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  1. Profit shifting by multinational corporations
    evidence from transaction-level data in Nigeria
    Autor*in: Gabanatlhong, Bathusi; Garcia-Bernardo, Javier; Iyika, Paulinus; Palanský, Miroslav
    Erschienen: March 2022
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    Research on profit shifting by multinational corporations in developing countries is limited due to a lack of data. In this paper we use, for the first time, novel administrative data on the transactions of multinational corporations operating in... mehr

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    Research on profit shifting by multinational corporations in developing countries is limited due to a lack of data. In this paper we use, for the first time, novel administrative data on the transactions of multinational corporations operating in Nigeria vis-à-vis related parties in other jurisdictions. The data provides a breakdown of these intra-group transactions into seven categories: (1) tangible goods, (2) services and fees, (3) royalties, (4) interest, (5) dividends, (6) reimbursements, and (7) other. We develop a methodology that uses this data to identify which transactions are most often used by multinationals to shift profits out of Nigeria and estimate their relative importance. We find that profits reported in Nigeria are highly sensitive to the hypothetical tax that would be paid on a transaction's value in the partner jurisdiction: a 1 per cent increase in the hypothetical tax on outgoing transactions is associated with a 0.28 per cent increase in reported profits in Nigeria. Payments for services and fees, royalties, and interest going from Nigerian companies to affiliates in low-tax countries are the most important channels of profit shifting in Nigeria. We argue that our approach can be used to inform low-cost policy interventions and increase audit efficiency with potentially strong effects on corporate income tax collection.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789292671679
    Weitere Identifier:
    hdl: 10419/259392
    Schriftenreihe: WIDER working paper ; 2022, 36
    Schlagworte: tax havens; multinational corporations; profit shifting
    Umfang: 1 Online-Ressource (circa 16 Seiten), Illustrationen
  2. The indirect costs of corporate tax avoidance exacerbate cross-country inequality
    Autor*in: Garcia-Bernardo, Javier; Haberly, Daniel; Janský, Petr; Palanský, Miroslav; Secchini, Valeria
    Erschienen: March 2022
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    Corporate tax avoidance hampers domestic revenue mobilization and, with it, the development of lower- and middle-income countries. While a wide range of studies has shed light on the magnitude of profit shifting by multinational corporations, the... mehr

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    Corporate tax avoidance hampers domestic revenue mobilization and, with it, the development of lower- and middle-income countries. While a wide range of studies has shed light on the magnitude of profit shifting by multinational corporations, the indirect costs of this behaviour is underexplored. These indirect costs are likely to be skewed based on a country's level of income. We hypothesize that developed countries tend to recover a larger part of corporate tax revenue losses (primary effects or direct costs) via capital gains and dividend taxes on corporate investors (secondary effects). Furthermore, developed countries can offset tax losses by borrowing in financial markets at very low interest rates (tertiary effect or, together with secondary effects, indirect costs). In this paper, we introduce a dynamical model that includes not only corporate tax revenue losses but also tax revenue collected from capital gains and dividend taxes, as well as government borrowing costs. We use country-by-country reporting data on the operations of multinational corporations to estimate profit shifting, alternative operationalizations of the location of investors to proxy the tax revenues from capital gains and dividend taxes, and yields on government bonds to measure the cost of borrowing. Our results show that when these indirect costs are included, the total cost of profit shifting for developing countries increases significantly, while some developed countries can often offset or recover the majority of the direct costs of profit shifting. The ability of the latter to do this is, however, uneven with, for example, most European countries losing revenues from profit shifting even after indirect effects are taken into account. Only a handful of other countries actually appear to profit from profit shifting-and by an amount that is far smaller, in relation to gross domestic product, than the losses suffered by others.

     
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    Sprache: Englisch
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    ISBN: 9789292671648
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    hdl: 10419/259389
    Schriftenreihe: WIDER working paper ; 2022, 33
    Schlagworte: profit shifting; corporate tax avoidance; tax havens; multinational corporations; indirect costs; inequality
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  3. Profit shifting, employee pay, and inequalities
    evidence from US-listed companies
    Autor*in: Souillard, Baptiste
    Erschienen: April 2022
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Corporate tax avoidance has regularly been accused of aggravating income inequalities. Yet, systematic evidence on this matter is still lacking. To fill this gap, the present paper explores the effect of profit shifting on employee pay among S&P 1500... mehr

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    Corporate tax avoidance has regularly been accused of aggravating income inequalities. Yet, systematic evidence on this matter is still lacking. To fill this gap, the present paper explores the effect of profit shifting on employee pay among S&P 1500 companies. The study shows that its effect indeed varies across occupations. Chief executive officers and chief financial officers receive higher compensations when their firm starts operating in tax havens. Non-executive employees, if anything, see their wages fall in the meantime. Furthermore, the inequality-deepening impact of firm entry into tax havens is driven by companies that reward executives on an after-tax basis and more pronounced in intangible-intensive companies. These new findings enrich our understanding of the distributional consequences of profit shifting. They also cast light on the evolution of income inequalities, public opinion about globalization, and ongoing debates on international tax reforms.

