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on Accounting and Auditing |
| By: | Simone TERZANI |
| Abstract: | Le joint venture costituiscono un tema ampiamente dibattuto in letteratura sia a livello nazionale che internazionale; nell’ambito dell’accounting, in particolare, l’aspetto più rilevante riguarda le modalità di rappresentazione di tale fenomeno aggregativo in bilancio, soprattutto consolidato. In questo scenario il principio contabile internazionale IFRS 11 fornisce spunti di studio interessanti, comprendendo al suo interno fattispecie aggregative sia a base contrattuale che a base patrimo-niale. Ciò ha inevitabili riflessi di tipo contabile per la necessità di ricercare le modalità più adeguate a rispecchiare i risultati economici, finanziari e patrimoniali dei joint arrangements nel bilancio di gruppo. Nel presente articolo sono, quindi, introdotti e discussi i profili contabili di questa fattispecie aggregativa con particolare riferimento alle metodologie previste per l’inclusione di tali accordi all’interno del bilancio consolidato redatto secondo i principi contabili internazionali. |
| Keywords: | arrangement, joint venture, joint operation, IFRS, bilancio consolidato. |
| JEL: | M40 |
| Date: | 2014–12–15 |
| URL: | http://d.repec.org/n?u=RePEc:pia:papers:0005/2014&r=acc |
| By: | Hector Hernandez (European commission JRC IPTS); Fernando Hervas (European commission JRC IPTS); Alexander Tuebke (European commission JRC IPTS); Mafini Dosso (European commission JRC IPTS); Antonio Vezzani (JRC-IPTS); Sara Amoroso (European commission JRC IPTS); Nicola Grassano (European commission JRC IPTS) |
| Abstract: | The 2014 "EU Industrial R&D Investment Scoreboard" (the Scoreboard) contains economic and financial data for the world's top 2500 companies ranked by their investments in Research and Development (R&D). The sample contains 633 companies based in the EU and 1867 companies based elsewhere. The Scoreboard data are drawn from the latest available companies' accounts, i.e. usually the fiscal year 2013/14. Key findings of the 2014 Scoreboard comprise: - The world top 2500 R&D investors continued to increase their investment in R&D (4.9%), well above the growth of net sales (2.7%). The 633 EU companies increased R&D by 2.6% and decreased sales by 1.9%. - Volkswagen leads the global ranking for the second consecutive year, showing again a remarkable increase of R&D (23.4%, up to €11.7bn). Second continues to be Samsung, showing also an impressive R&D increase of 25.4%. - EU companies in the automobile sector, accounting for one quarter of the total EU’s R&D, continued to increase significantly their R&D (6.2%). This reflects the good performance of automobiles companies based in Germany (9.7%) that account for three quarters of this sector’s R&D in the EU. - The poor R&D performance of EU companies in high-tech sectors such as Pharmaceuticals (0.9%) and Technology Hardware and equipment (-5.4%) weighed down the total R&D increase of the EU sample. The overall amount invested in R&D by EU companies in high-tech sectors represents 40% of the amount invested by their US counterparts and the gap between the two company samples is increasing with time. |
| Keywords: | Investment, reseach, development |
| Date: | 2014–12 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc92506&r=acc |
| By: | HASEGAWA Makoto; KIYOTA Kozo |
| Abstract: | Japan's worldwide tax system previously taxed foreign source income upon repatriation. To stimulate dividend repatriations from Japanese-owned foreign affiliates, Japan introduced a foreign dividend exemption in 2009 that exempts dividends remitted by Japanese-owned foreign affiliates to their parent firms from home taxation. This paper examines the effect of dividend exemption on profit repatriations by Japanese multinationals. We find that the response of Japanese-owned affiliates to dividend exemption is heterogeneous. Foreign affiliates with large retained earnings are more responsive to the reform and significantly increased dividend payments to their parent firms in response to the enactment of the dividend exemption system. Dividend payments by these affiliates also became more sensitive to withholding tax rates on dividends levied by host countries because Japanese multinationals can no longer claim foreign tax credits for withholding taxes on dividends under the new exemption system. |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rdpsjp:15008&r=acc |
| By: | Michael Gelman; Shachar Kariv; Matthew D. Shapiro; Dan Silverman; Steven Tadelis |
| Abstract: | Using comprehensive account records, this paper examines how individuals respond to a temporary drop in income following the 2013 U.S. Federal Government shutdown. Affected employees saw their income decline by 40% on average, which was recovered within two weeks. Despite having no effect on lifetime earnings, spending dropped sharply, implying a naïve estimate of the marginal propensity to spend of 0.57. This estimate overstates how consumption responded. To smooth consumption, individuals adjusted by delaying recurring payments such as mortgages and credit card balances. Those with the least liquidity struggled most to smooth spending and were left holding more debt months after the shutdown. |
