1995 CU 000111 CON ana

PublicationResource Notes

Análisis del efecto de cierre fiscal

El caso de la inversión colectiva en España

Carlos Contreras Gómez, Juan M.ª Fernández López

Social Sciences > Economics, Public Policy > Public Economics

The tax treatment of capital gains has occupied a significant role on the agenda and in discussions on tax reforms in western economies over the last decade. This research analyzes the tax effect of the year-end close, which creates an incentive for investors to keep assets with equity increases, which in other case they would sell, and to sell assets with equity losses that in other cases they would not. The study also provides a simulation exercise of the quantitative effect of the year-end tax close and a recommendation for tax policy to prevent the effect of reducing the level of competition in the mutual fund industry