Modern society cannot function without a high level of investment,
just as it cannot function without a high level of taxation (or its
equivalent in communist countries). Both investment and taxation
(as a source of government revenue) are important for the level of
production and employment. No wonder then that governments are
faced with an increasing dilemma between higher taxation on the one
hand and the need for stimulating investment by tax reductions or
allowances on the other. Related to this is the choice between a
market economy which is as free as possible and detailed
governmental measures for monitoring and steering investments, not
only with the intention to promote economic growth but to further a
nu mb er of other social interests as weil. This is to some extent
a political issue but the decisions it involves should still be
based on sound economic facts and considerations. In many countries
one of the important instruments for stimulating and steering
investment is the introduction oi\modification of investment
incentives within the framework of the tax system. The present book
gives a lot of information on this subject. It endeavours to create
a conceptual order in the somewhat chaotic multitude of incentives
practised by the main industrial countries and studies their
economic effects. The authors are weil equipped to do this because
they were c10sely involved in the study on this subject made by
Erasmus U niversity Rotterdam at the request of the Common Market
Com mission.
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