The value of tax shields IS equal to the present value
... These results are potentially important, because they contradict standard results in the literature. In particular, Fernandez claims that the approaches of Modigliani and Miller (1963, MM), Myers (1974), Miles and Ezzell (1980), Harris and Pringle (1985), Brealey and Myers (2000), and Ruback (2002) ...
... These results are potentially important, because they contradict standard results in the literature. In particular, Fernandez claims that the approaches of Modigliani and Miller (1963, MM), Myers (1974), Miles and Ezzell (1980), Harris and Pringle (1985), Brealey and Myers (2000), and Ruback (2002) ...
Doing Business in the Netherlands 2014
... interested in establishing their business in the Netherlands will find that national and local government, knowledge institutes and business services providers work hand in hand, providing detailed information swiftly. In many industries the Dutch are the champions of open innovation. Impressive clu ...
... interested in establishing their business in the Netherlands will find that national and local government, knowledge institutes and business services providers work hand in hand, providing detailed information swiftly. In many industries the Dutch are the champions of open innovation. Impressive clu ...
PR_COD_1amCom - European Parliament
... Amendments by Parliament set out in two columns Deletions are indicated in bold italics in the left-hand column. Replacements are indicated in bold italics in both columns. New text is indicated in bold italics in the right-hand column. The first and second lines of the header of each amendment iden ...
... Amendments by Parliament set out in two columns Deletions are indicated in bold italics in the left-hand column. Replacements are indicated in bold italics in both columns. New text is indicated in bold italics in the right-hand column. The first and second lines of the header of each amendment iden ...
Moving away from the C-Corporation: Understanding
... Kinder Morgan, Inc. (“KMI”) is the general partner of two large publicly traded partnerships: Kinder Morgan Energy Partners LP and El Paso Pipeline Partners LP; it also owns the voting interests in another publicly traded entity treated as a corporation for tax purposes: Kinder Morgan Management L ...
... Kinder Morgan, Inc. (“KMI”) is the general partner of two large publicly traded partnerships: Kinder Morgan Energy Partners LP and El Paso Pipeline Partners LP; it also owns the voting interests in another publicly traded entity treated as a corporation for tax purposes: Kinder Morgan Management L ...
The US Corporate Tax Code: Ripe for Bipartisan Reform
... • A lower U.S. corporate tax rate would lead to improved equity valuations by way of more companies locating in the United States, the companies that are here being more profitable, and increased employment leading to more money flowing into the stock market. The recent bout of acrimonious politica ...
... • A lower U.S. corporate tax rate would lead to improved equity valuations by way of more companies locating in the United States, the companies that are here being more profitable, and increased employment leading to more money flowing into the stock market. The recent bout of acrimonious politica ...
Tax Reform in Vietnam
... The issuance of value-added tax was considered as the most important change in order to surmount the basic weak point of the turnover tax, which is doubly taxed, distorting economic activities. This issuance also had a great significance in the sense of increasing budget revenue because the tax base ...
... The issuance of value-added tax was considered as the most important change in order to surmount the basic weak point of the turnover tax, which is doubly taxed, distorting economic activities. This issuance also had a great significance in the sense of increasing budget revenue because the tax base ...
An Agenda for Corporate Tax Reform in Canada
... Moreover, the current G20 exercise to deter multinationals from shifting profits to low-tax jurisdictions could increase the tax burden on inbound and outbound investment. While these issues are highly complicated, any move to raise Canadian taxes on multinationals operating in Canada needs to be ba ...
... Moreover, the current G20 exercise to deter multinationals from shifting profits to low-tax jurisdictions could increase the tax burden on inbound and outbound investment. While these issues are highly complicated, any move to raise Canadian taxes on multinationals operating in Canada needs to be ba ...
1 ORDINANCE NO. 1332-16 (CM) A CODIFIED ORDINANCE BY
... personally or by depositing it in the United States mail, postage prepaid, addressed to the operator so assessed at his last known place of address. Such operator may, within ten (10) days after the service or mailing of such notice, apply in writing to the City Finance Director for a hearing on the ...
... personally or by depositing it in the United States mail, postage prepaid, addressed to the operator so assessed at his last known place of address. Such operator may, within ten (10) days after the service or mailing of such notice, apply in writing to the City Finance Director for a hearing on the ...
Financial Transaction Tax
... according to the financial trading conducted by tax residents, the enforcement and compliance costs must be addressed for mainly three reasons: a. EU intermediaries Firstly, the cost of collecting the FTT might be very high. The collection would be possible only if, either every tax resident (privat ...
... according to the financial trading conducted by tax residents, the enforcement and compliance costs must be addressed for mainly three reasons: a. EU intermediaries Firstly, the cost of collecting the FTT might be very high. The collection would be possible only if, either every tax resident (privat ...
