Publications

Note

27.04.2026

Offshore Wealth and Uneven Transparency: Implications for Developing Countries

By Sarah Godar, and Juan Vergara

This research note builds on the updated offshore wealth series from the Atlas of the Offshore World to examine these regional asymmetries and their implications for domestic revenue mobilization.

Report

14.04.2026

Progressive Taxation and Inequality: Minimum Taxation of High-Net-Worth Individuals in Latin America and the Caribbean

By Vicente Silva, Quentin Parrinello, Lamia Oualalou, Carmen Durrer de La Sota, Carlos Salgado, Juan Vergara, and Gabriel Zucman

This report, commissioned by Brazil under the PTLAC Presidency from the International Tax Observatory (ITO), analyses the progressivity of tax systems in Latin America and the Caribbean (LAC), with special emphasis on the limitations they face in taxing very high-net-worth individuals.

Note

07.04.2026

When Extractive Profits End up in Tax Havens: Lessons for Windfall Profit Taxes

By Alice Chiocchetti, Ninon Moreau-Kastler, Quentin Parrinello, and Giulia Varaschin

This policy brief builds on the working paper “The Global Allocation of Extractive Windfalls” (2026), and documents how extractive profits are allocated across jurisdictions, and shows that tax havens capture a significant share of windfall profits during commodity booms.

Working Paper

07.04.2026

The Global Allocation of Extractive Windfalls

By Alice Chiocchetti, and Ninon Moreau-Kastler

Oil, gas, and mineral extraction generates large economic rents, but it remains unclear how windfall profits are distributed across multinational enterprises. This WP addresses this by combining global firm-level financial data with detailed information on extraction activity at the affiliate level.

Note

30.01.2026

Revisiting Formulary Apportionment in the UN Tax Negotiations: Design Choices and Policy Implications

By Samuel Delpeuch, Sébastien Laffitte, Elvin Le Pouhaër, Quentin Parrinello, and Giulia Varaschin

This brief aims to support the policy debate by explaining what “formulary apportionment” could mean in practice under different approaches.

Note

29.01.2026

From Tax Secrecy to Tax Transparency? 10 years of Common Reporting Standard

By Quentin Parrinello

This policy note summarizes the conclusions of several working papers written by researchers from the EU Tax Observatory and colleagues. It provides an overview of the progress and shortfalls of the reform known as the Common Reporting Standard (CRS), a decade after its introduction.

Working Paper

21.01.2026

The instruments of profit shifting

By Kevin Parra Ramirez, and Vincent Vicard

Using firm-level data for France in 2018, the paper provides the first joint quantification of the three main profit-shifting channels: transfer mispricing in goods trade, intangible assets and services traded with tax havens, and intra-firm debt.

Working Paper

18.12.2025

Did the Tax Cuts and Jobs Act Reduce Profit Shifting by US Multinational Companies?

By Javier Garcia-Bernardo, Petr Janský, and Gabriel Zucman

The 2017 Tax Cut and Jobs Act lowered the US corporate tax rate and introduced provisions to curb profit shifting. The paper combines survey data, tax data, and firm financial statements to study the evolution of the geographical allocation of US firms’ profits after the reform.

Working Paper

15.12.2025

Global Offshore Wealth, 2001–2023

By Souleymane Faye, Sarah Godar, Carolina Moura, and Gabriel Zucman

This paper constructs homogeneous time series of global household offshore wealth covering the 2001–2023 period, during which major international efforts were implemented to curb offshore tax evasion.

Note

11.12.2025

Wealth taxes and high-net-worth individuals in Europe: Five Lessons for the Twenty-First Century

By Giulia Varaschin, Quentin Parrinello, and Gabriel Zucman

This brief reviews the history of net wealth taxes and comes up with five lessons for modern approaches to effectively taxing high-net-worth individuals.

Working Paper

08.12.2025

Racial Inequality and Redistribution in Post-Apartheid South Africa

By Léo Czajka, and Amory Gethin

The paper studies post-Apartheid inequality dynamics in South Africa using a new microdatabase that combines survey, tax, national accounts, and budget data from 1993 to 2019.

