The incentives for tax planning

We use a proprietary data set with detailed executive compensation information to examine the relationship between the incentives of the tax director and GAAP and cash effective tax rates, the book-tax gap, and measures of tax aggressiveness. We find that the incentive compensation of the tax director exhibits a strong negative relationship with the GAAP effective tax rate, but little relationship with the other tax attributes. We interpret these results as indicating that tax directors are provided with incentives to reduce the level of tax expense reported in the financial statements.     

Indirect tax reform and the specification of demand: the case of Ireland

This paper examines the sensitivity of marginal tax reform analysis to changes in the underlying demand system. In particular, we analyse the sensitivity of results from Ahmad and Stern’s (J Publ Econ 25(3):259–298, 1984) marginal tax reform model to different specifications of Deaton and Muellbauer’s (Am Econ Rev 70(3):312–326, 1980) Almost Ideal Demand System (AIDS) and Banks et al.’s (Rev Econ Stat 79(4):527–539, 1997) Quadratic AIDS. Using Irish Household Budget Survey data, we show that tax reform results exhibit a low degree of sensitivity to changes in the underlying demand system. An adjustment for a mass of observed zero-expenditures in the data for certain goods produces most sensitivity in the tax reform results. Even in these cases, many of the tax reform recommendations remain constant. Including demerit good arguments in the tax reform model can substantially alter the tax reform recommendations relating to demerit goods. Notably though, when we include these arguments in the tax reform model, the results are particularly insensitive to changes in the underlying demand system.     

The ability of deferred tax to predict future tax

We examine the usefulness of tax allocation accounting (deferred tax) for predicting future tax paid and future tax expense. Deferred taxes increase the explanatory power (R²) of regression models where future taxes paid or future tax expense is the dependent variable. However, the mean out‐of‐sample forecast errors for tax paid (future tax expense) is 30 (45.5) percent. Deferred tax increases predictive ability on pooled data, but is inconsistent on a year‐by‐year basis. We examine three explanations for poor predictive ability: losses, tax changes and asset growth. We discuss the policy and practical implications of our findings.     

关于IT环境下税收决策分析系统的构想

建立IT环境下的税收决策分析系统需要经过“四步骤”,即建立必要的基础理论;形成符合科学发展观的税收分析业务的指标体系框架;建立观察分析问题的视角与算法构成的方法体系,通过分析内容体系与方法体系的多对多排列组合,为各种的、动态的分析提供数据平台;运用数据库技术,围绕主题确定分析原型,提供管理者使用。     

The classical tax system,imputation tax and capital budgeting

Differences in the taxation systems in Britain, France, and some other European countries (which use the imputation system) compared with the USA and the Netherlands, among others (which use the classical tax system), mean that the cost of equity capital should be specified, using a capital asset pricing model methodology, in different ways. Under the imputation system its value should be net of personal taxes; under the classical tax system, it should be gross of personal taxes. Similarly the value of the tax shield on debt for input into adjusted present value calculations differs, being significantly greater under the classical tax system. Formulae are set out to enable the calculation of the magnitude of the tax shield readily to be undertaken.     

The value of asset allocation advice: Evidence from The Economist's quarterly portfolio poll

This study analyzes the economic importance of portfolio advice for an investor with an international and multiple-asset investment strategy. We construct portfolios based upon the asset allocation and security market advice of major international investment bankers and analyze the performance using weight-based techniques. Our results indicate that portfolio advisers are not able to outperform passive benchmarks. They do not realize superior performance either through appropriate timing or selection skills. Apparent market timing skills as measured by the Portfolio Change Measure are to a large extent an artifact caused by serial correlation in the return indices used. Likewise, the apparent short-run performance persistence is more due to the serial correlation in returns than to active portfolio selection strategies.     

节税三策

2010年,吉利成功收购沃尔沃100％的股权,成为中国汽车企业成功收购国外豪华汽车企业和品牌的第一宗案例,吉利汽车因此成为了国内外学术界及实务界关注的焦点。然而,民营企业在快速发展的过程中并没有得到国家特殊的倾斜性税收优惠,因此企业自身只有主动地进行有效的税务筹划,才能实现企业价值最大化。     

The derived demand for consolidated financial reporting

During the latter half of the 1930s Australian taxation law changes induced companies to adopt a holding company legal structure which increased agency costs associated with external financing. This paper argues that contracting practices designed to minimize these costs played an important part in the evolution of consolidated financial reporting. Consistent with this view the likelihood of consolidation is found to be a function of the presence of cross-guarantees, management's share of a firm's equity, and the number and type of subsidiaries.     

The demand for money in EEC countries

This paper examines the demand for money in the EEC countries and is focussed on five issues. First it starts form a common economic framework, which allows for shifts from M 2 to non-money assets and vice versa. Second, special attention is given to the dynamic structure of the statistical model in order to obtain meaningful conclusions on, e.g., the speed of adjustment of actual to optimal money holdings. Third, the study is entirely based on a uniform set of quarterly data for the eight countries concerned. Fourth, the paper presents a careful examination of the residuals and, finally, analyses the predictive behaviour of the estimated models. For all countries we found long-run income elasticities greater than unity and interest rate elasticities clustered around -0.20. The impact of inflation and the business cycle variable appeared to be significant in the majority of countries considered.     

