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  1. Escaping the exchange of information
    tax evasion via citizenship-by-investment
    Autor*in: Langenmayr, Dominika; Zyska, Lennard
    Erschienen: March 2021
    Verlag:  BGPE, Bavarian Graduate Program in Economics, Erlangen-Nuremberg

    With (automatic) exchange of tax information among countries now common, tax evaders have had to find new ways to hide their offshore holdings. One such way are citizenship-by-investment programs, which offer foreigners a new passport for a local... mehr

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    With (automatic) exchange of tax information among countries now common, tax evaders have had to find new ways to hide their offshore holdings. One such way are citizenship-by-investment programs, which offer foreigners a new passport for a local investment or a fixed fee. We show analytically that high-income individuals acquire a new citizenship to lower the probability that their tax evasion is detected through information exchange. Using data on cross-border bank deposits, we find that deposits in tax havens increase after a country starts offering a citizenship-by-investment program, providing indirect evidence that tax evaders use these programs.

     
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    Weitere Identifier:
    hdl: 10419/237995
    Schriftenreihe: BGPE discussion paper ; no. 204
    Schlagworte: Citizenship-by-investment programs; tax havens; tax evasion
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  2. Multinational corporations and commercialised states
    can state aid serve as the basis for an FDI-driven growth strategy?
    Autor*in: Woodgate, Ryan
    Erschienen: May 2021
    Verlag:  Berlin School of Economics and Law, Institute for International Political Economy Berlin, Berlin

    In recent decades, governments around the world have increasingly used various forms of state aid to try to attract and retain the business activity of foreign-owned multinational corporations. Yet, in most cases, this "commercialisation of state... mehr

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    In recent decades, governments around the world have increasingly used various forms of state aid to try to attract and retain the business activity of foreign-owned multinational corporations. Yet, in most cases, this "commercialisation of state sovereignty" (Palan, 2002) has failed to catalyse foreign investment and economic growth as intended. This paper seeks to understand the general failure of such commercialised state strategies, while also explaining how demand and income growth in some notable exceptions can be understood. To this end, a simple demand-led model is presented that suggests that foreign-targeted state aid may lead to beggarthy-neighbour, FDI-driven growth in one economy if certain conditions are met, such as there being sufficiently little policy competition from other countries. It is shown that the exceptional cases tend to be the early movers, i.e. those few economies and special economic zones that engaged in the commercialisation of state sovereignty before the widespread competitive emulation that followed. This paper argues that state aid for the attraction of foreign multinationals is unlikely to be an effective growth strategy in the current environment of intense state competition and that international coordination on corporation tax and other forms of state aid is desirable.

     
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    hdl: 10419/234135
    Schriftenreihe: Working paper / Institute for International Political Economy Berlin ; no. 161 (2021)
    Schlagworte: Policy competition; foreign direct investment; tax havens; export platforms
    Umfang: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  3. Tax Evasion and Inequality
    Autor*in: Alstadsæter, Anette; Johannesen, Niels; Zucman, Gabriel
    Erschienen: [2017]
    Verlag:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

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    Weitere Identifier:
    hdl: 10419/258894
    Schriftenreihe: CEBI working paper series ; 17, 03
    Schlagworte: tax evasion; inequality; tax havens; tax gap; tax amnesties
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  4. Who owns the wealth in tax havens?
    macro evidence and implications for global inequality
    Autor*in: Alstadsæter, Anette; Johannesen, Niels; Zucman, Gabriel
    Erschienen: [2017]
    Verlag:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

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    Weitere Identifier:
    hdl: 10419/258895
    Schriftenreihe: CEBI working paper series ; 17, 04
    Schlagworte: inequality; wealth; tax evasion; tax havens
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  5. Escaping the exchange of information
    tax evasion via citizenship-by-investment
    Autor*in: Langenmayr, Dominika; Zyska, Lennard
    Erschienen: March 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    With (automatic) exchange of tax information among countries now common, tax evaders have had to find new ways to hide their offshore holdings. One such way are citizenship-by-investment programs, which offer foreigners a new passport for a local... mehr

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    With (automatic) exchange of tax information among countries now common, tax evaders have had to find new ways to hide their offshore holdings. One such way are citizenship-by-investment programs, which offer foreigners a new passport for a local investment or a fixed fee. We show analytically that high-income individuals acquire a new citizenship to lower the probability that their tax evasion is detected through information exchange. Using data on cross-border bank deposits, we find that deposits in tax havens increase after a country starts offering a citizenship-by-investment program, providing indirect evidence that tax evaders use these programs.

