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International tax arbitrage via corporate income splitting

Chand, Satish


If capital for corporate finance was available from a common global pool and at zero transaction cost, then does after-tax arbitrage require harmonisation of income tax rates across jurisdictions? This paper shows that the answer is in the negative. When a corporation has the choice in deciding the fraction of income that it distributes as dividends with the remainder held for future capitalisation, then such choice brings about arbitrage in after-tax rates of return to investors facing a...[Show more]

CollectionsANU Research Publications
Date published: 2002
Type: Working/Technical Paper
Source: Quantitative Finance


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