La déduction pour capital à risque

La déduction pour capital à
risque
Christian VALENDUC
Service d’Etudes SPF Finances, UCL
et FUCAM

La déduction pour capital à risque
Les mérites de la réforme
Le processus politique
Quid des effets ?

Les mérites de la réforme
Two main distorsions to be addressed
Taxation of marginal investment
Discrimination between debt and equity

Les mérites de la réforme
Non-taxation of the
marginal investment
By not taxing at the
margin, the
Allowance for
Corporate Equity
(ACE) brings I back
from I1to I0
So you get the “no
tax case”, with part of
the tax revenue
CIT becomes a tax on
pure profits
(economic rents).
I0 I1
rw
Rw/(1-t)

Les mérites de la réforme
No tax on the
marginal
investment
CIT only levied on
economic rents
Equal treatment of
debt and equity
The benefits of the
ACE don’t need to be
extended to the
existing stock of
equity capital
If extended, it
creates a windfall
gain for existing
shareholders