Comparing UK Tax Returns of Foreign Multinationals to Matched Domestic Firms
利用英国保密的企业纳税申报数据，发现外国跨国子公司的应税利润与总资产比率仅为可比国内独立企业的一半，主要源于更多外国子公司报告零应税利润，且会计数据会低估这一差异。
In this paper, I use confidential UK corporate tax returns data to explore whether there are systematic differences in the amount of taxable profits that multinational and domestic companies report. I find that the ratio of taxable profits to total assets reported by foreign multinational subsidiaries is one-half that of comparable domestic standalones. The majority of the difference is attributable to the fact that a higher proportion of foreign multinational subsidiaries report zero taxable profits. I document how the estimated difference is related to profit shifting and show that using accounting data leads to much smaller estimates of the difference.