Users of Exhibit 21 cannot tell whether a tax haven subsidiary is actively operating or a dormant shell company.  In this paper, we develop a new set of parsimonious measures to highlight the distinct mechanisms and tax effects of offshore sales to, as opposed to purchases from, tax haven countries, offering insights on the effects of certain types of offshoring activities on firms’ tax burdens.  Our main measure has about three times the effect of the mere existence of a haven subsidiary in explaining firms’ effective tax rates.  We detail the processes to predict the offshore activities in tax haven countries for firms without an Exhibit 21 and firms reporting no subsidiary operations in a tax haven country.  Relative to the mere mention of a tax haven subsidiary in Exhibit 21, our new measures provide a richer information set to capture different types of economic activities in tax haven countries.

中文翻译：

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税收和避风港活动：来自语言线索的证据

图表 21 的用户无法判断避税天堂子公司是在积极运营还是处于休眠状态的空壳公司。在本文中，我们制定了一套新的简洁措施，以突出向避税天堂国家（而非从避税天堂国家购买）的不同机制和税收影响，提供有关某些类型的离岸外包活动对公司税收影响的见解负担。我们的主要衡量标准在解释公司有效税率方面的影响大约是仅存在避风港子公司的三倍。我们详细介绍了预测没有 Exhibit 21 的公司和报告在避税天堂国家没有子公司运营的公司在避税天堂国家的离岸活动的过程。相对于在图表 21 中仅提及避税天堂子公司，