Working Paper

04.12.2025

Shift or Share? Profit Shifting and Workers’ Profit-Sharing

By Alice Chiocchetti, Manon François, Laure Heidmann, and Giulia Aliprandi

This paper quantifies how profit shifting erodes workers’ earnings by reducing profit-sharing payouts in French multinational firms.

Working Paper

07.11.2025

Tax Compliance of Multinationals and Industry Concentration in the European Union

By Matěj Bajgar, Petr Janský, and Tijmen Tuinsma

The paper studies whether stronger tax compliance among multinationals can reduce industry concentration.

Working Paper

24.09.2025

No blood in my mobile: regulating foreign suppliers

By Ninon Moreau-Kastler

This paper studies the enforcement of new due diligence policies, which constrain firms to curb foreign sourcing linked to human rights violations through transparency and reporting.

Note

24.09.2025

Supply Chain Due Diligence: Impacts and Avoidance through Legal Havens

By Ninon Moreau-Kastler, and Giulia Varaschin

This policy note highlights key results of the Working Paper entitled “No blood in my mobile: regulating foreign suppliers” (2025) by EU Tax Observatory researcher Ninon Moreau-Kastler.

Working Paper

16.09.2025

Who Owns Offshore Real Estate? Evidence from Dubai

By Annette Alstadsæter, Matthew Collin, Bluebery Planterose, Gabriel Zucman, and Andreas Økland

The paper uses novel leaked microdata to study offshore real estate in Dubai, a fast-growing tax haven.

Working Paper

03.09.2025

Why Do Banks Have So Much Debt In Tax Havens?

By Lorenzo Garlanda-Longueville, Mathias Lé, and Kevin Parra Ramirez

This paper finds that the location of cross-border intra-group debt held by multinational banks is shaped by tax considerations, even when regulatory differences are taken into account.

Report

29.08.2025

Tax Progressivity and Inequality in Brazil: Evidence from Integrated Administrative Data

By Theo Palomo, Davi Bhering, Thiago Scot, Pierre Bachas, Luciana Barcarolo, Celso Campos, Javier Feinmann, Leonardo Moreira, and Gabriel Zucman

The paper uses population-wide administrative micro-data to provide new estimates of income inequality and effective tax rates by income groups in Brazil, capturing all income and all tax payments.

Working Paper

10.07.2025

The Distribution of Profit Shifting

By Sarah Clifford, Jakob Miethe, and Camille Semelet

This paper characterizes profit shifting behavior across the size distribution of multinational enterprises (MNEs) to evaluate the targeting of the recently introduced Global Minimum Tax (GMT).

Working Paper

16.06.2025

Measurement Matters: How profit measurement affects profit shifting

By Giulia Aliprandi, Manon François, Agathe Noyer, and Elvin Le Pouhaër

This paper examines how the choice between book profits and taxable income affects profit shifting estimation.

Working Paper

13.06.2025

When Bankers Become Informants: Behavioral Effects of Automatic Exchange of Information

By Jeanne Bomare, and Matthew Collin

Over the past decade, more than 100 jurisdictions have signed AEoI in an effort to fight cross-border tax evasion. This paper studies the effectiveness and coverage of these agreements using account data leaked from an Isle of Man bank with a large customer base in countries participating to AEoI.

Report

12.06.2025

Effective Tax Blacklists: Rethinking Criteria For the 21st Century

By Sébastien Laffitte, and Edoardo Montagner

This report examines the evolution of harmful corporate tax practices in recent years, as well as the development of blacklists intended to identify such practices.

Report

28.05.2025

Assessing the coverage of the automatic exchange of information under the CRS

By Hjalte Fejerskov Boas, Matthew Collin, Sarah Godar, Carolina Moura, and Andreas Økland

Our analysis reveals that the volume of data exchanged internationally has increased and improved substantially over recent years and that CRS-reported foreign wealth accounts for approximately 9% of household financial wealth.

