8 61832015 1 61 GKS Becker and Fuest2003 GKS 1 1 1 1 1 3 10 25 NEEDS Financial QUEST 1 2014882013 0.25510.2070.0756 0.3564 10.0756
62 1 Feldstein and Summers1979 Devereux and Griffith2003 Gordon, Kalambokidis and Slemrod2004 Becker and Fuest2003 King and Fullerton1984 1 Gordon, Kalambokidis and Slemrod2004104 2 1 1 Gordon, Kalambokidis and Slemrod2004 GKS Becker and Fuest2003 GKS 2 3 3 4 Devereux and Griffith2003112 1 1 King and Fullerton1984 2 Becker and Fuest2003 GKS 3 2012 Becker and Fuest2003 2 3 2014
63 1 Becker and Fuest2003 GKS Feldstein and Summers1979459 4 5 King and Fullerton19849p r 6 r EMTRpr p the pretax real rate of return 1 p 7 8 pr Ar 1 11 1 p r A pr Ar 1 1r Ar 1 12 King and Fullerton1984 EMTRpr p 4 Feldstein and Summers1979445 41% 66 5 6 1 7 King and Fullerton1984p. 10 p. 19 A m w p p1a 1 s1mrw p 8 11 2
64 EMTR p r Ar p 1rAr (13) Gordon, Kalambokidis and Slemrod2004106 1 T E d t I t n1 1i n T E I t d 0 n,tn I tn dn T t E t K t EMTR 1rT t E t K t Sorensen20041417 T p K EATR EATRT t pk t T K T T t pk t K t T 14 tn I tn r K tn r tn K tn I t e rn 9 t t n t t n tm dm t K t T 0 I tne t n tmdm dn (15) t I t r K T t I 0 t e rdn dn r I t (16) A K t T AI t 14 T t pk t AI t T T t ArK t prk t 17 E E t prk t {pr}k t 18 9 Ruiz and Gerard200729rK t I t K t
65 TE T t E t ArK t 19 111319GKS EMTR p r p T t E t K t 1rT t E t K t 110 T t pk t 17 EATR Ar pr p r1pr p p p r p pp p p p EMTR 1 p p 111 Devereux and Griffith2003112 (14) GKS 1 100 Becker and Fuest2003 GKS GKS 10 Becker and Fuest2003 t1 I t1 K t1 t K t 1K t1 I t1 112 b i K B FK V V t 1bI t n1 1 n n1 ibk t B t I t 1i n n1 1i n {F tn K t1 K t1 } ib t 1i n 113 2 10Becker and Fuest200311Table 3.
66 3 4 1 1 I t V t I t 1b ib 1 n n11i n {F n11i n tn K t1 K t1 } I t 114 0 K t1 {1K t I t } n11 n 1i n 1 i n1 i 1i n 1 V t I t 1 1 F i 115 F n1 F tn K t1 ) I t 115 1 V t I t 0 F i 1 116 d D V 11 V t 1bI t I t n11i I n t 1 n n11i n1 n11i n 1 n1 n1 1 n ibk t B t I t 1 ib t 1i n n11i n 1i n [F t n {1K t I t }1{1K t I t }D n ] 117 K t 1 {1K t I t } D D t n1 I tn 1 17 I t V t I t 1b 1 n n11i n n11i n1 n11i n 1 ib 1 n tn{1k n11i n n11i nf t I t } 1 I t 1b n11i 1 i n 1 n11i n 11Becker and Fuest200323 (117) 3 I t
67 b1 1 i n1f tn{1k t I t } I t 1 118 F n1f tn K t1 I t V t V t n11i 1 n i n11i b1 {F tn K t1 K t1 } n i I t { 1 1 i } n1 1i b ] 1 {F tn K t1 K t1 } n i 1 i{ i 1 i n n11i 1 b } 1 {F tn K t1 K t1 } i I t I t I t 119 113119 1 F 1 i 1 i { i 1 i n11i n 1 b } F1 i 0 120 120 1 0 i F i { 1 1 d n i 1 n n11i 1 b } 1 121 121 1 2 pf i i 1 A n1 1i n 121 12 pi i Ai b 1 122 i 12 i i. Becker and Fuest200337 i1
68 pi {i Ai b} p 1i {i Ai b} 123 i i ) 13 pi A b p 1A b 124 Becker and Fuest2003 GKS T E T t { FK t ib t1 I t E t {FK t I t } T t E t {I t I t n11 ibk t1b n t1 } n11 ib t1ibk n t1 B t1 } 21 22 23 r n1 1i n n1 1 n 24 I t 14 T t E t I t 1 n1 1i n I tib t1 ibk t1 B t1 25 13Becker and Fuest200336124 140 r