     
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    Weitere Identifier:
    hdl: 10419/235326
    Schriftenreihe: CESifo working paper ; no. 8956 (2021)
    Schlagworte: citizenship-by-investment programs; tax havens; tax evasion
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  6. 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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    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
  7. 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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    ISBN: 9789292671648
    Weitere Identifier:
    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
  8. Automatic for the (tax) people
    information sharing and cross-border investment in tax havens
    Autor*in: Bénétrix, Agustín; Emter, Lorenz; Schmitz, Martin
    Erschienen: [2021]
    Verlag:  Trinity College Dublin, Department of Economics, Dublin

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    Schriftenreihe: TEP working paper ; no. 21, 13 (November 2021)
    Schlagworte: cross-border banking; tax havens; international tax treaties; tax evasion
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  9. The tax-price elasticity of offshore tax avoidance
    evidence from Ecuadorian transaction data
    Autor*in: Brounstein, Jakob
    Erschienen: December 2021
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    This study leverages a unique data set on the universe of transactions exiting the Ecuadorian economy to estimate the tax-price elasticity of demand for tax-sheltering activities using offshore fiscal havens. I determine this elasticity... mehr

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    This study leverages a unique data set on the universe of transactions exiting the Ecuadorian economy to estimate the tax-price elasticity of demand for tax-sheltering activities using offshore fiscal havens. I determine this elasticity quasi-experimentally by comparing the evolution in funds sent by individuals and corporations to tax havens for different purposes (e.g. dividend payments, bank account deposits) versus similar transactions with non-tax havens around changes to the Ecuadorian Impuesto a la Salida de Divisas, which effectuated an ad valorem tax on transfers to tax havens. I document large responses of funds sent abroad for tax-avoidance and tax-evasive purposes to the tax price of transacting with fiscal havens. I also provide evidence that individuals with financial connections to tax havens declare additional capital income on their tax returns in the post-period, and due to the progressivity of the tax schedule pay a higher average income tax rate as a result.

     
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    ISBN: 9789292671273
    Weitere Identifier:
    hdl: 10419/249493
    Schriftenreihe: WIDER working paper ; 2021, 187
    Schlagworte: tax evasion; tax avoidance; tax havens
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  10. 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
  11. 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
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    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
  12. 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
  13. 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
  14. 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
  15. Effects of corporate transparency on tax avoidance
    evidence from Country-by-Country Reporting
    Autor*in: Tuinsma, Tijmen; De Witte, Kristof; Janský, Petr; Palanský, Miroslav; Titl, Vitezslav
    Erschienen: [2023]
    Verlag:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    Private Country-by-Country Reporting (CbCR) is a measure against tax avoidance by large multinationals, implemented throughout the EU in 2016. Multinational companies with an annual revenue over € 750 million have been required to report their global... mehr

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    Private Country-by-Country Reporting (CbCR) is a measure against tax avoidance by large multinationals, implemented throughout the EU in 2016. Multinational companies with an annual revenue over € 750 million have been required to report their global activities on a country-by-country basis to tax authorities. Using this cutoff in a sharp regression discontinuity design, we find causal evidence for an increase in effective tax rates for affected companies, indicating an increase in tax compliance. We estimate the increase in effective tax rates at 5 to 6 percentage points locally. However, significant cross-sectional variation is present: the most aggressive multinationals with tax haven affiliates are at most moderately affected, while almost the full effect is concentrated in medium-aggressive firms. From a policy perspective, the results suggest that while CbCR was effective in combating some forms of tax avoidance, profit shifting opportunities in tax havens mostly negate this effect.

