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Doğrudan Yabancı Sermaye Yatırımları ve Uluslararası Vergi Rekabeti: Bir Literatür Araştırması

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FOREIGN DIRECT INVESTMENT AND INTERNATIONAL

TAX COMPETITION: A LITERATUR RESEARCH

Abstract

In this research, impact of countries’ competition policies towards international taxation applications on FDI has been researched and it was examined that if amount of inward FDI is affected by host country tax burden on capital income or not. In this context, primarily the relation between host country corporate income tax rates and inward FDI flows into the G-8, BRIC, emerging Asian, emerging American countries and Turkey presented for the period of 1985 - 2009 depending on the datas and reports of OECD and UNCTAD; and then Hartman, Slemrod, Hines and other scientists’ findings in their empirical studies regarding the impact of international tax competition on FDI were discussed; additionally average semi-elasticity values regarding the sensitivity of FDI to tax were reviewed. Relation between host country corporate income tax rates and inward FDI flows within the chosen country groups and Turkey, findings of empirical studies and average semi-elasticity values reveal to the extend that is discussed in the international literature, host country corporate income tax rates have an increasing influence on inward FDI flows.

Keywords: Foreign Direct Investment (FDI), International Tax Competition, Transnational Corporations (TNCs), Global Value Chains.

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1

IMF, Balance of Payments Manual, IMF, 1993, s.86 2

UNCTAD, World Investment Report 2008, UNCTAD, 2008, s. 249 3

OECD, OECD Benchmark Definition of Foreign Direct Investment, OECD, 4th Edition, 2008, s.10

4 Imad A. Moosa, Foreign Direct Investment: Theory, Evidence, and Practice, Palgrave

Macmillan, 2002, s.1 5

Stephan J. Dreyhaupt, Locational Tournaments in The Context of The EU Competitive

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6 Jonathan Jones, Colin Wren, Foreign Direct Investment and the Regional Economy,

Ashgate Publishing, Ltd., 2006, s.25 7

Andrew Walter, Gautam Sen, Analyzing the Global Political Economy, Princeton University Press, 2009, s.197

8 Moosa, s.6

9 Jones, Wren, s.10

10 Susan F. Stone, Patrick A. Jomini, “Modelling FDI in a Computable General Equilibrium

Framework”, Foreign Direct Investment: Research Issues, Bijit Bora (drl.), Routledge, 2002, s.234

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11 Jones, Wren, s.28

12 Lou Anne A. Barclay, Foreign Direct Investment in Emerging Economies, Corporate

Strategy and Investment Behaviour in the Caribbean, Routledge, 2000, Barclay, s.19

13

Barclay, s.23 14

Paul Fischer, Foreign Direct Investment in Russia : A Strategy for Industrial Recovery, Palgrave Macmillan, 2000, s.26

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16 Fischer, s.27 17 Jones, Wren, s.33 18 Barclay, s.26 19 Jones, Wren, s.36 20

John Ravenhill, Global Political Economy, Oxford University Press, 2008, http://books.google.com (03.10.2009), s.481

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21

OECD, “Moving Up the (Global) Value Chain”, Policy Brief, July 2007, s.1 22

OECD, Policy Brief, s.3 23

OECD, Policy Brief, s.2 24

Jonathan P. Goldstein, “A Keynes-Marx Theory of Investment”, Heterodox

Macroeconomics Keynes, Marx and Globalization, Jonathan P. Goldstein, Michale G.

Hillard (drl.), Routledge, 2009, s.112 25

Nihat Batmaz, Halil Tunca, 'R÷UXGDQ<DEDQFÕ6HUPD\H<DWÕUÕPODUÕYH7UNL\H, Beta <D\ÕQODUÕV-16

26 Chris Edwards, Daniel J. Mitchell, Global Tax Revolution: The Rise of Tax Competition

and The Battle to Defend It, Cato Institute, 2008, http://books.google.com (25.10.2009),

s.133

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27

Guy Standing, Beyond The New Paternalism: Basic Security as Equality, Verso, 2002, http://books.google.com (25.10.2009), s.30

28 José María Fanelli, Lyn Squire, Economic Reform in Developing Countries: Reach,

Range, Reason, Edward Elgar Publishing, 2008, http://books.google.com (01.11.2009), s.

