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How Should Business Profit Be Taxed? Some Thoughts on Conceptual Developments During the Lifetime of the IFS

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  • Michael P. Devereux

Abstract

This paper reviews developments since the 1970s in economic thinking about the design of taxes on business profit. It charts developments from proposals for a cash flow tax from the Meade Committee, to refinements of this in the form of an ‘Allowance for Corporate Equity’ and the levying of the cash flow tax in the country of destination. It describes how the development of international trade and investment has led to ever‐increasing problems in the international tax system with respect to economic efficiency, profit shifting, complexity and tax competition. It also identifies why a response to these problems requires a major reform in the location of taxation.

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  • Michael P. Devereux, 2019. "How Should Business Profit Be Taxed? Some Thoughts on Conceptual Developments During the Lifetime of the IFS," Fiscal Studies, John Wiley & Sons, vol. 40(4), pages 591-619, December.
    • Handle: RePEc:wly:fistud:v:40:y:2019:i:4:p:591-619
    DOI: 10.1111/1475-5890.12205
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    Cited by:

    1. Tomas Kliestik & Alena Novak Sedlackova & Martin Bugaj & Andrej Novak, 2022. "Stability of profits and earnings management in the transport sector of Visegrad countries," Oeconomia Copernicana, Institute of Economic Research, vol. 13(2), pages 475-509, June.
    2. Harju, Jarkko & Koivisto, Aliisa & Matikka, Tuomas, 2022. "The effects of corporate taxes on small firms," Journal of Public Economics, Elsevier, vol. 212(C).
    3. Hearson, Martin & Gelepithis, Margarita, 2021. "The Politics of Taxing Multinational Firms in a Digital Age," Working Papers 17030, Institute of Development Studies, International Centre for Tax and Development.

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