| JEL: | D12 D91 E21 H31 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:21025&r=acc |
| By: | Savage, Michael (University College Dublin); Callan, Tim (Economic and Social Research Institute, Dublin) |
| Abstract: | Comprehensive modelling of the impact of taxes and tax policy options requires data on the impact at micro-level of both direct and indirect taxes. There are, however, limits on the amount of data that can be gathered by any one survey. With some exceptions, most notably the Living Costs and Food Survey (LCF) in the UK, most national expenditure surveys are not suitable for use in detailed modelling of the direct tax and welfare system. This makes approaches which impute expenditure data into detailed income surveys of considerable interest. In this paper, we assess the sensitivity of the distributional effects of indirect taxes to the choice between actual, estimated and imputed expenditure data. By doing so, the analysis here serves as an updated picture of the distributional effects of the indirect tax system in Ireland, as well as a base for future microsimulation analysis of simultaneous direct tax, indirect tax and welfare reform. |
| Keywords: | indirect tax, imputation, distribution, microsimulation |
| JEL: | D30 H22 H23 H24 |
| Date: | 2015–02 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp8897&r=acc |
| By: | Pablo Gutierrez; Ramon E. Lopez; Eugenio Figueroa |
| Abstract: | This paper shows one important result, namely, that corporate tax systems that allow at least for two sources of investment tax deductions (e.g., accelerated arbitrary investment depreciation and deductibility of part of interest payments on the firm`s debt) can be, under certain plausible conditions, locally neutral. That is, they allow for the existence of at least one positive corporate tax rate that renders the user cost of capital equal to the undistorted (without taxes) level of this cost. |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:udc:wpaper:wp394&r=acc |
| By: | John Creedy; Norman Gemmell (The Treasury) |
| Abstract: | The aim of this paper is to provide an introduction to the concept of user cost and its determinants. Particular attention is given to the influence of taxation. The concept of user cost relates to the rental, the rate of return to capital, that arises in a profit maximising situation in which further investment in capital produces no additional profit. This paper sets out in some detail the range of assumptions involved in obtaining alternative expressions for the user cost. The user cost refers to a before-tax capital rental, the rate of return that ensures that the (after-tax) cost of capital is equal to the post-tax returns over its life. Hence, associated with the user cost measure is an effective marginal tax rate. This can differ substantially from the statutory marginal rate applicable to the investor. A related effective average tax rate is also defined. |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:nzt:nztwps:15/02&r=acc |
| By: | Ufuk Akcigit (Department of Economics, University of Pennsylvania and NBER); Salomé Baslandze (Department of Economics, University of Pennsylvania); Stefanie Stantcheva (Department of Economics, Harvard University) |
| Abstract: | This paper studies the effect of top tax rates on inventors' mobility since 1977. We put special emphasis on”superstar" inventors, those with the most and most valuable patents. We use panel data on inventors from the United States and European Patent Offices to track inventors' locations over time and combine it with international effective top tax rate data. We construct a detailed set of proxies for inventors' counterfactual incomes in each possible destination country including, among others, measures of patent quality and technological fit with each potential destination. We find that superstar top 1% inventors are significantly affected by top tax rates when deciding where to locate. The elasticity of the number of domestic inventors to the net-of-tax rate is relatively small, between 0.04 and 0.06, while the elasticity of the number of foreign inventors is much larger, around 1.3. The elasticities to top net-of-tax rates decline as one moves down the quality distribution of inventors. Inventors who work in multinational companies are more likely to take advantage of tax differentials. On the other hand, if the company of an inventor has a higher share of its research activity in a given country, the inventor is less sensitive to the tax rate in that country. |
| Keywords: | Taxation, Migration, International Mobility, Superstars, Innovation, Patents, Invention Patents, Invention. |
| JEL: | F22 H24 H31 J44 J61 O31 O32 O33 |
| Date: | 2015–02–16 |
| URL: | http://d.repec.org/n?u=RePEc:pen:papers:15-014&r=acc |
| By: | Keqing Liu (Department of Economics, University of Exeter) |
