Profit Shifting during Foreign Tax Holidays
研究了美国公司在外国税收假期期间如何增加利润转移，并发现这会导致税收不确定性上升，对政策制定和企业行为有重要启示。
ABSTRACT We undertake the first empirical analysis of profit shifting by U.S. firms during foreign tax holidays. We show that foreign tax holidays have become a prevalent and powerful tax planning strategy among U.S. firms. We find that U.S. firms significantly increase their outbound profit shifting while participating in foreign tax holidays. However, we also find that profit shifting associated with tax holidays comes at the cost of increased tax uncertainty. Our results have important implications for policy making and for understanding firm behavior.