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International Tax Competition

Globalisation and Fiscal Sovereignty

image of International Tax Competition
International tax competition has come to the forefront of global economic policy debate at the outset of the 21st Century. The importance of taxation regimes as an essential factor in driving economic growth, investment inflows and national development has increasingly been recognised.



However, there have also been growing concerns amongst the European Union and the OECD countries that tax competition can be harmful to their economies. A large number of Commonwealth developing countries are now potentially affected by the EU and OECD initiatives to regulate international tax competition.



This book provides a collection of articles by experts from Commonwealth countries on international tax competition, considering the concerns of affected nations. Issues such as globalisation and fiscal sovereignty, WTO issues, and economic development perspectives are considered with particular reference to the concerns of small and developing economies of the Commonwealth.

English

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Introduction: Globalisation, Tax Competition and Economic Development

The publication of the OECD’s 1998 Report on Harmful Tax Com - petition and the threat of sanctions against non-OECD jurisdictions classified as ‘no or low-tax jurisdictions’ crystallised a long smouldering acrimony by high-taxing social welfare states against many international business service exporting nations with low income tax structures. The primary concern of the OECD countries was that their tax revenue bases were being eroded by what they regarded as ‘harmful’ tax competition from low-taxing non-OECD countries. From the OECD perspective, the forces of globalisation and the integration of global financial markets has created concerns that the OECD revenue base is being eroded by crossborder tax competition by international financial centres outside the OECD.

English

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