영문목차
1. Introduction=1
2. Methodology=3
2.1. The European Tax Analyzer Model=3
2.2. Computation of the Effective Average Tax Burden=4
2.3. Tax Parameters Incorporated into the Model=6
2.4. Measurement of the Impact of Elements of a CCTB on the Size of the Tax Base=7
2.5. Model Firms and Data Base=15
2.5.1. Structure of the Model Firms and Economic Assumptions=15
2.5.2. Data Base and Applied Aggregation Methods=16
3. Future Value of the Tax Base and Effective Company Tax Burden=27
3.1. Scenario of a Common Corporate Tax Base=27
3.2. Analysis of EU-Average Large Corporations=29
3.2.1. Benchmark Case Representing a Large Corporation=29
3.2.2. Sensitivity Analysis on Economic Model Assumptions=50
3.2.3. Sensitivity Analysis on Specific Sectors=58
3.2.4. Consideration of EU-15/EU-12 Average Large Corporation=66
3.3. Analysis of EU-Average Small and Medium-Sized Corporations=76
3.3.1. Benchmark Case Representing a Small and Medium-Sized Corporation=76
3.3.2. Sensitivity Analysis on Economic Model Assumptions=94
3.3.3. Sensitivity Analysis on Specific Sectors=102
3.3.4. Consideration of EU-15/EU-12 Average SMEs=107
3.3.5. Relationship Between Key Accounting Ratios and Overall Tax Base Effect=117
3.4. Consideration of Recent National Tax Reforms=119
3.5. Summary of Conclusions=124
Appendix=127
List of Figures=169
List of Tables=171
References=175
Table 1. Changes in the value of the tax base in case of a CCTB(large company)=X
Table 2. Changes in the value of the tax base in case of a CCTB(SME)=XI
Table 3. Value of the tax base under national GAAP and increase in % with the introduction of a CCTB(sector averages)=XIII
Table 4. Value of the tax base under national GAAP and deviation in case of a CCTB=XIV
Table 5. Considered Taxes=6
Table 6. National GAAP, accelerated depreciation(case without tax ; in €)=9
Table 7. CCTB option, straight line depreciation(case without tax ; in €)=9
Table 8. National GAAP, accelerated depreciation(case with 25% income tax ; in €)=10
Table 9. CCTB option, straight line depreciation(case with 25% income tax ; in €)=10
Table 10. Comparison of impact assessed with effective tax burden and impact assessed with future value of the tax base(case with 25% income tax ; post-tax)=12
Table 11. National GAAP, accelerated depreciation(case with 25% income tax and 5% real estate tax ; post-tax including capital tax ; in €)=12
Table 12. CCTB option, straight line depreciation(case with 25% income tax and 5% real estate tax ; post-tax including capital tax ; in €)=13
Table 13. Comparison of impact assessed with effective tax burden and impact assessed with future value of the tax base(case with 25% income tax and 5% capital tax on real estate ; post-tax)=13
Table 14. Balance sheets of the implemented EU-27 model firms(period 6, in €)=15
Table 15. Financial ratios of the implemented EU-27 model firms(period 6)=16
Table 16. Determination of the companies used in the study=17
Table 17. Financial information in the AMADEUS database=18
Table 18. Number of companies for which relevant data is provided by AMADEUS(all industries)=19
Table 19. Classification of industries=20
Table 20. Number of companies in the sample=21
Table 21. Comparison of future tax base values(large company, corporate level, 10 periods)=30
Table 22. Comparison of effective tax burdens(large company, corporate level, 10 periods)=32
Table 23. Impact of particular tax categories on the effective tax burden in %(large company)=34
Table 24. Changes in the future value of the tax base under a CCTB(large company)=35
Table 25. Changes in the effective tax burden under a CCTB(large company)=36
Table 26. Future value(in € millions) of the tax base for large benchmark case(large company, EU-27) under national tax law and deviation(in %) caused by each particular CCTB option A-Hand by a simultaneous application all CCTB options(I)=48
Table 27. Effective tax burden(in € millions) for large benchmark case(large company, EU-27) under national tax law and deviation(in %) caused by each particular CCTB option A-H and by a simultaneous application all CCTB options(I)=49
Table 28. Average future value of the tax base(EU-27 large company) for different levels of capital intensity under national tax law and CCTB Option I in € millions=51
Table 29. Deviation in the future value of the tax base(EU-27 large company) from national GAAP caused by a simultaneous application all CCTB options(I) for different levels of capital intensity=52
Table 30. Average future value of the tax base(EU-27 large company) for different levels of profitability under national tax law and CCTB Option I in € millions=53
Table 31. Deviation in the future value of the tax base(EU-27 large company) from national GAAP caused by a simultaneous application all CCTB options(I) for different levels of profitability=54
