[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/p/zbw/tuedps/276.html
   My bibliography  Save this paper

Entscheidungswirkungen von Verlustverrechnungsbeschränkungen bei der Steuerplanung grenzüberschreitender Investitionen

Author

Listed:
  • Niemann, Rainer
Abstract
Ziel dieses Beitrags ist die Quantifizierung der Entscheidungswirkungen von Verlustverrechnungsbeschränkungen bei innerstaatlichen und grenzüberschreitenden Investitionsmöglichkeiten. Da die Vorteilhaftigkeit von Investitionen nur als relatives Maß anhand einer Unterlassungsalternative beurteilt werden kann, ist es notwendig, neben der Realinvestition auch eine alternative Finanzanlage explizit zu modellieren, wobei beide Handlungsalternativen national und international durchgeführt werden können. Die Ergebnisse einer Variation von Verlustverrechnungsparametern werden im Hinblick auf die folgenden Fragestellungen analysiert: - Was ist die optimale Durchführungsform für die Realinvestition und für die Finanzanlage? - Werden Inlands- oder Auslandsaktivitäten relativ begünstigt? - Werden Realinvestitionen oder Finanzanlagen relativ begünstigt? - Welche rechtliche Struktur von Auslandsaktivitäten wird relativ begünstigt? Besonderes Augenmerk gilt der Frage, ob - wie im nationalen Kontext bereits nachgewiesen - ein "Verlustverrechnungsparadoxon" auch im internationalen Kontext möglich ist, d.h. ob eine Einschränkung der inländischen Verlustverrechnungsmöglichkeiten zur relativen Vorteilhaftigkeit von Real- gegenüber Finanzinvestitionen einerseits und von Inlandsgegenüber Outboundinvestitionen andererseits führen kann. Grundlage der Untersuchung ist ein einzelwirtschaftliches Investitionskalkül, das nicht nur einzelwirtschaftliche, sondern auch finanzpolitische Implikationen aufweist. Der Beitrag ist wie folgt gegliedert: Nach einem Überblick über die Literatur zur internationalen Steuerplanung und zur asymmetrischen Gewinn- und Verlustbehandlung in Abschnitt 2 werden die Modellannahmen in Abschnitt 3 dargestellt. Die grundsätzlich möglichen Investitionswirkungen der betrachteten Verlustverrechnungsbeschränkungen verdeutlicht Abschnitt 4 anhand numerischer Beispiele, ehe die voraussichtlich überwiegenden Wirkungen mit Hilfe von Monte-Carlo-Simulationen in Abschnitt 5 ermittelt werden. Abschnitt 6 beschließt den Beitrag mit einer Zusammenfassung der Ergebnisse und einem Ausblick auf weiterführende Fragestellungen.

Suggested Citation

  • Niemann, Rainer, 2004. "Entscheidungswirkungen von Verlustverrechnungsbeschränkungen bei der Steuerplanung grenzüberschreitender Investitionen," Tübinger Diskussionsbeiträge 276, University of Tübingen, School of Business and Economics.
    • Handle: RePEc:zbw:tuedps:276
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/22076/1/276.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Roger H. Gordon & Joosung Jun & Joel Slemrod, 1993. "Taxes and the Form of Ownership of Foreign Corporate Equity," NBER Chapters, in: Studies in International Taxation, pages 13-46, National Bureau of Economic Research, Inc.
    2. Jack M. Mintz, 1988. "An Empirical Estimate of Corporate Tax Refundability and Effective Tax Rates," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 103(1), pages 225-231.
    3. Leonard E. Burman & William G. Gale & Jeffrey Rohaly, 2003. "Policy Watch: The Expanding Reach of the Individual Alternative Minimum Tax," Journal of Economic Perspectives, American Economic Association, vol. 17(2), pages 173-186, Spring.
    4. Saman Majd & Stewart C. Myers, 1987. "Tax Asymmetries and Corporate Tax Reform," NBER Chapters, in: The Effects of Taxation on Capital Accumulation, pages 343-376, National Bureau of Economic Research, Inc.