     
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    hdl: 10419/286333
    Schriftenreihe: IES working paper ; 2023, 4
    Schlagworte: corporate tax avoidance; tax havens; financial transparency
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  16. 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
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  17. The role of conduit countries and tax havens in corporate tax avoidance
    Autor*in: Lejour, Arjan
    Erschienen: 11 May 2021
    Verlag:  CentER, Center for Economic Research, Tilburg

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    Schriftenreihe: Discussion paper / CentER, Center for Economic Research ; no. 2021, 014
    Schlagworte: international tax avoidance; corporate income tax; withholding taxes; conduit countries; tax havens; treaty shopping
    Umfang: 1 Online-Ressource (circa 43 Seiten)
  18. 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
  19. Sanction-busting through tax havens
    Autor*in: Kavaklı, Kerim Can; Marcolongo, Giovanna; Zambiasi, Diego
    Erschienen: April 2023
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    Financial sanctions, which aim to economically hurt a target by restricting its access to financial assets and markets, require the ability to identify who owns an asset. Although experts have long claimed that offshore financial centres that offer... mehr

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    Financial sanctions, which aim to economically hurt a target by restricting its access to financial assets and markets, require the ability to identify who owns an asset. Although experts have long claimed that offshore financial centres that offer secrecy ('tax havens') undermine sanctions by hiding ownership information, so far data limitations have prevented a rigorous test of this claim. We overcome this constraint using data from the Bank of International Settlements and the Offshore Leaks Database and conduct the first systematic analysis of the role that tax havens play in financial sanction evasion. Our main finding is that sanction targets reduce their funds in sanctioning countries while increasing their funds in tax havens. This displacement effect is stronger when the sanction coalition includes the United States or comprises more FATF or OECD members. Lastly, whether a tax haven is in the sanctioning coalition does not seem to make a difference. These findings confirm that target countries evade sanctions by moving large portions of their funds from sanctioning countries to tax havens. More broadly, our paper highlights a novel and geostrategically important role of tax havens in global finance.

     
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    ISBN: 9789292673635
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    hdl: 10419/283751
    Schriftenreihe: WIDER working paper ; 2023, 55
    Schlagworte: sanctions; financial markets; tax havens; Offshore Leaks Database; offshore financial centres
    Umfang: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  20. Public procurement and tax havens
    Autor*in: Janský, Petr; Palanskỳ, Miroslav; Skuhrovec, Jiří
    Erschienen: [2023]
    Verlag:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    To understand public procurement suppliers linked to tax havens, we analyse datasets of tender-level public procurement and firm-level suppliers a provide a series of stylized facts. We estimate that around 5% of tenders by value (145 billion EUR... mehr

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    To understand public procurement suppliers linked to tax havens, we analyse datasets of tender-level public procurement and firm-level suppliers a provide a series of stylized facts. We estimate that around 5% of tenders by value (145 billion EUR yearly) are supplied by firms with ownership links to tax havens that are black-or grey-listed by the EU. For example, firms linked to the British Virgin Islands and Bermuda supply tenders worth over 900 per cent of their GDP. To address the question of which tenders are more likely to be supplied by firms linked to tax havens, we draw on a theoretical model and a tender-level empirical analysis. We find that tenders co-financed from EU funds and those attracting a larger number of bidders are less likely to be supplied by firms linked to tax havens. Any policy intervention might therefore rely on both an increased government oversight associated with EU funds or an increased firm competition.

