Decomposing Multinational Corporations’ Declining Effective Tax Rates

IF 3.3 2区经济学 Q1 BUSINESS, FINANCE Imf Economic Review Pub Date : 2022-03-08 DOI:10.1057/s41308-022-00157-9

Javier Garcia-Bernardo, Petr Janský, Thomas Tørsløv

引用次数: 6

Abstract

We develop a methodology to decompose the observed decline in multinational corporations’ (MNCs’) effective tax rates into several components and quantify the role of tax havens. We apply this methodology to the best available data for MNCs headquartered in the USA – from the Bureau of Economic Analysis – and in the EU – from Orbis – and we arrive at three main findings. First, we estimate that between 2005 and 2015 increased profits in tax havens directly explain only 29% and 1% of the 7% and 9% point declines in effective tax rates for US and EU MNCs, respectively. Second, we find that US MNCs have primarily benefited from domestic tax base reductions, most of which can be explained by sectoral changes, while the statutory rate has remained constant. Third, we show that EU MNCs have mainly benefited from falling domestic statutory rates and we observe similar patterns across EU home countries, host countries and sectors.

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跨国公司有效税率下降的分解

我们开发了一种方法，将观察到的跨国公司(MNCs)有效税率的下降分解为几个组成部分，并量化避税天堂的作用。我们将这种方法应用于总部位于美国的跨国公司(来自经济分析局)和总部位于欧盟的跨国公司(来自奥比斯)的最佳可用数据，得出了三个主要发现。首先，我们估计，2005年至2015年期间，避税天堂利润的增加直接解释了美国和欧盟跨国公司有效税率分别下降7%和9%的29%和1%。其次，我们发现美国跨国公司主要受益于国内税基的减少，其中大部分可以用行业变化来解释，而法定税率保持不变。第三，我们表明，欧盟跨国公司主要受益于国内法定税率的下降，我们在欧盟母国、东道国和行业中观察到类似的模式。

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来源期刊

Imf Economic Review Multiple-

CiteScore

5.50

自引率

4.70%

发文量

期刊介绍： The IMF Economic Review is the official research journal of the International Monetary Fund (IMF). It is dedicated to publishing peer-reviewed, high-quality, context-related academic research on open-economy macroeconomics. It emphasizes rigorous analysis with an empirical orientation that is of interest to a broad audience, including academics and policymakers. Studies that borrow from, and interact with, other fields such as finance, international trade, political economy, labor, economic history or development are also welcome. The views presented in published papers are those of the authors and should not be attributed to, or reported as, reflecting the position of the IMF, its Executive Board, or any other organization mentioned herein. Comments “The IMF Economic Review has been uniquely successful in publishing papers that rigorously analyze real international macroeconomic problems and in a manner that has immediate policy relevance. This success is owed to a great extent to the high quality of the editorial board, which is able to identify papers that are both relevant for policy and are executed using state-of-the-art tools so as to make the analysis compelling.” - Gita Gopinath, Economic Counsellor and Director of Research, IMF “IMF Economic Review is devoted to state-of-the-art research on the global economy. Given the Fund''s unique position on the front lines of surveillance and crisis management, anyone interested in international economic policy or in macroeconomics more generally will find this journal to be essential reading.” - Maurice Obstfeld, Professor of Economics at University of California, Berkeley; and former Economic Counsellor and Director of Research, IMF “There is great need for a rigorous academic publication that addresses the key global macro questions of our times. This is what the IMF Economic Review aims to be.” - Pierre-Olivier Gourinchas, Professor of Economics at University of California, Berkeley; and former Editor of the IMF Economic Review “To navigate the global crisis, and to take the best policy decisions, will require mobilizing and extending the knowledge we have about open economy macro, from the implications of liquidity traps, to the dangers of large fiscal deficits, to macro-financial interactions, to the contours of a better international monetary and financial system. My hope and my expectation is that the IMF Economic Review will be central to the effort.” - Olivier J. Blanchard, Peterson Institute for International Economics; former Economic Counsellor and Director of Research Department, IMF

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