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frontpage economists without borders explore map about the research about the researchers download the research in the media close to 40 of multinational profits are shifted to tax havens each year researchers from the university of california berkeley and the university of copenhagen estimate that close to 40 of multinational profits close to 1 trillion in 2019 are shifted to tax havens each year this shifting reduces corporate income tax revenue by more than 200 billion or 10 of global corporate tax receipts explore the map to see how much profit and tax revenue your country loses or attracts in this game for profits the tax havens can be hard to find but you can zoom in by pressing the full screen button this research was published by the review of economic studies in 2022 created with raphaël 2 1 2 finland puerto rico peru burkina faso france martinique reunion mayotte french guiana libya belarus pakistan indonesia yemen madagascar bolivia cote d ivoire algeria switzerland cameroon north macedonia botswana kenya taiwan jordan mexico united arab emirates belize brazil sierra leone mali dr congo italy somalia afghanistan dominican republic guinea bissau ghana austria sweden turkey uganda mozambique japan new zealand cuba venezuela portugal colombia mauritania angola germany thailand papua new guinea iraq croatia greenland niger denmark latvia romania zambia myanmar ethiopia guatemala suriname western sahara czechia chad albania russia syria kyrgyzstan solomon islands oman panama argentina united kingdom costa rica paraguay guinea ireland nigeria tunisia poland namibia south africa egypt tanzania saudi arabia vietnam haiti bosnia and herzegovina india china hong kong macau canada el salvador guyana belgium equatorial guinea lesotho bulgaria burundi djibouti azerbaijan iran malaysia philippines uruguay congo estonia rwanda armenia senegal togo spain gabon hungary malawi tajikistan cambodia south korea honduras iceland nicaragua chile morocco liberia central african republic slovakia lithuania zimbabwe israel laos north korea greece turkmenistan ecuador benin slovenia norway moldova ukraine lebanon nepal eritrea united states french southern antarctic lands eswatini mongolia bhutan new caledonia fiji kuwait bahamas vanuatu falkland islands south georgia and the south sandwich islands gambia qatar jamaica cyprus palestinian territories brunei trinidad and tobago cape verde french polynesia samoa luxembourg comoros mauritius faroe islands sao tome and principe virgin islands curacao st kitts and nevis dominica tonga federated states of micronesia bahrain andorra northern mariana islands palau guadeloupe barbados turks and caicos islands st vincent and the grenadines st lucia grenada malta maldives cayman islands montseratt niue st pierre et miquelon cook islands wallis and futuna american samoa marshall islands aruba liechtenstein british virgin islands st helena jersey anguilla antigua and barbuda guernsey san marino bermuda tuvalu nauru gibraltar pitcairn islands monaco vatican isle of man guam singapore tokelau sudan south sudan british indian ocean territory christmas island cocos islands heard island mcdonald islands uzbekistan kazakhstan australia serbia kosovo montenegro georgia netherlands bangladesh sri lanka east timor kiribati seychelles created with raphaël 2 1 2 finland puerto rico peru burkina faso france martinique reunion mayotte french guiana libya belarus pakistan indonesia yemen madagascar bolivia cote d ivoire algeria switzerland cameroon north macedonia botswana kenya taiwan jordan mexico united arab emirates belize brazil sierra leone mali dr congo italy somalia afghanistan dominican republic guinea bissau ghana austria sweden turkey uganda mozambique japan new zealand cuba venezuela portugal colombia mauritania angola germany thailand papua new guinea iraq croatia greenland niger denmark latvia romania zambia myanmar ethiopia guatemala suriname western sahara czechia chad albania russia syria kyrgyzstan solomon islands oman panama argentina united kingdom costa rica paraguay guinea ireland nigeria tunisia poland namibia south africa egypt tanzania saudi arabia vietnam haiti bosnia and herzegovina india china hong kong macau canada el salvador guyana belgium equatorial guinea lesotho bulgaria burundi djibouti azerbaijan iran malaysia philippines uruguay congo estonia rwanda armenia senegal togo spain gabon hungary malawi tajikistan cambodia south korea honduras iceland nicaragua chile morocco liberia central african republic slovakia lithuania zimbabwe israel laos north korea greece turkmenistan ecuador benin slovenia norway moldova ukraine lebanon nepal eritrea united states french southern antarctic lands eswatini mongolia bhutan new caledonia fiji kuwait bahamas vanuatu falkland islands south georgia and the south sandwich islands gambia qatar jamaica cyprus palestinian territories brunei trinidad and tobago cape verde french polynesia samoa luxembourg comoros mauritius faroe islands sao tome and principe virgin islands curacao st kitts and nevis dominica tonga federated states of micronesia bahrain andorra northern mariana islands palau guadeloupe barbados turks and caicos islands st vincent and the grenadines st lucia grenada malta maldives cayman islands montseratt niue st pierre et miquelon cook islands wallis and futuna american samoa marshall islands aruba liechtenstein british virgin islands st helena jersey anguilla antigua and barbuda guernsey san marino bermuda tuvalu nauru gibraltar pitcairn islands monaco vatican isle of man guam singapore tokelau sudan south sudan british indian ocean territory christmas island cocos islands heard island mcdonald islands uzbekistan kazakhstan australia serbia kosovo montenegro georgia netherlands bangladesh sri lanka east timor kiribati seychelles click here for full screen non tax havens of corporate tax revenue lost 20 8 4 tax havens no data about the research researchers from the university of california berkeley and the university of copenhagen have produced a database showing where corporations book their profits globally exploiting