Therefore, the purpose of this study is to determine the effect of dividend dividend on company TAX avoidance: based on the value of shareholders. The present study was carried out using multi-variable regression and combined data for the period of 2009-2017 of active companies listed in Tehran Stock Exchange. The results indicate that profit sharing has a negative impact on TAX evasion. Research findings also show that corporate governance, including non-executive directors and the independence of the board of directors, has an impact on TAX avoidance, and ultimately, corporate governance has been identified as affecting the relationship between profit sharing and TAX evasion.

Since a few years ago, many countries have realized the unique and exceptional role of TAXes as the only global instrument for making economical the investments on housing markets within the capital market through the vehicle of REIT investment and as such, they establish their REIT markets one after another. Through making use of the modern financial institution of REIT (i.e., through the application of modern REIT technology to Iranian markets) with all its fiscal and financial characteristics, it will be possible to organize TAX categories for housing markets and to TAX the transactions of their securities in the capital markets. It is also possible to improve the working of the existing TAX system through the standardization of processes and monitoring in both the capital and housing markets. The critical role of TAXes in improving business environments in the housing market through the REIT financial instrument and in decreasing the investment risks both in the capital market and in Tehran Stock Exchange can not be ignored. The present paper is aimed at introducing the REIT financial instrument and at presenting the results of a field-comparative study being done on the topic of “investing on the housing market through the capital market” focusing on “its advantages and opportunities for the Iranian TAX system”.