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The analysis of the impact of globalization on corporate taxes assumes special importance in
the context of the recent sharp deterioration in the fiscal positions of many countries
following the global crisis amid continuing competition for mobile capital. At the same time,
decisions being taken regarding corporate income tax (CIT) rates in the current highly
challenging budgetary environment bring into relief many of the strategic and political
economy factors that are seen to impinge on corporate taxation.
In the past, these factors which include fiscal competition under budget rigidities, and equity
considerations, have been seen to help explain the absence of a race to the bottom in capital
taxation even as globalization proceeded. The conjunctural situation in the aftermath of the
crisis presents a more complex dilemma.
The crisis hit particularly hard advanced economies whose gross public debt ratios are
projected to average over 110 percent of GDP by end-2012, some 35 percentage points of
GDP higher than before the crisis, and the highest since the second World War (IMF, 2010a),
and continuing very high fiscal deficits.2 Many of these countries face historically high net
and gross financing requirements, increasing pressure to find ways to reduce the large
deficits and debt ratios. Fiscal policy has already shifted from supporting domestic demand to
reducing deficits, with a significant number of advanced economies projected to at least have
a declining deficit this year. Most advanced economies, with or without market pressure, are
implementing or have announced consolidation plans.
However, it is striking that most of the consolidation plans focus on expenditure cuts, rather
than revenue measures, and within the latter, there is no evidence that tax increases are
planned to be broad based (IMF, 2010). In particular, while increases in consumption taxes
are being contemplated, the impact on direct taxes is much less, and so far there has not been
a single case of CIT rates being raised.3 This reflects in part the fact that side by side with the
increase in deficits and debts is the concern about the weak economic recovery in many
economies and the likelihood that potential growth may have declined. In view of that, there
is even a consideration being given in several countries to reducing CIT rates to help spur
investment activity, including by attracting foreign capital and growth."