Working Paper

26.05.2025

Safely Opening Pandora’s Box: A Guide for Researchers Working with Leaked Data

By Annette Alstadsæter, Matthew Collin, and Andreas Økland

In this paper, we (i) present the growing body of social science research that relies on leaked data, (ii) discuss the ethical, legal and privacy hurdles faced by projects relying on such data and (iii) offer a practical roadmap for researchers looking to enter the space.

Working Paper

07.05.2025

Proportional Treatment Effects in Staggered Settings: An Approach for Poisson Pseudo-Maximum Likelihood

By Ninon Moreau-Kastler

The paper proposes a counterfactual approach to measure proportional treatment effects for staggered multiplicative difference-in-differences (DiD) models with Poisson Pseudo-Maximum Likelihood (PPML).

Note

06.05.2025

The New Face of Corporate Tax Competition

By Jules Ducept, Sarah Godar, and Quentin Parrinello

The effective tax rate of multinational companies declined by 2.7 percentage points in the European Union between 2014 and 2022, shows a new EU Tax Observatory analysis of a decade of corporate tax reforms. The decline was exacerbated by tax competition between Member States.

Working Paper

15.04.2025

Declining Effective Tax Rates of Multinationals: The Hidden Role of Tax Base Reforms

By Jules Ducept, and Sarah Godar

This paper documents the rise of corporate tax-base narrowing measures in the EU using a novel dataset covering both tax rate and tax base reforms implemented between 2014 and 2022.

Note

26.03.2025

Aligning Competitiveness and Sustainability: How Border Adjustments Can Strengthen the EU’s Agricultural Policy

By Carl Gaigné, Elsa Leromain, Riccardo Norbiato, Mathieu Parenti, and Giulia Varaschin

Preserving competitiveness does not require lowering environmental standards. Instead, well-designed policies can facilitate an alignment of both goals.

Working Paper

19.03.2025

Enforcing Taxes on Cryptocurrencies

By Hjalte Fejerskov Boas, and Mona Barake

Cryptocurrencies pose substantial challenges to tax enforcement due to their anonymous and decentralized properties, undermining conventional regulatory practices. We study the impact of an ambitious new enforcement initiative aimed at addressing these challenges.

Note

14.03.2025

Resources for a Safe and Resilient Europe: The Case for Minimum Taxation of Ultra-High-Net-Worth Individuals in the EU

By Quentin Parrinello, Giulia Varaschin, and Gabriel Zucman

This policy note provides a revenue estimate of how much European Member States could raise with a minimum tax of 2% or 3% on the wealth of people owning more than €100 million or €1 billion in wealth – the scenarios considered in the report commissioned by the G20 presidency.

Working Paper

12.03.2025

The End of Londongrad? Ownership transparency and Offshore Investment in Real Estate

By Matthew Collin, Florian M. Hollenbach, and David Szakonyi

This paper studies the impact of beneficial ownership transparency in the British real estate market.

Working Paper

20.02.2025

The Political Costs of Taxation

By Eva Davoine, Joseph Enguehard, and Igor Kolesnikov

The paper examines the political costs of taxation in early modern France. It focuses on efforts to enforce the salt tax, the rate of which varied across regions.

Working Paper

10.01.2025

Treasure Islands, Real Jobs? Workers and Anti-Avoidance Policies in a Tax Paradise

By Sónia Cabral, Joana Garcia, Raquel Miranda, Susana Peralta, and João Pereira dos Santos

This paper offers the first detailed characterization of the labor market in a tax paradise and the first assessment of how a reform aimed at discouraging tax avoidance affected workers.

Working Paper

08.01.2025

Global Minimum Tax and Profit Shifting

By Tomáš Boukal, Petr Janský, and Miroslav Palanský

We develop a methodology to decompose the tax revenue impact of the global minimum tax introduced in 2024 into several components and quantify its potential impact on profit shifting.

