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Empirical Evidence On The Effects Of Tax Incentives
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Book Synopsis Empirical Evidence on the Effects of Tax Incentives by : Alexander Klemm
Download or read book Empirical Evidence on the Effects of Tax Incentives written by Alexander Klemm and published by International Monetary Fund. This book was released on 2009-07 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth literature has had problems explaining the "sub-Saharan African growth dummy" in cross-country regressions. Instead of taking the usual approach of focusing on long-run growth and assuming that sub-Saharan countries have homogenous parameters in growth regressions, we concentrate our analysis on episodes of growth turnarounds (identifying growth accelerations, decelerations, and collapses) and use only West African countries in our sample. The driving force of growth turnarounds are estimated by analyzing external shocks, political and institutional changes, economic reforms, and indicators particularly relevant to the region. Using probits for a group of 22 Western African economies for the period 1960-2006, we find that growth accelerations are most clearly associated with external shocks, economic liberalization, political stability, and closeness to the coast; decelerations occurred during short-lived regimes and when corruption indices weakened; and collapses are linked to external shocks, falling domestic credit, and proximity to the coast. We then identify policy implications.
Book Synopsis IMF Working Papers by : Alexander Klemm
Download or read book IMF Working Papers written by Alexander Klemm and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tax Incentives and Economic Growth by : Barry Bosworth
Download or read book Tax Incentives and Economic Growth written by Barry Bosworth and published by Brookings Institution Press. This book was released on 1984 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study the author attempts to clarify the basic analytic issues about incentives and to summarize the empirical evidence, and examines the difficulties of coordinating tax incentive measures with fiscal and monetary policies.
Download or read book R&D Tax Incentives written by and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rethinking Property Tax Incentives for Business by : Daphne A. Kenyon
Download or read book Rethinking Property Tax Incentives for Business written by Daphne A. Kenyon and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of property tax incentives for business by local governments throughout the United States has escalated over the last 50 years. While there is little evidence that these tax incentives are an effective instrument to promote economic development, they cost state and local governments $5 to $10 billion each year in forgone revenue. Three major obstacles can impede the success of property tax incentives as an economic development tool. First, incentives are unlikely to have a significant impact on a firm's profitability since property taxes are a small part of the total costs for most businesses--averaging much less than 1 percent of total costs for the U.S. manufacturing sector. Second, tax breaks are sometimes given to businesses that would have chosen the same location even without the incentives. When this happens, property tax incentives merely deplete the tax base without promoting economic development. Third, widespread use of incentives within a metropolitan area reduces their effectiveness, because when firms can obtain similar tax breaks in most jurisdictions, incentives are less likely to affect business location decisions. This report reviews five types of property tax incentives and examines their characteristics, costs, and effectiveness: property tax abatement programs; tax increment finance; enterprise zones; firm-specific property tax incentives; and property tax exemptions in connection with issuance of industrial development bonds. Alternatives to tax incentives should be considered by policy makers, such as customized job training, labor market intermediaries, and business support services. State and local governments also can pursue a policy of broad-based taxes with low tax rates or adopt split-rate property taxation with lower taxes on buildings than land.State policy makers are in a good position to increase the effectiveness of property tax incentives since they control how local governments use them. For example, states can restrict the use of incentives to certain geographic areas or certain types of facilities; publish information on the use of property tax incentives; conduct studies on their effectiveness; and reduce destructive local tax competition by not reimbursing local governments for revenue they forgo when they award property tax incentives.Local government officials can make wiser use of property tax incentives for business and avoid such incentives when their costs exceed their benefits. Localities should set clear criteria for the types of projects eligible for incentives; limit tax breaks to mobile facilities that export goods or services out of the region; involve tax administrators and other stakeholders in decisions to grant incentives; cooperate on economic development with other jurisdictions in the area; and be clear from the outset that not all businesses that ask for an incentive will receive one.Despite a generally poor record in promoting economic development, property tax incentives continue to be used. The goal is laudable: attracting new businesses to a jurisdiction can increase income or employment, expand the tax base, and revitalize distressed urban areas. In a best case scenario, attracting a large facility can increase worker productivity and draw related firms to the area, creating a positive feedback loop. This report offers recommendations to improve the odds of achieving these economic development goals.
