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Oxford University Centre for Business Taxation

Oxford University Centre for Business Taxation

Summer conference 2016: Corporation tax for the 21st century

Time: 
09:00 to 17:30
, 27 Jun 2016
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Location: 
Saïd Business School
Address: 
Park End Street, Oxford, OX1 1HP
Facilitator: 
Professor Michael Devereux
For any enquiries:
Sponsor: 
Max Planck Institute for Tax Law and Public Finance, Munich

Corporation tax for the 21st Century

Joint with Max Planck Institute for Tax Law and Public Finance, Munich

Following the public and political outcry at the tax planning practices of some well-known multinationals, the OECD set up its BEPS project in 2013; this has now reported and proposed a raft of reforms. However, the limitations of the project were clear from the start. The project lacked any serious analysis of the fundamental aims and rationale for the taxation of multinationals’ profit, and in particular where profit should be taxed. The BEPS proposals address specific issues, or loopholes, but the fundamental structural weaknesses in the system will remain. For this reason, it is unlikely that such an approach can generate a stable international tax system.

Towards the end of 2013 Professor Michael Devereux invited an international group of economists and lawyers to meet to reconsider the fundamentals of the system, and to propose more considered reforms. The group, which has been working and meeting together since then, has two main goals. The first is to set out and examine fundamental issues of principle and practice in the taxation of business profit and the allocation of taxing rights over such profit amongst countries, paying attention to the interests and circumstances of advanced and developing countries. The second is to evaluate the existing system and potential reform options.

The group has considered a number of reform options, ranging from those requiring relatively marginal change to radically different systems. It has considered two options in some detail: (i) a Residual Profit Allocation system and (ii) a Destination Based Cash-Flow Tax. A common feature is that they assign taxing rights partly or fully to the location of relatively immobile factors: shareholders or consumers.

The Oxford University Centre for Business Taxation’s annual summer conference, held on 27 June, discussed these issues. Members of the group presented the group’s ideas to date, and leading figures from business, academia and the media responded and gave their own views on the future development of international corporation tax. 

View conference videos

View conference booklet

Programme

09:00-09:30 Registration and coffee
09:30-11:30

The need for reform, and current policy proposals

Michael Devereux, Oxford University Centre for Business Taxation
Welcome and introduction

Chair: John Vella, Oxford University Centre for Business Taxation

Michael Graetz, Columbia University and Yale University
The need for reform
Michael Devereux, Oxford University Centre for Business Taxation
Principles for reform  View slides
Wolfgang Schön, Max Planck Institute for Tax Law and Public Finance, Munich
Reforms on the current political agenda  View slides
Reuven Avi-Yonah, University of Michigan
Valeska Gronert, European Commission
Discussion  View slides

11:30-12:00 Coffee
12:00-13:30

Residual Profit Allocation Proposal

Chair: Wolfgang Schön, Max Planck Institute for Tax Law and Public Finance, Munich

Paul Oosterhuis, Skadden Arps LLP
Michael Keen, International Monetary Fund
Jennifer Blouin, Wharton Business School, University of Pennsylvania
Steve Edge, Slaughter and May
Discussion

13:30-14:30 Lunch
14:30-15:45

Destination Based Cash Flow Tax Proposal, and developing countries

Chair: Judith Freedman, University of Oxford

Michael Devereux, Oxford University Centre for Business Taxation View slides
Rachel Griffith, Institute for Fiscal Studies and University of Manchester
Malcolm Gammie QC, One Essex Court
Discussion

15:45-16:15 Coffee
16:15-17:30

Panel Discussion

Chair: Michael Devereux, Oxford University Centre for Business Taxation (Chair)

Ian Brimicombe, AstraZeneca Plc
Alex Cobham, Tax Justice Network
Michael Graetz, Columbia University and Yale University

Vanessa Houlder, Financial Times
John Kay, Financial Times

17:30-18:30 Close and drinks reception

 

This conference is kindly supported by a grant from:

 

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