Tax Competition and the Case of Bank Secrecy Rules: New Trends in International Tax Law

TL;DRAbstract

The current integration of world markets has led to an increase in the competition for businesses in addition to the competition for passive investments that already existed. In addition, the current financial crisis led countries to search for additional sources of revenue in order to work within their budget constraints. As tax is an area where such competition is more visible, it has also generated an effort – mainly from industrialized countries and international organizations – to curb tax practices deemed to world economy. Bank secrecy rules and lack of transparency are aspects of these harmful tax practices. This dissertation will focus on (i) how such rules work and how they can be; (ii) jurisdiction aspects that may limit the ways countries may employ to deal with the situation; (iii) how secrecy rules affect privacy rights and how such rights may not be absolute in certain situations, and, last but not least, (iv) what bi-(multi)lateral and unilateral measures are being taken

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