Where Does Multinational Investment Go With Territorial Taxation Evidence From The Uk
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Where Does Multinational Investment Go with Territorial Taxation? Evidence from the UK
Author | : Ms.Li Liu |
Publisher | : International Monetary Fund |
Total Pages | : 49 |
Release | : 2018-01-12 |
Genre | : Business & Economics |
ISBN | : 1484337492 |
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In 2009, the United Kingdom changed from a worldwide to a territorial tax system, abolishing dividend taxes on foreign repatriation from many low-tax countries. This paper assesses the causal effect of territorial taxation on real investments, using a unique dataset for multinational affiliates in 27 European countries and employing the difference-in-difference approach. It finds that the territorial reform has increased the investment rate of UK multinationals by 15.7 percentage points in low-tax countries. In the absence of any significant investment reduction elsewhere, the findings represent a likely increase in total outbound investment by UK multinationals.
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