作者 | 小林庸平(顾问研究员)、佐藤主光(教职研究员)、铃木将觉(专修大学) |
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发表日期/编号 | 2018年11月 18-J-031 |
研究课题 | 固定资产税的经济财政效果与改革的方向 |
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概要
Property tax has been noted as a case of "Good local tax" in the literature. Such argument however presumes that property tax is levied solely on land. In practice, property tax applies to housing and depreciable assets such as machine and building, which implies the feature of capital tax. It is known that capital tax distorts capital investment. The present paper analyzes effect of property tax on capital investment. To be concrete, we use panel data of manufacture census and examine how property tax on depreciable assets in Japan affects capital investments by small and medium enterprises. It is established that property tax negatively affect their investment and such adverse effect is exacerbated among enterprises with liquidity constraints.