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The Norwegian Shareholder Tax Reconsidered

  • Södersten, Jan

    ()

    (Uppsala Center for Fiscal Studies)

  • Lindhe, Tobias

    ()

    (Uppsala Center for Fiscal Studies)

In an article in International Tax and Public Finance, Peter Birch Sørensen (2005) gives an in-depth account of the new Norwegian Shareholder Tax, which allows the shareholders a deduction for an imputed risk-free rate of return. Sørensen’s positive evaluation appears as reasonable for a closed economy where the deduction for the imputed return is capitalized into the market prices of corporate shares. We show that in a small open economy where no capitalization occurs, the Norwegian shareholder tax is likely to leave the distortions caused by the corporate income tax unaffected, and to add new distortions to shareholders’ portfolio decisions.

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File URL: http://ucfs.nek.uu.se/digitalAssets/129/129564_wp20104.pdf
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Paper provided by Uppsala University, Department of Economics in its series Working Paper Series, Center for Fiscal Studies with number 2010:4.

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Length: 21 pages
Date of creation: 25 May 2010
Date of revision:
Publication status: Forthcoming as Södersten, Jan and Tobias Lindhe, 'The Norwegian Shareholder Tax Reconsidered' in Forthcoming in International Tax and Public Finance.
Handle: RePEc:hhs:uufswp:2010_004
Contact details of provider: Postal: Department of Economics, Uppsala University, P. O. Box 513, SE-751 20 Uppsala, Sweden
Phone: + 46 18 471 25 00
Fax: + 46 18 471 14 78
Web page: http://www.nek.uu.se/
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  1. Auerbach, Alan J, 1991. "Retrospective Capital Gains Taxation," American Economic Review, American Economic Association, vol. 81(1), pages 167-78, March.
  2. Stephen Bond & Alexander Klemm & Michael B. Devereux, 2007. "The Effects of Dividend Taxeson Equity Prices: A Re-Examination of the 1997 U.K. Tax Reform," IMF Working Papers 07/204, International Monetary Fund.
  3. Alan J. Auerbach & David F. Bradford, 2001. "Generalized Cash Flow Taxation," Working Papers 131, Princeton University, Department of Economics, Center for Economic Policy Studies..
  4. Mikael Apel & Jan Södersten, 1999. "Personal Taxation and Investment Incentives in a Small Open Economy," International Tax and Public Finance, Springer, vol. 6(1), pages 79-88, February.
  5. Boadway, Robin & Bruce, Neil, 1992. "Problems with integrating corporate and personal income taxes in an open economy," Journal of Public Economics, Elsevier, vol. 48(1), pages 39-66, June.
  6. Paul A. Samuelson, 1964. "Tax Deductibility of Economic Depreciation to Insure Invariant Valuations," Journal of Political Economy, University of Chicago Press, vol. 72, pages 604.
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