Book Synopsis The Right Kind of Help? Tax Incentives for Staying Small by : Ms.Dora Benedek
Download or read book The Right Kind of Help? Tax Incentives for Staying Small written by Ms.Dora Benedek and published by International Monetary Fund. This book was released on 2017-06-13 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Some countries support smaller firms through tax incentives in an effort to stimulate job creation and startups, or alleviate specific distortions, such as financial constraints or high regulatory or tax compliance costs. In addition to fiscal costs, tax incentives that discriminate by firm size without specifically targeting R&D investment can create disincentives for firms to invest and grow, negatively affecting firm productivity and growth. This paper analyzes the relationship between size-related corporate income tax incentives and firm productivity and growth, controlling for other policy and firm-level factors, including product market regulation, financial constraints and innovation. Using firm level data from four European economies over 2001–13, we find evidence that size-related tax incentives that do not specifically target R&D investment can weigh on firm productivity and growth. These results suggest that when designing size-based tax incentives, it is important to address their potential disincentive effects, including by making them temporary and targeting young and innovative firms, and R&D investment explicitly.
Book Synopsis Practical Guide to Research and Development Tax Incentives by : Michael D. Rashkin
Download or read book Practical Guide to Research and Development Tax Incentives written by Michael D. Rashkin and published by CCH. This book was released on 2007 with total page 764 pages. Available in PDF, EPUB and Kindle. Book excerpt: CCH's Practical Guide to Research and Development Tax Incentives--Federal, State, and Foreign by Michael Rashkin, J.D., LL.M., provides something that has been missing in professional tax literature--authoritative, comprehensive coverage of this complex and evolving topic. This newly expanded resource is practical, easy to follow, easy to understand, and is particularly effective at clarifying and demystifying this complex subject. It provides well-written, detailed guidance on claiming the federal credit for increasing research activities and the deduction for R & D expenditures. In doing so, it explains the elements of qualified research, exclusions, computational rules, and basic research payment credits. Historically, the IRS has been vigilant in denying R & D credits. This resource explains how to satisfy the IRS's requirements, document the credit, and defend against IRS challenges. It also examines research incentives offered by individual states and describes the R & D incentives available in the major economies of the world, offering helpful charts that show the key differences among the various countries.
Book Synopsis The Effect of State Income Tax Apportionment and Tax Incentives on New Capital Expenditures by : Sanjay Gupta
Download or read book The Effect of State Income Tax Apportionment and Tax Incentives on New Capital Expenditures written by Sanjay Gupta and published by . This book was released on 2001 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to provide empirical evidence on the joint effects of apportionment and tax incentives on new capital expenditures. Specifically, we examine whether states with lower property factor weights in their apportionment formulae and/or lower corporate tax rates experience a higher level of new capital spending by manufacturing firms. Concurrently, we examine whether states with more investment-related tax incentives experience a higher level of new capital spending by manufacturing firms. Based on longitudinal data aggregated to the state level and spanning a ten-year period from 1987 to 1996, we find in annual cross-sectional, pooled, and fixed-effects regressions that property burden (the product of the property factor weight and the top statutory state corporate income tax rate)has a significant negative association with new capital expenditures, whereas incentives have a positive but decreasing association with new capital expenditures. This study contributes to the growing literature aimed at understanding the effects of subnational fiscal policy on state-level economic activity.
Book Synopsis Evaluation of Tax Incentives for Research and Development in Germany by : Christof Ernst
Download or read book Evaluation of Tax Incentives for Research and Development in Germany written by Christof Ernst and published by BoD – Books on Demand. This book was released on 2012 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Germany has currently no explicit form of tax incentive for R&D as they exist in many other countries. The objective of this study is to analyse and evaluate aspects that are important when an R&D tax incentive shall be established in Germany. The study is done both from a business and from an economic policy point of view. It broadens the focus to an European perspective, where the results can be of use in other countries. The study derives relevant research questions and outlines a framework for the evaluation of R&D tax incentives. It provides an overview on the different forms of R&D tax incentives in EU member states in 2010. A discussion then outlines potential models that could be used in Germany. A focus is on the analysis of the incentive's impact on the firm's total tax payments and on the R&D cost by means of a simulation model. Sensitivity analyses use different economic settings and model firms. Another focus is on the empirical analysis of effects from R&D tax incentives and corporate income tax burden on patenting behaviour by using firm-specific patent applications at the European Patent Office (EPO). A substantiated political discussion necessarily needs a projection of potential budgetary costs. Thus, the last focus is on the tax burden and on the overall fiscal costs and applies a micro-simulation model based on a financial statements database to quantify the effects induced by the various models of an R&D tax credit.
