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This paper aims to contribute to the European policy debate on
corporate income tax reform in three ways. First, it takes a step
back to review the performance of the CIT in Europe over the past
several decades and the important role played by MNEs in European
economies. Second, it analyses corporate tax spillovers in Europe
with a focus on the channels and magnitudes of both profit shifting
and CIT competition. Third, the paper examines the progress made in
European CIT coordination and discusses reforms to strengthen the
harmonization of corporate tax policies, in order to effectively
reduce both tax competition and profit shifting.
The book describes the difficulties of the current international
corporate income tax system. It starts by describing its origins
and how changes, such as the development of multinational
enterprises and digitalization have created fundamental problems,
not foreseen at its inception. These include tax competition-as
governments try to attract tax bases through low tax rates or
incentives, and profit shifting, as companies avoid tax by
reporting profits in jurisdictions with lower tax rates. The book
then discusses solutions, including both evolutionary changes to
the current system and fundamental reform options. It covers both
reform efforts already under way, for example under the Inclusive
Framework at the OECD, and potential radical reform ideas developed
by academics.
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