After working in many places, under many different circumstances, the following guidelines seem to be acceptable to everyone:
You buy routine, everyday, 'petty' tools.
Expensive, specialised, or tools that have to be "certified" are provided- often with some accountability strings attached.
Tools that experience a lot of wear (drill bits) are either provided by, or replaced by, the employer.
Tools subject to damage (extension cords) most certainly company provided.
The biggest problems are with "hoarders" and "leeches." "Hoarders" stockpile vital stuff, to the loss of everyone else. "Leeches" are always borrowing stuff they should have.
Then there are those who lose every tool they borrow, those who break everything they use, and thieves.