69 25 1 T t E t 1 d {I n tib t1ibk t1b t1} n11i n I t I t 26 n1 1i n A 26 2 b T t E t I t {ib t1 ibk t1 B t1 }bi t I t Ab 27 124 T t E t {I t ib t1 ibk t1 B t1 bi t } EMTR 1I t T t E t {I t ib t1 ibk t1 B t1 bi t } 28 2825 T t E t 1 EMTR { 1 n1 1 b } I n t 1I t { 1 n1 1 b } I n t 29 29 Becker and Fuest2003 GKS 15 GKS Gordon, Kalambokidis and Slemrod2004106 Becker and Fuest20034 t K t r t I t I t K t 210 AA 15 Becker and Fuest200341212 2 29
70 A 1 n n1 n01r r A 1 n n01 n1 AA AA r r r A r r 211 212 213 MRR p pmrr 214 V r V 1MRR 0 1MRR e rt dt r 215 MRR MRR MRR r r MRR MRR MRRMRR r MRRpr 216 V V 215217 V 0 1MRRer t dt 1MRR r 217 r 1 A A C 1A C1A C C CC AA A r r0 r C V 217 C1A 1A 1MRR r 218 218MRR
71 MRR 1A r 1 219 219216 p p A r 1 220 220 pa r 1 p p A r 1A r 221 MRR MRR A MRR MRRA r 222 tn I tn K tn t 16 K t T 0 I t e n dn 223 T t pk t K t T A MRR MRRK t 224 t T t 215217 222223224 T t pk t A K t A rk t {prr}k t A rk t rk t 225 pk t A rk t E t t E t {p}k t pk t 226 T t E t 16Sorensen2004151.23Devereux2004622.38
72 T t E t A rk t 227 227 p p A r 1A r T t E t 1K t T t E t 228 r Gordon, Kalambokidis and Slemrod2004 r r 3 228 2 228 2000Almeida and Paes2013 Gruevski20132014Almeida and Paes2013Gruevski2013 201413 King and Fullerton1984 Almeida and Paes2013 2000100109 Gruevski2013139141 5 22012 35 42.1 34.3 33.2 Almeida and Paes2013191192 10 6.5 INEINE 18.17 16.86 17 BNDES 18 17Almeida and Paes2013194Table 6. 18Almeida and Paes2013195196
73 201497101 10 3.52013 23 Gruevski20132014 r (13) r Almeida and Paes2013 INE r GKS 2012 20121941971987 2008 RF NEEDS GKS 2000 19 RF R R Becker and Fuest2003 1989 1998 23.91.4 20 Becker and Fuest2003 GKS GKS GKS R 1990 2013 NEEDS Financial QUEST 101,057 2013 6,210,766 17,894,651 34.7 K t K t K t tax wedgetjlp 192012196 20Becker and Fuest2003810
74 I t 21 r / 22 1 23 R 2000 168173 24 1 2 1 1 NEEDS Financial QUEST 1 1 1999 2000 2009 25 2007 21 22 231990 1997 49.981998 46.361999 2003 40.872004 2011 40.692012 38.01 242000171R 252012196 2000 45.7
75 26 2 1 2002 2008 2.01.9 2012195 1 2001 2007 2012195 GKS 27 RF Becker and Fuest2003810 1 28 Becker and Fuest2003 GKS I t 29 2 pk t K K t t K t T t E t pk t K t the extra taxes due 30 T t E t T t E t 31 1 r 26 1 2007 4 1 250% 2012 4 1 200 272012193 28Becker and Fuest20037 29 I i I 30Gordon, Kalambokidis and Slemrod2004102r1z 31(228) p
76 2 K t K t T t E t T t E EMTR pk t t r 1990 3,537 17,757 14,937 20,437 8,739 3,442 12,182 54.4 62.1 1991 3,657 15,620 16,537 25,842 7,602 3,027 10,629 45.1 56.5 1992 3,753 11,600 17,472 11,197 6,414 391 6,023 51.8 45.1 1993 3,839 9,497 17,908 8,221 5,524 1,786 3,738 47.6 36.0 1994 3,909 9,840 17,937 5,636 5,618 2,917 2,701 48.9 29.9 1995 4,006 10,478 18,105 6,942 6,467 2,715 3,752 51.9 39.7 1996 4,144 13,425 18,642 7,943 7,009 3,325 3,684 48.1 41.3 1997 4,292 10,875 19,255 6,718 6,256 2,859 3,397 50.3 40.7 1998 4,391 7,133 19,474 8,149 5,282 1,914 3,368 43.5 