I am a research economist specializing in international taxation and tax avoidance. At the EU Tax Observatory, I conduct policy-relevant research on multinational firms and tax havens. Previously I worked as an economist at the OECD and Banque de France. I hold a PhD from Paris School of Economics.
Country-by-Country Reports (CbCRs) offer unique public data to analyze multinational corporation activities, but concerns exist about reliability due to potential double counting and comparability issues. This paper benchmarks CbCR data against consolidated financials, finding limited double counting and exceptions in variable definitions and scope that complicate comparisons. The analysis assesses CbCR reliability for economic research and provides recommendations to improve CbCR information quality and comparability across companies.
with Sarah Godar, Tommaso Faccio, Petr Jansky, and Katia Toledo Ruiz
We analyze voluntarily published country-by-country reports from 35 multinational enterprises, assessing the value and limitations of the qualitative and quantitative data compared to company financial reports and OECD aggregate statistics. The analysis finds minor concerns about data quality overall, though substantial corrections may be needed for some firms, and results show sampled MNEs pay higher tax rates than average and report little profit in tax havens, with minimal correlation between profit location and tax rates that may reflect less aggressive tax avoidance by more transparent firms. Important variations between company tax risks are revealed through the assessment of different indicators.
Discretionary tax changes and the underground economy: new
narrative evidence for Italy
This paper estimates the dynamic effects of discretionary tax changes when tax evasion is present, focusing on the case of Italy. Using a new quarterly database that separates underground and regular output, the paper documents a robust positive response of tax evasion and strong negative effects on regular output following a tax increase. These dynamics are estimated using the local projection method where the fiscal shock is identified using a newly constructed narrative measure.
This note analyzes trends in voluntary public disclosure of country-by-country reports (CbCRs) by multinational corporations, finding that while overall CbCR publishing rates remain low, the number of companies publishing is increasing rapidly, driven by European firms and extractive sector companies, though published reports vary in completeness and accessibility. The analysis concludes that upcoming regulations and improved reporting standards can further enhance tax transparency through CbCRs.
This report documents the activity of European banks in tax havens and how this activity has evolved since 2014. The analysis covers 36 systemic European banks that have been required to publicly report country-by-country data on their activities since 2014. We study the level and evolution of the profits booked by these banks in tax havens over the 2014-2020 period. We also compute their effective tax rates and their tax deficit—defined as the difference between what these banks currently pay in taxes and what they would pay if they were subject to a minimum effective tax rate in each country.
Data & Visualizations
Public country-by-country reports database
with Kane Borders, Francisco Gabriel, and Gerrit von Zedlitz
The Public CbCRs database contains country-by-country financial and tax information on over 100 large multinational corporations disclosed in recent Country-by-Country Reports (CbCRs). This novel dataset aims to facilitate analysis of CbCRs and provide insights into the current state of multinational tax reporting.
Our new explorer visualizes aggregated, anonymized Country-by-Country Report statistics published by the OECD and IRS on over 6000 multinationals' global activities and taxes across 200+ jurisdictions, harnessing this data to increase transparency into corporate tax practices. Users should review the limitations of the published data before drawing conclusions from the interactive visualizations.