IS TAXATION A DETERMINANT OF CAPITAL STRUCTURE? AN ANALYSIS OF THE IMPACT OF INTEREST SYSTEMS ON TAX

This paper is an analysis of how the companies in building and constructions use tax liabilities in order to finance their assets. We start from the assumption that tax liabilities are an important source of financing their assets and, thus, the introduction of the new mechanism of “reverse charge ” in the field of value added tax generated difficulties in their financing, difficulties that forced the companies to change their capital structure. Then we investigate whether or not they constituted in an interest system that determined the change of the law back to its initial stat