3 / The Impact of Globalisation and Global Economic Crises on
... also tried to position itself closer to what is now the mainstream political view on immigration (Financial Times, June 24th 2012). These statements by major political parties which aim to address the public’s concerns regarding immigration are not isolated examples and can be heard in most Western ...
... also tried to position itself closer to what is now the mainstream political view on immigration (Financial Times, June 24th 2012). These statements by major political parties which aim to address the public’s concerns regarding immigration are not isolated examples and can be heard in most Western ...
full paper · 1MB PDF
... magnitude of future investor dividend taxes, after controlling for the market value of the firm’s assets. Prior studies have not directly examined this hypothesis because the market value of inside assets is not available for most firms. In this study, however, we focus on Real Estate Investment Tr ...
... magnitude of future investor dividend taxes, after controlling for the market value of the firm’s assets. Prior studies have not directly examined this hypothesis because the market value of inside assets is not available for most firms. In this study, however, we focus on Real Estate Investment Tr ...
DOC - World bank documents
... administration and collection of taxes from large taxpayers, there was very little chance in practice to design and implement a compliance strategy for the small business sector. In many transition countries the culture inherited from the communist period saw small businesses and private economic a ...
... administration and collection of taxes from large taxpayers, there was very little chance in practice to design and implement a compliance strategy for the small business sector. In many transition countries the culture inherited from the communist period saw small businesses and private economic a ...
Full text - Paris School of Economics
... and Hungerford (2010) note, since the current corporate tax has residence elements, that would cause it to fall more heavily on capital than the above models imply. Second, they also note that if the corporate tax in fact subsidizes debt-financed investments (which it may easily do, e.g., in the pr ...
... and Hungerford (2010) note, since the current corporate tax has residence elements, that would cause it to fall more heavily on capital than the above models imply. Second, they also note that if the corporate tax in fact subsidizes debt-financed investments (which it may easily do, e.g., in the pr ...
Capital Controls in Brazil: Effective? by Marcos Chamon (IMF) and
... Brazilian controls, and find that the restrictions did not affect flows or the exchange rate. While their approach allows for a counter-factual exchange rate to be constructed based on the evolution of the exchange rate in other countries, it does not allow for other explanatory variables (including ...
... Brazilian controls, and find that the restrictions did not affect flows or the exchange rate. While their approach allows for a counter-factual exchange rate to be constructed based on the evolution of the exchange rate in other countries, it does not allow for other explanatory variables (including ...
Review of Conference on What the United States
... headquarters, would have to be added to that list today. Altshuler noted that we in the United States have been obsessed with neutralities and the concept of efficiency and wondered whether similar considerations drove decisions to enact territorial regimes in the United Kingdom and Japan. She cited ...
... headquarters, would have to be added to that list today. Altshuler noted that we in the United States have been obsessed with neutralities and the concept of efficiency and wondered whether similar considerations drove decisions to enact territorial regimes in the United Kingdom and Japan. She cited ...
Opening the Vaults: The use of tax havens by Europe`s biggest banks
... it has a relatively greater impact on developing counimplementation of the EU’s public country-by-countrytries, which depend to a greater extent on the taxation reporting legislation in 2013 is now publicly available. of large businesses to raise public revenues. Recent The legislation requires larg ...
... it has a relatively greater impact on developing counimplementation of the EU’s public country-by-countrytries, which depend to a greater extent on the taxation reporting legislation in 2013 is now publicly available. of large businesses to raise public revenues. Recent The legislation requires larg ...
The fight against tax havens and tax evasion Progress since the
... A great number of multinational corporations (MNCs), banks and criminal networks use tax havens to evade or avoid paying taxes, taking advantage of the following ‘favourable’ conditions: banking secrecy, a very low or non-existent tax rate for non-residents, a lack of cooperation with other jurisdic ...
... A great number of multinational corporations (MNCs), banks and criminal networks use tax havens to evade or avoid paying taxes, taking advantage of the following ‘favourable’ conditions: banking secrecy, a very low or non-existent tax rate for non-residents, a lack of cooperation with other jurisdic ...
