Research Phase 11        BEPS and Beyond

Where do multinationals hold intangible assets, and why?
Catherine Magelssen (London Business School)

This paper investigates where intangible assets are held within groups, based on a unique database of data from multinational
companies. Hypotheses of within-firm strategies are compared with tax strategies. The paper seeks to disentangle as far as possible
the different motives for the allocation of intangibles between different jurisdictions.

How important is tax uncertainty for investment? A survey
Michael Devereux (Oxford University)

There has been considerable research on the impact of the level of tax on business decisions. Anecdotally, though, tax professionals
in business frequently describe uncertainty about taxation in a particular country as being important. The effect of tax uncertainty on
investment has not yet been the subject of a specific research project primarily because of the difficulties in identifying a suitable
measure of uncertainty that can be compared across countries. To address this issue, this project undertakes a survey of tax
professionals from business to seek subjective opinions on tax uncertainty in different countries.

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