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Content
2016
- 1607 Stimulating investment through incorporation
by Michael Devereux & Li Liu - 1605 Large and influential: firm size and governments' corporate tax rate choice?
by Tobias Bohm & Nadine Riedel & Martin Simmler - 1604 The economics of corporate and business tax reform
by Dhammika Dharmapala - 1603 EU VAT principles as interpretative aids to EU VAT rules: the inherent paradox
by Rita de la Feria - 1602 Will the real R&D employees please stand up? Effects of tax breaks on firm level outcomes
by Irem Guceri - 1601 The impact of investment incentives: evidence from UK corporation tax returns
by Giorgia Maffini & Jing Xing & Michael P Devereux
2015
- 1534 Tax competition and the efficiency of 'benefit-related' business taxes
by Elisabeth Gugl & George R Zodrow - 1533 Enhanced co-operation: a way forward for tax harmonisation in the EU?
by Anzhela Cedelle - 1532 Do experts help firms optimise?
by James Mahon & Eric Zwick - 1531 Cash-flow business taxation revisited: bankruptcy, risk aversion and asymmetric information
by Robin Boadway & Motohiro Sato & Jean-Francois Tremblay - 1530 Do multinational firms invest more? On the impact of internal debt financing and transfer pricing on capital accumulation
by Martin Simmler - 1529 The crossroads versus the seesaw: getting a 'fix' on recent international tax policy developments
by Daniel Shaviro - 1528 Do companies invest more after shareholder tax cuts?
by Zhonglan Dai & Douglas A Shackelford & Yue (Layla) Ying & Harold H Zhang - 1527 Who bears the cost of taxing the rich? An empirical study on CEO pay
by Martin Ruf & Julia Schmider - 1526 The corporate investment response to the domestic production activities deduction
by Eric Orhn - 1525 International taxation and MNE investment: evidence from the UK change to territoriality
by Li Liu - 1524 Reimagining capital income taxation
by Edward D Kleinbard - 1523 Inter vivos transfers of ownership in family firms
by James R Hines Jr & Niklas Potrafke & Marina Riem & Christoph Schinke - 1522 The governments of many developing countries seek to attract inbound foreign direct investment (FDI) through the use of tax incentives for multinational corporations (MNCs). The effectiveness of these tax incentives depends crucially on MNCs¡¯ residence country tax regime, especially where the residence country imposes worldwide taxation on foreign income. Tax sparing provisions are included in many bilateral tax treaties to prevent host country tax incentives being nullified by residence country taxation. We analyse the impact of tax sparing provisions using panel data on bilateral FDI stocks from 23 OECD countries in 113 developing and transition economies over the period 2002-2012 (with 8189 observations on 1103 country pairs), coding tax sparing provisions in all bilateral tax treaties among these countries. We find that tax sparing agreements are associated with a 30 percent increase in bilateral FDI stocks. The estimated effect is concentrated in the year that tax sparing comes into force and the subsequent years, with no effects in prior years, and is thus consistent with a causal interpretation. Four countries - Norway in 2004, and the U.K., Japan, and New Zealand in 2009 - enacted tax reforms that moved them from worldwide to territorial taxation, potentially changing the value of their preexisting tax sparing agreements. However, there is no detectable effect of these reforms on bilateral FDI in tax sparing countries, relative to nonsparing countries. These results are consistent with tax sparing being an important determinant of FDI in developing countries for MNCs from both worldwide and territorial home countries
by Celine Azemar & Dhammika Dharmapala - 1521 A critical review of proposals for destination-based cash-flow corporate taxation as an international tax reform option
by Wei Cui - 1520 Governance and taxes: evidence from regression discontinuity
by Andrew Bird & Stephen A Karolyi - 1519 Reinventing the wheel: what we can learn from the Tax Reform Act of 1986
by Reuven Avi-Yonah - 1518 Patent boxes design, patents, location and local R&D
by Annette Alstadsater & Salvador Barrios & Gaetan Nicodeme & Agnieszka Maria Skonieczna & Antonio Vezzani - 1517 Do better entrepreneurs avoid more taxes?
