Since the inception of the Single European Market (hereafter SEM), free movement of capital has been marred by the twin concerns on the one hand of limiting tax competition for productive investment, on the other hand of preserving the integrity of national taxation systems. The achievement of a fully-fledged capital market union has to confront many legal and regulatory obstacles, which must be removed to harvest the full benefits of the freedom of capital movements. Amongst these obstacles, capital market investors and the member states continue to single out the withholding tax procedures as a long standing and highly damaging barrier to cross-border investment. This paper describes their multifaceted incarnations and the efforts undertaken by the Court of Justice to remove them.
The long shadow of national tax sovereignty over the free circulation of capital
CARPENTIERI, LOREDANA;
2017-01-01
Abstract
Since the inception of the Single European Market (hereafter SEM), free movement of capital has been marred by the twin concerns on the one hand of limiting tax competition for productive investment, on the other hand of preserving the integrity of national taxation systems. The achievement of a fully-fledged capital market union has to confront many legal and regulatory obstacles, which must be removed to harvest the full benefits of the freedom of capital movements. Amongst these obstacles, capital market investors and the member states continue to single out the withholding tax procedures as a long standing and highly damaging barrier to cross-border investment. This paper describes their multifaceted incarnations and the efforts undertaken by the Court of Justice to remove them.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
