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Grenzüberschreitende Investitionen nach der Steuerreform 2005: stärkt die Gruppenbesteuerung den Holdingstandort Österreich?

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  • Niemann, Rainer
  • Treisch, Corinna
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    Abstract

    Mit der österreichischen Steuerreform 2005 wurde die Möglichkeit der grenzüberschreitenden Verlustverrechnung im Rahmen der Gruppenbesteuerung eröþnet. Die vorliegende Arbeit untersucht den simultanen Einfluss von Gruppenbesteuerung und Verlustverrechnungsbeschränkungen auf das Investitionsverhalten inländischer Kapitalgesellschaften. Hierzu werden im Rahmen einer dynamischen Investitionsrechnung Monte-Carlo-Simulationen durchgeführt. Es kann gezeigt werden, dass der Einfluss der Gruppenbesteuerung auf die Vorteilhaftigkeit von Auslandsinvestitionen nicht eindeutig ist. Marginalinvestitionen mit sinkenden Zahlungsüberschüssen werden tendenziell begünstigt, innovative Projekte mit Anlaufverlusten und steigenden Zahlungsüberschüssen können durch die Gruppenbesteuerung jedoch auch benachteiligt werden. Investoren sollten die Ausübung des Optionsrechts zur Gruppenbesteuerung deshalb nur simultan mit den steuerpflichtigen Inlandserträgen und der Repatriierungspolitik planen. --

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    Bibliographic Info

    Paper provided by arqus - Arbeitskreis Quantitative Steuerlehre in its series arqus Discussion Papers in Quantitative Tax Research with number 1.

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    Date of creation: 2005
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    Handle: RePEc:zbw:arqudp:1

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    Web page: http://www.arqus.info/

    Related research

    Keywords: Gruppenbesteuerung; Investitionsentscheidung; Monte-Carlo-Simulation; internationale Besteuerung; Verlustverrechnung;

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    References

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    1. Andrew B. Lyon & Gerald Silverstein, 1995. "The Alternative Minimum Tax and the Behavior of Multinational Corporations," NBER Chapters, in: The Effects of Taxation on Multinational Corporations, pages 153-180 National Bureau of Economic Research, Inc.
    2. Rainer Niemann, 2004. "Asymmetric Taxation and Cross-Border Investment Decisions," CESifo Working Paper Series 1219, CESifo Group Munich.
    3. Lund,D., 2000. "Imperfect loss offset and the after-tax expected rate of return to equity, with an application to rent taxation," Memorandum 21/2000, Oslo University, Department of Economics.
    4. Roger H Gordon & Joosung Jun, 1993. "Taxes and the Form of Ownership of Foreign Corporate Equity," CEPR Financial Markets Paper 0029, European Science Foundation Network in Financial Markets, c/o C.E.P.R, 77 Bastwick Street, London EC1V 3PZ.
    5. Saman Majd & Stewart C. Myers, 1987. "Tax Asymmetries and Corporate Income Tax Reform," NBER Chapters, in: Taxes and Capital Formation, pages 93-96 National Bureau of Economic Research, Inc.
    6. Rosanne Altshuler & Alan J. Auerbach, 1987. "The Significance of Tax Law Asymmetries: An Empirical Investigation," NBER Working Papers 2279, National Bureau of Economic Research, Inc.
    7. Saman Majd & Stewart C. Myers, 1985. "Valuing the Government's Tax Claim on Risky Corporate Assets," NBER Working Papers 1553, National Bureau of Economic Research, Inc.
    8. Rosanne Altshuler & Harry Grubert, 2001. "Repatriation Taxes, Repatriation Strategies and Multinational Financial Policy," NBER Working Papers 8144, National Bureau of Economic Research, Inc.
    9. Alan J. Auerbach & James M. Poterba, 1987. "Tax Loss Carryforwards and Corporate Tax Incentives," NBER Chapters, in: The Effects of Taxation on Capital Accumulation, pages 305-342 National Bureau of Economic Research, Inc.
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