The effect of moving to a territorial tax system on profit repatriation: Evidence from Japan
The effect of moving to a territorial tax system on profit repatriation: Evidence from Japan
复制标题
转向属地税制对利润汇回的影响：来自日本的证据
DOI：
10.1016/j.jpubeco.2017.06.010
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发表时间：
2017
影响因子：
9.8
通讯作者：
Kiyota Kozo
中科院分区：
文献类型：
--
作者：
Hasegawa Makoto;Kiyota Kozo
在一个日益全球化的世界中，从外国公司收入征税的角度设计国际税收制度吸引了决策者和经济学家的广泛关注。在过去，日本的全球税收制度在汇回时对外国来源收入征税。但是，为了促进日资海外子公司的股息汇回，日本政府在2009年引进了海外股息免税制度，对日资海外子公司汇回母公司的股息免征母国税。本文考察了这种股息豁免制度对日本跨国公司利润汇回的影响。我们发现，日资关联公司的反应是异质的股息豁免。更具体地说，拥有大量留存收益的外国子公司一般对改革反应更积极，并在实行股息豁免制度后，大幅增加了向母公司支付的股息。根据新的免税制度，这些子公司支付的股息对东道国征收的股息预扣税税率也变得更加敏感。
In an increasingly globalized world, the design of international tax systems in terms of the taxation of foreign corporate income has attracted much attention from policy makers and economists alike. In the past, Japan's worldwide tax system taxed foreign source income upon repatriation. However, to stimulate dividend repatriations from Japanese-owned foreign affiliates, the Japanese government introduced a foreign dividend exemption system in 2009 that exempted dividends remitted by Japanese-owned foreign affiliates to their parent firms from home-country taxation. This paper examines the effect of this dividend exemption system on profit repatriation by Japanese multinationals. We find that the response of Japanese-owned affiliates to the dividend exemption was heterogeneous. More particularly, foreign affiliates with a large stock of retained earnings were generally more responsive to the reform and significantly increased dividend payments to their parent firms in response to the enactment of the dividend exemption system. Dividend payments by these affiliates also became more sensitive to withholding tax rates on dividends levied by host countries under the new exemption system.