Allowances for Corporate Equity in Practice / / Alexander Klemm

• Autore: Klemm Alexander
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (35 p.)
• Soggetto topico: Corporations - Finance; Corporations - Taxation; Allowance for corporate equity; Business Taxes and Subsidies; Corporate & business tax; Corporate income tax; Corporate Taxation; Corporations; Effective tax rate; Financial Instruments; Income tax systems; Income tax; Institutional Investors; Investment & securities; Investments: Stocks; Non-bank Financial Institutions; Pension Funds; Public finance & taxation; Stocks; Tax administration and procedure; Taxation; Taxation, Subsidies, and Revenue: General
• Soggetto geografico: Brazil
• Note generali: "November 2006."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: ""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""
• Sommario/riassunto: 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.
• Titolo autorizzato: Allowances for Corporate Equity in Practice
• ISBN: 1-4623-5080-1; 1-4519-8531-2; 1-282-39234-4; 9786613820778; 1-4519-0972-1
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910814665703321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2006/259