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This is an open access title available under the terms of a CC BY-NC-ND 4.0 licence. It is offered as a free PDF download from OUP and selected open access locations. This book undertakes a fundamental review of the existing international system of taxing business profit. It steps back from the current political debates on how to combat profit shifting and how taxing rights over the profits of the digitalized economy should be allocated. Instead, it starts from first principles to ask how we should evaluate a tax on business profitDLand whether there is any good rationale for such a tax in the first place. It then goes on to evaluate the existing system and a number of alternatives that have been proposed. It argues that the existing system is fundamentally flawed, and that there is a need for radical reform. The key conclusion from the analysis is that there would be significant gains from a reform that moved the system towards taxing profit in the country in which a business made its sales to third parties. That conclusion informs two proposals that are put forward in detail and evaluated: the Residual Profit Allocation by Income (RPAI) and the Destination-based Cash Flow Tax (DBCFT). The book is authored by group of economists and lawyersDLthe Oxford International Tax Group, chaired by Michael P. Devereux. It draws insights from both economics and lawDLincluding economic theory, empirical evidence on the impact of taxes, and an examination of practical issues of implementationDLto assess the existing system and to consider fundamental reforms. This book will be useful to tax policy makers, tax professionals, academics, and anyone interested in tax policy.
1: Introduction 2: Key issues in taxing profit 3: The current international tax system 4: Fundamental reform options 5: Basic choices in considering reform 6: Residual profit allocation by income 7: Destination-based cash flow taxation
Author(s) | By Michael P. Devereux (Director of the Oxford University Centre for Business Taxation and Professor of Business Taxation, Director of the Oxford University Centre for Business Taxation and Professor of Business Taxation, University of Oxford), Alan J. Auerbach (Robert D. Burch Professor of Economics and Law, Robert D. Burch Professor of Economics and Law, University of California, Berkeley), Michael Keen (Deputy Director of the Fiscal Affairs Department, Deputy Director of the Fiscal Affairs Department, International Monetary Fund), Paul Oosterhuis (Of Counsel, Of Counsel, Skadden, Arps, Slate, Meagher and Flom), Wolfgang Schoen (Managing Director, Managing Director, Max Planck Institute for Tax Law and Public Finance, Munich), John Vella (Professor of Law, Professor of Law, University of Oxford). |
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Publisher | Oxford University Press |
ISBN | 9780198808077 |
Format | Paperback / softback |
Pages | 400 |
Published in | United Kingdom |
Published | 21 Jan 2021 |
Availability | Available |
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