by Laurent Bach - 1516 From financial to real economic crisis: evidence from individual firm¨Cbank relationships in Germany
by Nadja Dwenger & Frank M Fossen & Martin Simmler - 1515 Evidence-based policy making? The Commission¡¯s Proposal for an FTT
by Giorgia Maffini & John Vella - 1514 How can a country 'graduate' from procyclical fiscal policy? Evidence from China
by Clemens Fuest & Jing Xing - 1513 The UK international tax agenda for business and the impact of the OECD BEPS project
by Richard Collier & Giorgia Maffini - 1512 Effectiveness of fiscal incentives for R&D: quasi-experimental evidence
by Irem Guceri & Li Liu - 1511 Tax incentives and R&D: an evaluation of the 2002 UK reform using micro data
by Irem Guceri - 1510 Surcharges and penalties in UK tax law
by Rita de la Feria & Parintira Tanawong - 1508 Managing tax complexity: the institutional framework for tax policy-making and oversight
by Judith Freedman - 1507 Corporate tax incentives and capital structure: empirical evidence from UK tax returns
by Michael P Devereux & Giorgia Maffini & Jing Xing - 1506 VAT notches
by Li Liu & Ben Lockwood - 1505 Does ownership affect the impact of taxes on firm behaviour? Evidence from China
by Clemens Fuest & Li Liu - 1504 The Taxation of Foreign Profits: a Unified View
by Michael P Devereux & Clemens Fuest & Ben Lockwood - 1503 The spillover effects of outward foreign direct investment on home countries: evidence from the United States
by Jitao Tang & Rosanne Altshuler - 1502 Who benefits from state corporate tax cuts? A local labour markets approach with heterogeneous firms
by Juan Carlos Suárez Serrato & Owen Zidar - 1502 Knocking on Tax Haven’s Door: multinational firms and transfer pricing
by Ronald B. Davies & Julien Martin & Mathieu Parenti & Farid Toubal
2014
- 1428 Taxation of shareholder income and the cost of capital in a small open economy
by Peter Birch Sørensen - 1427 Taxation and the optimal constraint on corporate debt finance
by Peter Birch Sørensen - 1426 The economics of advance pricing agreements
by Johannes Becker & Ronald B Davies & Gitte Jakobs - 1425 Are we heading towards a corporate tax system fit for the 21st century?
by Michael P Devereux & John Vella - 1424 Do multinational firms invest more? On the impact of internal debt financing on capital accumulation
by Martin Simmler - 1423 Should transactions services be taxed at the same rate as consumption?
by Ben Lockwood & Erez Yerushalmi - 1422 As American as Apple Inc.: International tax and ownership nationality
by Chris Sanchirico - 1419 Taking the High Road? Compliance with commuter tax allowances and the role of evasion spillovers
by Jörg Paetzold & Hannes Winner - 1418 How should governments promote distributive justice?: A framework for analyzing the optimal choice of tax instruments
by David Gamage - 1416 Public pressure and corporate tax behaviour
by Scott D Dyreng & Jeffrey L Hoopes & Jaron H Wilde - 1415 Do financial frictions amplify fiscal policy? Evidence from business investment stimulus
by Eric Zwick & James Mahon - 1414 The use of neutralities in international tax policy
by David Weisbach - 1413 Blueprint for reform of VAT rates in Europe
by Rita de la Feria - 1412 Heterogeneous Responses to Effective Tax Enforcement: Evidence from Spanish Firms
by Miguel Almunia & David Lopez-Rodriguez - 1411 US Supreme Court Unanimously Chooses Substance over Form in Foreign Tax Credit
by Charles E McLure & Jack Mintz & George R. Zodrow - 1410 Place-based policies
by David Neumark & Helen Simpson - 1409 A negotiation-based model of tax-induced transfer pricing
by Johannes Becker & Ronald B Davies - 1408 Taxing multinationals in the presence of internal capital markets
