Personal Holding Companies, Tax Progressivity, and Inequality
We exploit twenty years of administrative micro-data linking firms to owners in Sweden and Norway to analyze how the use of personal holding companies varies across the income distribution and to quantify its implications in a quasi-experimental setting.
Our purpose
Our purpose
The International Tax Observatory conducts innovative research on taxation, contributes to a democratic and inclusive debate on the future of taxation, and fosters dialogue between the scientific community, civil society, and policymakers worldwide.
Recent publications
08.07.2026
Comply, Refuse, or Defer: First Evidence on EU Public Country-by-Country Reporting
The European Union’s Public Country-by-Country Reporting (CbCR) Directive aims to make where multinationals operate and where they pay tax visible to investors, regulators, and the public. This report asks whether the Directive delivers on that objective.
20.07.2026
Three Lessons on the Interaction Between CFC Rules and Pillar 2
The implementation of Pillar 2 represents a major step forward in international tax cooperation. However, this policy note finds that the Global Minimum Tax does not necessarily make Controlled Foreign Company (CFC) rules redundant.
28.07.2026
Personal Holding Companies, Tax Progressivity, and Inequality
We exploit twenty years of administrative micro-data linking firms to owners in Sweden and Norway to analyze how the use of personal holding companies varies across the income distribution and to quantify its implications in a quasi-experimental setting.
Press releases
14.04.2026
New report examines how to tax large fortunes more effectively in Latin America
The study assesses seven countries and finds that a minimum tax of 2% on fortunes above US$100 million could raise around US$24 billion a year, and restore progressivity at the top.
05.02.2026
Press Release: Announcing the International Tax Observatory
We are thrilled to announce the launch of the International Tax Observatory (ITO) on February 5, 2026. The ITO will continue and expand the work of the EU Tax Observatory.
04.12.2025
How profit shifting cuts into employee profit-sharing
Paris, December 4, 2025 - A new study by the European Tax Observatory, based on previously unpublished confidential data, shows that the 314 largest French multinationals shift more than €10 billion in profits out of France each year.
In the press
14.08.2026
Prof G Markets
The Architect Of The Billionaire Tax Makes His Case
On Prof G Markets, Ed Elson is joined by Gabriel Zucman to break down Prop 40, the billionaire tax proposal in California. They discuss why Gabriel thinks it’s the most effective way to tax the ultrawealthy in the state, unpack the various criticisms of the tax, and consider what its influence could
07.08.2026
Dagens Nyheter
DN Debatt: “Sweden does not tax the very richest as we think”
Those who earn the most should pay the most — it is a cornerstone of our tax system. But at the very top of the pyramid, everything is turned upside down: the richest 5,000 households pay, on average, only 20–25 percent.
05.08.2026
The Podcast David Pakman Show
Surrender, betrayal, and the collapse of promises
Gabriel Zucman, internationally renowned economist, joins us to discuss his new book "We Need to Tax Billionaires" and Proposition 40 in California, which would impose a one-time 5% wealth tax on billionaires.
Our Tools
To widen access to knowledge, the International Tax Observatory provides interactive tools, including a simulator of the tax deficit of multinational companies, and an explorer of country-by-country data on the activities of multinationals firms.
Our events
Prague 25.11.2026
Beyond BEPS: The Real Effects of International Taxation
Charles University, with the support of the European Commission (DG TAXUD) and in collaboration with the International Tax Observatory and Skatteforsk - Norwegian Centre for Tax Research, will host Beyond BEPS, a workshop on the real effects of international taxation, on 25–26 November 2026.
Room 2-21, Paris School of Economics 01.09.2024
The Offshore Talks
Join us for an engaging lecture series featuring a dynamic lineup of distinguished speakers who will uncover the hidden forces driving global inequality.
Join Us
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