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Tax Refunds,the Corporate Tax Burden and the Effectiveness of Tax Policy

Wu Liansheng and Li Chen  
Central government policy may not be effectively implemented locally due to the divergent goals of local and central governments. This paper empirically tests this hypothesis with regard to a policy giving enterprises favorable treatment in relation to tax refunds that had been independently formulated and implemented by local governments. In 2000, the central government issued a policy to take effect from January 1, 2002, forbidding this practice in relation to listed companies. This study shows that the tax refund of local governments did indeed invalidate the central government's efforts at macro-control through tax policy. Local governments have to a certain extent implemented the central government's decision to abolish favorable tax treatment. This decision has effectively weakened the negative effects of the local government policy and restored the effectiveness of the central government's tax policy.
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