Tax Assignment - ICEPP - Georgia State University
... story has been given less attention. Some countries, for example the US and Canada, have carried tax decentralization quite far. In many other countries, particularly low income countries and those in transition, tax assignment has not been an important part of the decentralization strategy. This di ...
... story has been given less attention. Some countries, for example the US and Canada, have carried tax decentralization quite far. In many other countries, particularly low income countries and those in transition, tax assignment has not been an important part of the decentralization strategy. This di ...
The End of Bank Secrecy?
... such treaties. During the financial crisis, the fight against tax evasion became a political priority in rich countries and the pressure on tax havens mounted. At the summit held in April 2009, G20 countries urged each tax haven to sign at least 12 information exchange treaties under the threat of e ...
... such treaties. During the financial crisis, the fight against tax evasion became a political priority in rich countries and the pressure on tax havens mounted. At the summit held in April 2009, G20 countries urged each tax haven to sign at least 12 information exchange treaties under the threat of e ...
Location, investment and regional policy
... The parent company endows its foreign subsidiary with the funds either by granting a loan or buying its shares. In turn, the parent raises the funds by borrowing, using retained profits or issuing new shares. This setting introduces an additional term, comparable to F, which captures the tax implica ...
... The parent company endows its foreign subsidiary with the funds either by granting a loan or buying its shares. In turn, the parent raises the funds by borrowing, using retained profits or issuing new shares. This setting introduces an additional term, comparable to F, which captures the tax implica ...
Fiscal Drag – An Automatic Stabiliser?
... While, during most of the 1990s, inflation has not been a major problem in the industrialised countries, it has been argued that recent developments in Europe and, especially, EMU, are likely to lead to increasing inter-country variability of inflation. As long as there remain important structural ...
... While, during most of the 1990s, inflation has not been a major problem in the industrialised countries, it has been argued that recent developments in Europe and, especially, EMU, are likely to lead to increasing inter-country variability of inflation. As long as there remain important structural ...
TAXES AND THE GLOBAL ALLOCATION OF CAPITAL David Backus Espen Henriksen Kjetil Storesletten
... rate on capital income alone, since personal income tax systems typically lump capital and labor income together. Moreover, taxation at the personal level is more likely to be based on the location of the investor (residence-based) than the investment (source-based). Personal taxes also raise issues ...
... rate on capital income alone, since personal income tax systems typically lump capital and labor income together. Moreover, taxation at the personal level is more likely to be based on the location of the investor (residence-based) than the investment (source-based). Personal taxes also raise issues ...
Facing tax fraud in the European Union
... As a symbol of national sovereignty, tax regulation is submitted to a unanimous vote when it comes to European rulings. Every member state has its own definition of tax fraud, which makes it even more difficult to address for the European authorities. Two examples of these differences will be develo ...
... As a symbol of national sovereignty, tax regulation is submitted to a unanimous vote when it comes to European rulings. Every member state has its own definition of tax fraud, which makes it even more difficult to address for the European authorities. Two examples of these differences will be develo ...
Treasure Islands
... portfolio capital flows or direct investment. Direct investment is the accumulation of ownership claims in a foreign entity in which the investor has a controlling interest, almost always defined as 10 percent or greater ownership shares. Hence, if an American multinational firm invests $10 million ...
... portfolio capital flows or direct investment. Direct investment is the accumulation of ownership claims in a foreign entity in which the investor has a controlling interest, almost always defined as 10 percent or greater ownership shares. Hence, if an American multinational firm invests $10 million ...
Border Tax Adjustments: Assessing Risks and Rewards
... income from the United States to low-tax jurisdictions abroad by over-invoicing imports and under-invoicing exports from/to those destinations). n BTAs for the cash flow tax would redress the seeming unfairness inherent in WTO rules that allow valueadded taxes (VATs, which have been adopted by almo ...
... income from the United States to low-tax jurisdictions abroad by over-invoicing imports and under-invoicing exports from/to those destinations). n BTAs for the cash flow tax would redress the seeming unfairness inherent in WTO rules that allow valueadded taxes (VATs, which have been adopted by almo ...
