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STUDIES OF ECONOMICS AND NOTES - PAPERS / 3

These points - as Noted by the Minister Visco - Italy
stands in a better position than other European countries in a better position in facing-Than other European countries "in dealing with- King
tax competition from abroad, or otherwise, to participate in King tax competition from abroad, or Com, participate in a joint effort
internationally in this area for joint international effort in this area
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. .
Despite these improvements, it is likely that Italy will help to Despi These improvements, It Is Likely That Italy will help to
a continuous decrease in the tax on investment flows continued economic losses of revenue on investment flows
induced by taxes and relatively higher tax burden borne induced charges and taxes incurred by
Relatively higher labor and other non-mobile factors. the workforce and other factors not mobile. These shortcomings These failures may be corrected only May
are co-ordinating tax Shall be corrected only by international tax coordination
broader base, or by approximating International Broader base, or by approximating
tax. tax.
The draft directive on the taxation of interest-The recent draft directive on the taxation of interest income Recen-fearing
issued by the European Commission - in line with the proposed ciently issued by the European Commission - in line with the Proposed
is the ECOFIN Council in December 1997 - surely they can-is the ECOFIN Council in December 1997 - They can surely re-
seen as a timely and decisive step in the right direction. Timely and king seen as a decisive step in the right direction.
From a strategic point of view, the introduction of the minimum tax From a strategic point of view, the introduction of the minimum tax
(minimum tax) for residents living in the European Union is not (Minimum Tax) for residents living in
the EU is not never been so timely and interesting. Never Been So Timely and interesting. The appearance The most interesting aspect Most
- under the so-called coexistence model - consists interesting - under the so-called Coexistence model - Consists
offering to European Union countries can sce-EU member countries "in offering The Possibility of if-
choice between imposing a withholding tax at source at least 20 per Choice Between Imposing a withholding tax at source at least 20 per cent or
provide information to other member countries on income from interest-cent or Provide information to Other countries on income from interest-
interests. ESTs. Moreover, the reduction of nominal and real interest rates, which MoreOver, the reduction of nominal and real interest rates,
Which reflects the expectations of low inflation and the disappearance of the Reflects Expectations of low inflation and the risk of disappearance of
exchange rate for countries belonging to the Union of exchange rate risk for Countries Within The European Monetary Union with the advent
Euro, European Monetary Union would make it somewhat with the advent of the Euro, Would Rather
appropriate the adoption of the minimum tax (minimum tax), as Timely adoption of the minimum tax (minimum tax), since it would
seen as a burden less onerous than it Would Be seen as a burden less burdensome Than
interest rates higher. interest rates higher. At the same time, the biggest opportunity At the Same Time, Greater
arbitrage opportunities within the euro area strengthens the proposal of arbitration Within the euro area strengthens the Proposed
reduce both the tax rate differential of the 'rate of im-reduce the tax rate That Both the differential
rate of im-mail throughout the area. Placed throughout the area. From a substantive point of view, the current pro-From a substantive point of view, the current pro-
item represents an improvement over the directive presented Mail is an improvement over the directive
presented in 1989 by eliminating tax loopholes in 1989, as it Eliminates Tax Loopholes many
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and tries and tries
wider application, extending to all courts of the countries Wider application, Extending to all courts of the EU member countries "
to arrive then to include all European Union members to arrive and then to include all