How can we modernise corporate law, regulation, and taxation to adapt to a changing global landscape, and what role do governments play in this?
|Lead Researcher(s) - Group 1||Institution|
|Professor Mihir Desai
Professor Dhammika Dharmapala
|Harvard Law School
University of Chicago Law School
Group 1: the research will address the role of tax policy in shaping the activities of corporations in the global economy, and how taxation can be modernized in response to a changing global landscape. It will provide a rigorous examination of the scholarly literature on corporations in a global economy and cover topics including: i) taxation and real activity, ii) taxation and profit shifting, iii) tax competition, iv) effects of bilateral and multilateral arrangements, and v) tax reforms that implicate international dimensions. Secondly, it hopes to provide an architecture for addressing questions that will dominate the debate on corporations and taxation for decades to come. It plans to begin by grounding this discussion in the various theories that have been proposed for why corporate taxation exists (or why it should not exist). Then, it will explore three alternative futures and measure them against policy objectives. The alternative futures will include multilateral taxing authorities, destination based corporate taxes, and the preservation of the current income tax model. Policy objectives employed in this analysis will include efficiency, administrability, corporate responsibility, the perceived legitimacy of tax systems, and equity.
|Lead Researcher(s) - Group 2
|Professor John Armour
Professor Luca Enriques
Professor Ariel Ezrachi
Professor John Vella
|Oxford Law Faculty|
Group 2: the research will focus on four key trends that the authors consider particularly salient in reshaping priorities and available solutions in corporate law, competition policy and taxation. These are: (1) Trade policy: the growing tension between globalization and rising economic nationalism; (2) Digitalisation: the increasing role of digital technologies and associated non-human agency in business and firms; (3) Innovation: the significance of R&D spending and intensity of disruptive innovation; (4) Ownership: changes in the concentration of firms within industries and of stockholders within companies. Having analysed each of these factors in isolation, the research will conclude with a discussion of possible interactions between their impact.