de la reforma del Impuesto sobre Sociedades de 1995 y, en particular, aquéllos relativos al régimen especial para empresas de reducida dimensión; y, finalmente, los fundamentos y antecedentes de la utilización del tipo impositivo efectivo como indicador de la presión fiscal. La segunda sección, con cuatro capítulos, se destina al planteamiento y desarrollo de la investigación empírica, así como al análisis de las principales conclusiones alcanzadas. En síntesis, la conclusión más importante de este trabajo es que la reforma fiscal en su conjunto, que no la entrada en vigor de la Ley 43/1995, ha provocado una disminución de la carga tributaria soportada por las empresas de reducida dimensión, cuya cuantía, si bien es estadísticamente significativa, dista mucho de las expectativas despertadas. Además de evaluar el impacto en la presión fiscal del cambio normativo, a lo largo de la primera parte del trabajo empírico hemos podido constatar la importancia de la localización provincial, la actividad económica y el tamaño, ya que dichos atributos provocan diferencias significativas en la carga tributaria soportada. La segunda parte de esta investigación ha tenido como objetivo analizar la influencia de una serie de variables económico-financieras en la formación del tipo impositivo efectivo. La Intensidad de Capital se muestra como una de las variables más influyente en todas las estimaciones, cuestión lógica si consideramos su relación directa con el montante de la deducción por inversiones. Para terminar, se ha analizado el impacto del cambio normativo sobre la estructura de cada una de estas variables. Los resultados obtenidos evidencian que la reforma ha perjudicado, especialmente, a las sociedades más grandes y con mayor Rentabilidad Económica. __________________________________________________________________________________________________ This work has like main target to analyze how the fiscal pressure that supports the companies of reduced dimension in the Valencian Community from 1992 to 1999, with the purpose of stating has evolved if, really, the inclusion of the Special Regime has contributed to reduce its effective tributación and, therefore, has taken place a significant change with the take effect of Law 43/1995. Secondly, it is tried to contrast if this fiscal pressure is sensible to certain attributes like the provincial location or the developed activity Finally, we will try to establish the relation between diverse variables economic-financiers of the company and their effective tax type, so that the structure can be characterized economic-financier of the companies that enjoy a smaller fiscal pressure. In agreement with this exposition, the work will be structured in two independent sections. In first, integrated by five chapters the theoretical frame will settle down that justifies the investigation, whereas the four chapters of second are destined to the exhibition of the empirical study and the reached conclusions.
... where R* is the NPV before taxes, R is the NPV after taxes, p is the pre-tax rate of return, and r is the real interest rate. The international comparison of the tax burden on highly profitable investments is most important in terms of the choice of investment location (Devereux and Griffith 2003;Jacobs and Spengel 2000;Spengel 2003). When choosing from a set of mutually exclusive investments with an identical pre-tax real rate of return, a company will favour the alternative with the highest post-tax net present value, where the EATR is lowest. ...
In this paper, we illustrate the tax attractiveness of EU countries as investment locations over time in terms of effective average tax rates and evaluate potential tax reform options. Our quantitative assessment of recent tax policies suggests that corporate tax rate cuts, notional interest deductions and R&D incentives significantly reduce the effective average tax rate. When government budgets are constrained, however, tax incentives with a direct link to investment activities, such as accelerated depreciation and R&D incentives, are most suitable to stimulate private investment. Even after the introduction of the global minimum tax, these measures remain a viable tool to stimulate investments.
... The most comprehensive up-to-date study for SME taxation in Europe is of VVA and ZEW (2015), commissioned by the Directorate General for Internal Market, Industry, Entrepreneurship and SMEs of European Commission. Using European Tax Analyzer (Jacobs & Spengel, 2000), the report ranks 20 selected EU member states according to their effective tax burden for micro-, small-, and medium-sized companies. Based on a model company, the study fails to isolate the effect of taxes on Romania's micro-enterprises tax burden, mainly because it does not consider the most important tax provisions, namely, the taxation of turnover (not of profits) at a very low tax rate (1-3%), but only the regular profit tax of 16%. ...
Taking advantage of Romania’s compulsory and unique presumptive tax system (turnover tax) for the smallest of the small- and medium-sized enterprises (SMEs), which unequivocally allows grouping the companies into two subsamples according to their tax status (the smallest of the SMEs, i.e. micro-companies for tax purposes, subject to alternative turnover tax vs larger SMEs subject to regular profit tax), the papers compute and compare three versions of firm-specific effective tax rates and brings first-time empirical evidence on the effects of turnover taxation on corporate tax burden. The results show not only that in Romania, the turnover tax is now the prevailing tax system, massively displacing the profit tax, but also it is more burdensome in terms of taxes actually paid relative to the firm size. Moreover, turnover taxation means that taxes are due irrespective of the profitability of a company, making the share of companies who paid taxes despite having losses much higher for micro-companies than for larger SMEs, which translates into higher public finance receipts, at the cost of lower tax equity. Since the corporate tax burden triggered by turnover taxation remains under the radar of even the most qualified policy reports, the results offer relevant lessons for other jurisdictions and have valuable policy implications.