Table 32. Average future value of the tax base(EU-27 large company) for different levels of labour intensity under national tax law and CCTB Option I in € millions=55
Table 33. Deviation(in %) in the future value of the tax base(EU-27 large company) from national GAAP caused by a simultaneous application all CCTB options(I) for different levels of labour intensity=56
Table 34. Average future value of the tax base(EU-27 large company) for different levels of inventory intensity under national tax law and CCTB Option I in € millions=57
Table 35. Deviation(in %) in the future value of the tax base(EU-27 large company) from national GAAP caused by a simultaneous application all CCTB options(I) for different levels of inventory intensity=57
Table 36. Financial ratios of sector-specific companies(period 6)=59
Table 37. Future value of the tax base(large company) under national tax law(in € millions) and deviation(in %) caused by CCTB for different sectors=60
Table 38. Financial ratios for the benchmark case(EU-27 large company) in comparison to EU-15 and EU-12 large model firms=67
Table 39. Future value of the tax base(in € millions) for EU-15 large company under national tax law and deviation(in %) caused by each particular CCTB option A-H and by a simultaneous application all CCTB options(I)=71
Table 40. Effective tax burden(in € millions) for EU-15 large company under national tax law and deviation(in %) caused by each particular CCTB option A-Hand by a simultaneous application all CCTB options(I)=71
Table 41. Future value of the tax base(in € millions) for EU-12 large company under national tax law and deviation(in %) caused by each particular CCTB option A-H and by a simultaneous application all CCTB options(I)=74
Table 42. Effective tax burden(in € millions) for EU-12 large company under national tax law and deviation(in %) caused by each particular CCTB option A-H and by a simultaneous application all CCTB options(I)=75
Table 43. Comparison of future tax base values ; national GAAP(SME, corporate level, 10 periods)=76
Table 44. Comparison of effective tax burdens(SME, corporate level, 10 periods)=78
Table 45. Impact of particular tax categories on the effective tax burden in %(SME)=80
Table 46. Changes in the future value of the tax base under a CCTB(SME benchmark case)=81
Table 47. Changes in the effective tax burden under a CCTB(SME benchmark case)=82
Table 48. Future value of tax base(in € millions) for EU-27 SME(benchmark case) under national tax law and deviation(in %) caused by each particular CCTB option A-Hand by a simultaneous application all CCTB options(I)=93
Table 49. Tax burden(in € millions) for EU-27 SME(benchmark case) under national tax law and deviation(in %) caused by each particular CCTB option A-H and by a simultaneous application all CCTB options(I)=94
Table 50. Average future value of the tax base(EU-27 SME) for different levels of capital intensity under national tax law and CCTB Option I in € millions=95
Table 51. Deviation(in %) in the future value of the tax base(EU-27 SME) from national GAAP caused by a simultaneous application all CCTB options(I) for different levels of capital intensity=96
Table 52. Average future value of the tax base(EU-27 SME) for different levels of profitability under national tax law and CCTB Option I in € millions=97
Table 53. Deviation(in %) in the future value of the tax base from national GAAP caused by a simultaneous application all CCTB options(I) for different levels of profitability(SME case)=98
Table 54. Average future value of the tax base(EU-27 SME) for different levels of labour intensity under national tax law and CCTB Option I in € millions=99
Table 55. Deviation(in %) in the future value of the tax base(EU-27 SME) from national GAAP caused by a simultaneous application all CCTB options(I) for different levels of labour intensity=100
Table 56. Average future value of the tax base(EU-27 SME) for different levels of inventory intensity under national tax law and CCTB Option I in € millions=101
Table 57. Deviation(in %) in the future value of the tax base(EU-27 SME) from national GAAP caused by a simultaneous application all CCTB options(I) for different levels of inventory intensity=102
Table 58. Financial ratios for different sectors=103
Table 59. Future value of the tax base(SME case) under national tax law(in € millions) and deviation(in %) caused by CCTB for different sectors=104
Table 60. Financial ratios of the EU-27, EU-15 and EU-12 model SMEs=107
Table 61. Future value of the tax base(in € millions) for EU-15 SME under national tax law and deviation(in %) caused by each particular CCTB option A-Hand by a simultaneous application all CCTB options(I)=108