by Marko Koethenbuerger & Michael Stimmelmayr - 1407 Designing and Implementing a Destination-Based Corporate Tax
by Michael Devereux & Rita de la Feria - 1406 The Efficiency of “Benefit-Related” Business Taxes
by Elisabeth Gugl & George R. Zodrow - 1405 The Dynamic Economic Effects of a US Corporate Income Tax Rate Reduction
by John W. Diamond & George R. Zodrow & Thomas S. Neubig & Robert J. Carroll - 1404 The CCCTB option – an experimental study
by Claudia Keser & Gerrit Kimpel & Andreas Oestreicher - 1403 The Foreign Investment Effects of Tax Treaties
by Arjan Lejour - 1402 The Occurrence of Tax Amnesties: Theory and Evidence
by Ralph-C. Bayer & Harald Oberhofer & Hannes Winner - 1401 Multiple taxes and alternative forms of FDI: evidence from cross-border acquisitions
by Nils Hergery & Christos Kotsogiannisz & Steve McCorriston
2013
- 1325 Can taxes tame the banks? Evidence from European bank levies
by Michael P. Devereux & Niels Johannesen & John Vella - 1324 Debt and tax losses: the effect of tax asymmetries on the cost of capital and capital structure
by Matt Krzepkowski - 1323 Thin capitalization rules and multinational firm capital structure
by Jennifer Blouin & Harry Huizinga & Luc Laeven & Gaëtan Nicodème - 1322 Capital tax reform and the real economy: the effects of the 2003 dividend tax cut
by Danny Yagan - 1321 Reforming an asymmetric union: on the virtues of dual tier capital taxation
by Andreas Hau fler & Christoph Lulfesmann - 1320 Do the haves come out ahead in tax litigation? An empirical study of the dynamics of tax appeals in the UK
by Michael Blackwell - 1319 Learning and international policy diffusion: the case of corporate tax policy
by Johannes Becker & Ronald B. Davies - 1318 And yet it moves: taxation and labour mobility in the 21st century
by Reuven S. Avi-Yonah - 1317 The investment effect of taxation: evidence from a corporate tax kink
by Anne Brockmeyer - 1316 Taxation and corporate risk-taking
by Dominika Langenmayr & Rebecca Lester - 1315 CFC legislation, passive assets and the impact of the ECJ’s Cadbury-Schweppes decision
by Martin Ruf & Alfons J. Weichenrieder - 1314 The effect of awareness and incentives on tax evasion
by Annette Alstadsæter & Martin Jacob - 1313 The elasticity of taxable income and income-shifting between tax bases: what is “real” and what is not?
by Jarkko Harju & Tuomas Matikka - 1312 Temporary Increase in Annual Investment Allowance: A 2013 Finance Act Note
by Andrew Harper & Li Liu - 1311 Consumption and cash-flow taxes in an international setting
by Alan J. Auerbach & Michael P. Devereux - 1310 Cross-border loss offset can fuel tax competition
by Andreas Hau fler & Mohammed Mardan - 1309 How should financial intermediation services be taxed?
by Ben Lockwood - 1308 Should tax policy favour high or low productivity firms?
by Dominika Langenmayr & Andreas Hau fler & Christian J. Bauer - 1307 Do transfer pricing laws limit international income shifting? Evidence from European multinationals
by Theresa Lohse & Nadine Riedel - 1306 Taxation and corporate debt: are banks any different?
by Jost Heckemeyer & Ruud de Mooij - 1305 EU VAT rate structure: towards unilateral convergence?
by Rita de la Feria - 1304 Conservative accounting yields excessive risk-taking; a note
by Johannes Becker & Melanie Steinhoff - 1303 The Taxation of Foreign Profits: a Unified View
by Michael Devereux & Clemens Fuest & Ben Lockwood - 1302 Corporate tax policy under the Labour government, 1997–2010
by Giorgia Maffini - 1301 Corporate taxation and the quality of research & development
by Christoph Ernst & Katharina Richter & Nadine Riedel
2012
- 1230 Investment, accounting, and the salience of the corporate income tax
by Jesse Edgerton - 1229 What do we know about corporate tax competition?