... For measuring this effective taxation, a number of different instruments exist [15] [16] [17]. In the present Research Paper we used a backward-looking measure that can be calculated from Financial Statements. ...
This research paper used financial statements information to measure Effective Tax Rates (ETRs) , which represent the proportion of profits incurred by large Algerian enterprises as a tax burden during a given financial year, and compared them with the Statutory Tax Rates (STRs) imposed by Algerian law. The purpose of the study was to determine whether, in the context of a political economy, that tax contribution respects the principle of Tax Equity. It employed a sample of 114 enterprises for the 2012 to 2018 financial year. The variability between ETRs and STR indicates the intervention of elements that cause differences between the accounting result and the taxable base. Higher ETRs mean that these enterprises are under fiscal pressure and lower ETRs mean that the tax burden effectively supported is inconsistent with these enterprises' profits level. The findings indicate that there are considerable differences in the tax burden borne by these enterprises and that most ETRs were lower than STRs. According to the results of this study, we conclude that large Algerian enterprises have not paid an equitable tax contribution.
... countries with the biggest spreads between the ETR and STR are Germany, Italy, and Spain. Jacobs and Spengel (2000) compared data on ETRs over 10 years for firms in Germany, France, Netherlands, the UK, and the US. Their findings imply that the tax burden differs by sector within the same country and by country within the same sector. ...
For decades, European Union (EU) wide corporate tax harmonization has been sought to eradicate business relocation for tax reasons. It is hoped that this harmonization will ensure that companies pay taxes in the countries where they operate. One mechanism that countries use to achieve this harmonization is tax incentives. Yet each country establishes its own incentive structure, according to its statutory tax rate. This study analyzes the effective tax burden in the initial 15 EU member states between 2006 and 2014 to identify significant differences that prevent tax harmonization across these countries. The statutory and effective tax rates are used to evaluate the tax burden. The net tax incentives and disincentives are also considered. The analysis shows that between 2006 and 2014, these 15 member states used tax incentives to close the gaps among these countries’ tax burdens. Countries with above-average effective tax rates offered greater tax incentives than countries with below-average effective tax rates. However, though these tax policies reduced the gap in the tax burden, harmonization of the effective tax rate was not achieved during the study period.
... As is widely acknowledged, Romania enjoys one of the lowest corporate income tax rates in Europe (16%). In terms of corporate effective tax rates among European Union member states, well-established methodologies, such as Devereux-Griffith (Devereux & Griffith, 1998, 2003 and European Tax Analyzer (Jacobs & Spengel, 2000), rank Romania in fifth and the fourth position, respectively, in Europe. In spite of this, the World Economic Forum Global Competitiveness Report, which is based on the World Bank/PricewaterhouseCoopers approach (Djankov, Ganser, McLiesh, Ramalho, & Shleifer, 2010), consistently identifies the most problematic factors for doing business as tax rates (ranked 1st of 15 in 2011-2012 edition) and tax regulations (ranked 7th of 15 in 2011-2012 edition), and ranks Romania in 15th position among European member states in terms of total tax rate. ...
The paper investigates the impact of overall firm-specific tax-mix on firm performance for Romanian listed companies during the 2000–2011 period. By overall tax-mix, we mean all public finance-related liabilities borne by a company, thus including not only profit taxes, but also non-profit taxes (i.e., real-estate taxes) and labour-related taxes (social security charges borne by companies). Developed around the corresponding tax wedge, the variable of interest is a firm-specific effective tax rate that aggregates all public finance liabilities, based on a unique set of hand-collected data from publicly available corporate reports. Using a fixed-effect model, the results show that one percentage point increase in overall firm-specific tax rate triggers 0.15 percentage points decrease in return on assets. Moreover, tangibles, leverage and size have a negative effect on Romanian listed companies’ performance, while liquidity, growth and lagged profitability have a positive effect.
... (1) To study the consequences of modifications to national tax law on the ETR (Calvé, Labatut and Molina, 2005;Fernández, 2004;Fernández, Martínez and Álvarez, 2004;Garrido and Garrido, 2006;Gravelle, 1982;Guenther, 1994;Gupta and Newberry, 1992;Manzon and Smith, 1994;Martinez, Fernández and Álvarez, 2001;Scholes and Wolfson, 1992;Shevlin and Porter, 1992); (2) To perform a comparative analysis of different countries (Buijink Janssen and Schols, 2002;Collins and Shackelford, 1995;Devereux and Griffith, 1998;Fernández and Rubín, 2002;Fernández, Martínez and Álvarez, 2008;Jacobs and Spengel, 2000;Kim and Limpaphayom, 1998;Molloy, 1998); and (3) To research the factors that determine tax burden (Adhikari et al., 2006;Chen, Chen, Chen and Shevlin, 2010;Feeny, Gillmann and Harris, 2006;Fernández, 2004;Fernández andMartínez, 2009 andFonseca et al., 2011;Graham, 1996;Gupta and Newberry, 1997;Holland, 1998;Kern and Morris, 1992;Molina, 2012;Monterrey and Sánchez, 2010;Omer, Molloy and Ziebart, 1993;Porcano, 1986;Richardson and Lanis, 2007;Stickney and McGee, 1982;Wang, 1991;Wilkie and Limberg, 1993;Zimmerman, 1983). ...
