The effectiveness of tax incentives in attracting investment: panel data evidence from the CFA Franc zone |
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Authors: | Stefan Van Parys Sebastian James |
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Institution: | (1) Department of Economics, University of Calgary, 2500 University Drive N.W., Calgary, AB, Canada, T2N 1N4 |
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Abstract: | In this paper we investigate to what extent tax incentives are effective in attracting investment in Sub-Saharan Africa. We
test the neo-classical investment theory prediction that tax incentives, by lowering the user cost of capital, raise investment.
Next to tax incentives, we also estimate the impact on investment of other investment climate variables that are under direct
control of the government, such as the transparency and complexity of the tax system, and the legal protection of foreign
investors. In developing countries these variables might be as important as or even more important than the tax variables
themselves. |
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Keywords: | |
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