130

29 OECD, Corporate Tax Incentives for Foreign Direct Investment, OECD Tax Policy

Studies, No. 4, 2001, http://books.google.com (01.11.2009), s.13

30

OECD - CIME, Checklist for Foreign Direct Investment Incentive Policies, OECD, 2003, s.19

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32 OECD – CIME, Checklist for Foreign Direct Investment Incentive Policies, s.20

33 OECD – CIME, Checklist for Foreign Direct Investment Incentive Policies, s.20

34 OECD – CIME, Checklist for Foreign Direct Investment Incentive Policies, s.12

35 OECD – CIME, Checklist for Foreign Direct Investment Incentive Policies, s.13

36 Charles Oman, Policy Competition for Foreign Direct Investment: A Study of

Competition Among Governments to Attract FDI, OECD Publishing, 2000,

(11)

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37

David E. Wildasin, “Fiscal Competition”, The Oxford Handbook of Political Economy, Barry R. Weingast, Donald A. Witmann (drl.), Oxford University Press, 2006, s.503

38 Julie A. Roin, “The Economic Underpinnings of International Taxation”, Research

Handbook in International Economic Law, Andrew T. Guzmán, A. O. Sykes (drl), Edward

Elgar Publishing, 2007, s. 337 *hONHOHUL.XUXPODU9HUJLVL2UDQODUÕ2UWDODPDVÕ'R÷UXGDQ<DEDQFÕ 6HUPD\H<DWÕUÕPODUÕ7RSODPÕ.DUúÕODúWÕUPDVÕ 0,00 10,00 20,00 30,00 40,00 50,00 60,00 1985 1987 1989 19911993 1995 1997 1999 20012003 2005 2007 2009 <ÕOODU . X UX P OD U 9 HU J LV L 2 UD Q OD UÕ  2 UW DO DP DV Õ 0,00 100.000,00 200.000,00 300.000,00 400.000,00 500.000,00 600.000,00 700.000,00 800.000,00 900.000,00 ' < 6 < 7 R S OD P 0 LN WD UÕ  0 LO \R Q  U S D *hONHOHUL.XUXPODU9HUJLVL2UDQODUÕ 2UWDODPDVÕ *hONHOHUL'R÷UXGDQ<DEDQFÕ 6HUPD\H<DWÕUÕPODUÕ7RSODPÕ %5,&hONHOHUL.XUXPODU9HUJLVL2UDQODUÕ2UWDODPDVÕ'R÷UXGDQ<DEDQFÕ 6HUPD\H<DWÕUÕPODUÕ7RSODPÕ.DUúÕODúWÕUPDVÕ 0,00 10,00 20,00 30,00 40,00 50,00 60,00 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 <ÕOODU . X UX P OD U 9 HU J LV L 2 UD Q OD UÕ  2 UW DO DP DV Õ 0,00 50.000,00 100.000,00 150.000,00 200.000,00 250.000,00 300.000,00 ' < 6 < 7 R S OD P 0 LN WD UÕ  0 LO \R Q  U S D %5,&hONHOHUL.XUXPODU9HUJLVL2UDQODUÕ 2UWDODPDVÕ %5,&hONHOHUL'R÷UXGDQ<DEDQFÕ 6HUPD\H<DWÕUÕPODUÕ7RSODPÕ *HOLúHQ$V\DhONHOHUL.XUXPODU9HUJLVL2UDQODUÕ2UWDODPDVÕ'R÷UXGDQ <DEDQFÕ6HUPD\H<DWÕUÕPODUÕ7RSODPÕ.DUúÕODúWÕUPDVÕ 0,00 5,00 10,00 15,00 20,00 25,00 30,00 35,00 40,00 45,00 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 <ÕOODU . X UX P OD U 9 HU J LV L 2 UD Q OD UÕ  2 UW DO DP DV Õ 0,00 10.000,00 20.000,00 30.000,00 40.000,00 50.000,00 60.000,00 70.000,00 ' < 6 < 7 R S OD P 0 LN WD UÕ  0 LO \R Q  U S D *HOLúHQ$V\DhONHOHUL.XUXPODU9HUJLVL 2UDQODUÕ2UWDODPDVÕ *HOLúHQ$V\DhONHOHUL'R÷UXGDQ <DEDQFÕ6HUPD\H<DWÕUÕPODUÕ7RSODPÕ *HOLúHQ$PHULNDhONHOHUL.XUXPODU9HUJLVL2UDQODUÕ2UWDODPDVÕ 'R÷UXGDQ<DEDQFÕ6HUPD\H<DWÕUÕPODUÕ7RSODPÕ.DUúÕODúWÕUPDVÕ 0,00 5,00 10,00 15,00 20,00 25,00 30,00 35,00 40,00 45,00 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 <ÕOODU . X UX P OD U 9 HU J LV L 2 UD Q OD UÕ  2 UW DO DP DV Õ 0,00 20.000,00 40.000,00 60.000,00 80.000,00 100.000,00 120.000,00 ' < 6 < 7 R S OD P 0 LN WD UÕ  0 LO \R Q  U S D *HOLúHQ$PHULNDhONHOHUL.XUXPODU9HUJLVL 2UDQODUÕ2UWDODPDVÕ *HOLúHQ$PHULNDhONHOHULQH<|QHOLN'R÷UXGDQ <DEDQFÕ6HUPD\H<DWÕUÕPODUÕ7RSODPÕ