... (1) To study the consequences of modifications to national tax law on the ETR (Calvé, Labatut and Molina, 2005;Fernández, 2004;Fernández, Martínez and Álvarez, 2004;Garrido and Garrido, 2006;Gravelle, 1982;Guenther, 1994;Gupta and Newberry, 1992;Manzon and Smith, 1994;Martinez, Fernández and Álvarez, 2001;Scholes and Wolfson, 1992;Shevlin and Porter, 1992); (2) To perform a comparative analysis of different countries (Buijink Janssen and Schols, 2002;Collins and Shackelford, 1995;Devereux and Griffith, 1998;Fernández and Rubín, 2002;Fernández, Martínez and Álvarez, 2008;Jacobs and Spengel, 2000;Kim and Limpaphayom, 1998;Molloy, 1998); and (3) To research the factors that determine tax burden (Adhikari et al., 2006;Chen, Chen, Chen and Shevlin, 2010;Feeny, Gillmann and Harris, 2006;Fernández, 2004;Fernández andMartínez, 2009 andFonseca et al., 2011;Graham, 1996;Gupta and Newberry, 1997;Holland, 1998;Kern and Morris, 1992;Molina, 2012;Monterrey and Sánchez, 2010;Omer, Molloy and Ziebart, 1993;Porcano, 1986;Richardson and Lanis, 2007;Stickney and McGee, 1982;Wang, 1991;Wilkie and Limberg, 1993;Zimmerman, 1983). ...
This paper presents a dynamic model of the Effective Tax Rate (ETR) in the
tourism sector. A dynamic model where the lagged endogenous variable
ETR has been included as a regressor to identify the dynamic structure of
the variable due to the existence of temporal adjustments between the
short and long run in ETR payments has been estimated. The empirical
analysis based on a panel data set over the 2008-2013 period explores the
determinants of the ETR variable by using a Generalised Method of
Moments (GMM) estimator controlling for heterogeneity in the tourism
sector. The Arellano-Bond system GMM estimator has been used to
estimate the model. The study seeks to shed light on the determinants of
tax burden in the tourism sector covering the lack of studies on this topic.
The findings obtained suggest that the ETR borne is determined by size,
financing structure and type of entity. We deem the finding of the
existence of non-linear relationships between ETR and size and financing
structure relevant.
... Notable studies include those conducted byChennells and Griffith (1997)For example,Chennells and Griffith (1997)compared the STR and ETR in four non-European countries (Australia, Canada, Japan, and the US) and six European countries (France, Germany, Ireland, Italy, Spain, and the UK) between 1985 and 1994. The authors determined that the countries with the greatest spread between the two rates were Germany, Italy, and Spain.Jacobs and Spengel (2000)compared the ETRs of companies located in France, Germany, the Netherlands, the UK, and the US over 10 years.Offshoring for tax reasons is an issue that greatly concerns governments. In response to this problem, numerous scholars have studied variations in the tax burdens of different countries and attempted to identify significant differences that may lead to offshoring (Buijink et al. 2002;Lisowsky, 2010).10.5709/ce.1897-9254.239 ...
One of the most serious effects of offshoring is tax avoidance, which harms the economies of the affected regions. In an attempt to eradicate tax avoidance, the EU seeks to establish tax harmonization across its Member States. Based on data for 2006–2014, this study analyzes the historical evolution and current trends of a convergence or divergence of the tax burden for 15 EU Member States. The effective tax rate was used to assess the tax burden. This study used a novel approach to analyze the tax burden and conducted a cluster analysis to examine changes in the effective tax rates between 2006 and 2014. The results imply that when the economy prospers, effective tax rates tend to converge. In contrast, during periods of economic downturns, effective tax rates diverge. This divergence occurs because of differences in Member States’ tax policies that reflect the various strategies that are adopted by different Member States to combat economic crises. Therefore, the tax harmonization criteria that were established by the EU are relegated to the background and offshoring is encouraged. © 2017, University of Finance and Management in Warsaw. All rights reserved.