    5. Panteghini Paolo, 2001. "On Corporate Tax Asymmetries and Neutrality," German Economic Review, De Gruyter, vol. 2(3), pages 269-286, August.
    6. Mackie-Mason, Jeffrey K., 1990. "Some nonlinear tax effects on asset values and investment decisions under uncertainty," Journal of Public Economics, Elsevier, vol. 42(3), pages 301-327, August.
    7. Sinn, H.W., 1990. "Taxation And The Birth Of Foreign Subsidiaries," Papers 66, Princeton, Woodrow Wilson School - Discussion Paper.
    8. Alfons Weichenrieder, 1996. "Anti-tax-avoidance provisions and the size of foreign direct investment," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 3(1), pages 67-81, January.
    9. Lyon, Andrew B., 1990. "Investment Incentives Under the Alternative Minimum Tax," National Tax Journal, National Tax Association;National Tax Journal, vol. 43(4), pages 451-465, December.
    10. Altshuler, Rosanne & Grubert, Harry, 2003. "Repatriation taxes, repatriation strategies and multinational financial policy," Journal of Public Economics, Elsevier, vol. 87(1), pages 73-107, January.
    11. Eeckhoudt, Louis & Gollier, Christian & Schlesinger, Harris, 1997. "The no-loss offset provision and the attitude towards risk of a risk-neutral firm," Journal of Public Economics, Elsevier, vol. 65(2), pages 207-217, August.
    12. Schanbel, Jacques A & Roumi, Ebrahim, 1990. "A Contingent Claims Analysis of Partial Loss Offset Taxation and Risk-Taking," Public Finance = Finances publiques, , vol. 45(2), pages 304-320.
    13. Lund, Diderik, 1992. "Petroleum taxation under uncertainty: contingent claims analysis with an application to Norway," Energy Economics, Elsevier, vol. 14(1), pages 23-31, January.
    14. Burman, Leonard E. & Gale, William G. & Rohaly, Jeffrey & Harris, Benjamin H., 2002. "The Individual AMT: Problems and Potential Solutions," National Tax Journal, National Tax Association;National Tax Journal, vol. 55(3), pages 555-596, September.
    15. ,, 2002. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 18(1), pages 193-194, February.
    16. Grubert, Harry, 1998. "Taxes and the division of foreign operating income among royalties, interest, dividends and retained earnings," Journal of Public Economics, Elsevier, vol. 68(2), pages 269-290, May.
    17. De Waegenaere, A.M.B. & Sansing, R. & Wielhouwer, J.L., 2001. "Valuation of Deferred Tax Assets From a Net Operating Loss Carryover," Discussion Paper 2001-24, Tilburg University, Center for Economic Research.
    18. Feenberg, Daniel R. & Poterba, James M., 2004. "The Alternative Minimum Tax and Effective Marginal Tax Rates," National Tax Journal, National Tax Association;National Tax Journal, vol. 57(2), pages 407-427, June.
    19. Cooper, Ian & Franks, Julian R, 1983. "The Interaction of Financing and Investment Decisions When the Firm Has Unused Tax Credits," Journal of Finance, American Finance Association, vol. 38(2), pages 571-583, May.
    20. B. Douglas Bernheim, 1989. "Incentive Effects of the Corporate Alternative Minimum Tax," NBER Chapters, in: Tax Policy and the Economy, Volume 3, pages 69-96, National Bureau of Economic Research, Inc.
    21. Rosanne Altshuler & T. Scott Newlon & Joel Slemrod, 1993. "The Effects of U.S. Tax Policy on the Income Repatriation Patterns of U. S . Multinational Corporations," NBER Chapters, in: Studies in International Taxation, pages 77-116, National Bureau of Economic Research, Inc.
    22. Alan J. Auerbach, 1986. "The Dynamic Effects of Tax Law Asymmetries," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 53(2), pages 205-225.
    23. Paolo M. Panteghini, 2002. "Corporate Tax Asymmetries under Investment Irreversibility," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 58(3), pages 207-226, July.
