Maffini, Giorgia
The impact of investment incentives evidence from UK corporation tax returns / by Giorgia Maffini, Jing Xing and Michael P. Devereux .-- , 2019
Resumen.
Bibliografía.
Using UK corporation tax returns, we provide evidence on the effects of accelerated depreciation allowances on investment, exploiting exogenous changes in the qualifying thresholds for first-year depreciation allowances (FYAs) in 2004. The investment rate of qualifying companies increased by 2.1–2.5 percentage points relative to those that did not qualify. We exploit variation in the timing of tax payments to show that this effect is primarily due to the change in the cost of capital, rather than a relaxation of financial constraints. Discontinuity at notches in the cost of capital at the qualifying thresholds does not affect our results.
SOCIEDADES
INVERSIONES EMPRESARIALES
IMPUESTOS
INCENTIVOS FISCALES
DECLARACIONES TRIBUTARIAS
REINO UNIDO
Xing, Jing
Devereux, Michael Pryce
American Economic Journal. Economic Policy 1945-7731 v. 11, n. 3, August 2019, p. 261-389
The impact of investment incentives evidence from UK corporation tax returns / by Giorgia Maffini, Jing Xing and Michael P. Devereux .-- , 2019
Resumen.
Bibliografía.
Using UK corporation tax returns, we provide evidence on the effects of accelerated depreciation allowances on investment, exploiting exogenous changes in the qualifying thresholds for first-year depreciation allowances (FYAs) in 2004. The investment rate of qualifying companies increased by 2.1–2.5 percentage points relative to those that did not qualify. We exploit variation in the timing of tax payments to show that this effect is primarily due to the change in the cost of capital, rather than a relaxation of financial constraints. Discontinuity at notches in the cost of capital at the qualifying thresholds does not affect our results.
SOCIEDADES
INVERSIONES EMPRESARIALES
IMPUESTOS
INCENTIVOS FISCALES
DECLARACIONES TRIBUTARIAS
REINO UNIDO
Xing, Jing
Devereux, Michael Pryce
American Economic Journal. Economic Policy 1945-7731 v. 11, n. 3, August 2019, p. 261-389