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Kaynak: Frankfurt Üniversitesi, Historic Statutory Corporate Income Tax Rates (1985-2007), http://www.wiwi.uni-frankfurt.de (27.09.2010); KPMG, KPMG’s Corporate and Indirect Tax Rate Survey 2009, KPMG, Ekim 2009, s.11-14; UNCTAD, Major FDI Indicators WIR 2010, http://stats.unctad.org/FDI/ TableViewer/tableView .aspx?ReportId=4031, (27.09.2010)

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39 OECD, Tax Effects on Foreign Direct Investment: Recent Evidence and Policy

Analysis, OECD Publishing, 2007, http://books.google.com (20.12.2009), s.11

40

Gabriele Tondl, Convergence After Divergence?: Regional Growth in Europe, Springer, 2001, http://books.google.com (11.10.2009), s.202

41 OECD, Tax Effects on Foreign Direct Investment: Recent Evidence and Policy Analysis,

s.12 42

Ruud A. de Mooij, Sjef Ederveen, “Explaining the Variation in Empirical Estimates of Tax Elasticities of Foreign Direct Investment”, Tinbergen Institute Discussion Paper No.

2005-108/3$UDOÕNKWWSSDSHUVVVUQFRPVROSDSHrs.cfm?Abstract_id= 869753

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43

OECD, Tax Effects on Foreign Direct Investment: Recent Evidence and Policy Analysis, s.13-15

44 David G.Hartman, “Tax Policy and Foreign Direct Investment in The United States”,

NBER Working Paper Series, No. 967, 1982, http://www.nber.org/papers/w0967.pdf

(20.12.2009), s.1-30

45 Timothy J. Bartik, “Business Location Decisions in the United States: Estimates of the

Effects of Unionization, Taxes, and Other Characteristics of States”, Journal of Business and

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46

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http://catalog.princeton.edu (26.12.2009), s.181-187 47

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48

Eckhard Janeba, International Tax Competition, Mohr Siebeck, 1997, http://books.google.com (20.12.2009), s.6

49 K.H. Young, “The Effects of Taxes and Rates of Return on Foreign Direct Investment in

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50 Leslie E. Papke, “Interstate Business Tax Differentials and New Firm Location: Evidence

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51

Joel Slemrod, “Tax Effects on Foreign Direct Investment in The United States: Evidence from a Cross Country Comparison”, Taxation in the Global Economy, Assaf Razin, Joel Slemrod (drl.), Chicago University Press, 1990, s.79-117

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http://www.sciencedirect.com (26.12.2009), s.243-266 55

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56

Jason G. Cummins, R. Glenn Hubbard, “The Tax Sensitivity of Foreign Direct Investment: Evidence from Firm-Level Panel Data”, The Effects of Taxation on Multinational

Corporations, Martin S. Feldstein, James R. Hines, R. Glenn Hubbard (dr.), University of

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57 David W. Loree, Stephen E. Guisinger, “Policy and Non-Policy Determinants of U.S.

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58 Anwar Shah, Joel Slemrod, “Do Taxes Matter for Foreign Direct Investment?”, Fiscal

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59 Sharon Jackson, Stefan Markowski, “The Attractiveness of Countries to Foreign Direct

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60 Yulin Ning, Michael R. Reed, “Locational determinants of the US direct foreign investment

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61 Michael Devereux, Harold Freeman, “The Impact of Tax on Foreign Direct Investment:

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63 Steven P. Cassou, “The Link Between Tax Rates and Foreign Direct Investment”, Applied

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64 Shang-Jin Wei, “How Taxing is Corruption on International Investors?”, NBER Working

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65 Shinemay Chen, Jorge Martinez-Vazquez, Sally Wallace, “Foreign Direct Investment and

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66 Michael P. Devereux, Rachel Griffith, "Taxes and The Location of Production: Evidence

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67

N. Billington, “The Location of Foreign Direct Investment: An Empirical Analysis”,

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68

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69

H. Grubert, J. Mutti, “Do Taxes Influence Where US Corporation Invest?”, National Tax

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70 Deborah L. Swenson, “Transaction Type and the Effect of Taxes on the Distribution of

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Activity, James R. Hines Jr. (drl.), University of Chicago Press, 2001, s.89-112

