| Summary: | 碩士 === 國立臺北大學 === 會計學系 === 101 === The Income Tax Law in Taiwan has been amended in May, 2009 and June, 2010 for twice, whereby the corporate income tax rate is reduced from 25% to 17%. The amendment aims to carry out the reform concept of reducing tax and streamlining administration, cope with the expiration of the Statute for Upgrading Industry and attract foreign investment. However, only Taiwan adopts the integration of income tax system of Imputation System, thus the direct reduction of corporate income tax rate may affect the rate calculation of imputation tax credit which leads to indirect influence on the shareholders’ individual consolidated income tax. Consequently, this study tries to explore the tax reduction policy for corporate income tax and whether it affects the corporate dividend policies, such as dividend amount and dividend payout ratio.
Based on the univariate analysis and multivariate statistical analysis, this study uses listed companies in Taiwan as samples with a research period of two years before and after the implementation of corporate income tax reduction policies respectively, so as to explore the effects of policy implementation on total dividend, total dividend payout ratio, cash dividend payout ratio, earnings dividend ratio and paid-in capital dividend ratio 。
According to the empirical results of this study, it can be found that after the reduction of income tax: 1, the total dividend of corporate rises dramatically; 2, the total dividend payout ratio declines; 3, there’s no significant changes in cash dividend payout ratio; 4, earnings dividend ratio declines largely; 5, paid-in capital dividend ratio has no notable changes.
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