04359oam 22010334 450 991078852240332120230829002218.01-4623-5080-11-4519-8531-21-282-39234-497866138207781-4519-0972-1(CKB)3360000000443116(EBL)3014551(SSID)ssj0000940040(PQKBManifestationID)11519258(PQKBTitleCode)TC0000940040(PQKBWorkID)10946631(PQKB)10998188(OCoLC)694141262(MiAaPQ)EBC3014551(IMF)WPIEE2006259(EXLCZ)99336000000044311620020129d2006 uf 0engtxtccrAllowances for Corporate Equity in Practice /Alexander KlemmWashington, D.C. :International Monetary Fund,2006.1 online resource (35 p.)IMF Working Papers"November 2006."1-4518-6519-8 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. ACE TAX SYSTEMS""; ""III. ACE SYSTEMS IN PRACTICE""; ""IV. PREVIOUS ANALYSES OF ACE TAX SYSTEMS""; ""V. THE BRAZILIAN ACE VARIANT""; ""VI. CONCLUSION""; ""Appendix I. Effective Tax Rates""; ""REFERENCES""This paper provides an overview of full and partial allowance for corporate equity (ACE) tax systems in practice. In the recent past, ACE systems have been used in Austria, Croatia, and Italy. Brazil still applies a variant of such a system and Belgium introduced one this year. This paper summarizes the empirical literature on past ACE systems, and provides a theoretical and empirical assessment of the Brazilian ACE variant. The main finding is that the Brazilian reform introduced an ACE system for a minority of firms only, with the majority instead having a system of dividend deductibility. Despite the reduction in the tax preference for debt finance, capital structures have not changed much, but dividends have increased. Investment appears to have benefited from the reform, although the extent to which this was due to the new structure rather than the tax cut is unclear.IMF Working Papers; Working Paper ;No. 2006/259CorporationsFinanceCorporationsTaxationInvestments: StocksimfTaxationimfCorporate TaxationimfBusiness Taxes and SubsidiesimfTaxation, Subsidies, and Revenue: GeneralimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfCorporate & business taximfPublic finance & taxationimfInvestment & securitiesimfAllowance for corporate equityimfStocksimfCorporate income taximfIncome tax systemsimfEffective tax rateimfCorporationsimfIncome taximfTax administration and procedureimfBrazilimfCorporationsFinance.CorporationsTaxation.Investments: StocksTaxationCorporate TaxationBusiness Taxes and SubsidiesTaxation, Subsidies, and Revenue: GeneralPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsCorporate & business taxPublic finance & taxationInvestment & securitiesAllowance for corporate equityStocksCorporate income taxIncome tax systemsEffective tax rateCorporationsIncome taxTax administration and procedureKlemm Alexander1462096DcWaIMFBOOK9910788522403321Allowances for Corporate Equity in Practice3670946UNINA