    24. ,, 2002. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 18(2), pages 541-545, April.
    25. Alan J. Auerbach & James M. Poterba, 1987. "Tax-Loss Carryforwards and Corporate Tax Incentives," NBER Chapters, in: Taxes and Capital Formation, pages 89-92, National Bureau of Economic Research, Inc.
    26. Evsey D. Domar & Richard A. Musgrave, 1944. "Proportional Income Taxation and Risk-Taking," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 58(3), pages 388-422.
    27. Lund,D., 2000. "Imperfect loss offset and the after-tax expected rate of return to equity, with an application to rent taxation," Memorandum 21/2000, Oslo University, Department of Economics.
    28. Jouko Ylä-Liedenpohja, 2003. "Taxation and Valuation of International Real Investments," CESifo Working Paper Series 1013, CESifo.
    29. Leechor, Chad & Mintz, Jack, 1993. "On the taxation of multinational corporate investment when the deferral method is used by the capital exporting country," Journal of Public Economics, Elsevier, vol. 51(1), pages 75-96, May.
    30. Andrew B. Lyon & Gerald Silverstein, 1995. "The Alternative Minimum Tax and the Behavior of Multinational Corporations," NBER Chapters, in: The Effects of Taxation on Multinational Corporations, pages 153-180, National Bureau of Economic Research, Inc.
    31. Saman Majd & Stewart C. Myers, 1987. "Tax Asymmetries and Corporate Income Tax Reform," NBER Chapters, in: Taxes and Capital Formation, pages 93-96, National Bureau of Economic Research, Inc.
    32. ,, 2002. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 18(4), pages 1007-1017, August.
    33. Marcel Gérard & Joann Weiner, 2003. "Cross-Border Loss Offset and Formulary Apportionment: How do they affect multijurisdictional firm investment spending and interjurisdictional tax competition ?," CESifo Working Paper Series 1004, CESifo.
    34. Lyon, Andrew B., 1990. "Investment Incentives under the Alternative Minimum Tax," National Tax Journal, National Tax Association, vol. 43(4), pages 451-65, December.
    35. Giovannini, Alberto & Hubbard, R. Glenn & Slemrod, Joel (ed.), 1993. "Studies in International Taxation," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226297019, September.
    36. Rosanne Altshuler & Alan J. Auerbach, 1990. "The Significance of Tax Law Asymmetries: An Empirical Investigation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 105(1), pages 61-86.
    37. ,, 2002. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 18(6), pages 1461-1465, December.
    38. ,, 2002. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 18(5), pages 1273-1289, October.
    39. Hartman, David G., 1985. "Tax policy and foreign direct investment," Journal of Public Economics, Elsevier, vol. 26(1), pages 107-121, February.
    40. Saman Majd & Stewart C. Myers, 1985. "Valuing the Government's Tax Claim on Risky Corporate Assets," NBER Working Papers 1553, National Bureau of Economic Research, Inc.
    41. Eeckhoudt, Louis & Hansen, Pierre, 1982. "Uncertainty and the partial loss offset provision," Economics Letters, Elsevier, vol. 9(1), pages 31-35.
    42. ,, 2002. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 18(3), pages 819-821, June.
    43. De Waegenaere, A.M.B. & Sansing, R. & Wielhouwer, J.L., 2001. "Valuation of Deferred Tax Assets From a Net Operating Loss Carryover," Other publications TiSEM c26c5d4a-2a49-404a-aa59-c, Tilburg University, School of Economics and Management.
    44. David G. Hartman, 1982. "Tax Policy and Foreign Direct Investment in the United States," NBER Working Papers 0967, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Rainer Niemann, 2004. "Asymmetric Taxation and Cross-Border Investment Decisions," CESifo Working Paper Series 1219, CESifo.
    2. Niemann, Rainer, 2003. "Wie schädlich ist die Mindestbesteuerung? Steuerparadoxa in der Verlustrechnung," Tübinger Diskussionsbeiträge 259, University of Tübingen, School of Business and Economics.
