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The Benefits of Tax Competition: Lower Taxes for Economic Growth

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27 diapositives · 400 Views · Nov 02, 2014

Richard Teather from Bournemouth University explores the benefits of tax competition in fostering economic growth. By lowering effective tax rates, governments can attract capital and business activity, leading to increased wealth for society. This competition encourages entrepreneurship, savings, and investment, ultimately benefiting workers and the economy. Lower taxes can stimulate domestic markets, attract international capital, and create a dynamic environment for various industries. Embracing tax competition is crucial for sustaining economic prosperity and reducing poverty.

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  1. Tax competition:lower taxes means less poverty Richard Teather Bournemouth University

  2. Tax competition “Tax competition brings great benefits, to all society and not just to those who directly take advantage of it” The Benefits of Tax Competition

  3. Tax competition the use by governments of loweffectivetax rates to attract capitalor business activity

  4. Benefits of tax competition •  taxes =  wealth

  5. Benefits of tax competition •  taxes =  wealth • encourages entrepreneurship • encourages savings & investment • encourages work

  6. Benefits of tax competition •  taxes =  wealth • “Growth in government stunts general economic growth.” (Federal Reserve) • Tax increases “result in a net efficiency loss to the whole economy” (IMF)

  7. Benefits of tax competition 20 75 Tax 13 NI 4 VAT 7 44 VAT (12) Tax (25) 38.

  8. Benefits of tax competition •  taxes =  wealth • efficient global capital markets

  9. Efficient global capital markets

  10. Benefits of tax competition •  taxes =  wealth • encourages entrepreneurship • encourages savings & investment • encourages work • efficient global capital markets

  11. Benefits of tax competition

  12. Who benefits? • the rich get richer ? • multinationals avoid tax ?

  13. Who benefits? $100 tax $75

  14. Who benefits? Cayman finance industry generates: • 55% of Cayman’s GDP • 40% of all government revenues • 30,000 business visitors • 36% of employment - 12,500 jobs

  15. Who benefits?

  16. Low tax characteristics Offshore finance centres vary: • No taxes on income • Low taxes on income • High taxes but exemptions • High taxes but specific treatments

  17. Alternative taxes Different sectors: • Vanilla banking • Private wealth management • Fund management • Insurance • Hedge funds

  18. Alternative taxes Income taxes: • Prevent most offshore finance • Highly competitive world • Mobile customer base • Exemptions difficult to justify • Reduces confidence

  19. Alternative taxes Payroll taxes: • Reduces employment • Directly harms workers • Discourages high-value operations • Reduced to back-office function • Increased ‘brass plate’ operations

  20. Alternative taxes VAT: • Highly complex • Can’t deal with financial services • Still harms finance industry • Discourages flexibility • Unnecessary in small economy

  21. VAT

  22. VAT

  23. VAT Cayman GDP

  24. VAT Cayman GDP

  25. Alternative taxes Different sectors: • Vanilla banking • Private wealth management • Fund management • Insurance • Hedge funds

  26. The future • Tax competition is mutually beneficial • embrace it • Lower taxes: • increase domestic economy • attract international capital • main benefit goes to workers

  27. Tax competition:lower taxes and more growth Richard Teather Bournemouth University