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Several industrialized countries impose withholding taxes on public interest accruing to nonresidents. This paper examines the international incidence of such withholding taxes by estimating to what extent these taxes raise the cost of government borrowing. It is found that the pretax interest rate is most sensitive to the tax withheld on Japanese investors. In particular, the gross-up is about half of this tax, which suggests that about half is returned to the investor in the form of foreign tax credits. The extent of the gross-up rises over the 1989-93 period, which indicates that in recent years foreign tax credits have been available to a lesser extent.

Personal Finance -Taxation --- Public Finance --- Taxation --- International Investment --- Long-term Capital Movements --- Multinational Firms --- International Business --- Business Taxes and Subsidies --- International Fiscal Issues --- International Public Goods --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Taxation, Subsidies, and Revenue: General --- Debt --- Debt Management --- Sovereign Debt --- Public finance & taxation --- Withholding tax --- Interest tax --- Tax allowances --- Income tax systems --- Public debt --- Taxes --- Income tax --- Debts, Public --- United States

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Economics

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Private finance

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Zonder onderwerpscode: economie