Book Synopsis The Incentive Effects of R&D Tax Credits by : Ming-Chin Chen
Download or read book The Incentive Effects of R&D Tax Credits written by Ming-Chin Chen and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether an increase in the R&D tax credit rate stimulates firms' incremental R&D spending, and whether firms plan their R&D spending to take advantage of additional tax credits for incremental R&D spending. We find that the increase in the credit rate has a positive effect on the R&D spending of high-tech firms with taxable status, but does not have the same positive effect on non-high tech firms. In magnitude terms, the increased R&D spending for high-tech (non-high tech) firms is about 27% (6.6%), or 16.78% for the overall sample, which translates into credit-induced increase in R&D spending in Taiwan at $4.58 per dollar of revenue forgone. These results indicate that tax incentives alone may not be effective to increase R&D spending if firms do not have profitable innovation opportunities. Further, we find that when the tax incentive is structured as a credit based on incremental R&D spending over a moving-average base, firms opportunistically time their R&D spending patterns to obtain additional tax credits, resulting in greater variability in R&D spending and potentially unintended loss of tax revenues. This study contributes to the ongoing global debate about the efficacy of tax policies towards R&D, especially in emerging economies, by providing first-time firm-level evidence from a large cross-section of Taiwanese firms.
Book Synopsis Tax Incentives and Capital Spending by : Gary Fromm
Download or read book Tax Incentives and Capital Spending written by Gary Fromm and published by Washington : Brookings Institution. This book was released on 1971 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Effects of Tax Incentives and Subsidies on Economic Growth in Developing Economies by : ERICK OKOTH
Download or read book Effects of Tax Incentives and Subsidies on Economic Growth in Developing Economies written by ERICK OKOTH and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tax incentives are defined as tax rules that go against the generally accepted principles of tax neutrality and fairness which are aimed at fostering both foreign and local investment since they promote greater investment competitiveness among emerging nations, maximize returns on investments, and reduce costs and inefficiencies in the investment market. Subsidies on the other hand are described as any government aid to private industry producers or consumers, whether financial or in-kind, which requires no commensurate repayment to the government in exchange but prerequisite the benefit on a certain conduct by the receiving firm or industry. This study aims to investigate the potential effectiveness of tax incentives and subsidies in enhancing economic development and growth among developing economies. Most developing economies, if not all, that are members of the UN organization work toward achieving the SDGs by 2030,and this is significantly influenced by the amount of investment they attract to boost economic growth and encourage improvements in citizen welfare. This study uses secondary data from World Bank, IMF, and OECD reports for a target period of 2010 - 2022 to examine how tax incentives affect economic development in emerging economies with a focus on Indonesia, Kenya, Malaysia, and Türkiye. For this study, the researcher used STATA version 15 to investigate the underlying relationship between the variables. The researcher performed a panel data regression analysis using the generalized estimating equations approach. The P-value approach used by the researcher assesses the relevance of the study's variables, for which the p-value is set at 0.05. This is a comparative study, as such the researcher prefers to use the generalized estimating equation method to perform a panel data regression analysis because it can simulate the population as a whole and because the data may be correlated, which would violate the independence assumptions of other traditional regression procedures. The study obtained positive and significant effects of subsidies on investments and economic growth. Incentives on taxes on production, sales, and transfers and taxes on profits and capital gains registered a non-significant positive effect on investment; however, the effects were insignificant and negative for economic growth.
Book Synopsis The Tax-adjusted Q Model with Intangible Assets by : Sophia Chen
Download or read book The Tax-adjusted Q Model with Intangible Assets written by Sophia Chen and published by International Monetary Fund. This book was released on 2014-06-12 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose a tax-adjusted q model with physical and intangible assets and estimate it with a self-collected comprehensive database of intangible assets. The presence of intangibles changes the accounting and economic measures of q. We show that when tax changes are temporary, the q model can be estimated by adjusting for the firm’s intangible stock and intangible intensity. We estimate our model using temporary investment tax incentive policies in the United States in the early 2000s. When the q-model accounts for intangible assets, the estimated investment elasticity to tax incentives is generally larger than otherwise. It is also larger for intangible-intensive firms, and increases with firm size.
