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Sunglass Hut Now Open. Swarovski Crystal. Swarovski Crystal PH: Level 2. Swarovski Crystal event. If you plan to spend more time enjoying the water, Kaanapali is a better spot. Want to find the best beaches? We have a list of the 17 best beaches on Maui plus directions, tips, and more.

Does one area offer better snorkeling than the other? This one is truly a draw. And most of those boats leave from Lahaina, just a few miles south of Kaanapali.

Just a few miles down the road sits historic Lahaina, a lively, walkable town full of restaurants and bars. If you prefer not to make the quick drive yourself, there are shuttles running from the Kaanapali resorts to Lahaina. If you stay in Kaanapali, do yourself a favor and check out our list of 10 Best Happy Hours in Lahaina. The nightlife in Wailea is quieter and many people choose to stay at their hotel in the evening or drive to another part of the island for a night out.

While both locations are perfect for a honeymoon, resorts in Wailea feel like they are specifically designed to cater to the honeymooner. The hotels in Wailea are some of the most expensive on the island, and they provide a luxurious stay that is perfect for a romantic honeymoon. You will find fewer luxury resorts and more mid-range hotel options. Bottom line: If you prefer a luxury resort honeymoon experience, Wailea is going to be the best choice for you. Once you figure out where to stay on Maui you can start planning your things to do.

Check out our free itineraries below as we specialize in Maui! We live on Maui with our toddler Henry and our sweet but quirky dog Hattie. I am a planner! I love to plan island-hopping adventures, days out on Maui, and everything in-between.

I spend a lot of my time on our SUP and my favorite time of year in Hawai'i is whale season! Book Tee Times. Shop Online. Book A Lesson. Live Cam. Play More. With timeinvarianteffectivetax ratesare derivedthatare additionalassumptions, usefulfor describingthe long run impactof the tax systemon capital.

The user cost of capital is depreciationand financingcosts, adjustedfor taxes,that are incurredby the firm when holdingcapital. Effectivetax rates are conventionally definedas the differencebetween the marginal gross-of-taxrate of return the user cost of capitalnet of depreciation costs and the net-of-taArate of returnthat saversearn when investingin the firm'scapital.

This difference may be dividedby the gross-of-taxor net-of-taxmarginalratesof return. The steady-statecondition in a dynamic perfect foresight model without adjustment costs implies that the firm's capital decision is determined at the point where the value of marginal product per dollar of capital is equal to the tax-adjustedannual cost of depreciationand financing see Boadway and Bruce [ With this type of model, the cost of capital and effective tax rate faced by the firm is independentof time.

With tax holidays, the firm anticipates the tax system to be changing over time. In particular, the cc. This implies that the cost of capital is no longer time invariant, making the tax holiday problem more difficult to analyze compared to other tax incentivesthat have been treated in the literature. The scant literature on this subjecthas concentratedon issues related to the reasons why tax holidays may be used as an incentivewithout trying to derive the effective tax rate on capital during a holiday Bond and Samuelson [] and Doyle and van Wijnbergen ].

The user cost of capital, which varies over timil,is derived for a firm that correctly anticipatesthe length of the holiday and the tax regime that exists after the holiday. The time consistencyof tax policy is not an issue here. Each measures the effective tax rate by taking into account that income earned by capital during the holiday is taxed at the end of the holiday with the value of marginal product constant over the tax holiday period.

As shown in this paper, this assumption,implyingthe capital stock is constant until the end of the holiday, is incorrect. Tax depreciation allowancesare also modelled incorrectly. A first response would be that capital bears no tax at all. This would be correct for short term capital that fully depreciatesbefore the end of the holiday. However, as shown later, the effective tax rate on long term holiday investmentsdepends on the relationship between tax depreciationand true economicdepreciation.

Even though the firm is tax exempt during the holiday, it must pay taxes on income generated by holiday investmentsonce the holiday is finished. If the firm must write down the value of its assets for tax purposes during the tax holiday, the tax depreciationwriteoffs after the tax holiday may be inadequaterelative to the true cost of depreciation. A firm that undertakesan investmentduring the holiday must expense the capital for tax purposes,yet pay taxes on profits generatedby the remaining capital after the holiday period.

In fact, the "rule" can be describedas follows: the effective tax rate on depreciablecapital during the holiday is positive [negative]if the tax depreciationrate plus inflation rate with historical cost valuation of capital is more [less than the true economic depreciationrate.

As we review in the next section, some countries allow tax depreciationto be deferred until after the holiday. We show that capital is generally subsidizedwhen income is fully ei. Short term investmentsand labor compensatedby profits bear no tax duringthe tax holiday.

It is only long term investments thatmay be penalizedby the tax holiday. The remainderof the paper is dividedas follows. In SectionII, details regarding the tax law for five countries that use tax holiday incentivesare surveyed. SectionIII presentsthe theoryused to derivethe cost of capitaland the effectivetax rate on capitalfor eachyear duringand after a tax holiday.

SectionV concludeswith a discussion of the distortions thatarisefrom tax holidays. Table 1 providesa summaryof various tax provisionsin each country. Insteadof describingthe tax regimesin each country,I shall outlinethe generalfeaturesof the tax law that apply to qualifying holidayinvestments. Many countriesgiveotherformsof tax relief duringthe holidaysuchas a remission of importdutieson inputs,exporttaxes on goods, sales taxes, and personaltaxes on dividends.

