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Using recently published country-by-country reporting data released by the United States Internal Revenue Service, we assess United States multinationals' activity in the single market, aiming to contribute with data-based evidence to the ongoing political debate about the potential changes in the European corporate tax system. Our findings show evidence of artificial profit shifting across member States under the current method to allocate profits of multinational enterprises, with the Netherlands, Luxembourg and Ireland appearing to be the countries showing a higher degree of complicity with these activities. Such actions challenge fair international taxation in the European Union, distorting European internal competition and hampering tax revenue collection. Although it may not be (yet) the time for a worldwide unitary taxation approach, the analysis highlights the urgency for the European Union to adopt a formulary apportionment approach, overhauling a century-old set of global tax rules based on the separate entity approach. Keywords : country-by-country reporting, European Union, formulary apportionment, tax havens, United States multinationals enterprises JEL classification codes : D22, F23, F60, H25, H26, 1. Introduction This study adds to the growing research on the activity of multinational enterprises (MNEs) in the European single market (Garcia-Bernardo et al., 2021 and 2022). Starting from the [...]

This paper examines the determinants of residential C[O.sub.2] emissions, which are not covered by the European Union Emissions Trading System (EU ETS), in 19 European countries between 2000-2017. Using both static and dynamic panel models, we found strong relationships between C[O.sub.2] emissions per capita, GDP per capita, energy prices and heating needs. We then assessed the impact of European carbon taxation and show that a [euro]20/tonne C[O.sub.2] tax lowers emissions by 1% on average. We found that this tax affects countries differently in terms of tax revenue-to-GDP ratio. Poland and the Czech Republic would have to pay the highest contribution, and Portugal and Denmark the lowest. Finally, we propose a scenario that equalizes countries' tax burdens. We show that, were Europe to redistribute all tax revenues, the main beneficiaries would be Poland and Belgium, while Denmark and Luxembourg would have to pay a surtax. Keywords: C[O.sub.2] emissions, Residential Sector, Panel data, Energy prices, Carbon tax, 1. INTRODUCTION According to European Environment Agency (2020), EU greenhouse gas emissions decreased by 2% in 2018, but this promising trend is still insufficient, for at least two reasons. First, [...]

Table of contents Foreword Executive summary 1. Key policy insights 1.1. The economy is facing external headwinds 1.2. Financial stability risks should be monitored closely 1.3. Monetary policy has been [...]

Foreword This Survey is published on the responsibility of the Economic and Development Review Committee of the OECD, which is charged with the examination of the economic situation of member [...]

Greece has rebounded from the COVID-19 crisis, generating strong employment growth. Government support measures, implementation of the Greece 2.0 Recovery and Resilience Package and the reforms of the past decade have been supporting the economy. However, headwinds from surging energy prices and uncertainty following Russia's war of aggression against Ukraine have slowed the recovery. Returning the budget to surplus, better targeting energy support measures and maintaining government revenues while broadening the tax base and improving its efficiency will help sustain the recovery and Greece's prospects of achieving an investment-grade sovereign debt rating. Maintaining the reform momentum, prioritising banks' health and addressing the long-standing barriers to private investment, can help maintain this momentum into the long term. This would also support Greece in contributing its share to address climate change, by achieving net zero emissions, while raising living standards. The changing climate is already disrupting livelihoods and well-being in Greece. A well-chosen mix of carbon pricing, public infrastructure investments, raising buildings' energy efficiency and moving transport into low-emission modes can achieve emission cuts cost-effectively, while making people better off with improved housing quality and mobility. Engaging all stakeholders, maintaining a consensus and supporting vulnerable households affected by the green economy transition will help ensure progress continues into the longer term. SPECIAL FEATURE: THE GREEN ECONOMY TRANSITION, Foreword This Survey is published on the responsibility of the Economic and Development Review Committee of the OECD, which is charged with the examination of the economic situation of member [...]

Foreword This Survey is published on the responsibility of the Economic and Development Review Committee of the OECD, which is charged with the examination of the economic situation of member [...]

Foreword This Survey is published on the responsibility of the Economic and Development Review Committee of the OECD, which is charged with the examination of the economic situation of member [...]

Table of contents Executive summary 1 Key policy insights The COVID-19 crisis hit a weakening economy The recovery will be gradual but subject to risks The COVID-19 crisis has exacerbated [...]

Iceland's economy is recovering from a deep COVID-19 recession. Fisheries and intellectual services exports are on the rise and foreign tourists are starting to come back as travel restrictions are gradually eased. The health crisis has been relatively mild so far, thanks to a smart testing and tracking strategy and a well-functioning health system. After a sharp rise during the pandemic, unemployment is declining fast, and inflation hovers above target. Appropriate macroeconomic policy coupled with structural reforms are needed for a sound recovery and sustainable growth. The central bank should remain vigilant and fiscal support should continue to target vulnerable groups. Reducing stringent regulation, especially in tourism and construction, would help shift resources to more productive firms and jobs. Strengthening vocational education and training, and linking part of university funding to labour market outcomes would reduce labour shortages and skills mismatch. Offering better-targeted support for business R&D, encouraging the adoption of digital technologies and facilitating knowledge transfer would boost innovation and productivity. Submitting all economic sectors to carbon pricing--either a carbon tax or an emission trading system--while redistributing the proceeds to households and firms will be key for a cost-efficient and equitable transition to a low-carbon economy. SPECIAL FEATURES: INNOVATION, CLIMATE CHANGE, Table of contents Executive summary 1 Key policy insights The economy is recovering Monetary policy has been eased in response to the Covid-19 crisis The financial system is considered to [...]

Table of contents Executive Summary 1 Key policy insights The pandemic caused an economic slump in the first half of 2020 The government provided a bridge to businesses and households [...]

Table of contents Executive summary 1 Key Policy Insights The COVID-19 shock has thrown the export-driven recovery off track Repairing bank balance sheets to support investment A package of structural [...]

The U.S. Postal Service (USPS) is a large business enterprise operated by the federal government. It has more than 600,000 employees and more than $70 billion in annual revenues. Revenues [...]