71 Rosanne Altshuler, Harry Grubert, and T. Scott Newlon, “Has US Investment Abroad

Become More Sensitive to Tax Rates?”, International Taxation and Multinational

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Buettner, AB ülkeleri içerisinde, 1991 – \ÕOODUÕDUDVÕQGDGD÷ÕWÕOPD\DQ NDUODU\HULQH\HQLVHUPD\HQLQWUDQVIHULLOHILQDQVHHGLOHQ'<6<DNÕPODUÕQÕDOternatif vergi ölçütlerini, log-OLQHDU WHNQL÷LQL YH NDPX KDUFDPDODUÕQD LOLúNLQ GH÷LúNHQOHUL NXOODQDUDNLQFHOHGL÷LoDOÕúPDVÕQGDQHWELUVRQXoHOGHHGHPHPLúWLU76

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72

James R. Hines Jr., Adam B. Jaffe, “International Taxation and The Location of Inventive Activity”, International Taxation and Multinational Activity, James R. Hines Jr. (drl.), Chicago University Press, 2001, s.201-226

73

Jacques Morisset, Neda Pirnia, How Tax Policy and Incentives Affect Foreign Direct Investment: A Review, Using Tax Incentives to Compete for Foreign Investment : Are

They Worth the Costs? Occasional Paper (Foreign Investment Advisory Service)-15, Louis

T.Wells (drl.), 2001, s.98

74 Sven Stöwhase, “Profit Shifting Opportunities, Multinationals, and The Determinants of

FDI”, University of Munich Discussion Papers in Economics1R$UDOÕN http://epub.ub.uni-muenchen.de (03.01.2010), s.1-26

75 Florence Hubert, Nigel Pain, “Fiscal Incentives, European Integration and the Location of

Foreign Direct Investment”, The Manchester School, Vol. 70, 2002, http://ideas.repec.org (09.01.2010), s.336-363

76 Thiess Buettner, “The Impact of Taxes and Public Spending on the Location of FDI:

Evidence from FDI-flows within Europe”, ZEW Discussion Paper, No. 02-ùXEDW http://econstor.eu/bitstream/10419/24789/1/dp0217.pdf (09.01.2010), s.1-28

(21)

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78

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Buettner ve Ruf, AlPDQ XOXV|WHVL úLUNHWOHULQLQ GL÷HU $% ONHOHULQGH PDOL ROPD\DQ VHNW|UOHUGH JHUoHNOHúWLUGLNOHUL \DWÕUÕPODUÕQGD \HU VHoLPLQH LOLúNLQ RODUDN Bundesbank’tan 1996- \ÕOODUÕQD LOLúNLQ RODUDN HOGH HWWLNOHUL PLNUR YHULOHUL resmi, ortalama ve ortalama efektif olPDN ]HUH DOWHUQDWLI YHUJL RUDQÕ |OoWOHULQL GR÷UXVDO RODVÕOÕN PRGHOLQL YH ORJLW PRGHOLQL NXOODQDUDN GH÷LúLN DOW |UQHNOHPOHU ]HULQGH \DSWÕNODUÕ oDOÕúPDODUÕ VRQXFXQGD GL÷HU oDOÕúPDODUD J|UH NoN HODVWLNL\HW GH÷HUOHUL EXOPXúODU |QHP GHUHFHVLQH LOLúNLQ RODUDN LVH NDUÕúÕN VRQXoODU HOGH HWPLúOHUGLU81

77

J. Gorter, A. Parikh, “How Sensitive is FDI to Differences in Corporate Income Taxation within The EU”, The Economist, 151, 2003,

http://www.springerlink.com/content/w3v741l971351751 (09.01.2010), s.193-204 78

Agnès Bénassy-Quéré, Lionel Fontagné, Amina Lahrèche-Révil, “Tax Competition and Foreign Direct Investment”, CEPII Working Paper, No 2003 – 17, 2003, s.1-40

79 Mihir A. Desai, C. Fritz Foley, James R. Hines Jr., "Foreign Direct Investment in a World

of Multiple Taxes," Journal of Public Economics, vol. 88(12), December 2004, http://www.sciencedirect.com (10.01.2010), s.2727-2744

80 Sven Stöwhase, “Tax-Rate Differentials and Sector-Specific Foreign Direct Investment:

Empirical Evidence from the EU”, FinanzArchiv: Public Finance Analysis, Volume 61-4, December 2005, http://www.ingentaconnect.com (10.01.2010), s.535-558

81 Thiess Buettner, Martin Ruf, “Tax Incentives and The Location of FDI: Evidence from a

Panel of German Multinationals”, International Tax and Public Finance, vol.14, Nisan 2007, http://www.springerlink.com/content/ghkh 75904r62tp3l (10.01.2010), s.151-164

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