Corporate Income Taxation in Estonia. Is It Time to Abandon Dividend Taxation?
Estonia introduced a new corporate income tax system in 2000, under which corporate profit is taxed only when it is paid out as dividends to shareholders. The switch to distributed profit or dividend taxation was billed as a means to attract investment, support enterprises and increase employment. This Research Brief summarises the experiences and compares with developments in Latvia and Lithuania. The reforms improved liquidity and reduced the debt financing in Estonian companies and may also have given rise to increased investment and productivity at the firm level. The results are, however, less encouraging at the macroeconomic level. The tax revenue as a percentage of GDP has been very low since the introduction of dividend taxation, even during the pre-crisis boom in 2004-2007, and there are no immediate effects on labour productivity and GDP growth. The conclusion is that the switch to distributed profit taxation has not improved the overall macroeconomic performance in Estonia despite the easing of financing conditions and lower corporate income tax revenue.Â Abstract in Estonian:EttevÃµtete tulumaksustamine Eestis: Kas on aeg loobuda dividendide maksustamise sÃ¼steemist?Karsten StaehrEestis on alates 2000.a kehtinud ettevÃµtte tulumaksu sÃ¼steem, mille raames maksustatakse ettevÃµtete kasumit alles siis, kui see makstakse dividendidena vÃ¤lja omanikele. Jaotatud kasumi maksustamisele Ã¼lemineku eesmÃ¤rgiks oli investeeringute muutmine atraktiivsemaks, ettevÃµtluse toetamine ning tÃ¶Ã¶kohtade loomine. KÃ¤esolev kirjutis annab Ã¼levaate senistest kogemustest ning vÃµrdluse arengutega LÃ¤tis ja Leedus. Maksureformi tulemusel paranes Eestis ettevÃµtete likviidsus ning vÃ¤henes vÃµÃµrfinantseerimise kasutamine ning see vÃµib olla kaasa toonud ka investeeringute ja tootlikkuse suurenemist ettevÃµtte tasandil. Samas on makromajanduslikud tulemused tagasihoidlikumad. Maksutulud protsendina SKTst on olnud alates tulumaksusÃ¼steemi muutmisest vÃ¤ga madalal tasemel, kaasa arvatud kriisieelse buumi aastatel 2004-2007, ning maksureformi mÃµju tÃ¶Ã¶jÃµu tootlikkusele ning SKT kasvule ei ole mÃ¤rgata. VÃµib jÃ¤reldada, et Ã¼leminek jaotatud kasumi maksustamisele ei ole Eesti Ã¼ldistele makromajanduslikele tulemustele kaasa aidanud vaatamata sellele, et ettevÃµtete finantseerimistingimused on leevenenud ning riigi tulud ettevÃµtte tulumaksust on vÃ¤henenud.Â Artikkel on PDF versioonis eesti keeles: vaatamiseks vali link Full Text: PDF
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