Working Paper

19.12.2024

Profit Shifting and International Tax Reforms

By Alessandro Ferrari, Sébastien Laffitte, Mathieu Parenti, and Farid Toubal

We propose a model of corporate tax avoidance that separates profits generated by real economic activities from paper profits shifted to tax havens. The model introduces ’triangle identities’ to estimate bilateral profit-shifting flows.

Working Paper

24.07.2024

Taxing Capital in a Globalized World: The Effects of Automatic Information Exchange

By Hjalte Fejerskov Boas, Niels Johannesen, Claus Thustrup Kreiner, Lauge Larsen, and Gabriel Zucman

The working paper studies the effects of automatic information exchange on tax compliance by analyzing the universe of information reports sent by foreign banks to Danish authorities, matched to population-wide micro-data on income, wealth, and cross-border bank transfers.

Note

18.07.2024

Australian Public CbCR: filling the gaps?

By Giulia Aliprandi

The note estimates that approximately 50% of large US companies and a significant portion of multinationals from countries like China, Japan, and Germany will potentially have to disclose information on their tax haven presence.

Report

25.06.2024

A blueprint for a coordinated minimum effective taxation standard for ultra-high-net-worth individuals

By Gabriel Zucman

This report presents a proposal for an internationally coordinated standard ensuring an effective taxation of ultra-high-net-worth individuals.

Note

13.06.2024

The Mystery of Anonymous Investment in US Real Estate

By Matthew Collin, Karan Mishra, and Andreas Økland

This note addresses the significant concerns associated with anonymous real estate ownership in the United States, highlighting how a considerable amount of property, including residential real estate, is held via corporate entities that conceal the true owners.

Report

06.06.2024

Advancing Corporate Tax Transparency

By Giulia Aliprandi, and Kane Borders

This report examines the current landscape of corporate tax transparency and evaluates how emerging transparency measures could shape future developments in this critical area.

Note

15.05.2024

Foreign investment in the Dubai housing market, 2020-2024

By Annette Alstadsæter, Matthew Collin, Bluebery Planterose, Gabriel Zucman, and Andreas Økland

This note presents new evidence on the scale of foreign investment in the Dubai residential property market. Using new data comprising the ownership of a large share of the Dubai property market, we present updated estimates of foreign-owned real estate for the years 2020 and 2022.

Working Paper

22.03.2024

All that glitters? Golden visas and real estate

By João Pereira dos Santos, and Kristina Strohmaier

In this paper, we study the extent to which “golden visas” impact real estate housing markets. Using the population of transactions records from 2007 to 2019, we analyse the introduction of the Golden Visa Program in Portugal in 2012.

Working Paper

07.03.2024

The Market for Tax Havens

By Sébastien Laffitte

This paper investigates the determinants and consequences of the development of tax havens using a novel database that tracks the creation and development of offshore institutions in 48 tax havens.

Working Paper

15.02.2024

Employment Effects of a Weakening in European Anti-Tax Avoidance Rules: evidence from France

By Margarita Lopez Forero, and Benjamin Michallet

This paper provides causal evidence on how multinational enterprises’ (MNEs) presence in tax havens translates into job cuts in France following the 2006 European Court of Justice (ECJ) judgement on the Cadbury-Schweppes case, which weakened member States’ controlled foreign company rules (CFC).

Note

21.12.2023

Mapping the global geography of shell companies

By Giulia Aliprandi, Thijs Busschots, and Carlos Oliveira

This note examines the global prevalence and distribution of shell companies, which are often used for illicit financial activities like tax evasion.

Working Paper

15.12.2023

Consumption Taxes and Corporate Income Taxes: Evidence from Place-Based VAT

By Jules Ducept, Evangelos Koumanakos, and Panayiotis Nicolaides

This working paper looks at the responses of corporations in the Greek Islands to an increase in the VAT rate from 16% to 24%. Declared profits decreased by 28% and corporate income taxes by 34%. Tax evasion opportunities offer a plausible explanation of the response.

Report

22.10.2023

Global Tax Evasion Report 2024

By Annette Alstadsæter, Sarah Godar, Panayiotis Nicolaides, and Gabriel Zucman

An unprecedented research collaboration investigating the successes and failures of the fight against tax evasion over the last decade, building on the work of more than 100 researchers globally.

