This paper explores potential reasons for the decline in the relative contributions of multinational firms to corporate tax revenues. Using a population of UK firms, I show that over the period 2000–14 multinationals paid a declining fraction of corporate tax revenues while expanding in size. In 2014, over 70% of total assets reported on UK company balance sheets were held by companies that paid no tax and were part of a multinational group. These firms have higher and increasing capital intensities than firms reporting positive profits, suggesting capital mobility plays an important role. The documented increase in total assets has been primarily driven by firms in the finance sector, whose tax payments did not increase accordingly. I show that new entrants into the UK markets are increasingly more likely to pay less or no tax on entry, despite no change in the average entrant size. In addition, incumbent firms tripled in size since 2000 but did not change their tax payments. At the same time, the share of corporate tax revenues collected from domestic firms increased.

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为什么跨国公司对企业税收收入的贡献在下降？*

本文探讨了跨国公司对公司税收的相对贡献下降的潜在原因。我使用一组英国公司表明，在 2000-14 年期间，跨国公司在扩大规模的同时支付的公司税收收入的比例正在下降。2014 年，在英国公司资产负债表上报告的总资产中，超过 70% 由不缴税且属于跨国集团的公司持有。这些公司的资本密集度高于报告正利润的公司，这表明资本流动性起着重要作用。有记录的总资产增加主要是由金融部门的公司推动的，其纳税额没有相应增加。我表明，进入英国市场的新进入者越来越有可能在进入时缴纳更少或不缴纳税款，尽管平均进入者规模没有变化。此外，现有公司的规模自 2000 年以来增长了两倍，但并未改变其纳税额。与此同时，从国内企业征收的企业税收收入的份额有所增加。