39.9 1999 4,476 4,049 18,732 11,379 6,175 1,475 4,699 41.1 46.9 2000 4,557 8,383 19,002 24,346 7,478 4,654 12,132 45.7 67.7 2001 4,658 445 19,979 4,185 5,957 583 5,374 68.5 51.4 2002 4,733 9,297 18,778 7,812 5,709 7,120 1,411 23.4 44.7 2003 4,750 14,427 18,120 5,679 6,098 4,356 1,742 34.2 28.3 2004 4,751 16,950 18,112 3,835 6,802 5,064 1,738 43.3 29.1 2005 4,708 22,641 18,432 17,931 7,829 195 7,634 41.8 64.6 2006 4,698 23,116 17,941 11,315 8,408 3,666 4,743 41.4 52.3 2007 4,449 23,987 18,230 2,472 8,025 6,396 1,629 52.6 25.0 2008 4,319 6,894 17,125 9,520 4,786 8,580 3,794 40.2 604 2009 4,175 9,629 16,395 5,240 4,152 3,699 452 12.7 9.3 2010 4,044 13,430 15,605 3,427 4,535 4,834 299 17.3 7.7 2011 3,948 12,696 14,813 5,266 4,220 3,514 705 18.4 15.4 2012 3,895 13,975 14,083 12,036 4,939 1,109 3,830 33.9 49.5 2013 3,818 25,613 13,554 15,211 6,211 4,394 1,817 16.2 32.0 NEEDS Financial QUEST 2 32 2 1999 1 T t E t 1991 1994 2000 33 2 2002 2008 TE E 32 2 EMTR r 33 pp. 1415
3R R 77 1990 28,315 575 34,523 104 6,887 8,691 8,695 19,137 5,137 1991 28,068 498 42,486 8,860 6,056 5,872 8,454 3,238 5,401 1992 31,183 968 29,265 168 782 1,374 6,890 3,808 3,674 1993 31,417 1,058 26,627 158 3,573 854 6,219 29 3,471 1994 31,429 1,692 23,671 229 5,837 242 5,301 1,452 1,158 1995 33,581 3,196 24,722 231 5,433 1,063 5,567 2,307 3,504 1996 35,848 2,184 26,453 558 6,653 4,301 6,768 1,193 3,223 1997 35,916 4,181 25,650 366 5,719 4,520 7,407 5,136 1,071 1998 38,322 5,422 28,348 424 4,128 3,010 5,848 5,494 764 1999 44,968 10,568 30,836 46 3,610 2,992 3,210 4,768 1,376 2000 42,581 9,873 43,224 872 11,388 2,148 3,518 10,919 1,839 2001 41,126 14,356 24,733 610 1,426 3,816 2,530 4,138 782 2002 36,553 7,060 11,803 268 17,422 6,357 5,116 6,569 621 2003 39,000 4,233 23,659 449 10,659 2,756 6,075 5,310 2,030 2004 40,110 5,582 21,764 320 12,445 2,043 7,110 2,843 449 2005 39,284 2,628 36,186 10 480 3,440 7,734 3,300 513 2006 42,030 3,440 28,911 670 9,009 7,782 9,505 7,367 911 2007 40,502 2,678 21,615 490 15,719 18,202 9,393 5,336 6,539 2008 37,592 7,650 8,278 578 21,086 19,893 7,177 17,247 11,264 2009 35,210 3,675 21,883 561 9,091 857 3,744 2,347 3,857 2010 36,338 5,579 18,843 35 11,881 3,699 4,947 536 3,771 2011 33,373 3,949 20,013 774 8,637 6,005 5,787 4,489 1,334 2012 33,799 4,809 25,743 329 2,918 2,257 4,701 8,617 4,577 2013 41,841 520 29,309 452 11,560 893 5,584 2,529 7,612 R NEEDS Financial QUEST TE 2 2002 2008 2008 40.2 2008 3 R R 2
78 3 1 2008 R 2 2008 TE 2008 2 1990 2013 3 2012194 2000 1.7 2000 E TE 34 Becker and Fuest2003 GKS 1999 2000 2008 Feldstein and Summers1979459 King and Fullerton19842124 34 RF
79 r K F KF r z A F 1A r 11AA1Fr 1zr 1 A Az r 1zr 1 W r K FK A W t 0 e r t {FK t 11AI t }dt 1 H{FK t 11AI t }e r t I t K t 2 1 H I 1Aert 0 H K FK t K 1ert 3 4 35 6 1Ae r t r1ae r t 5 6 564 e r t FK t K 1Ar 1 7 p pfk K p 1Ar 8 1
