The ability of modern multinational corporations to adjust the scale, character, and location of their worldwide operations creates serious challenges for governments that seek to collect tax revenue from the profits generated by these operations. One of the most important issues that policy makers confront in setting tax policies is to evaluate the extent to which taxation influences the activities of multinational firms. International taxation clearly has the potential to affect the volume of foreign direct investment (FDI), since higher tax rates depress after-tax returns, thereby reducing incentives to commit investment funds. This book analyzes empirical evidence concerning FDI and the behavior of multinational firms. It addresses issues that fall into three broad categories: the way in which taxation affects FDI, the effect of tax policies in encouraging international tax avoidance, and the relationship between tax incentives and international spillovers of technology. It also examines stock market reactions to international tax deferral that is reported in the tax footnotes of company annual reports.
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