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TAXATION OF FINANCIAL CAPITAL IN A GLOBALIZED ENVIRONMENT: THE ROLE OF WITHHOLDING TAXES

HOWELL H. ZEE
National Tax Journal
Vol. 51, No. 3, WHAT DO WE MEAN BY "TAXPAYER RELIEF"? (September, 1998), pp. 587-599
Published by: National Tax Association
Stable URL: http://www.jstor.org/stable/41789354
Page Count: 13
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
TAXATION OF FINANCIAL CAPITAL IN A GLOBALIZED ENVIRONMENT: THE ROLE OF WITHHOLDING TAXES
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Abstract

This paper assesses the merits and limitations of raising withholding taxes at source as a policy measure to address the increasingly serious problem of tax evasion connected with crossborder income flows from portfolio investment in the present globalized environment. Such taxes are effective in capturing passive income flows in an administratively simple way but generate a number of distortions and give rise to international revenue redistribution and other spillover effects. On balance, however, the paper concludes that raising withholding taxes should be seriously considered in a multilateral framework to combat tax evasion.

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