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Was kostet eine finanzierungsneutrale Besteuerung von Kapitalgesellschaften?


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  • Kiesewetter, Dirk
  • Rumpf, Dominik


Die Besteuerung von Kapitaleinkommen im deutschen Ertragsteuerrecht erfolgt nicht finanzierungsneutral. Der Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung hatte im Vorfeld der Unternehmensteuerreform 2008/09 ein finanzierungsneutrales Körperschaftsteuersystem vorgeschlagen, das jedoch nicht umgesetzt wurde, da befürchtet wurde, dass die politische Zielvorgabe geringer Steuerausfälle nicht eingehalten worden wäre. Wir untersuchen in diesem Beitrag dieZinsbereinigung des Grundkapitals, eine Reformalternative, die ebenso Finanzierungsneutralität sichert, im Hinblick auf die zu erwartenden Steuerausfälle. Hierfür verwenden wir die Körperschaftsteuerstatistik des Statistischen Bundesamtes. Wir stellen fest, dass die Steuerausfälle verhältnismäßig gering sind. -- Capital income taxation in Germany distorts financing decisions of corporations as the after-tax cost of capital for equity is considerably higher than for debt. Since 2006 the German Council of Economic Experts has been proposing a neutral tax system similar to the Norwegian shareholder ACE tax. In the last German corporate and personal income tax reform in 2008/09 this proposal has not been realized because revenue losses were expected to be unacceptably high. In this paper we estimate the expected tax revenue losses of an alternative concept which also ensures neutrality with respect to financing decisions: a notional interest deduction on nominal capital and capital reserve. Data from the official German corporate income tax statistics are used. We show that revenue losses are relatively small.

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Paper provided by arqus - Arbeitskreis Quantitative Steuerlehre in its series arqus Discussion Papers in Quantitative Tax Research with number 71.

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Date of creation: 2009
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Handle: RePEc:zbw:arqudp:71

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  1. Bernd Genser & Andreas Reutter, 2007. "Moving Towards Dual Income Taxation in Europe," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0717, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
  2. Homburg, Stefan, 2010. "Allgemeine Steuerlehre," EconStor Books, ZBW - German National Library of Economics, number 92547.
  3. Homburg, Stefan & Houben, Henriette & Maiterth, Ralf, 2007. "Rechtsform und Finanzierung nach der Unternehmensteuerreform 2008," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 376-381.
  4. Homburg, Stefan & Houben, Henriette & Maiterth, Ralf, 2008. "Optimale Eigenfinanzierung der Personenunternehmen nach der Unternehmensteuerreform 2008/2009," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 29-47.
  5. Kay Blaufus & Jochen Hundsdoerfer, 2008. "Taxes and the choice between risky and risk-free debt: on the neutrality of credit default taxation," Review of Managerial Science, Springer, vol. 2(3), pages 161-181, November.
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Cited by:
  1. Schönemann, Kristin, 2009. "Finanzierungsstrategien und ihre Auswirkungen auf den Unternehmenswert deutscher Immobilien-Kapitalgesellschaften," arqus Discussion Papers in Quantitative Tax Research 94, arqus - Arbeitskreis Quantitative Steuerlehre.
  2. Rumpf, Dominik, 2013. "Zinsbereinigung bei der Dualen Einkommensteuer," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, edition 1, volume 32, number urn:isbn:9783161528699, July.


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