Note

13.07.2023

The Long Road to Pillar One Implementation: Impact of Global Minimum Thresholds for Key Countries on the Effective Implementation of the Reform

By Quentin Parrinello, Mona Barake, and Elvin Le Pouhaër

This note examines the impact of the recent introduction of minimum thresholds for the global implementation of the OECD/G20 Pillar One reform for key countries in the context of the negotiations.

Note

04.07.2023

Who Will Pay the National Contribution on Operating Surplus?

By Quentin Parrinello, and Kane Borders

This note discusses the perimeter and provides country-by-country revenue estimates for this new proposal.

Working Paper

15.06.2023

The Compliance Effects of the Automatic Exchange of Information: Evidence from the Swiss Tax Amnesty

By Enea Baselgia

This paper studies how the introduction of multilateral automatic exchange of information (AEOI) in 2017 affects tax compliance.

Working Paper

12.06.2023

Fiscal Consequences of Corporate Tax Avoidance

By Petr Jansky, Katarzyna Bilicka, and Evgeniya Dubinina

This paper studies the consequences of multinational tax avoidance on the structure of government tax revenues.

Note

05.06.2023

Digital Service Taxes

By Kane Borders, Sofía Balladares Herbert, Mona Barake, and Enea Baselgia

Digital Service Taxes (DSTs) are a recently introduced fiscal tool designed to tax digital companies. This note collects all publicly available data to take stock of the first few years of DST implementation.

Working Paper

11.05.2023

Benchmarking Country-by-Country Reports

By Giulia Aliprandi, and Gerrit von Zedlitz

In this paper, we conduct a benchmark analysis focusing on publicly available Country-by-Country Reports to assess the reliability of CbCR information compared to respective consolidated financial information.

Working Paper

10.05.2023

Corporate Tax Avoidance and Sales: Micro Evidence and Aggregate Implications

By Julien Martin, Mathieu Parenti, and Farid Toubal

This paper investigates the influence of corporate tax avoidance (CTA) on firm-level sales, and its aggregate implications.

Working Paper

12.04.2023

Tax Avoidance and the Complexity of Multinational Enterprises

By Manon François, and Vincent Vicard

Does the complexity of the ownership structure of multinational enterprises’ (MNEs) enable tax avoidance?

Working Paper

03.04.2023

Effective Tax Rates and Firm Size

By Pierre Bachas, Anne Brockmeyer, Roel Dom, and Camille Semelet

This paper provides novel evidence on the relationship between firm size and effective corporate tax rates using full-population administrative tax data from 13 countries.

Working Paper

27.03.2023

Tax Revenue from Pillar One Amount A: Country-by-Country Estimates

By Mona Barake, and Elvin Le Pouhaër

This paper presents simulations of the tax revenue arising from the Pillar One Amount A proposal of the G20/OECD Inclusive Framework on Base Erosion and Profit Shifting.

Working Paper

13.03.2023

Does A Progressive Wealth Tax Reduce Top Wealth Inequality? Evidence From Switzerland

By Samira Marti, Isabel Z. Martínez, and Florian Scheuer

Like in many other countries, wealth inequality has increased in Switzerland over the last fifty years. By providing new evidence on cantonal top wealth shares for each of the 26 cantons since 1969, we show that the overall trend masks striking differences across cantons, both in levels and trends.

Data Documentation

28.02.2023

Public Country-by-Country Reports: A New Dataset

By Giulia Aliprandi, Francisco Gabriel, and Gerrit von Zedlitz

In this note, we introduce the Public CbCRs database, a novel dataset comprising information on the country-level distribution of key tax-related financial items such as profit, taxes, and activities of over 100 large multinationals.

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Note

23.02.2023

Tax Transparency by Multinationals: Trends in Country-by-Country Reports Public Disclosure

By Giulia Aliprandi, and Kane Borders

Country-by-Country Reporting is a key data source for understanding the activities of multinational firms. This note explores public Country-by-Country Reports (CbCRs) published by multinational companies to highlight several important trends.