... The first, which is the most prominent, is centered on a forward-looking approach when measuring the corporate tax burden for different jurisdictions. The most widely acknowledged methodologies are the Devereux-Griffith methodology (Devereux andGriffith 1999, 2003), which is based on a hypothetical investment project approach, and the European Tax Analyzer methodology (Jacobs and Spengel 2000), which adopts a model-firm approach. Recently, based on methodology proposed by Djankov et al. (2010), another model-firm approach has been developed and is jointly used by the World Bank, International Finance Corporation, and PricewaterhouseCoopers in their Doing Business/Paying Taxes surveys. ...
The paper investigates the determinants of firm-specific corporate tax rates for non-financial companies, listed at Bucharest Stock Exchange over twelve years period (2000 – 2011). Using a fixed effects panel data estimation model in order to account for individual firm heterogeneity, it was found that capital intensity, leverage and loss carry-forward provisions negatively affect corporate effective tax rates. Company size and labor intensity were not found as having any effect, while profitability has a positive effect. Going beyond the deterministic investigation, the paper cannot provide evidence of tax planning activities for the companies considered. Moreover, legal differences between financial and tax accounting related to provisions were found as having a positive effect on firm-specific effective tax rates.
... ). The model-firm approach was introduced byJacobs and Spengel (2000), being known under the name of European Tax Analyzer. Recently, based on methodology proposed byDjankov et al. (2010), another model-firm approach has been developed, the one that is jointly used by the World Bank, International Finance Corporation and PricewaterhouseCoopers (see doingbusiness portal).Research conducted worldwide is based heavily on forward-looking methodologies. ...
Using data from publicly available corporate reports, the paper performs computations of effective tax rates for Romanian listed companies between 2000 and 2010, while introducing two alternative measures of effective tax rates meant to capture the burden triggered by nonprofit taxes and labor-related taxes. It was found that the effective tax rate computed as a profit tax to pre-tax income ratio was below the statutory corporate income tax rate throughout the period, except for the years 2009 and 2010 (when an alternative minimum tax was levied). When computing effective tax rate as a ratio between total taxes and contributions charged to companies’ accounts and net profit before all taxes and contributions, the results are consistent with those found by World Bank/PricewaterhouseCoopers in their series of Doing Business/Paying Taxes surveys. The last of the effective tax rates computed by plotting all the taxes and contributions borne to companies’ turnover showed a declining trend over the period, except again for 2009 and 2010. The distribution of tax burden showed that among all public finance liabilities, corporate income tax recorded the lowest share of companies’ turnover, whereas social security contributions imposed the highest burden, which increased since the flat tax adoption in 2005.
... 334-351. 41 See, for example,Jacobs/Spengel (2000),Nicodème (2001) and(2007). ...
After intensive and extensive preparation, the European Commission released the long-awaited proposal for a Council Directive on a Common Consolidated Corporate Tax Base (CCCTB) on March 16, 2011. In the context of the Europe 2020 Strategy, major objectives of the proposed CCCTB are the elimination of transfer pricing concerns, the removal of double taxation due to conflicting tax claims between Member States and, ofcourse, the reduction of tax compliance costs. However, as the second and the third step of the proposed CCCTB, i.e. the consolidation and the allocation mechanism, still suffer from considerable shortcomings, we recommend introducing the CCCTB in two steps. In this context, our paper focuses on the first step of a CCCTB, i.e. the common corporate tax base (CCTB). The paper combines qualitative and quantitative analyses on the key differences and similarities between the proposed CCTB and current tax accounting practice in all 27 Member States, Switzerland and the U.S. It offers not only a broad geographical scope, but also great detail in analyzing the differences in tax accounting and quantifying the change in tax burden induced by the introduction of a CCTB in each Member State, Switzerland and the U.S. --
... 9 See Devereux/Grith (1999); Devereux/Grith (2002). 10 In which situations the EMTR or EATR is the more suitable concept is discussed in Jacobs/Spengel (2000), pp. 338-339. ...
Effective tax rates (ETRs) are designed to indicate the influence of taxes on investments. Existing ETR models fail to generate ETRs that can be compared to a constant yardstick and to other ETRs. This paper develops a new ETR approach based on neutral tax systems. Integration of neutral taxation into the computation of ETRs overcomes the problem of traditional numerical concepts: Comparison of the new ETR and the statutory tax rate as a constant yardstick reveals preferential or discriminatory taxation of investments. Moreover, the comparison of different ETRs displays which investment is distorted to a higher or lower degree. --
... In this case, the EATR will decrease with the level of profitability. 19 An alternative method to calculate effective average tax rates that is not further pursued here is to use a model firm approach (see Jacobs and Spengel, 2000). The basic approach is to assume an industry specific mix of assets and liabilities of a firm and to calculate future pre-tax profits on the basis of estimates for future cash receipts and costs. ...
München, Univ., Diss., 2005 (Nur beschränkt für den Austausch).
