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[Translation from English to Japanese ] The allowance for shareholder equity tax system introduces a tax-deductible ...

Original Texts
The allowance for shareholder equity tax system introduces a tax-deductible
allowance for the normal return on equity at the shareholder level. The part of the dividend
or the capital gain that corresponds to the “normal” rate of return is tax-free in the hands
of the shareholder and the rents are subject to a shareholder-level tax. The corporate tax
rate continues to function as the backstop to the personal income tax also under the ASE
tax system. The ASE tax system is therefore an interesting position between a full
imputation system and a classical tax system. Under this corporate income tax system,
there is no debt-equity distortion in a closed-economy. In fact, the ASE tax system does not
require expenditure tax treatment of savings at the personal level in order to obtain full
neutrality with respect to the marginal sources of finance in a closed-economy. Moreover,
the cost of capital of (marginal) equity-financed investment might decrease, which will
stimulate investment by the residents of the country that implements the ASE tax system.
However, in order to obtain the neutrality features of the ASE tax system, the corporate.
Translated by zhizi
株主持分税制は、株主レベルにおいて資本の正常収益に対する税控除を導入する。配当の一部もしくは正常収益レートに対応するキャピタルゲインは株主のもとでは免税であり、経済レントは株主レベルの税負担に左右される。法人税の税率は、個人所得税のバックネットとして、そしてASE税制のもとで作用し続ける。
株主持分(ASE)税制はすなわち完全なインピュテーション制と従来の税制の間にあるユニークなシステムである。この法人税制のもとでは、閉ざされた経済では債務と資本の歪み発生しない。実は、ASE税制は、閉ざされた経済で限界収益点の資金源に対し完全な中立性を得るために、個人レベルにある貯蓄の経費税処理を必要としない。
さらに、限界収益点の資本調達投資の資本コストは減少し、そしてASE制度を実施する国の居住者による投資を刺激するかもしれない。しかし、ASE制度の中立性を得るために、政府は

Result of Translation in Conyac

Number of Characters of Requests:
1151letters
Translation Language
English → Japanese
Translation Fee
$25.905
Translation Time
about 6 hours
Freelancer
zhizi zhizi
Senior