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  Miscellaneous 2007

Taxation and public policy towards small firms: a review

Source: Australian Tax Forum Journal Article

Published Date: 1 Oct 2007

 
The favourable tax treatment of the self-employed and SMEs can only be justified on efficiency grounds if there is evidence that they provide spillover (external) effects to the rest of the economy that are not fully captured by these small “firms”. However, many countries have incomplete integration between personal and corporate tax systems. The resulting non-neutral tax structures are often inefficient, distorting the allocation of resources. Consequently, policy makers need to design tax policies for entrepreneurship to remedy market failures, while avoiding adverse side-effects. The paper concludes with suggestions about the characteristics of an optimal small business tax system.
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