Vliv dvojího ekonomického zdanění dividend na příliv zahraničních investic

Abstract

Movement of capital and persons not only within the EU can create situations when income of taxpayers, in this case foreign investors might be taxed twice. Double taxation of income causes increase of tax and administrative burden of foreign investors which can influence their decision about allocation of their capital.

The main objective of this paper is to evaluate and quantify the influence of economic double taxation of dividends on the inflow of foreign investments into countries of the Visegrad Group. It is necessary to add that the objective of this paper is to examine only the case of economic double taxation of dividends when the dividends are paid to companies (not individuals) which are foreign residents. Economic double taxation of dividends occurs when dividends are taxed twice by the same type of tax (income tax), but there are two different tax payers paying this tax.

In order to attain the objective of this paper it is necessary to determine an effective tax rate of economic double taxation of dividends (etzd). The method of regression analysis, specifically the regression model with more independent variables for panel data for countries of the Visegrad Group, is the main tool used to attain the objective of this paper. This model enables quantifying the influence of economic double taxation of dividends (etzd) on the inflow of foreign investments into countries of the Visegrad Group. The author of this paper has come to a conclusion that an effective tax rate of economic double taxation of dividends (etzd) influences the inflow of foreign direct investments into countries of the Visegrad Group.