Harmony or Conflict?
In a global economy where MNEs play a prominent role, governments are keen to ensure that the taxable profits of these organizations are not artificially shifted out of their jurisdiction. The revenue authorities also need to be satisfied that the reported tax base in their country reflects the economic activity undertaken by the local unit(s) of the MNE. In 2004, Australia, Canada, the United Kingdom, and the United States of America formed the Washington-based Joint International Tax Shelter Information Centre (JITSIC) in a bid to stem the flow of cross-border revenue losses. The objective of JITSIC is to deter promotion of, and investment in, abusive tax schemes through information exchange and knowledge sharing.
Driven ...
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