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 Michael Devereux 

Expertise

Taxation of companies.
Business behaviour: investment employment, finance and location.
Economic geography.

Overview

Michael Devereux is Director of the Oxford University Centre for Business Taxation, Professor of Business Taxation, and Professorial Fellow at Oriel College.

He is Research Director of the European Tax Policy Forum, and Research Fellow of the Institute for Fiscal Studies, CESifo and the Centre for Economic Policy Research. He was elected President of the International Institute for Public Finance in August 2011, is Assistant Editor (Economics) of the British Tax Review and sits on the Editorial Board of the World Tax Journal. Professor Devereux is a member of the government Business Forum on Tax and Competitiveness, chaired by David Gauke MP, Exchequer Secretary to the Treasury.

He gained his PhD in Economics at University College London. Prior to coming to Oxford, he was Professor and Chair of the Economics Departments at the Universities of Warwick and Keele. He has been closely involved in international tax policy issues in Europe and elsewhere, working with the OECD's Committee of Fiscal Affairs, the European Commission and the IMF.

View his list of publications and CV.

Current research

Michael Devereux's current research interests are mainly concerned with the impact of different forms of taxation on the behaviour of business - for example, the impact of taxation on corporate investment and financial policy and the location decisions of multinationals – and the impact of such behaviour on economic welfare. He has published widely in a range of academic journals.

Books            Book chapters           Journal articles

 

Books:

Devereux, MP, Elschner, C & Spengel, C 2009, Effective tax rates in the EU, 1998-2007, Springer.

Devereux, MP, Spengel, C & Lammersen, L 2001, The effective levels of company taxation in the member states of the EU, European Commission, Brussels.

Devereux, MP (ed.) 1996, The economics of tax policy, Oxford University Press.

IFS Capital Taxes Group, chaired by M. Gammie, 1995. Setting Savings Free: Proposals for the Taxation of Savings and Profits: the Final Report of the IFS Capital Taxes Group. Institute for Fiscal Studies.

Devereux, MP, Pearson, M, Birch Sorensen, P & OECD staff 1991, Taxing profits in a global and economy: domestic and international issues, OECD, Paris.

Recent book chapters

Devereux, MP., Katarzyna, B. and Fuest, C., “What do we know about effects of fiscal consolidation on short term growth? Implications for the UK”, in J. Alworth and G. Arachi eds. Taxation and the Financial Sector, OUP, 2011 

Devereux, MP. and Gerritsen, A., “The tax treatment of debt and equity”, in D.A. Albregtse and P. Kavelaars eds. Towards a European Profits Tax, Kluwer, 2010

Auerbach, AJ, Devereux, MP & Simpson, H 2009, ‘Taxing corporate income’, in Institute for Fiscal Studies, Reforming the tax system for the 21st century: the Mirrlees Review – dimensions of tax design, OUP, Oxford.

Bond, SR, Devereux, MP & Klemm, A 2006, ‘Dissecting dividend decisions: some clues about the effects of dividend taxation from recent UK reforms’, in AJ Auerbach, J Hines & J Slemrod (eds), Taxing corporate income in the 21st century, CUP, Cambridge.

Devereux, MP 2004, ‘Measuring taxes on income from capital’, in P Birch Sorensen (ed.), Measuring the tax burden on capital and labour, MIT Press, Cambridge (USA).

Devereux, MP & Klemm, A 2004 ‘Measuring taxes on income from capital: evidence from the UK’, in P Birch Sorensen (ed.), Measuring the tax burden on capital and labour, MIT Press, Cambridge (USA).

Devereux, MP 2003 ‘Recent policy initiatives in the international taxation of capital’, in A Lymer & D Salter (eds), Contemporary issues in taxation research, Ashgate.

Devereux, MP 2001 ‘Discussion of: Robert E. Lipsey “Interpreting developed countries' foreign direct investment”’, in Deutsche Bundesbank (ed.), Investing today for the world of tomorrow, Springer, Berlin.

Devereux, MP 2000 ‘Issues in the taxation of income from foreign portfolio and direct investment’, in S Cnossen (ed.), Taxing capital income in the European Union, OUP, Oxford.

