National Tax Systems versus the European Capital Market
分析欧共体国家资本所得税结构如何被企业利用减税，并对比属地原则与全球原则，指出全球原则能减少扭曲、避免1992年后大规模逃税，无需完全统一税制。
Capital taxation Alberto Giovannini The current structure of taxes on capital income across EC countries can be exploited by corporations to reduce tax burdens. Skilled individuals can indulge in tax avoidance too. The liberalization of capital movements stands to turn tax avoidance into a cottage industry. This article provides a primer on capital income taxes and describes strategies which reduce the tax burden. From a policy perspective, the question is how to avoid massive tax evasion after 1992. There is no need to harmonize if the right taxation principle is adopted. Two principles are contrasted: the territorial principle, according to which taxes are levied on domestic investment irrespective of the country of residence of the beneficiary, and the worldwide principle, according to which taxes are levied on domestic savings irrespective of where they are invested. It is shown that the worldwide principle involves much fewer distortions than the territorial principle. A strict application of this principle would effectively solve the problem of tat evasion in Europe, without requiring full harmonization of the tax systems. Its full implementation would require the abolition of withholding taxes, the elimination of tax deferrals which are quite pervasive throughout Europe, and an in-depth review of blocking and secrecy laws.