    3. Rainer Niemann, 2006. "Wirkungen der Abschnittsbesteuerung auf internationale Investitions- und Repatriierungsentscheidungen," Schmalenbach Journal of Business Research, Springer, vol. 58(7), pages 928-957, November.
    4. Caren Sureth & Ralf Maiterth, 2006. "Wealth Tax As Alternative Minimum Tax ? - the Impact of Minimum Taxation on Business Structure and Strategy -," EcoMod2006 272100093, EcoMod.
    5. Caren Sureth & Ralf Maiterth, 2008. "The impact of minimum taxation by an imputable wealth tax on capital budgeting and business strategy of German companies," Review of Managerial Science, Springer, vol. 2(2), pages 81-110, July.
    6. Ralf Ewert & Rainer Niemann, 2010. "Limited Liability, Asymmetric Taxation, and Risk Taking - Why Partial Tax Neutralities can be Harmful," CESifo Working Paper Series 3301, CESifo.
    7. Rainer Niemann & Corinna Treisch, 2005. "Group Taxation, Asymmetric Taxation and Cross-Border Investment Incentives in Austria," CESifo Working Paper Series 1506, CESifo.
    8. Ralf Ewert & Rainer Niemann, 2011. "Haftungsbeschränkungen, Verlustverrechnungsbeschränkungen und die Bereitschaft zur Risikoübernahme," Schmalenbach Journal of Business Research, Springer, vol. 63(63), pages 94-131, January.
    9. Rainer Niemann, 2011. "Asymmetric Taxation and Performance-Based Incentive Contracts," CESifo Working Paper Series 3363, CESifo.
    10. Niemann, Rainer & Treisch, Corinna, 2005. "Grenzüberschreitende Investitionen nach der Steuerreform 2005: stärkt die Gruppenbesteuerung den Holdingstandort Österreich?," arqus Discussion Papers in Quantitative Tax Research 1, arqus - Arbeitskreis Quantitative Steuerlehre.
    11. Niemann, Rainer, 2007. "Risikoübernahme, Arbeitsanreiz und differenzierende Besteuerung," arqus Discussion Papers in Quantitative Tax Research 28, arqus - Arbeitskreis Quantitative Steuerlehre.
    12. Paolo M. Panteghini, 2005. "Asymmetric Taxation under Incremental and Sequential Investment," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 7(5), pages 761-779, December.
    13. Altshuler, Rosanne & Grubert, Harry, 2003. "Repatriation taxes, repatriation strategies and multinational financial policy," Journal of Public Economics, Elsevier, vol. 87(1), pages 73-107, January.
    14. Gordon, Roger H. & Hines, James Jr, 2002. "International taxation," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 28, pages 1935-1995, Elsevier.
    15. Sureth, Caren & Voß, Armin, 2005. "Investitionsbereitschaft und zeitliche Indifferenz bei Realinvestitionen unter Unsicherheit und Steuern," arqus Discussion Papers in Quantitative Tax Research 2, arqus - Arbeitskreis Quantitative Steuerlehre.
    16. Maurizio Caserta & Francesco Reito, 2015. "Minimum taxation as a luxury good," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 32(3), pages 301-310, December.
    17. James R. Hines, Jr., 1996. "Tax Policy and the Activities of Multinational Corporations," NBER Working Papers 5589, National Bureau of Economic Research, Inc.
    18. Daniel Dreßler & Michael Overesch, 2013. "Investment impact of tax loss treatment—empirical insights from a panel of multinationals," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 20(3), pages 513-543, June.
    19. Claudia García-García & Catalina B. García-García & Román Salmerón, 2021. "Confronting collinearity in environmental regression models: evidence from world data," Statistical Methods & Applications, Springer;Società Italiana di Statistica, vol. 30(3), pages 895-926, September.
    20. Cambier, Adrien & Chardy, Matthieu & Figueiredo, Rosa & Ouorou, Adam & Poss, Michael, 2022. "Optimizing subscriber migrations for a telecommunication operator in uncertain context," European Journal of Operational Research, Elsevier, vol. 298(1), pages 308-321.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:tuedps:276. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/wftuede.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.