A macroeconomic perspective on taxing multinational enterprises☆

• 成果类型: Article
• 署名作者: Dyrda, Sebastian; Hong, Guangbin; Steinberg, Joseph B.
• 署名单位: University of Toronto; University of Chicago
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2024.104022
• 发表日期: 2024
• 关键词: Multinational enterprise; transfer pricing; Profit shifting; Base erosion; Intangible capital; corporate tax

摘要

We develop a general-equilibrium model to study the macroeconomic consequences of international profit shifting by multinational enterprises (MNEs). In our model, MNEs shift profits by exploiting intangible capital transfer pricing rules, which makes intangible investment more attractive and leads to higher output at home and abroad. We use the model to quantify the effects of two reforms proposed by the OECD: (i) reallocating MNEs' profit tax bases to the countries where they sell their products; and (ii) a minimum global corporate income tax. Both reforms would reduce profit shifting substantially, but (i) would reduce global output whereas (ii) would have little macroeconomic impact. The reforms' distributional implications would also be important. In high-tax countries, tax revenues would increase more than output declines, raising gross national income and enabling redistribution that could offset lower wages. In contrast, output and tax revenues would both drop in low-tax countries, significantly reducing national income.