Suchergebnisse

Tax competition for the mobile factor capital has led to a trend in many countries to levy lower taxes on interest income, often introducing differential taxation between interest and business income. In this study, we analyze the effect of such differential taxation on the debt ratio of firms. We exploit a 2009 tax reform in Germany as a quasi-experiment, which introduced a flat final withholding tax and opened a gap of 18 percentage points between the tax rate on income from unincorporated businesses and the new lower tax rate on interest income. We apply a regression adjusted semi-parametric difference-in-difference matching strategy based on firm level panel data. In addition, we implement a more structural approach with a tax rate differential, taking into account its endogeneity by using instrumental variables. The results indicate that firms increase their leverage when the tax rate on interest income decreases, albeit to a small degree. -- Income taxation ; capital taxation ; financial structure ; leverage ; matching

Between the passage of the Bubble Act in 1720 and the sweeping reforms of the General Incorporation Act of 1844, the legal framework of business organization in England remained remarkably stagnant despite the profound economic and structural changes wrought by the Industrial Revolution. Originally published in 2000, this book analyzes why this discrepancy occurred, especially when other nations of that time, whose economies were far less developed, were evolving more permissive laws of business organization. Employing extensive primary source archival material, Ron Harris shows how the institutional development of major forms of business organization - the business corporation, the partnership, the trust, the unincorporated joint-stock company - evolved and how English law finally took account of these developments

In pre-war days corporations paid a Dominion income tax of 15 per cent on net income, or 17 per cent if they consolidated their returns with those of subsidiaries. In the case of unincorporated businesses—partnerships and sole proprietorships—income tax was levied on the individual incomes of the persons participating in the business; no tax was levied on the business as a unit. Under present taxation schedules, the corporation income tax stands at 18 per cent; 20 per cent for companies making consolidated returns. Proprietorships pay higher taxes through the steeply increased individual income tax rates. And, finally, the excess profits tax has been superimposed on the previous tax structure.The excess profits tax applies to all businesses, incorporated and unincorporated. In addition to the taxes assessed under the Income War Tax Act, they have paid up to the present either a flat rate on their total profits (in 1940, 12 per cent for all businesses; in 1941, 22 per cent in the case of corporations, 15 per cent in the case of other businesses) or 75 per cent on profits in excess of pre-war profits, whichever tax was the larger. The provisions listed in the Income War Tax Act for the exemption of educational, charitable, labour, farmers', and other such organizations apply equally to this tax. Otherwise it was assessed in 1940 and 1941 against every business in Canada having a profit, before any payments to partners, proprietors, or shareholders, of more than $5000, with the proviso that any part of the tax which would reduce the profit thus defined to less than $5000 was not to be paid.

In recent years a number of significant changes have been made in Australian income tax legislation in regard to the treatment of non-business expenditure. The relative effects of these changes on primary producers and other taxpayers operating unincorporated business rirms are dirficult to ascertain. The complexity of the taxation system together with the fact thai changes to taxation laws have different effects depending on the level and variability of incomes make generalizations difficult. Research designed to compare average rates of tax on a large number ofsimulaled income series suggests that earlier income tax advantages enjoyed by primary producers relative to other businessmen with equally unstable incomes have now been largely e1iminaled. Furthemore, it now appears that primary producers with highly fluctuating incomes may pay substantially greater tax than other businessmen with stable incomcs inspite of the use of averaging procedures. The recent changes to the tax laws regarding items of personal expenditure, therefore, have significantly reduced the benefits of averaging previously available to primary producer taxpayers. © 1976 Economic Society of Australia (Queensland) Inc. All rights reserved.

Over the second half of the 20th century, Greek governments failed to tax business income in line with the country's level of economic development. This paper uses the "slippery slope" model of tax compliance to explain why the reform of income and corporate taxation in the late 1950s met strong resistance in the business sector. We argue that the negative legacy of interwar reforms, the lack of sustained and credible investment in trust building in coincidence with the postwar reforms, and the intensification of coercive threats in tax enforcement led to an antagonistic tax climate and a degradation of enforced and voluntary compliance. Our qualitative analysis based on original primary sources shows that the arguments publicly voiced by entrepreneurs and their organizations reflected their persistent perception of tax power as unfair, arbitrary and extractive. Using aggregate tax returns data, our quantitative analysis finds evidence of systematic and increasing income underreporting both by unincorporated and incorporated businesses. This vicious circle of non-cooperation and mutual distrust explains why governments got trapped into a persistent low tax capacity equilibrium that still casts a shadow on the Greek economy.

Intro -- Contents -- List of Tables -- Preface -- Introduction -- 1. Secular Overview -- 1.1. Trends in the Distribution of National Assets in Current Prices -- 1.2. Differences between Broad and Narrow Concepts of Assets -- 1.3 Changes in the National Balance Sheet in Constant Prices -- 1.4. Sectoral Distribution of Assets -- 1.5. Decomposition of Rates of Growth of National Assets -- 1.6. National Balance Sheet Ratios -- 2. Summary of Findings for the 1953-75 Period -- 3. Problems of Constructing National and Sectoral Balance Sheets -- 3.1. Sectoring -- 3.2. Categories of Assets and Liabilities -- 3.3. Valuation -- 3.4. Deflation (Reduction to Constant Prices) -- 3.5. Consolidation -- 3.6. Sources -- 4. The National Balance Sheet of the United States for 1975 -- 4.1. The Overall Balance Sheet -- 4.2. The Structure of Sectoral Balance Sheets -- 4.3. Distribution of Assets and Liabilities among Sectors -- 4.4. The Financial Interrelations Ratio -- 5. Trends and Fluctuations in the National Balance Sheet, 1953-75 -- 5.1. The National Balance Sheet -- 5.2. Revaluations -- 5.3. A Comparison of Three Estimates -- 6. Trends and Fluctuations in Sectoral Balance Sheets, 1953-75 -- 6.1. Sectoral Distribution of Assets, Liabilities, Equities, and Net Worth -- 6.2. Two Financial Ratios -- 6.3. The Balance Sheet of all Nonfinancial Sectors -- 6.4. Households -- 6.5. Nonprofit Organizations -- 6.6. Farm Enterprises -- 6.7. Nonfinancial Nonfarm Unincorporated Business Enterprises -- 6.8. Nonfinancial Corporations -- 6.9. Federal Government -- 6.10. State and Local Governments -- 6.11. Rest of the World -- 6.12. Financial Institutions -- 7. Broader Definitions of National Assets -- 7.1. Standing Timber -- 7.2. Fish and Game -- 7.3. Collectors' items -- 7.4. National Monuments -- 7.5. Subsoil Assets -- 7.6. Research and Development Expenditures.

In the private sector, outsourcing has become a recognized feature of the business scene. While there are various reasons for contracting out functions to external organizations, in general the justification relates to the potential cost-benefit from adopting this approach. This study set out to ascertain whether the same considerations applied to administrative procedures associated with starting a business. Did business registries outsource any or all of their functions? If so, did the same considerations apply as for the private sector? Were there lessons to be learned from their experience? Responses to these and other questions were received from 53 registries. This paper is not about global commerce, at least, not in the usual sense. It is about some of the more mundane administrative procedures that underpin the activities of the private sector, the basics that help it to function. Business registration is seen as a key factor in determining the investment climate of a country.

In this paper we examine, using the NatWest/Manchester Business School (MBS) tax models, the impact of taxation on the small business sector over the last few years. Because it is known that a small number of growth businesses provide most of the new wealth and additional employment created by the small firms sector, consideration is given to the combined effect of the different elements of the tax regime on small firms, with particular reference to the tax implications of business growth. The NatWest/MBS tax models, for incorporated and unincorporated small businesses, contain accounting data for a stratified random sample of almost 4000 small UK firms. These data are employed to estimate the total tax burden borne by small firms in the United Kingdom, including the total value of taxes collected from this sector by the Exchequer and the aggregate value of compliance costs borne by small businesses. Unincorporated firms employing fewer than 20 staff contribute just 5% of government revenues, and small limited companies with fewer than 100 employees provide 15% of total taxes collected. These figures of total tax revenues together with estimates of the compliance costs borne by small firms are assembled into tax indices for incorporated and unincorporated firms, set at 100 in 1994/95. Changes to the total tax burden are traced from 1994/95 (the base year in the models) up to 1996/97 in the light of the changes introduced in successive budgets. Although the index for small companies falls by 2.5 points across this period the position of unincorporated firms remains virtually unchanged. The reasons for these differential effects are considered and explained. We identify three important areas in which the growth and development of small business is restrained by the tax regulations currently in force: sales growth, employment generation, and investment for the future, We conclude that the fiscal barriers in these areas could be reduced by raising the VAT registration limit (initially to £100 000), by compensating small businesses for the cost of collecting tax on behalf of government and by reducing the level of taxation on profits reinvested in small businesses.