     
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    hdl: 10419/286341
    Schriftenreihe: IES working paper ; 2023, 12
    Schlagworte: public procurement; government expenditures; offshore finance; secrecyjurisdictions; tax havens
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  21. Disentangling business- and tax-motivated bilateral royalty flows
    Autor*in: Lejour, Arjan; Riet, Maarten van't
    Erschienen: 12 October 2023
    Verlag:  CentER, Tilburg University, [Tilburg]

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    Schriftenreihe: Discussion paper / CentER ; no. 2023, 027
    Schlagworte: bilateral royalty flows; international tax avoidance; treaty shopping; withholding tax; tax havens
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  22. Disentangling business- and tax-motivated bilateral royalty flows
    Autor*in: Lejour, Arjan; Riet, Maarten van't
    Erschienen: October 2023
    Verlag:  CPB Netherlands Bureau for Economic Policy Analysis, [Den Haag]

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    Schriftenreihe: CPB discussion paper
    Schlagworte: bilateral royalty flows; international tax avoidance; treaty shopping; withholding tax; tax havens
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  23. The gravity of Offshore Financial Centers
    estimating real FDIs using a binary choice model
    Autor*in: Albori, Marco; Anzuini, Alessio; Ferriani, Fabrizio; Rossi, Luca
    Erschienen: [2023]
    Verlag:  Banca d'Italia, [Rom]

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    Schriftenreihe: Questioni di economia e finanza / Banca d'Italia ; number 805 (October 2023)
    Schlagworte: Foreign Direct Investments; FDI network; tax havens; gravity models
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  24. Disentangling business- and tax-motivated bilateral royalty flows
    Autor*in: Lejour, Arjan; Riet, Maarten van't
    Erschienen: October 2023
    Verlag:  CESifo, Munich, Germany

    Shifting intellectual property (IP) rights across jurisdictions is a well-known strategy of multinationals to reduce corporate income taxation. We investigate the extent to which the flows of remunerations for the use of IP rights are affected by... mehr

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    Shifting intellectual property (IP) rights across jurisdictions is a well-known strategy of multinationals to reduce corporate income taxation. We investigate the extent to which the flows of remunerations for the use of IP rights are affected by differences in corporate income and withholding taxation. Using OECD data between 2014 and 2019, we determine the influence of bilateral tax rates on the IP-location. These rates result from a network analysis that distinguishes between the potential gains from direct shifting of IP rights and treaty shopping. The latter are gains for multinationals from exploiting lower withholding taxes by routing royalty flows through conduit countries. We use these bilateral tax gains to isolate the flows that could be only business-motivated. Next we apply a gravity framework with PPML estimators. We estimate that at least 18% of the royalty flows is motivated by tax planning in this period, which reduces tax revenues by 6.5 to 16 billion US dollar in 2018. We argue that both estimates are lower bounds due to missing observations. More reporting by OECD countries of flows to and from tax havens would improve the precision of the estimates. To the best of our knowledge these are the first estimates of worldwide tax avoidance with royalties.

     
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    hdl: 10419/282396
    Schriftenreihe: CESifo working papers ; 10708 (2023)
    Schlagworte: bilateral royalty flows; international tax avoidance; treaty shopping; withholding tax; tax havens
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  25. Profit-shifting elasticities, channels, and the role of tax havens
    evidence from micro-level data
    Autor*in: Merlo, Valeria; Wamser, Georg
    Erschienen: April 2024
    Verlag:  CESifo, Munich, Germany

    This chapter reviews the literature providing empirical estimates on the tax elasticity of multinational profits and discusses the challenges faced when attempting to quantify tax-motivated profit shifting. We first use micro-level data to show that... mehr

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    This chapter reviews the literature providing empirical estimates on the tax elasticity of multinational profits and discusses the challenges faced when attempting to quantify tax-motivated profit shifting. We first use micro-level data to show that multinational corporations hold a disproportionately large share of profits and financial assets in tax havens, relative to real activities in these countries. We then argue that tax notches associated with anti-tax avoidance legislation may be exploited to better understand tax-motivated profit shifting. This approach suggests a semi-tax elasticity of pre-tax profits of about 0.22, which is substantially smaller than estimates provided in earlier studies.

     
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    hdl: 10419/296134
    Schriftenreihe: CESifo working papers ; 11045 (2024)
    Schlagworte: corporate income taxes; profit shifting; tax havens; multinational corporations
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