By Carsten Wendt
Corporation taxation is a crucial point for the institution and the of completion of the inner industry. by contrast history, the eu fee recommends the harmonization of the tax base within the ecu Union. Carsten Wendt analyzes the need, the concept that in addition to power merits and results of a typical tax base for multinational organizations within the ecu Union. He addresses vital concerns referring to a standard tax base, resembling a definition of the consolidation and the formulation used to allocate the consolidated tax base one of the concerned member states. the writer offers replacement techniques to unravel those concerns and concludes universal tax base as meant by means of the eu fee may treatment a few of the current tax stumbling blocks for multinational businesses within the ecu.
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Extra resources for A Common Tax Base for Multinational Enterprises in the European Union
If a company chooses the mode of servicing the foreign market, it anticipates the profits it would obtain under each of these choices. Referring to Hymer (1976), setting up a production plant in a foreign country entails fixed costs. These fixed costs do not arise if a company chooses to service the foreign market through exports. On the other hand, relative to horizontal foreign direct investment, exporting is subject to higher transport costs. The theory predicts that foreign direct investment will be more prevalent whenever transport costs are high and fixed costs of setting up a foreign production plant are low (see Brainard, 1997).
According to the theory, the optimal arrangement of ownership is the one that best protects the specific investment of the one that yields the highest gains from trade (see Tirole, 2003: 31). Empirical studies have focused on the effects of asset specificity on the occurrence of vertical integration. Several studies provide evidence that asset specificity leads to vertical integration (see Klein, Crawford and Alchian, 1978; Monteverde and Teece, 1982; Masten, 1984; Anderson and Schmittlein, 1984).
The supplier provides a specialized intermediate input geared to the needs of the buyer who converts it into a final good. The contract may be incomplete because due to bounded rationality the supplier and the buyer fail to write an ex-ante contract in a way that would account for all contingencies and would allow a third party to verify ex post the values taken by certain variables and eventually settle the disputes that may arise. Since the contract is incomplete, the economic actors know that later on there will be gains from trade between them to be exploited ex-post through bargaining.
A Common Tax Base for Multinational Enterprises in the European Union by Carsten Wendt