these data the authors develop a methodology to estimate the amount of profits shifted to tax havens by multinational companies and how much each country loses in profit and tax revenue from such shifting globally multinational firms shifted nearly 1 trillion in profits to tax havens in 2019 and this shifting reduced global corporate tax receipts by 10 multinational firms shift profits to tax havens to reduce their global tax bills take the example of google in 2017 google alphabet reported 23 billion in revenue in bermuda a small island in the atlantic where the corporate income tax rate is zero globally more than 900 billion in profits are shifted to such tax havens by multinational from all countries you can explore the map to see which countries attract and lose profits in this shell game the map covers 86 countries that constitute 92 of global economic activity and more than 70 of world population by clicking on each country you can see the amount of profits shifted to tax havens and to which havens the profits were shifted you can also see the implied loss of corporate income tax revenue some countries are marked in green these are tax havens for the tax havens we report how much profits they attract from high tax countries and what the effective corporate income tax rate is the loss of profit is the highest for the non haven european union countries u s multinationals shift comparatively more profits about 60 of their foreign profits than multinationals from other countries 40 for the world on average the shareholders of u s multinationals thus appear to be the main winners from global profit shifting moreover the governments of tax havens derive sizable benefits from this phenomenon by taxing the large amount of paper profits they attract at low rates less than 5 they are able to generate more tax revenue as a fraction of their national income than the united states and non haven european countries that have much higher tax rates until recently this research would not have been possible because firms usually do not publicly disclose the countries in which their profits are booked and national accounts data did not make it possible to study multinational corporations separately from other firms but in recent years the statistical institutes of most of the world s developed countries including the key tax havens have started releasing new macroeconomic data known as foreign affiliates statistics these data allow to obtain a comprehensive view of where multinational companies book their profits and in particular to estimate the amount of profit booked in tax havens globally to further our understanding of this issue we need more and better data in particular it would be desirable that all countries publish foreign affiliates statistics and that these statistics be extended to always include information on taxes paid this research was published by the review of economic studies in 2022 but is being continously updated by the authors as new data arrive as aa further edition wier and zucman has created a historical timeline of profit shifting all the way back to 1975 in the 2019 update read more download the full research the missing profits of nations by thomas tørsløv ludvig wier and gabriel zucman for downloading of our full resarch visit this page on a desktop device original paper 2015 estimates paper and online appendix april 2022 published in restud pdf replication archive april 2022 pdf presentation slides may 2021 pdf data 2015 estimates main data tables and figures included in the working paper and online appendix xlsx replication guide tables tables discussed in the replication guide xlsx replication guide figures figures discussed in the replication guide xlsx raw data raw excel files national account balance of payments etc used in the research zip stata programs all stata programmes used for the working paper zip updated results 2016 estimates 2016 update research brief october 2019 pdf 2016 update tables october 2019 xlsx 2016 update replication archive october 2019 zip updated results 2017 estimates 2017 update research brief april 2020 pdf 2017 update tables april 2020 xlsx 2017 update replication archive april 2020 zip updated results 2018 estimates 2018 update research brief august 2021 pdf 2018 update tables august 2021 xlsx 2018 update replication archive august 2021 zip updated results 1975 2019 estimates 1975 2019 updated estimates working paper november 2022 pdf 1975 2019 updated estimates tables november 2022 xlsb 1975 2019 updated estimates replication archive november 2022 zip about the researchers thomas tørsløv e mail twitter phd in economics from the university of copenhagen his research focuses on tax avoidance by multinational companies he is currently employed by the danish central bank ludvig wier e mail twitter head of secretariat at the danish ministry of finance formerly a postdoctoral researcher and lecturer at uc berkeley founder of economists without borders he holds a phd from the university of copenhagen his research focuses on international taxation and development in that context he is also working as a consultant to the unu wider and imf gabriel zucman e mail twitter professor of economics at uc berkeley who holds a phd from the paris school of economics his research focuses on global wealth globalization inequalities and tax havens he is also the author of the two books the hidden wealth of nations the scourge of tax havens and the triumph of injustice how the rich dodge taxes and how to make them pay listen to the research in the media the findings from this research project has drawn wide attention from the media and politicians coverage includes read article read article read article read article read article read article read article read article read article read article read article read article read article read article read article read article read article read article read article read article authors discussing the implications of the research with pierre moscovici commissioner of economics and taxation in the eu the research is supported by arnold ventures the views expressed are those of the authors