Nuestras publicaciones

Working Paper

10.07.2025

The Distribution of Profit Shifting

Por Sarah Clifford, and Jakob MIETHE

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).

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Working Paper

16.06.2025

Measurement Matters: How profit measurement affects profit shifting

Por Giulia Aliprandi, Elvin Le Pouhaër, Manon FRANCOIS, and Agathe Noyer

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

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Working Paper

13.06.2025

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

Por Matthew Collin, and Jeanne BOMARE

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.

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Report

12.06.2025

Effective Tax Blacklists: Rethinking Criteria For the 21st Century

Por 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.

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Report

28.05.2025

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

Por Matthew Collin, Sarah Godar, Hjalte FEJERSKOV BOAS, 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.

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Working Paper

26.05.2025

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

Por 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.

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Working Paper

07.05.2025

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

Por 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).

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Note

06.05.2025

The New Face of Corporate Tax Competition

Por Sarah Godar, Jules Ducept, 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.

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Working Paper

15.04.2025

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

Por Sarah Godar, and Jules Ducept

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.

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Note

26.03.2025

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

Por 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.

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Working Paper

19.03.2025

Enforcing Taxes on Cryptocurrencies

Por 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.

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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

Por 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.

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Working Paper

12.03.2025

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

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

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

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Working Paper

20.02.2025

The Political Costs of Taxation

Por 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.

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Working Paper

10.01.2025

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

Por Sónia Cabral, Joana Garcia, Raquel Miranda, and Susana Peralta

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.

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Working Paper

08.01.2025

Global Minimum Tax and Profit Shifting

Por 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.

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Working Paper

19.12.2024

Profit Shifting and International Tax Reforms

Por Sébastien Laffitte, and Mathieu Parenti

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.

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Working Paper

24.07.2024

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

Por Hjalte FEJERSKOV BOAS, Lauge LARSEN, Niels JOHANNESEN, 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.

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Note

18.07.2024

Australian Public CbCR: filling the gaps?

Por 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.

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Report

25.06.2024

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

Por Gabriel Zucman

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

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Note

13.06.2024

The Mystery of Anonymous Investment in US Real Estate

Por 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.

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Report

06.06.2024

Advancing Corporate Tax Transparency

Por 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.

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Note

15.05.2024

Foreign investment in the Dubai housing market, 2020-2024

Por 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.

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Working Paper

22.03.2024

All that glitters? Golden visas and real estate

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.

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Working Paper

07.03.2024

The Market for Tax Havens

Por 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.

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Working Paper

15.02.2024

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

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).

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Note

21.12.2023

Mapping the global geography of shell companies

Por Giulia Aliprandi

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

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Working Paper

15.12.2023

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

Por Jules Ducept, and Panos 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.

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Report

22.10.2023

Global Tax Evasion Report 2024

Por Annette Alstadsæter, Sarah Godar, Panos 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.

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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

Por Elvin Le Pouhaër, Mona BARAKE, and Quentin Parrinello

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.

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Note

04.07.2023

Who Will Pay the National Contribution on Operating Surplus?

Por Kane Borders, and Quentin Parrinello

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

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Working Paper

15.06.2023

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

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

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Working Paper

12.06.2023

Fiscal Consequences of Corporate Tax Avoidance

Por Petr JANSKY

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

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Note

05.06.2023

Digital Service Taxes

Por Kane Borders, and Mona BARAKE

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.

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Working Paper

11.05.2023

Benchmarking Country-by-Country Reports

Por Giulia Aliprandi

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.

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Working Paper

10.05.2023

Corporate Tax Avoidance and Sales: Micro Evidence and Aggregate Implications

Por Mathieu Parenti

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

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Working Paper

12.04.2023

Tax Avoidance and the Complexity of Multinational Enterprises

Por Manon FRANCOIS

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

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Working Paper

03.04.2023

Effective Tax Rates and Firm Size

Por Pierre Bachas

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.

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Working Paper

27.03.2023

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

Por Elvin Le Pouhaër, and Mona BARAKE

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.

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Working Paper

13.03.2023

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

Por 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.

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Data Documentation

28.02.2023

Public Country-by-Country Reports: A New Dataset

Por Giulia Aliprandi, and Francisco GABRIEL

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

Por 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.

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Working Paper

09.02.2023

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

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.

