Rapport à la Commission européenne sur l’impact de la fiscalité sur les fonds propres

    Effects of tax systems on the retention of earnings and the increase of  own equity

    The study describes the situation regarding own equity of smaller companies in Europe, analyses current tax provisions of those countries that participated in the project, and identifies how these systems tend to influence company owners’ decisions to retain earnings. The study describes and analyses business owners’ situation on the basis of in-depth interviews with taxation experts and business owners. The study finally provides factual information on incentives and disincentives for the re-investment of retained earnings, identification of major tax obstacles for the re-investment of earnings, and proposals for solutions.

    http://ec.europa.eu/enterprise/entrepreneurship/craft/taxation/taxation_en.htm