The turbulent nature of Ireland`s growth path since the middle
... exports of services from the economy. As a result, the sector is today exposed to competitive pressures from outside Ireland whereas in 1970s it was driven by purely domestic factors. While services exports accounted for 14% of all exports in 1990, by 2005 they accounted for 37% of the total. With t ...
... exports of services from the economy. As a result, the sector is today exposed to competitive pressures from outside Ireland whereas in 1970s it was driven by purely domestic factors. While services exports accounted for 14% of all exports in 1990, by 2005 they accounted for 37% of the total. With t ...
ASIC focus areas - Asset values and impairment testing
... subjectivity of any calculations – if you are uncertain about your disclosures please consult your Auditor. ...
... subjectivity of any calculations – if you are uncertain about your disclosures please consult your Auditor. ...
Entrepreneurship Incentives for Resource
... See, e.g., Ian Ayres & Amy Kapcyznski, Innovation Sticks: The Limited Case for Penalizing Failures to Innovate, 82 U. Chi. L. Rev. 1781, 1790 (2015) (distinguishing ex ante “government grants” and ex post government-paid “financial inducement prizes” from innovation incentives that “make information ...
... See, e.g., Ian Ayres & Amy Kapcyznski, Innovation Sticks: The Limited Case for Penalizing Failures to Innovate, 82 U. Chi. L. Rev. 1781, 1790 (2015) (distinguishing ex ante “government grants” and ex post government-paid “financial inducement prizes” from innovation incentives that “make information ...
14. Reforming the taxation of savings
... on the normal return to savings;1 but the 25% lump sum that can be withdrawn from pension funds tax free means that pension saving is in effect subsidized. In addition, employers’ pension contributions are particularly tax favoured since they are not subject to employer or employee NICs either at th ...
... on the normal return to savings;1 but the 25% lump sum that can be withdrawn from pension funds tax free means that pension saving is in effect subsidized. In addition, employers’ pension contributions are particularly tax favoured since they are not subject to employer or employee NICs either at th ...
How taxes on firms reduce the risk of after-tax cash... Abstract
... Interest accumulation at a risk-free interest rate is policy relevant. It is an important element in several suggested tax reforms, such as the ACE system, see OECD (2007) and Auerbach, Devereux, and Simpson (2010). It has been noted by Zodrow (2006, p. 283) that “. . . negative cash flows should in ...
... Interest accumulation at a risk-free interest rate is policy relevant. It is an important element in several suggested tax reforms, such as the ACE system, see OECD (2007) and Auerbach, Devereux, and Simpson (2010). It has been noted by Zodrow (2006, p. 283) that “. . . negative cash flows should in ...
4. The Flat Tax and the Economy
... Tax reform would improve the productivity of capital by directing investment to the most productive uses. Auerbach has demonstrated, in a paper published by the Brookings Institution, that the bias of the current tax system toward equipment and away from structures imposes a small but important burd ...
... Tax reform would improve the productivity of capital by directing investment to the most productive uses. Auerbach has demonstrated, in a paper published by the Brookings Institution, that the bias of the current tax system toward equipment and away from structures imposes a small but important burd ...
4. The Flat Tax and the Economy
... Tax reform would improve the productivity of capital by directing investment to the most productive uses. Auerbach has demonstrated, in a paper published by the Brookings Institution, that the bias of the current tax system toward equipment and away from structures imposes a small but important burd ...
... Tax reform would improve the productivity of capital by directing investment to the most productive uses. Auerbach has demonstrated, in a paper published by the Brookings Institution, that the bias of the current tax system toward equipment and away from structures imposes a small but important burd ...
Step by step, helping you succeed in the US
... must navigate your way through sometimes vague (and often confusing) tax regimes at the national, state and local levels to maximize the possibilities and manage the risks. Missteps and missing information can create undue risk and affect the ultimate success of your cross-border operations. We know ...
... must navigate your way through sometimes vague (and often confusing) tax regimes at the national, state and local levels to maximize the possibilities and manage the risks. Missteps and missing information can create undue risk and affect the ultimate success of your cross-border operations. We know ...
NBER WORKING PAPER SERIES TAXATiON OF INVESTMENT THE CERTAINTY CASE
... Investors in country i can invest in government bonds of country i, paying interest at a nominal rate r, or corporate equity of firms of that country, the entire return from which takes the form of capital gains which accrue at a nominal rate denoted by e per period. I assume that all investors in c ...
... Investors in country i can invest in government bonds of country i, paying interest at a nominal rate r, or corporate equity of firms of that country, the entire return from which takes the form of capital gains which accrue at a nominal rate denoted by e per period. I assume that all investors in c ...