Devereux, MP 1995 ‘Tax competition and the impact on capital flows’, in H Siebert (ed.), Locational competition in the world economy, Institut fur Weltwirtschaft an der Universität Kiel.

Recent journal articles

Devereux, M. P., 2011, 'Will the bank levy meet its objectives?' British Tax Review, 1, 33-39

Devereux, M. P. and Fuest, C Corporate income tax coordination in the European Union  Transfer: European Review of Labour and Research 2010 16(1), 23-28

Devereux, M. P., Bettendorf, L., Van der Horst, A., Loretz, S. and De Mooij, R. "Corporate tax harmonization in the EU", Economic Policy, 2010, 63, 537-590

Devereux, M. P., “Proposals for Controlled Foreign Companies reform: a tale of two Principles” British Tax Review, 2010, 111-8.

Devereux, M. P. and de Mooij, R.  An applied analysis of ACE and CBIT reforms in the EU, International Tax and Public Finance, 18(1), 93-120Devereux, M. P., Fuest C, 2009.'Is the corporation tax an effective automatic stabilizer?' National Tax Journal LXII, 429-437 

Devereux, M.P., 2008. ‘Business taxation in a globalized world.’ Oxford Review of Economic Policy 24(4), 625–638.

Devereux, M.P., 2008. ‘Taxation of outbound direct investment: economic principles and tax policy considerations.’ Oxford Review of Economic Policy 24(4), 698–719; reprinted in Head, J & Krever, R (eds) 2009, Tax reform in the 21st century, Kluwer.

Devereux, M.P., Lockwood, B., Redoano, M., 2008. ‘Do countries compete over corporate tax rates?’ Journal of Public Economics 92(5-6), 1210-1235.

Devereux, M.P., Loretz, S., 2008. ‘The effects of EU formula apportionment on corporate tax revenues.’ Fiscal Studies 29(1), 1-33.

Devereux, M.P., Griffith, R., Simpson, H., 2006. ‘Firm location decisions, regional grants and agglomeration externalities.’ Journal of Public Economics 91(3-4), 413-435.

Devereux, M.P., Lockwood, B., Redoano, M., 2006. ‘Horizontal and vertical indirect tax competition: theory and some evidence from the USA.’ Journal of Public Economics 91(3-4), 451-479.

Devereux, M.P., Griffith, R., Simpson, H., 2004. ‘The geographic distribution of production activity in Britain.’ Regional Science and Urban Economics 34(5), 533-564.

Devereux, M.P., 2004. ‘Some optimal tax rules for international portfolio and direct investment.’ FinanzArchiv 60, 1-23.

Devereux, M.P., 2004. ‘Debating proposed reforms of the taxation of corporate income in the European Union.’ International Tax and Public Finance 11, 71-89.

Devereux, M.P., Griffith, R., Klemm, A., 2004. ‘Why has the UK corporation tax raised so much revenue?’ Fiscal Studies 25 (4), 367-388.

Devereux, M.P., Hubbard, R.G., 2003. ‘Taxing multinationals.’ International Tax and Public Finance 10, 469-487.

Devereux, M.P., Lammersen, L., Spengel, C., 2003. ‘Corporate taxes and inefficiency in Europe.’ National Tax Journal Proceedings of 95th Annual Conference 2002, 226-235.

Devereux, M.P., Lanot, G., 2003. ‘Measuring tax incidence: an application to mortgage provision in the UK.’ Journal of Public Economics 87, 1747-1778.

Bond, S.R., Devereux, M.P., 2003. ‘Generalised R-based and S-based taxes under uncertainty.’ Journal of Public Economics 87, 1291-1311.

Devereux, M.P., Griffith, R., 2003. ‘Evaluating tax policy for location decisions.’ International Tax and Public Finance 10, 107-126.

Devereux, M.P., Griffith, R., Klemm, A., 2002. ‘Corporate income tax reforms and international tax competition.’ Economic Policy 35, 451-495.

Devereux, M.P., Griffith, R., 2002. ‘The impact of corporate taxation on the location of capital: a review.’ Swedish Economic Policy Review 9, 79-102; reprinted in Devereux, M.P., Griffith, R., 2003. Economic Analysis and Policy 33, 275-292.

