Tax Harmonization in the EU
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The process of financial globalization propelled by information revolution and technology innovation has posed potential dangers to countries’ ability to pursue national tax regimes, thereby generating revenue losses and fiscal threats due to taxpayers’ shift in financial activities seeking cross-border tax arbitrage and lower tax jurisdictions. Fixing the ongoing financial crisis requires to rethink national tax regimes inconsistent with economic and political integration in the EU. That is, the EU needs independent resources, such as a common tax on financial transactions, a climate tax and project bond, to finance its growth plan. Although the interests and problems of the EU member countries may differ, proposals for tax harmonization in the area have been discussed for more than four decades. Arguably, some degree of direct tax harmonization is indispensable in the region to achieve the goal of the single market. This paper addresses the problems of tax scheme that arise because of economic integration, and examine the EU's efforts to achieve direct tax harmonization. To begin with, this paper provides an analysis of fiscal dilemma in the era of economic integration. In this context, this paper clarifies the concept of tax jurisdiction, and reviews problems with national tax systems such as double taxation, and taxpayers’ cross-border arbitrage resulting from the increased mobility of capital associated with financial globalization. Furthermore, special emphasis is given to discuss tax competition and harmonization. Then, it examines the role of EU institutions and soft law in direct tax harmonization. In that context, it also provides an analysis of tax cases and its appraisal. Finally, this paper conclude with a look into the future of the EU's efforts to achieve direct tax harmonization consistent with the economic integration in the area.
Abstract
The process of financial globalization propelled by information revolution and technology innovation has posed potential dangers to countries’ ability to pursue national tax regimes, thereby generating revenue losses and fiscal threats due to taxpayers’ shift in financial activities seeking cross-border tax arbitrage and lower tax jurisdictions. Fixing the ongoing financial crisis requires to rethink national tax regimes inconsistent with economic and political integration in the EU. That is, the EU needs independent resources, such as a common tax on financial transactions, a climate tax and project bond, to finance its growth plan. Although the interests and problems of the EU member countries may differ, proposals for tax harmonization in the area have been discussed for more than four decades. Arguably, some degree of direct tax harmonization is indispensable in the region to achieve the goal of the single market. This paper addresses the problems of tax scheme that arise because of economic integration, and examine the EU's efforts to achieve direct tax harmonization. To begin with, this paper provides an analysis of fiscal dilemma in the era of economic integration. In this context, this paper clarifies the concept of tax jurisdiction, and reviews problems with national tax systems such as double taxation, and taxpayers’ cross-border arbitrage resulting from the increased mobility of capital associated with financial globalization. Furthermore, special emphasis is given to discuss tax competition and harmonization. Then, it examines the role of EU institutions and soft law in direct tax harmonization. In that context, it also provides an analysis of tax cases and its appraisal. Finally, this paper conclude with a look into the future of the EU's efforts to achieve direct tax harmonization consistent with the economic integration in the area.
참고문헌 (27)
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