... In this case, the EATR will decrease with the level of profitability. 19 An alternative method to calculate effective average tax rates that is not further pursued here is to use a model firm approach (see Jacobs and Spengel, 2000). The basic approach is to assume an industry specific mix of assets and liabilities of a firm and to calculate future pre-tax profits on the basis of estimates for future cash receipts and costs. ...
This work analyses how taxes determine the activities of multinational enterprises within the EU. Using disaggregated data, it is shown empirically, that different types of foreign direct investment react in different ways to alternative measures of the tax burden. It is shown theoretically, that this result is consistent with tax minimising income shifting activities. Moreover, in a setting of asymmetric capital tax competition, it is shown that income shifting alters the choice of optimal tax rates and that it will not inevitably increase competitive pressure on equilibrium tax rates.
... From these tax burdens median figures for each country were taken to represent the tax burden. Since profits and taxes cannot be clearly assigned to individual countries (Jacobs and Spengel, 2000) multinational companies were removed from the dataset. 6 Table 3 reports the corresponding figures. ...
In a place to place analysis of bilateral FDI flows the average company tax burden, the statutory corporation tax rate, as well as the cost of capital are used to capture the tax incentives. In addition, indicators of public spending in general and with regard to different functions of government and rankings of competitiveness related to public sector activities are used to measure the role of public service provision. The results show significant effects of tax incentives, in particular, the marginal tax burden and the statutory tax rate prove jointly significant. However, only weak indications of a countervailing effect of public expenditures are found.
Стаття присвячена актуальним питанням оцінки податкового навантаження підприємства, що не входить до переліку класичних складових оцінки фінансового стану чи інвестиційної привабливості підприємства. Проте оцінка податкового навантаження підприємства є актуальною та інформативною для власників та інвесторів. Метою дослідження є обґрунтування методичного інструментарію оцінки податкового навантаження підприємства в частині його обліково-аналітичного забезпечення та адаптування до положень чинного податкового та бухгалтерського обліку і звітності. В дослідженні обґрунтовано сукупність аналітичних показників для різних груп користувачів інформації: для зовнішніх користувачів рекомендовано проводити аналіз показників загального податкового навантаження підприємства, податкового навантаження за доходами, витратами та податкового навантаження на грошові потоки; для внутрішніх користувачів ‒ показників загального податкового навантаження підприємства, податкового навантаження за доходами, витратами та податкового навантаження на грошові потоки, податкового навантаження за всіма сплаченими податками.
La ley 27.191 de Régimen de Fomento Nacional para el uso de Fuentes Renovables de Energía, se manifiesta como un instrumento disuasivo a los efectos del cumplimiento de las obligaciones ambientales que se reclama a las empresas, los ejes propuestos por la nueva ley que incidió en el proceso de toma de decisiones, incluyo importantes incentivos fiscales para los productores independientes de energía y para la cadena de valor de producción local, el objetivo del presente trabajo es analizar la conexión entre el esfuerzo ambiental de las organizaciones y la incidencia de los incentivos fiscales, para ello se utilizan los datos de las empresas adjudicatarias de la licitación del renovar durante 2015-2021 y se aplica el modelo logit de datos panel, así como el modelo EVA a los efectos de analizar si las empresas que invierten en pos del mediambiente, incrementan el valor de la empresa.
Traditionally, some countries have been using the Corporate Income Tax as a way of, starting from relatively high nominal tax rates, encourage certain economic activities through incentives or bonuses that allow considerably reduce actual business taxation. In contrast, other member states have chosen to directly lower the tax rate, regardless of other incentives, thus bringing the nominal taxation to effective. This research aims to analyze the discrepancies in the taxation of corporate income tax between different Eurozone countries for the period 2000-2013, noting the differences between the statutory (STR) and effective tax rates (ETR) of listed companies. In this way, this work locates the idea of the European Commission to adopt a common corporate tax in its current context, determining which countries exercise greater fiscal pressure on the results of their companies.
Listed European corporations have to comply with international accounting standards. These companies draw up their accounts according to endorsed International Financial Reporting Standards (IFRS). IFRS are designed to provide useful information to present and potential investors, lenders and other creditors, who use that information to make financial decisions. As taxes reduce the profit available for distribution to shareholders, the effective tax burden must be disclosed.
The Corporate Income Tax Law 43/1995 set up a special tax regime for small business. According to this rule, small firms can benefit from tax reductions, with-a final decrease, at least in theory, in their effective tax rates. This paper aims to analyze, on the one hand, the evolution of small business tax burden in Valencian Community from 1992 to 1999, in order to verify if there exists a reduction on their effective fiscal burden, as a result of the application of the specific tax regime for these firms. On the other hand, the paper looks for an identification and definition ot a set of financial variables that could explain this tax burden evolution and thus charaterize the economic and financial structure of those firms with lower effective tax rates, before and after the Corporate Income Tax Reform. Copyright © 2001 Asociación Española de Contabilidad y Administración de Empresas.
