loophole by providing grandfathering (exemption from withholding tax) for some securities. In this paper we compare the pre-tax … returns of exempt bonds and comparable taxable bonds. If working around the Savings Directive is difficult for tax evaders in … enough to allow tax evaders to continue evasion at no additional cost. The findings of our study are in line with this latter …

This paper deals with optimal income taxation under labor outsourcing and FDI. We show how the optimal income tax …