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  1. International taxation and productivity effects of M&As
    Autor*in: Todtenhaupt, Maximilian; Voget, Johannes
    Erschienen: March 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We investigate how changes in firm productivity after M&As are affected by differences in profit taxation between the target and the acquirer. We argue that tax differentials distort the efficient allocation of productive factors following an M&A and... mehr

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    We investigate how changes in firm productivity after M&As are affected by differences in profit taxation between the target and the acquirer. We argue that tax differentials distort the efficient allocation of productive factors following an M&A and thus inhibit the realization of productivity improvements. Using firm-level data on inputs and outputs of production as well as on corporate M&As, we show that the absolute tax differential between the locations of two merging firms reduces the subsequent total factor productivity gain. This effect is concentrated in horizontal M&As and less pronounced when firms can use international profit shifting to attenuate effective differences in taxation.

     
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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/235337
    Schriftenreihe: CESifo working paper ; no. 8967 (2021)
    Schlagworte: M&A; productivity; international taxation
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  2. The global minimum tax
    Autor*in: Johannesen, Niels
    Erschienen: 2022
    Verlag:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

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    Weitere Identifier:
    hdl: 10419/258964
    Schriftenreihe: CEBI working paper series ; 22, 01
    Schlagworte: profit shifting; international taxation; global minimum tax; tax avoidance; multinational firms
    Umfang: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  3. Pareto-improving minimum corporate taxation
    Autor*in: Hebous, Shafik; Keen, Michael
    Erschienen: March 2022
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    The recent international agreement on a minimum effective corporate tax rate marks a profound change in global tax arrangements. The appropriate level of that minimum, however, has been, and remains, extremely contentious. This paper explores the... mehr

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    The recent international agreement on a minimum effective corporate tax rate marks a profound change in global tax arrangements. The appropriate level of that minimum, however, has been, and remains, extremely contentious. This paper explores the strategic responses to a minimum tax, which the policy objective being to change the rules of tax competition game are critical for assessing the design and welfare impact of, and prospects for, this fundamental policy innovation. Analysis and calibration plausibly suggest sizable scope for minima that are Pareto-improving, benefiting low tax countries as well as high tax, relative to the uncoordinated equilibrium.

     
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    hdl: 10419/252150
    Schriftenreihe: CESifo working paper ; no. 9633 (2022)
    Schlagworte: tax competition; minimum taxation; corporate tax reform; international taxation
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  4. Successful tax reforms in the recent international experience
    lessons in political economy and the nuts and bolts of increasing country tax revenue effort
    Autor*in: Martinez-Vazquez, Jorge
    Erschienen: 2021
    Verlag:  International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University, Atlanta, Georgia, United States of America

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    Schriftenreihe: Working paper / International Center for Public Policy ; 21, 15 (November 2021)
    Schlagworte: tax reform; tax policy; tax administration; international taxation
    Umfang: 1 Online-Ressource (circa 102 Seiten), Illustrationen
  5. The global minimum tax
    Autor*in: Johannesen, Niels
    Erschienen: January 2022
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper studies how the global minimum tax shapes national tax policies and welfare in a formal model of international tax competition with heterogeneous countries. The net welfare effect is generally ambiguous from the perspective of non-havens.... mehr

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    This paper studies how the global minimum tax shapes national tax policies and welfare in a formal model of international tax competition with heterogeneous countries. The net welfare effect is generally ambiguous from the perspective of non-havens. On the one hand, the global minimum tax raises their welfare by curbing profit shifting, which boosts government revenue. One the other hand, it lowers their welfare by increasing equilibrium tax rates in havens, which transfers real resources from non-haven firms to haven governments. The net welfare effect is unambiguously positive when the global minimum rate is so high that profit shifting ends.

     
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    hdl: 10419/252044
    Schriftenreihe: CESifo working paper ; no. 9527 (2022)
    Schlagworte: profit shifting; international taxation; global minimum tax; tax avoidance multinational firms
    Umfang: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  6. Revenue losses from corporate tax avoidance
    estimations from the UNU-WIDER Government Revenue Dataset
    Autor*in: Chiari, Alessandro
    Erschienen: [2022]
    Verlag:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    Corporate profit shifting to tax havens negatively impacts corporate tax revenue, particularly in low-income countries. Two studies published in 2016 and 2018 have proven this correlation using data from 2013. In this paper, I use the most recent... mehr

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    Corporate profit shifting to tax havens negatively impacts corporate tax revenue, particularly in low-income countries. Two studies published in 2016 and 2018 have proven this correlation using data from 2013. In this paper, I use the most recent version of the UNU-WIDER Government Revenue Dataset (GRD) to estimate government revenue losses in 2019 and to observe possible changes associated with the release of the new dataset. My estimations indicate that global tax revenue losses in 2019 are around USD 480 billion, compared to USD 500 billion in 2013. In terms of GDP percentage, my estimations confirm the presence of a higher share of losses in low-income, and more generally, in non-OECD countries, and they show a higher intensity of tax avoidance practices in those countries. The results also suggest that the total level of tax revenue losses has plateaued, with no increase in losses occurring since 2013.

