The Taxation of Multinational Corporations
Springer Netherlands, Jul 31, 1996 - Business & Economics - 158 pages
The six papers in this vohune represent state-of-the-art empirical and conceptual research on various aspects of the taxation of multinational corporations. They were commissioned for and presented at a conference organized by Price Waterhouse LLP on behalf of the International Tax Policy Forum, held in Washington, DC in March, 1994. The ftrst four papers were originally published in the May, 1995 issue of International Tax and Public Finance. The Slemrod paper appeared in the Policy Watch Section of the November, 1995 issue of that journal. The foregoing papers were subject to the normal refereeing procedures of the journal, and the summaries that follow are drawn from there. The Leamer paper has not been previously published. Altshuler and Mintz examine one aspect of the 1986 u. s. Tax Reform Act --the change in the rules for the allocation of interest expense between domestic-(U. S. ) and foreign-source income. In the absence of rules, a parent with excess credits could reduce U. S. tax liability by allocating interest expense toward itself; thus reducing its taxable domestic income without any compensating increase in either the U. S. tax due on foreign-source income or the foreign tax due (which is independent of U. S. rules).
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abroad allocation rules ATRadjni ATRrev average effective tax Canada Canadian coefficients compliance costs corporate tax corporate tax rates cost of capital debt-to-asset ratio deductions dependent variable depreciation differences dividends domestic corporations domestic interest expense domestic investment domestic-only domestic-source domiciled earnings economic effective tax rates equity estimate excess credits excess limitation exports financial statement firms foreign affiliates foreign assets Foreign Direct Investment foreign tax credit foreign-source income free trade Global Mintage higher host country impact income taxes increase industry integration interest-allocation rules International Tax Policy investors Japan Japanese companies marginal Mexican Mexico operations outward FDI Parents in excess percent Price Waterhouse production rate of return regression revenue sample Section sector Slemrod subsidiary Table tax burden tax havens tax paid tax reform tax system tax wedge taxation tion U.S. companies U.S. debt U.S. government U.S. multinationals U.S. tax United Kingdom worldwide debt