This paper estimates the response of corporate tax revenues to the business cycle fluctuations and calculates a heterogeneous asymmetry in the tax revenue responses between booms and recessions using a new index of loss-offset generosity provisions. I find strong short-run contemporaneous impact of business cycles on corporate tax revenues and a persistent asymmetric response of corporate tax revenues to booms and recession. Loss-offset generosity provisions enhance this asymmetry. Countries with more generous loss-offset provisions experience much more volatile response of corporate tax revenues to business cycles during recessions, magnifying the asymmetry of the cyclicality.

中文翻译：

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商业周期中损失抵销准备金对公司税收不对称行为的影响

本文估算了企业税收对商业周期波动的响应，并使用新的损失抵销慷慨性指标来计算繁荣与衰退之间税收响应的异质性。我发现，商业周期对企业税收的短期短期影响很大，而且企业税收对经济繁荣和衰退的持续不对称反应。损失补偿的慷慨规定增强了这种不对称性。备有大量抵销准备金的国家在经济衰退期间对企业税收对商业周期的反应更加不稳定，从而加剧了周期性的不对称性。