2024-02-02-亚开行-税收优惠和投资_17页_153kb

报告摘要

Summary of THE GOVERNANCE BRIEF - Issue 54·2024: Tax Incentives and Investment

Core Content

This brief explores the role, effectiveness, and implications of tax incentives in stimulating business investment, with a focus on developing countries in Asia and the Pacific. It reviews global and regional trends, evaluates the various types of tax incentives, and provides evidence-based policy recommendations.

Main Views

Tax incentives are used globally to attract investment, particularly in developing countries, but they come with significant drawbacks.
The global minimum corporate income tax is expected to be implemented in the near future, which will impact how countries design their tax incentive regimes.
Corporate income tax incentives are the most common, followed by indirect tax and international trade tax incentives.
Profit-based incentives, such as tax holidays, are widely used but may lead to short-term investment behavior, revenue loss, and corruption.
Cost-based incentives, such as accelerated depreciation and investment allowances, are more targeted and cost-effective than profit-based ones.
Tax incentives should be sparingly used, transparently applied, and integrated into the tax code rather than issued through special decrees.
Public financial management and sound macroeconomic policies are essential to complement tax incentives and ensure a favorable investment environment.

Key Information

Global and Regional Trends

Corporate income tax rates in Asia and the Pacific have been declining, averaging around 20% in recent years.
Tax incentives have become more generous globally, with 90% of countries introducing new incentives from 2011 to 2021.
Asia and the Pacific have seen an increase in the use of tax incentives, particularly in manufacturing, export-oriented industries, and specific regions.
Tax holidays are the most common form of tax incentive, especially in developing countries, but they are often discretionary and nontransparent, leading to distortions and corruption.

Types of Tax Incentives

Type of Incentive	Description	Pros	Cons
Tax Holidays	Exemption or reduction of corporate income tax for a certain period	Encourage investment, reduce compliance burden	Lead to revenue loss, encourage short-term investment, distort behavior, increase corruption
Accelerated Depreciation	Faster depreciation of capital assets than standard rates	Transparent, targets capital investments, improves return on investment	May favor short-lived assets, requires careful administration
Investment Allowance	Deduction of a portion of investment costs from taxable income	Transparent, can be implemented during economic downturns	Encourages misrepresentation, distorts investment in favor of short-lived assets
Investment Tax Credit	Credit against tax liability for a portion of investment costs	Targets capital investments, similar benefits to investment allowances	Same disadvantages as investment allowances

Policy Implications

Tax incentives should be used sparingly and integrated into tax laws.
Transparency and accountability are essential, including public disclosure of beneficiaries and regular assessment of the costs and benefits.
Corporate income tax incentives should be cost-based, not profit-based.
Value-added tax (VAT) exemptions should be minimized, with zero rating limited to exports.
Export processing zones require enhanced supervision and should be used sparingly.
Good tax systems with broad tax bases and internationally competitive rates are preferable to systems riddled with special provisions.
Macro-economic stability, sound public financial management, and inclusive business cultures are also important for attracting investment.

Conclusion

While tax incentives can play a role in attracting investment, especially in developing countries, they are not a panacea. Their use must be carefully managed to ensure that they do not undermine tax revenue, economic efficiency, or public services. The global minimum tax initiative further constrains the flexibility of tax incentives, urging countries to reform their tax systems to be more transparent, equitable, and effective.

Figures and Data

Figure 1: Shows the decline in the average statutory corporate income tax rate across all regions from 1980 to 2021, with Asia and the Pacific having a relatively lower rate.
Figure 2a and 2b: Highlights the distribution of tax incentives by type and region, showing that profit-based incentives are most common, with tax holidays being the most frequently used.
UNCTAD (2022): Reports that 90% of countries increased the generosity of tax incentives between 2011 and 2021.
ADB (2023): Notes that corporate income tax revenues in Asia and the Pacific have been declining relative to GDP, highlighting the need for revenue diversification.

Authors and Contributors

Janet Stotsky: Tax Policy Expert, former IMF senior staff member and ADB consultant.
Sandeep Bhattacharya: Senior Public Management Specialist (Tax), ADB.
Peer reviewers: Tariq Niazi, Hiranya Mukhopadhyay, Dongyun Park, Shu Tian, Aekapol Chongvilaivan.
Research support: Farhana Abedin, PhD student at the University of South Australia and former ADB intern.

Contact and Resources

For inquiries, contact Sandeep Bhattacharya at sabhattacharya@adb.org or +63 2 8632 4622.
Previous issues of The Governance Brief can be accessed at http://www.adb.org/publications/series/governance-briefs.

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