This study takes stock of the challenges faced by small and medium-sized enterprises (SMEs) in the CAREC landlocked economies in terms of their access to finance resulting from demand-side, supply-side and institutional constraints. This includes identifying cultural, procedural, institutional...

We study the effects of corporate taxes on income inequality. Using state corporate taxes as a setting, we provide evidence that corporate tax cuts lead to increases in income inequality. This result is robust across regression, matching, and synthetic controls approaches, and to controlling for...

While consumers nominally pay the consumption tax, theoretical and empirical evidence is mixed on whether corporations partly shoulder this burden, thereby, affecting corporate investment. Using a quasi-natural experiment, we show that consumption taxes decrease investment. Firms facing more...

Most of the European Member States employ anti-loss trafficking rules. They aim to prevent the acquisition of mere corporate shells with high tax loss carryforwards for the tax asset to be utilized in profitable companies. However, other corporations can unintentionally be affected by the...

How does economic uncertainty affect the impact of tax policy? We exploit a natural experiment in which two very similar investment subsidies were implemented in the same country, two years apart: once during a period of economic stability, and once during a period of very high uncertainty....

Payroll tax has been frequently singled out as having an adverse effect on businesses and the economy in general. Payroll tax is levied by the States against the total sum of remuneration of employees within a firm for each dollar above a threshold. The threshold exempts small businesses from...