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Working Paper

08.12.2022

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

Por Giulia Aliprandi, Sarah Godar, Petr JANSKY, and Tommaso FACCIO

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

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Working Paper

05.12.2022

Tax Planning by European Banks

Por 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.

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Working Paper

02.12.2022

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

Por 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.

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Working Paper

01.12.2022

Global Profit Shifting, 1975 - 2019

Por 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.

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Note

14.11.2022

A Modern Excess Profit Tax

Por Manon FRANCOIS, 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.

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Working Paper

17.10.2022

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

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.

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Working Paper

28.09.2022

A Modern Excess Profit Tax

Por Manon FRANCOIS, Bluebery Planterose, and Gabriel Zucman

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.

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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.

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Working Paper

17.06.2022

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

Por Jeanne BOMARE, and Ségal Le Guern Herry

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

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Working Paper

17.06.2022

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

Por 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.

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Working Paper

09.05.2022

Centavos de Haven: Salarios y traslado de beneficios

Por Annette Alstadsæter

Se ha prestado cada vez más atención al hecho de que algunas empresas multinacionales trasladan sus ingresos a países con paraísos fiscales, una actividad que genera desigualdad en el impuesto de sociedades. Este artículo examina la relación entre el traslado de beneficios y la desigualdad salarial.

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Working Paper

02.05.2022

¿Quién es el propietario de los bienes inmuebles offshore? Datos de Dubai

Por Annette Alstadsæter, Bluebery Planterose, Gabriel Zucman, and Andreas Økland

Los nuevos datos que recogen la propiedad de unos 800.000 inmuebles en Dubai ofrecen una ventana única a las inversiones inmobiliarias transfronterizas.

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Note

16.03.2022

Sanciones efectivas contra los oligarcas y el papel de un Registro Europeo de Activos

Por Lucas Chancel, Panos NICOLAIDES, Theresa NEEF, and Gabriel Zucman

Esta nota proporciona datos sobre la desigualdad de la riqueza en Rusia y aboga por un Registro Europeo de Activos. Un registro europeo de activos cambiaría la situación, lo que daría lugar a sanciones mejor orientadas y a herramientas eficaces para frenar el blanqueo de capitales y la corrupción.

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Note

07.09.2021

La evasión fiscal europea a la luz de los Papeles de Pandora

Para comprender plenamente la importancia de los Papeles de Pandora, es útil ponerlos en perspectiva a partir de las investigaciones económicas más recientes, los esfuerzos internacionales en marcha para reducir el fraude en el extranjero y las futuras vías para lograr una mayor transparencia fiscal

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Note

06.09.2021

¿Minimizar el impuesto mínimo? El efecto crítico de los recortes de sustancias

Por Mona BARAKE, Paul-Emmanuel CHOUC, Theresa NEEF, and Gabriel Zucman

132 países acordaron un tipo impositivo mínimo de al menos el 15% sobre los beneficios de sus multinacionales. Sin embargo, la declaración conjunta incluía una disposición que podría reducir sustancialmente la eficacia de esta política: la exención de las excepciones por razón de la sustancia.

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Report

01.07.2021

¿Han abandonado los bancos europeos los paraísos fiscales? Datos por países

Por Giulia Aliprandi, Mona BARAKE, and Paul-Emmanuel CHOUC

Los principales bancos europeos contabilizan cada año 20.000 millones de euros (el 14% de sus beneficios totales) en paraísos fiscales. Este porcentaje se ha mantenido estable desde 2014.

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Report

01.06.2021

Recaudación del déficit fiscal de las empresas multinacionales: simulaciones para la UE

Por Mona BARAKE, Paul-Emmanuel CHOUC, Theresa NEEF, and Gabriel Zucman

La Unión Europea podría aumentar los ingresos del impuesto de sociedades en 170.000 millones de euros con un impuesto mínimo del 25%.

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Note

01.06.2021

Efectos del impuesto mínimo global sobre los ingresos: estimaciones por países

Por Mona BARAKE, Paul-Emmanuel CHOUC, Theresa NEEF, and Gabriel Zucman

En octubre de 2021, 136 países y jurisdicciones acordaron la rápida aplicación de una importante reforma del sistema tributario internacional de las empresas. En esta nota, presentamos simulaciones de los efectos sobre los ingresos del impuesto mínimo global del 15% establecido en este acuerdo.

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