Since this paper concentrates on the firm'sinvestmentdecision,only the remissionof import dutieson capitalgoodsand dividendtaxesare considered.

Tax Holiday Provision In the five countries listed in Table 1, tax holidays officiallylast from 3 to 14 years depending on the law. In general, the firm is fully exempt from corporate income taxes during the holiday although this is not always true. C6te d'Ivoire only partly exempts the firm during the last three years of the holiday while certain Ho",eco investments are given only a 50S exemption.

In each of the countries,firms must apply for a tax holiday status 4 and not all firms qualify. The tax heliday provisions for the treatment of depreciable assets vary considerablyacross countries. Morocco and Thailand require assets to be depreciated for tax purposes during the holiday while Malaysia explicitly permits the firm to depreciate assets after the holiday.

Depreciation deductions in C6te dllvoire are not mandatory-these can be deferred indefinitely. Thus, a C6te d'Ivoire firm during the tax hofiday may elect to defer its depreciationallowancesuntil after the holiday. Bangladeshrequires that depreciationdeductionsbe claimed in the year but unused deductionsmay 5 be carried forward indefinitely.

As shown later in the theoreticalsection, the deferral of depreciation deductions makes the tax holiday much more generousto the firm. The length of Cote d'Ivoire tax holidays depend on region that the firm operates in. Most countries do not allow tax holiday firm to claim other tax incentives Bangladesh,Malaysia, Cote d'Ivoire. Fund levy - 10Xtax personal tax free persoal bonds.

Depreclatlon, except in Bangladesh, is based on the straLghtline methods unlndexed for inflation. In some countries such as Bangladesh and Malaysla, an lnltial allowance is given.

Morocco and Thailand require tax depreciatlon to conform with accounting depreciation. These rates of depreciation are applied to assets purchased both during and after the hollday period. Table 1 provides the rates of depreciation and lnitialdepreciatlon or investment allowances. In most cases, annual tax depreciation is based on the original cost of asset without writingdown the asset base by the lnitial allowance.

Ignoring inflation. Another important provision regarding tax holidays is the treatment of tax losses. Thailand requires losses incurred by a pioneer firm to be written off against income of a related non-pioneer company.

The same applies to the tax losses of the non-pioneer buwiness-it must be set off against the income of the pioneer firm. Malaysia also requires losses of associated non- pioneer firms to be written off the income of pioneer firms, but unlike Thailand, not the converse the pioneer firm tax losses sre carried forward indefinitely. Bangladesh does not allow tax losses of holiday firms to be carried forward after the holiday while in C6te d'Ivoire and Morocco there is a limit on the time permitted for losses to be carried forward.

In the case of C6te d'Ivolre, depreciation deductions can be deferred indefinitely so it is unlikely that the restriction on the carry forward of losses is binding for many firms. For this reason, most reported tax losses are written off during the seven year maximumperiod in Canada.

See Mintz C6te d'Ivoire has a similar provision associatedwith the National InvestmentFund this fund is financed by taxes levied on companies and the taxes are recoverable if the firm purchases government bonds or undertakes sufficient levels of investment. Another feature of tax holiday is that dividends paid by a firm to its shareholders may be exempt at the personal level during the holiday.

Malaysia and Thailand fully exempt dividends while Bangladesh only exempts dividends of holiday firms listed on the stock exchange. How dividend taxation affects the marginal investmentdecision of the holiday firm is an issue left for later analysispresented in Section III.

Post-TaxHolidav Provisions When the holiday is terminated, the firm must pay corporate income taxes according the normal tax code provisions. I assume, if it does, that the tax does not affect the marginal investment decision since the funds can be fully recovered by investing in qualifyingcapital. In general, the rates of depreciation do not change except for the case of C6te d'Ivoire where accelerated depreciation twice the normal rate might be available for qualifyingcapital after the holiday period for later analysis,I assume that post-holIday investments do not qualify for accelerated depreciation.

An investmentallowancenot available to firms during a holiday is available after the holiday in Bangladesh. Otherwise,accelerateddepreciationand investment allowance incentivesare generally not available after the holiday period in most of the countries.

The corporate tax law reviewed above and outlined in Table I is the basis for modelling in the next section and for estimatingeffective tax rates in Section IV.

The informationon the tax provisionswere taken from published sources so it is quite possible that the tax law has been misinterpretedin some cases. The analysis is simplified by assuming that there are no costs incurred by firm in adjusting its capital stock.

If adjustment costs are capital in nature, the analysis is more complicatedbut adds little in theory to the model. For a discussionon effective tax rates and adjustment costs, see Boadway ]. Personal taxation and debt finance are ignored, at least initially. These assumptionsimply that the firm uses a time invariantdiscount rate the opportunitycost of shareholderfunds both during and after the holiday period to value its cash flows. Otherwise, in the presence of varying personal tax rates and financing policies, the firm's cost of finance, hence its discount rate, would be different during and after holiday period.

Time varying discountrates are consideredat the end of this section. The first part of this section is devoted to the simplest model that can be formulated to evaluate the impact of tax holidays on investment. In this part, it is assumed that holiday firm is not associated with a non-tax holiday firm, its depreciationdeductionscannot be deferred and that the firm has no accumulated losses at the end of the holiday period, thus being fully taxable when the holiday is finished. In the second part of this section, three complications are considered.

The first is the possibility that depreciationdeductionsmay be deferred. The second is the tax treatmentof associatedholiday and non-holiday firms.

The third is incorporationof both debt and personal t-xation in the model.