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  1. How much multinational corporations pay in taxes and where
    evidence from their country-by-country reports
    Autor*in: Faccio, Tommaso; Godar, Sarah; Janský, Petr; Seabarron, Oliver
    Erschienen: [2021]
    Verlag:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    By exploiting country-by-country reports (CBCRs) prepared according to the OECD BEPS Action 13's minimum standards and voluntarily published by multinational corporations (MNCs), we show that the CBCR data can be used to identify how much MNCs pay in... mehr

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    By exploiting country-by-country reports (CBCRs) prepared according to the OECD BEPS Action 13's minimum standards and voluntarily published by multinational corporations (MNCs), we show that the CBCR data can be used to identify how much MNCs pay in taxes and where, as well as how important tax havens and profit shifting are. The largest, hand-collected sample of these CBCRs combines global information from ten MNCs, which are special not only in terms of tax transparency, by being the only MNCs to publish their CBCR, but also in terms of industry composition, with a half of them in the extractive industries, and - perhaps, therefore - the observed tax characteristics. Specifically, we observe that the worldwide effective tax rates of our sample MNCs are higher on average than our comparison estimates based on the aggregate data for large MNCs published in 2020. We also find that the sample MNCs report slightly more profits in tax havens on average than many large MNCs, although most of the sample MNCs are far below that average. We further find some indication of profit shifting as the sample MNCs' profits in tax havens are much higher than their economic activity suggests and we estimate a non-linear relationship between profits and effective tax rates, which is negative up to effective tax rates of around 30%. We highlight the differences across countries and MNCs by presenting country-level results, both for the whole sample and for specific MNCs, but CBCR data for even more individual MNCs would be needed to test for any systematic, MNC-specific determinants behind these differences.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/247389
    Schriftenreihe: IES working paper ; 2021, 22
    Schlagworte: multinational corporation; country-by-country reporting; effective tax rate; profit shifting; tax haven
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  2. IPOs and corporate taxes
    Autor*in: Dobridge, Christine; Lester, Rebecca; Whitten, Andrew
    Erschienen: July 2021
    Verlag:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    Sprache: Englisch
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    Schriftenreihe: Finance and economics discussion series ; 2021, 058
    Schlagworte: Corporate tax; IPO; investment; tax haven
    Umfang: 1 Online-Ressource (circa 75 Seiten), Illustrationen
  3. FDI-led growth models
    Sraffian supermultiplier models of export platforms and tax havens
    Autor*in: Woodgate, Ryan
    Erschienen: December 2022
    Verlag:  Berlin School of Economics and Law, Institute for International Political Economy Berlin, Berlin

    This paper develops two Sraffian supermultiplier models of two different kinds of economies that are dependent upon foreign direct investment (FDI): the "export platform FDI-led" growth model and the "tax haven FDI-led" growth model. The former is... mehr

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    This paper develops two Sraffian supermultiplier models of two different kinds of economies that are dependent upon foreign direct investment (FDI): the "export platform FDI-led" growth model and the "tax haven FDI-led" growth model. The former is driven by the growth of the exports of foreign-owned firms and is associated with greenfield FDI inflows, whereas the latter is driven by the growth of profits booked at foreign-owned shell companies that are partly absorbed through taxation and is associated with intangible FDI inflows. The two models achieve demand, output, and income growth via fundamentally different channels yet appear similarly export-led given how profit shifting artificially inflates the net exports of tax havens. Based on these models, a set of empirical indicators are proposed to differentiate exportplatform from tax haven economies. In contrast to Bohle/Regan (2021), who characterise output growth in both Hungary and Ireland as being led by the exports of foreign-owned firms, the model and indicators proposed here support the hypothesis that Ireland is closer to the tax haven FDI-led growth model.

     
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    hdl: 10419/266642
    Schriftenreihe: Working paper / Institute for International Political Economy Berlin ; no. 198 (2022)
    Schlagworte: Foreign direct investment; growth model; multinational corporation; tax haven
    Umfang: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  4. Pennies from haven
    wages and profit shifting
    Autor*in: Alstadsæter, Annette; Bjørkheim, Julie Brun; Davies, Ronald B.; Scheuerer, Johannes
    Erschienen: February 2022
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Increasing attention has been given to the fact that some multinational enterprises shift income to tax haven countries, an activity that generates inequality in corporate taxation. Here, we examine how profit shifting relates to wage inequality.... mehr

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    Increasing attention has been given to the fact that some multinational enterprises shift income to tax haven countries, an activity that generates inequality in corporate taxation. Here, we examine how profit shifting relates to wage inequality. Using rich matched employer-employee data from Norway, we find that profit-shifting firms pay higher wages, particularly among service firms where the wage premium is approximately 2%. Furthermore, this average effect masks significant within-firm heterogeneity with high-skill occupations – and managers in particular – earning higher shifting wage premiums. CEOs particularly gain, with their wages rising nearly 10%. These results thus suggest that profit shifting by multinationals meaningfully contributes to wage inequality, both between and within firms. Finally, our back-of-the-envelope calculations suggest these higher wages would generate additional income tax revenues which would offset around 3% of the fall in Norway’s corporate tax revenues due to profit shifting.

