外文翻譯---在通貨膨脹下企業(yè)稅制改革對(duì)中小企業(yè)投資決策的影響-wenkub
2023-05-19 10:19:12 本頁(yè)面
【正文】 vestment in the EU and OECD countries (European Commission, 2020。 Ott, 1984). There have been a number of attempts to estimate the current value of a capital good on the basis of indexation (Feldstein, 1979。 Devereux et al., 2020。 Hendricks et al., 1997). According to Coyne (1995), SMEs are generally more responsive to domestic tax incentives than large ones. Taxes may play a more important role in the cost structure of SMEs because they do not have the financial and human capacity to developed sophisticated tax avoidance strategies. Some EU countries including the UK have traditionally had lower tax rates for SMEs, whereas such a corporate tax reduction does not exist in countries like Austria, Finland and Germany at all. Although it is disputable, those countries that provide fiscal incentives and preferential tax treatment to SMEs claim that they (1) create a large number of jobs and (2) enhance the level of entrepreneurship, which implies flexibility, speed, risktaking and innovation (Chen et al., 2020). A further reason for the tax policy attention paid to SMEs is that they represent ??an important breeding ground for large, profitable, taxpaying employers of the future and [experience] high growth rates in parison to large enterprises?? (Hendrickset al., 1997, p. 1). According to Santarelli and Vivarelli (2020), however, those lessefficient SMEs tend to have a higher expected probability to exit from the market than larger firms do and for this reason it is optimal for them to invest more gradually in the course of time, since entry and other investment costs made at the settingup phase are sunk. In this context a government subsidy may reduce differences between the efficient and the inefficient firms, and consequently disturb not only investment decisions but also market selection as well as the learning process undergone by entrepreneurs. The statutory corporate tax rate is clearly important in calculating the overall tax burden. However, this tax rate does not, in itself, establish the ultimate tax burden on a firms? investment activity. Equally crucial are the effects of depreciation and other investment promotion provisions that determine the tax base (2020). In the practice of corporate tax policy different tax depreciation rules are employed that do not typically ensure the socalled true economic depreciation (Samuelson,1964。 Feldstein and Summers, 1979。 OECD, 1991). According to these international studies of effective tax rates, foreign investment is likely to be overtaxed in relation to the domestic type due to inplete alleviation of international double taxation. Yet an overestimation of the tax burden can emerge since the openeconomy King– Fullerton framework does not allow for all the important possibilities for tax planning available to multinational panies, which include taxation of royalties, use of tax havens for financing subsidiaries, allocation of parent interest expense to foreign ine, shifting options for debt to hightax foreign locations or the home country, etc. (Altshuler and Grubert, 2020。 Feldstein, 1979。 于其它條件不變、稅率和折舊規(guī)則 在模型中有所改變，然而歷史成本會(huì)計(jì)的方法在 通貨膨脹 時(shí)期應(yīng)用增加 虛 假名義凈現(xiàn)值 。中小企業(yè)在本國(guó)的經(jīng)濟(jì)活動(dòng)導(dǎo)致了有限的商業(yè)前景。稅收可能在中小企業(yè)的成本結(jié)構(gòu)中起到重要作用因?yàn)樗麤]有
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