80 81 p 8 r pr Ar 1 9 Almeida, A. and N. Paes, 2013, The Influence of Interest on Net Equity and Interest Rates on Tax NeutralityA Case Study of the Brazilian Corporate Taxation, EconomiA, Vol. 14, No. 34, pp. 185198. Becker, J. and C. Fuest, 2003, The GKS-Measure of the Effective Tax Burden on Investment: Theory and Empirical Evidence for Germany, Working Paper, University of Cologne. Devereux, M. 2004, Measuring Taxes on Income from Capital, in P. B. Sorensen (ed.), Measuring the Tax Burden on Capital and Labor, Chapter 2, pp. 3571, MIT Press. Devereux, M. and R. Griffith, 2003, Evaluating Tax Policy for Location Decisions, International Tax and Public Finance, Vol. 10, No. 2, pp. 107126. Feldstein, M. and L. Summers, 1979, Inflation and the Taxation of Capital Income in the Corporate Sector, National Tax Journal, Vol. 32, No. 4, pp. 445470. Gordon, R., L. Kalambokidis, and J. Slemrod, 2004, A New Summary Measure of the Effective Tax Rate on Investment, in P. B. Sorensen (ed.), Measuring the Tax Burden on Capital and Labor, Chapter 4, pp. 99128. Gruevski, I. 2013, Effective Marginal Tax Rates on Corporate Income in Republic of Macedonia, Economic Development, No. 3, pp. 129146. King, M. A. and D. Fullerton, 1984, The Taxation of Income from Capital: A Comparative Study of the United States, the United Kingdom, Sweden, and West Germany, Chicago: University of Chicago Press. Ruiz, F. and M. Gerard, 2007, Summary, Description, and Extensions of the Capital Income Effective Tax Rate Literature, in C. Read and G. Gregoriu (eds.), International Taxation Handbook: Policy, Practice, Standards, and Regulation, Chapter 2, pp. 1141, CIMA Publishing. Sorensen, P. B. 2004, Measuring Taxes on Capital and Labor: An Overview of Methods and Issues, in P. B. Sorensen, (ed.), Measuring the Tax Burden on Capital and Labor, Chapter 1, pp. 134, MIT Press. 2014 6 pp. 85113 2014pp. 87116 2000pp. 81121pp. 168 173 2012GKS 66 3 pp. 185209 http://www.mof.go.jp/pri/reference/ssc/ 660 p. 109722 p. 313735 pp. 114115
81 1R NEEDS Financial QUEST / I_B01001 / I_B01007 / I_B01008 / I_B01002 / I_B01009 / I_B01024 / I_B01025 R / / / / I_B01019 I_B01020 / / I_B01018 (H01015) / I_B01027 / I_B01011 / I_B01029 / I_B01037 / / / / / / / / / I_B01003 I_B01004 I_B01005 I_B01010 I_B01068 I_B01069 I_B01030 I_B01002 I_B01009 I_B01008 / I_B01016
82 2 NEEDS Financial QUEST B01034 B01062 B01085 1 2 3 D01047 1 2 3 D01100 2 3 D01102 1 2 3 I_A01077 2 / / / / / / / / / / / / / I_B01018 I_B01023 I_B01026 I_B01027 I_B01029 I_B01030 I_B01033 I_B01037 I_B01038 I_B01047 I_B01048 I_B01068 I_B01069 1 2 3 1 2 3 H01005 RI_B01023I_B01026I_B01027I_B01029I_B01030I_B01037I_B01068I_ B01069I_B01048 I_B01047 I_B01038 I_B01033 I_B01027I_B01029I_B01030 I_B01033I_B01037I_B01068I_B01069
83 On the Estimate of Effective Marginal Corporate Tax Rate: An Examination of the Modified GKS Measure Masanori TAHIRA, Hideki SHIBUTANI Becker and Fuest2003 GKS GKS 1999 2008 2007