AbstractThis paper investigates the causal effects of agglomeration on hours worked by the self‐employed. Urbanization and localization are instrumented using the minimum distance from the work Public Use Microdata Area centroid to the United States' coastlines and estimated industry shares in 1930. The 2SLS results demonstrate that urbanization decreases, and localization increases, hours worked of the self‐employed, respectively. These results are mainly from outsourcing and competition, whereas sorting, simultaneity, and agglomeration wage effect are less likely to be influential. Additionally, only small business owners perceive the pressures of competition in localization economies. The young unincorporated self‐employed are more likely to be affected by peer competitors, whereas the elder unincorporated perceive more pressures from large firms.

This report covers a broad range of SME taxation issues, including possible effects of taxation on the creation and growth of SMEs, and considerations arising from a relatively high compliance burden. Differing income tax and social security contribution burdens of unincorporated and incorporated SMEs are considered in detail, with analysis of average statutory tax rates carried out to investigate possible tax distortions to business creation and business structure decisions of a single worker/owner of an SME. Various arguments are presented for and against the targeting of tax incentives

Using the Canadian Labour Force Survey, we document the short-term impact of coronavirus disease 2019 (COVID-19) on self-employed individuals in Canada, whom we interpret as small business owners. We document an important decrease in business ownership between February 2020 and May 2020 (−14.8 percent for incorporated and −10.1 percent for unincorporated entities). We find a substantial decrease in ownership and aggregate hours for women, immigrants, and less educated people over the same period. The occupational categories with the largest decrease are in art, culture, and recreation (−14.8 percent); in education, law, and social, community, and government services (−13.6 percent); and in sales and service occupations (−12.8 percent).

Using the Canadian Labour Force Survey, we document the short-term impact of coronavirus disease 2019 (COVID-19) on self-employed individuals in Canada, whom we interpret as small business owners. We document an important decrease in business ownership between February 2020 and May 2020 (−14.8 percent for incorporated and −10.1 percent for unincorporated entities). We find a substantial decrease in ownership and aggregate hours for women, immigrants, and less educated people over the same period. The occupational categories with the largest decrease are in art, culture, and recreation (−14.8 percent); in education, law, and social, community, and government services (−13.6 percent); and in sales and service occupations (−12.8 percent).

Using the Canadian Labour Force Survey, we document the short-term impact of COVID-19 on self-employed individuals in Canada, which we interpret as small business owners. We document an important decrease in business ownership between February 2020 and May 2020 (-14.8 percent for incorporated and -10.1 percent for unincorporated entities). We find a greater decrease in ownership and aggregate hours for women, immi- grants and less educated over the same period. The industries with the largest decrease are in art, culture, and recreation (-14.8 percent); in education, law and social, commu- nity and government services (-13.6 percent); and in sales and service occupations (-12.8 percent).

402Governments — Separation of executive and courts — Independent prosecutors — Exercise of statutory powers and discretion — Independent decision-making — Taking relevant considerations into account — Effect of opinions and advice of others on independence of decisions — Shawcross exercises — Threats — Impact of threats on independent decision-making — The rule of law — Whether decision of Director of Serious Fraud Office to discontinue investigation lawful — Criminal Justice Act 1987Relationship of international law and municipal law — Treaties — Interpretation and application — Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, 1997 — Article 5 — Relevance — Organization for Economic Cooperation and Development — OECD Working Group on Bribery in International Business Transactions — Whether municipal courts to desist from interpretation of unincorporated international instruments — Value of uniform interpretation of international instruments — Whether municipal courts can consider unincorporated international instruments considered by decision-makers when assessing legality of decisions — Criminal Justice Act 1987 — Serious Fraud Office — Investigations and prosecutions — Anti-terrorism, Crime and Security Act 2001Treaties — Interpretation — Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, 1997 — Article 5 — Relevance — Investigation and prosecution of bribery of foreign public officials — Applicable rules and principles of Contracting Parties — Parties not to be influenced by considerations of national economic interest, potential effect on relations with other States or identity of natural or legal persons involved — National security — Intersection of national security and relations with other States — European Convention on Human Rights, 1950 — Article 2 — Right to life — Vienna Convention on the Law of Treaties, 1969 — Article 31 — Interpretation of treaties in good faith in light of object and purpose — The law of England