by Michael Devereux & Simon Loretz - 1228 Ending VAT exemptions: towards a post-modern VAT
by Rita de la Feria & Richard Krever - 1227 The Increasing Importance of Transfer Pricing Regulations – a Worldwide Overview
by Theresa Lohse & Nadine Riedel & Christoph Spengel - 1226 International Taxation and Cross-Border Banking
by Harry Huizinga & Johannes Voget & Wolf Wagner - 1225 International Taxation and Cross-Border Banking
by Harry Huizinga & Johannes Voget & Wolf Wagner - 1224 Multinational Firms Mitigate Tax Competition
by Johannes Becker & Nadine Riedel - 1223 The Elasticity of Corporate Taxable Income: New Evidence from UK Tax Records
by Michael Devereux & Li Liu & Simon Loretz - 1222 Fiscal Union in Europe? Redistributive and Stabilising Effects of a European Tax-Benefit System and Fiscal Equalisation Mechanism
by Olivier Bargain & Mathias Dolls & Clemens Fuest & Dirk Neumann & Andreas Peichl & Nico Pestel & Sebastian Siegloch - 1221 Corporate Taxes and Internal Borrowing within Multinational Firms
by Peter Egger & Christian Keuschnigg & Valeria Merlo & Georg Wamser - 1220 The Impact of Tax Incentives on the Economic Activity of Entrepreneurs
by Jarkko Harju & Tuomas Kosonen - 1219 The Effect of Tax Rates and Tax Bases on Corporate Tax Revenues: Estimates with New Measures of the Corporate Tax Base
by Laura Kawano & Joel Slemrod - 1218 Bankruptcy Law and the Cost of Banking Finance
by Giacomo Rodano & Emanuele Tarantino & Nicolas Serrano-Velarde - 1217 The Deep-Pocket Effect of Internal Capital Markets
by Xavier Boutin & Giacinta Cestone & Chiara Fumagalli & Giovanni Pica & Nicolas Serrano-Velarde - 1216 Which Workers Bear the Burden of Corporate Taxation and Which Firms Can Pass It On? Micro Evidence from Germany
by Clemens Fuest & Andreas Peichl & Sebastian Siegloch - 1215 Issues in the Design of Taxes on Corporate Profit
by Michael P. Devereux - 1213 Taxes and the Location of Targets
by Wiji Arulampalam & Michael P. Devereux & Federica Liberini - 1212 Exploring the Role Delaware Plays as a Tax Haven
by Scott D. Dyreng & Bradley P. Lindsey & Jacob R. Thornock - 1211 With which countries do tax havens share information?
by Katarzyna Anna Bilicka & Clemens Fuest - 1210 Territoriality, Worldwide Principle, and Competitiveness of Multinationals: A Firm-level Analysis of Tax Burdens
by Giorgia Maffini - 1209 The rising tax-electivity of US corporate residence
by Daniel Shaviro - 1208 Stateless Income
by Edward D Kleinbard - 1207 Optimal income taxation with tax competition
by Vilen Lipatov & Alfons Weichenrieder - 1206 A Comparison of the Tax-motivated Income Shifting of Multinationals in Territorial and Worldwide Countries
by Kevin S Markle - 1205 Income Taxation and Business Incorporation: Evidence from the Early Twentieth Century
by Li Liu - 1204 A Journey from a Corruption Port to a Tax Haven
by Shafik Hebous & Vilen Lipatov - 1203 Strategic Line Drawing between Debt and Equity
by Neils Johannesen - 1202 Does Financial Constraint Affect Shareholder Taxes and the Cost of Equity Capital?
by Chongyang Chen & Zhonglan Dai & Douglas A. Shackelford & Harold H. Zhang - 1201 Trends in UK BERD after the Introduction of R&D Tax Credits
by Steve R. Bond & Irem Guceri
2011
- 1124 How Would EU Corporate Tax Reform Affect US Investment in Europe?
by Michael Devereux & Simon Loretz - 1123 Wages and International Tax Competition
by Sebastian Krautheim & Tim Schmidt-Eisenlohr - 1122 Entrepreneurial innovations and taxation
by Andreas Haufler & Pehr-Johan Norbaeck & Lars Persson - 1121 Debt shifting in Europe
by Raffaele Miniaci & Paolo Panteghini & Maria Laura Parisi - 1120 Does tax structure affect economic growth? Empirical evidence from OECD countries
by Jing Xing - 1119 Responsive Regulation, Risk, and Rules: Applying the Theory to Tax Practice
by Judith Freedman - 1118 How would EU corporate tax reform affect US investment in Europe?