WIDER Working Paper 2017/55 Global distribution of revenue loss
... present, the most comprehensive study of the global losses is that of International Monetary Fund (IMF) researchers Crivelli et al. (2016). The authors use panel data for 173 countries over 33 years to explore the magnitude and nature of international fiscal externalities—specifically, the spillover ...
... present, the most comprehensive study of the global losses is that of International Monetary Fund (IMF) researchers Crivelli et al. (2016). The authors use panel data for 173 countries over 33 years to explore the magnitude and nature of international fiscal externalities—specifically, the spillover ...
- Zentrum für Europäische Integrationsforschung
... delegates with rather low preferences for the public good, the national median voters try to achieve (relatively) lower tax rates in the second stage and attract more capital. Therefore, switching from a competitive to a coordinated tax regime replaces one channel for reducing tax rates by another. ...
... delegates with rather low preferences for the public good, the national median voters try to achieve (relatively) lower tax rates in the second stage and attract more capital. Therefore, switching from a competitive to a coordinated tax regime replaces one channel for reducing tax rates by another. ...
Testing Tax Competition - European Trade Study Group
... and Hettich (2002) assume that small countries face a more elastic tax base, leading them to set a lower corporate tax rate. Finally, some studies such as Overesch and Rincke (2011) do not explain why they control for country size. When controlled for, the coefficient of country size generally exhib ...
... and Hettich (2002) assume that small countries face a more elastic tax base, leading them to set a lower corporate tax rate. Finally, some studies such as Overesch and Rincke (2011) do not explain why they control for country size. When controlled for, the coefficient of country size generally exhib ...
mining tax avoidance schemes - International Association of
... • Can the Corporate Veil be Pierced? – s.99(2) ITA Cap 323 of the Laws of Zambia – • “Whenever in any proceedings under this section it is proved that any false statement or entry is made in any return furnished under this Act by or on behalf of any person or partnership or in any books of account o ...
... • Can the Corporate Veil be Pierced? – s.99(2) ITA Cap 323 of the Laws of Zambia – • “Whenever in any proceedings under this section it is proved that any false statement or entry is made in any return furnished under this Act by or on behalf of any person or partnership or in any books of account o ...
Framework for supporting tax policy and administration through the
... finance, including aid and loans. Developing countries have made great progress in expanding their tax revenue over time, but more can be done. Over the period 2000 to 2011, there was a four-fold expansion in general government revenues in all emerging and developing economies (from US$1.5 trillion ...
... finance, including aid and loans. Developing countries have made great progress in expanding their tax revenue over time, but more can be done. Over the period 2000 to 2011, there was a four-fold expansion in general government revenues in all emerging and developing economies (from US$1.5 trillion ...
pse11 Runkel neu 15489978 en
... Almost twenty-…ve years ago, the seminal contributions by Zodrow and Mieszkowski (1986) and Wilson (1986) set the starting point for a vast and still growing theoretical literature on capital tax competition.1 In this line of literature, tax competition is mainly interpreted as tax competition for m ...
... Almost twenty-…ve years ago, the seminal contributions by Zodrow and Mieszkowski (1986) and Wilson (1986) set the starting point for a vast and still growing theoretical literature on capital tax competition.1 In this line of literature, tax competition is mainly interpreted as tax competition for m ...
ng11 Runkel 16886676 en
... households and governments in each country purchase the consumption good solely at home and there is no international trade in consumption goods. In contrast, if pu − p` = τ , households and governments in type u countries are indifferent between purchasing the good at home and purchasing it in type ...
... households and governments in each country purchase the consumption good solely at home and there is no international trade in consumption goods. In contrast, if pu − p` = τ , households and governments in type u countries are indifferent between purchasing the good at home and purchasing it in type ...
Foreign Bank Account Reporting
... regarding foreign bank account reporting (FBAR) obligations, the Foreign Account Tax Compliance Act (FATCA), and the Internal Revenue Service’s 2009 Offshore Voluntary Disclosure Program, 2011 Offshore Voluntary Disclosure Initiative, and 2012 Offshore Voluntary Disclosure Program. He has represente ...
