Enforcing the Arm’s Length Principle in the Knowledge-based Economy
There are no Winners, but all are Losers
Palavras-chave:
BEPS, Polanyi, tributação internacional, globalização, economia de conhecimento, princípio do arm’s length, preços de transferênciaResumo
This paper examines the influence of the neo-liberal economic setting on taxation, and contends the enforcement of the arm’s length principle (ALP) as a measure to share taxing rights among jurisdictions in the era of the knowledge-based economy, grounded on a Polanyian critique of market liberalism. It outlines Polanyi’s main criticisms of laissez-faire economics and reviews the contemporary challenges faced by tax administrations. There is an analysis of the responses given to those problems by a number of experts, but the article makes the case for a coordinated action to uphold Corporate Income Tax. For a conclusion, the article rejects the Base Erosion and Profit Shifting project’s proposal to enforce the ALP as a measure to allocate the tax base derived from the exploitation of intangibles. Without ignoring the mainstream critique regarding its feasibility, this paper looks at its desirability, claiming that its outcome will deliver a final blow to the hope for stronger social cohesion.
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