Multinational firms with operations in high-tax countries can benefit the most from reallocating taxable income to tax havens, though this is sufficiently difficult and costly that only 20.4% of German multinational firms have any tax haven affiliates. Among German manufacturing firms, a 1 percentage point higher foreign tax rate is associated with a 2.3% greater likelihood of owning a tax haven affiliate. This is consistent with tax avoidance incentives and contrasts with earlier evidence for U.S. firms. The relationship is less strong for firms in service industries, possibly reflecting the difficulty of reallocating taxable service income.

中文翻译：

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跨国公司和避税天堂

在高税率国家开展业务的跨国公司可以通过将应税收入重新分配到避税天堂而受益最大，尽管这非常困难且成本很高，只有20.4％的德国跨国公司拥有避税天堂子公司。在德国制造公司中，外国税率提高1个百分点，那么拥有避税天堂分支机构的可能性就会增加2.3％。这与避税激励措施是一致的，并且与美国公司的早期证据形成了对比。对于服务行业的公司而言，这种关系不那么牢固，这可能反映了重新分配应税服务收入的困难。