TFL Vsebine / Revija SIR*IUS

The impact of taxes and tax reallocation on the country's attractiveness for foreign direct investment

Znotraj Evropske unije po privlačnosti za tuje neposredne investicije izstopajo tradicionalno najprivlačnejše države članice, kot so Nemčija, Nizozemska, Velika Britanija in Francija, za katere so značilni visoki stroški dela, visoke davčne obremenitve ter visoka vlaganja države. Slovenija se uvršča med države članice z najnižjo efektivno davčno obremenitvijo ter nizkimi stroški dela, vendar pa ostaja nezanimiva za tuje investitorje. Namen raziskave je s pomočjo že opravljenih raziskav določiti dejavnike, ki vplivajo na privlačnost posamezne države članice za tuje neposredne investicije, ter s pomočjo metode panelne regresije preizkusiti njihov vpliv na višino tujih neposrednih investicij. Podatki za regresijsko analizo vključujejo vseh 28 držav članic, in sicer za države članice, ki so tudi članice OECD-ja za obdobje 2005–2012, za ostale države članice pa za obdobje 2008–2012, skupno 2.842 opazovanj. S pomočjo raziskave potrdimo hipotezo, da imajo davčne prerazporeditve in državni izdatki za slovensko gospodarstvo statistično pomembnejši vpliv na privlačnost države za tuje neposredne investicije, in sicer ne glede na to, ali opazujemo trenutno sestavo slovenskega gospodarstva ali pa se usmerimo v prihodnost in hipotezo preizkušamo na podlagi ciljev strateškega razvoja do leta 2030.

Within the European Union, traditionally the most attractive Member States, such as Germany, the Netherlands, the United Kingdom and France attract the most foreign direct investment, all of which are known by their high labour costs, high taxation and high levels of government investment. Slovenia ranks among the Member States with the lowest effective tax burden and low labour costs but remains uninteresting for foreign investors. The purpose of the study was to examine and identify factors affecting the attractiveness of Member States as the recipient of foreign direct investments and by using the panel regression method to test their impact on the level of foreign direct investments. Data consist of observations for the period between 2008 and 2012 for OECD Member States and for the other Member States for the 2008–2012 period, a total of 2,842 observations. Our research confirms the hypothesis that tax reallocations and government expenditure have statistically significant impact on the Slovenian economy, regardless whether we observe the current composition of the Slovenian economy or focus on the future and test the hypothesis based on the goals of strategic development until 2030.