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TAXATION PAPERS
WORKING PAPER N.33 - 2012
Serena Fatica
Thomas Hemmelgarn
Gaëtan Nicodème

The Debt-Equity
Tax Bias: consequences and solutions

Taxation and customs union

Taxation Papers are written by the staff of the European Commission's Directorate-General for
Taxation and Customs Union, or by experts working in association with them. Taxation Papers are intended to increase awareness of the work being done by the staff and to seek comments and suggestions for further analyses. The views expressed in the Taxation Papers are solely those of the authors and do not necessarily reflect the views of the European Commission.

Comments and inquiries should be addressed to:
TAXUD TAXATION-PAPERS@ec.europa.eu
Cover photo made by Milan Pein
Despite all our efforts, we have not yet succeeded in identifying the authors and rights holders for some of the images. If you believe that you may be a rights holder, we invite you to contact the Central Audiovisual Library of the European Commission.

This paper is available in English only.

Europe Direct is a service to help you find answers to your questions about the European Union
Freephone number:

00 800 6 7 8 9 10 11
A great deal of additional information on the European Union is available on the Internet.
It can be accessed through EUROPA at: http://europa.eu.
For information on EU tax policy visit the European Commission's website at: http://ec.europa.eu/taxation_customs/taxation/index_en.htm Do you want to remain informed of EU tax and customs initiatives? Subscribe now to the
Commission's
e-mail newsflash at: http://ec.europa.eu/taxation_customs/common/newsflash/index_en.htm

Cataloguing data can be found at the end of this publication.
Luxembourg: Office for Official Publications of the European Communities, 2012
DOI 10.2778/30466
ISBN 978-92-79-25419-2
© European Union,...

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