Working Paper

09.02.2023

Behavioral Responses to Special Tax Regimes for the Super - Rich: Insights from Swiss Rich Lists

By Enea Baselgia, and Isabel Z. Martínez

We collect, digitize, and supplement Swiss rich lists published in the “BILANZ” business magazine since 1989, to gain new insights on the structure and dynamics of top wealth in Switzerland.

Working Paper

08.12.2022

The Long Way to Tax Transparency: Lessons from the Early Publishers of Country-by-Country Reports

By Sarah Godar, Giulia Aliprandi, Tommaso Faccio, Petr Jansky, and Katia Toledo Ruiz

In this paper, we analyse a sample of voluntarily published country-by-country reports (CbCRs) of 35 multinational enterprises (MNEs).

Working Paper

05.12.2022

Tax Planning by European Banks

By Mona Barake

This paper explores profit shifting behaviour by European banks through a newly available data source. Financial institutions as of 2014 started disclosing their activity on a country-by-country level following the CRDIV EU Directive.

Working Paper

02.12.2022

Increasing Cross-Border Ownership of Real Estate: Evidence from Norway

By Annette Alstadsæter, and Andreas Økland

This paper is the first to estimate the full extent of foreign-owned commercial and residential real estate in a country, including both direct and indirect ownership.

Working Paper

01.12.2022

Global Profit Shifting, 1975 - 2019

By Ludvig Wier, and Gabriel Zucman

This paper constructs time series of global profit shifting covering the 2015–19 period, during which major international efforts were implemented to curb profit shifting.

Note

14.11.2022

A Modern Excess Profit Tax

By Manon François, Carlos Oliveira, Bluebery Planterose, and Gabriel Zucman

This note presents a new way to tax excess profits. We propose to tax the rise in the stock market capitalization of companies that benefit from extraordinary circumstances, such as energy firms following the invasion of Ukraine in February 2022.

Working Paper

17.10.2022

Revealing 21% of GDP in Hidden Assets: Evidence from Argentina’s Tax Amnesty

By Juliana Londoño-Vélez, and Dario Tortarolo

The paper studies the effectiveness of tax amnesties and their impacts on capital taxation and public spending. We leverage rich policy variation from Argentina, which implemented the world’s most successful program, reportedly revealing assets worth 21% of GDP.

Working Paper

28.09.2022

A Modern Excess Profit Tax

By Manon François, Bluebery Planterose, Gabriel Zucman, and Carlos Oliveira

This paper presents a new way to tax excess profits. We propose to tax the rise in the stock market capitalization of companies that benefit from extraordinary circumstances, such as energy firms following the invasion of Ukraine in February 2022.

Proceedings

12.07.2022

Summary - Tax Avoidance and Offshore Wealth: Policies for Tomorrow

A landmark annual event in tax evasion and tax avoidance policy, the event sought to review past developments, study new evidence, and project policy to the future.

Working Paper

17.06.2022

Will We Ever Be Able to Track Offshore Wealth? Evidence from the Offshore Real Estate Market in the UK

By Ségal Le Guern Herry, and Jeanne Bomare

This paper provides evidence of the growing importance of real estate assets in offshore portfolios.

Working Paper

17.06.2022

Did the Tax Cuts and Jobs Act Reduce Profit Shifting by US Multinational Companies?

By Javier Garcia-Bernardo, Petr Jansky, and Gabriel Zucman

The 2017 Tax Cut and Jobs Act reduced the US corporate tax rate and introduced provisions to curb profit shifting. We combine survey data, tax data, and firm financial statements to study the evolution of the geographical allocation of US firms’ profits after the reform.

Working Paper

09.05.2022

Pennies from Haven: Wages and Profit Shifting

By Annette Alstadsæter, Julie Brun Bjørkheim, Ronald B. Davies, and Johannes Scheuerer

Increasing attention has been given to the fact that some multinational enterprises shift income to tax haven countries, an activity that generates inequality in corporate taxation. This article examines how profit shifting relates to wage inequality.

