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Are international deposits tax-driven

  • Huizinga, Harry
  • Nicodeme, Gaetan

This paper investigates the impact of tax policy on international depositing. Non-bank international deposits are shown to be positively related to interest income and wealth taxes and to the presence of domestic bank interest reporting. This suggests that international deposits are in part intended to facilitate tax evasion. The tax sensitivity of international deposits is estimated to be higher in 1999 than before. At present, only part of international interest flow are covered by either non-resident interest withholding taxes or international exchange of information. This incomplete coverage may be a reason that these policies currently appear to have little impact on international depositing.The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They should not be attributed to the European Commission.

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Article provided by Elsevier in its journal Journal of Public Economics.

Volume (Year): 88 (2004)
Issue (Month): 6 (June)
Pages: 1093-1118

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Handle: RePEc:eee:pubeco:v:88:y:2004:i:6:p:1093-1118
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505578

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  1. Eijffinger, S.C.W. & Huizinga, H.P. & Lemmen, J.J.G., 1998. "Short-term and long-term government debt and non resident interest witholding taxes," Other publications TiSEM 68bb4272-d036-4192-9291-6, Tilburg University, School of Economics and Management.
  2. Richard Portes & Helene Rey, 2000. "The determinants of cross-border equity flows," LSE Research Online Documents on Economics 20203, London School of Economics and Political Science, LSE Library.
  3. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Legal Determinants of External Finance," Working Paper 19443, Harvard University OpenScholar.
  4. Alan G. Ahearne & William L. Griever & Francis E. Warnock, 2000. "Information costs and home bias: an analysis of U.S. holdings of foreign equities," International Finance Discussion Papers 691, Board of Governors of the Federal Reserve System (U.S.).
  5. Bacchetta, P. & Paz Espinosa, M., 1992. "Information Sharing and Tax Competition Among Governments," UFAE and IAE Working Papers 173.92, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  6. Huizinga, Harry & Nielsen, Soren Bo, 2003. "Withholding taxes or information exchange: the taxation of international interest flows," Journal of Public Economics, Elsevier, vol. 87(1), pages 39-72, January.
  7. repec:ner:tilbur:urn:nbn:nl:ui:12-76575 is not listed on IDEAS
  8. Janeba, Eckhard & Peters, Wolfgang, 1999. "Tax Evasion, Tax Competition and the Gains from Nondiscrimination: The Case of Interest Taxation in Europe," Economic Journal, Royal Economic Society, vol. 109(452), pages 93-101, January.
  9. Zee, Howell H., 1998. "Taxation of Financial Capital in a Globalized Environment: The Role of Withholding Taxes," National Tax Journal, National Tax Association, vol. 51(n. 3), pages 587-99, September.
  10. Philippe Bacchetta & María Espinosa, 2000. "Exchange-of-Information Clauses in International Tax Treaties," International Tax and Public Finance, Springer, vol. 7(3), pages 275-293, May.
  11. repec:dgr:kubcen:199688 is not listed on IDEAS
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