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"Picciotto, Sol"
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Regulating global corporate capitalism
\"This analysis of how multi-level networked governance has superseded the liberal system of interdependent states focuses on the role of law in mediating power and shows how lawyers have shaped the main features of capitalism, especially the transnational corporation. It covers the main institutions regulating the world economy, including the World Bank, the IMF, the WTO and a myriad of other bodies, and introduces the reader to key regulatory arenas: corporate governance, competition policy, investment protection, anti-corruption rules, corporate codes and corporate liability, international taxation, avoidance and evasion and the campaign to combat them, the offshore finance system, international financial regulation and its contribution to the financial crisis, trade rules and their interaction with standards especially for food safety and environmental protection, the regulation of key services (telecommunications and finance), intellectual property and the tensions between exclusive private rights and emergent forms of common and collective property in knowledge\"-- Provided by publisher.
Book
Private rights vs public standards in the WTO
Far from entailing a shift to a free world market, the global economy operates with a framework of multi-level government. Nowhere is this seen more clearly than in relation to the World Trade Organization, WTO. The article explores proposals for ensuring greater sensitivity in the application of WTO obligations to its own proper limits as a trade organisation, and to the specific competences and roles of other public bodies, especially national states and international organisations. This institutional question lies behind the conflicting views which portray the WTO either as a tool of the USA or a bulwark of for smaller states, a protector of the consumer or of transnational corporations.
Journal Article
The Contested Shaping of International Tax Rules: The Growth of Services and the Revival of Fractional Apportionment
The digitalisation of the economy has spotlighted fundamental flaws in international tax rules, which have been exacerbated since the 1970s with the wider shift to the services economy and the growth of international services. These systemic flaws have been more evident from the perspective of countries that are mainly importers of services that have tried to retain rights to tax profits at the source from which they derive. While they succeeded in retaining a wider scope for source taxation, key provisions have been subject to continuing conflicts and contestation over their formulation and interpretation, leaving a legacy of ambiguity and confusion. Digitalisation has now sparked a dramatic reversal of perspective by more developed countries and an acceptance of principles they have long resisted: that taxation of transnational corporations can be based on apportionment of an appropriate fraction of their global income and can be by countries from where they derive income, regardless of physical presence. This paper outlines the contested process that has shaped the formulation of key provisions on taxation of international services, discusses the recent moves to reshape these rules and evaluates some policy options for capital-importing countries to strengthen their taxing rights in the current context.
Paper
Introduction: Reconceptualizing Regulation in the Era of Globalization
The concept of 'regulation' has become sufficiently ubiquitous in recent years, that it may be helpful to begin this collection of papers with some analysis of the term and its usage. At its most general level it refers to the means by which any activity, person, organism or institution is guided to behave in a regular fashion, or according to rule. In principle, reference may be made to the regulation of any kind of social behaviour, which gives the term a very wide scope indeed. However, it is more particularly used, as in this collection, in relation to economic activity.1 In the context of socio-legal studies, the concept has two main advantages. First, it leaves a useful ambiguity over the extent to which such regular behaviour is generated internally or entails external intervention. Secondly, it embraces all kinds of rules, not only formal state law.
Journal Article
International Tax, Regulatory Arbitrage and the Growth of Transnational Corporations
This paper traces the history of international corporate taxation, discusses how transnational corporations (TNCs), through their tax advisers, have helped to shape the system, and suggests that this is important in understanding the development of TNCs. It argues that a key competitive advantage of TNCs is their ability to exploit differences in corporate tax rules, as a form of regulatory arbitrage, which is facilitated by the inadequate coordination of those rules. It focuses on the divergence between the understanding in business, economics and international studies that TNCs are unitary firms and the principle which has increasingly hardened in international tax rules, especially on transfer pricing, that the various affiliates of TNCs in different countries should be treated as if they were independent entities dealing with each other at arma€™s length. It argues that this facilitates tax avoidance, which is one of the strategies of the exploitation of regulatory differences, or regulatory arbitrage, which has contributed to the growth and oligopolistic dominance of large TNCs. While claiming that they merely obey the laws of each country where they do business, TNCs have taken advantage of their global reach to mould laws and normative practices, and develop structures taking maximum advantage of the loose coordination of global governance regimes.
Paper
Problems of Transfer Pricing and Possibilities for Simplification - Research in Brief
This ICTD Research in Brief is a two-page summary of ICTD Working paper 81 by Olav Lundstøl. This series is aimed at policy makers, tax administrators, fellow researchers and anyone else who is big on interest and short on time. The international system for taxation of the profits of multinational enterprises (MNEs) is deeply dysfunctional. The recent attempts at reform have only patched up the system, and alternative approaches should be considered (Picciotto 2017). In the meantime, developing countries sorely need practical guidance, especially on the methods for allocation of profits.These are known as transfer pricing rules.
Paper
What Have We Learned About International Taxation and Economic Substance?
The landscape of international corporate taxation will change significantly as a result of the G20/OECD project on base erosion and profit shifting (BEPS). The contours of this new terrain have become apparent since the publication of the main outputs of the project in October 2015.The BEPS outputs aim to strengthen the system and give better tools to tax authorities – if they have the capacity and will to use them. Overall, however, the proposals are a patch-up of existing rules, making them even more complex and dependent on technical expertise to administer. They do not tackle the more fundamental flaws of the system in a coherent way, but are an important first step on a longer road. It is therefore very important for African countries to inform themselves about the implications of the BEPS proposals, and to form their own views on which aspects may benefit them.
Paper
Liberalization and Democratization: The Forum and the Hearth in the Era of Cosmopolitan Post-Industrial Capitalism
The author examines the challenge posed by globalization for socially democratic governance. Although globalization has been chiefly considered as an economic rather than sociopolitical transformation, the author argues for a reconstitution of the global \"public sphere\" toward the ends of greater democratic participation & social responsibility. Against the traditional models of liberal self-interest & \"civic responsibility,\" he poses a four-pronged concept of deliberative democracy based on: (1) transparency; (2) accountability; (3) responsibility; & (4) empowerment. K. Coddon
Journal Article
Responsible business
With the globalisation of markets, the phenomenon of market failure has also been globalised. Against the backdrop of the territoriality of nation state jurisdictions and the slow progress of international law based on the principle of sovereignty this poses a serious challenge. However while the legal infrastructure of globalised markets has a firm basis in formal national and international law, the side effects of economic transactions on public goods such as the environment, human health and consumer interests often escape state-based regulation.
eBook
