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Policy Research Working Paper 11061: The Elusive Impact of Corporate Tax Incentives

Authors: Massimiliano Calì, Giorgio Presidente, Thiago Scot
Date: February 2025

Summary:
This study investigates the economic impact of phasing out a large corporate tax incentive scheme for export-oriented firms in Tunisia. The researchers found that while the reform led to a significant decline in new firm entries in the offshore sector, there was no discernible effect on employment, wage bills, or revenue growth in existing firms. The findings suggest that corporate tax incentives have limited significance in driving economic activity compared to other factors such as political stability, infrastructure, and regulatory conditions. The study explores Tunisia's offshore regime—a zero-tax policy for these firms—which represented a substantial fiscal cost (up to 6.8% of GDP), yet its removal failed to negatively affect key economic outcomes. These results challenge the assumption that tax优惠政策 broadly stimulate investment or employment, indicating that these incentives may primarily encourage firm formation rather than substantive economic activity.