by Michael P. Devereux & Simon Loretz - 1117 The EU Commission's Proposal for a Financial Transaction Tax
by John Vella & Clemens Fuest & Tim Schmidt-Eisenlohr - 1116 Evidence for profit shifting with tax sensitive capital stocks
by Simon Loretz & Socrates Mokkas - 1115 Carbon Taxation in the EU: Expanding EU Carbon Price
by David A. Weisbach - 1114 Economic integration and the optimal corporate tax structure with heterogeneous firms
by Christian Bauer & Ronald B. Davies & Andreas Haufler - 1113 National measures to counter tax avoidance under the Merger Directive
by Joachim Englisch - 1112 Closer to an internal market? The economic effects of EU tax jurisprudence
by Clemens Fuest & Rita de la Feria - 1111 EU perspective on VAT exemptions
by Joachim Englisch - 1110 Asymmetric Obligations
by Nadine Riedel & Hannah Schildberg-Hoerisch - 1109 On Selection into Public Civil Service
by Tobias Boehm & Nadine Riedel - 1106 Taxing multinationals under union wage bargaining
by Nadine Riedel - 1105 Measuring the burden of the corporate income tax under imperfect competition
by Li Liu & Rosanne Altshuler - 1104 The taxation of foreign profits - the old view, the new view and a pragmatic view
by Johannes Becker & Clemens Fuest - 1103 Search costs and corporate income tax competition
by Kai A. Konrad - 1102 Comparing the Treatment of Charities Under Value Added Taxes and Retail Sales Taxes
by Walter Hellerstein - 1101 Earnings Shocks and Tax-Motivated Income-Shifting: Evidence from European Multinationals
by Dhammika Dharmapala & Nadine Riedel
2010
- 1023 Towards a Theory of Trade Finance
by Tim Schmidt-Eisenlohr - 1022 HMRC's Management of the UK Tax System: the Boundaries of Legitimate Discretion
by Judith Freedman & John Vella - 1021 Reverberation of Legal Principles: Further Thoughts on the Development of an EU Principle of Prohibition of Abuse of Law
by Rita de la Feria - 1020 Tax competition in a simple model with heterogeneous firms: How larger markets reduce profit taxes
by Andreas Haufler & Frank Staehler - 1019 Improving the VAT Treatment of Exempt Immovable Property in the European Union
by Sijbren Cnossen - 1018 VAT and Financial Supplies: What should be taxed?
by Harry Grubert & Richard Krever - 1017 VAT Treatment of Public Sector Bodies: The Canadian Model
by Pierre-Pascal Gendron - 1016 Bank Bailouts, International Linkages and Cooperation
by Friederike Niepmann & Tim Schmidt-Eisenlohr - 1015 Corporate taxation and capital accumulation
by Stephen Bond & Jing Xing - 1014 How Should Financial Intermediation Services be Taxed?
by Ben Lockwood - 1013 Corporate tax effects on the quality and quantity of FDI
by Johannes Becker & Clemens Fuest & Nadine Riedel - 1012 Tax Evasion and Tax Avoidance in Developing Countries: The Role of International Profit Shifting
by Clemens Fuest & Nadine Riedel - 1011 State Corporation Income Taxation: An Economic Perspective on Nexus
by David E.Wildasin - 1010 Corporate tax regime and international allocation of ownership
by Johannes Becker & Marco Runkel - 1009 How do firms’ outward FDI strategies relate to their activity at home? Empirical evidence for the UK
by Helen Simpson - 1008 Headquarter Relocations and International Taxation
by Johannes Voget - 1007 Evaluating Neutrality Properties of Corporate Tax Reforms
by Michael P. Devereux & Simon Loretz - 1006 Tariffs Versus VAT in the Presence of Heterogeneous Firms and an Informal Sector
by Ronald B. Davies & Lourenço S. Paz - 1005 Impact of Tax Rate Cut Cum Base Broadening Reforms on Heterogeneous Firms – Learning from the German Tax Reform 2008
by Katharina Finke & Jost H. Heckemeyer & Timo Reister & Christoph Spengel - 1004 Do Governments Tax Agglomeration Rents?