Demetriades, P., Devereux, M.P., 2000. ‘Investment and financial restraints: theory and evidence.’ International Journal of Finance and Economics 5 (4), 285-296.

Devereux, M.P., 1999. ‘Prospects for co-ordination of corporate taxation and the taxation of interest income in the EU: a comment.’ Fiscal Studies 20 (2), 155-162.

Devereux, M.P., Griffith, R., 1998. ‘Taxes and the location of production: evidence from a panel of US multinationals.’ Journal of Public Economics 68 (3), 335-367.

Demetriades, P., Devereux, M.P., Luintel, K., 1998. ‘Productivity and financial sector policies: evidence from South East Asia.’ Journal of Economic Behavior and Organisation 35, 61-82.

Devereux, M.P., 1998. ‘The report on the Technical Committee on Business Taxation (the Mintz Report).’ Canadian Tax Journal 46 (6), 3-9.

Alessie, R., Devereux, M.P., Weber, G., 1997. ‘Intertemporal consumption, durables and liquidity constraints: a cohort analysis.’ European Economic Review 41, 37-59.

Recent reports:

G20 Corporate tax ranking 2011, 2011, Oxford University Centre for Business Taxation report, with Katarzyna Bilicka and Clemens Fuest.

Transparency in reporting financial data by multinational corporations, 2011, Oxford University Centre for Business Taxation report, with Katarzyna Bilicka and Clemens Fuest, report of Committee chaired by Michael Devereux.

The economic effects of EU-reforms in corporate income tax systems, 2011, Study for the European Commission Directorate General for Taxation and Customs Union, with Leon Bettendorf , Albert van der Horst, Simon Loretz and Ruud de Mooij.

Corporation tax in the United Kingdom, 2011, Oxford University Centre for Business Taxation report, with Simon Loretz.

Effective levels of company taxation within an enlarged EU, 2010, Brussels: European Commission, with Christina Elschner, Dieter Endres, J Christoph Spengel, available at http://bit.ly/dIDAVJ

Recent working papers:

Devereux, MP & Loretz, S 2011 'How would EU corporate tax reform affect US investment in Europe?', CBT Working Paper WP11/18.

Devereux, MP & Loretz, S 2010 'Evaluating Neutrality Properties of Corporate Tax Reforms', CBT Working Paper WP10/07.

Leon Bettendorf, Michael P. Devereux, Albert van der Horst, Simon Loretz and Ruud A. de Mooij 2010 'Corporate Tax Harmonization in the EU', CBT Working Paper WP10/32. 

Devereux, MP 2009 'Taxing Risky Investment', CBT Working Paper WP09/19

Wiji Arulampalam, Michael P Devereux and Giorgia Maffini 2009 'The Direct Incidence of Corporate Income Tax on Wages', CBT Working Paper WP09/17

Michael P. Devereux and Christian Keuschnigg 2009 'The Distorting Arm’s Length Principle', CBT Working Paper WP09/10

Michael P. Devereux 2009 'Taxation of Outbound Direct Investment: Economic Principles and Tax Policy Considerations', CBT Working Paper WP08/24

Devereux, MP & Loretz, S 2008 ‘Increased efficiency through consolidation and formula apportionment in the European Union?’, CBT Working Paper CBTWP08/12.

Arulampalam, W, Devereux, MP & Maffini, G 2007 ‘The direct incidence of corporate income tax on wages’, CBT Working Paper CBTWP07/07.

Devereux, MP & Maffini, G 2007 ‘The impact of taxation on the location of capital, firms and profit: a survey of empirical evidence’, CBT Working Paper CBTWP07/02.

Bond, SR, Devereux, MP & Klemm, A 2007 ‘The effects of dividend taxes on equity prices: a re-examination of the 1997 UK tax reform’, CBT Working Paper CBTWP07/01.

Bond, SR & Devereux, MP, ‘Cash flow taxes in an open economy’, CEPR Discussion Paper 3401.

Contact Details

Saïd Business School
University of Oxford
Park End Street
Oxford
OX1 1HP
UK

michael.devereux@sbs.ox.ac.uk 

+44 (0)1865 288507