Gradualism in Tax Treaties with Irreversible Foreign Direct Investment
Gradualism in Tax Treaties with Irreversible Foreign Direct Investment
复制标题
不可逆转的外国直接投资税收协定的渐进主义
DOI：
10.2139/ssrn.436523
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发表时间：
2002
期刊：
影响因子：
--
通讯作者：
Ronald B. Davies
中科院分区：
文献类型：
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作者：
Richard Chisik;Ronald B. Davies
双边国际税务条约规定了世界上绝大多数外国直接投资的东道国税收。特别令人感兴趣的是，这些条约所使用的税率正在逐步下降，尽管条约本身并没有具体规定任何此类削减。由于没有外部管理机构来纠正违反条约的行为，这种削减必须是互利和自我执行的。此外，最佳税率必须低于最初设定的税率，否则就没有必要减税。为了解释这种行为，我们建立了一个具有双向资本流动的两国环境模型。特别是，只有一部分外国直接投资可以立即逆转。随着不可逆性程度的增加，帕累托最优税率在初始阶段作为自我执行结果获得的可能性降低。从非条约层面上进行更适度的减税仍然是可能的。这些有限的减税措施增加了双边外国直接投资。随着国家间资本存量的增加，税收的进一步削减就变得具有自我强制性。根据不可逆性和不对称性的程度，帕累托最优税率可能在长期内获得。因此，一个国家能够吸引的入境投资数量可能与其对外投资所约束的承诺有关。这一最终见解为观察到的资本流动模式提供了额外的理由，其中外向资本流动最多的国家也是那些拥有最多入境资本流动的国家。
Bilateral international tax treaties govern the host country taxation for the vast majority of the world’s foreign direct investment (FDI). Of particular interest is the fact that the tax rates used under these treaties are gradually falling although the treaties themselves do not specify any such reductions. Since there is no outside governing agency to redress treaty violations, such reductions must be both mutually beneficial and self-enforcing. Furthermore, the optimal tax rates must be less than those initially set, otherwise no reductions would be necessary. To explain such behavior, we model a two-country setting with two-way capital flows. In particular, only part of FDI is immediately reversible. As the extent of irreversibility increases, the likelihood of Pareto optimal tax rates obtaining as a self-enforcing outcome in the initial period is reduced. More modest tax reductions, from the non-treaty levels, are still possible. These limited tax reductions generate an increase in bilateral FDI. As countries increase the stock of capital in one another, further reductions in taxes become self-enforcing. Depending on the extent of irreversibility and asymmetry, Pareto optimal tax rates may be obtainable in the long run. Thus, the amount of inbound investment a country can attract may be related to the commitment to which its outbound investment binds it. This final insight provides an additional rationale for the observed pattern of capital flows in which those countries with the greatest outbound capital flows are also those with the highest inbound flows.