Table 62. Effective tax burden(in € millions) for the EU-15 SME under national tax law and deviation(in %) caused by each particular CCTB option A-Hand by a simultaneous application all CCTB options(I)=112
Table 63. Future value of the tax base(in € millions) for EU-12 SME under national tax law and deviation(in %) caused by each particular CCTB option A-Hand by a simultaneous application all CCTB options(I)=113
Table 64. Effective tax burden(in € millions) for the EU-12 SME under national tax law and deviation(in %) caused by each particular CCTB option A-Hand by a simultaneous application all CCTB options(I)=116
Table 65. Results of the multiple regression analysis=118
Table 66. Overview of major tax changes in France, Germany, Italy, the Netherlands and Spain=119
Table 67. Future value of the tax base(in € millions) for the EU-27 large company under national GAAP and deviation(in %) to CCTB when recent tax reforms are considered in France, Germany, Italy, the Netherlands and Spain=120
Table 68. Tax burden(in € millions) for the EU-27 large company under national GAAP and deviation(in %) to CCTB when recent tax reforms are considered in France, Germany, Italy, the Netherlands and Spain=121
Table 69. Future value of the tax base(in € millions) for the EU-27 small and medium company under national GAAP and deviation(in %) to CCTB when recent tax reforms are considered in France, Germany, Italy, the Netherlands and Spain=122
Table 70. Tax burden(in € millions) for the EU-27 large company under national GAAP and deviation(in %) to CCTB when recent tax reforms are considered in France, Germany, Italy, the Netherlands and Spain=124
Figure 1. Proportion of EU-27 average overall increase of the value of the tax base for each option=XII
Figure 2. Ifo Economic Climate Indicator for the euro area(1990-2008)=19
Figure 3. Comparison of future tax base values according to current taxation practice―Deviation from the EU average in %(large company, corporate level, 10 periods)=31
Figure 4. Comparison of effective tax burdens according to current taxation practice―Deviation from the EU average in %(large company, corporate level, 10 periods)=33
Figure 5. Impact of common rules regarding depreciation on the future value of the tax base in %(large company)=38
Figure 6. Impact of common rules for the simplified valuation of inventory on the future value of the tax base in %(large company)=40
Figure 7. Impact of common rules regarding the determination of production costs on the future value of the tax base in %(large company)=41
Figure 8. Impact of common rules regarding R&D costs as part of production costs on the future value of the tax base in %(large company)=43
Figure 9. Impact of common rules regarding provisions for pensions on the future value of the tax base in %(large company)=44
Figure 10. Impact of common rules regarding provisions for warranty payments on the future value of the tax base in %(large company)=45
Figure 11. Impact of common rules regarding exemption of foreign dividend income on the future value of the tax base in %(large company)=46
Figure 12. Comparison of the future values of the tax base according to current taxation practice―Deviation from the EU average in %(SME, corporate level, 10 periods)=77
Figure 13. Comparison of effective tax burdens according to current taxation practice―Deviation from the EU average in %(SME, corporate level, 10 periods)=79
Figure 14. Impact of common rules regarding depreciation on the future value of the tax base in %(SME)=84
Figure 15. Impact of common rules for the simplified valuation of inventory on the future value of the tax base in %(SME)=85
Figure 16. Impact of common rules regarding the determination of production costs on the future value of the tax base in %(SME)=86
Figure 17. Impact of common rules regarding R&D costs as part of production costs on the future value of the tax base in %(SME)=87
Figure 18. Impact of common rules regarding provisions for pensions on the future value of the tax base in %(SME)=88
Figure 19. Impact of common rules regarding provisions for warranty payments on the future value of the tax base in %(SME)=89
Figure 20. Impact of common rules regarding exemption of foreign dividend income on the future value of the tax base in %(SME)=90
Figure 21. Proportion of EU-27 average overall increase of the future value of the tax base for option A to H=92
Figure 22. Proportional impact of each CCTB option(A-H) on the overall increase in the future value of the tax base(EU-15 large company and SME)=111
Figure 23. Proportional impact of each CCTB option(A-H) on the overall increase in the future value of the tax base(EU-12 large company and SME)=116