SAFE Policy Lecture: Corporate Taxation in the Global Economy
Speakers: Victoria Perry, Alexander Klemm, and Shafik Hebous (International Monetary Fund)
Moderator: Alfons Weichenrieder (SAFE and Goethe University)
The international corporate tax system is under unprecedented stress. The IMF team will present alternative directions for progress. Key concerns are to better address both profit shifting and tax competition - and ensure full recognition of the interests of emerging and developing countries. Alternative international tax architectures differ not only in their economic properties but in how far they depart from current norms and the degree of cooperation they require. No scheme is without difficulty, but there are clear opportunities for improvement: minimum taxes on outbound investment, minimum taxes on inbound investment, residual profit allocation, and allocation of taxing rights to destination countries. Some improvements can be achieved unilaterally or regionally, but more fundamental solutions require stronger institutions for global cooperation.
Victoria Perry is a Deputy Director in the Fiscal Affairs Department of the International Monetary Fund. Since joining the IMF in 1993, she has provided technical advice in tax policy and revenue administration to numerous countries in all regions. From 2002 to 2008 she served as Division Chief for Revenue Administration in the Fiscal Affairs Department, and from 2008 until June 2016, she was Division Chief of Tax Policy. She is a co-author of the book “The Modern VAT,” published by the IMF in 2001. Prior to joining the IMF, Ms. Perry was the Deputy Director of the Harvard University International Tax Program. She received her J.D. from the Harvard Law School, and her B.A. from Yale University in economics and philosophy.
Alexander Klemm is Deputy Division Chief in the Tax Policy Division of the IMF’s Fiscal Affairs Department where he undertakes tax research and capacity development. He also worked in IMF area departments, participating in financial programs and economic surveillance. Before the IMF he has worked for the Institute for Fiscal Studies and the European Central Bank. He holds a Ph.D. from University College London and has published on public finance, tax policy, investment, and the balance of payments.
Shafik Hebous works at the Tax Policy Division of the Fiscal Affairs Department at the IMF. He works on tax policy issues including supporting IMF surveillance work, capacity development and providing technical assistance in several countries in Asia, Africa, and Europe. Before joining the IMF, he was an assistant professor at the economics department at the Goethe University Frankfurt where he previously obtained a Ph.D. in economics.