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International Tax Spillovers and Tangible Investment, with Implications for the Global Minimum Tax
Mr. Michael KeenMs. Li LiuHayley Pallan
出版International Monetary Fund, 2023-08-04
主題Business & Economics / Exports & ImportsBusiness & Economics / Economics / MacroeconomicsBusiness & Economics / Taxation / GeneralBusiness & Economics / Taxation / CorporateBusiness & Economics / Economics / General
ISBN9798400248719
URLhttp://books.google.com.hk/books?id=slzQEAAAQBAJ&hl=&source=gbs_api
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註釋This paper articulates and, using newly-assembled data, explores how international taxation affects aggregate tangible cross-border investment. Spillovers from statutory tax rates abroad seem: As sizable as effects from the host’s rate; larger than previous consensus values (attributed to a systematic bias from FDI data); and consistent with ‘implicit’ profit shifting through real investment (rather than ‘paper’ profit shifting). Contrary to much policy discussion, the results also imply that: Host countries’ marginal effective tax rates have at best a weak effect on real investment; those elsewhere have none; and, applied to the prospective global minimum tax, inward tangible investment in most sample countries will increase.