How Would EU Corporate Tax Reform Affect US Investment in Europe?

Michael P. Devereux, Simon Loretz

Chapter in NBER book Tax Policy and the Economy, Volume 26 (2012), Jeffrey Brown, editor (p. 59 - 91)
Conference held October 6, 2011
Published in July 2012 by University of Chicago Press
© 2012 by the National Bureau of Economic Research
in NBER Book Series Tax Policy and the Economy

---- Acknowledgements ----

This paper forms part of the research funded partly by the ESRC under grant RES-060-25-0033, and partly by donations by companies listed on the website of the Centre for Business Taxation. We thank Jeff Brown for encouragement to address the issues in the paper. We thank Jeff, Will Morris, Doug Shackelford and participants at the HMRC / Centre for Business Taxation workshop in September 2011 and the Tax Policy and the Economy conference in October 2011 for helpful comments. The research and opinions are those of the authors only.

---- Disclosure of Financial Relationships for Michael P. Devereux ----

A full list of corporate donors to the Centre for Business Taxation is available at


The Centre receives financial support from a number of sources. All current and past funding is detailed below.

The Centre for Business Taxation is an independent research centre of the University of Oxford, based at the Saïd Business School and drawing on the expertise of the Law Faculty and Economics Department as well as academics from other universities worldwide.

The Centre’s research programme is determined on the basis of academic merit and policy relevance, and is the responsibility of the Director and the Centre’s Steering Committee. Decisions on the research programme and the content of research are taken independently of the views of the Centre’s donors and other funding agencies. All research carried out at the Centre is undertaken with a view to publication.

The Centre has no corporate views: views expressed in publications produced by the Centre are the responsibility of the authors. While Centre researchers may consult with donors and other external interested parties, final responsibility for the content and presentation of the research lies with the researchers in consultation with the Director and the Steering Committee.

The Centre complies with the University’s policy on conflict of interest, set out at

Economic and Social Research Council

The Centre gratefully acknowledges the significant funding it receives from the Economic and Social Research Council (ESRC).

The Centre has received two grants from the Council:

Multinational Companies, Taxation and Welfare: an investigation using microdata Ref: RES-062-23-0163

Business, Taxation and Welfare Ref: RES-060-25-0033

Project specific funding

The Centre accepts commissions to carry out independent academic research from government and non-governmental organizations. It does not and will not accept commissions from any organisation where the independence of the Centre might be compromised or where a potential conflict of interest might arise.

The Centre has carried out research funded by the following organizations:

European Commission

Study on the economic effects of the introduction of a combination of the allowance for corporate equity (ACE) and the comprehensive business income tax (CBIT) corporate taxation systems. (TAXUD/2007/AO-007)

Department for International Development

Tax evasion, tax avoidance and tax expenditures in developing countries: A review of the literature (

International Growth Centre (IGC) (

The Taxation of Multinational Corporations in Developing Countries

Donations from companies

The Centre for Business Taxation was founded using generous funding from companies from the Hundred Group. Subsequently, other companies have also offered us their support. The Centre is grateful for this financial support, which continues and which is vital to support the work of the Centre. Companies which have made donations to the University in support of the Centre are listed below.

3i Group, Anglo American, AstraZeneca, Aviva, BAA, BAE Systems, Barclays, BG Group, BP, Bradford & Bingley, British American Tobacco, British Sky Broadcasting, BT Group, Cadbury Schweppes, Daily Mail and General Trust, Diageo, ExxonMobil International, Gallaher Group, GKN, GlaxoSmithKline, GUS, Hammerson, Hanson, HSBC Holdings, Imperial Chemical Industries, Imperial Tobacco Group, International Power, J Sainsbury, Kingfisher, Land Securities Group, Legal and General Group, Lloyd's, Lloyds TSB Group, MISYS, National Grid Transco, Old Mutual, Pearson, Prudential, Reed Elsevier Group, Rio Tinto, Rolls-Royce, Royal & Sun Alliance Insurance Group, Royal Dutch Shell, SABMiller, Scottish & Newcastle, Scottish Power, Shire Pharmaceuticals Group, Smith & Nephew, Smiths Group, Standard Chartered Bank, Tate & Lyle, Telefonica O2 Europe, Tesco, The British Land Company, The Royal Bank of Scotland Group, Tomkins, Unilever, United Utilities, Vodafone Group, WPP Group, Yell

return to bibliography page

NBER Videos

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email:

Contact Us