     
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    hdl: 10419/252107
    Schriftenreihe: CESifo working paper ; no. 9590 (2022)
    Schlagworte: profit shifting; tax haven; tax avoidance; multinational firms; wage distribution; inequality
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  5. Profit-shifting behaviour of emerging multinationals from India
    Autor*in: Das, Khanindra Ch.
    Erschienen: February 2022
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    This paper examines the profit-shifting behaviour of emerging multinational firms from India. It is found that the before-tax profitability of subsidiaries differs according to whether they were established directly or via an Offshore Financial... mehr

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    This paper examines the profit-shifting behaviour of emerging multinational firms from India. It is found that the before-tax profitability of subsidiaries differs according to whether they were established directly or via an Offshore Financial Centre (OFC). The impact of the corporate tax rate on profitability is examined using a fixed-effects model for the period 2010-19. In the case of subsidiaries established via OFCs, a negative relationship between corporate tax rate and profitability is found, indicating profit-shifting behaviour. However, a disaggregated investigation by characteristics of parent firms reveals that the negative relationship holds primarily for via-OFC subsidiaries that belong to multinational firms with limited transactions of intangible assets, lower export intensity, and limited dependence on external commercial borrowing. The evidence of profit shifting is not all pervasive. However, in the presence of these transaction channels, multinational firms establish better control over intra-firm resources, which enables the transfer of resources within the multinational firm when the network of subsidiaries is connected through the OFC. The results are robust to the inclusion of economic and institutional factors pertaining to the host country.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
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    ISBN: 9789292671525
    Weitere Identifier:
    hdl: 10419/259377
    Schriftenreihe: WIDER working paper ; 2022, 21
    Schlagworte: corporate tax; multinational firms; offshore financial centre; profit shifting; panel data; tax haven
    Umfang: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  6. Hidden havens
    state and local governments as tax havens?
    Autor*in: Agrawal, David R.
    Erschienen: July 2023
    Verlag:  CESifo, Munich, Germany

    An international tax haven is usually a low-tax jurisdiction that seeks to attract investment by foreign investors. But, there are many state and local jurisdictions within federal systems that set zero tax rates on personal or corporate income,... mehr

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    An international tax haven is usually a low-tax jurisdiction that seeks to attract investment by foreign investors. But, there are many state and local jurisdictions within federal systems that set zero tax rates on personal or corporate income, consumption, property, and wealth in an effort to attract activity from other high-tax jurisdictions. I discuss whether subnational tax havens are distinct from intense tax competition. I conclude that in a federal system, the economic implications of the two may be similar, but the policy responses differ subtly. A survey of the empirical evidence on the effect of zero or very low tax rates indicates that the lowest tax jurisdiction may disproportionately benefit from non-real base shifting, but real and avoidance responses also arise in response to smaller tax differentials between non-havens. Turning to the corporate income tax, I discuss how legal rules such as formula apportionment, economic nexus, and incorporation rules influence tax competition and the avoidance behaviors of multistate companies.

     
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    hdl: 10419/279324
    Schriftenreihe: CESifo working papers ; 10573 (2023)
    Schlagworte: tax haven; tax competition; state and local public finance; regulatory competition; corporate charters
    Umfang: 1 Online-Ressource (circa 37 Seiten)
  7. Tax effects on FDI - just a rerouting
    Autor*in: Erokhin, Dmitry
    Erschienen: [2023]
    Verlag:  WU Vienna University of Economics and Business, [Vienna]

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    Schriftenreihe: WU international taxation research paper series ; no. 2023, 02
    Schlagworte: indirect FDI; bilateral effective average tax rate; anti-tax avoidance rule; tax haven
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  8. Tax haven welfare and the crackdown on secrecy
    evidence from night light emissions
    Autor*in: Hoang Ha Nguyen Thi; Weichenrieder, Alfons J.
    Erschienen: October 2023
    Verlag:  CESifo, Munich, Germany

    Following numerous high-profile international initiatives, tax haven jurisdictions have been nudged into agreeing on tax information exchange. We analyse whether these agreements had measurable effects on the economy of cooperative tax havens. As GDP... mehr

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    Following numerous high-profile international initiatives, tax haven jurisdictions have been nudged into agreeing on tax information exchange. We analyse whether these agreements had measurable effects on the economy of cooperative tax havens. As GDP data are missing for many small tax haven jurisdictions, we use night light data as a proxy for economic activity. Depending on the exact list of tax havens, using this proxy allows us to increase the number of tax haven jurisdictions by up to 25 percent compared to using GDP. We find that tax havens which have signed more tax information exchange agreements experienced a significantly higher economic activity, as proxied by the sum of night light emissions. This applies to agreements that provide information exchange on request as well as agreements that implement automatic information exchange. When we use GDP as a measure of economic activity, tax information exchange agreements are not associated with a differential development of economic activity. Both observations suggest that information exchange treaties so far have not reduced economic growth in more cooperative tax havens.

     
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    hdl: 10419/282409
    Schriftenreihe: CESifo working papers ; 10721 (2023)
    Schlagworte: tax haven; night light emissions; tax information exchange; economic development
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen