Mostrando recursos 1 - 4 de 4

  1. Financial Transaction Tax and Investment Funds: An Analysis of Key Factors and Their Impact on Performance

    Eberhartinger, Eva; Said Formosa, Carmel
    Using retrospective data analysis, this paper looks at the potential effects that the EU financial transaction tax would have on registered Austrian funds. We use original data for 927 investment funds over a 12-month trading period covering the 2014 calendar year. We analyse its effect on total net assets and on performance. We find that the cost of FTT on Austrian funds for 2014 would be Euro 89.5 million. The effect of FTT differs between funds and is influenced by fund category, gilt-edged securities held, risk and investment strategy. Behavioural changes in the market would likely arise in these areas...
    (application/pdf) - 18-oct-2016

  2. Productive and Unproductive Reactions of MNEs to International Tax Differentials

    Beer, Sebastian
    I provide initial evidence that international taxation impacts the magnitude of R&D investments in the UK. Relying on a simple theoretical model, I show that the observed response is consistent with the mispricing of intra-group transactions. My structural estimates suggest that transfer prices for internally provided innovation increase by around three percent in response to a one percentage point increase in foreign taxation. This response is more pronounced than previous estimates of aggregate profit shifting indicate, supporting concerns on the susceptibility of intangible assets to facilitate profit relocation. (author's abstract)
    (application/pdf) - 18-oct-2016

  3. Taxing Income in the Oil and Gas Sector - Challenges of International and Domestic Profit Shifting

    Beer, Sebastian; Loeprick, Jan
    This paper provides specific estimates on the scale of profit shifting among hydrocarbon MNEs. We estimate a lower-bound semi-elasticity of reported profits to sector specific income taxation of -1.88. To assess the importance of domestic profit-shifting channels, we take advantage of domestic tax differentials among hydrocarbon producers facing additional rent taxes and find that domestic profit shifting accounts for about one third of total income concealed. Overall, we estimate revenue losses in the sector due to profit-shifting amount to 12% - 35% of the income tax base, depending on the characteristics of a country's tax regime. We also observe a higher...
    (application/pdf) - 18-oct-2016

  4. The Impact of Financial Transaction Tax on Companies - A Discussion

    Said Formosa, Carmel
    In February 2013, eleven Member States agreed to adopt the Commissions' Proposal for a Council Directive implementing enhanced cooperation in the area of financial transaction tax, COM (2013)71 final. This article reviews three thematic areas frequently discussed by practitioners and academia alike on the impact that the Proposal could have on companies operating within participating Member States. This includes the impact on capital and related costs, business strategy and compliance considerations. I ask the question whether the unintentional repercussions could be mitigated by making adjustments to the current Proposal including the expansion of exemptions and the adoption of an implementation...
    (application/pdf) - 18-oct-2016

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