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Professor Michael Devereux

MA, MSc, PhD

Professor Devereux is a Professorial Fellow at Oriel College, as well as Professor of Business Taxation at the Saïd Business School. He was founding Director of the Oxford University Centre for Business Taxation from 2006 until standing down in 2023.

Professor Devereux also holds Research Fellowships at the Institute for Fiscal Studies, CESifo and the Centre for Economic Policy Research.

He was the founding Research Director of the European Tax Policy Forum and is Honorary President of the International Institute of Public Finance.

Professor Devereux has also served as an adviser and consultant on corporation tax to the European Commission, OECD, UK government, the IMF, and the House of Lords Economic Affairs Committee. He has also acted as a consultant to projects in the private sector.

Professor Devereux gained his PhD in economics from University College London. Before moving to Oxford, he was a researcher at the Institute for Fiscal Studies, and Professor and Chair of the Economics Departments at the Universities of Keele and Warwick. He has held various editorship positions, including as Managing Editor of Fiscal Studies and International Tax and Public Finance.

Research Interests

Professor Devereux’s work concerns the impact of taxes on business behaviour, including investment, employment, location and financial behaviour, as well as the design of appropriate tax policies for business. A particular interest is the international side of corporation tax, including where companies do and should pay tax on profit, how differences in taxes affect real economic decisions such as where companies locate different economic activities, and how this affects the process of competition between countries. He has been actively involved in the recent debates over the reform of the international tax system.

Selected Publications

  • Michael Devereux, Alan Auerbach, Michael Keen, Paul Oosterhuis, Wolfgang Schön, John Vella, Taxing Profit in a Global Economy, 2021, Oxford University Press.
  • Michael Devereux and John Vella, “The Impact of the Global Minimum Tax on Tax Competition”, World Tax Journal, 2023.
  • Michael Devereux, “International Tax Competition with a Coordinated Minimum Tax”, National Tax Journal, 2023.
  • Richard Collier, Michael Devereux and John Vella, “Comparing Proposals to Tax Some Profit in the Market Country”, World Tax Journal, 2021, 13.3.
  • Michael Devereux, “How should business profit be taxed? Some thoughts on conceptual developments during the lifetime of the IFS”, Fiscal Studies 2019, 40.4, 591-619.
  • Michael Devereux, Niels Johannesen and John Vella, “Can taxes tame the banks? Evidence from European bank levies”, The Economic Journal 2019, 129, 3058–3091.
  • Michael Devereux, Giorgia Maffini and Jing Xing, “The impact of investment incentives: evidence from UK corporation tax returns”, American Economic Journal: Economic Policy 2019, 11.3, 361-89.
  • Wiji Arulampalam, Michael Devereux,  and Federica Liberini, “Taxes and Location of Targets”, Journal of Public Economics 2019, 176, 161-78. 
  • Michael Devereux, Giorgia Maffini and Jing Xing, “Corporate tax incentives and capital structure: empirical evidence from UK tax returns”, Journal of Baking and Finance, 2018, 88, 250-266.
  • Alan Auerbach and Michael Devereux, “Consumption and cash-flow taxes in an international setting”, American Economic Journal: Economic Policy 2018, 10.3, 69-94.    
  • Michael Devereux and John Vella, “Gaming Destination Based Cash Flow Taxes”, Tax Law Review, 2018, 71.3, 477-514.
  • Michael Devereux, Clemens Fuest and Ben Lockwood, “The Taxation of Foreign Profits: a Unified View”, Journal of Public Economics, 2015, 125, 83-97.
  • Michael Devereux, “Are we heading for a corporation tax fit for the 21st century?”, Fiscal Studies 2014, 35.4, 449–475.
  • Michael Devereux, Li Liu and Simon Loretz, “The Elasticity of Corporate Taxable Income: New Evidence from UK Tax Records”, American Economic Journal: Economic Policy, 2014, 6.2, 19-53.
  • Christian Keuschnigg and Michael Devereux, “The arm’s length principle and distortions to multinational firm organization,” Journal of International Economics, 2013, 89.2, 432-440.