Company taxation is an important element for the establishment and the completion of the Internal Market. Against this background, the European Commission recommends the harmonisation of the tax base in the European Union. Carsten Wendt analyses the necessity, the concept as well as potential advantages and effects of a common tax base for multinational enterprises in the European Union. He addresses important issues concerning a common tax base, such as the definition of the consolidated group, the technique and scope of consolidation and the formula used to allocate the consolidated tax base among the involved member states. The author provides alternative options to solve these issues and concludes that a common tax base as intended by the European Commission would remedy many of the existing tax obstacles for multinational enterprises in the EU. However, distortions will remain, mainly because member states retain their sovereignty to set their tax rates independently and the territorial scope of a common tax base has to be restricted to group entities located within the EU. © Gabler | GWV Fachverlage GmbH, Wiesbaden 2009. All rights reserved.
The main aim of this paper has been to analyse the tax burden exerted by Corporate Income Tax (CIT) on European Union (EU) companies using the effective tax rate (ETR) as a tool for analysis. For this purpose, a sample of listed companies in the EU was extracted from the Datastream/Worldscope database for the period 1995–2005. This analysis allowed us to determine the tax burden experienced by companies. The results have showed significant differences between the different EU countries as well as between statutory tax rates (STR) and ETRs. Likewise it has been proved that general reductions in STR do not have the expected effect on the tax burden. These results are especially relevant in the present environment, which is characterized by the discussion regarding harmonizing measures for CIT, which will limit its impact on business decisions regarding locating within the EU.
133 RECHNUNGSWESEN In einem ausführlichen Beitrag widmet sich der Autor – Dr.-Kausch-Preis-Träger 2004 und Ordina-rius für Betriebswirtschaftslehre – den Ansatzpunkten für eine Harmonisierung der Unternehmensbesteue-rung, dargestellt am Beispiel von Kapitalgesellschaften. Es werden Bemessungsgrundlage, Steuersätze, Steu-erarten und Körperschaftsteuersysteme behandelt bis hin zur Frage «Steuerharmonisierung versus Wettbe-werb der Steuersysteme?». 1. Subsidiaritätsprinzip, Politik und Richtlinien der Europäischen Kommission Während der EG-Vertrag in Art. 93 einen ausdrücklichen Harmonisierungs-auftrag für alle indirekten Steuern ent-hält, besteht für die Angleichung der direkten Steuern kein vergleichbarer Auftrag. Statt dessen sind gemäss dem Subsidiaritätsprinzip (Art. 5 EG) zu-nächst die nationalen Gesetzgeber auf-gefordert, steuerliche Vorschriften an die Erfordernisse des Binnenmarkts anzupassen. Nur soweit dies nicht aus-reichend und wirksam gelingt, sind wei-tergehende steuerliche Massnahmen auf Gemeinschaftsebene zu prüfen [1]. Als rechtliche Grundlage für die Har-monisierung direkter Steuern kommt demnach allein die allgemeine Rechts-angleichungsvorschrift (Art. 94 EG) in Betracht, deren Handlungsspielraum allerdings durch das Erfordernis der Einstimmigkeit bei der Verabschie-dung von Rechtsakten begrenzt wird[2]. Für den Bereich der Ertragsteuern ist ein einstimmiger Beschluss über eine vollständig harmonisierte Unterneh-mensbesteuerung in überschaubarer Zeit wegen Interessengegensätzen je-doch nicht zu erwarten [3].
Within the EU the relation between financial and tax accounting will be significantly influenced by the regulation adopted in June 2002 that obliges all listed companies to prepare their consolidated accounts according to International Accounting Standards/International Financial Reporting Standards (IAS/IFRS). Since dependency of financial and tax accounting according to different degrees prevails in all EU member states a linkage between IAS/IFRS and tax accounting seems to be possible. Compared to national GAAP the advantage of IAS/IFRS as a starting point for tax accounting derives from the advantages of the creation of a common tax base in the EU. However, the adoption of IAS/IFRS has to be restricted to those standards that are convenient for tax purposes. In particular, this means that tax accounting still has to follow the realisation principle as a general principle; the IAS/IFRS "fair value-accounting" therefore cannot be adopted for tax purposes. In this paper we present estimates for the consequences of IAS/IFRS-based tax accounting on the comparative effective tax burdens of companies in 13 countries (Austria, Belgium, the Czech Republic, France, Germany, Hungary, Ireland, Latvia, the Netherlands, Poland, Slovakia, the United Kingdom, and the USA). Therefore, certain provisions of IAS/IFRS were considered as a starting point for the tax base. The effective tax burdens are calculated on the basis of the European Tax Analyzer model which was enhanced for the purposes of this study. A further question arises as to what extent an exclusive harmonisation of the tax base will effectively reduce the current EU-wide differences of effective company tax burdens. It turns out that a common tax base cannot alleviate the current EU-wide differences of effective company tax burdens. A major finding of our study reveals that the effective tax burdens in all countries considered here (except Ireland) tend to increase slightly since the tax bases tend to become broader. This offers the possibility to member states to reduce the nominal tax rate leaving the overall effective tax burden unchanged. A tax policy of tax cut cum base broadening would not only tend to increase the attractiveness of the member states as a location for companies. At the same time, this would reduce dispersions of effective tax burdens across industries. Therefore, such a tax policy is in line of the long term Community goals to become more competitive in international terms.