Note

16.03.2022

Effective sanctions against oligarchs and the role of a European Asset Registry

By Theresa Neef, Panayiotis Nicolaides, Lucas Chancel, Thomas Piketty, and Gabriel Zucman

This note provides data on wealth inequality in Russia and advocates for a European Asset Registry. A European Asset Registry would change the state of play, resulting in better-targeted sanctions and effective tools to curb money laundering, corruption and tax evasion.

Report

07.11.2021

New Forms of Tax Competition: An Empirical Investigation

By Eloi Flamant, Sarah Godar, and Gaspard Richard

This report provides an empirical analysis of tax competition between individuals and companies in the European Union, by ranking the most harmful tax regimes. It also proposes several options to address these trends.

Note

25.10.2021

Revenue Effects of the Global Minimum Tax: Country-by-Country Estimates

By Mona Barake, Theresa Neef, Paul-Emmanuel Chouc, and Gabriel Zucman

In October 2021, 136 countries and jurisdictions agreed on the swift implementation of a major reform of the international corporate tax system. In this note, we present simulations of the revenue effects of the global minimum tax of 15% laid out in this agreement.

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Note

07.10.2021

European tax evasion in the light of the Pandora Papers

To fully understand the significance of the Pandora Papers, it is useful to put them into perspective based on the most recent economic research, the international efforts in place to reduce offshore fraud, and future avenues to achieve greater fiscal transparency.

Report

06.09.2021

Have European Banks Left Tax Havens? Evidence from Country-by-Country Data

By Giulia Aliprandi, Mona Barake, and Paul-Emmanuel Chouc

The main European banks book EUR 20 billion (or 14% of their total profits) in tax havens each year. This percentage has been stable since 2014.

Note

21.07.2021

Minimizing the Minimum Tax? The Critical Effect of Substance Carve-Outs

By Mona Barake, Theresa Neef, Paul-Emmanuel Chouc, and Gabriel Zucman

In July 2021, 132 countries agreed to a minimum tax rate of at least 15% on their multinationals’ profits. However, the joint statement included a provision that could substantially reduce the effectiveness of this policy : the exemption of substance-based carve-outs.

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Report

01.06.2021

Collecting the Tax Deficit of Multinational Companies: Simulations for the EU

By Mona Barake, Theresa Neef, Paul-Emmanuel Chouc, and Gabriel Zucman

The European Union could increase corporate tax revenues by €170 billion with a 25% minimum tax.

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Our publications

Publications

Offshore Wealth and Uneven Transparency: Implications for Developing Countries

Progressive Taxation and Inequality: Minimum Taxation of High-Net-Worth Individuals in Latin America and the Caribbean

When Extractive Profits End up in Tax Havens: Lessons for Windfall Profit Taxes

The Global Allocation of Extractive Windfalls

Revisiting Formulary Apportionment in the UN Tax Negotiations: Design Choices and Policy Implications

From Tax Secrecy to Tax Transparency? 10 years of Common Reporting Standard

The instruments of profit shifting

Did the Tax Cuts and Jobs Act Reduce Profit Shifting by US Multinational Companies?

Global Offshore Wealth, 2001–2023

Wealth taxes and high-net-worth individuals in Europe: Five Lessons for the Twenty-First Century

Racial Inequality and Redistribution in Post-Apartheid South Africa

Shift or Share? Profit Shifting and Workers’ Profit-Sharing

Tax Compliance of Multinationals and Industry Concentration in the European Union

No blood in my mobile: regulating foreign suppliers

Supply Chain Due Diligence: Impacts and Avoidance through Legal Havens

Who Owns Offshore Real Estate? Evidence from Dubai

Why Do Banks Have So Much Debt In Tax Havens?