The composite dividend tax rate

Dividends often impose taxes on investors. However, as certain prior financial models indicate, they also can produce a tax gain from leverage. Hence the composite marginal dividend tax rate can be specified as the nominal rate minus the offsetting tax gain from leverage. Although this principle has been embedded in theoretical models for more than 40 years, no prior study has examined empirically whether the dividend-induced tax gain from leverage influences dividend policy. We address this empirical void and find dividends decrease in the nominal dividend tax rate and increase in the offsetting tax gain from leverage. In addition, we find the composite tax rate outperforms traditional measures in explaining dividend policy for our full sample of firms. Consistent with prior theory, we also find the composite rate varies in influence according to the financing source for a dividend.     

The Norwegian shareholder tax reconsidered

S?rensen (Int. Tax Public Finance 12(6):777–801, 2005) gives an in-depth account of the new Norwegian Shareholder Tax, which allows the shareholders a deduction for an imputed risk-free rate of return. S?rensen’s positive evaluation appears as reasonable for a closed economy where the deduction for the imputed return is capitalized into the market prices of corporate shares. We show that in a small open economy where no capitalization occurs, the Norwegian shareholder tax is likely to leave the distortions caused by the corporate income tax unaffected, and to add new distortions to shareholders’ portfolio decisions.     

企业所得税视同销售业务的会计处理与纳税调整

视同销售是指企业发生特定的提供商品或劳务行为后,会计上对此一般不作为销售业务核算,不确认会计收入,而税法却规定视同销售实现,要求计算销售(营业)额并计算应交税金.本文只就自产产品视同销售的一般情况加以阐释.     

The impact of tax on foreign direct investment: Empirical evidence and the implications for tax integration schemes

We estimate the impact of taxation on foreign direct investment (FDI) flows, using data on flows between seven countries for 1984 through 1989, and a sophisticated measure of the cost of capital. We find that the choice between domestic investment and total outward FDI is not significantly affected by taxation but that taxation does affect the location of outward FDI. These results are used to examine the impact of tax integration systems. Giving a tax credit to foreign shareholders may induce a large increase in inward FDI from exemption countries but not from partial-credit countries. For the United States, the total effect would be small.     

The effects of standardized tax rates,average tax rates,and the distribution of income on tax progressivity

This study examines the changes in US individual income tax progressivity over the 1986–2003 period using the indexes developed by [Kakwani, N.C., 1976. Measurement of tax progressivity: An international comparison. Economic Journal 87(March), 71–80]. Although progressivity over this time frame has generally been studied in the literature, we provide additional insights by decomposing the changes in index values to account for the effects of concurrent changes in the standardized tax rates, average tax rates, and the income distribution. The decomposition should prove to be particularly useful when different summary indexes lead to conflicting conclusions about progressivity changes, as is often the case. From a policy standpoint, we show that it is the standardized tax rates, a derivative of the legislated tax rates, which need to be monitored and managed to offset the negative progressivity effects of increasing before-tax income inequality.     

增值税改革提示——研发机构采购设备的增值税优惠政策解读

允许增值税一般纳税人抵扣采购固定资产的进项税额,是2009年增值税转型中最主要的一项政策变化。包括研发机构等在内的外商投资企业,在原增值税法规下所享受的采购设备进口环节免税待遇也因此被取消。     

The stability of the demand for international reserves

Empirical studies based on data from the 1960s and 1970s yielded estimated demands for international reserves that have been regarded as stable functions of a limited set of variables, exept during the period surrounding the collapse of the Bretton Woods system. This paper examines the stability of these estimated demands by extending the samles to include data from the 1980s. The new estimation results indicate that the emergenceof external payments difficulties and reduced access to international financial markets of many countries have been accompanied by changes in the changes in the estimated demands for reserves that were as large as those that occurred during the collapse ofthe Bretton Woods system.     

The spatial demand for housing with uncertain quality

This article extends the models of household location and the spatial housing market to examine the impact of uncertain housing quality on the demands for housing and location and the spatial characteristics of the housing price and consumption gradients. The well-known basic predictions of the certainty models remain qualitatively unaltered: equilibrium housing price is still decreasing convex, and (planned) housing consumption increases with commuting distance. Quality risk by itself, though, is seen to reduce the demand for housing and increase the demand for CBD proximity in the location choice model and decrease the equilibrium housing price at all locations in the competitive spatial housing market. The effect of quality risk on the consumption gradient comprises two offsetting effects arising from the increase in risk and the decrease in equilibrium housing price.     

The role of political elites in income tax system design and tax fairness

Given the importance of fairness in the public acceptance of tax systems (Mirrlees et al., 2011), understanding the role of political elites in the tax design process and how this impacts fairness is important. In this paper, we use an interpretative approach to examine the design and ultimate rejection of the Kansas tax policy experiment that ran from May 2012 to June 2017. The central design element of this experiment was the fundamental disruption of the long-standing principle of horizontal equity (fairness), in which non-wage business income was relieved of income tax, while wage income was taxed. By interpreting this experiment through a Bourdieusian lens, we identify five key themes that are helpful in understanding income tax design, tax fairness, and the role played by political elites. Overall, we contribute to the literature by highlighting the way in which cultural capital may be used by political elites to reformulate groups of taxpayers in order to justify unequal treatment of equal taxpayers, which represents a violation of the notion of horizontal equity (fairness). We also highlight that although such violations of fairness in income tax system design may be sustainable in the short run, over the longer term, notions of fairness are so deeply embedded in the habitus of individual taxpayers that a return to the status quo is likely.