The Asia-Pacific region has gained economic power among the world's economies and offers enormous sales opportunities for multinational companies. When considering foreign direct investment in countries from this region, the specific taxation framework constitutes one determinant to be accounted for. The paper provides a comparative analysis of the corporate tax regimes in four important Asian countries, namely China, India, Japan and Singapore. It is not limited to a comprehensive description of the tax systems, but goes to a detailed analysis of the effective average tax burden, which is relevant for investors' decisions on location, scale and mode of finance of a potential investment. The calculation is based on the European Tax Analyzer. This approach allows capturing different types of taxes borne by corporations, the respective tax bases and tax rates in great detail and hence extends the literature on company taxation in Asia. In addition, we seek to contribute to literate not only by establishing a country ranking based on the overall tax burden, but also by identifying the underlying tax drivers. In doing so, sensitivity analyses are run to examine the effects of altering model assumptions, thereby illustrating the sensitivity of the base case results to selected financial ratios. As corporate income taxes might affect investments in various industry sectors differently, the comparison of the effective average tax burdens is finally extended to corporations representing different industries.
Der Beitrag analysiert zunächst die Auswirkungen der Unternehmenssteuerreform 2008 auf die Wettbewerbsfähigkeit multinationaler
Unternehmen sowie die steuerliche Standortattraktivität in- und ausländischer Unternehmen. Anschließend werden die Konsequenzen
für Rechtsform- und Finanzierungsentscheidungen bei national tätigen Unternehmen erörtert. Vor dem Hintergrund der anhaltenden
Finanz- und Wirtschaftskrise wird zudem untersucht, inwieweit das geltende Unternehmenssteuerrecht krisenverschärfend wirkt.
Abschließend werden die Ergebnisse zusammengefasst und Reformüberlegungen angestellt. Dabei werden auch die steuerpolitischen
Pläne der neuen Bundesregierung und die im Wachstumsbeschleunigungsgesetz ergriffenen Maßnahmen gewürdigt. Diese greifen in
mittel- und langfristiger Sicht deutlich zu kurz. Insbesondere erscheint eine weitere Absenkung der einkommensteuerlichen
Tarifbelastung nicht notwendig.
The adoption of International Accounting Standards and the International Financial Reporting Standards (IAS/IFRS) in the European Union is part of the European Commission's global tax harmonisation policy whose aim is to establish a common (consolidated) corporate tax base. The paper shows that the impact of an IAS/IFRS-based tax accounting on the effective tax burden of Belgian companies is large and not uniform across sectors. Some sectors, like construction and automotive vehicles, experience much larger increases in effective tax burdens than others. Globally the impact is relatively important. The analysis is conducted using the European Tax Analyzer (ETA), a multi-period forward looking program. In a European context, an IAS/IFRS-based tax accounting will increase the effective corporate tax burdens in all selected countries. However, it will most probably maintain the current tax competitive positions of EU countries. The expected broadening of the tax base could constitute an opportunity to reduce the corporate income tax rate without changing the overall effective burden.
The article assesses the impact of a Common Corporate Tax Base (CCTB) as promoted by the European Commission and the related Working Groups on the effective tax burdens of companies in all 27 EU member states. The results shall help to evaluate the economic consequences of introducing a harmonized set of tax accounting rules for EU-based companies. The proposals for a CCTB covered here include depreciation on intangibles, machinery, buildings, furniture and fixture, simplified valuation of inventories, determination of production costs for stocks, treatment of costs for R&D as part of production costs, provisions for future pension payments, provisions for legal obligations, avoidance of double taxation regarding dividend income, and loss relief. The proposed options for a CCTB are applied for average EU-27 corporations of different size as well as for model companies belonging to different economic sectors.
