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Tax Policy, Leverage and Macroeconomic Stability

2016-12-10 Business & Economics
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Release : 2016-12-10
Genre : Business & Economics
Kind : eBook
Book Rating : 204/5 ( reviews)

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Book Synopsis Tax Policy, Leverage and Macroeconomic Stability by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book Tax Policy, Leverage and Macroeconomic Stability written by International Monetary Fund. Fiscal Affairs Dept.. This book was released on 2016-12-10. Available in PDF, EPUB and Kindle. Book excerpt: Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. ‘Debt bias’ (tax provisions favoring finance by debt rather than equity) has increased leverage in both the household and corporate sectors, and is now widely recognized as a significant macroeconomic concern. This paper presents new evidence of the extent of debt bias, including estimates for banks and non-bank financial institutions both before and after the global financial crisis. It presents policy options to alleviate debt bias, and assesses their effectiveness. The paper finds that thin capitalization rules restricting interest deductibility have only partially been able to address debt bias, but that an allowance for corporate equity has generally proved effective. The paper concludes that debt bias should feature prominently in countries’ tax reform plans in the coming years.

Taxation and the Financial Crisis

2012-02-23 Business & Economics
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Release : 2012-02-23
Genre : Business & Economics
Kind : eBook
Book Rating : 163/5 ( reviews)

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Book Synopsis Taxation and the Financial Crisis by : Julian S. Alworth

Download or read book Taxation and the Financial Crisis written by Julian S. Alworth. This book was released on 2012-02-23. Available in PDF, EPUB and Kindle. Book excerpt: This book examines how tax policies contributed to the financial crisis; whether taxation can play a role in the reform efforts to establish a sounder and safer financial system; and the pros and cons of various tax initiatives.

Corporate Taxation, Leverage, and Macroeconomic Stability

2016
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Release : 2016
Genre :
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Corporate Taxation, Leverage, and Macroeconomic Stability by : Franziska Bremus

Download or read book Corporate Taxation, Leverage, and Macroeconomic Stability written by Franziska Bremus. This book was released on 2016. Available in PDF, EPUB and Kindle. Book excerpt:

Tax Policy Handbook

1995-04-25 Business & Economics
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Release : 1995-04-25
Genre : Business & Economics
Kind : eBook
Book Rating : 905/5 ( reviews)

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Book Synopsis Tax Policy Handbook by : Mr.Parthasarathi Shome

Download or read book Tax Policy Handbook written by Mr.Parthasarathi Shome. This book was released on 1995-04-25. Available in PDF, EPUB and Kindle. Book excerpt: Edited by Parthasarathi Shome, this Handbook was written primarily for economists who are responsible for analyzing and evaluating economic policies of developing countries at an applied level, and who would benefit from a comprehensive discussion of the concepts, principles, and prevailing issues of taxation.

Curbing Corporate Debt Bias

2017-02-10 Business & Economics
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Release : 2017-02-10
Genre : Business & Economics
Kind : eBook
Book Rating : 296/5 ( reviews)

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Book Synopsis Curbing Corporate Debt Bias by : Ruud A. de Mooij

Download or read book Curbing Corporate Debt Bias written by Ruud A. de Mooij. This book was released on 2017-02-10. Available in PDF, EPUB and Kindle. Book excerpt: Tax provisions favoring corporate debt over equity finance (“debt bias”) are widely recognized as a risk to financial stability. This paper explores whether and how thin-capitalization rules, which restrict interest deductibility beyond a certain amount, affect corporate debt ratios and mitigate financial stability risk. We find that rules targeted at related party borrowing (the majority of today’s rules) have no significant impact on debt bias—which relates to third-party borrowing. Also, these rules have no effect on broader indicators of firm financial distress. Rules applying to all debt, in contrast, turn out to be effective: the presence of such a rule reduces the debt-asset ratio in an average company by 5 percentage points; and they reduce the probability for a firm to be in financial distress by 5 percent. Debt ratios are found to be more responsive to thin capitalization rules in industries characterized by a high share of tangible assets.

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