... regarding foreign bank account reporting (FBAR) obligations, the Foreign Account Tax Compliance Act (FATCA), and the Internal Revenue Service’s 2009 Offshore Voluntary Disclosure Program, 2011 Offshore Voluntary Disclosure Initiative, and 2012 Offshore Voluntary Disclosure Program. He has represente ...
Tax haven
A tax haven is a state, country, or territory where, on a national level, certain taxes are levied at a very low rate or not at all.It also refers to countries which have a system of financial secrecy in place. It should be noted that, financial secrecy can be used by foreign individuals to circumvent certain taxes (such as inheritance tax on money, and income tax of the interest on the money you have on your bank account). Because the requirement of paying taxes on these funds cannot be transmitted, as the funds themselves are invisible to the country the individual is from, such taxes can be avoided. Earnings from income generated from real estate (i.e. by renting houses you own abroad) can also be eliminated this way. Despite this occasional abuse, the countries themselves stand in their right to have a system of financial secrecy in place, and it is up to the individual to fill in the required paperwork (i.e. double taxation forms). If the proper double taxation forms are filled in, and taxes are paid, companies can avoid much taxes, even if they hence pay their taxes legally. This is because the tax rates on income can be much lower than the tax rate in their own country. It should be noted that some taxes (such as inheritance tax on the real estate, VAT on the initial purchase price of the real estate -aka Transfer tax-, annual immovable property taxes, municipal real estate taxes, ...) can not be avoided or reduced, as these are levied by the country the real estate you own is in, and hence need to be paid just the same as any other resident of that country. The only thing that can be done is picking a country that has the smallest rates on these taxes (or even no such taxes at all) before you buy any real estate.Individuals or corporate entities can find it attractive to establish shell subsidiaries or move themselves to areas with reduced or nil taxation levels relative to typical international taxation. This creates a situation of tax competition among governments. Different jurisdictions tend to be havens for different types of taxes, and for different categories of people or companies. States that are sovereign or self-governing under international law have theoretically unlimited powers to enact tax laws affecting their territories, unless limited by previous international treaties. There are several definitions of tax havens. The Economist has tentatively adopted the description by Geoffrey Colin Powell (former economic adviser to Jersey): ""What ... identifies an area as a tax haven is the existence of a composite tax structure established deliberately to take advantage of, and exploit, a worldwide demand for opportunities to engage in tax avoidance."" The Economist points out that this definition would still exclude a number of jurisdictions traditionally thought of as tax havens. Similarly, others have suggested that any country which modifies its tax laws to attract foreign capital could be considered a tax haven.According to other definitions, the central feature of a haven is that its laws and other measures can be used to evade or avoid the tax laws or regulations of other jurisdictions. In its December 2008 report on the use of tax havens by American corporations, the U.S. Government Accountability Office was unable to find a satisfactory definition of a tax haven but regarded the following characteristics as indicative of it: nil or nominal taxes; lack of effective exchange of tax information with foreign tax authorities; lack of transparency in the operation of legislative, legal or administrative provisions; no requirement for a substantive local presence; and self-promotion as an offshore financial center.A 2012 report from the Tax Justice Network estimated that between USD $21 trillion and $32 trillion is sheltered from taxes in unreported tax havens worldwide. If such wealth earns 3% annually and such capital gains were taxed at 30%, it would generate between $190 billion and $280 billion in tax revenues, more than any other tax shelter. If such hidden offshore assets are considered, many countries with governments nominally in debt are shown to be net creditor nations. However, despite being widely quoted, the methodology used in the calculations has been questioned, and the tax policy director of the Chartered Institute of Taxation also expressed skepticism over the accuracy of the figures. Another recent study estimated the amount of global offshore wealth at the smaller - but still sizeable - figure of US$7.6 trillion. This estimate included financial assets only: ""My method probably delivers a lower bound, in part because it only captures financial wealth and disregards real assets. After all, high-net-worth individuals can stash works of art, jewelry, and gold in 'freeports,' warehouses that serve as repositories for valuables—Geneva, Luxembourg, and Singapore all have them. High-net-worth individuals also own real estate in foreign countries."" A study of 60 large US companies found that they deposited $166 billion in offshore accounts during 2012, sheltering over 40% of their profits from U.S. taxes.