Die gewählte Rechtsform eines Unternehmens bestimmt auch nach (und gerade trotz) der Steuerreformen der letzten Jahre in erheblichem Ausmaß die Steuerbelastung deutscher Unternehmen. Daher hat sich auch die steuerwissenschaftliche Literatur in zahlreichen Beiträgen der Fragestellung nach der steuerlich optimalen Rechtsform angenommen. Aussagekräftige und verlässliche Entscheidungshilfen für die Rechtsformwahl können jedoch nur mit modellgestützten Belastungsvergleichen abgeleitet werden, die bestimmten Mindestanforderungen genügen. Neben dem Einbezug aller entscheidungsrelevanten Einflussgrößen müssen solche Modelle mehrperiodig die Steuerbelastung auf Gesamtebene berechnen und dabei auch die Vergleichbarkeit der Ergebnisse im Fall (voll- thesaurierter Gewinne gewährleisten. Der European Tax Analyzer ist ein solches Modell, das diesen Mindestanforderungen vollumfänglich genügt. Die hier durchgeführten Berechnungen mit dem European Tax Analyzer ergeben für ein typisches Unternehmen des verarbeitenden Gewerbes einen eindeutigen Belastungsvorteil für die Personengesellschaft, der insbesondere aus deren geringen Gewerbesteuerbelastung durch die neu eingeführte Gewerbesteueranrechnung resultiert. Allgemein zeigen die Analysen, dass die Steuerbelastungsdifferenzen zwischen beiden Rechtsformen in besonderem Maße von der Gewinnhöhe, dem Abschluss von Gesellschaft-Gesellschafter-Verträgen sowie der Finanzierungsstruktur beeinflusst werden. Die durchgeführte mehrperiodige Betrachtungsweise ergibt indes, dass dem Einfluss der Gewinnverwendungspolitik auf die Steuerbelastungsdifferenz zwischen beiden Rechtsformen nicht die Bedeutung beizumessen ist, die ihr weite Teile der Literatur verleihen. In allen vollständig durchgeführten Berechnungen erweist sich die Personengesellschaft als die steuerlich optimale Rechtsform.
El objetivo principal de este trabajo consiste en analizar la presión fiscal, medida a través del Tipo Impositivo Efectivo, que soportan por Impuesto sobre Sociedades las empresas de los países de la Unión Europea. Para ello se utiliza una muestra de sociedades con cotización en Bolsa domiciliadas en los diferentes países comunitarios, extraída de la base Datastream correspondiente al período 1995-2005. El análisis realizado permite contrastar la incidencia de las reducciones en los tipos impositivos nominales que se realizaron en diversos países durante este período en la fiscalidad efectiva soportada por las empresas. Asimismo, se ponen de manifiesto las importantes diferencias existentes en este terreno entre los socios comunitarios. Ambos resultados tienen una especial relevancia en un contexto como el actual, caracterizado por la discusión de medidas armonizadoras para este tributo que limiten su incidencia sobre las decisiones de localización empresarial en el marco europeo.
Zwischen den International Accounting Standards (IAS) und der Steuerpolitik der Europ�ischen Kommission zeichnet sich eine immer deutlichere Verbindung ab. Innerhalb der EU k�nnten IAS �ber die im Juni 2002 verabschiedete EU-Verordnung zur Harmonisierung der handelsrechtlichen Rechnungslegungsvorschriften und �ber die laufenden Initiativen der Europ�ischen Kommission zur Schaffung einer konsolidierten K�rperschaftsteuerbemessungsgrundlage auf die steuerliche Gewinnermittlung einwirken. IAS kommen als Ausgangspunkt f�r die steuerliche Gewinnermittlung durchaus in Frage. Ein grunds�tzlicher Widerspruch zu den Zielen der steuerlichen Gewinnermittlung ist nicht auszumachen. Die �berlegenheit von IAS gegen�ber den nationalen handelsrechtlichen GoB als Grundlage der steuerlichen Gewinnermittlung basiert auf den �bergeordneten Gesichtspunkten der Schaffung einer einheitlichen europ�ischen Steuerbasis. Werden IAS zum Ausgangspunkt der Gewinnermittlung gemacht, muss sich die �bernahme aber auf zweckm��ige Einzelregelungen beschr�nken. Insgesamt w�re die Gewinnermittlung st�rker an Zahlungen auszurichten, was (wie bisher auch) de facto zu einer Eigenst�ndigkeit der steuerlichen Gewinnermittlung f�hrt. Gleichzeitig w�ren Beschr�nkungen des steuerlichen Verlustausgleichs aufzuheben. Ein �bergang zur steuerlichen Gewinnermittlung auf Basis von IAS oder anderer Grundlagen innerhalb der EU w�rde die Wettbewerbsposition deutscher Unternehmen tendenziell verbessern. Eine ausschlie�liche Angleichung der steuerlichen Gewinnermittlungsvorschriften kann das Steuerge-f�lle innerhalb der EU aber nicht verringern. Dazu w�ren weitere Ma�nahmen erforderlich, insbesondere eine Angleichung der Ertragsteuers�tze. --
This paper analyzes the tax responsiveness of bilateral foreign direct investment flows in the EU. Differentiating between investments in the three main economic sectors and using effective tax rates to measure tax incentives, we show that the tax sensitivity of foreign direct investment depends crucially on the sector the transaction takes place in. While investment in the primary sector is driven by other than tax incentives, investment in the secondary and the tertiary sector is deterred by high tax rates. The response in the tertiary sector is substantially higher than that in the secondary sector.
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