Estate and Gift Tax Incentives and Inter Vivos Giving

This chapter makes a limited attempt to grapple with certain philosophical questions about the design of an inheritance tax. These begin with the standard worry about tax avoidance (chiefly through a substitution effect whereby tax incentives switch from bequests to inter vivos gifts) and its connection with the distinction between taxing estates and taxing receipts. The chapter then moves on to the often ignored question of what to say about the place of charitable bequests as a means to reduce the overall tax liability of an estate, followed by a discussion of wealth taxes and hypothecation (dedicating the revenues from an inheritance tax to certain sorts of policy expenditure). The chapter ends with a few remarks about how the book’s proposals have some potential to raise consciousness in light of typical political rhetoric about inherited wealth.

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Tax competition and the activity of the regional tax policy

Voprosy Ekonomiki ◽

10.32609/0042-8736-2020-10-5-27 ◽

2020 ◽

pp. 5-27

Author(s):

S. M. Drobyshevsky ◽

N. S. Kostrykina ◽

A. V. Korytin

Keyword(s):

Tax Competition ◽

Tax Policy ◽

Fiscal Federalism ◽

Policy Instruments ◽

Tax Incentives ◽

Fiscal Autonomy ◽

Tax Legislation ◽

Tax Exemptions ◽

Open Question ◽

Regional Budgets

The problem of efficiency of regional tax expenditures is an actual issue of the fiscal policy and fiscal federalism in Russia. A large fiscal autonomy allows federal subjects to realize a more active tax policy to attract new investments. One cannot claim current fiscal powers of the Russian regions to be wide. However, not all the regions use even existing tax policy instruments. Moreover, out of the regions that use them only few provide incentives to stimulate investment decisions. Others use regional tax measures to support businesses that already have strong positions in the region. And it is an open question whether such tax incentives are efficient. On the other hand, an aggressive tax competition for investors can also be wasteful for regional budgets. In this paper, we calculate indicators that characterize the depth and scope of tax exemptions provided at the regional level. The calculations are based on the open tax statistics. Through the analysis of the tax legislation as well as the economic structure of selected regions, we reveal the inducements of their higher activity: federal regional tax policy, tax competition or benefits for budget-forming companies of the region.

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La fiscalità del collezionista d'arte

ECONOMIA E DIRITTO DEL TERZIARIO ◽

10.3280/edt1-2017oa5143 ◽

2017 ◽

Author(s):

Franco Dante ◽

Piero Gargano

Keyword(s):

Art Collection ◽

Corporate Art ◽

Inter Vivos

Il crescente volume di scambi di opere d'arte, soprattutto moderna e contemporanea, e la globalizzazione del mercato hanno portato ad una più diffusa conoscenza dei fondamenti della fiscalità dell'arte non solo tra i tecnici della materia ma anche tra i collezionisti.Nel presente articolo, partendo dal presupposto che ogni collezione d'arte nasce, cresce e inevitabilmente si trasmette a terzi, si analizzano le imposte che gravano su ogni fase del collezionismo.In particolare, si evidenzia la diversa incidenza dell'IVA sugli acquisti in base alla provenienza delle opere d'arte (italiana ed estera), ci si sofferma su quando la cessione di opere è soggetta ad imposte e il cedente da collezionista diventa mercante e si analizzano le imposte dovute in caso di trasferimento gratuito mortis causa o inter vivos, evidenziando le possibili forme di pianificazione successoria.Oltre alla fiscalità del collezionista privato si esamina il trattamento contabile e fiscale delle corporate art collection, detenute da società commerciali e professionisti.Si evidenzia, infine, il ruolo dell'art advisor, che assiste il collezionista anche nella valutazione della variabile fiscale nell'investimento in arte.

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Assessment of sensitivity of the efficiency of regional tax spending towards investment attractiveness of the types of economic activity carried out by the residents of advanced development territory

Теоретическая и прикладная экономика ◽

10.25136/2409-8647.2020.1.32495 ◽

2020 ◽

pp. 98-110

Author(s):

Evgeniya Mikhailovna Popova ◽

Guzel Mukhtarovna Guseinova ◽

Sergei Borisovich Milov

Keyword(s):

Economic Activity ◽

Socioeconomic Development ◽

Federal District ◽

Tax Incentives ◽

Capital Investments ◽

The Subject ◽

Investment Process ◽

The Impact ◽

Advanced Development

The deficit of subnational budgets and deceleration capital investments in multiple Russian regions increase the relevance of research aimed at improvement of tax incentivizing practice of the regional investment process. The studies focused on determination of the impact of socioeconomic and institutional factors upon the efficiency of investment tax expenses obtained wide circulation within the foreign scientific literature. The subject of this article is the assessment of sensitivity of the efficiency of regional tax expanses towards investment attractiveness of the types of economic activity carried out by the residents of territories of advanced socioeconomic development, created in the subjects of Far Easter Federal District. The scientific novelty and practical values of this research consists in substantiation of the reasonableness of assessment of investment attractiveness of the types of economic activity that are stimulated by tax incentives. Methodology for assessing investment attractiveness is proposed and tested. The conclusion is made that in case of low investment attractiveness of the type of economic activity, which was planned to support by tax incentives, it is required to conduct and additional analysis to avoid unjustified tax expanses.

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Tax incentives of China’s investments in Zabaykalsky Krai: implementation of behavioral economic models

Финансы и управление ◽

10.25136/2409-7802.2020.2.33353 ◽

2020 ◽

pp. 69-84

Author(s):

Evgeniya Mikhailovna Popova ◽

Irina Vitalevna Mezentseva

Keyword(s):

Behavioral Economics ◽

Tax Incentives ◽

Human Mind ◽

Investment Climate ◽

Investment Activity ◽

Investment Projects ◽

Tax Incentive ◽

Regional Budget ◽

Subjective Aspect ◽

Investment Process

Currently, the Russian regions apply a vast array of tools for regulating the investment process, including tax incentives. Active use of tax preferences is dictated by the fact that in the conditions of regional budget deficit, tax incentives, unlike subsidies, do not require direct budget expenditures for stimulating investment activity. However, the world experience demonstrates that tax incentives do not fall under the group of factors that strongly affect investment decisions. For determining the degree of preference of tax incentives in relation to other measures of regional support, a survey was carried among Chinese investors, who implement investment projects on the territory of Zabaykalsky Krai. The survey was based on a method of hierarchical analysis based on the special matrices by filed in by the investors. The acquired results displayed that out of ten measures of state support, tax incentives hold the eighth place. The calculated coefficient of the significance of tax incentives testifies to the low attractiveness of fiscal stimuli for the Chinese investors. The authora attempted to find the reasons for tax incentive not being in demand. The scientific novelty of this work consists in conducting the analysis of regional legislation that regulates the order of granting investment tax incentives based on the concept of behavioral economics. In the course of application of the provisions of behavioral economics, emphasis was made on the subjective aspect of the mechanism of preferential taxation. The reasonableness of considering such peculiarities of human mind as cognitive inertia and relativity is substantiated with regards to arranging the structure of tax incentives that would allow increasing the importance of tax incentives in formation of investment climate on the territory of Zabaykalsky Krai. The authors make recommendations on increasing the attractiveness of tax incentives among Chinese investors based on the concept of reference point and the effect of loss aversion.

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