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This volume deals with the tax problems tied to thin capitalization. Partners in a company who are not residents of the same country as the company usually have the possibility of financing the company through equity or debt capital. Taxation of earnings (either dividends or interest) varies considerably depending on the national laws of the States in question and on double taxation agreements.
In general, as far as the distribution of earnings is concerned, dividends are non-deductible and are subject to a withholding tax, whereas interest is tax-deductible and is not subject to a withholding tax. Thus, taxation of the different financing modes has a significant impact on tax planning and the profits of the company and partners and on the tax revenue of the States concerned. Consequently, there are internal and tax treaty measures in several countries on financing using little equity and a great deal of debt capital (thin capitalization).