| Abstract: | We investigate a new macroprudential policy in a DSGE model with fi?nancial frictions. As Gertler, Kiyotaki and Queralto (2012), we propose to subsidize bank equities. However, our tax rate is different from their policy. The tax rate in our macroprudential policy is proportional to capital ratio gap while it is proportional to the shadow price of bank deposit in Gertler et al. (2012). Our policy has two advantages: Firstly, because bank?s balance sheet structure is observable target for central bank, our policy is more applicable for practical policy design. Secondly, our policy makes individual banks choose to raise more capital. While it tightens the moral hazard constraint, the policy could raise the future value of investment and it shows the modi?fied policy is welfare dominant. |
| Keywords: | Macroprudential policy, Bank equity, Capital ratio, DSGE model |
| JEL: | C61 E61 G28 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:exe:wpaper:1503&r=acc |
| By: | Novelli, Emanuele; Scherschel, Claus; Schiefer, Gerhard |
| Abstract: | Due to raising pressures from civil society, consumers, businesses and public institutions, appropriate methodological, technological and organizational innovations acquired a central role for the establishment of global sustainable food supply chains. This paper presents an-line software able to support the implementation of sustainable policies for two highly traded products between Latina America and Europe that still raise environmental, social and economic concerns, namely soymeal and beef. The E-Platform propose itself as a synthesis of both scientific and management requirements, therefore combining complex analysis methods as life cycle analysis in the back-end and implementation and monitoring modules in the front-end. The system, currently in its test phase in Brazil, Argentina and Mexico, has its primary objectives in facilitating the implementation of new sustainable production policies, in opening access to new markets and in complying with stringent requirements minimizing the certification costs and time investments for the actors of the supply chain. |
| Keywords: | sustainability management, implementation, life cycle analysis, audit, information organization, Agribusiness, |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi14:199381&r=acc |
| By: | Ján Remeta; Sarah Perret; Martin Jareš; Bert Brys |
| Abstract: | The Slovak Republic was among the fastest growing OECD economies in the last decade. It is broadly recognised that the 2004 tax reform contributed to this success. Ten years after this fundamental reform, however, the time has come to re-evaluate some of the key characteristics of the Slovak tax system. The Slovak economy faces multiple challenges including an ageing population, a persistently high unemployment rate, significant regional disparities, skills gaps and risks related to the increasing international competition for mobile capital. Can the Slovak tax system in its present form prevail against these headwinds? The paper shows that the current tax system suffers from weaknesses that constrain its capacity to raise additional revenues and to create the conditions for inclusive and sustainable economic growth. Although measures have recently been introduced to address some of these challenges, additional tax reforms and a further strengthening of the tax administration will be needed. The OECD worked jointly with the Institute for Financial Policy (IFP) of the Slovak Ministry of Finance to provide an overall assessment of the Slovak tax system and recommendations for future tax policy reforms. |
| Keywords: | tax reform, Slovak Republic, tax policy |
| JEL: | H2 |
| Date: | 2015–03–12 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ctpaaa:22-en&r=acc |
| By: | Ufuk Akcigit; Salomé Baslandze; Stefanie Stantcheva |
| Abstract: | This paper studies the effect of top tax rates on inventors' mobility since 1977. We put special emphasis on "superstar" inventors, those with the most and most valuable patents. We use panel data on inventors from the United States and European Patent Offices to track inventors' locations over time and combine it with international effective top tax rate data. We construct a detailed set of proxies for inventors' counterfactual incomes in each possible destination country including, among others, measures of patent quality and technological fit with each potential destination. We find that superstar top 1% inventors are significantly affected by top tax rates when deciding where to locate. The elasticity of the number of domestic inventors to the net-of-tax rate is relatively small, between 0.04 and 0.06, while the elasticity of the number of foreign inventors is much larger, around 1.3. The elasticities to top net-of-tax rates decline as one moves down the quality distribution of inventors. Inventors who work in multinational companies are more likely to take advantage of tax differentials. On the other hand, if the company of an inventor has a higher share of its research activity in a given country, the inventor is less sensitive to the tax rate in that country. |
| JEL: | F22 H21 H24 H31 J61 O33 O38 |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:21024&r=acc |