The analysis of the international investment position and balance of payments statistics suggests... more The analysis of the international investment position and balance of payments statistics suggests that foreign assets held abroad are greatly underestimated, in particular for portfolio investments and bank deposits. This paper has three main goals. The first is the analysis of the role played by tax havens and offshore financial centers with reference to tax evasion starting from asymmetries, anomalies or peculiar geographical breakdowns observed in external statistics. The second goal is to estimate the magnitude of underreported capital on the basis of mirror statistics on portfolio assets and liabilities and of BIS statistics on cross-border deposits of non-banks. The global stocks of unreported foreign assets at end-2013 are estimated to range between $6 and $7 trillion. Third, the paper calculates a plausible order of magnitude of the tax evasion linked to undeclared foreign assets. Over the period 2001-2013 annual capital income tax evasion is calculated to be on average between $19 and $38 billion; assuming that the overall stock of unreported assets outstanding at end-2013 refers to earned income that escaped personal income taxes, the evaded personal income tax can be estimated between $2.0 and $2.6 trillion. Finally, the assessment of the strengths and weaknesses of the recent policy responses to international tax evasion leads to an overall positive evaluation, even though some critical aspects might jeopardize the results.
Routledge International Studies in Money and Banking, 2008
Tax havens play an increasingly important role in world financial markets, particularly in the Car... more Tax havens play an increasingly important role in world financial markets, particularly in the Caribbean and Latin American regions. Tax havens thrive in a climate characterized by excessively strict bank secrecy, a lack of transparency and where countries are not ...
4 The Role of Taxes in Compensation Schemes and Structured Finance Vieri Ceriani, Stefano Manestr... more 4 The Role of Taxes in Compensation Schemes and Structured Finance Vieri Ceriani, Stefano Manestra, Giacomo Ricotti, and Alessandra Sanelli ... common belief that stock options and other stock-based forms of remuneration are tax favoured compared with cash compensation ...
The analysis of the international investment position and balance of payments statistics suggests... more The analysis of the international investment position and balance of payments statistics suggests that foreign assets held abroad are greatly underestimated, in particular for portfolio investments and bank deposits. This paper has three main goals. The first is the analysis of the role played by tax havens and offshore financial centers with reference to tax evasion starting from asymmetries, anomalies or peculiar geographical breakdowns observed in external statistics. The second goal is to estimate the magnitude of underreported capital on the basis of mirror statistics on portfolio assets and liabilities and of BIS statistics on cross-border deposits of non-banks. The global stocks of unreported foreign assets at end-2013 are estimated to range between $6 and $7 trillion. Third, the paper calculates a plausible order of magnitude of the tax evasion linked to undeclared foreign assets. Over the period 2001-2013 annual capital income tax evasion is calculated to be on average between $19 and $38 billion; assuming that the overall stock of unreported assets outstanding at end-2013 refers to earned income that escaped personal income taxes, the evaded personal income tax can be estimated between $2.0 and $2.6 trillion. Finally, the assessment of the strengths and weaknesses of the recent policy responses to international tax evasion leads to an overall positive evaluation, even though some critical aspects might jeopardize the results.
Routledge International Studies in Money and Banking, 2008
Tax havens play an increasingly important role in world financial markets, particularly in the Car... more Tax havens play an increasingly important role in world financial markets, particularly in the Caribbean and Latin American regions. Tax havens thrive in a climate characterized by excessively strict bank secrecy, a lack of transparency and where countries are not ...
4 The Role of Taxes in Compensation Schemes and Structured Finance Vieri Ceriani, Stefano Manestr... more 4 The Role of Taxes in Compensation Schemes and Structured Finance Vieri Ceriani, Stefano Manestra, Giacomo Ricotti, and Alessandra Sanelli ... common belief that stock options and other stock-based forms of remuneration are tax favoured compared with cash compensation ...
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