Effectiveness of tax incentives for venture capital and business angels to foster the investment of SMEs and start-ups

Institute for Advanced Studies (ihs)

No 68, Taxation Papers from Directorate General Taxation and Customs Union, European Commission

Abstract: The Capital Markets Union project (CMU) aims to strengthen the single market by deepening the integration of investment across the European Union. Improved access to finance is a key component of this project, in particular for start-ups, SMEs, and young companies with innovative growth plans. Historically, European SMEs have been primarily dependent on bank finance. In the wake of the financial crisis, this source of funding has been restricted by refinancing capacity, risk appetite and capital adequacy of the banking sector. This has forced young, growing and innovative businesses to seek finance from different sources, such as venture capital (VC) and business angels (BA).This study investigates the part that tax incentives for can play in fostering VC and BA investment, with the intention of promoting best practice across Member States.

Keywords: SME; tax incentives; venture capital; business angels (search for similar items in EconPapers)
JEL-codes: G24 G32 H21 (search for similar items in EconPapers)
Pages: 245 pages
Date: 2017-07
New Economics Papers: this item is included in nep-cfn, nep-ent and nep-pbe
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