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230104 ||| eng |
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|a 9798400221729
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| 100 |
1 |
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|a Hebous, Shafik
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| 245 |
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|a Excess Profit Taxes: Historical Perspective and Contemporary Relevance
|c Shafik Hebous, Dinar Prihardini, Nate Vernon
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2022
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| 300 |
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|a 37 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
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|a Revenue administration
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| 653 |
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|a Economics
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| 653 |
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|a Private Pensions
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| 653 |
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|a Labour
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| 653 |
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|a Corporate taxes
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Nonwage Labor Costs and Benefits
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| 653 |
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|a Taxes
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| 653 |
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|a Corporations
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| 653 |
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|a Fiscal Policies and Behavior of Economic Agents: Firm
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| 653 |
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|a Economics: General
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| 653 |
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|a Fiscal Policy
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| 653 |
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|a Informal sector
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| 653 |
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|a Non-wage benefits
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| 653 |
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|a Labor
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| 653 |
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|a Economics of specific sectors
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| 653 |
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|a Corporate income tax
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| 653 |
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|a Currency crises
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| 653 |
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|a Business Taxes and Subsidies
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| 653 |
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|a Taxation, Subsidies, and Revenue: General
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| 653 |
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|a Employee fringe benefits
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| 653 |
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|a Allowance for corporate equity
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| 653 |
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|a Corporate & business tax
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| 653 |
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|a Corporate Taxation
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Taxation
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| 653 |
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|a Public Finance
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| 653 |
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|a Income economics
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| 653 |
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|a Revenue
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| 700 |
1 |
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|a Prihardini, Dinar
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| 700 |
1 |
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|a Vernon, Nate
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9798400221729.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2022/187/001.2022.issue-187-en.xml?cid=523550-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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|a This paper discusses the design of excess profits taxes (EPTs) that gained renewed interest following the COVID-19 outbreak and the recent surge in energy prices. EPTs can be designed as an efficient tax only falling on economic rent, like an allowance for corporate capital, and drawing some parallels with current proposals for reforming multinationals’ taxation. EPTs can be permanent or temporary as an add-on to the corporate income tax to support revenue during an adverse shock episode. The latter reflects experiences with EPTs during and after the World Wars. Different from that era, though, profit shifting is now a challenge. Estimation using firm-level data suggest that, at present, locations of excess profit across countries are consistent with profit shifting practices by multinationals. Destination-based EPTs can address this concern. Estimates suggest that a 10 percent EPT on the globally consolidated accounts of multinationals (on top of the current corporate income tax), with the EPT base being allocated using sales, raises global revenue by 16 percent of corporate income tax revenues. The analysis suggests that international coordination would be desirable to mitigate the risks of profit shifting and tax competition. Eventually, EPTs could mark an evolution of corporate taxation toward a non-distortionary rent tax
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