The Optimal Taxation of Foreign Source Investment Income
The Optimal Taxation of Foreign Source Investment Income
复制标题
境外投资收益的最优税收
DOI：
10.2307/1884472
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发表时间：
1979
期刊：
影响因子：
--
通讯作者：
David G. Hartman
中科院分区：
文献类型：
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作者：
M. Feldstein;David G. Hartman
我们的论文从资本输出国（“母国”）认为的相对简单的最优税收问题开始，当它可以假设它的行为不会改变东道国的税率。第一节还表明，当外国投资占东道国生产的很大一部分时，资本输出国应该对外国来源的投资收入征收比“扣除后全额征税”规则所暗示的更重的税。第二节阐述了税率相互依赖的重要问题。在第三部分中，我们用子公司在东道国借款的更现实的描述取代了所有外国投资都是由母国股权资本转移提供资金的假设。虽然这提高了其外国子公司投资母国的盈利能力，但我们表明，这并不需要改变前几节的结论。我们认为本文只是正确分析外商投资收益最优征税这一复杂问题的第一步。本文的静态分析应该扩展到考虑成长经济学中的投资路径。最后，纯民族主义的最优性标准可以推广到世界其他地区的实际收入。
Our paper begins with the relatively simple problem of optimal taxation as viewed by the capital-exporting ("home") country when it can assume that its actions do not alter the tax rate in the host country. Section I also shows that when foreign investment accounts for a significant fraction of production in the host country, the capital-exporting country should tax foreign source investment income more heavily than is implied by the "full taxation after deduction" rule. The important question of tax rate interdependence is developed in Section II. In the third section we replace the assumption that all foreign investment is financed by a transfer of equity capital from the home country with the more realistic description that subsidiary firms borrow in the host country. Although this raises the profitability to the home country of investment by its foreign subsidiaries, we show that this need not alter the conclusions of the previous sections. We regard the present paper as only a first step in a proper analysis of the complex issue of optimal taxation of foreign source investment income. . The static analysis of the present paper should be extended to consider investment paths in growing economics. Finally, the purely nationalistic optimality criterion could be generalized to give some weight to the real income of the rest of the world.