by Hyun-Ju Koh & Nadine Riedel - 1003 The Role of Headquarters in Multinational Profit Shifting Strategies
by Matthias Dischinger & Nadine Riedel - 1002 Enhanced Coorporation in an asymmetric model of Tax Competition
by Hendrik Vrijburg & Ruud A. de Mooij - 1001 Corporate tax consolidation and enhanced coorporation in the European Union
by Leon Bettendorf & Albert van der Horst & Ruud A. de Mooij & Hendrik Vrijburg
2009
- 0932 Corporate tax harmonization in the EU
by Leon Bettendorf & Michael P. Devereux & Albert van der Horst & Simon Loretz & Ruud A. de Mooij - 0931 Corporate Taxation and the Choice of Patent Location within Multinational Firms
by Tom Karkinsky & Nadine Riedel - 0930 Transfer Pricing Policy and the Intensity of Tax Rate Competition
by Johannes Becker & Clemens Fuest - 0929 VAT and the EC Internal Market: The Shortcomings of Harmonisation
by Rita de la Feria - 0928 Tax Progressivity, Income Distribution and Tax Non-Compliance
by Tatiana Damjanovic & David Ulph - 0927 MNC Dividends, Tax Holidays and the Burden of the Repatriation Tax: Recent Evidence
by Harry Grubert - 0926 Foreign Taxes, Domestic Income, and the Jump in the Share of Multinational Company Income Abroad
by Harry Grubert - 0925 Tax Haven Activities and the Tax Liabilities of Multinational Groups
by Giorgia Maffini - 0924 The Power of Dynastic Commitment
by Laurent Bach & Nicolas Serrano-Velarde - 0923 There’s No Place Like Home: The Profitability Gap between Headquarters and their Foreign Subsidiaries
by Matthias Dischinger & Nadine Riedel - 0922 Avoidance Policies – A New Conceptual Framework
by David Ulph - 0921 Optimal Climate Change Policies When Governments Cannot Commit
by Alistair Ulph & David Ulph - 0920 Profit Shifting and Measured Productivity of Multinational Firms
by Giorgia Maffini & Socrates Mokkas - 0919 Taxing Risky Investment
by Michael P. Devereux - 0918 Internal Debt and Multinationals' Profit Shifting - Empirical Evidence from Firm-Level Panel Data
by Thiess Buettner & Georg Wamser - 0917 The Direct Incidence of Corporate Income Tax on Wages
by Wiji Arulampalam & Michael P Devereux & Giorgia Maffini - 0916 Profit Taxation and Finance Constraints
by Christian Keuschnigg & Evelyn Ribi - 0915 Planning and Policy Issues Raised by the Structure of the U.S. International Tax Rules
by Daniel N. Shaviro - 0914 Corporate Taxation and the Choice of Patent Location within Multinational Firms
by Tom Karkinsky & Nadine Riedel - 0913 Assessing the Localization Pattern of German Manufacturing & Service Industries - A Distance Based Approach
by Hyun-Ju Koh & Nadine Riedel - 0912 Corporate Tax Competition between Firms
by Simon Loretz & Padraig J. Moore - 0911 Dividend Taxes and International Portfolio Choice
by Mihir A. Desai & Dhammika Dharmapala - 0910 The Distorting Arm’s Length Principle
by Michael P. Devereux & Christian Keuschnigg - 0909 Opting for Opting-in? An Evaluation of the Commission’s Proposals for Reforming VAT for Financial Services
by Rita de la Feria & Ben Lockwood - 0908 Incorporation and Taxation: Theory and Firm-level Evidence
by Peter Egger & Christian Keuschnigg & Hannes Winner - 0907 Optimal tax policy when firms are internationallly mobile
by Johannes Becker & Clemens Fuest - 0906 Place Where the Supply/Activity is Effectively Carried Out as an Allocation Rule: VAT vs. Direct Taxation
by Rita de la Feria - 0905 Tax Treaty Abuse: Is Canada responding effectively?
by Geoffrey T. Loomer - 0904 Corporate Taxation and Multinational Activity
by Peter Egger & Simon Loretz & Michael Pfaffermayr & Hannes Winner - 0903 Investment abroad and adjustment at home: evidence from UK multinational firms
by Helen Simpson - 0902 EU Regional Policy and Tax Competition
by Johannes Becker & Clemens Fuest - 0901 Formula Apportionment: Is it better than the current system and are there better alternatives?
by Rosanne Altshuler & Harry Grubert
2008
- 0830 Tax Competition in an Expanding European Union
by Ronald B. Davies & Johannes Voget - 0829 Capital Structure, Corporate Taxation and Firm Age
by Michael Pfaffermayr & Matthias Stöckl & Hannes Winner - 0828 Taxes, Institutions and Foreign Diversification Opportunities
by Mihir A. Desai & Dhammika Dharmapala - 0827 Strategic Consolidation under Formula Apportionment
by Thiess Buettner & Nadine Riedel & Marco Runkel