     
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    hdl: 10419/286326
    Schriftenreihe: IES working paper ; 2022, 30
    Schlagworte: international taxation; corporate income tax; tax avoidance; tax havens; base erosion; profit shifting; income inequality; developing countries
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  7. Overview of the characteristics of tax havens
    Autor*in: Dharmapala, Dhammika
    Erschienen: May 2023
    Verlag:  CESifo, Munich, Germany

    Tax havens have become a subject of great interest among policymakers, scholars and the general public, and are central to many important current policy debates. This chapter provides an overview of the scholarly literature on the characteristics and... mehr

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    Tax havens have become a subject of great interest among policymakers, scholars and the general public, and are central to many important current policy debates. This chapter provides an overview of the scholarly literature on the characteristics and origins of tax havens. The earlier literature, used cross-country analysis and found evidence that tax havens tend to have stronger governance institutions than comparable nonhaven countries. The more recent literature analyses the historical origins of tax havens and undertakes longitudinal analysis of their adoption of haven-like laws. This chapter also presents a descriptive analysis of the relationship between tax haven status and quantitative measures of countries' historical characteristics. This descriptive analysis suggests that tax haven jurisdictions are not appreciably different from nonhavens in their historical experience of foreign rule and in other historical characteristics. This suggests some caution in attributing tax havens' status to their colonial history or to other historical variables.

     
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    hdl: 10419/279160
    Schriftenreihe: CESifo working papers ; 10411 (2023)
    Schlagworte: tax havens; international taxation; colonial history; governance; economic development; comparative economics
    Umfang: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  8. Tax treaty norms among lower-income countries and the role of the UN model
    past, present and potential
    Autor*in: Hearson, Martin; Heitmüller, Frederik; Arel-Bundock, Vincent
    Erschienen: August 2023
    Verlag:  The International Centre for Tax and Development at the Institute of Development Studies, Brighton, UK

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    ISBN: 9781804701447
    Weitere Identifier:
    Schriftenreihe: ICTD working paper ; 171
    Schlagworte: international taxation; tax treaties; UN; OECD; model convention; lower-incomecountries; foreign direct investment; negotiations; reservations
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  9. Principles for pareto efficient border carbon adjustment
    Autor*in: Keen, Michael; Kotsogiannēs, Chrēstos
    Erschienen: March 2024
    Verlag:  CESifo, Munich, Germany

    Border Carbon Adjustment Mechanisms (BCAMs) are becoming reality in the EU and elsewhere, and recur—in very different form—in U.S. legislative proposals. But they remain contentious, with features and differences that leave the underlying welfare... mehr

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    Border Carbon Adjustment Mechanisms (BCAMs) are becoming reality in the EU and elsewhere, and recur—in very different form—in U.S. legislative proposals. But they remain contentious, with features and differences that leave the underlying welfare rationale and implications unclear. Exploring these, this paper establishes two general principles for Pareto efficient BCAM design: regulatory measures should be recognized symmetrically with explicit carbon prices; and, whatever the ambition of mitigation in the BCA-imposing country, a general ‘difference-in-differences’ form of a BCAM is appropriate. These nest, as special cases, the very different approaches to BCAM design in Europe and the U.S.

     
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    hdl: 10419/296105
    Schriftenreihe: CESifo working papers ; 11016 (2024)
    Schlagworte: environmental taxation; carbon pricing; border tax adjustment; international taxation
    Umfang: 1 Online-Ressource (circa 26 Seiten)
  10. Base erosion, profit-shifting and developing countries
    Autor*in: Crivelli, Ernesto; Keen, Michael; Mooij, Ruud A. de
    Erschienen: 2015
    Verlag:  Oxford University Centre for Business Taxation, Oxford

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    Schriftenreihe: Working paper / Oxford University Centre for Business Taxation ; 15,09
    Schlagworte: Corporate income tax; BEPS; tax avoidance; international taxation
    Umfang: Online-Ressource (26 S.), graph. Darst.
  11. A critical review of proposals for destination-based cash-flow corporate taxation as an international tax reform option
    Autor*in: Cui, Wei
    Erschienen: 2015
    Verlag:  Oxford University Centre for Business Taxation, Oxford

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    Schriftenreihe: Working paper / Oxford University Centre for Business Taxation ; 15,21
    Schlagworte: international taxation; destination-based taxation; corporate taxation; BEPS; US tax reform
    Umfang: Online-Ressource (22, [4] S.)
  12. The consequences of the 2017 US international tax reform
    a survey of the evidence
    Autor*in: Dharmapala, Dhammika
    Erschienen: November 2023
    Verlag:  CESifo, Munich, Germany

    The 2017 US tax legislation - widely referred to as the Tax Cut and Jobs Act (TCJA) - fundamentally transformed the US system of international taxation. It ostensibly ended worldwide taxation but introduced, for instance, a new tax on "Global... mehr

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    The 2017 US tax legislation - widely referred to as the Tax Cut and Jobs Act (TCJA) - fundamentally transformed the US system of international taxation. It ostensibly ended worldwide taxation but introduced, for instance, a new tax on "Global Intangible Low-Taxed Income" (GILTI). This paper surveys the emerging empirical literature on the impact of the TCJA's international provisions. It documents five robust findings in this empirical literature. First, the TCJA led to a general decline in US MNCs' foreign acquisitions. Second, the TCJA increased US MNCs' investment in routine foreign tangible assets. Third, the reform did not lead to any change in profit shifting by US MNCs beyond the magnitude that would be expected based on the TCJA's tax rate reduction. Fourth, The TCJA appears to have reduced the market value of US MNCs relative to domestic US firms. Fifth, the TCJA does not appear to have had any detectable impact on domestic US investment and wages (although there are some contrary results for capital expenditures). The welfare implications of these findings depend crucially on whether US MNCs' are viewed as having engaged in too much or too little foreign activity prior to the TCJA. This depends on the choice of theoretical framework and the relevant normative benchmark, and cannot readily be resolved empirically.

     
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    hdl: 10419/282490
    Schriftenreihe: CESifo working papers ; 10802 (2023)
    Schlagworte: international taxation; multinational firms; Tax Cut and Jobs Act (TCJA); repatriation taxes; global intangible low-taxed income tax
    Umfang: 1 Online-Ressource (circa 28 Seiten), Illustrationen