Book Synopsis Estimating Policy Mix Effects by : Stephen Roper
Download or read book Estimating Policy Mix Effects written by Stephen Roper and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study provides empirical evidence on the input and output additionality achieved by UK firms receiving R&D tax incentives only, R&D and innovation grants only, and a combination of both incentives. Four key findings emerge. First, we find strong evidence of input additionality from each type of public support but also some attenuation or substitution effects between the input additionality of grants and tax-incentives. Second, innovation output additionality is consistently positive from tax-incentive-only, and the related policy-mix. However, grant-only output additionality effects are notably smaller in scale and statistically much weaker. Here, we also observe complementarity between tax and grant measures leading to stronger policy-mix output additionality. Third, we find a, perhaps surprising, difference in the scale of input and output additionality effects for tax incentives-only and the related policy mix: input additionality effects are consistently larger - 2-3 times - the scale of output additionality effects. Fourth, the relationship between input and output additionality varies between groups of firms. In terms of productivity, input (output) additionality is stronger (weaker) among low productivity firms, while input (output) additionality is weaker (stronger) in high productivity enterprises. Our results suggest that: (a) policy evaluation or targeting based on input additionality alone may significantly over-estimate or mis-represent long-term policy benefits; and (b) that 'average' estimates for additionality effects may provide a misleading indication of additionality profiles for different types of firms.
Book Synopsis Tax Incentives in Cambodia by : Mr.Manuk Ghazanchyan
Download or read book Tax Incentives in Cambodia written by Mr.Manuk Ghazanchyan and published by International Monetary Fund. This book was released on 2018-03-29 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cambodia, like its regional peers, offers a number of tax incentives to investors. This paper reviews these incentives to assess their costs and benefits, including their likely effectiveness in attracting capital and in supporting the diversification strategy. It finds that an important incentive, the tax holiday, differs materially from practice elsewhere in offering a deferral rather than exempting from tax and may not be very effective. Moreover, other features of the tax system, such as the high withholding rate on dividends, imply relatively high effective tax rates for foreign investors. The paper discusses potential reforms that weigh revenue and other costs of tax incentives against the need for a competitive tax system, including a shift from tax holidays toward investment allowances.
Book Synopsis Two Empirical Studies on the Effects of Earnings Management Objectives and Tax Incentives on Advertising, Research and Development and Capital Expenditures by : Margaret Pengilly Reed
Download or read book Two Empirical Studies on the Effects of Earnings Management Objectives and Tax Incentives on Advertising, Research and Development and Capital Expenditures written by Margaret Pengilly Reed and published by . This book was released on 1997 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Venture Capital and Private Equity Contracting by : Douglas J. Cumming
Download or read book Venture Capital and Private Equity Contracting written by Douglas J. Cumming and published by Academic Press. This book was released on 2013-08-21 with total page 781 pages. Available in PDF, EPUB and Kindle. Book excerpt: Other books present corporate finance approaches to the venture capital and private equity industry, but many key decisions require an understanding of the ways that law and economics work together. This revised and updated 2e offers broad perspectives and principles not found in other course books, enabling readers to deduce the economic implications of specific contract terms. This approach avoids the common pitfalls of implying that contractual terms apply equally to firms in any industry anywhere in the world. In the 2e, datasets from over 40 countries are used to analyze and consider limited partnership contracts, compensation agreements, and differences in the structure of limited partnership venture capital funds, corporate venture capital funds, and government venture capital funds. There is also an in-depth study of contracts between different types of venture capital funds and entrepreneurial firms, including security design, and detailed cash flow, control and veto rights. The implications of such contracts for value-added effort and for performance are examined with reference to data from an international perspective. With seven new or completely revised chapters covering a range of topics from Fund Size and Diseconomies of Scale to Fundraising and Regulation, this new edition will be essential for financial and legal students and researchers considering international venture capital and private equity. - An analysis of the structure and governance features of venture capital contracts - In-depth study of contracts between different types of venture capital funds and entrepreneurial firms - Presents international datasets from over 40 countries around the world - Additional references on a companion website - Contains sample contracts, including limited partnership agreements, term sheets, shareholder agreements, and subscription agreements
