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Profit Shifting of Multinational Corporations Worldwide

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  • Javier Garcia-Bernardo

    (1Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czechia; Department of Methodology & Statistics, Utrecht University, the Netherlands; Centre for Complex Systems Studies, Utrecht University, the Netherlands)

  • Petr Jansky

    (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic)

Abstract

We exploit the new country-by-country reporting data of multinational corporations, with unparalleled country coverage, to reveal the distributional consequences of profit shifting. We estimate that multinational corporations worldwide shifted over $850 billion in profits in 2017, primarily to countries with effective tax rates below 10%. Countries with lower incomes lose a larger share of their total tax revenue due to profit shifting. We further show that a logarithmic function is better suited for capturing the non-linear relationship between profits and tax rates than linear or quadratic functions. Our findings highlight effective tax rates’ importance for profit shifting and tax reforms.

Suggested Citation

  • Javier Garcia-Bernardo & Petr Jansky, 2023. "Profit Shifting of Multinational Corporations Worldwide," Working Papers IES 2023/33, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Dec 2023.
  • Handle: RePEc:fau:wpaper:wp2023_33
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    2. Johannesen, Niels, 2022. "The global minimum tax," Journal of Public Economics, Elsevier, vol. 212(C).
    3. Bruno Casella & Baptiste Souillard, . "A new framework to assess the fiscal impact of a global minimum tax on FDI," UNCTAD Transnational Corporations Journal, United Nations Conference on Trade and Development.
    4. Katarzyna Bilicka & Evgeniya Dubinina & Petr Janský, 2022. "Fiscal consequences of corporate tax avoidance," WIDER Working Paper Series wp-2022-97, World Institute for Development Economic Research (UNU-WIDER).
    5. Guttorm Schjelderup & Frank Stähler, 2024. "The economics of the global minimum tax," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 31(4), pages 935-952, August.
    6. Mona Barake, 2023. "Tax Planning by European Banks," Working Papers halshs-03925346, HAL.
    7. Javier Garcia-Bernardo & Petr Janský & Thomas Tørsløv, 2022. "Decomposing Multinational Corporations’ Declining Effective Tax Rates," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 70(2), pages 338-381, June.
    8. Liu Yang & Yaozhong Wang & Baichuan Peng, 2024. "Dynamic Mechanisms of R&D Innovation in Chinese Multinational Corporations: The Impact of Government Support, Market Competition and Entrepreneurial Spirit," Sustainability, MDPI, vol. 16(22), pages 1-25, November.
    9. Petr Janský, 2023. "Corporate Effective Tax Rates for Research and Policy," Public Finance Review, , vol. 51(2), pages 171-205, March.
    10. Souillard, Baptiste, 2022. "Intra-industry spillovers of profit shifting and investments in tax havens," Journal of Economic Behavior & Organization, Elsevier, vol. 204(C), pages 581-599.
    11. Demetrio Guzzardi & Elisa Palagi & Tommaso Faccio & Andrea Roventini, 2023. "In search of lost time: An ensemble of policies to restore fiscal progressivity and address the climate challenge," LEM Papers Series 2023/28, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    12. Laudage Teles, Sabine & Riedel, Nadine & Strohmaier, Kristina, 2024. "On the effects of anti-profit shifting regulations: A developing country perspective," Journal of Public Economics, Elsevier, vol. 235(C).

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    More about this item

    Keywords

    multinational corporation; corporate taxation; profit shifting; effective tax rate; country-by-country reporting; global development;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance
    • H32 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Firm

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