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Reforming the International Financial System for Development$
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Jomo Kwame Sundaram

Print publication date: 2011

Print ISBN-13: 9780231157643

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231157643.001.0001

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Cross-Border Tax Evasion and Bretton Woods II1

Cross-Border Tax Evasion and Bretton Woods II1

Chapter:
(p.243) 10 Cross-Border Tax Evasion and Bretton Woods II1
Source:
Reforming the International Financial System for Development
Author(s):

David Spencer

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231157643.003.0010

This chapter calls for significantly enhanced international tax cooperation, not only to enhance economic justice, but also to enhance fiscal space, especially in developing countries. The current financial crisis has highlighted the need for a historic and fundamental restructuring of the international financial architecture. The Financial Stability Board (FSB) and the G20 governments have been planning and are implementing this restructuring. The call for negotiations for the proposed restructuring of the international financial architecture is known as a “Bretton Woods II”, which designed the international financial architecture after World War II. The chapter first reviews developments contributing to cross-border tax evasion before discussing the reasons why the current international financial crisis is relevant to international taxation issues, cross-border tax evasion, and the process of change. It then stresses the need for more effective supervisory and regulatory regimes, along with the systemic risks posed by regulatory arbitrage. It also argues that international cooperation is necessary in crafting a new Bretton Woods-type agreement to address such issues and concludes by proposing an automatic exchange of tax information.

Keywords:   fiscal space, developing countries, financial crisis, financial architecture, Bretton Woods, tax evasion, taxation, regulatory arbitrage, international cooperation

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