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Author: | Kremshofer, A. Swoboda, P. |
Title: | Internationale kapitalmarktgleichgewichte bei unterschiedlichen Steuersystemen |
Journal: | Zeitschrift für Betriebswirtschaft
1997 : VOL. 67, SPECIAL NUMBER, p. 33-49 |
Index terms: | INTERNATIONAL CAPITAL MARKET TAXATION EQUILIBRIUM ANALYSIS ARBITRAGE INCOME TAX CAPITAL THEORY |
Language: | ger |
Abstract: | It is shown that there exists always one of three possible international capital market equilibriums for two states with different tax systems. The tax systems included into the analysis are the classical double taxation system, tax systems which favor debt financing, and imputation systems, where the corporation tax is fully or partly credited to the personal income tax. The realization of the respective equilibrium will not be hindered by international tax arbitrage. However, the advantages of international tax arbitrage are linked to the characteristics of the respective equilibrium. Therefore, the necessity of international tax harmonization is dependent on the kind of international tax equilibrium realized. |
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