Can a 20th century business income tax regime serve a 21st century economy?
Source: Australian Tax Forum Journal Article
Published Date: 1 Sep 2015
This article is the text of the Parsons Lecture given by Michael Graetz at the University of Sydney Law School in April 2015. In it the author reviews the contemporary challenges involved in making international tax policy. These challenges include the tensions of international tax competition whilst balancing both sound economic theory, and politics. The author explains how the 20th Century international tax system that we have is poorly equipped to cope with the 21st Century's technologically impelled, integrated global economy. With this background the author comments on the potential for tax reform in the US; the options for tax reform in Australia; and key features of the OECD's Base Erosion and Profit Shifting (BEPS) initiatives. The lecture concludes with 12 predictions about the directions international tax policy will follow. These range from continued international economic competition using tax law; through greater application of anti-avoidance rules; to broader consumption taxes and more equitable taxation of capital probably involving retention of politically popular, economically problematic, corporate income taxes.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Already a Subscriber? Login now
Details
- Published By: Michael J Graetz
- Published On:1 Sep 2015
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page