Dette kommer fram av en ny forskningsrapport presentert på SSBs forskningsseminar torsdag 1. september. I Norge har Guttorm Schjelderup og Jarle Moen fra Norges Handelshøyskole deltatt på paperet.
Link til rapporten «International Debt Shifting: Do Multinationals Shift Internal or External Debt?» finner du her.
Her er et kort sammendrag av paperet på engelsk:
Abstract: CESifo Working Paper Series No. 3519
Multinational companies can exploit the tax advantage of debt more aggressively than national companies by shifting debt from affiliates in low tax countries to affiliates in high tax countries. Previous papers have either omitted internal debt or external debt from the analysis. We are the first to model the companies’ choice between internal and external debt shifting and show that it is optimal for them to use both types of debt to save taxes. Using a large panel of German multinationals, we find strong empirical support for our model. The estimated coefficients suggest that internal and external debt shifting are of about equal relevance. Since the tax variables that determine the incentive to shift internal and external debt are correlated both with each other and with the host country tax rate, previous estimates of the tax sensitivity of debt suffer from omitted variable bias.
Bidragsytere:
Jarle Moen
Norwegian School of Economics and Business Administration (NHH) - Department of Finance and Management Science; Statistics Norway - Research Department
Dirk Schindler
University of Konstanz - Faculty of Economics and Statistics; CESifo (Center for Economic Studies and Ifo Institute for Economic Research)
Guttorm Schjelderup
Norwegian School of Economics & Business Administration (NHH); CESifo (Center for Economic Studies and Ifo Institute for Economic Research)
Julia Tropina
affiliation not provided to SSRN
Peter Ringstad, koordinator i Tax Justice Network - Norge