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Extra info for Corporate Tax Incentives for Foreign Direct Investment (Oecd Tax Policy Studies, 4)
As in the absence of tax sparing), the investor may be encouraged to defer repatriation in order to avoid domestic tax. Tax sparing credits that eliminate or significantly reduce home country taxation may remove this disincentive, and encourage earnings repatriation. The incentive to repatriate would be expected to be even greater where there is investor uncertainty over the continued application of tax sparing provisions. Tax sparing was devised during a time when the level of global trade and investment was relatively modest, and there were extensive capital and regulatory controls on cross-border investments.
Another important consideration is that parent companies are often able to defer home country tax by deferring the distribution of subsidiary earnings. The ability to postpone dividends and delay home country tax suggests that the latter may not be an important consideration in present value terms. Yet another factor, one of increasing importance over time, is the widespread use of financing affiliates in tax haven countries. This avenue for protecting against further taxation of low-tax foreign source income may, however, be curtailed by the application of controlled foreign company rules, and possibly other defensive measures adopted to counter harmful tax practices.
Where this is the case, tax relief confers merely a windfall gain to in vest ors with n o impact on n et additio na l in vest men t. As a co ro llary, F DI decision s by international investors resident in credit countries would appear to be rarely influenced by the presence or not tax sparing provisions in tax treaties. This is supported by the lobbying of the international business community which often encourages countries to conclude tax treaties regardless of whether tax sparing can be negotiated.