Tax havens represent one of the most important phenomena in the modern globalised economy. Research has shown how they distort the global allocation of resources, promote social injustices and hinder development worldwide. This dissertation aims to determine what is the profile of a typical MNE that invest in tax havens, the reason behind its choice as well as what it could be done, at the policy level, to tackle this issue. Building on the existing literature on the determinants to tax havens investments it asks: Are MNEs that invest in tax havens more productive than those that do not? Do they mostly come from certain countries? What role the level of corporate taxes rates, in their home countries, play in the decision to invest in a tax haven? What legal form and dimension do they have? In which economic sector do they mainly operate? A regression model was build on a database of 20.000 MNEs coming from 14 different developed economies. Analysis of the regression model demonstrate that there is a weak correlation between productiveness and tax havens investments, the differences between countries are mostly due to their legislations, corporate tax rates are not a relevant factor in a decision to invest offshore and very large public limited companies have a much higher propensity to invest in tax havens than all the others. On this basis, it is recommended to promote a global harmonisation of the CFC rules, tax MNEs on a global unitary basis and encourage corporate responsibility goals. Further research should also take into account the developing countries as well as it should investigate the role that the investors play in pushing MNEs to invest in tax havens.
I paradisi fiscali rappresentano uno dei fenomeni più importanti dell’economia globalizzata. Questa tesi mira a determinare quale sia il profilo di una tipica MNE che investe nei paradisi fiscali, la ragione della sua scelta e cosa si potrebbe fare, a livello politico, per affrontare il problema. Facendo riferimento alla letteratura esistente sui motivi alla base degli investimenti nei paradisi fiscali, ci si chiede: Le multinazionali che investono nei paradisi fiscali sono più o meno produttive di quelle che non lo fanno? Provengono maggiormente da alcuni paesi? Che ruolo hanno per le MNEs le aliquote d’imposta sulle imprese, nei loro paesi d'origine, nella decisione di investire nei paradisi fiscali? Che dimensione e forma giuridica hanno? In quale settore economico operano principalmente? Un modello di regressione è stato costruito su un database di 20.000 MNEs appartenenti a 14 paesi sviluppati. L'analisi del modello di regressione dimostra che esiste solamente una debole correlazione tra produttività e investimenti nei paradisi fiscali, che le differenze tra i paesi sono dovute prevalentemente alle loro diverse legislazioni, l’aliquota d’imposta sulle imprese non è un fattore rilevante nella decisione di una MNE di investire offshore e che le società per azioni di grandi dimensioni hanno una propensione ad investire nei paradisi fiscali nettamente più alta di tutti gli altri tipi di imprese. Di conseguenza, si raccomanda di promuovere un'armonizzazione globale delle norme sulle CFC, di tassare le multinazionali globalmente su base unitaria e di incoraggiare nuovi obiettivi di responsabilità sociale d’impresa. Ulteriori ricerche in futuro dovrebbero tenere in considerazione la situazione nei paesi in via di sviluppo, nonché indagare sul ruolo che gli investitori rivestono nell’incentivare le MNEs a investire nei paradisi fiscali.
Multinazionali e paradisi fiscali
PROIETTI, ROBERTO
2019/2020
Abstract
Tax havens represent one of the most important phenomena in the modern globalised economy. Research has shown how they distort the global allocation of resources, promote social injustices and hinder development worldwide. This dissertation aims to determine what is the profile of a typical MNE that invest in tax havens, the reason behind its choice as well as what it could be done, at the policy level, to tackle this issue. Building on the existing literature on the determinants to tax havens investments it asks: Are MNEs that invest in tax havens more productive than those that do not? Do they mostly come from certain countries? What role the level of corporate taxes rates, in their home countries, play in the decision to invest in a tax haven? What legal form and dimension do they have? In which economic sector do they mainly operate? A regression model was build on a database of 20.000 MNEs coming from 14 different developed economies. Analysis of the regression model demonstrate that there is a weak correlation between productiveness and tax havens investments, the differences between countries are mostly due to their legislations, corporate tax rates are not a relevant factor in a decision to invest offshore and very large public limited companies have a much higher propensity to invest in tax havens than all the others. On this basis, it is recommended to promote a global harmonisation of the CFC rules, tax MNEs on a global unitary basis and encourage corporate responsibility goals. Further research should also take into account the developing countries as well as it should investigate the role that the investors play in pushing MNEs to invest in tax havens.È consentito all'utente scaricare e condividere i documenti disponibili a testo pieno in UNITESI UNIPV nel rispetto della licenza Creative Commons del tipo CC BY NC ND.
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https://hdl.handle.net/20.500.14239/27