Investigation of the Impact of Changes in Value Added Tax and Special Consumption Tax Rates on Stock Returns
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Tarih
2019
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Maliye Bakanligi
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
Value Added Tax (VAT) and Special Consumption Tax (SCT) are taxes that can be reflected to consumers through price mechanism. Therefore, reduction in tax rates may lead to decrease in prices and consequently increase in sales. This situation may in turn enhance profitability of the companies. In this study, impact of reduction in VAT and SCT rates on the stock returns is examined by event study methodology. Event study is conducted for a tax rate reduction announcement and two consecutive tax rate reduction extension announcements in the years of 2018 and 2019. The reduction announcement appears to have a significant impact on stock returns, while extension announcements do not seem to effect stock returns significantly. Therefore, stock market appears to be efficient in semi-strong form.
Açıklama
Anahtar Kelimeler
Value Added Tax, Special Consumption Tax, Tax Rate, Event Study
Kaynak
Maliye Dergisi
WoS Q Değeri
N/A
Scopus Q Değeri
Cilt
Sayı
177
