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Entscheidungswirkungen von Verlustverrechnungsbeschränkungen bei der Steuerplanung grenzüberschreitender Investitionen

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  • Niemann, Rainer

Abstract

Ziel dieses Beitrags ist die Quantifizierung der Entscheidungswirkungen von Verlustverrechnungsbeschränkungen bei innerstaatlichen und grenzüberschreitenden Investitionsmöglichkeiten. Da die Vorteilhaftigkeit von Investitionen nur als relatives Maß anhand einer Unterlassungsalternative beurteilt werden kann, ist es notwendig, neben der Realinvestition auch eine alternative Finanzanlage explizit zu modellieren, wobei beide Handlungsalternativen national und international durchgeführt werden können. Die Ergebnisse einer Variation von Verlustverrechnungsparametern werden im Hinblick auf die folgenden Fragestellungen analysiert: - Was ist die optimale Durchführungsform für die Realinvestition und für die Finanzanlage? - Werden Inlands- oder Auslandsaktivitäten relativ begünstigt? - Werden Realinvestitionen oder Finanzanlagen relativ begünstigt? - Welche rechtliche Struktur von Auslandsaktivitäten wird relativ begünstigt? Besonderes Augenmerk gilt der Frage, ob - wie im nationalen Kontext bereits nachgewiesen - ein "Verlustverrechnungsparadoxon" auch im internationalen Kontext möglich ist, d.h. ob eine Einschränkung der inländischen Verlustverrechnungsmöglichkeiten zur relativen Vorteilhaftigkeit von Real- gegenüber Finanzinvestitionen einerseits und von Inlandsgegenüber Outboundinvestitionen andererseits führen kann. Grundlage der Untersuchung ist ein einzelwirtschaftliches Investitionskalkül, das nicht nur einzelwirtschaftliche, sondern auch finanzpolitische Implikationen aufweist. Der Beitrag ist wie folgt gegliedert: Nach einem Überblick über die Literatur zur internationalen Steuerplanung und zur asymmetrischen Gewinn- und Verlustbehandlung in Abschnitt 2 werden die Modellannahmen in Abschnitt 3 dargestellt. Die grundsätzlich möglichen Investitionswirkungen der betrachteten Verlustverrechnungsbeschränkungen verdeutlicht Abschnitt 4 anhand numerischer Beispiele, ehe die voraussichtlich überwiegenden Wirkungen mit Hilfe von Monte-Carlo-Simulationen in Abschnitt 5 ermittelt werden. Abschnitt 6 beschließt den Beitrag mit einer Zusammenfassung der Ergebnisse und einem Ausblick auf weiterführende Fragestellungen.

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  • Niemann, Rainer, 2004. "Entscheidungswirkungen von Verlustverrechnungsbeschränkungen bei der Steuerplanung grenzüberschreitender Investitionen," Tübinger Diskussionsbeiträge 276, University of Tübingen, School of Business and Economics.
    • Handle: RePEc:zbw:tuedps:276
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