     
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    hdl: 10419/260850
    Schriftenreihe: CESifo working paper ; no. 9720 (2022)
    Schlagworte: employee pay; multinational enterprises; profit shifting; tax havens; income inequalities
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  4. Incorporation of offshore shell companies as an indicator of corruption risk in the extractive industries
    Autor*in: Marcolongo, Giovanna; Zambiasi, Diego
    Erschienen: February 2022
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    We show that the incorporation of offshore entities increases when oil and gas exploration licences are awarded. We exploit leaked data on the incorporation of shell companies and detailed information on tax havens and the awarding rounds of oil... mehr

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    We show that the incorporation of offshore entities increases when oil and gas exploration licences are awarded. We exploit leaked data on the incorporation of shell companies and detailed information on tax havens and the awarding rounds of oil licences to construct a new data set covering 119 countries over the period 1990-2014. We consider the incorporation of offshore entities as an indicator of corruption risk. We find that the number of new shell companies increases by 11.1 per cent in the period around the award of an exploration licence. We interpret this evidence as a strong indicator that the award of an exploration licence increases the risk of corruption. Consistent with rent-maximising behaviour, this association is stronger when the price of oil increases. Our work informs the fight against corruption, proposing greater monitoring of the ultimate beneficiaries of opaque companies that participate in awarding procedures.

     
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    ISBN: 9789292671457
    Weitere Identifier:
    hdl: 10419/259370
    Schriftenreihe: WIDER working paper ; 2022, 14
    Schlagworte: oil; extractives; natural resources; corruption; tax havens; shell companies
    Umfang: 1 Online-Ressource (circa 15 Seiten), Illustrationen
  5. Hide-seek-hide?
    the effects of financial secrecy on cross-border financial assets
    Autor*in: Janský, Petr; Palanská, Tereza; Palanský, Miroslav
    Erschienen: January 2022
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    Excessive financial secrecy facilitates illicit financial flows, which constitute a major developmental challenge for low-income economies and cause significant tax revenue losses for governments around the world. In this paper we estimate the... mehr

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    Excessive financial secrecy facilitates illicit financial flows, which constitute a major developmental challenge for low-income economies and cause significant tax revenue losses for governments around the world. In this paper we estimate the semi-elasticity of cross-border financial assets to changes in financial secrecy and how it differs for countries at various income levels. We develop a new financial secrecy dataset for the 2011-20 period, which covers many specific policies in addition to the previously studied automatic information exchange. We then combine this with data on cross-border financial assets and find that investors do indeed react to changes in financial transparency by relocating their assets to offshore financial centres, which remain, or have recently become, more financially secretive than other countries (here, secrecy jurisdictions). In agreement with our theoretical predictions, we document that this effect is highly non-linear and stronger for portfolio investment than for bank deposits. Overall, we find a much stronger relocation effect for assets originating from lower-income countries.

     
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    ISBN: 9789292671402
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    hdl: 10419/259365
    Schriftenreihe: WIDER working paper ; 2022, 9
    Schlagworte: financial secrecy; financial transparency; secrecy jurisdictions; tax havens; offshore financial centres
    Umfang: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  6. Homes incorporated
    offshore ownership of real estate in the U.K.
    Autor*in: Johannesen, Niels; Miethe, Jakob; Weishaar, Daniel
    Erschienen: December 2022
    Verlag:  CESifo, Munich, Germany

    Ownership of real estate through corporations in offshore tax havens creates opportunities for tax evasion and money laundering and may have undesirable effects in housing markets. In this paper, we study offshore ownership of real estate in the... mehr

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    Ownership of real estate through corporations in offshore tax havens creates opportunities for tax evasion and money laundering and may have undesirable effects in housing markets. In this paper, we study offshore ownership of real estate in the United Kingdom by combining several data sources: administrative data from the land register, a comprehensive transaction database, a propriety database on corporate ownership links, and a handful of offshore data leaks. Our descriptive analysis shows that the market share of offshore corporations has increased over time and varies strongly across market segments: It currently stands at 1.25% in the overall residential market and around 15% for top-end properties. When data leaks allow us to trace ownership through offshore corporations to the beneficial owners, we find that around half have ties to Africa, Asia and the Middle East, but that the largest 'foreign' investor is the United Kingdom itself. Turning to causal evidence, we show that changes in tax incentives and ownership transparency induce strong responses in patterns of offshore ownership, suggesting that both taxation and secrecy are important motives for the beneficial owners. Finally, we show that the Brexit referendum was followed by a sharp increase in property sales by offshore owners and a large differential decrease in property prices in local areas with more offshore ownership, conditional on area and property characteristics. This suggests that the reduction in demand from offshore investors triggered by Brexit had a negative causal effect on property prices and, more broadly, that offshore ownership can have significant real effects in housing markets.

     
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    hdl: 10419/271803
    Schriftenreihe: CESifo working papers ; 10159 (2022)
    Schlagworte: tax havens; tax evasion; offshore financial centers; real estate; hidden wealth
    Umfang: 1 Online-Ressource (circa 70 Seiten), Illustrationen
  7. 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
  8. Multinationals and Varieties of Capitalism
    When U.S. Giants Stepped into the Swiss Coordinated Labor Market in the 1950s
    Autor*in: Pitteloud, Sabine
    Erschienen: 2022
    Verlag:  SSRN, [S.l.]

    This working paper investigates unintended consequences of U.S. FDI in Switzerland in the 1950s-1960s: the increased competition that U.S. firms generated within the national labor market and the challenge their hiring practices constituted for the... mehr

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    This working paper investigates unintended consequences of U.S. FDI in Switzerland in the 1950s-1960s: the increased competition that U.S. firms generated within the national labor market and the challenge their hiring practices constituted for the institutional settings in which labor relations were embedded. It therefore contributes to two bodies of literature: one that deals with the arrival of U.S. firms in Europe after 1945 and another that tackles the contribution of business history to the variety of capitalism (VOC) scholarship

     
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    Schriftenreihe: Harvard Business School General Management Unit Working Paper ; No. 22-075
    Schlagworte: multinationals; capitalism; business ＆ government relations; foreign direct investment; immigration policy; history; Switzerland; Americanization; R＆D; labor history; labor market institutions; tax havens; USA; business interest association; lobbying
    Umfang: 1 Online-Ressource (20 p)
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    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 3, 2022 erstellt