Tax Progressivity and Inequality in Brazil: Evidence from Integrated Administrative Data

The Distribution of Profit Shifting

Measurement Matters: How profit measurement affects profit shifting

When Bankers Become Informants: Behavioral Effects of Automatic Exchange of Information

Effective Tax Blacklists: Rethinking Criteria For the 21st Century

Assessing the coverage of the automatic exchange of information under the CRS

Safely Opening Pandora’s Box: A Guide for Researchers Working with Leaked Data

Proportional Treatment Effects in Staggered Settings: An Approach for Poisson Pseudo-Maximum Likelihood

The New Face of Corporate Tax Competition

Declining Effective Tax Rates of Multinationals: The Hidden Role of Tax Base Reforms

Aligning Competitiveness and Sustainability: How Border Adjustments Can Strengthen the EU’s Agricultural Policy

Enforcing Taxes on Cryptocurrencies

Resources for a Safe and Resilient Europe: The Case for Minimum Taxation of Ultra-High-Net-Worth Individuals in the EU

The End of Londongrad? Ownership transparency and Offshore Investment in Real Estate

The Political Costs of Taxation

Treasure Islands, Real Jobs? Workers and Anti-Avoidance Policies in a Tax Paradise

Global Minimum Tax and Profit Shifting

Profit Shifting and International Tax Reforms

Taxing Capital in a Globalized World: The Effects of Automatic Information Exchange

Australian Public CbCR: filling the gaps?

A blueprint for a coordinated minimum effective taxation standard for ultra-high-net-worth individuals

The Mystery of Anonymous Investment in US Real Estate

Advancing Corporate Tax Transparency

Foreign investment in the Dubai housing market, 2020-2024

All that glitters? Golden visas and real estate

The Market for Tax Havens

Employment Effects of a Weakening in European Anti-Tax Avoidance Rules: evidence from France

Mapping the global geography of shell companies

Consumption Taxes and Corporate Income Taxes: Evidence from Place-Based VAT

Global Tax Evasion Report 2024

The Long Road to Pillar One Implementation: Impact of Global Minimum Thresholds for Key Countries on the Effective Implementation of the Reform

Who Will Pay the National Contribution on Operating Surplus?

The Compliance Effects of the Automatic Exchange of Information: Evidence from the Swiss Tax Amnesty

Fiscal Consequences of Corporate Tax Avoidance

Digital Service Taxes

Benchmarking Country-by-Country Reports

Corporate Tax Avoidance and Sales: Micro Evidence and Aggregate Implications

Tax Avoidance and the Complexity of Multinational Enterprises

Effective Tax Rates and Firm Size

Tax Revenue from Pillar One Amount A: Country-by-Country Estimates

Does A Progressive Wealth Tax Reduce Top Wealth Inequality? Evidence From Switzerland

Public Country-by-Country Reports: A New Dataset

Tax Transparency by Multinationals: Trends in Country-by-Country Reports Public Disclosure

Behavioral Responses to Special Tax Regimes for the Super - Rich: Insights from Swiss Rich Lists

The Long Way to Tax Transparency: Lessons from the Early Publishers of Country-by-Country Reports

Tax Planning by European Banks

Increasing Cross-Border Ownership of Real Estate: Evidence from Norway

Global Profit Shifting, 1975 - 2019

A Modern Excess Profit Tax

Revealing 21% of GDP in Hidden Assets: Evidence from Argentina’s Tax Amnesty

A Modern Excess Profit Tax

Summary - Tax Avoidance and Offshore Wealth: Policies for Tomorrow

Will We Ever Be Able to Track Offshore Wealth? Evidence from the Offshore Real Estate Market in the UK

Did the Tax Cuts and Jobs Act Reduce Profit Shifting by US Multinational Companies?

Pennies from Haven: Wages and Profit Shifting

Effective sanctions against oligarchs and the role of a European Asset Registry

New Forms of Tax Competition: An Empirical Investigation

Revenue Effects of the Global Minimum Tax: Country-by-Country Estimates

European tax evasion in the light of the Pandora Papers

Have European Banks Left Tax Havens? Evidence from Country-by-Country Data

Minimizing the Minimum Tax? The Critical Effect of Substance Carve-Outs