Martin Crawford discusses double taxation treaties (DTTs); created by governments to facilitate cross-border trade, and why going after the offshore financial centres that underpin this system may not work.
Double taxation treaties (DTTs) were created by governments to facilitate cross-border trade. Usually negotiated bilaterally and with guidance from international organisations, their essential purpose is to ensure companies are not taxed on the same income in multiple locations, which could impede overseas expansion. Offshore financial centres serve as conduits for these capital flows, essential links in a chain that extends from the US, through Europe, into Asia, and back again.
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