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While these incentives are typically aimed at promoting investment and generating technological spillovers, they could incur sizable revenue losses. Understanding how foreign investors respond to tax incentives is, thus, crucial for developing countries since they are especially reliant on corporate income tax revenue.
While there are many studies on this issue for advanced economies see, for example, Devereux and Griffith, ; Buettner and Ruf, ; Bellak and Leibrecht, ; and Egger et al. This represents an important gap in the literature since the effect of taxes on FDI in advanced economies may not carry over in a straightforward way for developing economies.
A number of studies have shown that the tax sensitivity varies with the income level of host countries see, for example, Mutti and Grubert ; Azemar and Delios, ; and Goodspeed et al. The region is one of the largest FDI recipients in the developing world.
Those variations come from three sources. The first source is changes in the corporate income taxes imposed by the host country, namely those in ASEAN. The second source is changes in the taxes imposed by the home country. Examples include the switches by Japan and the United Kingdom from worldwide to territorial taxation in The final source is differences in the effective tax rates across country pairs.
Such variations can result from differences in the statutory tax rates and the tax incentives across countries, as well as differences in the double taxation relief methods across country pairs. One example of the latter case is the tax sparing credit which is allowed in the treaties between Thailand and Japan but is forbidden between Thailand and the United States. Those developments have provided important variations in the tax costs facing foreign investors. Since the tax costs associated with the decision to choose an investment location depend on domestic as well as international tax, my study captures those costs by computing bilateral effective average tax rates using the methodology proposed by Devereux and Griffith I also take into account the tax law provisions of both domestic taxation for example, depreciation deduction and tax holidays and international taxation that is, measures to relief double taxation as specified in bilateral tax agreements such as underlying tax credit and tax sparing provisions.
Figure 1 shows the box plot of the bilateral effective average tax rates over the period. There is a general downward trend in the distribution of the effective tax rates. The median tax rate, for example, falls from I provide empirical evidence on the effects of taxation on FDI. I estimate a pooled-quantile regression model with fixed effects—describing the net FDI flows as a function of the bilateral effective average tax rates and other control variables.
This approach accommodates the skewed distribution of FDI and enables a comprehensive look at the tax sensitivity across the FDI distribution, controlling for unobserved characteristics across country pairs as well as common shocks over time. I find that taxation plays an important role in attracting FDI into the region.
The effect of taxes is negative and statistically significant across the distribution of FDI flows. That is the view held almost universally by theorists and by the international bodies that advise on tax matters. They are bad in theory principally because they cause distortions: investment decisions are made that would not have been made without the inducement of special tax concessions.
They are bad in practice, being both ineffective and inefficient. They are ineffective in that tax considerations are only rarely a major determinant in FDI decisions; they are inefficient because their cost, in terms of tax revenue foregone, often far exceeds any benefits they may produce. Other criticisms are also frequently levelled against tax incentives for FDI - they are inequitable since they benefit some investors but not others , they are difficult to administer and open to abuse, and they lack transparency.
Recent evidence does suggest that tax considerations are an increasingly important factor in investment decisions and that special tax incentives have become substantially more effective as instruments for attracting FDI than they were 10 or 20 years ago.