Thank you, Chair.
Thank you to the witnesses who've appeared.
I would like to focus my questions on Professor Collier and Mr. Kepes, and talk a little bit further about transfer pricing.
Professor Collier, you talked about multinationals making profits on voluntary activity, if I have your quote. The magazine The Economist, to which you referred us, talks a lot about possible reforms of the transfer mispricing, and it gives two suggestions. One is referred to as unitary taxation, which would aim to tax activities where they actually occur, it says, not where some tax adviser has shifted them, and companies would produce a single set of accounts on their worldwide profits and that's where the taxation event would occur, in that jurisdiction where the activity occurred. That's one idea they have.
The second idea I'd like your views on is the requirement that multinationals disclose the name, location, financial performance, and tax liability of each of their subsidiaries, and the role that the tax havens have played.
Do you think either or both of those ideas would help us address the issue of transfer mispricing?
I'd like to ask Professor Collier first, and then Mr. Kepes, please.