Where Do Firms Issue Debt?
... country’. We study issuer choice in the European corporate debt market based on a unique dataset of 870 bilateral country relations for the period 1980 to 2008. We find that, in absolute terms, Germany has by far the highest outflow of debt issues, while the Netherlands, the UK, Luxemburg and Irelan ...
... country’. We study issuer choice in the European corporate debt market based on a unique dataset of 870 bilateral country relations for the period 1980 to 2008. We find that, in absolute terms, Germany has by far the highest outflow of debt issues, while the Netherlands, the UK, Luxemburg and Irelan ...
EFFICIENCY OF MARKETS
... Example 1: Incidence of the Payroll Tax Economic Incidence Empirical evidence shows the supply of labor is very inelastic (0.10.2). With a very inelastic supply, the economic incidence of a tax is mostly on the sellers. In the labor market, the workers or employees are the sellers. Therefore, no m ...
... Example 1: Incidence of the Payroll Tax Economic Incidence Empirical evidence shows the supply of labor is very inelastic (0.10.2). With a very inelastic supply, the economic incidence of a tax is mostly on the sellers. In the labor market, the workers or employees are the sellers. Therefore, no m ...
Fiscal reform and macroeconomic stabilization in Argentina
... demonetization, prices rose almost fifty times in 1989 and another thirteen in 1990, while real investment collapsed, and output dropped 6.6% in 1989 to remain constant the following year. At the end of March 1991 the government announced a new stabilization policy based on the full convertibility o ...
... demonetization, prices rose almost fifty times in 1989 and another thirteen in 1990, while real investment collapsed, and output dropped 6.6% in 1989 to remain constant the following year. At the end of March 1991 the government announced a new stabilization policy based on the full convertibility o ...
taxation of infrastructure
... lease such that it is difficult to distinguish the arrangement from a sale of the asset and loan to the lessee.4 This can be achieved where, say, the rental payments over the period of the lease correspond to the cost of the asset or the period of the lease is equal to the period of the assets usefu ...
... lease such that it is difficult to distinguish the arrangement from a sale of the asset and loan to the lessee.4 This can be achieved where, say, the rental payments over the period of the lease correspond to the cost of the asset or the period of the lease is equal to the period of the assets usefu ...
Enter title of submission (to appear in header)
... This submission is copyright and all rights are reserved. No part of it may be reproduced, stored, transmitted or otherwise distributed, in any form or by any means without the prior written permission of the copyright holder. Images on the cover are winners of Master Builders National Excellence in ...
... This submission is copyright and all rights are reserved. No part of it may be reproduced, stored, transmitted or otherwise distributed, in any form or by any means without the prior written permission of the copyright holder. Images on the cover are winners of Master Builders National Excellence in ...
11. Federal Tax Reform
... English (R-PA), incorporate 100 percent expensing for all capital investment. Make the Dividend and Capital Gains Tax Cuts Permanent The 2003 tax law cut the maximum capital gains tax rate from 20 to 15 percent and the maximum tax rate on dividends from 35 to 15 percent. Those tax cuts, which are se ...
... English (R-PA), incorporate 100 percent expensing for all capital investment. Make the Dividend and Capital Gains Tax Cuts Permanent The 2003 tax law cut the maximum capital gains tax rate from 20 to 15 percent and the maximum tax rate on dividends from 35 to 15 percent. Those tax cuts, which are se ...
Competitiveness - Urban Institute
... million, or about 14% of its current population.29 Other countries experiencing large net in-migration over the same period were Germany (10.9 million, about half of them between 1985 and 1995), Canada (7.9 million), the Russian Federation (7.2 million), Australia (6.4 million), France (5.9 million) ...
... million, or about 14% of its current population.29 Other countries experiencing large net in-migration over the same period were Germany (10.9 million, about half of them between 1985 and 1995), Canada (7.9 million), the Russian Federation (7.2 million), Australia (6.4 million), France (5.9 million) ...
Luxembourg Leaks
Luxembourg Leaks (sometimes shortened to Lux Leaks or LuxLeaks) is the name of a financial scandal revealed in November 2014 by a journalistic investigation conducted by the International Consortium of Investigative Journalists. It is based on confidential information about Luxembourg’s tax rulings set up by PricewaterhouseCoopers from 2002 to 2010 to the benefits of its clients. This investigation resulted in making available to the public tax rulings for over three hundred multinational companies in Luxembourg.The LuxLeaks' disclosures attracted international attention and comment about tax avoidance schemes in Luxembourg and elsewhere. This scandal contributed to the implementation of measures aiming at reducing tax dumping and regulating tax avoidance schemes beneficial to multinational companies.The judicial aspects of this case concerns the persons charged by Luxembourg justice for participating in the revelations.